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Oil prices drop as US signals Iran deal progress
Oil prices have dropped and stock markets have risen globally following reports that the United States and Iran are nearing a deal to end their conflict. The easing of tensions comes after US President Donald Trump announced plans to pause operations guiding ships through the Strait of Hormuz, a vital waterway that has seen renewed standoff. Earlier, the US launched "Project Freedom" aimed at guiding commercial vessels through the Strait of Hormuz, escalating tensions with Iran.
Kenyan Private Sector Activity Contracts Again
Kenya's private sector activity contracted for the second consecutive month in April, falling to 49.4 on the Purchasing Managers' Index (PMI), primarily driven by elevated operating costs from high fuel prices and weakened consumer demand. The government is proposing new taxes on mitumba (second-hand goods) and mobile phones, aiming to simplify taxation and curb evasion, with changes set to take effect in July if approved by the National Assembly. Del Monte Kenya has significantly contributed to Kenya's economy, exceeding Sh100 billion ($800 million) in the past two decades (2004-2024).
Kenyan Hydropower Output Rises Amid Infrastructure Developments
Increased rainfall in Kenya has significantly boosted hydropower output, leading to reduced reliance on expensive thermal power plants, with electricity generation reaching 9.57 million kilowatt-hours on May 4. The government has disbursed Sh2.23 billion in wayleave compensation to landowners affected by major electricity transmission projects, with a remaining Sh182 million still pending across three key lines. A Chinese firm, China Wu Yi Company Limited, has been awarded a Sh7.5 billion contract to realign the accident-prone Nithi Bridge in Kenya, a key promise from President William Ruto's administration.
Apple pays iPhone buyers; Nissan cuts European jobs
Apple Inc. has agreed to pay up to $95 to some U.S. iPhone buyers as part of a $250 million settlement to end a class-action lawsuit alleging false advertising about its AI features. Nissan is set to close one of its UK production lines and cut approximately 900 jobs across Europe as part of its 'RE:Nissan' recovery plan. The Retirement Benefits Authority (RBA) has denied a request for an extension from lawyers representing the Standard Chartered Kenya Pension Fund in a dispute with four claimants.
