China and Kenya strengthen ties amid global turmoil
China and Kenya elevated their bilateral relations to a "new level" on Thursday during a meeting between President Xi Jinping and Kenyan President William Ruto in Beijing.
China and Kenya elevated their bilateral relations to a new level during a meeting between President Xi Jinping and Kenyan President William Ruto in Beijing.
The upgraded partnership aims to strengthen global stability through China-Africa solidarity and cooperation.
China has financed the development of a modern railway line connecting the port of Mombasa to Kenya's inland regions, and will construct a state-of-the-art Foreign Affairs Complex in Nairobi.
President William Ruto is in China for a five-day state visit to strengthen bilateral ties, boost trade and investment, and advance infrastructure cooperation.
In a joint statement, both presidents expressed their dedication to strengthening global stability through the certainty of China-Africa solidarity and cooperation.
The joint statement further emphasized that this upgraded partnership would serve as a foundation to protect the "common interests of developing countries" and defend the multilateral system through "inclusive economic globalization."
President Xi Jinping highlighted that the decision to deepen China-Kenya relations comes at a time of increasing global uncertainty.
China's Belt and Road Initiative: A key focus on Africa
Africa has become a focal point in Xi's ambitious Belt and Road Initiative (BRI), launched in 2013 to expand China's geopolitical and economic influence through global infrastructure development.
Kenya, a significant recipient of BRI investments, has been pivotal in this strategy. Nairobi has secured substantial loans from China to finance major infrastructure projects, solidifying China as Kenya's largest bilateral lender in the process, according to Reuters.
Among the key projects funded by China is the development of a modern railway line connecting the port of Mombasa to Kenya's inland regions.
Additionally, Kenya is poised to finalize an agreement with China for the development of a cutting-edge Foreign Affairs Complex in Nairobi.
DON'T MISS THIS: Top 10 African countries with the weakest currencies in April 2025
The new headquarters will provide a modern, spacious facility to accommodate the growing demands of Kenya's global diplomatic presence.
While the exact location remains undisclosed, the Foreign Affairs Complex is one of several multi-billion-shilling agreements expected to be finalized during Ruto's visit, reflecting significant investments that promise to drive future growth and development.
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Bloomberg News reports: Read more here. When President Trump set off a global stock market slump in April with his package of sweeping new tariffs, small investors across Asia rushed to the US stock market to buy the dip. Now they're backing away, data for May shows. Bloomberg reports: Read more here. Apple (AAPL) is holding its highly anticipated annual developers' conference. Yahoo Finance's Daniel Howley reports from Silicon Valley: Apple on Monday announced sweeping changes to its product ecosystems, including a wide-ranging revamp of its iOS operating system for its iPhones, as well as the software that powers its iPads and Macs. The updates, which the company debuted as part of its WWDC developer event held at its headquarters in Cupertino, Calif., mark the biggest shift in Apple's software design in years. Still, the improvements were light on new AI capabilities at a time when Wall Street is looking for Apple to prove it can compete in the space. ... While Apple showed off a handful of new features for its Apple Intelligence platform, it's unlikely to quell fears that the company is falling behind the likes of Microsoft and Google in the rapidly evolving space. Read more on Apple's announcements here. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
26 minutes ago
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Starbucks accelerates new staffing model to all North American stores
By Waylon Cunningham (Reuters) -Starbucks CEO Brian Niccol told Reuters on Tuesday that he would accelerate the rollout of the coffeehouse chain's new staffing and service model, aiming for all 18,000 North American stores by summer's end, rather than the initial plan for just a third of U.S. stores by year-end. Niccol says the model is a foundational element of his turnaround strategy for the company, as he bets on an improved in-store customer experience to reclaim the sales growth that has eluded Starbucks in recent quarters. Niccol said early tests of the model have sped up service times and grown sales, without providing specifics. 'We've learned, and now we know what we need to do, so let's scale it,' he told Reuters at the company's three-day leadership summit in Las Vegas on Tuesday. The Green Apron model includes in-store technology to more efficiently sequence orders, as well as a dedicated barista for drive-through orders. Starbucks rolled out the service changes to 700 stores initially. During the company's April 29 quarterly earnings call, Niccol said it would be introduced in a third of U.S. stores by year-end. Niccol took over as Starbucks CEO in September with a plan to return the chain to its coffeehouse roots, focusing on the in-store experience and away from a reliance on mobile and to-go orders, in what the company calls "Back to Starbucks.' The goal is to get baristas to get customers their orders in four minutes or less. He did not share any financial figures about the cost of the Green Apron model's deployment, but said the company would host an investor day in 2026. The Las Vegas summit, the company's first since 2019, is hosting more than 14,000 managers and other company leaders. Analysts and investors have wondered how long Niccol will need to turn the company around. Shares have gained 11% over the last five years, compared with an 88% rise in the broad-market S&P 500. TD Cowen recently downgraded its rating of Starbucks to "hold" from "buy", saying in part that it believed Niccol's turnaround would take longer than expected to deliver results. Niccol said the transition will take time. Starbucks has not issued annual guidance, and Niccol told investors in an earnings call earlier this year that earnings-per-share 'shouldn't be used as a measure of our success' at this stage, instead pointing to in-store metrics like average wait times for orders. He said the transition's effect on earnings would be temporary. On Tuesday, he emphasized his goal isn't to achieve short-term performance solely through cost reduction. As Starbucks increases investments in its labor and elsewhere, Niccol said he would be "ruthless" in cutting expenses not related to the company's turnaround. 'We have to be critical of where we're spending if it's not driving toward the Back to Starbucks strategy and growth programs.'
