Business & Economy
Featured News Stories
Glovo to Invest Sh10bn in Kenya by 2030
Glovo has pledged to invest Sh10 billion in Kenya by 2030, signaling a significant expansion of its delivery services in the country. Kenyan electric mobility firm Teketeke is seeking at least Sh1 billion in investment to expand its solar-powered charging network and promote electric motorcycles and three-wheelers, particularly in rural areas. Old Mutual Kenya has launched a nationwide financial wellness campaign to assist small businesses and households in navigating persistent financial pressures. Additionally, Mastercard and Yellow Card are partnering to introduce stablecoin-based payment solutions across Eastern Europe, the Middle East, and Africa, including Kenya.
Oil Prices Rise After US and Iran Exchange Fire in Hormuz Strait
Oil prices rose in Asia following an exchange of fire between the US and Iran in the vital Strait of Hormuz. Amidst the global cost of the US-Iran war, several companies are experiencing record profits as the conflict's impact on energy prices and market volatility creates significant financial gains for specific industries. Tanzania has also seen a significant increase in its retail fuel prices, with the Energy and Water Utilities Regulatory Authority announcing new rates effective Wednesday. These developments highlight the cascading economic effects of geopolitical tensions on energy markets across different regions.
Treasury Defends Meru Fund Stoppage Amid Rising Sh600mn Legal Compensation Bill
The National Treasury has halted transfers to Meru County due to a substantial legal compensation bill nearing Sh600 million, owed to a French investor. Kenya's National Treasury is under scrutiny for allegedly diverting Sh7.3 billion from the fuel levy to illegally compensate a consortium of French firms for a terminated road construction contract. The Ministry of Roads and Transport has proposed a new framework to allocate Sh10.5 billion from the Road Maintenance Levy Fund directly to county governments. These stories reveal ongoing tensions between national government fiscal management and county-level funding.
