Pension fund assets in Kenya witnessed a robust increase of KES 127 billion during the first half of 2023. This remarkable growth was propelled by several key factors, including the implementation of higher mandatory contributions to the National Social Security Fund (NSSF) and favorable exchange rate gains on offshore investments. According to data provided by […]
In a shocking turn of events, the fallout from Saturday’s surprise attack on Israel by the Palestinian group Hamas has sent shockwaves through Middle East markets, triggering a sharp decline in stocks and setting the stage for a week of potential volatility. On Sunday, major equity indices across the region experienced substantial losses, with Israel’s […]
Moody’s Investors Service has downgraded Egypt’s credit score due to what the rating firm has termed “increasingly constrained” policy options to rebalance the nation’s economy without exacerbating social risks. Moody’s has lowered its assessment of Egypt’s sovereign debt by one notch to Caa1, following a review initiated back in May, as confirmed in a statement […]
Rivian Automotive Inc (RIVN.O) witnessed a substantial drop in its stock value, plummeting over 20% on Thursday, marking its most significant daily percentage decline since May of the previous year. This decline was triggered by the company’s recent revelation of its intent to issue $1.5 billion in convertible green bonds. Based in Irvine, California, Rivian […]
Microsoft and M-PESA have unveiled their strategic partnership aimed at bolstering the growth of micro, small, and medium-sized enterprises (MSMEs) across Africa. This initiative intends to equip MSMEs with the digital expertise and essential tools necessary to expand their operations and enhance customer service. The partnership recognizes the pivotal role MSMEs play in the African […]
In a significant market development, foreign investors have offloaded shares worth Sh1.1 billion on the Nairobi Securities Exchange (NSE) last month, according to recent market data. This marks a noticeable resurgence in sell-offs from foreign investors, reversing the trend seen in August when offshore investors recorded a rare net buy position with portfolio inflows amounting […]
In a significant policy shift, South Korea has lifted the cap on commercial banks’ bond sales that was imposed during last year’s credit crunch. The move is aimed at ensuring adequate funding for the country’s financial sector amidst ongoing challenges. The decision was confirmed by the Financial Services Commission, in response to a Korea Economic […]
The Development Bank of Rwanda (BRD) PLC has initiated the issuance of its inaugural sustainability-linked bond on the Kigali Stock Exchange. This historic bond issuance, a first for a national development bank worldwide, seeks to raise an impressive Rwf30 billion (approximately $24.8 million) dedicated to supporting the bank’s environmental, social, and governance (ESG) programs in […]
Zambia’s official creditor committee is on the verge of signing a crucial memorandum of understanding (MoU) aimed at restructuring the nation’s $6.3 billion debt, with the agreement expected to be finalized before the conclusion of the International Monetary Fund’s (IMF) annual meeting next week. Sources familiar with the matter have disclosed this development. This marks […]
Sean Chin MQ, a renowned Investment Director at Olritz Financial Group, has unveiled an ambitious plan to revolutionize Kenya’s affordable housing sector. With an illustrious 15-year career in the financial world, Sean Chin MQ has assumed the helm at Olritz Financial Group, managing assets exceeding $150 million. His latest endeavor promises to be nothing short […]
A new report from the Kenya National Chamber of Commerce and Industry (KNCCI) paints a stark picture of Kenya’s job...
In the interconnected global economy, trade between major economic players can be a source of tension, especially when tariffs and...
In a significant move aimed at addressing long-standing pension arrears, Nigeria’s Federal Executive Council (FEC) has approved the issuance of...
In a strategic move poised to redefine Kenya's financial landscape, Safaricom and the Kenya Bankers Association (KBA) have jointly proposed...