Category: East Africa

The Employment and Labour Relations Court has given the doctors’ union officials another reprieve after suspending their jail sentence for a further seven days to allow for talks. Justice Hellen Wasilwa delivered the judgement Monday morning following intervention from the Kenya National Commission on Human Rights (KNCHR) and the Central Organisation of Trade Unions (COTU),…

US President Donald Trump’s protectionist economic policies pose the biggest risk to Kenya’s economy in the coming year, Central Bank of Kenya governor Patrick Njoroge has said. Dr. Njoroge said the Kenyan economy was facing more serious threats externally than locally, adding that the country would struggle to cover the export hole should the Trump…

Central Bank of Kenya (CBK) has directed lenders to provide comprehensive reports of their revised business models by April as it sets in motion a risk-based approach to banking regulation. The CBK had issued a circular back in November informing lenders that they would be required to hold capital consistent with their risk profiles and…

Retail chain Uchumi sank Sh2 billion deeper into the negative equity position, according to the belated 2016 financial results that were released late Monday, even as its auditors warned that the insolvency could be worse because the values of some assets are doubtful. The erosion of Uchumi’s balance sheet and core retail business means the…

Bethlehem Alemu’s shoes have been sold worldwide by Amazon(AMZN, Tech30), Urban Outfitters (URBN) and Whole Foods (WFM). When she started her business the Ethiopian accountant had much more modest ambitions. “I wanted to do something that would give me job opportunities myself and the people around me,” Alemu said. “I immediately thought ‘I have to…

Higher maize prices have hit cattle and chicken farmers with manufacturers forced to raise the cost of animal feeds due to a sharp decline in the supply of the raw material. Unga Group CEO Nick Hutchinson said prices of the feeds were revised two weeks ago to match the rising cost of maize. On average,…

Online taxi hailing firm Uber has pledged to compensate drivers who suffered losses in the wake of a three-day application malfunction that lasted up to Monday. Uber said a technical glitch that has since been rectified caused the malfunction, which made it impossible for drivers using the firm’s technology to go online. The hitch left…