In a significant economic development, the Kenyan shilling experienced a historic low on Monday, breaching the Sh160.23 mark against the US dollar. This decline, part of a sustained weakening trend, has raised concerns across financial sectors. Last month, the Central Bank of Kenya (CBK) responded to the ongoing depreciation by unexpectedly raising interest rates by […]
In a groundbreaking move, Congressional negotiators have finalized a monumental $78 billion tax deal aimed at providing substantial support to both businesses and low-income families, according to credible sources. The eagerly anticipated package, set to be officially unveiled by the House Ways and Means Committee, led by Republican Jason Smith, includes strategic provisions to address […]
In a strategic move to streamline its portfolio and exit onshore oil production in the Niger Delta, Shell has entered into a $2.4 billion agreement to divest its Nigerian onshore subsidiary, The Shell Petroleum Development Company of Nigeria Limited (SPDC), to Renaissance, a consortium of five companies. Under the terms of the deal, Shell will […]
In a strategic move towards financial innovation, the Nigerian Securities and Exchange Commission (SEC) has granted NASD PLC the approval to launch its groundbreaking Digital Securities Platform (N-DSP) under the Regulatory Incubation (RI) Programme. This comes on the heels of the recent Central Bank of Nigeria’s decision to lift the ban on trading digital assets, […]
In a candid interview at the IMF Headquarters in Washington, D.C., Managing Director Kristalina Georgieva shed light on the economic challenges looming on the horizon as over 80 countries brace for elections this year. Addressing the press before her departure to the World Economic Forum in Davos, Switzerland, Georgieva underscored the intricacies of fiscal policy, […]
In a strategic move, the African Development Bank (AfDB) has announced a pivotal shift in its approach to funding Kenya’s infrastructure projects. Beginning this year and extending through 2028, the bank will streamline its financial support, channeling resources exclusively into transport and water projects, deeming them vital for economic productivity. This recalibration of priorities comes […]
The Suez Canal, a linchpin in global maritime trade, is facing a challenging start to 2024, with revenues witnessing a substantial 40% decline in the first 11 days of the year. Chairman of the Suez Canal Authority (SCA), Osama Rabie, disclosed this alarming figure, shedding light on the canal’s current economic turbulence. A pivotal factor […]
Equity Bank Kenya has entered the financial landscape with a strategic launch – ‘Boostika.’ This unsecured overdraft facility is poised to directly challenge Safaricom’s Fuliza, offering customers the ability to overdraw their accounts up to Sh100,000 for seamless transactions, particularly in shopping scenarios. Boostika, boasting an effective cost of credit at 8.5%, is designed to […]
In a noteworthy display of bipartisan cooperation, Congressional leaders have sealed an essential agreement to avert a potential government shutdown. This development, strategically announced just before the looming January 19 and February 2 funding deadlines, is poised to maintain government operations until March 1 and 8. The linchpin of this arrangement is a short-term measure […]
In a groundbreaking revelation at the ongoing Future Minerals Forum in Riyadh, Saudi Arabia has substantially revised its estimate for untapped mineral resources, now valued at an impressive $2.5 trillion—almost doubling the 2016 forecast of $1.3 trillion. This strategic move is a testament to the success of Vision 2030, the transformative initiative spearheaded by Crown […]
A historic moment in East African energy cooperation unfolded this week as Ethiopia commenced its first-ever electricity exports to Tanzania,...
The United States Senate is currently embroiled in a high-stakes, marathon voting session on a sweeping budget bill, colloquially dubbed...
In a landmark moment for Burundi's energy future, President Evariste Ndayishimiye this week inaugurated the Jiji hydroelectric plant, a crucial...
The financial landscape in Kenya has seen a notable development with the Central Bank of Kenya (CBK) announcing the cancellation...
