Author: Muindi

The Nairobi City County Alcoholic Drinks Control and Licensing Board has announced designated commercial areas within the city to license and operate nightclubs.  The move comes after Governor Johnson Sakaja directed the county to address the issue of noise pollution in residential areas caused by nightclubs.  The proposed areas include Tom Mboya Street, Moi Avenue, Kenyatta Venue, University Way, Koinange Street, Nairobi River, Haile Selassie, Uhuru Highway, River Road, and Harry Thuku Road in the Central Business District.  Others are Landhies Road, Factory Street, Workshop Road, Bunyala Road, Uhuru Highway, Commercial Street, Enterprise Road, Lungalunga Road, Makadara Railway, Viwandani, Enterprise…

Chief Executives in East Africa have reported a bullish economic outlook for the next 12 months, with 60% expecting an improvement in 2023, a survey said on Wednesday.  The sentiments are in contrast to their global counterparts who believe that there will be a decline in economic growth in their countries.,  According to PwC’s 26th Annual Global CEO Survey, this optimism may be driven by the strong economic growth recorded in the region in 2021, which was underpinned by sustained public spending on flagship infrastructure projects. The survey polled 4,410 CEOs in 105 countries between October and November 2022; 138 CEOs from…

Instagram will put ads into the platform’s search results to reach people actively searching for businesses, products, and content. According to Instagram, the ads will appear in the feed that people can scroll to when they tap into a post from search results. “We plan to launch this placement globally in the coming months,” the company said in a blog post. Instagram also announced ‘Reminder’ ads, rolling out to all advertisers as an option in the feed to help advertisers build awareness, anticipation, and consideration for upcoming moments. “People can opt into convenient reminders and receive three notifications from Instagram one day before, 15…

Nairobi-based fashion e-commerce startup Zumi is shutting down. “The current macro environment has made fundraising extremely difficult, and unfortunately, our business was not able to achieve sustainability in time to survive,” said the startup’s co-founder and CEO, William McCarren, in a Linkedin post. “This journey has been the most challenging yet rewarding experience of my life. We started out as an online magazine in 2016 and pivoted into an e-commerce platform for apparel. We persevered through COVID-19, a ban on apparel imports, and countless near-death experiences. Building businesses in emerging markets requires a special blend of ambition, grit, and craziness,…

TransCentury PLC shareholders have approved the conversion of shareholder loans as a mode of payment for rights in the reopened TC Rights Offer. According to TransCentury Extraordinary General Meeting held on March 16, 2023, the resolution received approval from 94.7% of the votes. As a result, this will allow shareholders who hold current shareholder loans to exercise their rights by converting those loans to equity and utilising cash. “Conversion of shareholder loans and cash raised from the Rights Offer will support us in fundraising, and debt reduction efforts, which were major objectives of the Rights Issue,” TransCentury Group Chairman Shaka Kariuki said. “In…

Remittances sent by overseas Kenyan workers decreased 11.5 per cent in February on a month-on-month basis, the Central Bank said. Inflows in February 2023 totalled USD 309.2 million compared to USD 349.4 million in January, showed the CBK’s newly released data on Friday. The cumulative inflows for the 12 months to February 2023 totalled USD 4,026 million compared to USD 3,840 million in February 2022, an increase of 4.8 per cent. Diaspora remittances play an important role in Kenya’s economy as they are one of the significant sources of foreign exchange. “The remittance inflows continue to support the current account and the…