The African Development Bank (AfDB) is calling for a $25 billion replenishment of its African Development Fund and more favorable lending terms to help the continent recover from the economic impacts of the COVID-19 pandemic and global interest rate hikes. AfDB President Akinwumi Adesina highlighted the urgent need for international support to avoid what he […]
Coca-Cola, alongside other multinational corporations, is contesting Kenya’s Finance Bill 2024, primarily objecting to proposed tax amendments affecting plastics and the introduction of an Eco Levy. During discussions with the National Assembly Finance and Planning Committee, Coca-Cola executives raised concerns regarding the potential repercussions of the proposed tax adjustments. They emphasized the destabilizing effect of […]
In a notable development for the semiconductor industry, Vanguard International Semiconductor Corporation, backed by Taiwan Semiconductor Manufacturing Co. (TSMC), and Dutch chipmaker NXP Semiconductors have announced plans to establish a $7.8 billion wafer manufacturing plant in Singapore. This joint venture, named VisionPower Semiconductor Manufacturing Company (VSMC), will bolster the global semiconductor supply chain and create […]
Africa, despite its pressing energy needs, is set to receive a mere 2% of the $2 trillion global clean energy investment projected for 2024, a recent report by the International Energy Association (IEA) reveals. With clean energy investments worldwide expected to reach $2 trillion, Africa’s share amounts to approximately $40 billion, a fraction of the […]
The Korean Exim Bank has finalized agreements with the Kenyan government, committing over KShs. 30 billion to the development of Konza Technopolis. The investment, announced during the Korea-Africa summit in Seoul, will primarily finance the construction of a Digital Media City within Konza, spanning 160 acres. This initiative aims to bolster Kenya’s digital economy by […]
Octopus Energy Group is set to accelerate its expansion in North America and Europe with the addition of two esteemed investors, Galvanize Climate Solutions and Lightrock. This move comes on the heels of a significant investment last month, reaffirming Octopus’ valuation at $9 billion (£7.2 billion), marking a 15% increase since December 2023. Galvanize Climate […]
In a significant development for the African media industry, Sub-Saharan pay-TV leader Multichoice has endorsed a US$2.9 billion takeover offer from French media giant Canal+. This acquisition, expected to be finalized by April 2025 pending regulatory approvals, marks a pivotal shift in the continent’s broadcasting landscape. Strategic Consolidation Canal+, owned by Vivendi, already holds a […]
Standard Chartered Bank has entered the competitive landscape of Kenya’s digital lending sector with the introduction of SC Juza, a mobile app aimed at meeting the increasing demand for short-term, unsecured loans accessible through mobile wallets. With SC Juza, Standard Chartered joins the ranks of leading banks such as KCB, ABSA, Equity Bank, and NCBA, […]
Spain’s government has announced a significant policy change to implement a 15% minimum corporate tax rate on multinational companies, in alignment with an OECD initiative aimed at reducing tax avoidance. Budget Minister Maria Jesus Montero confirmed the new measure, emphasizing its importance in addressing tax base distortions and profit relocation by large multinational groups. “This […]
At the 2024 Korea–Africa Business Summit, Samsung stands out as a prominent player, joining forces with government officials, business leaders, and economic experts from 48 countries to address key trade and investment agendas. Focused on themes like industrial development, trade expansion, and climate action, the summit provides an ideal platform for Samsung to showcase its […]
Despite confronting a challenging economic environment marked by slower GDP growth, elevated interest rates, and mounting operational expenses, Kenya's banking...
The United States government shutdown has entered a critical phase as it becomes the second-longest funding lapse in the nation's...
In a landmark move that signals a significant shift in international financial cooperation and the evolving architecture of global finance,...
The Central Bank of Kenya (CBK) has launched a strategic KSh 30 billion voluntary buyback programme for investors holding the...
