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2024-06-06 16:36:19

US trade gap widens to largest in 18 months
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The US trade deficit expanded to $74.6 billion in April, the largest deficit since October 2022. Imports grew by 2.4 percent to $338.2 billion, while exports rose by 0.8 percent to $263.7 billion. The goods deficit with China dropped by $2.5 billion to $22.1 billion in April. Investors are watching the Federal Reserve for hints on when it might start cutting interest rates.
#UsTradeDeficit #Imports #Exports #China #FederalReserve
https://www.tuko.co.ke/business-economy/551107-us-trade-gap-widens-largest-18-months/

2024-06-05 16:24:11

Private sector hiring in US cools more than expected: ADP
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Private sector hiring in the US cooled further in May according to ADP data. Employers added 152,000 jobs last month, down from a revised 188,000 figure in April and less than analysts anticipated. The decline was due to a steep decline in manufacturing, with leisure and hospitality also showing softer job growth. ADP chief economist Nela Richardson stated that the labor market is solid, but there are notable pockets of weakness tied to both producers and consumers. A cooler labor market could give the US central bank more confidence to pivot to interest rate cuts soon. For now, the Federal Reserve has held rates at the highest level in more than two decades. Manufacturing jobs declined by 20,000 in May, while leisure and hospitality jobs picked up by 12,000. Most job gains were in service-providing segments, with larger increases seen in areas like trade, transport, and utilities, as well as in education and health services. Salary gains for those who changed jobs slipped for a second month, to 7.8 percent. Pay growth for staff who remained in their roles held steady for a third month at 5.0 percent. Job growth is likely to ease more in the summer months, given an ongoing decline in measures of vacancies and the steep drop in hiring intentions in surveys. Markets will also be closely eying a government jobs report due Friday, for its bearing on Fed policy.
#PrivateSector #Hiring #Us #Adp #LaborMarket #Manufacturing #LeisureAndHospitality #InterestRateCuts #FederalReserve #JobGrowth
https://www.tuko.co.ke/business-economy/550950-private-sector-hiring-cools-expected-adp/

2024-06-03 13:02:34

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#note14rk…nm8m

2024-06-03 13:02:23

Strong Kenya Shilling Against US Dollar, Other Foreign Currencies Cuts External Debt to KSh 5.2t
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The strength of the Kenyan shilling against the US dollar and other foreign currencies has led to a decrease in Kenya's external debt, which now stands at KSh 5.2 trillion. The Controller of Budget (CoB) report for the fiscal year 2023/24 showed that total public debt as of March 2024 was KSh 10.42 trillion, with 49.6% owed to external lenders and 50.4% owed to domestic lenders. The decline in external debt was attributed to the strengthening of the Kenyan shilling against major foreign currencies. The shilling gained value against the dollar by 24.66 points and was ranked among the top-performing currencies globally. The Central Bank of Kenya (CBK) expects the shilling to continue gaining strength as the country receives more foreign funding, particularly from the US. The government spent KSh 1.24 trillion on debt repayment, with the revised public debt allocation for the same period being KSh 1.87 trillion. KSh 839.14 billion was allocated towards servicing external debt.
#Kenya #ExternalDebt #KenyanShilling #UsDollar #ForeignCurrencies #ControllerOfBudget #CentralBankOfKenya #DebtRepayment
https://www.tuko.co.ke/business-economy/550579-strong-kenya-shilling-dollar-foreign-currencies-cuts-external-debt-ksh-52t/

2024-06-02 06:39:06

Feeling flush: Japan's high-tech toilets go global
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Bidet toilets, with warm seats and precision spray technology, are becoming popular worldwide. Over 80% of homes in Japan have bidet toilets. Japanese company TOTO, a pioneer in electric bidets, has seen overseas revenue for toilets double from 100 billion yen ($673 million) in 2012. The pandemic and a home-renovation boom have driven sales, as well as germ-conscious consumers seeking an alternative to toilet paper. Bidet toilets are gaining popularity in the United States, with celebrities like Drake, the Kardashians, and Alexandria Ocasio-Cortez endorsing them. US competitors are challenging Japanese brands like TOTO, Panasonic, and LIXIL. The Numi 2.0 by US brand Kohler is marketed as the "smartest toilet" and costs around $8,500 to $10,000. TOTO's executives have faced challenges expanding abroad due to prudishness, but bidets are now becoming a status symbol. TOTO has sold 60 million Washlets worldwide. The bidet craze is growing, and even hesitant customers may be converted over time.
#Japan #BidetToilets #Toto #LuxuryBathrooms #ToiletPaper #UsMarket #Celebrities #Kohler #Washlet
https://www.tuko.co.ke/business-economy/550491-feeling-flush-japans-high-tech-toilets-global/

2024-05-31 14:34:53

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#note17vz…2asf

2024-05-31 14:34:42

List of African Countries with US Military Bases, Their Importance
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US President Joe Biden declared Kenya as the only sub-Saharan African country with the title of major non-NATO ally. The US will provide Kenya with 16 military helicopters and has invested KSh 30 billion in Kenya's defence sector since 2020. The US has several known military bases in Africa, including Camp Lemonnaier in Djibouti, Manda Bay in Kenya, bases in Niger, possible secret bases in Somalia, bases in Cameroon, Chad, and Egypt. The US positions troops in Africa to protect its African allies and ensure the free and secure flow of resources.
#UsMilitaryBases #Africa #Kenya #JoeBiden
https://www.tuko.co.ke/business-economy/550259-list-african-countries-military-bases-importance/

2024-05-30 10:18:11

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#note1na4…08zq

2024-05-30 10:18:00

William Ruto Claims He Spent Less Than KSh 10m to Travel to US: "I am Very Responsible"
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President William Ruto claimed that he spent less than KSh 10 million to travel to the United States on a private jet, refuting reports that claimed the trip cost KSh 200 million. Ruto stated that he was a responsible leader who lived within the country's means and that he was not a mad man. He opted for a chartered Boeing 737-700 business jet for his four-day visit, which can fly nonstop for 10 to 12 hours. The Abu Dhabi-based airline that provided the charter services charges KSh 2.4 million per hour. The total cost of Ruto's trip was estimated to have crossed the KSh 200 million mark. The reports of Ruto's trip costs sparked a debate among Kenyans, with some defending his choice and stating that a flight on the national carrier, Kenya Airways, would have cost more.
#WilliamRuto #TravelExpenses #PrivateJet #KenyaAirways #CharteredBoeing737700 #Debate
https://www.tuko.co.ke/business-economy/550203-william-ruto-claims-spent-ksh-10m-travel-i-a-mad-man/

2024-05-29 11:36:08

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#note10rg…448l

2024-05-29 11:35:55

Munishi's Song Warning African Leader to Fear US, Trends after Ruto's State Visit
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Munishi's song "Msiabudu Amerika" warns African leaders and spiritual leaders to read the finer clauses of the deals they sign with the west. Ruto's visit to the US ended with the president signing deals worth billions, including the Usahihi Nairobi-Mombasa Expressway project. Munishi mentions leaders whose dalliance with the West brought them both fame and misfortune. The song encourages listeners to focus on worshiping God alone and criticizes African leaders and religious leaders for becoming puppets of the US. Ruto's visit to the US included the signing of deals for the Nairobi-Mombasa Expressway, affordable housing, clean energy connection, and food security projects. Coca-Cola also announced an investment of over KSh 23 billion in Kenya. Munishi's song has gained popularity on social media following Ruto's visit.
#Munishi #Ruto #UsVisit #AfricanLeaders #Song #Deals #NairobimombasaExpressway #AffordableHousing #CleanEnergy #FoodSecurity #Cocacola
https://www.tuko.co.ke/business-economy/550034-munishis-song-warning-african-leader-fear-trends-rutos-state-visit/

2024-05-29 10:15:12

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#note16sg…q0gg

2024-05-29 10:15:01

Kenyan Man Who Moved to US Quits Nursing Job, Starts Restaurant
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Samuel Kimani, a Kenyan man who moved to the United States, quit his nursing job and started his own restaurant called Jambo Grill in Alabama. The restaurant specializes in Kenyan cuisines such as nyama choma and matumbo. Kimani worked as a nurse in Kenya before pursuing his dream of becoming an entrepreneur. He believes the restaurant's success is due to its convenient location, near a market and with a parking lot. The restaurant mainly serves Kenyans residing in the US but also attracts customers from other regions worldwide. Kimani has also added Caribbean meals to the menu to expand his business. He faced challenges in hiring Kenyans due to US labor rules. In related news, a Kenyan woman who moved to the US for a nursing job found success in the chapati business. Doline Nyambati identified a gap in the market and started selling chapatis to busy people who had limited time to cook. She started with friends and church members as her first customers. Meanwhile, Bob Mwiti sponsors brilliant learners for master's degrees in select US universities through his Kenya Airlift Programme.
#KenyanDiaspora #RestaurantBusiness #Entrepreneurship #KenyanCuisine #UsLaborRules
https://www.tuko.co.ke/business-economy/550017-kenyan-man-moved-quits-nursing-job-starts-restaurant/

