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…
Author: NBM CORRESPONDENT
By Perminus Wainaina Businesses continue to recover from financial challenges they took especially due to the effects of COVID-19 pandemic, with most private sector players being forced to make tough decisions to continue thriving. The most common issue has been how to effectively manage staff costs during tough times. To avoid making mistakes, here are some of the things a company can do to manage staff costs. Review your staffing levels and pay Look at your current workforce and assess whether you have the correct number of employees to meet your business needs. If you have more than you…
Startups offering battery swapping services in Africa are increasing in number, with pioneers leveraging funding for climate-related ventures — and the impact is being felt most in the two-wheeler sector, according to an industry expert. Ghanaian startup Kofa which specialises in battery network solutions including a robust battery swapping business is one of the latest startups making big moves. According to Disrupt Africa, Kofa which is about to reach 100,000 battery swaps annually, plans to take its battery-swapping solution to Kenya and Togo. “Kofa’s core innovation lies in providing high-performance power through its batteries, which are not only cost-effective –…
Many people do not find much value in coins. This is probably why you will find 5, 10 and 20bob coins full in the beggars’ cups along the streets, with no one attempting to steal from them. It would shock you, for instance, to find out what the county government officer collects at a public toilet in a day. Foreigners in Kenya, however, know the power of the coin and have invented creative ways of tapping it. It is no wonder, therefore, that some Tanzanians have ‘invested’ in their disabled by shipping them into Kenya where they line them on…
A book that details the life of Industry Principal Secretary Dr. Juma Mukhwana is set to be launched on Wednesday in Nairobi, in an event that will be presided over by Prime Cabinet Secretary Mr. Musalia Mudavadi. In the autobiography ‘My Passion for Change’ , Dr.Mukhwana shares a truly honest account of his extra ordinary life that contains unusual mixture of passion, persistence , tolerance and hard work that has impacted many lives across the globe. As the winner of 2009 Norman Borlaug Award in leadership in agriculture, Dr Mukhwana is passionate about creating change for a better as a…
The Nairobi Business Monthly was the first media outlet to call out commercial banks for failing to lower lending rates as directed by the Central Bank. In the last two Monetary Policy Committee (MPC) meetings, the regulator eased the Central Bank Rate, which signals how banks should price loans. However, banks treated these policy directives as mere suggestions and failed to implement the reductions. This week, the regulator has summoned the CEOs of the banks to question them on why they have failed to pass on the benefits to both domestic and business borrowers, who are struggling with a sluggish…
In discussions surrounding energy access in Africa, there is a strong consensus that the current pipeline of gas projects on the continent has reached unprecedented levels of development. To compete in the dynamic global gas market, Africa must leverage its resources to deliver both financial and environmental sustainability to stakeholders. A key solution lies in the deployment of Floating Liquefied Natural Gas (FLNG) technology, which has the potential to unlock stranded offshore gas resources, accelerate project timelines, and enhance domestic energy security alongside export revenues. This technology simplifies the development of offshore resources, positioning it as a crucial element in…
A residential building under construction collapsed in Majengo Ward, Mombasa, on Monday morning, November 11, leaving one person dead with four critically injured. According to an initial report by National Construction Authority (NCA), soil saturation caused by a nearby soakage pit, may have led to the collapse of the 17-storey residential building that was still under construction. At the time of the collapse, workers were excavating on one half of the property while laying foundations on the other. NCA said the building had obtained all the necessary statutory approvals, dismissing claims that lack of compliance could have contributed to the…
Big shocks in the homestays space as love for serviced suites and apartments outpaces that of Airbnb For some travelers, staying in a home or apartment as a guest who is paying, offers a thrilling experience. There’s no better feeling to live with an individual or a family enjoying a furnished room, and getting a chance to use facilities including laundry, kitchen, parking, swimming pool, library, dryer…. In 2019, when the concept of short and long-term stays was hip, thanks to AirBnB, most players in the rental market struggled to stay afloat. The pandemic era made the situation worse, as…
While there are plenty of people threatening to leave the country following Donald Trump’s Election Day victory, most of those vows fall by the wayside when they learn they’ll have to give up their U.S. citizenship. But for those who are still looking for an escape, a cruise line specializing in multi-year journeys has a suggestion. Villa Vie Residences, which was behind the 3.5-year cruise for remote workers that set sail earlier this year, has announced a four-year long “Skip Forward” cruise, which will dock at 425 ports across 140 countries. Prices for the life at sea start at $40,000…