KBC Channel 1

Author: Ronald Owili

  • Oil prices rise after Trump says Iranian ship seized

    Oil prices rise after Trump says Iranian ship seized

    Global oil prices rose in Monday morning trade in Asia after President Donald Trump said the US has intercepted and seized an Iran-flagged cargo ship.

    It came after Iran said on Saturday that it was closing the Strait of Hormuz waterway again to commercial vessels and that any ship that approaches it would be targeted.

    Brent crude futures were up by 4.74% at $94.66 (£70.11) a barrel, while West Texas Intermediate was 5.6% higher at $88.55.

    Energy markets have seen wild swings since the US and Israel attacked Iran on 28 February and Tehran responded with threats to target shipping in the strait, through which about 20% of the world’s oil and liquefied natural gas (LNG) passes.

    Earlier, Trump said his representatives would be in Pakistan on Monday for negotiations. A White House official said Vice-President JD Vance would lead the US delegation.

    But Iran’s state media said Tehran had “no plans for now to participate” in the talks, although Iranian officials have not clarified the country’s position yet.

    “Oil markets continue to gyrate in response to oscillating social media posts by the US and Iran, rather than the realities on the ground which remain challenging for oil flows to resume in a rapid fashion”, analyst Saul Kavonic from financial services firm MST Marquee told the BBC.

    “This is all part of negotiations, physically playing out in real time on the Strait of Hormuz.”

    The Strait of Hormuz remained closed on Sunday, a day after the Islamic Revolution Guard Corps (IRGC) said it was ending a temporary reopening over the US blockade, which it said violated the terms of their ceasefire agreement. Iran said it would stay closed until the US ended its naval blockade.

    Trump had on Friday said that the naval blockade would continue until a deal was agreed by the two countries.

    Energy prices have seen volatile trading since the start of the Iran war.

    Brent crude, a benchmark for oil futures prices, was trading at under $70 per barrel before the conflict. On 9 March it reached almost $120.

    Futures contracts are an agreement to buy or sell assets at a set price on a specified date in the future. The Brent futures contract currently being quoted is for crude oil to be delivered in June.

    The conflict has triggered a global energy crisis with prices rising sharply, while some countries are facing fuel shortages.

    Asia has been hit particualrly hard as the region relies on shipments that usually pass through the Strait of Hormuz for around 90% of its energy needs.

    Governments have ordered employees to work from home, cut the working week, declared national holidays and closed universities early in order to conserve their supplies.

    Some South East Asian countries, including Singapore and Thailand, have called on people to curb their use of air conditioning to save energy.

    Even China – which is thought to have reserves equivalent to three months of imports – is making adjustments, limiting a fuel price hike as citizens are faced with a 20% jump in price.

    Airlines across the region have announced measures to deal with soaring jet fuel prices.

    Last week, the head of the International Energy Agency (IEA) warned that Europe has “maybe six weeks of jet fuel left”.

    Fatih Birol told AP that there could soon be flight cancellations if supplies remained blocked.

    In the UK, petrol and diesel prices eased at the end of last week after a series of hikes.

  • Beam Global eyes Kenyan market with e-mobility solutions

    Beam Global eyes Kenyan market with e-mobility solutions

    Clean energy solutions provider Beam Global is eyeing the Kenyan market as a springboard to enter the region in order to capitalize on the growing adoption of electric mobility.

    According to Beam Global Chief Executive Officer and Founder Desmond Wheatley the firm is seeking to introduce its solar powered technologies in Kenya, among them, its mobile off-grid Electric Vehicle charging option which can easily be deployed in remote areas without supporting charging infrastructure from gris power.

    “We provide a hedge against the vulnerability of centralized infrastructure because our infrastructure is decentralized, it doesn’t fail. When one component goes down the rest of it keep operating unlike the centralized grid and because ultimately there is no unit cost of the energy, we are using the natural resources,” said Wheatley.

    The firm says the EV ARC delivers solar-powered EV charging to customers whenever needed and attract no construction costs and utility costs as compared to those that use grid power.