2024-05-28 11:20:28

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#note1tmy…p3r6

2024-05-28 11:20:17

List of Poorest Countries in Africa in 2024, South Sudan Tops
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South Sudan is the poorest country in Africa with a GDP-PPP per capita of $455. Burundi is also among the poorest globally with a GDP-PPP per capita of $121,599. Other poorest countries in Africa include Central African Republic, Democratic Republic of the Congo, Mozambique, Niger, and Malawi. The World Bank estimated that over 198 million people could have fallen into poverty between the start of COVID-19 and the end of 2022. The percentage of people living in extreme poverty worldwide dropped from over 35% in 1990 to less than 10% before the pandemic. South Africa is ranked as the wealthiest country in Africa, followed by Egypt, Kenya, and Morocco. Kenya's dollar millionaires dropped from 8,500 in 2021 to 7,700 in 2022.
#PoorestCountries #Africa #SouthSudan #Burundi #CentralAfricanRepublic #DemocraticRepublicOfTheCongo #Mozambique #Niger #Malawi #WealthiestCountries #SouthAfrica #Egypt #Kenya #Morocco #Covid19 #WorldBank
https://www.tuko.co.ke/business-economy/549873-list-poorest-countries-africa-2024-south-sudan-tops/

2024-05-19 15:23:11

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#note17fc…q8k8

2024-05-19 15:22:59

William Ruto Leaves for US for 4-Day State Visit, Details Agenda Ahead
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President William Ruto will depart for a 4-day state visit to the United States of America, starting on Monday, May 20. The visit aims to advocate for more investments in Kenya, with a packed itinerary ahead. The visit will showcase a strong partnership between Kenya and the US, honouring 60 years of democratic ties and reinforcing shared commitments to economic growth, peace, and security. Ruto's agenda includes visiting the Jimmy Carter Presidential Library and Museum, the Centers for Disease Control (CDC), and engaging with the Kenyan diaspora in Atlanta. He will also deliver a speech at Spelman College, explore opportunities within the creative economy at Tyler Perry Studios and the Coca-Cola Company, and meet with President Joe Biden for a bilateral meeting on development opportunities. Ruto will be accorded full ceremonial state honors and meet with a congressional delegation during his visit.
#WilliamRuto #StateVisit #UnitedStates #Kenya #Investment #Partnership #BilateralMeeting
https://www.tuko.co.ke/kenya/548864-william-ruto-leaves-5-day-state-visit-details-agenda-ahead/

2024-05-19 06:18:39

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#note1t7c…4cnn

2024-05-19 06:18:28

Kenya Shilling Down to KSh 130 Per US Dollar as CBK Maintains Forex Reserves Above KSh 900b
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The Central Bank of Kenya (CBK) reported that the Kenya shilling remained stable against major international and regional currencies during the week ending May 16, 2024. The shilling gained value against the US dollar, exchanging at KSh 130.48 per US dollar on May 16, compared to KSh 131.25 per US dollar on May 9. Joan Ogara, a forex market and finance expert, emphasized the need for Kenya to attract foreign investments, diversify exports, and strengthen local industries to sustain the shilling's value. The CBK has maintained the national foreign exchange reserves to the required minimum, with USD 7,130 million (3.8 months of import cover) as of May 16. The forex markets are still volatile due to increased dependency on market speculations. To maintain the shilling's value against the dollar, the government must create an environment that attracts foreign direct investments and exports.
#KenyaShilling #ForexMarket #CentralBankOfKenya #UsDollar #ForeignInvestments #Exports
https://www.tuko.co.ke/business-economy/money/548830-kenyas-central-bank-reports-stable-forex-rates-high-liquidity-money-markets/

2024-05-18 08:17:53

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#note1ym0…ghj3

2024-05-18 08:17:39

Eating life with a big spoon: Photos of multimillion houses owned by top lawyers
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Top lawyers in Kenya, who earn an average of KSh 371,000 monthly, have built multimillion houses across the country. Senior counsel Ahmednasir Abdullahi, who represents wealthy clients including President William Ruto, shared photos of his Karen mansion. Other lawyers with luxurious homes include James Orengo, Makau Mutua, Nelson Havi, and Donald Kipkorir. Each lawyer's home is described in detail, showcasing their opulence and lavish lifestyles.
#Kenya #Lawyers #MultimillionHouses #Wealth #Luxury
https://www.tuko.co.ke/business-economy/548774-features-multi-million-houses-owned-by-top-kenyan-lawyers/

2024-05-11 06:27:24

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#note1z8k…l72t

2024-05-11 06:27:13

Expansion drive: AAR Healthcare launches new centre in Kamakis
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AAR Healthcare has launched a new outpatient centre (OPC) in Kamakis, Kiambu county, as part of its expansion drive. The new centre, housed at Nexus Business Centre, will provide a wide range of healthcare services, including dental lab and pharmacy services, diagnostic services, and consultations with skilled medical specialists. AAR Healthcare general manager Elizabeth Wasunna stated that the new centre represents their commitment to expanding access to quality healthcare services and will better serve the healthcare needs of the community. The Competition Authority of Kenya approved Hospital Holding Limited's acquisition of 54.237% of AAR Health Care Holdings Limited in a KSh 1.5 billion deal. AAR operates over 40 clinics across the East African region, with a market share in Kenya estimated to be 0.6%.
#AarHealthcare #OutpatientCentre #Expansion #Kamakis #KiambuCounty #HealthcareServices
https://www.tuko.co.ke/business-economy/547928-aar-insurance-expansion-drive-company-opens-centre-kamakis/

2024-05-08 16:15:23

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#note1dr2…4cqu

2024-05-08 16:15:11

Kenya's forex market: Shilling hits another high in comeback against US dollar
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The Kenya shilling has shown resilience, maintaining a positive trend against the US dollar throughout May after reversing a previous weakening trend. Significant gains were reported in the forex market towards the end of April. Joan Ogara, a forex market and finance expert, attributes the shilling’s recent strength to a complex interplay of market dynamics, including speculative activities and fundamental economic factors. The shilling hit above KSh 135 and KSh 139 in the previous week. On Monday, May 6, the shilling started the week on a strong note, with exchange rates at around KSh 131. The Satelite Forex Bureau speculated that the Kenyan shilling was the best-performing currency. Market speculators believe that if the Eurobond is the only factor behind the shillings' appreciation, then these gains will remain temporary. The true value of the Kenya shilling lies between the current exchange rate and the historic low of KSh 160, according to the CEO of NCBA, John Gachora.
#KenyaForexMarket #KenyaShilling #UsDollar #ForexMarket #CurrencyExchange #Economy
https://www.tuko.co.ke/business-economy/economy/547569-kenya-shilling-hits-time-high-dollar-fresh-appreciation-rally/

2024-05-06 14:36:29

EU clears Nippon buyout of US Steel opposed by Biden
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The European Union has approved the $14 billion takeover of US Steel by Japan's Nippon Steel. The European Commission stated that the acquisition would not raise competition concerns. The deal, announced by Nippon Steel in December 2023, has become controversial ahead of the US presidential election in November. US President Biden opposed the deal, stating that it was important for US Steel to remain domestically owned and operated. The company is based in Pittsburgh, Pennsylvania, a battleground state that Biden won in the 2020 election.
#Eu #NipponSteel #UsSteel #Biden #Acquisition #CompetitionConcerns #PresidentialElection
https://www.tuko.co.ke/business-economy/547256-eu-clears-nippon-buyout-steel-opposed-by-biden/

2024-05-06 13:56:37

2024-04-27 09:10:31

Safaricom to Train 10k Technicians in Digital Economy Drive: "This Will Create Employment"
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Safaricom has launched The Connect Academy, a program that will provide industrial training for fiber optic technicians. The academy is part of the Presidential DigiTalent Programme, a public-private partnership initiative focusing on skill development, ICT innovations, training, certification, and on-the-job coaches. Safaricom's target is to train 10,000 fiber optic technicians over a period of five years, creating employment opportunities for Kenyan youth. The first cohort of 200 technicians is set to begin training in May. Safaricom has also announced internship vacancies for young graduates in its commercial, development, and technology departments.
#Safaricom #ConnectAcademy #FiberOpticTechnicians #PresidentialDigitalentProgramme #EmploymentOpportunities #InternshipVacancies
https://www.tuko.co.ke/business-economy/technology/546260-safaricom-train-10k-technicians-digital-economy-drive-create-employment/

