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Tuesday, May 12, 2026
Home Blog Page 34

The threat to summer holidays looming from jet fuel shortages

Stacy Boit,

Step on to the tarmac at any major airport around the world, and you’ll notice an unmistakable smell. A slightly sweet, oily scent, redolent of old workshops or antique paraffin lamps.

It is as much part of the travelling experience as lukewarm coffee and queues at passport control. It is, of course, the pervasive smell of jet fuel.

That pungent aroma has become a lot more expensive in recent weeks. The price of jet fuel has risen dramatically on international markets since the start of the conflict in the Middle East. There are now concerns that unless the Strait of Hormuz reopens soon, there could be physical shortages in some areas in the coming months.

Many airlines have already pushed up ticket prices as the cost of flying has increased, and some have trimmed their capacity. Unless extra supplies can be found, a lack of fuel could lead to further disruption and cancellations heading into the peak summer holiday period.

The crisis has exposed just how vulnerable the industry in the UK – Europe’s biggest consumer of jet fuel – is to disruption in the Middle East. So what impact might that have on our summer holidays – and what could be done about it?

The Gulf region produces far more jet fuel than it requires for its own purposes. As a result, under normal circumstances it is a major exporter, accounting for about 20% of the fuel traded on international markets each day. Europe as a whole is a key buyer of that fuel. Due to a lack of refining capacity, it is heavily reliant on imports, more than half of which typically come from the Gulf.

With the Strait of Hormuz having been blocked for the past eight weeks, however, those supplies have not been available, prompting a scramble for fuel produced elsewhere. This has pushed up prices dramatically.

Samsung family pays off record $8bn inheritance tax bill

Stacy Boit,

The family behind the South Korean corporate giant Samsung has completed its payment of a 12 trillion won (£6bn; $8bn) inheritance tax bill, the largest such settlement in the country’s history.

Chairman Lee Jae-yong and other members of the family, including his mother Hong Ra-hee and sisters Lee Boo-jin and Lee Seo-hyun, paid in six installments over the last five years.

The bill is tied to the estate left by the firm’s late chairman Lee Kun-hee, who died in October 2020.

Samsung is South Korea’s biggest chaebol, or family-owned business, with operations spanning electronics, heavy industry, construction and financial services.

Lee Kun-hee left a 26 trillion won fortune, including shares, property and art collections.

Samsung confirmed on Sunday that the final payment had been made, noting that the sum is equivalent to roughly one and a half times the country’s total inheritance tax revenue for 2024.

The family said in a statement that “paying taxes is a natural duty of citizens”.

The Lee family has a combined net worth of more than $45bn, according to the Bloomberg Billionaires Index.

Their wealth has more than doubled in the last year as demand for computer chips from the global artificial intelligence (AI) industry has helped drive up the stock market value of Samsung Electronics.

As well making computer chips, Samsung’s technology operations include one of the world’s largest smartphone makers and a major manufacturer of TVs.

GameStop makes $55.5bn takeover offer for eBay

Stacy Boit,

GameStop has made a $55.5bn (£40.9bn) unsolicited offer to take over e-commerce firm eBay, the video game retail chain said on Sunday.

The cash and stock offer values eBay at $125 a share, $20 more than the shares were valued at the close of New York trading on Friday, GameStop said in a statement.

In a letter to eBay, GameStop’s chief executive Ryan Cohen said he planned to make $2bn of cost savings at the firm within a year of the deal being completed.

The BBC has contacted eBay for comment.

GameStop said Cohen would be the chief executive of the combined company.

He would “receive no salary, no cash bonuses, and no golden parachute” and “be compensated solely based on the performance of the combined company.”

GameStop, which currently has a stock market valuation of around $11.9bn, said it has a commitment letter from TD Securities to provide around $20bn in debt to help finance the deal.

The majority of the proposed cost cuts would be in eBay’s sales and marketing operation, where Cohen said he planned to lower spending by $1.2bn.

Higher spending by that area of the business had not produced more users for the “marketplace with near-universal brand recognition,” GameStop said.

The proposal does not sound like a “terribly good offer” as it would saddle eBay with GameStop’s debt, said retail industry analyst Sucharita Kodali from market research firm Forrester.

It makes sense for GameStop because it could lift its valuation by being linked with a larger company like eBay, she told the BBC.

“The truth is, we are not necessarily putting two strong companies together,” Kodali added.

Shares in eBay jumped by more than 13% in after-hours trading when news of the potential offer emerged on Friday.

