Author: NBM CORRESPONDENT

Contrary to widespread concerns that it may replace human jobs, artificial intelligence will create opportunities for new businesses, fostering innovation and skill development of workers both in China and other parts of the world, according to a renowned economist. This process is not intentionally designed to impact the labor market. It is a natural progression, said Thomas Sargent, the 2011 Nobel laureate for economics and professor of economics at New York University. Arguing that software and AI are just tools, Sargent said technological changes will continuously bring forth many new ideas. “For example, before AI emerged, no one knew it…

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Small and Medium-Sized Enterprises (SMEs) can now access insurance services for extensive protection of business assets, mitigation of risks, employee health and seamless business continuity. The insurance product, dubbed “Linda Biz”, which is the result of a partnership between Absa Bank Kenya and Old Mutual Kenya, will offer assets, medical and life insurance in a holistic solution. It will also addressing specific risks faced by SMEs, ensuring they can build resilience and continue thriving in today’s dynamic business landscape. Speaking during the launch of Linda Biz, Absa Bank Kenya MD and CEO Abdi Mohamed underscored the need to invest in the…

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Deluxe Trucks and Buses East Africa, the distributor for Ashok Leyland trucks and buses in Kenya has appointed a new general manager as it gears up for growth in the highly competitive road transport sector. With over twenty years of experience in the automotive industry Mr. Hussein Kamal, joins Deluxe Trucks and Buses, a subsidiary of Simba Corporation from Truckmart Africa following a 5-year stint as the General Manager for after-sales. “My vision for Ashok Leyland in Kenya is to elevate customer satisfaction through enhanced after-sales assistance, which remains the cornerstone for trucking business excellence in this market. We will…

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Unlock the Insights: Download the Nairobi Business Monthly July Edition for Just Ksh 100 Today! Are you keen to stay ahead in the ever-evolving world of finance, business, and innovation? The Nairobi Business Monthly July Edition is here to equip you with all the crucial insights and updates you need! Main Cover Highlights: Finance Bill Pain Points Budget Cuts: Budgetary allocations for key public offices have been slashed by 85%. Frozen Pay Raises: Pay raises for State officers have been frozen for one year. Halted Vehicle Purchases: The purchase of new Government vehicles has been halted. Agency Impact: More agencies…

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The one thing the Government did not know is that while the Finance Bill 2023 drained the working class consisting of the baby boomers and Generation X, it threatened the very existence of their younger siblings, the Millennials, and their children, the Generation Z (Gen Z) (Part 1) BY OUMA OJANGO The seeds of the seething wrath that fueled the riots by the young people preceding passing, in the National Assembly, of the infamous Finance Bill 2024, and that led to the unprecedented breach of Parliament on Tuesday, June 25, 2024 were planted at the Bomas of Kenya on Monday,…

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The Unclaimed Financial Assets Authority (UFAA) is holding more than Sh60 billion in cash and assets that it seeks to reunify with the rightful claimants. UFAA Board Chairman Francis Njenga said the state agency has collected Sh32 billion in cash and an additional Sh1.7 billion unit shares worth Sh31 billion. The figure, he said, is part of abandoned cash and shares in financial institutions and mobile money companies which the agency has gone all out to collect and hand over to the rightful owners. Dr Njenga attributed the success in recovering the money from the institutions to partnership with other…

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Kenya Health Professions Oversight Authority (KHPOA) has unveiled its strategic plan for 2023/24-2027/28 to support standards in the health sector and advance quality of care in the country. The plan will focus on right to health, service delivery, information and innovation, regulation, research, and institutional capacity development. According to Dr. Jackson Kioko, KHPOA chief executive officer, the plan is the single most crucial tool in transforming the healthcare industry. “The Strategic Plan is not just a mere document. It is a critical operational tool that symbolizes our commitment to transforming the healthcare landscape in the country,” Kioko said. Principal Secretary…

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The Aga Khan University (AKU) has been ranked in the top 5% of higher education institutions globally for Sustainable Development Goal (SDG) number three, which entails “good health and well-being”, according to the Times Higher Education (THE) 2024 Impact Rankings. The ranking sees it placed at 55th position out of 1,498 institutions in the world. “The global relevance of AKU scholarship is further demonstrated by the fact that nearly 80 percent of faculty publications in 2022 were aligned with the United Nations Sustainable Development Goals,” Dr Salim Virani, AKU Vice Provost, Research, said. The University has been acknowledged for its…

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The government is committed to strengthening trade unions in the maritime and blue economy sectors through regular stakeholder engagements to safeguard the interests of workers at all levels. Mining, Blue Economy and Maritime Affairs Cabinet Secretary (CS) Salim Mvurya said trade unions are an important cog in promoting the welfare of workers across sectors. “We appreciate the role played by trade unions in securing the rights, equality and justice for workers,” he said. The CS made the remarks during a meeting with a delegation from International Transport Workers’ Federation (ITF) led by ITF General Secretary Stephen Cotton who paid him…

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Amsons Group, Tanzania’s manufacturing and energy giant, is looking to spend Sh23.2 billion ($180 million) on acquiring up to a 100% stake in Kenya’s Bamburi Cement PLC in what is likely to be a historical record investment ticket in the East African Community (EAC) Trade relations. The proposed investment will not only cement a Tanzanian company’s place as one of East Africa’s largest takeover deals but also promises substantial growth potential for Kenya through the potential foreign direct investment that would be realized from the deal. Amsons Group, through its Kenyan subsidiary and investment vehicle, Amsons Industries (K) Ltd, has…

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