2024-04-27 06:27:13

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#note1jf0…qlec

2024-04-27 06:27:00

"From KSh 48k": Etihad Airways to resume Nairobi flights after 3 years
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Etihad Airways will resume daily flights between Nairobi and Abu Dhabi on May 1, 2024, after a three-year hiatus due to the COVID-19 pandemic and travel restrictions. The airline will use the advanced Airbus A320 for the flights, offering business and economy seats. Fares will start from $365 (KSh 48,480). The resumption of flights aims to strengthen cultural and commercial links between the UAE and Kenya. Kenya Airways also announced the resumption of flights to Dubai after disruptions caused by heavy rains and flooding in the Arab nation.
#EtihadAirways #Nairobi #AbuDhabi #Flights #Covid19 #Pandemic #TravelRestrictions #AirbusA320 #Fares #CulturalLinks #CommercialLinks #KenyaAirways #Dubai #HeavyRains #Flooding
https://www.tuko.co.ke/business-economy/546358-etihad-airways-resume-nairobi-flights-3-years-covid-19-break/

2024-04-23 22:29:28

Starbucks set for talks with unionized US stores
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Starbucks is set to hold talks with labor representatives from 425 stores that have voted to unionize in the United States. The goal is to establish a "foundational framework" on key issues such as wages, scheduling policy, and access to healthcare. The contracts will be negotiated by each individual store and ratified accordingly. Starbucks hopes to reach contracts and have them ratified with unionized stores in 2024. The push by Workers United gained momentum after a successful campaign in Buffalo, New York in late 2021. Starbucks has nearly 18,000 stores in North America, about 60 percent of which are company-owned. The addition of benefits to employees at unionized stores was a "sign of good faith" by Starbucks. Laxman Narasimhan, the CEO of Starbucks, has a goal of "restitching the fabric of the green apron for all partners at Starbucks."
#Starbucks #LaborUnions #ContractNegotiations
https://www.tuko.co.ke/business-economy/545910-starbucks-set-talks-unionized-stores/

2024-04-23 09:32:22

Pay to use: Bolt, M-KOPA to issue cheaper e-bikes to boda boda operators
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Bolt, a digital taxi-hailing firm, has partnered with digital financing firm M-KOPA to finance ownership of electric motorcycles for boda boda operators in Kenya. The partnership will allow new and existing operators to acquire electric bikes for as low as KSh 10,000. The deal will give customers a chance to lease ROAM and Ampersand electric motorbikes at a discounted price, 15% cheaper than the current market rates. By the end of 2024, 1,000 electric motorbikes will be distributed, with a total of 5,000 in the next two years. The electric motorbikes will save drivers 40% off total ownership costs compared to petrol bikes, and up to 75% off operation costs. The financial model used by M-KOPA allows drivers to pay for the bikes while using them, with repayment periods of up to 12, 18, or 24 months. The partnership is part of Bolt's commitment to enhance driver earnings and move towards eco-friendly urban mobility. The government of Kenya announced plans to roll out electric motorcycles in September 2023, with industry stakeholders including Uber Kenya supporting the move.
#Bolt #Mkopa #ElectricMotorcycles #BodaBodaOperators #Kenya
https://www.tuko.co.ke/business-economy/545788-kenyas-boda-boda-operators-acquire-cheaper-electric-motorcycles-bolt-m-kopa-deal/

2024-04-23 04:26:50

Tesla earnings a 'moment of truth' for Musk after stumbles
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Tesla is facing heightened pressure with its first-quarter earnings report to reassure investors that recent setbacks are temporary. The electric car maker experienced a disappointing 8.5% drop in first-quarter deliveries and announced plans to lay off more than 10% of its staff. Tesla also faced a setback with a recall of its Cybertruck due to an acceleration problem. Speculation has arisen that the company is shelving plans for the 'Model 2,' a mass-marketed, lower-priced vehicle. Analysts are calling Tuesday's earnings report a 'moment of truth' for Tesla and CEO Elon Musk. Investors are seeking more clarity about the company's strategy and are concerned about the decline in deliveries and the delay of the Model 2. Wall Street has grown skeptical of Tesla's explanations for its disappointing deliveries and analysts are becoming more critical of the company's financial picture. Deutsche Bank downgraded Tesla to a 'hold' and expressed concerns about the delay of the Model 2 and the execution risk of the Robotaxi technology. The earnings report is considered one of the most important moments in the company's history.
#Tesla #ElonMusk #ElectricCarIndustry #EarningsReport #Setbacks #Deliveries #Layoffs #Recall #Model2 #Robotaxi #WallStreet #DeutscheBank
https://www.tuko.co.ke/business-economy/545777-tesla-earnings-a-moment-truth-musk-stumbles/

2024-04-21 07:28:48

Slovenia's umbrella doctor weathers the economic storm
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Marija Lah, a Slovenian umbrella repairer, believes she can repair 98 percent of all umbrellas she receives. While most umbrella repairers have closed shop, Lah's business is thriving due to a growing base of customers who try to throw away less due to environmental concerns. Lah's shop, founded almost 60 years ago, is one of the oldest in Slovenia. Lah initially joined as an apprentice to save the shop and has continued running it after her father's death. She believes rain is her best advertisement and can make a living from repairing umbrellas. Lah's customers appreciate her work and regret the vanishing profession of umbrella repairers.
#Slovenia #UmbrellaRepair #EnvironmentalConcerns #SmallBusiness
https://www.tuko.co.ke/business-economy/545622-slovenias-umbrella-doctor-weathers-economic-storm/

2024-04-21 06:49:16

Israel holds Palestinian economy captive, say analysts
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Analysts argue that the Gaza war has accelerated Israel's control over the Palestinian economy, which has been hindered for decades by agreements following the Oslo peace accords. Israel is tightening its grip on the Palestinian Authority by withholding tax revenues and banning laborers from crossing into Israel. The Palestinian economy is largely governed by the 1994 Paris Protocol, which grants Israel sole control over the territories' borders and the right to collect import duties and value-added tax. The Gaza war has further tightened Israel's control, with customs duties withheld since Hamas sparked the war. The Palestinian Authority is struggling to pay salaries and cover running costs, leading to an unprecedented financial crisis. Investment is stifled by Israel's control over land, resources, and water sources. Israeli politicians are divided on the issue, with some aiming to overthrow the Palestinian Authority and others advocating for allowing workers back into Israel to avoid an uprising. Netanyahu is using economic pressure to weaken the authority and force political concessions in future peace negotiations. Palestinians want a state as well as a healthy economy to live with dignity.
#Israel #PalestinianEconomy #GazaWar #OsloPeaceAccords #ParisProtocol #TaxRevenues #Laborers #FinancialCrisis #Investment #Netanyahu #PalestinianAuthority
https://www.tuko.co.ke/business-economy/545620-israel-holds-palestinian-economy-captive-analysts/

2024-04-20 08:49:32

Brigadier's wealth: How property of Swale Said will be shared, Imam guides
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Brigadier Swale Said and other military officers died in a helicopter crash in Elgeyo Marakwet county on April 18, 2024. An imam who presided over his burial stated that if one does not write a will, the property will be shared according to Islamic law of succession and inheritance. The imam clarified that the money contributed by well-wishers after Swale's death will not be inherited. According to Islamic law, after burial fees, debts, and bequests to non-heirs have been paid, the deceased individual's inheritance is distributed. In the case of Swale, his fortune will be distributed to his father, mother, sons, and daughters according to specific proportions. General Francis Ogolla, who also died in the crash, will be laid to rest in Siaya according to his will. The nation will observe three days of mourning in honor of the deceased CDF.
#BrigadierSwaleSaid #HelicopterCrash #IslamicLaw #Inheritance #Funeral #GeneralFrancisOgolla #MilitaryOfficers #PropertyDistribution
https://www.tuko.co.ke/business-economy/545569-kdf-chopper-crash-imam-guides-how-property-dead-brigadier-swale-shared/

2024-04-20 06:53:07

In historic election, Volkswagen workers in Tennessee vote to unionize
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Volkswagen workers in Tennessee voted decisively to become a union shop, with 73 percent supporting representation by the United Auto Workers at the Chattanooga plant. This marks the first victory for organized labor at a foreign-owned auto plant in the American South. The election was administered through a democratic, secret ballot overseen by the National Labor Relations Board. The win in Chattanooga gives momentum to UAW efforts in Alabama and other states. The next vote will take place at a Mercedes-Benz factory in Vance, Alabama. The UAW's success in Tennessee raises the stakes in Alabama and could have major implications for the South. However, the UAW will face challenges from anti-union politicians in the region. The win in Tennessee is seen as a turning point for organized labor in the South, where workers are realizing they want better wages and more rights.
#Volkswagen #Tennessee #Unionize #UnitedAutoWorkers #Chattanooga #NationalLaborRelationsBoard #Alabama #OrganizedLabor #South
https://www.tuko.co.ke/business-economy/545562-in-historic-election-volkswagen-workers-tennessee-vote-unionize/

