Jack Ma who is the Chairman of one of the world’s largest e-commerce companies; Ali Baba, has resigned. Mr. Jack Ma will be replaced by Daniel Zhang, who is currently the company’s Chief Executive Officer and an accountant by training. Jack Ma who had announced his retirement in 2018, stated that he will be focusing more on education in rural areas as well as philanthropy. Forbes places Jack Ma’s net worth at $34.4 billion (3.57 trillion Kenyan Shillings), a figure which makes him the richest man in China. Jack Ma will still however retain a 6.22% share and will also…
Author: Tobey
Taxi hailing service Uber has laid off 435 members of staff in its product and engineering team. The company laid off 170 people in its product team, and 265 in its Engineering team after its revenue, was slim. The development is coming not long after an estimate of a third of its global marketing staff was also laid off. The staff cuts will however not affect workers at UberEats which is Uber’s meal delivery service. Uber however maintains that the layoffs which account for 8% of the company’s product and engineering team, are necessary in order to guarantee a competitive…
HMD Global, which is the home of Nokia phones has reportedly entered into a new partnership with Jumia Kenya to become the official distributor of all Nokia products under Jumia Kenya’s new service; ‘Jumia Mall’. Jumia Mall which is a new curated category on Jumia, allows its users to easily identify the official distributors of leading brands on Jumia. HMD Global is among over 50 brands who have entered into a partnership with Jumia to list on Jumia Mall. Senior Business Manager Of HMD East Africa; Gopher Ogembo, stated that the new partnership will give the company more control over…
A report by professional services firm Ernst & Young revealed that Kenya has become one of the top destinations for Foreign Direct Investments (FDIs) in East Africa as a result of its adoption of easier bureaucratic processes as well as business friendly approaches. and is second only to Ethiopia. According to the report, Kenya attracted Foreign Direct Investments (FDIs) which amounted to $2 billion (207.6 billion Kenyan Shillings) making it the 2nd highest in East Africa. Tanzania came in 3rd with its Foreign Direct Investments (FDIs) reaching $1 billion (103.8 billion Kenyan Shillings). Ethiopia came out as the number 1…
An estimated 100 million pieces of the old 1,000 Kenyan Shillings note have been returned to the Central Bank of Kenya ahead of the 30th of September 2019 deadline and translates to around 50 percent of the total number of old 1,000 Kenyan Shillings notes in circulation. People living in Kenya have exactly 13 days to return the remaining 117 million pieces of the old 1,000 Kenyan Shillings notes which will become useless from the 1st of October 2019. The Governor of the Central Bank Of Kenya; Patrick Njoroge, made it known that individuals holding on to illicit cash will…
According to the Kenyan Wall Street, Base Titanium Limited has received 363 million Kenyan Shillings worth of accumulated Value Added Tax (VAT) from the Kenya Revenue Authority (KRA) for the financial year which ended in June 2019. Base Titanium Limited which is a subsidiary of Australian and UK-listed resources company, Base Resources Limited, is located in Kwale County, 50 kilometres south of Mombasa, and operates Kenya’s largest mine. The Since Base Titanium began mining titanium from its Kwale mines in 2013, the Kenya Revenue Authority (KRA) owes the company a Value Added Tax (VAT) refund of 2.5 billion Kenyan Shillings…
Leading paints and coating solutions company; Crown Paints, has reportedly suspended its direct sales arrangement with Kenyan counties. Crown Paints Kenya PLC which was established in 1958, made the decision as a result of several huge payment delays which have threatened to lead the company into cash flow difficulties. The Company which is also listed on the Nairobi Securities Exchange, has now decided to carry out the supply of its products via dealers and hopes that the move will protect it from further large delays in payments. While President Uhuru Kenyatta issued a directive to all counties to clear all…
The Energy and Petroleum Regulatory Authority (EPRA) has reportedly revised the maximum retail pump prices for petroleum products. which will be in force from 15th September to 14th October 2019. With the new retail pump prices which came into effect on the 15th of September 2019 and will be enforced until the 14th of October 2019, Diesel will now retail at 103.04 Kenyan Shillings, Kerosene at 100.64 Kenyan Shillings and Super Petrol at 112.81 Kenyan Shillings. Diesel saw an increase of 2.44 Kenyan Shillings per litre, while Super Petrol’s Increase in price per litre is 0.28 Kenyan Shillings. Kerosene however,…
A reliable remittance or international money transfer company is one thing that advantageous for everyone; businesses or individuals alike, who carry out international payment transactions, regularly. Kenya currently has so many companies which offer the service, as well as users constantly looking to use said services. Before choosing a money transfer service however, it is very important that you know about certain important factors like hidden costs, as well as exchange rate fees used by financial institutions and also check out the various international money transfer services based on such factors like: Hidden Charges And The Foreign Exchange Rates Before…
Africa’s Biggest e-commerce platform; Jumia, has launched a new service for customers in Kenya dubbed ‘Jumia Mall’. The new service, is a carefully selected section on Jumia’s platform which will enable its customers to be able to easily identify the official distributors of leading brands on the site. With this this access, its users will now have the option of either buying directly from their favorite brands or from Jumia’s wider marketplace. The Chief Executive Officer (CEO) of Jumia Kenya; Sam Chappatte said, “We are on a mission to build trust in online shopping. As part of this, we have…
According to The Kenyan Wall Street, Kenya’s earnings from Coffee, reportedly dropped by 3 billion Kenyan Shillings in the 11 months leading to August 2019. The information which was originally from a report by the Nairobi Coffee Exchange market report stated that by the end of the month of August 2019, Kenya’s Coffee earnings were at 11 billion Kenyan Shillings a far cry from the 14 billion Kenyan Shillings which the nation earned during the same period in the previous year (2018). The Nairobi Coffee Exchange has overtime, been campaigning to have local consumers increase their consumption of coffee and…
Technology company; Internet Solutions (IS) has reportedly set up a cybersecurity centre in Nairobi, Kenya. The Cyber Threat Intelligence (CTI) Centre which had a cost of 20 million Kenyan Shillings, is intended to help companies to develop risk based strategies that will help prevent cyber attacks within their IT environments and will be manned round the clock. Dr. Bright Mawudor who is the Head of Internet Solutions (IS)’s Cyber Security Services said, “Monitoring, analysing and responding capabilities are a costly and complicated exercise that businesses must undertake to remain safe. We now have a local threat intelligence centre that will…
In a move which has been seen by observers as a bold one especially considering the growing trade ban wars between China and the United States, the Chief Executive Officer (CEO) of Huawei; Ren Zhengfei, has proposed that the technology giant should consider sharing their 5G technology. The Chief Executive Officer (CEO), made this known during an interview with The Economist at the company’s Shenzen offices. Mr. Ren Zhengfei stated that after buying the 5G tech (a purchase which could potentially cost tens of billions of dollars), the buyer which he would prefer to be a Western company, would also…
East Africa Powerhouse Kenya; has announced an immediate ban on the adoption of children by foreign nationals. The announcement was made today, the 12th of September 2019 and is coming after a special Cabinet meeting at State House, Nairobi, which was led by President Uhuru Kenyatta. The meeting instructed the Ministry of Labour and Social Protection to formulate a new policy document to regulate the adoption of children by foreign nationals within Kenya and also directed the ministry to streamline the operations of the Child Welfare Society of Kenya, as well as those of children homes that conduct operations within…
