Elon Musk has hit out at President Donald Trump’s signature tax and spending bill, describing it as a “disgusting abomination”, in a widening rift between the two allies. The budget – which includes multi-trillion dollar tax breaks and more defence spending while also allowing the US government to borrow more money – was passed by the House of Representatives last month. “Shame on those who voted for it,” Musk said in a post on X about the legislative linchpin of Trump’s second-term agenda. The tech billionaire left the administration abruptly last week after 129 days working to cut costs with his team, known as Doge. The comments mark his first public disagreement with Trump since leaving government, after having previously called the plan “disappointing”. The South African-born tech billionaire’s time
Category Archives: BUSINESS-FINANCE
May
Fashion tech startup Doji has secured $14 million in seed funding to enhance its AI-powered virtual try-on platform, which uses lifelike digital avatars. Thrive Capital led the funding round with participation from Seven Seven Six Ventures and several angel investors. The new funding will help Doji scale its AI-powered avatar app that lets users virtually try on clothes in a fun, social, and personalized way. An AI-powered Fashion Tech Platform Co-founded in 2024 by Dorian Dargan and Jim Winkens, Doji enables users to generate realistic, full-body avatars from selfies and body photos. Their AI-generated avatars allow users to visualize how different outfits would look on their likeness, whether browsing directly within the app or pasting in links from outside fashion retailers. Related Post: Aesthetic: Harvard Grad Spearheads AI Fashion Brand
May
US President Donald Trump has said he is “recommending” a 50% tariff on all goods from the European Union being imported to the United States. “Our discussions with them are going nowhere!”, he said in a post on social media on Friday. He said the new tariffs kick in on 1 June. The announcement marks an escalation of Trump’s trade war with the EU. He initially proposed a 20% tariff on most EU goods, but halved it to 10% until 8 July to allow time for talks. The president also threatened to impose a 25% import tax on iPhones not manufactured in America. “I have long ago informed Tim Cook of Apple that I expect their iPhone’s that will be sold in the United States of America will be manufactured
May
This follows the R47 billion guarantee Transnet received in 2023. The government has approved a R51 billion guarantee facility for embattled Transnet. This guarantee facility is effective immediately in support of Transnet’s capital investment programme and to enable it to meet its debt obligations. This follows a R47 billion guarantee the state-owned enterprise (SOE) received in 2023, which aimed to support the entity in meeting its debt obligations. However, less than two years later, Moody’s Ratings Agency said Transnet might run out of money in less than three months. For how long will the R51 billion last before the entity runs out of money? ALSO READ: Transnet could run out of funds within three months — will the government step in to rescue? The reason to support Transnet In
May
A cross-country comparison of development and corruption shows a clear relationship: Countries that score higher on the Corruption Perceptions Index (indicating they are seen as less corrupt) also tend to perform better on the Human Development Index. The Human Development Index measures several components related to standard of living, education levels, and overall well-being. The Corruption Perceptions Index is an average score derived from surveys of experts on public sector corruption, including bribery and misuse of office. African nations generally perform poorly on both indices, while European nations tend to score favourably on both. Out of 175 countries assessed (where data is available for both indicators), Namibia ranks 121st on the Human Development Index, with a score of 0.665. The lowest-ranked country is South Sudan, with a score of 0.388
Apr
Key global stock markets tumbled upon opening on Monday as the world’s reaction to President Donald Trump’s tariffs campaign continued — and as U.S. futures signaled more turmoil for American markets. In the U.S., Dow Jones futures were down about 1,200 points or 3.33% on Monday morning. S&P 500 and NASDAQ futures were down about 3.5%. A drop of 7% on the S&P 500 before 3:35pm ET will trigger a market-wide circuit breaker that will halt trading for 15 minutes. A currency trader reacts at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, on April 7, 2025. Ahn Young-joon/AP Hong Kong leads Asian slide Tokyo’s Nikkei 225 index lost nearly 9% shortly after the market opened on Monday, the steep decline triggering a
Mar
As the world turns its attention to Kenya this weekend for the iconic Safari Rally, we are reminded once again of the enduring spirit of one of East Africa’s most treasured sporting traditions. More than just a high-octane motorsport event, the rally serves as a powerful platform for fostering regional integration, boosting tourism, and strengthening economic ties among East African nations. Dating back to 1953, the Safari Rally began as the East African Coronation Safari, commemorating the coronation of Queen Elizabeth II. While it has since evolved into a premier global event, its roots reflect the camaraderie and shared heritage that once defined the East African region. Today, this legacy endures, bringing together thousands of fans, businesses, and policymakers in a celebration of sportsmanship, adventure, and unity. This year, Kenya
Mar
The United States is home to some of the largest and most influential brands, yet Black-owned U.S. businesses with at least one employee represent a fraction of these companies. They face significant obstacles, from access to capital to other institutional barriers. Challenges include everything from accessing venture capital to discriminatory lending practices. Still, in recent years, Black businesses have grown, with regions like Washington D.C., Maryland, and Georgia leading the way. And, of course, some Black-owned brands have consistently exceeded expectations, crossing the billion-dollar mark in assets, revenues, and valuations. Today, we highlight these Black U.S.-based billion-dollar businesses and their inspirational journeys to the top. These businesses from different industries dominate their respective fields and achieve immense success for their owners. Global Infrastructure Partners Global Infrastructure Partners (GIP) is an