2024-04-19 22:34:30

IMF calls on EU to deepen single market integration to boost growth
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International Monetary Fund European director Alfred Kammer said deepening integration of the EU's single market could help close the income gap with the United States. The IMF expects European growth to pick up slightly this year to 1.6 percent, increasing to 2.0 percent next year. The IMF estimates that cutting internal barriers within the EU's single market by 10 percent would lead to a seven percent rise in growth inside the EU. Kammer said that Europe must do more to boost flagging productivity and growth levels. The IMF report also suggests increasing digitalization and enacting structural reforms to boost productivity levels. The IMF report said European countries were on track for a so-called 'soft landing,' with inflation expected to continue falling from recent highs to 2.4 percent this year and 2.1 percent in 2025. The IMF recommends that Europe's advanced economies with high debt levels should 'frontload fiscal consolidation' to rebuild fiscal buffers depleted by government spending during the pandemic. The IMF estimates Europe's advanced economies will face a rise in spending pressures of 5.5 percent of GDP, on average, by 2050.
#Imf #Eu #SingleMarketIntegration #EconomicGrowth #ProductivityLevels
https://www.tuko.co.ke/business-economy/545549-imf-calls-eu-deepen-single-market-integration-boost-growth/

2024-04-18 12:40:16

No more reduced prices: Fresh fall in shilling value to hike fuel, food prices
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The Energy and Petroleum Regulatory Authority (EPRA) announced a drop in fuel prices for April 2024 following trends in the strength of the shilling. However, the value of the Kenya shilling registered a fresh decline in the third week of April 2024 to trade at KSh 132.5. Petroleum Outlet Association of Kenya (POAK) chair Martin Chomba warned that with the current upsurge in global fuel prices, weak shilling could reverse the gains Kenya has made. Chomba noted that should the shilling stabilise at below KSh 135, then the country's economy stands a chance to rebound. However, if the shilling slides past the KSh 135 mark against the greenback, it will mean more fuel and food prices, thus increasing inflation. The Central Bank of Kenya (CBK) reported a strong performance in the country's economy during the first three months to March 2024. CBK Monetary Policy Committee (MPC) projected a rebound in the 12 months to December 2024, supported by strong agricultural activities. Market analysts argue a fresh fall in the shilling value will reverse these projections due to costly fuel, which is the main economic driver in the country.
#KenyaShilling #FuelPrices #Economy #EnergyAndPetroleumRegulatoryAuthority #PetroleumOutletAssociationOfKenya #CentralBankOfKenya
https://www.tuko.co.ke/business-economy/energy/545319-kenya-shilling-falling-expert-shares-implications-trend-cost-fuel-economy/

2024-04-18 07:54:07

"It'll be KSh 140": Kenyans predicts new dollar rates as shilling falls again
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The Kenyan shilling has been registering a slight decline against the US dollar since Monday, April 15. It fell from KSh 127.2 units against the greenback on Sunday, April 14, to trade at KSh 131 on Monday. The trend continued on Tuesday, April 16, as the shilling exchanged at KSh 132 per dollar, falling further to KSh 132.5 on Thursday, April 18. The decline is attributed to the growing demand for imports, which is putting pressure on the dollar reserve and causing a shortage. The rising US interest rates and inflation are also strengthening the dollar. Kenyans have mixed reactions to the fall, with some hoping for a further decline and others expressing concern about the impact on the cost of living. President William Ruto previously projected a further fall in the shilling's value, but also took pride in its recent strength and the drop in fuel and unga prices.
#KenyanShilling #UsDollar #CurrencyExchange #Economy
https://www.tuko.co.ke/business-economy/545271-kenyans-react-shilling-registers-fresh-decline-dollar-ksh-1325/

2024-04-17 12:38:10

Kenya Shilling Suffers Slight Loss Against US Dollar on Rising USD Demand
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The Kenya shilling has experienced a decline against the US dollar at the start of the trading week. On April 15, the shilling opened at KSh 127.7 and closed the day at KSh 130.9, marking a significant drop in value within a single trading day. Despite minor fluctuations on April 16, the shilling continued to weaken, closing at KSh 131.6 by the end of the day. Forex bureaus in Nairobi are exchanging the dollar for KSh at 133 on April 17. The increased demand for US dollars is due to Kenya's import payments, which require more dollars from circulation. The US Federal Reserve's expected decision to hold rates higher for longer may strengthen the dollar further against the Kenya shilling. In related news, Zimbabwe's gold-backed currency, ZiG, has appreciated by 1.1% against the US dollar in its first trading week, replacing the old Zimbabwean dollar impacted by inflation.
#KenyaShilling #UsDollar #ForexMarket #Demand #ImportPayments #UsFederalReserve #ZimbabweGold #Zig #Currency
https://www.tuko.co.ke/business-economy/economy/545166-kenya-shilling-records-slight-loss-increased-demand-dollars-forex-markets/

2024-04-16 16:42:12

Agony for Kisii family as teen’s body is held in morgue over KSh 700,000 bill
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The family of Mzee Thomas Ombati from Nyamache in Kisii recently lost their teenage son while undergoing a head operation. They were slapped with a KSh 700,000 hospital bill that needs to be paid before the body is released for burial. They have only managed KSh 85,000, leaving them unable to raise the balance. The youngster’s body is being held at the Tenwek Hospital Mortuary as the family struggles to raise funds to secure his release. The Form 4 student at Borangi Secondary School died while undergoing an operation on the head for the 12th time. The family had raised KSh 85,000, which is not even half of the total bill.
#Kisii #HospitalBill #Burial #TenwekHospitalMortuary
https://www.tuko.co.ke/people/family/545048-kisii-family-unable-bury-deceased-form-4-son-ksh-700k-hospital-bill-s-painful/

2024-04-15 11:22:45

Zimbabwe's Gold-Backed Currency Follows New Trend of Kenyan Shilling, Gains Against US Dollar
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The Zimbabwe Gold (ZiG) has shown a positive performance in the first trading week, appreciating by 1.1% against the US dollar. ZiG was introduced to replace the old Zimbabwean dollar, which had been severely impacted by inflation. Reserve Bank of Zimbabwe Governor John Mushayavanhu launched the currency on April 5, marking a significant step towards resolving the country's currency crisis. The surge in ZiG's value coincides with the strong increase in gold prices. The ZiG started trading at a rate of ZWL 13.56 per US dollar on Monday and ended the week at ZWL 13.41 per US dollar after Friday's trading. The Zimbabwe Gold (ZiG) has joined the Kenyan shilling among African currencies that have been gaining against the US dollar in recent weeks. The Kenya shilling traded at KSh 130.39 per US dollar. The gold-backed currency is expected to resolve the inflation and currency crisis that has bedeviled Zimbabwe for over a decade.
#Zimbabwe #Currency #KenyanShilling #UsDollar #GoldbackedCurrency
https://www.tuko.co.ke/business-economy/economy/544855-zimbabwe-gold-backed-currency-gains-dollar-zig-kenya-shilling/

2024-04-15 08:37:15

Ruto predicts further strength of shilling, drop in fuel, unga prices
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President William Ruto predicts further ease in inflation as prices of food and fuel continue to stabilize. The Energy and Petroleum Regulatory Authority (EPRA) reduced prices of super petrol, diesel, and kerosene. Ruto attributes the strength of the shilling and drop in fuel and unga prices to tough fiscal measures taken by his government. The value of the shilling is trading below KSh 130 against the US dollar. Ruto challenges leaders to make the right decisions and lead from the front. Inflation in Kenya has eased from 6.3% in February 2024 to 5.7% in March 2024, supported by a decrease in prices of basic food items. The Kenya shilling traded at KSh 130.39 per US dollar as of April 11. The local currency gained more to trade at 127 against the greenback on April 9.
#WilliamRuto #KenyanEconomy #Inflation #FuelPrices #KenyaShilling
https://www.tuko.co.ke/business-economy/544833-william-ruto-takes-pride-strong-kenya-shilling-drop-fuel-unga-prices-na-bado/

2024-04-14 15:27:42

Relief for hustlers: Kerosine records highest drop in EPRA prices for April
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The Energy and Petroleum Regulatory Authority (EPRA) of Kenya has announced the maximum retail prices of petroleum products for the period from April 15 to May 14, 2024. Super Petrol will decrease by KSh 5.31 per litre, Diesel by KSh 10.00 per litre, and Kerosene by KSh 18.68 per litre. In Nairobi, the prices of petrol, diesel, and kerosene will be KSh 193.85, KSh 180.38, and KSh 170.06, respectively. These adjustments are due to changes in the average landed cost of imported petroleum products. The decrease in fuel prices follows a reduction announced in March, with super petrol prices decreasing by KSh 7.21 per litre, diesel by KSh 5.09 per litre, and kerosene by KSh 4.49 per litre.
#Epra #FuelPrices #PetroleumProducts #Kerosene #Diesel #SuperPetrol #Nairobi
https://www.tuko.co.ke/business-economy/energy/544804-epra-announces-fuel-prices-petrol-by-ksh-7/