    Besides charging stations for vehicles, the firm which is based in San Diego, California is also exploring the introduction of BeamBike charging station to provide solar powered charging solutions to e-bike owners seeking secure location to park, lock and charge their ride, without the risks of charging indoors.

    “We are keen on the idea of generating electricity and storing where it is used. That way you don’t have vulnerability from supply chain, centralized infrastructure and most importantly from economic point of view, you can use the resources which are already local to the community,” he added.

    Other solutions the firm seeks to introduce in Kenya include BeamWell which uses solar power to deliver fresh water, electricity and e-mobility to areas that lack infrastructure, stealth e-motorcycles which use off-grid charging and emergency power to provide safety and security where it’s needed.

    By end of the year, customers in Kenya could also have access to Beam Global’s solar energy battery storage solutions as well as solar powered street lighting solutions where the firm expects to partner with county governments.

  • IMF cuts Kenya’s growth to 4.5pc on higher fuel cost

    IMF cuts Kenya’s growth to 4.5pc on higher fuel cost

    Kenya’s economy will experience a decline this year on account of war in the Middle East which has led to sharp increase in energy and shipping costs.

    The latest projection by the International Monetary Fund (IMF) shows that the country’s gross domestic product (GDP) will slow to 4.5pc this year compared to 4.9pc registered last year.

    This year’s projection in lower than 4.9pc IMF had forecast in October last year before the war between the United States/Israel and Iran broke out in February 28 this year leading to disruption in global supply of oil, gas, and fertilizer as well as shipping costs.

    “The war in the Middle East has pushed up oil and gas prices, tightening fuel availability in many countries, such as Ethiopia, Kenya, the Democratic Republic of the Congo, Malawi, Sierra Leone, and Zambia, and has led to pump price increases in countries, including Mali, Malawi, Nigeria and Zimbabwe. In some economies, disruptions to fuel supply are affecting electricity generation, transport, and mining,” said IMF in the World Economic Outlook for April.

    Kenya which is a hevy petroleum products importer is already feeling the heat with petrol and diesel recording the highest increases since 2020 during the pandemic.

    Following the disruptions of oil supply, consumers witnessed the sharpest increase in pump prices which crossed the Ksh 200 mark not seen in three years.

    In its initial monthly fuel review on Tuesday, the Energy and Petroleum Regulatory Authority (EPRA) hiked pump prices where a litre of super petrol shot up by Ksh 28.69 and diesel by Ksh 40.30 due to high cost of imported fuels.

    This caused uproar forcing the government to take radical measures to reduce Value Added Tax (VAT) on super petrol and diesel by 50pc from 16pc to 8pc for three months.

    “While the reduction in VAT will be in operation for 90 days, we have inserted a provision which will enable us to extend the application of the law should the conflict in the Gulf continues to affect oil prices,” said President William Ruto on his official X account after assenting to the Value Added Tax Amendment Act.

    According to the IMF, oil-importing countries such as Kenya which has been importing petroleum products and government-to-government agreement with some Gulf countries face a deterioration in trade balance and higher cost of living due to the war.

    “Increased commodity price volatility and a reversal in market sentiment would pose near-term material risks. Moreover, intensification of the war in the Middle East would increase oil, fertilizer, and food prices further, weighing down on growth, particularly for oil-importing countries, and push up inflation across the region,” said the lender.

    The Central Bank of Kenya (CBK) already expects the inflation to peak to 6.2pc by July from 4.4pc recorded last month should the war continue.

  • Kenya ratifies 50pc VAT reduction on fuel until July

    Kenya ratifies 50pc VAT reduction on fuel until July

    President William Ruto has assented to the Value Added Tax Amendment Bill to cushion consumers from further increases in fuel prices within the next three months.

    The law which is effective April 15, 2026 has lowered the VAT on super petrol and diesel by half from 16pc to 8pc with  a litre of super petrol declining by Ksh. 9.37 per litre and diesel by Ksh. 10.21 per lire.

