Norwegian Wealth Fund gains $84 billion in three months from investing in stocks
Norway’s Sovereign Wealth Fund worth $1 trillion earned $84 billion (~KSh8.5 trillion) in the first quarter of 2019 from investing in the stock market. Managers of the world's largest sovereign wealth [...]
Chinese Pharmaceutical Company engaged in $4.4 billion accounting fraud
A Chinese Drug Company has revealed that it overstated its cash balance by $4.4 billion (~KSh444 billion) in the latest financial reports. Kangmei Pharmaceutical, a leading drug manufacturer in China, [...]US Gov’t Targets Countries with High Short-Term Visa Overstays
The Trump administration is planning to suspend or limit U.S. entry for individuals from countries with high rates of short-term visa overstays. In a memo signed by the President, he [...]
Founder of Abraaj Group, Arif Naqvi, denied bail in London
A London court has denied the owner of Private Equity firm Abraaj Group bail due to concerns that he may flee to Pakistan where it will be difficult to arrest [...]Huawei unveils 5G Communication Hardware for Autos
Huawei Technologies has launched a 5G communications hardware for the automotive industry-the first ever globally.. In a statement, the firm said that the hardware is founded on the Balong 5000 [...]Amazon Shuts down its Chinese market place
Amazon is planning to shut its Chinese market place Amazon.cn and its customers in the country will no longer be able to buy items from Chinese merchants, according to various [...]India's Jet Airways halts flights after banks reject funding request
India’s Jet Airways has halted both domestic and international flight operations following the carrier’s failure to secure interim and long-term funding that will ensure it remains afloat. In a statement, [...]Jumia stock price jumps up 75% on first day of trading
On Friday, Africa focused e-commerce platform Jumia listed on the New York Stock Exchange. The e-commerce firm, founded by French entrepreneurs, Jeremy Hodara and Sacha Poingnonnec, started operating in Nigeria [...]China plans to ban crypto mining
China has hinted on plans to ban cryptocurrency mining following a recommendation by a government‘s state agency. The National Development and Reform Commission or NDRC listed crypto mining as some [...]Standard Chartered Bank fined £102.2 million by UK regulator
Standard Chartered Bank, the parent company to the Kenyan bank, has been fined £102.2 million (~KSh13.5 billion) by the Financial Conduct Authority (FCA) for lacking proper controls against money laundering [...]World Bank picks new President
David Malpass is the new World Bank President. He was unanimously appointed to the top position by the bank’s board of directors. Notably, he was also Trump’s pick for the [...]PayPal to cut links with Essay writing companies
PayPal, the international money transfer company has vowed to withdraw its services from companies involved in academic cheating. The announcement came after UK’s Education Secretary Mr. Damian Hinds urged PayPal [...]
