Business & Economy
Featured News Stories
Kiharu TVET to Build Sh234mn Hostels to Ease Housing Shortage
President William Ruto has officially launched a Sh234 million student hostel project at Kiharu Technical and Vocational College in Murang'a, aimed at addressing accommodation shortages for trainees. The Iten Affordable Housing Project in Iten, renowned as the 'Home of Champions,' has reached 57% completion, aiming to address a housing shortage and boost the local economy. The Migori Airstrip, also known as Lichota Airstrip, is undergoing a Sh300 million upgrade set for completion in December, significantly enhancing connectivity and boosting tourism and trade in Western Kenya. Meanwhile, the Mageta Solar Mini Grid project, costing Sh232 million, has brought significant economic and social transformation to Mageta Island in Siaya County, ending the island's darkness and improving critical services.
Kenya Eyes Export Boost from China Zero-Tariff Deal
Kenya is poised to significantly boost exports to China following the implementation of a China zero-tariff policy on May 1. A high-level symposium was held in Nairobi to strategize for this new trade opportunity. Kenya's avocado exports are projected to see significant growth by 2026, with an estimated increase of 7.4 percent, according to the United States Department of Agriculture. The Nairobi Securities Exchange is planning to attract investors from the Middle East and Asia to enhance market resilience and broaden its foreign capital base. The Kenya Revenue Authority is set to integrate its iCMS and iTax systems from May 2026, automating the syncing of export declarations with Value Added Tax returns to enhance compliance.
China Blocks Meta's $2bn Acquisition of AI Start-up Manus
China's regulators have blocked Meta's $2 billion acquisition of AI start-up Manus, requiring the parties to withdraw the transaction. A growing number of users are frustrated with the presence of AI-generated music on Spotify, leading to the development of third-party tools to filter it out. Japan Airlines is trialing humanoid robots at Tokyo's Haneda airport for ground handling tasks to alleviate employee workload.
BP Profits More Than Double as Iran War Sends Oil Prices Higher
BP's profits more than doubled in the first quarter of the year, reaching $3.2bn, largely driven by a surge in oil prices following the conflict with Iran. Global military spending reached a record 2.89 trillion U.S. dollars in 2025, marking the eleventh consecutive year of growth, according to a report by the Stockholm International Peace Research Institute. The accessories chain Claire's has closed all 154 standalone stores in the UK and Ireland, resulting in over 1,300 job losses.
