Nairobi, Kenya – Kenya’s earnings from tea exports to Iran have experienced a remarkable eightfold increase in the first quarter of 2023, providing a welcome boost amidst lower sales to neighboring Pakistan. While Kenya traditionally exports approximately 50% of its tea to Karachi, reduced demand from Pakistani buyers led to a drop in earnings from […]
NAIROBI, Kenya – Today, Kenya witnessed widespread protests on Wednesday as citizens voiced their frustration over the soaring cost of living, directly attributed to a depreciating Kenyan shilling and increased taxation imposed by the Finance Bill 2023. The relentless decline of the shilling has had a severe impact on imports, exacerbating the financial burdens faced […]
NAIROBI, Kenya – Kenyan banks, including Co-operative Bank, Equity Bank, and NCBA Bank, are raising their lending rates in line with the recent interest rate hike by the Central Bank of Kenya (CBK). This adjustment has significant implications for borrowers, as loans become more expensive across the board. The move comes after the CBK’s Monetary […]
NAIROBI, Kenya – Iranian President Ebrahim Raisi embarked on his historic Africa tour with Kenya as the first stop, aiming to bolster trade ties and deepen cooperation between the two nations. Following a meeting with Kenyan counterpart William Ruto, the leaders announced the revitalization of diplomatic bonds by signing a series of new agreements. During […]
Accra – Ghana is eagerly anticipating the launch of its state-of-the-art oil refinery facility in Tema, which is scheduled to commence operations by the end of August. The project, spearheaded by the Sentuo Group, represents a significant investment of $1.98 billion and promises to revolutionize the country’s energy sector. The Sentuo Group’s refinery is expected […]
In a bold move to address Nigeria’s fiscal challenges, President Bola Tinubu recently made the decision to remove fuel subsidies, which has resulted in a significant decline in fuel consumption throughout the country. According to data released by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to Reuters news agency, average daily petrol consumption […]
New York/London – U.S. stocks continued their upward momentum on Thursday, fueled by further indications of easing inflationary pressures in the country. The S&P 500 index reached a 15-month high, rising 0.8%, while the tech-heavy Nasdaq Composite surged 1.6%. The positive market sentiment was driven by data showing that the producer price index rose less […]
Beijing, China – China’s central bank remains optimistic as it expects the country to avoid deflation this year despite recent declines in consumer prices. Liu Guoqiang, the deputy governor of the People’s Bank of China (PBoC), emphasized the importance of patience during the post-pandemic recovery phase and projected a rebound in consumer prices by August. […]
The US dollar is facing a critical breakdown against major global currencies as inflation cools, with experts predicting a sustained period of weakness for the greenback. The US Dollar Index, which measures the value of the dollar against a basket of major currencies, recently fell below its key support level of 100, indicating a potential […]
Saudi Arabia and Russia, the world’s largest oil exporters, have announced additional oil production cuts. The decision aims to stabilize oil prices, which have faced high market volatility in recent times. Saudi Arabia, a prominent member of the Organization of the Petroleum Exporting Countries (OPEC), declared its extension of a voluntary oil production cut by […]
In a pivotal moment for Kenya's economic trajectory, President William Ruto has officially assented to three critical National Assembly Bills:...
In a significant pronouncement that reverberates through the burgeoning digital asset landscape, the Bank for International Settlements (BIS), often referred...
The Coca-Cola Company, a global beverage giant, has unveiled a groundbreaking study highlighting its monumental socio-economic impact across the African...
A transformative era has dawned for chilli farmers in Kenya's coastal region with the official commissioning of a state-of-the-art Sh250...