    “We will do everything possible to cushion Kenyans from the economic shocks arising from the conflict in the Middle East,” said President William Ruto via his official X account after assenting to the bill.

    “We have taken this urgent and necessary step because a surge in the cost of fuel has a ripple effect on consumer goods and services,” he added.

    The reduction in VAT rate on petroleum products follows a public outcry after the Energy and Petroleum Regulatory Authority (EPRA) hiked pump prices in their review on April 14 where a litre of super petrol was increased by Ksh 28.69 per liter and diesel Ksh 40.30 per litre while kerosene remained unchanged.

    According to EPRA, the level of subsidy on kerosene has also been reduced from Ksh 108.10 per litre to 96.56 per litre.

    Effective April 15, consumers in Nairobi will now pay a maximum of Ksh 197.60 for a litre of super petrol, Ksh 196.63 for a litre of diesel and Ksh 152.78 for a litre of kerosene until May 14.

    However, the VAT Amendment Act which has reduced VAT on super petrol and diesel by 800 basis points will offer consumers temporary reprieve until July 14 as the government seeks to ease adverse effects on cost of goods and services due to the fuel price increase.

    “While the reduction in VAT will be in operation for 90 days, we have inserted a provision which will enable us to extend the application of the law should the conflict in the Gulf continues to affect oil prices,” said President Ruto.

    The increase in fuel prices was triggered by the ongoing conflict in the Middle East which has created a shock in the global supply chain of petroleum and petroleum products.

    Kenya which relies heavily on imported fuel from the gulf under government-to-government by three oil state owned oil marketers from the region saw the cost of imported fuels rise significantly.

    Average landed cost of super petrol went up by 41.53pc per cubic metre in March after the war broke out while that of diesel and kerosene went up by 68.72pc and 105.15pc respectively.

  • Chinese carmaker patents voice-controlled ‘in-vehicle toilet’

    Chinese carmaker patents voice-controlled ‘in-vehicle toilet’

    Chinese carmaker Seres has been granted a patent for what it calls an “in-vehicle toilet” that slides under a passenger’s seat for visits to the loo while on the road.

    The feature is meant to “satisfy users’ toilet needs on long journeys, while camping or while staying in the car”, engineers wrote in Seres’ patent filing in China on 10 April.

    Seres, based in the south-west city of Chongqing, has not announced any cars that have toilets and it is uncertain if any will be made.

    Chinese electric vehicles have become increasingly packed with unconventional features, like built-in massage seats, karaoke systems and a fridge, to stand out in a highly competitive market.

    The patent filing shows Seres’ plans for an onboard toilet that slides out from the bottom of a passenger’s seat with a push or through voice-activated commands.

    The loo will come with a fan and exhaust pipe to channel odours out of the car, according to the filing on China’s intellectual property administration seen by the BBC.

    Waste is collected in a tank that has to be emptied manually. The toilet also features a rotating heating element that evaporates urine and dries other waste.

    When not in use, the toilet is concealed beneath the seat, making full use of the space inside a car without requiring more room.

    In-vehicle toilets are rare – mostly found in long-distance coaches – but are not unheard of in cars.

    In the 1950s, a special version of a Rolls-Royce Silver Wraith included an in-built television set and a toilet beneath the passenger seat, according to auction house Sotheby’s.

    Seres, along with its subsidiary brand Aito, are known for making electric sport utility vehicles – larger cars that stand taller off the ground and have more cargo space.

    Most of the company’s cars are sold in mainland China, though Seres has also expanded to Europe, the Middle East and Africa.

    With dozens of competing brands, China’s EV market has become heavily saturated leading to a costly price war that has chipped away at companies’ profits.

    Seres is one of a few Chinese EV companies that have turned a profit, including world-leading BYD.

    Many analysts have sounded the alarm that a vast number of Chinese EV firms are at risk of collapse.

  • Sama lays off 1,108 employees in Kenya

    Sama lays off 1,108 employees in Kenya

    Samasource Impact Sourcing Inc (Sama) has issued a redundancy notice affecting 1,108 of its workforce in Nairobi.

