Tech giant Huawei to sell Honor brand to ensure survival of supply chain

Huawei has signed a deal with Shenzhen Zhixin New Information Technology Co., Ltd. to sell all business assets related to its Honor mobile phone brand to over 30 agents and dealers of the Honor brand, according to the company’s statement on Tuesday. The deal, first proposed by the over 30 agents and dealers, has been made by Honor’s industry chain to “ensure its own survival,” according to the statement, and is expected to help Honor’s channel sellers and suppliers through the tough time. The change of ownership will not impact…

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Telecom giant makes changes to its management.

Peter Ndegwa the chief executive officer has made changes in the top management just eight months into the job, as he tries to consolidates a team to help deliver his vision of growing the company into a tech giant. In the changes two new members, both technology-oriented, join Safaricom’s executive committee (exco) with two others possibly edged out, among other changes as the CEO establishes control of the multi billion tech company. This is part of several moves that will see employees, both old and new, change roles as Ndegwa…

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Big blow to common mwananchi as new tax takes off

New 3% tax for SMEs: Small and Mid-sized business operators will from today begin paying a new 3 per cent tax levy on their sales to the Kenya Revenue Authority (KRA). The levy is reintroduced after President Uhuru Kenyatta signed the Finance Act 2019 into law on November 7, 2017. The move may hurt small business whose turnover is below Sh5 million a year. This happens even as the central bank warns of tough economic times as well safety the year 2020. Previously the government affirmed their support for small…

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Kenya Airways issues

Kenya Airways (KQ) has issued a profit warning on its expected full year earnings for the period ending December 31, 2019, joining the growing list of firms in distress. Subsequently, the firm which remains in the red is expected to backslide to a projected loss of Ksh.9.5 billion. In a notice to shareholders, the carrier has attributed the expected deeper loss to stiff competition within its aviation sub-sector with the pressure leading to the rationalization of air-fares to match its peers. “Although Kenya Airways realised improved revenue growth in the…

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