Business & Economy
Featured News Stories
IMF Chief Warns of Much Worse Outcome for Global Economy as Mideast War Drags On
International Monetary Fund Managing Director Kristalina Georgieva has warned that the global economy faces a much worse outcome if the Middle East war continues, citing potential impacts on inflation and growth. Separately, a coalition of Kenyan lobby groups including Oxfam Kenya and Transparency International Kenya has petitioned Parliament to compel the government to release the IMF Governance and Corruption Diagnostic Report on Kenya. These developments come as regulators and investors warn that Africa's betting and gaming sector could be hampered by inconsistent tax policies, potentially deterring investment and reducing tax revenues.
Kenya, Tanzania to Remove Non-Tariff Barriers by June
Kenya and Tanzania have pledged to strengthen bilateral ties and accelerate economic growth by signing eight new agreements, including a commitment to eliminate non-tariff barriers by June 30, 2026. Meanwhile, the Communications Authority of Kenya is proposing new rules to regulate the installation and maintenance of cable telecommunication infrastructure, inviting public feedback on draft guidelines by May 20, 2026. In a separate development, Branch International Limited has won a significant High Court case, securing the right to deduct Sh796.7 million in loan write-offs from its tax assessment against the Kenya Revenue Authority.
Explosion at China Fireworks Factory Kills 26 People
A devastating explosion at the Huasheng Fireworks plant in Liuyang, China, on Monday afternoon resulted in 26 deaths and left 61 others injured. In related staffing news, recycling firms are increasingly turning to robots like the humanoid Alpha to address severe staffing challenges in the waste management industry, driven by high turnover, hazardous conditions, and the unpleasant nature of the work. Additionally, the Kenyan government announced that delays in paying interns under the Affordable Housing Programme were caused by a payroll mix-up, not a lack of funds.
