BUSINESS

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Starbucks workers in the US launched a five-day strike on Friday, impacting stores in Los Angeles, Chicago, and Seattle, over pay and working conditions. The union, Starbucks Workers United, warned the strike will escalate daily, potentially reaching hundreds of stores by Christmas Eve unless an agreement is reached.

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Boeing announced a quarterly loss of $6.2 billion on Wednesday, impacted by a nearly six-week labor strike in its commercial plane division and significant challenges affecting its defense and space operations. The embattled aviation giant, which has been under scrutiny from regulators following safety problems, reported a one percent decline in revenues to $17.8 billion. The results had been telegraphed to the market on October 11, when newly installed Chief Executive Kelly Ortberg announced the company was cutting 10 percent of its workforce.

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Boeing and its striking Seattle-area workers have reached a tentative deal to end a more than month-long stoppage, the union said Saturday.

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Africa is staring at a looming jobs crisis, with the population of the continent expected to be one in four people on Earth by 2050, according to the United Nations. In response, with President William Ruto at the helm, Kenya is positioning itself as a technological hub for solving this challenge, infamously dubbed the “Silicon Savannah”.

The capital city, Nairobi, is at the forefront of the tech revolution in Africa. Meg Whitman, a former U.S. ambassador to Kenya, said this growth is powered by a vibrant venture capital community, supplemented by top-quality universities and a collection of tech jobs ranging from full-stack code engineering to business process outsourcing. This boom has been anchored by M-Pesa, a pioneering mobile money transfer service launched by
Safaricom in 2007, which converted even basic mobile phones into secure bank accounts.

It has been a success In Kenya’s push into technology and innovation. M-Pesa allows people to send and receive money without needing a bank account through texting. Today, it is being used across Africa, facilitating more than 28 billion transactions in eight countries in its last fiscal year, with a total value of more than $310 billion.

At the same time, innovation centers like i-Hub, which help tech entrepreneurs grow their ideas, and companies like Ushahidi, a nonprofit leveraging data in crisis response and election monitoring, add weight to Kenya’s tech ecosystem. Large investments, such as the $1 billion that Microsoft and UAE-based AI firm G42 have pledged, also serve to expand Kenya’s digital ecosystem.

But this growth is not without its challenges. American tech giants like Meta and OpenAI have been contracting middle-man companies that hire Kenyan workers, who report mentally draining and emotionally harmful working conditions, lack of job security, and poor pay. Whitman emphasized that Kenya needs to protect its employees and update labor laws to the 2010 Constitution.

Recently, the President launched the $4.7 Billion University of Nairobi’s Silicon Savannah Innovation Park for promoting job creation and increasing the digital

economy. The park is in line with Kenya’s Vision 2030 and Africa’s Agenda 2063 to position Kenya as the leading technological player in the global economy.

Whitman further noted that though Kenya is the tech capital of East Africa, it can lead the whole continent. She insisted on attracting investment in Kenya’s tech space as a means of creating jobs, especially among the youth, since less than a third of college graduates in the country find jobs that require a degree.

The Silicon Savannah represents Kenya’s ambitious vision to harness technology for economic growth and job creation, aiming to transform the country’s economic landscape and secure its place as a leader in the global tech industry.

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On Tuesday, US aircraft manufacturer Boeing announced plans to bolster its cash flow, including an initiative to raise up to $25 billion, as it addresses ongoing production challenges and a significant strike in the US. In a regulatory filing, the aviation giant indicated plans to raise the funds by selling stock and debt. It also earlier announced that it was in an agreement to obtain $10 billion in credit from multiple banks.

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Formula 1 and Mattel, Inc. have announced an exciting new multi-year global licensing partnership that will bring the thrill of F1 racing to a 1:64 scale through Hot Wheels products. This collaboration aims to captivate both young fans and adult collectors, merging the adrenaline of motor racing with the excitement of toy cars.