2024-04-14 05:45:16

Kenya Shilling, Forex Reserves Stable as EPRA's Price Review Coincide With Rise in Global Oil Prices
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The Central Bank of Kenya (CBK) released its weekly bulletin, highlighting stable values of the Kenyan currency against major international and local currencies. The Kenyan shilling showed a slight gain against the US dollar, exchanging at KSh 130.39 per USD on April 11 compared to KSh 131.17 per USD on April 4. EPRA, the Energy and Petroleum Regulatory Authority, is set to announce new fuel prices on April 14, which coincides with a rise in international oil prices. The CBK reported that international oil prices increased during the week ending April 11, mainly reflecting heightened geopolitical risks. The rise in global fuel prices is expected to start affecting Kenya's economy in May and June 2024. However, Kenyan motorists will enjoy a sustained drop in pump prices in April due to the continued strength of the shilling against the US dollar. The government-to-government oil deal, which benefits Kenyans, is scheduled to expire in December 2024.
#KenyaShilling #ForexReserves #Epra #FuelPrices #GlobalOilPrices
https://www.tuko.co.ke/business-economy/economy/544770-kenya-shilling-holds-dollars-global-oil-prices-rise-days-epras-april-review/

2024-04-13 15:59:15

Twin Brothers Marry on Same Day, Build Identical Bungalows for Wives in the Village, Photo Surfaces
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Twin brothers George and Daniel from Murang'a County in Kenya got married on the same day and built identical bungalows for their wives in the village. Initially considering marrying twin sisters, they ultimately chose unrelated partners to avoid overshadowing their bond. The brothers, who are pastors and singers, live harmoniously and share professions and similar aspirations in love. The couples dress alike and do things at the same time. The twins live in identical bungalows built at the same time, with the same furniture. They are men of God and hope to continue doing many things together. This story is similar to another case where twin brothers married twin sisters on the same day.
#TwinBrothers #Marriage #IdenticalHouses #Village #Kenya
https://www.tuko.co.ke/people/family/543913-muranga-twins-married-identical-sisters-build-similar-village-bungalows-wives/

2024-04-12 21:31:39

Biden rule hikes fees for oil projects on public lands
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The Biden administration has finalized a rule that increases bonding requirements and royalty rates for oil companies drilling on public lands. The bonding requirements for development have increased from $10,000 to $150,000, and the royalty rates for leases have been raised to 16.67% from the previous level of 12.5%. Interior Secretary Deb Haaland described these changes as the most significant reform to the leasing program 'in decades'. The rule aims to protect wildlife habitat, cultural resources, and recreational values, while ensuring a fair return for American taxpayers. The petroleum industry has criticized the rule, expressing concerns about burdensome land management regulations and the potential risk to the energy supply. Environmental groups have welcomed the changes but called for a complete shutdown of drilling on federal lands to address climate change.
#OilProjects #PublicLands #BidenAdministration #BondingRequirements #RoyaltyRates #LeasingProgram #Environment #PetroleumIndustry #EnergySupply #ClimateChange
https://www.tuko.co.ke/business-economy/544726-biden-rule-hikes-fees-oil-projects-public-lands/

2024-04-11 08:25:19

Tech guru: Meet Kenyan man who scored D in Maths, developed M-Pesa Daraja API
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Juma Allan, a Kenyan tech guru, developed the M-Pesa Daraja API despite scoring a D in maths. His dream job was to become a mechanical engineer, but he ended up pursuing a career in computer science at Jomo Kenyatta University of Agriculture and Technology (JKUAT) upon his father's advice. Allan worked on open-source initiatives for Twiga Foods and the M-PESA Daraja API, and he developed the M-Pesa Daraja API and the Twiga payment system. The M-Pesa Daraja API enables customers to pay for goods and services directly from a business account to a till number, merchant store number, or Merchant HO. Safaricom owns 40% of Safaricom and Nick Hughes is credited as the brains behind M-Pesa.
#Kenya #TechGuru #MpesaDarajaApi #ComputerScience #Maths #MechanicalEngineering
https://www.tuko.co.ke/business-economy/technology/544429-juma-allan-meet-kenyan-tech-guru-scored-d-maths-developed-m-pesa-daraja-api/

2024-04-10 05:37:09

Top games including 'World of Warcraft' to return to China
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Popular video games including 'World of Warcraft' will return to China this summer, over a year after a contract dispute pulled them from the market. The games will return under a renewed publishing deal between US developer Blizzard and local partner NetEase. The titles that will be returning include 'World of Warcraft' (WoW), the spin-off card game 'Hearthstone', and other games in the WoW and 'Overwatch' franchises. WoW's Chinese servers went offline in January 2023, prompting a wave of mourning and anger from fans. The return of Blizzard's titles to the market has been celebrated by Chinese social media users. Blizzard's games launched in China in 2008 through collaboration with NetEase. Talks to renew their operating contract failed in November 2022, but after continuing discussions, the two companies have now reached an agreement to support players in mainland China once again.
#WorldOfWarcraft #China #Blizzard #Netease #VideoGames
https://www.tuko.co.ke/business-economy/technology/544280-top-games-including-world-warcraft-return-china/

2024-04-09 09:33:34

Imports will rise: CBK governor Thugge explains impact of strong shilling
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Central Bank of Kenya Governor Kamau Thugge projects a rise in imports on the back of a strong shilling. Thugge expects imports to grow by 11% from KSh 2.2 trillion in 2023 to KSh 2.48 trillion in 2024. The appreciation of the shilling is expected to dent Kenya's exports as local goods become more expensive. However, the stronger shilling could benefit Uganda by making Kenyan goods and services more affordable, potentially strengthening trade ties between the two countries. The Kenyan shilling has been on an upward trajectory against the US dollar and other currencies since Kenya settled the Eurobond debt. The rise in imports may put new pressure on the shilling as the demand for dollars increases. Thugge admits that the country has been trying to maintain an artificially strong exchange rate and that the shilling is now finding its true value. The Kenyan shilling has emerged as a top-performing currency globally, surpassing many counterparts including the British Pound.
#CentralBankOfKenya #KamauThugge #Imports #Shilling #Exports #Kenya #Uganda #Trade #CurrencyExchange
https://www.tuko.co.ke/business-economy/544163-central-bank-kenya-governor-kamau-thugge-projects-rise-imports-strong-shilling/

2024-04-08 10:44:57

James Mwangi: Kenya Shilling True Value Against US Dollar Depends on Value of Imports, Demand
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The value of the Kenyan shilling against the US dollar is determined by the demand and supply of dollars in the market, according to James Mwangi, the CEO of Equity Bank. The Central Bank of Kenya (CBK) published the exchange rate at KSh 131.17 per dollar on April 4. Mwangi stated that the current exchange rate is the market value of the shilling, but the true value will be determined by the value of imports and the demand and supply for dollars. If the demand for imported goods rises, the demand for dollars could increase, leading to a depreciation of the shilling. Economist Daniel Kathali explained that CBK is balancing between the demand and supply of dollars to keep the shilling at its current value. Another banker, John Gachora, CEO of NCBA and chairman of the Kenya Bankers Association, believes that the true value of the shilling lies between the current exchange rate and the historic low of KSh 160. The CBK has propped up the shilling against the US dollar, and the value of income earned in US dollars has declined since February 2024.
#KenyanShilling #ExchangeRate #DemandAndSupply #Imports #UsDollar
https://www.tuko.co.ke/business-economy/544078-james-mwangi-kenya-shilling-true-dollar-depends-imports-demand/

2024-04-08 04:35:52

'Panama Papers' trial to begin eight years after tax scandal
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Twenty-seven people, including Jurgen Mossack and Ramon Fonseca Mora, the founders of the now-defunct law firm Mossack Fonseca, are set to go on trial in Panama for money laundering in connection with the 'Panama Papers' tax evasion scandal. The scandal, which was revealed in 2016, exposed how many wealthy individuals stashed assets in offshore companies. The leaked trove of 11.5 million files implicated influential figures such as politicians, billionaires, and sports stars. Panama has since adopted new legislation, but it remains on the European Union tax haven blacklist. The trial is expected to run until April 26.
#PanamaPapers #TaxEvasion #MoneyLaundering #OffshoreCompanies #Trial
https://www.tuko.co.ke/business-economy/544055-panama-papers-trial-years-tax-scandal/