    The firm which offer artificial intelligence (AI) training services to said the job cuts have been due to a formal notice by Facebook owner, Meta, which Sama’s key client.

    “As is standard in our industry, client programs evolve, and we work closely with our partners to manage these transitions responsibly. Our immediate priority is supporting our employees through this change and ensuring continuity across our broader operations,” said  Annepeace Alwala, Sama Country Lead and Vice President for Global Delivery.

    According to the firm, it issued a formal notice of intended redundancy to staff at the it’s  Nairobi office on Thursday after engagement with Meta failed.

    Sama said in a statement released on Thursday that affected employees are on the specific terminated workstream.

    “We recognise the significant impact on the team and the local community. We are actively working to support affected employees with care and respect as we always do. Our teams receive living wages and full benefits, and have consistently had access to comprehensive wellness resources, full medical benefits, and on-site counselling support by qualified and licensed practitioners,” added Alwala.

    Sama provided data annotation solutions for computer vision that power AI and Machine Learning (ML) models.

  • Eldoret hospital to pay client Ksh 525,000 for data misuse

    Eldoret hospital to pay client Ksh 525,000 for data misuse

    St Luke Orthopaedic and Trauma Hospital Eldoret has been ordered to pay a complainant Ksh 525,000 as compensation for illegal sharing of her data with a third party.

    The Office of the Data Protection Commissioner (ODPC) determined that the hospital unlawfully disclosed the Complainant’s sensitive health data to a third party without obtaining her explicit and informed consent.

    According to the complainant by the name Merceline Akoth Odeyo, the hospital mishandled her sensitive personal data by failing to maintain its accuracy and currency, and by disclosing medical records of an unrelated individual as though they were hers.

    St Luke Orthopaedic and Trauma Hospital Eldoret is said to have issued the patient medical
    results belonging to a third party who shared a similar first name but a different surnames on two separate occasions.

    In order to clarify the matter, the hospital  contacted the third-party lab conducting the test for clarification which the patient had to consented to.

    According to Data Commissioner Immaculate Kassait, the acts by the hospital violated the principle of transparency under Section 25 of the Data Protection Act and the Complainant’s right to be informed under Section 29.

    ODPC in its ruling said the admission by the hospital to the administrative error demonstrates a failure to implement adequate technical and organizational measures to secure the Complainant’s
    personal data, violating Section 41 of the Act.

    The hospital has now been ordered to pay the said amount as compensation. The parties now have 30 days to appeal the determination to the High Court of Kenya.

  • KTDA warns of fallout from costly fuel, Iran war

    KTDA warns of fallout from costly fuel, Iran war

    The Kenya Tea Development Authority (KTDA) is warning of a major crisis in the tea sector due to the escalating Middle East crisis and the move to increase fuel prices in the country.

    According to the authority, the country was currently holding tea worth over Ksh 3 billion in their warehouses due to the shipping crisis caused by the Middle East war.

    This came as the authority warned that the long awaited farmers bonuses in the next two months could fall by up to Ksh 10 per kilo due to the crisis and the high fuel prices.

    In the last four months, air and ship freights across the Middle East have been affected by the US, Israel and Iran war, a move that has been worsened by an increase in fuel prices.

    According to KTDA national chairman Enos Njeru, the lucrative sector that supported over 800,000 families was facing losses running into millions of shillings.

    He said that shipping out tea mainly to the main market in Pakistan was a major challenge after major shipping companies pulled out due to the Middle East crisis.

    “Currently we are holding tea worth over Sh3B in our warehouses due to lack of shipping transport and we fear things could get worse in the coming days,” he warned.

    Njeru further noted that shipping lines had introduced new surcharges targeting importers as one way of protecting their ships.

    Addressing the press in Naivasha during the authority training, he said that the current situation had been worsened by the move by the government to raise fuel prices.

    He said that this would hurt the cost of production and transport meaning a reduction in bonuses set to be paid in the next two months.

    While calling for State support and subsidies, Njeru warned that gains made in the sector for years could be eroded by the current fuel crisis.