Though GameStop has closed many of its stores in recent years, it still has around 1,600 outlets in the US.

Those shops would give eBay a national network for its “live commerce” and other business operations, Cohen said.

Cohen, who became the GameStop boss in 2023, has criticised its slow shift into e-commerce.

Launched in 1995 as a marketplace for hobbyists, eBay now has 136 million users.

During the Covid-19 pandemic, GameStop was at the centre of one of the wildest stock market tales in recent years as the investment influencer Keith Gill, known as Roaring Kitty, helped boost its value.

GameStop’s popularity among retail investors during the pandemic helped coin the idea of meme stocks – those that gain attention through sites like Reddit.

Stocks that often became popular were ones that had been heavily bet against by professional investors, such as hedge funds.

As a result some of these shares – which also included cinema chain AMC Entertainment and phonemaker BlackBerry – saw their prices rise and fall sharply in hugely volatile trade.

“It will not end well for UDA in My. Kenya” Governor Kang’ata States after exiting UDA

By Bonface Mulyungi

Murang’a Governor Irungu Kang’ata has opined that President William Ruto’s party, the United Democratic Alliance (UDA), is starting at a catastrophic defeat in the region in the 2027 General Election.According to Kang’ata, the current political shifts are leading against President Ruto’s party and his political camp is losing support in the region.He alluded to a meeting he says he had with President Ruto a year ago to align some political strategies that would prop up the party in the region, which he says was not fruitful, and a lot has since changed for the worse.I shared my mind on how I think we can push them ahead, we did not agree on those tactics so I just kept quiet and now that it’s one year,” he said speaking to Citizen TV on Sunday.“I have seen how the politics is going on, and I think I am now convinced it will not end well for the UDA party, at least in my region.”The Governor added that he has been fighting heaping pressure from his supporters, forcing him to make a defiant stance against President Ruto’s administration.“When I became a governor, my political strategy was to be quiet, to concentrate on my mandate,” he said.“It reaches a stage when the president is in Murang’a, you are put into a corner where you have to say something, you are being nudged to make a choice to announce your statement, and if you don’t, people start saying you are not a good person.”This comes hours after Kang’ata announced that he will not seek a re-election for the county gubernatorial position on a UDA ticket in the 2027 polls.He said that recent political developments have created a perception of politics shifting toward intolerance, a move he argues erodes the gains of upholding democracy.He has however clarified that he is not exiting UDA until 2027, and will soon make a formal announcement on the party he will join to advance his political ambitions.The move comes as a blow to President Ruto as he banks on the vote-rich Mt.Kenya region and Kang’ata’s exit might cripple his potential to win support from the region.

Governor Kang’ata poures cold water to Kalonzo presidential bid, signals Sifuna’s lean

By Bonface Mulyungi

Murang’a Governor Irungu Kangata has poured cold water to Kalonzo Musyoka presidential bid by appearing to lean Edwin Sifuna.

Kangata, during an opinion poll bg Jeff Koinange suggested that DCP leader was the man to beat…claiming that his 2024 impeachment has populsrised him.

Kangata accused President Willliam Ruto of basterdising the Mt Kenya region, citing the removal of Ndindi Nyoro from the powerful Budget office in Parliament as key to abandoning UDA.

“UDA has dilianated from Mt Kenya. As it stands, im.put”, Kangata said.

He said Murang’a is the craddle of democracy in Kenya, hence the need to start up to be counted.

“Murang’a produced Matiba, Rubia. How do you support a government that stiffles democracy”, Kangata said.

He said harasment of Rigathi Gachagua and Edwin Sifuna has popularised the duo, but didn’t say he was decamping to their party.

“You Hypocrite! ” Kimani Ichung’wah calls out Governor Kang’ata after announcing his UDA exit

By Bonface Mulyungi

A political storm is brewing in Mt. Kenya, and it is no longer simmering behind closed doors. It has burst into the open—sharp and personal

National Assembly Majority Leader Kimani Ichung’wah has launched a blistering public attack on Murang’a Governor Irungu Kang’ata, accusing the governor of hypocrisy, political deceit, and opportunistic name-dropping following his dramatic exit from the United Democratic Alliance (UDA).

The fallout comes after Kang’ata criticized the government of William Ruto, claiming it had failed to deliver meaningful change for Kenyans—a statement that appears to have struck a nerve within the President’s inner circle.

In a sharply worded response, Ichung’wah dismissed claims that he had been pressuring the governor, insisting that their recent exchange at Kenneth Matiba Hospital was nothing more than a candid confrontation of what he termed “glaring hypocrisy.”