2024-04-07 07:53:36

Kenya Shilling Holds Steady Against US Dollar: CBK Cautious Not to Upset Balance
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The Kenyan shilling traded at KSh 131.17 per US dollar for the week ending April 4, maintaining stability compared to previous weeks. The Central Bank of Kenya (CBK) is cautious not to upset the balance in the supply and demand of the shilling, especially by increasing forex reserves. The inflow of US dollars from the recently issued Eurobond may have increased the supply of dollars in the market, reducing pressure on the shilling. The CBK's prudent management and positive economic indicators have bolstered investor confidence and attracted inflows of foreign capital. The usable foreign exchange reserves remained adequate at USD 7,148 million (3.8 months of import cover) as of April 4. The CBK is dealing with the laws of supply and demand and is taking a slow approach to shore up national reserves to maintain the balance between the demand and supply of the shilling and the dollar. The true value of the Kenya shilling lies between the current exchange rate and the historic low of KSh 160. The Kenya shilling has emerged as a top-performing currency globally, surpassing many counterparts.
#KenyaShilling #CentralBankOfKenya #ForexReserves #ExchangeRate
https://www.tuko.co.ke/business-economy/economy/543685-strong-kenya-shilling-spurs-economic-optimism-ceos-investors/

2024-04-05 16:38:17

US hiring blows past expectations in March
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US hiring rose by 303,000 in March, exceeding market expectations of an increase of 200,000. The unemployment rate ticked lower to 3.8 percent. Wage growth increased 0.3 percent on a monthly basis, with average hourly earnings up 4.1 percent from a year earlier. The consistently strong jobs data is good news for President Joe Biden, who is campaigning on a platform of rebuilding the post-pandemic US economy. The Federal Reserve may delay interest rate cuts as a result of the strong hiring numbers.
#UsHiring #UnemploymentRate #WageGrowth #JoeBiden #FederalReserve #InterestRates
https://www.tuko.co.ke/business-economy/543925-us-hiring-blows-expectations-march/

2024-04-03 11:38:57

KSh 20k imeenda: Kenyans earning in dollars feel pinch as shilling gains value
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Kenyans and businesses earning in US dollars have seen the value of their income decline since February 2024. The Central Bank of Kenya (CBK) propped up the shilling against the US dollar, causing the shilling to appreciate. Kenyans working online and paid in dollars have seen their pay reduced by 15%. Kenyans working online and receiving salaries in dollars are struggling to pay bills amid a weak dollar. The appreciation of the shilling against the dollar is affecting Kenyans, leaving little or nothing for savings. Financial consultant Walter Tarus urged Kenyans hoarding dollars to sell them. Importers who ordered goods at a high dollar rate are counting losses. Manufacturers have been affected if raw materials were imported at a high rate. The employees who earn in dollars have seen a cut in their disposable income due to dollar depreciation. Tarus also mentioned that if employees had taken loans, they may need to seek repayment plan rescheduling with their banks.
#KenyanEconomy #KenyanShilling #UsDollar #ForeignExchange #Income #Employment #FinancialImpact
https://www.tuko.co.ke/business-economy/543578-strong-kenya-shilling-how-kenyans-businesses-earning-dollar-hit-2-months/

2024-04-03 10:54:17

List of Items Whose Prices Have Dropped as Kenya Shilling Gains Strength Against US Dollar
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The Kenya National Bureau of Statistics (KNBS) reported a drop in the consumer price index (CPI), lowering inflation to 5.7% in March 2024. The Kenya shilling gained strength against the US dollar during the same period, lowering import costs. Prices of petroleum products, electricity, and other items dropped significantly on the strong shilling. Market analyst Rufas Kamau stated that the strong shilling brings a lot of benefits to the country. The current value of the Kenya shilling is KSh 131.8 per dollar. Items that reported reduced prices in March 2024 include unga (maize flour), sugar, electricity, petrol, diesel, and kerosene. However, prices of commodities such as onion, mangoes, potatoes, oranges, tomatoes, and beef increased in March 2024 compared to February 2024.
#KenyaShilling #Inflation #ImportCosts #PetroleumProducts #Electricity #Prices #MarketAnalysis
https://www.tuko.co.ke/business-economy/543558-list-items-prices-dropped-kenya-shilling-gains-strength-dollar/

2024-04-01 09:12:49

Samidoh’s Wife Edday Throws Grand Party in US for Nimu’s 2nd Birthday
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Samidoh's wife Edday Nderitu held a grand birthday party in the US to celebrate their daughter Nimu turning two years old. The party was attended by family and friends, including Bernice Saroni. Edday expressed gratitude to everyone who celebrated with them. Social media users wished Nimu a happy birthday and praised Edday for the gesture. Edday shared photos from the party, which went viral online. Samidoh also sent a sweet birthday message to Nimu. The article includes comments from social media users who praised the family and expressed their well wishes.
#Samidoh #EddayNderitu #Nimu #BirthdayParty #Family #SocialMedia
https://www.tuko.co.ke/people/family/543297-samidohs-wife-edday-holds-lovely-party-celebrate-daughter-nimus-2nd-birthday-grateful/

2024-03-29 08:34:59

NCBA Boss Projects Kenya Shilling Will Return to Its True Value: "Somewhere In the Middle"
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The Kenya shilling emerged as a top-performing currency globally in March 2024, beating major currencies. The Central Bank of Kenya attributed this to increased foreign exchange reserves. However, NCBA CEO John Gachora believes the shilling will return to its true value, which is somewhere in the middle between the current rate and the historic low of KSh 160 per US dollar. Gachora stated that the current exchange rate is not in line with market trends and that the inflow of foreign currency through the infrastructure bond has been the main cause for the changing value of the shilling. He warned of an imminent increase in demand that will push the shilling back to its value. Market analysts noted that the continued inflow of foreign currency is the key factor propping up the shilling against the US dollar.
#KenyaShilling #ExchangeRate #Currency #ForeignExchangeReserves #MarketTrends
https://www.tuko.co.ke/business-economy/543095-ncba-boss-projects-kenya-shilling-return-true-somewhere-middle/

2024-03-27 15:33:21

Yellen to urge China to address overcapacity issues
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US Treasury Secretary Janet Yellen is expected to raise the risks of excess capacity in China's industries like electric vehicles during her next trip to China. Yellen plans to press Beijing to take necessary steps to address this issue and highlight the benefits of President Joe Biden's Inflation Reduction Act. She will also express concerns about China's excess industrial capacity in sectors like steel and aluminum, which have led to overinvestment and depressed prices. Yellen notes that overcapacity in 'new' industries like solar, EVs, and lithium-ion batteries could distort global prices and production. US companies have long complained about an unfair business environment in China.
#UsTreasurySecretary #JanetYellen #China #Overcapacity #ElectricVehicles #IndustrialCapacity #Steel #Aluminum #GlobalPrices #Production #BusinessEnvironment
https://www.tuko.co.ke/business-economy/542883-yellen-urge-china-address-overcapacity-issues/

2024-03-25 03:37:17

Dig deep: US bets on geothermal to become renewable powerhouse
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The US government and several businesses are investing in geothermal energy to make it a backbone of the green transition. Geothermal energy, which draws on naturally high temperatures underground, could overtake hydroelectric and solar power in the US by 2050. The US government has invested over $200 million since 2018 in an experimental site in Utah to develop Enhanced Geothermal Systems (EGS), which involves injecting water into naturally hot rocks. Geothermal drilling does not release hydrocarbons like fracking and provides a steady flow of energy regardless of weather or time of day. The US government estimates that the cost of geothermal energy will drop from $70-$100 per megawatt hour (MWh) to $45 by 2035. Several US and Canadian start-ups are vying for position in the geothermal market and have raised hundreds of millions of dollars from investors. Google, Microsoft, and steel-maker Nucor have announced plans to purchase geothermal energy.
#GeothermalEnergy #RenewableEnergy #GreenTransition #EnhancedGeothermalSystems #Egs #UsGovernment #Investments #Startups #Google #Microsoft #Nucor
https://www.tuko.co.ke/business-economy/542516-dig-deep-bets-geothermal-renewable-powerhouse/

2024-03-16 15:01:52

German train drivers union halts strikes to negotiate
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Germany's Deutsche Bahn railways and the GDL train drivers' union have returned to the negotiating table after a wave of strikes demanding better pay. The talks are "intensive and constructive" and taking place in "small committees and behind closed doors". Both sides are confident of being able to announce a result next week. The train drivers have walked out six times since November, including a 24-hour stoppage last Tuesday. GDL wants more money for its members as well as a 35-hour week for the same salary as the current 38-hour week. Deutsche Bahn has offered up to 13 percent more pay and the option of cutting the working week down to 37 hours starting in 2026.
#GermanTrainDrivers #Strikes #Negotiations #DeutscheBahn #Gdl #Pay #WorkingHours
https://www.tuko.co.ke/business-economy/541583-german-train-drivers-union-halts-strikes-negotiate/

2024-03-13 20:46:00

Yellen says US unlikely to see 'stagflation'
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US Treasury Secretary Janet Yellen stated in an interview that the United States is not expected to see stagflation, as most forecasters predict inflation will cool as housing costs decrease. Yellen highlighted that rental prices for new apartments have actually declined overall in many parts of the country. She expects housing costs to fall this year, easing inflation pressures. Yellen also expressed regret for previously stating that inflation was 'transitory' and acknowledged that it has taken longer than expected for price increases to cool. Consumer inflation fell from its peak in 2022 but unexpectedly accelerated in February to 3.2 percent. Yellen sees the recent increase in credit card spending as a normalization rather than a concerning trend. She also emphasized the dominance of the US dollar as the reserve currency due to the depth of US financial markets, the liquidity of US Treasuries, and the institutional and legal structure supporting its use. Yellen is currently in Kentucky to highlight President Joe Biden's efforts to boost economic growth through investments in sectors like clean vehicles, solar, and batteries.
#UsEconomy #Inflation #HousingCosts #JanetYellen
https://www.tuko.co.ke/business-economy/541284-yellen-stagflation/

