Business highlights – November 14, 2017

Business highlights – November 14, 2017

Kenyan startups compete with rival innovators at World Bank’s Digital Acceleration Program

Twenty of the most promising African digital start-ups are taking part in the XL Africa residency, the flagship initiative of the business accelerator launched last April by the World Bank Group’s infoDev program. From Nov. 6-17 in Cape Town, the entrepreneurs will have the opportunity to learn from their mentors and peers, increase their regional visibility, and get access to potential corporate partners and investors.

KLM shareholding at Kenya Airways diluted to less than 8% in new deal

KLM shareholding at Kenya Airways has been diluted further down to 7.8% from 26.7% following the capital optimization plan. The plan has seen the government increase its stake to 48% through conversion of its loans to KQ amounting to Ksh24 billion and sovereign contingent guarantees worth Ksh77 billion to 19% resulting in the increase of the government shareholding from the current 29% of the ordinary shares.

African Development Bank approves second Climate Change Action Plan for 2016-2020

The Boards of Directors of the African Development Bank Group (AfDB) has approved the Africa Thriving and Resilient: The Bank Group’s Second Climate Change Action Plan, 2016-2020 (CCAP2). The lender stated that approval of the document is propitious as it echoes the on-going discussions at COP23 in Bonn, Germany to strengthen the global response to the threat of climate change and achieve the Paris Agreement’s goal of keeping global temperature rises to 1.5C. The African continent is a minor contributor to global warming but is highly vulnerable to the adverse impacts of climate change that threatens its economic development. However, the continent also has enormous opportunities to build resilience to climate change as well as transition towards low-carbon development.

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Business highlights – October 31 2017

Flour shortage looms as supplies dwindle Three ships carrying the last batch of 1.1 million bags of subsidised maize docked at Mombasa port last week and flour is expected to

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Cavaliers in historic NBA win

Cleveland Cavaliers have made history by winning the NBA Finals for the first time since 1964. They defeated Golden State Warriors 93-89 in Sunday’s deciding Game 7 to record the

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Business highlights – Treasury doubles tax on alcohol and cigarettes

Treasury doubles tax on alcohol and cigarettes, halves duty on fresh juices and cosmetic products The Treasury has doubled the excise stamp fees for cigarettes, wines, and spirits to Ksh2.80


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