The Kikuyu MP went further, dragging past political dealings into the spotlight.

He referenced a controversial meeting in Lavington during the Gachagua impeachment period, alleging that Kang’ata himself had exerted intense pressure in pursuit of higher office—specifically the Deputy President position in place of Kithure Kindiki after the impeachment of Gachagua.

According to Ichung’wah, he had already expressed strong reservations about Kang’ata’s ambitions at the time, views he says remain unchanged.

In perhaps his most explosive claim yet, Ichung’wah accused the governor of attempting to curry favor with Rigathi Gachagua by invoking his name in political maneuvering aimed at sidelining rivals.

He warned Kang’ata to “fight his own battles” and stop using others to advance what he described as “deceptive and self-serving politics.”

The Majority Leader also issued a veiled but unmistakable threat—hinting at undisclosed details from their past engagements, including alleged dealings involving Murang’a county resources. He cautioned that making such information public would not be in the governor’s best interest.

“I have chosen to respond publicly because you chose that route,” Ichung’wah declared, signaling that the gloves are now off in what is shaping up to be a fierce political showdown.

As tensions escalate, this public spat lays bare the deep fractures within Mt. Kenya’s political elite—raising fresh questions about loyalty, ambition, and the high-stakes power struggles ahead of future elections.

Do you think the exit of Kangata from UDA with make a big dent in president Ruto’s pursuit of votes in Mt. Kenya?

And which party do you think Kang’ata should contest with in 2027?

The 2027 play card continues,,,

Former Man Utd manager Sir Alex Ferguson taken to hospital before Man Utd v Liverpool match

By Bonface Mulyungi

Sir Alex Ferguson was taken to hospital after falling unwell at Old Trafford shortly before Manchester United’s Premier League match with Liverpool on Sunday.

Sources stressed it was a precautionary move for the 84-year-old former Manchester United manager, and not an emergency situation.

Ferguson, who managed United for 27 years during a glittering reign, watches the club’s games from the directors’ box.

No further update has been provided on his condition after his admission to hospital.Ferguson had a brain haemorrhage in 2018, which left him seriously ill.

He spoke about his recovery in detail three years later.He was pictured with guests at the stadium on Sunday a couple of hours before kick-off.

Ferguson was subsequently taken in an ambulance from Old Trafford to the hospital.

Club officials are optimistic Ferguson will soon be fit enough to return home.

Manchester United beat Liverpool 3-2 to secure Champions League place next season

By Bonface Mulyungi

Manchester United secured Champions League football next season as Kobbie Mainoo’s strike earned a thrilling 3-2 victory over old rivals Liverpool on Sunday.United were 2-0 up inside 15 minutes through Matheus Cunha and Benjamin Sesko, but imploded after the break to allow Arne Slot’s men to level with goals from Dominik Szoboszlai and Cody Gakpo before Mainoo secured the win.A return to Europe’s elite competition after a two-year absence and another big game win furthers Michael Carrick’s case to continue as United boss next season.

Mainoo has embodied the upturn in United’s fortunes since Carrick took charge in January.Overlooked by Ruben Amorim, the England midfielder earned a new five-year contract this week and celebrated in style with a cool finish from the edge of the box to edge a wild encounter.Third-placed United open up a six-point lead over Liverpool and are guaranteed to finish in the top five.Despite an 11th league defeat of the season, Liverpool likely needs only three points from their three remaining games to secure a place in the Champions League.Slot’s side arrived at Old Trafford depleted without the forward trio of Mohamed Salah, Hugo Ekitike and Alexander Isak through injury.

United sensed blood and were well worthy of their early two-goal lead.Cunha was afforded two chances to find his range from the edge of the box to open the scoring.The Brazilian’s strike flicked off Alexis MacAllister to give Liverpool’s third-choice goalkeeper Freddie Woodman no chance.The waves of United attack kept coming, and Sesko appealed for a penalty after failing to beat Woodman from Bruno Fernandes’ precise pass.Seconds later, the Slovenian bundled the ball over the line from Fernandes’ header back across the goal.Fernandes was inches away from a third when he blasted Bryan Mbeumo’s cross wide.But the warning signs of what was to come in the second half for United were also there before the break.Gakpo curled wide on one of the many occasions Liverpool were able to pierce the heart of the Red Devils’ midfield.Sesko was replaced by Amad Diallo at half-time, and the Ivorian almost immediately gifted Liverpool a route back into the game.Szoboszlai pounced on Amad’s loose pass and ran from inside his own half unopposed before slotting into the bottom corner.United were architects of their own downfall again for the equaliser.This time, goalkeeper Senne Lammens’ pass was picked off by Mac Allister, who fed Szoboszlai, and the Hungarian coolly teed up Gakpo for a tap-in.The unusually low stakes for a game between these clubs showed as both threw caution to the wind in search of a winner.The home side got it when a poor clearance from MacAllister broke kindly for the charging Mainoo to steer into the bottom corner.United’s first league double over Liverpool since the 2015-16 season completes a remarkable turnaround in the two sides’ fortunes from a year ago.Liverpool finished 14 places and 42 points ahead of their rivals on their way to equalling United’s record of 20 English top-flight titles last season.Carrick has also beaten Arsenal, Manchester City and Chelsea in his short reign and now delivered his primary goal with the riches of the Champions League to make his case hard to ignore.