2024-02-24 04:40:53

Defying war, 9/11 and Covid, NY bar keeps ale flowing at 170
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McSorley's Old Ale House in New York has been serving customers for 170 years. The bar's manager, Teresa Maher, attributes its longevity to 'keeping the ale flowing and the door open.' Despite the challenges of war, 9/11, and the Covid-19 pandemic, McSorley's has remained a popular establishment. During the pandemic, the bar adapted by building outdoor seating to serve customers alfresco. McSorley's has also been fortunate to own the building, which has protected it from rent hikes that have forced other bars and clubs to close. The bar's motto, 'Be Good or Be Gone,' has been a guiding principle for its success. McSorley's is known for its simple offerings of light or dark ale, served in half-pint glass mugs. The bar has a loyal customer base of regulars, as well as attracting curious tourists and passersby. It has strong ties to the fire service, police, and military, with memorabilia displayed on the walls. McSorley's also commemorates the September 11, 2001 terror attacks. The bar's logbooks contain entries from notable visitors, including Muhammad Ali and Jackie Gleason. The future of McSorley's is in good hands, as Maher's son, Sebastian, is learning the ropes and hopes to run the bar one day.
#Mcsorley'sOldAleHouse #NewYork #Bar #Longevity #Pandemic #OutdoorSeating #RentHikes #Regulars #FireService #Police #Military #September11Attacks #Memorabilia #Logbooks
https://www.tuko.co.ke/business-economy/539202-defying-war-911-covid-ny-bar-ale-flowing-170/

2024-02-13 12:35:50

Kenya Shilling Regains Strength: Development Loans, Other CBK Measures Propping Up Local Currency
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The Kenyan shilling has reported a significant gain, exchanging at KSh 156.5 per US dollar on February 13. The Central Bank of Kenya (CBK) raised the interest rate to 13% in its monetary policy to strengthen the shilling. Market analysts attribute the shilling's strength to the continued inflow of foreign currency. CBK is using money from development partners to prop up the shilling, and it expects over KSh 733 billion of foreign inflows. In January 2024, Kenya received $684.7 million from the International Monetary Fund (IMF) and $385 million from the Trade and Development Bank. The country is also expecting $88 million from the African Development Bank and $1.5 billion from the World Bank. President William Ruto's administration is securing an additional $2 billion and $500 million Samurai bond, which could further strengthen the shilling. CBK measures, such as increasing base loan interests to 13%, have also contributed to the shilling's appreciation. CBK governor Kamau Thugge met with bank officials to persuade them against setting aggressive dollar bids. The shilling's value against the US dollar slowed down in December 2023 and crossed the 160 mark in January 2024. Inflation surged to 6.9% in January, and the shilling lost 27.36% against the dollar compared to the same period in 2023.
#KenyanShilling #CentralBankOfKenya #DevelopmentLoans #ForeignCurrency
https://www.tuko.co.ke/business-economy/537822-kenya-shilling-regains-strength-development-loans-cbk-measures-propping-local-currency/

2024-02-12 11:53:23

Court orders Netherlands to stop F-35 parts delivery to Israel
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A Dutch court has ordered the Netherlands to stop delivering parts for F-35 fighter jets used by Israel in the Gaza Strip. The court upheld an appeal by human rights organizations, which argued that supplying the parts contributed to alleged violations of international law by Israel in its war with Hamas. The ruling orders the Netherlands to cease all actual export and transit of F-35 parts with final destination Israel within seven days. The US-owned F-35 parts are stored in the Netherlands and then shipped to several partners, including Israel, via existing export agreements. The rights groups argue that the Netherlands is contributing to serious violations of humanitarian law of war in Gaza. In December, the district court in The Hague had said that supplying the parts was primarily a political decision that judges should not interfere with. The Dutch authorities had also argued that if they did not supply the parts, Israel could easily procure them elsewhere.
#Netherlands #Israel #F-35 #GazaStrip #HumanRights #InternationalLaw #Hamas
https://www.tuko.co.ke/business-economy/537697-court-orders-netherlands-stop-f-35-parts-delivery-israel/

2024-02-11 15:06:17

"Share profits 40-60%": Insights on making good money through online work
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Kenyan youths are seeking advice and insights on successful online work opportunities. Many lack the necessary skills and knowledge for success. Online job seekers are turning to forums for information, where contributors share low-skill to high-skill opportunities available. Some suggested avenues include Remotask and dropshipping. Kenyan online workers received advice on jobs with low skill requirements, such as getting paid to comment on social media channels. They were also advised on jobs with advanced skill requirements, which have a steeper learning curve but are more lucrative in the long term. Examples include Remotask and dropshipping. Kenyans are encouraged to learn skills first before thinking of making money online. The government is advocating for youths to join the digital economy and plans to build ICT hubs in every ward to serve 200 to 300 youths.
#OnlineWork #Skills #KenyanYouths #IctHubs #Remotask #Dropshipping
https://www.tuko.co.ke/business-economy/industry/537583-kenyans-share-ideas-skills-successful-online-work-tuko-hapa-kuwachanua-free/

2024-02-08 09:38:30

Grace to Grass: How Kenyan Man Went From Earning KSh 20m to Relocating to Village
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Brian Mwau, a former student at Jomo Kenyatta University of Agriculture and Technology (JKUAT), made KSh 20 million from a land deal at the age of 19. However, he squandered the money and went broke within nine months. He lived an opulent lifestyle, buying a Landcruiser V8, hiring drivers and bodyguards, and treating friends to nights out at clubs on credit. After running out of cash, he sold his cars and had to board a matatu to go home. He found solace in the Bible and joined Winners Chapel. He later secured a job at Centum and climbed the ladder to become the business development coordinator at Two Rivers International Finance and Innovative Centre. Another Kenyan millionaire, Richard Kioko Kiundi, also experienced a downfall and now sells books on the streets to make a living.
#Kenya #Wealth #Downfall #LandDeal #Lifestyle
https://www.tuko.co.ke/business-economy/537216-how-kenyan-man-grace-grass-earning-ksh-20m-sleeping-coach/

2024-02-08 09:37:45

Gucci owner Kering says profit fell 17% in 2023
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French luxury giant Kering reported a 17% drop in net profit to 2.98 billion euros ($3.2 billion) in 2023. Sales retreated four percent to 19.57 billion euros. Gucci, a brand owned by Kering, saw sales drop six percent to 9.9 billion euros, accounting for half of Kering's revenue. Kering CEO Francois-Henri Pinault described 2023 as a 'trying year' for the group. Kering is focused on revitalizing Gucci and enhancing the visibility and exclusivity of its other houses, including Yves Saint Laurent, Balenciaga, and Bottega Veneta. Kering warned that its investment strategy will weigh on the group's full-year operating income.
#Gucci #Kering #Luxury #NetProfit #Sales #Revenue #Francois-henriPinault #YvesSaintLaurent #Balenciaga #BottegaVeneta #InvestmentStrategy
https://www.tuko.co.ke/business-economy/537236-gucci-owner-kering-profit-fell-17-2023/

2024-02-08 09:34:04

KSh 1.17 billion: Kenya signs grants with South Korea, US, to benefit one county
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Kenya has signed grant agreements with the United States and South Korea totaling KSh 1.17 billion. The grants aim to support public sector procurement and enhance maternal health services in the country. The United States ambassador to Kenya, Meg Whitman, and CS for Treasury, Njuguna Ndung’u, signed a grant agreement of about KSh 198 million for public procurement. Korean Ambassador to Kenya Sung-jun Yeo and CS Treasury, Njuguna Ndung’u, signed a KSh 980.5 million grant aid agreement for maternal health. The grants will fund the construction of maternal shelters, community programs, provide medical equipment, and capacity building for health workers. In related news, the International Monetary Fund (IMF) has approved a loan of $941 million (about KSh 150 billion) for Kenya under the Extended Fund Facility (EFF) and Extended Credit Facility (ECF) programs. The IMF will disburse $624.5 million (KSh 100.9 billion) immediately to relieve the country from its current financial struggles.
#Kenya #Grants #UnitedStates #SouthKorea #PublicSectorProcurement #MaternalHealth #Loan #InternationalMonetaryFund
https://www.tuko.co.ke/business-economy/money/537230-kenya-signs-ksh-117-billion-grant-agreements-usaid-south-korea/