![The Bungoma county Aggregated Industrial Park at 30 % complete. Pic 2:Industry PS Jumah Mukhwana and Bungoma governor Kenneth Lusaka during a site inspection at the Sang'alo CAIP. [Juliet Omelo/ Standard]](https://i0.wp.com/cdn.standardmedia.co.ke/images/wysiwyg/images/rtliEeMCYKBVLplPjDmTeTDcJ3s8rlL14qXm6X55.jpg?w=1000&resize=1000,500)
Mar
The Bungoma county Aggregated Industrial Park at 30 % complete. Pic 2:Industry PS Jumah Mukhwana and Bungoma governor Kenneth Lusaka during a site inspection at the Sang’alo CAIP. [Juliet Omelo/ Standard] The Bungoma County Aggregated Industrial Park (CAIP) is on track for completion by June of this year, Trade and Industrialization Principal Secretary Juma Mukhwana has said. The site was launched in August 2023. During an inspection visit to the park in Sang’alo, PS Mukhwana expressed satisfaction with the project’s progress despite early challenges. “The park is at thirty percent complete, and if the same pace is maintained, we expect it to be completed and running by end of June,” said PS Mukhwana. He noted that the contractor encountered difficulties with the site’s topography, particularly in removing large boulders, which slowed construction during the initial phase. . Keep Reading Mukhwana urges push for lab accreditation to enhance local exports Why KDF will still be back on the streets in case of
Mar
Prime Wednesday, March 19, 2025 Tanzania’s energy landscape is a labyrinth of contradictions. On one side, the government champions an “energy transition” fuelled by imported LPG gas—a costly scheme redirecting rural women’s meagre earnings to Middle Eastern gas giants. On the other, hydropower remains the darling of politicians despite decades of drought-induced blackouts. Only God knows why we keep overlooking coal, a homegrown resource as black as African soil. The LPG delusion The government’s fixation with imported LPG gas is a case study in political delusion. Consider a rural mother in Tabora: she gathers free firewood but is now told to buy LPG at Sh3,600 per kilogramme—a price more than double that of Tanzania’s own LNG. This doesn’t sit well with me: I think there is something very wrong with
Mar
Kenyan Leta has raised $5 million to help businesses move goods cheaper and faster across Africa. European VC firm Speedinvest led the seed funding round, which was supported by Google’s Africa Investment Fund and Equator, an Africa-focused climate tech fund. The new funding will be used to scale its solution and to double revenue in the coming months as it expands into more countries across Africa. How Leta’s Platform Work African businesses spend up to four times the global average to transport goods, driving up prices for essentials like food and medicine. The African Development Bank (AfDB) reports that logistics costs account for a staggering 75% of total product costs in Africa. Most of these businesses also have to rely on manual logistics, leading to delays. Through its AI-powered platform
Mar
Black billionaire Ulysses Lee “Junior” Bridgeman, a former NBA legend-turned-business mogul, has passed away at the age of 71. His death came after he experienced chest pains during a Leadership Luncheon on Scouting in Louisville, Kentucky. Bridgeman was seen grabbing his chest and expressing pain during the luncheon on Louiseville television stations. Emergency medical personnel were then called, and he was taken away by an ambulance. Related Post: Former NBA Star Junior Bridgeman Attains Billionaire Status NBA commissioner Adam Silver sent his condolences via social media platform X, saying that “Junior was the ultimate entrepreneur who built on his impactful 12-year NBA playing career by becoming a highly respected and successful business leader.” He also sent heartfelt condolences to Junior’s wife, Doris, and their children, Eden, Justin and Ryan. NBA Commissioner
Mar
By Joshua Worlasi AMLANU The mining industry has raised serious concerns over the government’s decision to triple the Growth and Sustainability Levy from one percent to three percent on gross production, warning that the move could significantly erode investor confidence and undermine the sector’s long-term stability. The increase, announced as part of Finance Minister Dr. Cassiel Ato Baah Forson’s 2025 Budget Statement delivered to Parliament on Tuesday, will extend the levy until 2028, shocking industry leaders who claim they received minimal advance notice and no meaningful consultation. Sulemana Koney, Chief Executive Officer (CEO) of the Ghana Chamber of Mines, criticised the government’s approach, saying the industry was blindsided by the policy shift. “What concerns me most is the lack of consultation. I am aware of companies actively seeking investors to
Mar
UrbanGeekz founder and CEO Kunbi Tinuoye graced the stage at the inaugural Africa Gate to Growth Forum at the top-ranked university, UC Berkeley Haas School of Business. Tinuoye, a sought-after public speaker and leading voice in the global startup ecosystem, shared her perspective on a dynamic panel discussion on fundraising in Africa. She was joined by Salim Ben Hassim Soumbounou, a multinational business executive, among others. The ‘Unlocking Funding Opportunities for African Tech Companies’ panel offered invaluable insights into the challenges and opportunities faced by African startups. It examined a range of funding sources, including venture capital, crowdfunding, strategic partnerships, and debt financing. A key takeaway is the substantial impact of the African diaspora [whose remittances exceed $100 billion annually] as an untapped financial resource for developing startups on the continent. “We
Mar
With the US retreating from climate finance and fossil fuels getting cheaper, Asia faces a choice: chase short-term gains or find new partners to keep its clean-energy future on track. Washington’s withdrawal last week from the Just Energy Transition Partnership (JETP), a global initiative to help developing nations shift from coal to renewables, has cast a long shadow over energy-hungry Asia, which faces intensifying climate threats and a fast-evolving geopolitical landscape. The price of Brent crude oil recently plunged to a five-month low before inching up as the world’s most influential oil cartel, Opec, increased output from April in response to pressure from US President Donald Trump to bring down prices. A possible early resolution to the Ukraine-Russia war could open the tap to cheap oil from Russia that had