President Ruto dares his opponents to show their track-record, bragging his development agenda

By Bonface Mulyungi

President William Ruto has expressed optimism that his development scorecard will guarantee him a second term in the 2027 General Elections.

Speaking in Murang’a during a church service, challenged his opponents who seek to unseat him in the next polls, arguing that he bears a tangible track record that proves his competence to lead for another five years.

He started by listing some of the key projects his government was undertaking in the Mt.Kenya region, announcing plans to complete the much awaited Mau Mau roads by next year.

The president further enumerated the projects in he has effected in Muranga county, spanning from agriculture, transport, and housing that his government is working on, calling on the opposition to show their work.

“We have now allocated about Ksh.1B in the construction of MauMau roads. When we started that project, by 2022 it was 20% done and now it is at 60%. Our goal is to complete it by next year,” he said.I want to ask you the people of Murang’a, is there any other government that has built 20 markets? The Housing project has employed 640,000 youths and we have allocated Ksh.600 billion for that project. Even the bible says everyone will carry their own cross. Everyone will be judged by the work they have done not by how much insults you hurl or how tribal you are.”The Head of State therefore maintained that his opponents lack enough grit to oust him from office, saying that he holds a stellar track record that nobody can compete with.

“To our opponents, there is no need to insult each other or spread hate and tribalism. Present your scorecard and I will present mine and then let the people decide,” he said.President Ruto later visited Njiiri school in Murang’a county, where he disclosed that the government would increase the funding to the education sector to a tune of Ksh.765 billion from the current allocation of Ksh.702 billion to provide quality education to learners.

His visit to Murang’a county is the second in just a week, as he continues his charm offensive of the populous Mt. Kenya region ahead of next year’s general election.

Murang’a Governor Irungu Kang’ata Ditches Ruto’s UDA Party Ahead of 2027 Poll: “Deep Reflections”

By Lilian Mutua

Murang’a – President William Ruto’s bid to consolidate Mt Kenya votes ahead of the 2027 General Election has received a major blow following the latest declaration by Governor Irungu Kang’ata.

In an unexpected turn of events, Governor Kang’ata ditched the United Democratic Alliance (UDA) party ahead of the upcoming poll. Will Irungu Kang’ata defend his seat on the UDA ticket? Addressing the press on Sunday, May 3, Kang’ata said after wide consultation with members of the public, he has opted not to defend his seat on a UDA ticket.

“His Excellency the President has always told us that the people are supreme, and thank you for that statement and therefore my responsibility is to adhere to what people have told me and in light of that and because I have tried my best to have these issues resolved internally I have had a candid discussion with His Excellency the President one-on-one where we shared these ideas but we did not reach what we call full convergence. I have no doubt to say that, after careful reflection, I wish to state that come 2027, I will not defend my seat on the current party ticket. I will later, at a certain stage, communicate the platform on which I will present myself to the electorate,” Kang’ata announced.

Kang’ata announced that he will remain a committed member of the UDA party, but will unveil the party he will use later. The governor narrated how Kenya Kwanza Alliance leaders have been pressuring him to endorse government programmes against his wish. “However, until then, I will remain a disciplined and committed member of the UDA party. I will continue to serve diligently in my capacity and to cooperate with the national government in delivering development to our people. I will remain loyal to the president and also to the party through the remainder of this term. But I felt this is important for me to say because I have seen for the last few days the president has been in Murang’a, and every time I go there, I am being pressured to endorse programs, to endorse him. Even though the pressure has come publicly, including my friend, they have even suggested that I’m not sick, which I felt was not fair because, truly, I have a problem. I felt that’s too much,” he added.

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