Business & Economy
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Counties must stop signing contracts they cannot afford
Kenyan county governments are facing a significant crisis by signing contracts without the financial capacity to fulfill them, leading to billions in pending bills owed to suppliers and contractors. At the same time, Kenyan families are struggling to cope with a high cost of living, forcing many to reduce consumption, seek additional income, and adjust their spending habits amidst rising inflation. Fuel prices in Kenya are triggering a significant chain reaction, impacting everything from food costs to transportation and household budgets. Additionally, the Kenyan government has postponed plans for income tax relief targeting low-income earners due to an anticipated Sh35 billion revenue shortfall.
Kenya, France sign 11 deals on rail, ports, energy and digital economy
Kenya and France have signed 11 agreements to boost cooperation in key sectors including transport, energy, and the digital economy. The deals were finalized at State House Nairobi following discussions between President William Ruto and President Emmanuel Macron. Nigerian billionaire Aliko Dangote is considering a shift for his proposed multi-billion dollar oil refinery project, potentially moving it from Tanzania to Mombasa, Kenya. The National Assembly has initiated public consultation on the Finance Bill 2026, which proposes significant tax changes across various sectors.
Trump and Xi are set to meet. Where do US-China tariffs stand?
US President Donald Trump is set to meet with China's President Xi Jinping in Beijing from May 13-15, marking a significant moment for US-China trade relations. The meeting is expected to test a fragile trade truce between the world's two largest economies. Meanwhile, the inaugural Africa-China Investment and Trade Conference is set to take place in Guangdong Province from September 24-25, aiming to significantly deepen economic ties between the two continents.
Trump dismisses Iran proposal as oil prices surge
Oil prices surged in Asian trading after President Donald Trump rejected Iran's proposal to end the ongoing war, deeming it 'TOTALLY UNACCEPTABLE.' Meanwhile, Safaricom's Fuliza overdraft facility saw a significant surge in usage, with disbursements climbing 49 percent to Sh1.47 trillion in the financial year ending March 2026, indicating a growing reliance on mobile credit in Kenya. Pop star Dua Lipa is suing Samsung for $15 million, alleging the company used her image on its television packaging without her consent.
