Montepuez, Mozambique, Sept 17 - Nearly a decade after rubies were first found in northern Mozambique, the discovery has proven a poisoned chalice, says traditional local ruler Cristina Joaquim. Instead of riches and reward, what could have been a
Fertilizer shortage bites due to new inspection rules at Mombasa port
Naivasha, Kenya, Sept 17 - Flower grower and exporter Oserian Development Company has sounded the alarm over massive fertilizer shortage in the country, occasioned by delays at the port of Mombasa as a result of new and stringent measures on local
Salesforce boss Marc Benioff, wife buy Time magazine
San Francisco, United States, Sep 17 - Salesforce.com chief Marc Benioff and his wife Lynne will buy storied US news magazine Time for $190 million, a company statement said Sunday. "The Benioffs are purchasing TIME personally and the transaction is
Ngao Credit to allow customers to guarantee loans with NSE shares
NAIROBI, Kenya, Sept 16 - Nairobi based microfinance Ngao Credit has launched a new loan service that will see borrowers guarantee their loans against their Nairobi Securities Exchange registered shares. Chief Operations Manager Emmanuel Murai says the
Economists should have predicted Lehman collapse: OECD chief
Paris, France, Sep 14 - The head of the OECD said Friday that he regretted the rich nations club's failure to predict the crisis triggered by the collapse of Lehman Brothers a decade ago, saying economic forecasts needed to better reflect reality. "At
Kenyatta announces budget cuts to bridge deficit
NAIROBI, Kenya, Sep 14 - President Uhuru Kenyatta has announced wide-ranging austerity measures and budget cuts in a bid to reduce the widening deficit between revenue and expenditure. Kenyatta says the proposed cuts will affect hospitality, foreign
Mobile money overtakes cash in Somalia
NAIROBI, Kenya, Sept 14 - Approximately 155 million mobile money transactions worth US$2.7 billion are conducted in Somalia every month, making it one of the most active mobile money markets in the world. According to a World Bank finding, mobile money
Kenya improves its institutional ranking: WB report
NAIROBI, Kenya, Sept 14 - Kenya is among the African countries with improved quality of policies and institutions. According to the latest review by the World Bank, Kenya’s Country Policy and Institutional Assessment (CPIA) score was 3.7 in 2017 from
Amazon’s Jeff Bezos unveils $2 bn philanthropic fund
Washington, United States, Sept 14 - Amazon founder Jeff Bezos, the richest person on the planet, announced Thursday he was creating a philanthropic fund to help homeless families and launch preschools in low-income communities, committing an initial
SpaceX announces new plan to send tourist around Moon
Los Angeles, United States, Sep 14 - SpaceX on Thursday announced a new plan to launch a tourist around the Moon using its Big Falcon Rocket (BFR), a massive launch vehicle that is being designed to carry people into deep space. "SpaceX has signed
