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
Category Archives: BUSINESS-FINANCE
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
Mar
A China-built airport in Nepal ’s second-largest town is set for its first scheduled international flight, two years after its inauguration raised hopes of attracting more carriers to fly directly to Pokhara. Himalaya Airlines will launch a weekly flight from Pokhara International Airport to Lhasa on March 31, marking a significant milestone for the airport. In a statement on Monday, the airline said the flight would improve connectivity between the countries and attract more Chinese tourists to Nepal. Tourism entrepreneurs in Pokhara, desperate for a commercial international flight from the new airport, welcomed the announcement and called it “long overdue”, but raised concerns about the route’s sustainability. “We’re excited but cautiously optimistic,” said Chet Bahadur Karki, general secretary of the Nepal Association of Tour and Travel Agents of Gandaki province.
Mar
CK Hutchison Holdings’ decision to sell its port operations in the Panama Canal and elsewhere was aimed at mitigating geopolitical risks even though the conglomerate framed the deal as a purely commercial move, analysts and sources have said, as they urged Hong Kong’s other major companies to also prepare for unparalleled uncertainties. The company founded by Hong Kong tycoon Li Ka-shing caught markets off guard when it announced late on Tuesday it was selling 80 per cent of Hutchison Port Group, a subsidiary that owns 43 container ports in 23 countries, including a 90 per cent stake in the Balboa and Cristobal docks at either end of the Panama Canal. Hutchison will retain control of its docks in China, including in Hong Kong. In a congressional address, US President Donald
Mar
Volkswagen had a tough go of things last year. The company’s sales fell by 10 percent in China, arguably its most important. Its other stronghold, Europe, was flat, with a shrinking overall car market that led to VW Group sales falling by 0.1%. This strained the company’s finances, eventually forcing the company to shed 35,000 jobs over the forthcoming years. The bright spot in all of this was the company’s performance in the Americas. South American sales grew 15%, while North American sales grew 6%, underlined by incredible 15.2% growth for the VW brand in the U.S. After decades of trying to crack the U.S., amid brutal competition elsewhere, things were looking up for Volkswagen. Now, tariffs may blow all of that away. The VW plant in Puebla, Mexico. Photo by: Volkswagen
Mar
Malaysia is set to invest US$250 million over 10 years to acquire intellectual property from UK semiconductor design firm Arm Holdings, whose technology powers nearly all of the world’s smartphones, as the country aims to go beyond chip assembly and up the value chain. The global semiconductor sector, which is projected to be worth US$1 trillion by 2030, is being shaped by the tech rivalry between the US and China, as the two powers seek dominance in advanced chips at the core of everything from smartphones to supercomputers. Malaysian Prime Minister Anwar Ibrahim is set to sign the deal with Arm CEO Rene Haas on Wednesday, in a break from the company’s past practices, which usually partners with global tech giants. Malaysia would invest directly in Arm’s IP to make
Peter Hoskins Business reporter, BBC News US Commerce Secretary Howard Lutnick has said President Donald Trump will “probably” announce a deal to reduce tariffs on Canada and Mexico on Wednesday. “Both the Canadians and Mexicans were on the phone with me all day today trying to show that they’ll do better” on reducing the flow of fentanyl into the US, Lutnick said in an interview with Fox Business Network. But Canada’s Minister of Foreign Affairs Mélanie Joly told the BBC’s Newsnight that her office had not been contacted about the plan. Canada and Mexico announced retaliatory import levies on the US after Washington’s 25% tariffs on its two neighbours came into effect on Tuesday. Lutnick made clear that he expected the US tariffs to be lowered rather than paused. “I
Under its three-year plan, iMara 3.0, I&M Bank hopes to increase its nationwide presence to 100 outlets by the end of the next year The bank noted that the current expansion drive, which will increase the number of branches to 61, focuses on important economic areas nationwide The lender has been growing its retail appeal by permanently removing fees on transactions from the bank to mobile money wallets like M-Pesa and Airtel Money TUKO.co.ke journalist Japhet Ruto has over eight years of experience in financial, business, and technology reporting and offers profound insights into Kenyan and global economic trends. I&M Bank Kenya intends to open nine additional branches this quarter as part of its efforts to expand its retail banking operations. I&M Bank CEO Gul Khan during the opening of