Business & Economy
Featured News Stories
CS Opiyo Wandayi Warns Oil Marketing Companies Hoarding Fuel
Cabinet Secretary Opiyo Wandayi issued a stern warning to oil marketing companies accused of hoarding fuel, stating "We are coming for you" as Kenyans face a worsening fuel crisis. The Ministry of Energy and Petroleum directed action against companies suspected of hoarding fuel for speculative profit, with concerns of artificial shortages and inflated prices impacting consumers. Vivo Energy Kenya, operator of Shell stations, experienced temporary fuel stock-outs due to unexpectedly high customer demand coinciding with rising global fuel prices. The company attributes shortages to stock-outs driven by increased demand and motorists stocking up in anticipation of price hikes.
Prepare for Turbulence: Prolonged Middle East Conflict Reshapes Air Travel
A prolonged conflict in the Middle East has significantly disrupted global air travel, impacting major Gulf aviation hubs like Dubai, Abu Dhabi, and Doha. This disruption threatens the successful "Gulf model" of aviation which has made long-distance travel more affordable. South Korea is expanding fuel tax cuts to ease financial pressure on citizens amidst ongoing Middle East conflict. Skyward Airlines will increase its ticket prices starting April 1, 2026, due to escalating aviation fuel costs, implementing a fuel surcharge on all tickets. The OECD projects global economic growth to slow to 2.9 percent in 2026, citing Middle East tensions as a significant risk factor.
African States Urged to Tighten Controls to Curb Sh11.7trn Illicit Flows
African governments are urged to enhance financial oversight and transparency to combat a staggering Sh11.7 trillion ($90 billion) annually in illicit financial flows (IFFs) draining the continent. Nigeria's recent reform efforts aimed at global investor confidence are influencing how African markets, including Kenya's, are perceived internationally. Traders are rushing to complete transactions on the Kenya Revenue Authority (KRA) cargo clearance system ahead of a scheduled weekend shutdown for maintenance, following a similar outage last month that caused significant disruptions at the Mombasa port.
