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Kenyan Financial Reports Reveal Sh11bn SHA Loss, Credit Upgrade, and Infrastructure Funding
An audit by Kenya's Ministry of Health has revealed that the Social Health Authority (SHA) lost Sh11 billion due to fraudulent claims from private hospitals. Separately, Tower Sacco revealed a loss of Sh149.5 million in cash deposits held at the embattled Kenya Union of Savings and Credit Cooperatives (KUSCCO) amid a mismanagement scandal. In other financial news, Moody’s Ratings has upgraded Kenya’s sovereign credit rating from B3 to Caa1, reflecting a decline in the country’s near-term default risk. Additionally, Kenya is funding the rehabilitation of the Mombasa Road with Sh4.5 billion from securitised Roads Maintenance Levy (RML) funds, part of a larger Sh21 billion allocation.
UPS and Amazon Announce Layoffs as Tech CEO Warns of AI 'Carnage'
UPS is set to cut up to 30,000 jobs this year as it reduces its reliance on unprofitable Amazon deliveries as part of a new strategy. In a separate event, Amazon accidentally sent an email confirming a new round of global layoffs to employees, revealing job cuts in the US, Canada, and Costa Rica. The draft email, titled "Project Dawn," was shared by mistake before an official announcement. Amid these industry shifts, Cisco Systems chief executive Chuck Robbins has warned that while the AI boom will be "bigger than the internet," there will be "carnage along the way," comparing the current market to the dotcom bubble.
Online Platforms Face Scrutiny in UK and US as Digital Risks Mount
Pornhub will restrict access for UK users starting next week, citing the country's tougher age verification requirements under the Online Safety Act (OSA). In the United States, TikTok US has pushed back against claims of censoring content, attributing issues to technical glitches. However, California Governor Gavin Newsom has announced an investigation into allegations of the platform suppressing content critical of the Trump administration. Highlighting increasing digital vulnerabilities, a PwC survey for 2025 found that cybersecurity has emerged as the most significant risk for banks in East Africa as digital banking accelerates.