    “Tea is one of the sectors that is highly taxed in the country despite raking in billions in foreign exchange and we are asking the government to review some of the levies,” he said.

    The authority Vice-Chairman Engineer Simon Musonik added that they were also concerned by the high cost of labor and a rise in the prices of farm inputs like fertilizer.

    “As we grapple with the high cost of labor, we have been hit by shipping and fuel crisis and we are calling on the government to put some austerity measures to cushion famers,” he said.

  • China’s Q1 GDP grows 5%, signaling a strong start to the year

    China’s Q1 GDP grows 5%, signaling a strong start to the year

    China’s gross domestic product (GDP) grew 5% year-on-year in the first quarter of 2026 to 33.42 trillion yuan ($4.9 trillion), data from the National Bureau of Statistics (NBS) showed on Thursday. Other key indicators have also shown solid performance, signaling improved resilience and vitality in the country’s growth.

    In the first three months of 2026, the value added of China’s industrial enterprises above designated size grew by 6.1%, an increase of 1.1 percentage points from the fourth quarter of last year. Notably, value added of equipment manufacturing and high-tech manufacturing climbed 8.9% and 12.5% respectively.

    Retail sales of consumer goods, a key gauge of the country’s consumption strength, expanded 2.4% year-on-year, reaching 12.77 trillion yuan in the January-March period. The pace is 0.7 percentage points faster than the growth in the fourth quarter of 2025.

    Meanwhile, fixed-asset investment was up 1.7% year-on-year, reversing the 3.8% decline recorded for the whole of last year. Total investment (excluding rural households) reached 10.27 trillion yuan, according to the NBS.

    China’s foreign trade saw accelerated growth during this period, with total imports and exports coming in at 11.84 trillion yuan and posting a 15% year-on-year growth.

    The surveyed urban unemployment rate in China averaged 5.3% in the first quarter of 2026, unchanged from the same period last year.

    The NBS noted that production and supply growth accelerated in the first quarter, market demand continued to improve, employment remained generally stable, and prices rose moderately. High-quality development advanced with positive new momentum, indicating the economy has started the year on solid footing with enhanced resilience and vitality.

  • Snap plans to lay off 16% of its staff, counts on AI to boost revenue

    Snap plans to lay off 16% of its staff, counts on AI to boost revenue

    Snap announced plans to terminate 1,000 jobs on Wednesday, downscaling its full-time staff by 16%, making it the latest US tech firm to scale back its workforce in favor of increased AI adoption, following Oracle, Meta and Amazon.

    Snap’s plan will also close more than 300 open roles, on top of laying off existing employees across the globe, according to a Wednesday memo sent by Evan Spiegel, the chief executive of the California-based social media company. The plan is meant to serve the company’s pivot towards profitable growth, Spiegel wrote, expecting the job cuts could save Snap more than $500 million by the second half of this year.

    The plan marks the fourth major layoff of the company in the past 4 years. Snap laid off 10% of its employees in 2024 and reduced 20% of its workforce in 2022, citing sluggish growth in advertising revenue.

    The announcement restored some confidence among investors, as Snap’s share closed up 7.68% on Wednesday. With its stock falling more than 30% so far this year, the company has been under pressure to improve its profitability.

    Irenic Capital Management, the activist investor owning 2.5% of Snap’s shares, had urged the social media company last month to cut costs and optimize its portfolio, which includes cutting back on the company’s augmented-reality hardware department.

    Snap put its faith in artificial intelligence, which enables the company to “increase velocity, and better support our community, partners, and advertisers,” the memo wrote. According to an investor update filed on Wednesday, more than 65% of its new codes are generated by AI.

    A number of US tech companies had planned for major layoffs this year while leaning heavily on AI.

    Oracle, a cloud infrastructure company in Texas, has laid off thousands of employees via email in late March, according to CNBC, after the company planned in January to raise $50 billion in debt to build its AI data center.

    Meta, the owner of Facebook and Instagram, also reportedly planned to scale down 20% of its workforce in March, pivoting more of its resources towards developing AI models and data center construction.