Author: James Wambua

East Africa’s banking giant KCB Group reports heightened operational expenses, which surged to $627 million in 2023, up from $447.9 million in 2022. The costs are associated with the consolidation of its subsidiary in the Democratic Republic of Congo, Trust Merchant Bank (TMB), Additional expenditures were related to a voluntary retirement scheme as well as litigation fees. KCB Group, one of East Africa’s banking giants, has reported a net profit decline to $282 million for the year ending December 2023, from $307 million in 2022. The bank has attributed this decline to increased operational costs and higher provisions for bad…

Using Nobel-Prize-winning CRISPR gene-editing technology, scientists have made a huge stride in eliminating HIV from infected body cells. Research from the University of Amsterdam is promising a future where the complete eradication of the virus could become a reality. With an estimated 25.6 million people living with HIV in Africa, the continent remains at the epicentre of the HIV/AIDS epidemic. A new scientific breakthrough is offering hope in the battle against the HIV/AIDS virus that has long evaded a definitive cure, leaving millions of people in Africa devastated. By harnessing the precision of Nobel-Prize-winning CRISPR gene-editing technology, scientists say they…

In Gambia, two opposing sides clash over whether to repeal or keep an existing FGM ban. This contest pits influential Muslim clerics, who are supporting a new bill seeking to repeal a 2015 law that banned FGM, against women rights activists. The Supreme Islamic Council of the Gambia has already issued a strong condemnation of anyone who denounces FGM. The Gambia, one of the smallest countries in Africa, has been thrust into the global limelight as two opposing sides clash over whether to repeal or keep an existing FGM ban. This contest pits influential Muslim clerics, who are supporting a…

Proponents say this push embodies a broader vision for a politically impartial and more inclusive global financial ecosystem. Observers however question whether blockchain currency can survive under the often fractious BRICS bloc. Not long ago, the BRICS bloc unveiled plans to introduce the New Development Bank, an idea that remains largely unclear. The push to redefine the contours of global economics has taken a new turn following a deal by the BRICS bloc—Brazil, Russia, India, China, and South Africa—along with recent members Egypt, Ethiopia, Iran, and the United Arab Emirates (UAE), to pioneer a blockchain-backed currency. BRICS is setting the…

Ghana has over 17 oil and gas projects that are in the pipeline for investments in the next three years. Some of the main projects are the Jubilee South East Project, which is under development by British oil and gas explorer Tullow Oil. The country is spearheading plans to attract new investments for renewable energy projects as it steps up the share of renewables to 10% by 2030. Ghana’s oil and gas sector boasts of over 600 million barrels of proven reserves, and is fast positioning itself as a magnet for foreign investors seeking to tap into its energy industry.…

Global tech giants are meeting in Marrakech in May for the GITEX Africa expo as they seek a slice digital economy in the continent. Investors will be keen on learning tech advances in digital health, finance, AI consumer tech, cloud and IoT, as well as cybersecurity among others. GITEX Africa is organised by KAOUN International, an affiliate of Dubai World Trade Centre, which also organises GITEX GLOBAL show in the UAE. This year, thousands of investors and entrepreneurs are converging in Marrakech, Morocco, for GITEX Africa, a signature tech and start-up expo that is poised to define the next phase…

These businesses, along with their affiliates in Kenya, Uganda, Somalia, Cyprus and UAE form the backbone of a sophisticated network that launders millions of dollars for Al-Shabaab. US says firms such as Nairobi-based Crown Bus Services and other investment projects that masquerade as legit commercial ventures, empower Al-Shabaab’s lethal agenda. Al-Shabaab is estimated to siphon over $100 million per year from the regional and global financial system. The US, through its Department of the Treasury’s Office of Foreign Assets Control (OFAC), has cast a wide net across the UAE, Kenya, Uganda, and Somalia, targeting entities and individuals with wide-ranging sanctions…

Gebeya and Microsoft aim to bridge the gap between Africa’s burgeoning tech-savvy youth and the global digital economy. The pair is building a thriving digital workforce in Africa, capable of leading the next wave of global innovation. With over 10,000 developers already registered since its announcement, the initiative is rapidly gaining momentum across economies in Africa. In an initiative that is poised to redefine Africa’s digital path, Gebeya Inc., in partnership with Microsoft, has launched the Microsoft Talent Cloud ecosystem, targeting the empowerment of 300,000 African tech talents by 2027. This pioneering platform, which is powered by Gebeya’s Talent Cloud…

ZAVDOZ Group of Companies and Andar Development sign $4.9 million deal to introduce elite wooden houses fit for the hot Gulf region climate. Beyond the deals, Dubai WoodShow is serving as a platform for networking, and connecting manufacturers, suppliers, experts, and industry enthusiasts. Dubai WoodShow 2024 is not just a display of what is possible today but a glimpse into the future of woodworking, highlighting the industry’s innovation, sustainability, and efficiency initiatives. The Dubai International Wood and Woodworking Machinery Exhibition, known as the Dubai WoodShow 2024, continues to carve its niche in the global wood industry, marking another successful second…

March 3rd-7th expo underscores Dubai’s pivotal role as a global business hub. It also highlights the vibrant dynamics of the wood industry, setting the stage for future advancements and opportunities. Exhibitors are showcasing state-of-the-art products and technologies, including CNC machining centers, drilling and fitting insertion machines, panel dividing saws, and more. The Dubai International Wood and Wood Machinery Exhibition (Dubai WoodShow 2024) explores the nexus of innovation, investment, and global collaboration within the wood and woodworking machinery industries across economies. As the 20th edition of this event unfolds, it not only underscores Dubai’s pivotal role as a global business magnet…