2024-02-08 04:44:46

Most Asian markets track Wall St record, Shanghai extends rally
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Most Asian stocks rose Thursday following another record on Wall Street. Traders are now focusing on readings showing that US growth remained on track and jobs were still being created, all as inflation came down. New York traders were in a good mood, helped by healthy results from Disney, auto giant Ford, and Chipotle Mexican Grill. Asian markets were largely positive, with Shanghai sharply higher. China's securities regulator chairman, Yi Huiman, has been replaced by banking veteran Wu Qing. Data showing China's consumer prices fell for a fourth straight month in January highlighted the hard work leaders face in turning the ship around. Tokyo, Sydney, Seoul, and Manila saw gains, while Singapore and Wellington dropped. Hong Kong was dragged lower by a more than six percent dive in market heavyweight. Key figures around 0230 GMT: Tokyo - Nikkei 225: UP 1.7 percent at 36,738.42, Hong Kong - Hang Seng Index: DOWN 0.6 percent at 15,980.32, Shanghai - Composite: UP 0.7 percent at 2,850.59.
#AsianMarkets #WallStreet #Shanghai #StockMarket #UsEconomy #FederalReserve #InterestRateCut #ChineseConsumerPrices #Earnings #Inflation #Disney #Ford #ChipotleMexicanGrill #SecuritiesRegulator #YiHuiman #WuQing #ConsumerPrices #Tokyo #Sydney #Seoul #Manila #Singapore #Wellington #HongKong #Nikkei225 #HangSengIndex #Composite
https://www.tuko.co.ke/business-economy/537197-most-asian-markets-track-wall-st-record-shanghai-extends-rally/

2024-02-07 04:01:00

Santos, Woodside abandon mega-merger talks
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Australian energy firms Santos and Woodside Energy have abandoned talks to create an oil and gas firm worth more than US$50 billion. The companies had held exploratory talks to create one of the world's largest natural gas exporters. Woodside CEO Meg O'Neill indicated that talks had now "ceased". Both companies face mounting hurdles for new projects as regulators factor in environmental impacts and investors grow cautious about fossil fuels. Santos shares were down more than eight percent on the news, while Woodside's rose slightly.
#Santos #WoodsideEnergy #MergerTalks #OilAndGasFirm #NaturalGasExporters #RenewableEnergy #EnvironmentalImpacts #FossilFuels
https://www.tuko.co.ke/business-economy/537032-santos-woodside-abandon-mega-merger-talks/

2024-02-06 20:59:53

EU agrees first law combatting violence against women
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EU member countries and lawmakers have reached an agreement on the bloc's first rules to tackle violence against women. The law seeks to protect women in the 27-nation European Union from gender-based violence, forced marriages, female genital mutilation, and online harassment. The major legislation was proposed by the European Commission on March 8, 2022, to mark International Women's Day. The law criminalizes cyberstalking, cyberharassment, and cyber incitement to hatred or violence. However, it does not include a common definition of rape, which was a point of controversy in negotiations. The European Parliament and at least a dozen EU countries wanted to include a definition of rape, but a dozen other countries opposed it, arguing that the EU had no competence in the matter. The parliament and the commission disputed this position, insisting that rape could fall within the framework of 'sexual exploitation of women'. The law will be reviewed every five years by the commission to determine if updates are needed.
#Eu #ViolenceAgainstWomen #Gender-basedViolence #ForcedMarriages #FemaleGenitalMutilation #OnlineHarassment #Rape #Cyberstalking #Cyberharassment #CyberIncitement #SexualExploitationOfWomen
https://www.tuko.co.ke/business-economy/technology/537019-eu-agrees-law-combatting-violence-women/

2024-02-03 20:07:57

Tractors converge on Rome as farmers protest across Europe
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A convoy of tractors descended on Rome as farmer protests caused disruptions across Europe. The movement erupted in France last month and has spread to Germany, Belgium, Poland, Romania, Greece, and the Netherlands. Around 150 tractors massed in Orte, around one hour north of Rome, as protesters demanded better pay and conditions. In Greece, around 2,000 farmers protested in Thessaloniki to demand aid increases. In Germany, hundreds of farmers on tractors disrupted access to Frankfurt airport. Farmer discontent has also affected non-EU Switzerland, where around 30 tractors paraded in Geneva. In France, forces cleared the remaining blockades of motorways after the main agricultural union called for them to be lifted. Romanian farmers and hauliers also announced the end of their road-blocking mobilization following an agreement with the government. The European Commission promised measures to defend the "legitimate interests" of EU farmers.
#Farmers #Protests #Europe #Rome #France #Germany #Belgium #Poland #Romania #Greece #Netherlands #Switzerland #EuropeanCommission
https://www.tuko.co.ke/business-economy/536726-tractors-converge-rome-farmers-protest-europe/

2024-02-03 07:38:24

Wilfred Chege: How 24-Year-Old Developed App that Earns Him Over KSh 200k Monthly
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Wilfred Chege, a 24-year-old entrepreneur, is the founder and CEO of Shulemall Limited, an app that allows learners to access learning materials directly from producers. Chege developed the app while in high school and monetized it after completing his KCSE examination. The app generates between KSh 2 million and KSh 3 million monthly, with Chege earning over KSh 200,000. Shulemall has over 11,000 downloads and a user base of over 3,500. Chege has also co-founded Zendawa, an online pharmacy. He defied his grandfather's advice to study a 'lucrative' course and pursued his tech business instead.
#WilfredChege #ShulemallLimited #AppDevelopment #E-commerce #Entrepreneurship #Kenya
https://www.tuko.co.ke/business-economy/technology/536674-winfred-chege-how-24-year-developed-app-earns-ksh-200k-monthly/

2024-02-02 20:49:25

Lower profits at US oil giants still mighty enough for big investor payouts
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ExxonMobil and Chevron reported lower but still strong profits in the fourth quarter of 2023. ExxonMobil's fourth-quarter profits were $7.6 billion, down 40% from the previous year, while Chevron's profits were $2.3 billion, down 65%. However, both companies had mammoth full-year earnings, with ExxonMobil earning $36 billion and Chevron earning $21.4 billion. The lower profits were attributed to lower commodity prices, especially for natural gas. Despite the dip in profits, both companies are still able to provide significant increases in dividends and share buybacks. ExxonMobil returned $32.4 billion to shareholders in 2023, while Chevron saw an 18% jump in payouts to $26 billion. ExxonMobil expects its $60 billion takeover of shale producer Pioneer Natural Resources to close in the second quarter. Chevron's $53 billion acquisition of Hess is also on track. Both companies have seen growth in the Permian Basin and faced regulatory challenges in California. ExxonMobil shares have recovered after a difficult period a few years ago, while Chevron's shares rose 2.5% after the earnings report.
#UsOilGiants #Profits #InvestorPayouts #Exxonmobil #Chevron
https://www.tuko.co.ke/business-economy/536651-lower-profits-oil-giants-mighty-big-investor-payouts/

2024-02-02 10:44:40

China economic slowdown to persist through 2028: IMF
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China's economic slowdown is expected to continue due to sagging productivity and an aging population, according to the International Monetary Fund (IMF). The IMF forecasts that China's growth will decline further to 3.5 percent by 2028, citing weak productivity and population aging as headwinds. The country's real estate market, once a key growth pillar, is facing a debt crisis that could threaten China's financial system. The IMF report warns that a continued slowdown in the property market could further weigh on private demand and worsen confidence. China's economy grew by 5.2 percent in 2023, beating a modest target of around five percent. Chinese officials are expected to release their growth target for 2024 in March.
#China #EconomicSlowdown #Imf #Productivity #AgingPopulation #DebtCrisis #RealEstateMarket
https://www.tuko.co.ke/business-economy/536581-china-economic-slowdown-persist-2028-imf/

2024-01-31 11:24:15

China quietly expanding influence in Taliban-ruled Afghanistan
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China is steadily increasing investment and exposure in Taliban-ruled Afghanistan, despite most countries treating the Taliban government as a pariah. China has appointed a new ambassador to Kabul and the Taliban government's envoy to Beijing presented his credentials to Chinese President Xi Jinping. China's approach allows it to maintain relations without breaking ranks with the rest of the world. China is interested in Afghanistan's untapped mineral resources and sees it as a market for Chinese goods. China is also investing in infrastructure projects, such as a road connecting Badakhshan to the Chinese border. The security of China's investments in Afghanistan is crucial, and Beijing is urging the Taliban to improve security. China is also delivering humanitarian aid and there is a "Chinatown" in Kabul where cheap Chinese products are sold. Afghanistan could be integrated into the China-Pakistan Economic Corridor, which is part of China's Belt and Road Initiative.
#China #Afghanistan #Taliban #Diplomacy #Investment #MineralResources #Trade #Infrastructure #Security #BeltAndRoadInitiative
https://www.tuko.co.ke/business-economy/536317-china-quietly-expanding-influence-taliban-ruled-afghanistan/