In a notable downturn, Japanese stocks experienced a significant decline today, with the Nikkei index plummeting as much as three percent. This decline was fueled by a strengthening yen against the dollar and a substantial sell-off in semiconductor stocks. During afternoon trading, the Nikkei index reached a low of 38,496.66 before recovering slightly to close […]
Bamburi Cement has successfully concluded the sale of its entire stake in Hima Cement, its Ugandan subsidiary, fetching an estimated $84 million. This strategic move has investors eyeing the possibility of a special dividend. The sale, finalized on March 5, involved offloading Bamburi’s 70 percent stake to a consortium led by Sarrai Group and Rwimi […]
Pension funds facing challenges in accurately valuing bond holdings amidst market fluctuations have received a reprieve through recent regulatory adjustments by the Retirement Benefits Authority (RBA). Effective December 21, 2023, the RBA implemented amendments allowing pension schemes to exclude unrealized gains or losses from debt instruments when declaring net returns to members. This move addresses […]
Over 120 member states of the World Trade Organization (WTO) have signed the Investment Facilitation for Development (IFD) Agreement, aiming to streamline investment processes in developing and least-developed countries. Despite initial reservations, the pact received broad support, with 75 percent of WTO members endorsing it. The agreement, unveiled just before the 13th ministerial conference in […]
Uber Technologies Inc. is currently engaged in discussions to invest in Moove, an African auto-financing startup. Sources familiar with the matter suggest that Uber’s potential investment could range between $75 million and $100 million, as part of a larger funding round. The proposed investment would significantly enhance Moove’s valuation, potentially reaching around $750 million, a […]
Yields on Kenyan Eurobonds have seen a notable decline, marking a shift in investor sentiment as concerns surrounding the country’s debt obligations ease. The interest rates on various Eurobond issues have dropped into single-digit territory, reflecting a more favorable outlook for Kenyan sovereign assets in global financial markets. This positive trend follows the partial payment […]
Japan’s Nikkei 225 index witnessed a historic surge on Thursday, breaching the coveted 39,000 milestone, driven by a combination of robust corporate earnings and investor-friendly reforms. The index’s remarkable ascent, rising nearly 2% to reach 39,029, marks a significant milestone, surpassing its previous peak achieved in 1989. This surge is part of a broader trend […]
In a strategic move to invigorate Egypt’s burgeoning start-up ecosystem, Sawari Ventures, a prominent venture capital firm headquartered in Cairo, has announced the launch of a $150 million fund dedicated to fostering innovation and growth within the country. Led by CEO and Co-founder Hani Al Sanbati, Sawari Ventures aims to allocate its resources across key […]
Vestas, a leading sustainable energy solutions provider, has announced the sale of its stake in the Lake Turkana Wind Power project (LTWP) in Kenya. The move aligns with Vestas’ strategy of developing wind projects without long-term ownership. LTWP, operational since 2018, supplies about 14% of Kenya’s electricity demand through its 365-turbine complex, making it Africa’s […]
As Nvidia prepares to unveil its fourth-quarter earnings, the semiconductor market witnesses a cautious stance, reflected in the decline of key players like Taiwan Semiconductor Manufacturing Company (TSMC) and ASML. TSMC, known as the world’s top producer of advanced processors, experienced a modest drop of over 1% in its shares. With clientele including industry giants […]
Kenya, a vibrant East African economic hub, finds itself at a critical juncture, grappling with persistent challenges of corruption, illicit...
The United States labor market delivered a robust performance in June, with job growth surpassing economists' forecasts and the unemployment...
Africa is on the cusp of a profound digital transformation, with its data centre sector emerging as a critical backbone...
The vibrant city of Nairobi is currently hosting a pivotal event poised to redefine Africa's investment landscape: the inaugural NextFrontierAfrica...
