Category: Business
Skechers to Go Private: 3G Capital's $9.4 Billion Acquisition Shakes Up Footwear Industry
Skechers will go private after 26 years as a public company, thanks to a $9.4 billion buyout from 3G Capital. The deal, valued at $63 per share, keeps CEO Robert Greenberg in charge. Despite trade and tariff worries, Skechers remains strong internationally and just reported record Q1 2025 sales.
Central Bank of Nigeria Greenlights Unity and Providus Banks' Merger to Strengthen Financial Sector
The Central Bank of Nigeria has given the green light for the merger of Unity Bank Plc and Providus Bank Limited as part of efforts to strengthen the country's financial system. The move includes financial support of N700 billion to ensure the stability of the new entity.
Dangote Nixes Steel Project Amidst Monopoly Allegations in Nigerian Market
Aliko Dangote, Africa's wealthiest individual, has scrapped his plans for a new steel plant in Nigeria due to governmental accusations of monopolistic tactics connected to his refinery operations. Despite government claims of seeking a market monopoly, Dangote refutes these allegations, insisting his business aims for fair competition.
Worldcoin Soars After Kenyan Authorities Drop Investigation: Outshines Bitcoin and Ethereum
Worldcoin, a blockchain project by Sam Altman, saw a 7% surge after Kenya halted its investigation into the project's data practices. Trading volume surged 74% to $275 million, indicating heightened investor interest. The project had faced scrutiny for potential data misuse. Worldcoin's tokens are issued by verifying users' identities via iris scans.
President Ruto Seeks Strategic Trade Partnerships with South Korea to Boost Kenyan Economy
Kenya's President William Ruto is actively pursuing trade agreements with South Korea, aiming to enhance collaboration in sectors like technology, healthcare, and agriculture. These discussions come in the wake of a South Korean delegation's visit to Kenya, aiming for mutual growth and stronger economic ties.
EPRA Updates Fuel Prices for May & June 2024: What You Need to Know
The Energy & Petroleum Regulatory Authority (EPRA) has updated fuel prices in Kenya for May and June 2024. Super Petrol, Diesel, and Kerosene will see reductions in their retail prices. These changes have been influenced by global market conditions and adjusted taxes.