The Kenyan Treasury has managed to raise just Sh7.9 billion from the sale of government securities this week, falling significantly short of its target of Sh43 billion. Investor apathy and the Central Bank of Kenya’s (CBK) rejection of costly bids have weighed down on the nation’s financial market. The sales, which included Treasury bills and […]
UBS Group AG has reached a significant settlement with Mozambique concerning Credit Suisse’s involvement in a ship-financing scandal, bringing closure to a decade-long legal battle just on the brink of a London trial. In a statement released today, Zurich-based UBS revealed that the settlement extends to most of the other lenders who were part of […]
The World Bank has made significant downward revisions to China’s growth outlook for 2024, reflecting concerns raised by a series of weak economic indicators. This adjustment, from the previously projected 4.8% in April to the current 4.4%, underscores mounting apprehensions regarding China’s economic slowdown and its potential ripple effects across Asia. China’s economy faces notable […]
In a recent report released by the European Investment Bank, it has been revealed that Africa’s private investment faced a 3% decline, totaling $6.3 billion in 2022. This setback is primarily attributed to global risk aversion, which significantly impacted private equity and venture capital fundraising activities across the continent. Remarkably, this marks the lowest fundraising […]
In a groundbreaking development, OneChronos, a technology company specializing in harnessing cutting-edge auction theory and artificial intelligence (AI) to revolutionize financial markets, has announced the successful completion of its Series B investment round, securing an impressive $40 million in funding. This remarkable financing round was spearheaded by Addition, a move that has garnered significant attention […]
Kenyan stocks are facing an alarming selloff, propelling the nation’s benchmark index into a dire situation, marking it as the world’s worst-performing market. The Nairobi Securities Exchange (NSE) has recorded a distressing fourth consecutive quarter of decline in September, marking the longest downward trend since 2017. Notably, KCB Group Plc, Kenya’s largest bank by assets, […]
Binance, the world’s largest cryptocurrency exchange, has announced its exit from the Russian market. The exchange plans to cease all exchange services and business operations in the country over the coming months. This move follows the sale of its assets to CommEX, a venture that emerged just a day ago, for an undisclosed sum. Unlike […]
In a significant development, the Stock Exchange of Mauritius (SEM) has unveiled an exciting opportunity for Kenyan investment banks and stockbrokers to participate in its market platform. This move has the potential to broaden the spectrum of offshore investment opportunities within the Indian Ocean island State. SEM’s Chief Executive, Sunil Benimadhu, announced this groundbreaking initiative […]
Oil prices saw a substantial 3% surge, nearing $100 a barrel, hitting a fresh 10-month high on Wednesday. The rally was ignited by concerns over tightening global crude supplies, with lower-than-expected US stockpiles adding to the bullish sentiment. Brent crude, the international benchmark, reached as high as $97.06 per barrel, marking its highest intraday level […]
In a remarkable display of financial strength, Vodacom Tanzania has revealed its intention to distribute a substantial payout of 22.3 billion Tanzanian Shillings (TZS) to its equity shareholders for the financial period concluding in March this year. The announcement was made by Vodacom Tanzania’s Chairman, Retired Judge Thomas Mihayo, during a press briefing following the […]
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...