Egypt has taken a significant step forward in its economic reform agenda by implementing a fuel price adjustment, as part of its commitment to the International Monetary Fund (IMF) agreement established in November 2022. This move aims to harmonize domestic fuel prices with international energy markets. After facing delays in executing promised adjustments in the […]
The National Treasury of Kenya has disclosed that the government allocated Sh560 billion towards debt servicing in the first two months of the year. This expenditure is part of the broader effort to repay over Sh700 billion within the next four months, leading up to June. Data from the National Treasury reveals that between January […]
The Biden administration has finalized a crucial agreement with Intel Corporation, directing $8.5 billion in direct funding and $11 billion in loans to enhance chip production in key states: Arizona, Ohio, New Mexico, and Oregon. This strategic investment, facilitated by the bipartisan CHIPS and Science Act, aligns with President Biden’s agenda to bolster domestic semiconductor […]
Johannesburg, South Africa, faces an acute water crisis, leaving its residents struggling with severe shortages. Driven by scorching temperatures and neglected infrastructure, millions find themselves in desperate need of water. Over the past two weeks, residents, including Tsholofelo Moloi, have been queuing for water, relying on municipal tanker trucks for basic supplies. Dwindling reservoirs and […]
Kenya’s maize production is on the rise, thanks to favorable weather conditions. The latest assessment by the Kenya Food Security Steering Group (KFSSG) and the Ministry of Agriculture forecasts a maize yield of 4.2 million tonnes for 2024, marking a significant increase of 15-20 percent compared to the five-year average. The improved production is a […]
China’s industrial sector saw a remarkable upturn at the start of the year, marking a positive development amidst ongoing challenges in the property market. According to recent data from the National Bureau of Statistics, industrial production surged by 7% year-on-year in January and February, surpassing economist expectations. This robust growth, the fastest in nearly two […]
Dubai – Egypt’s economic strategy for the upcoming fiscal year is marked by a commitment to addressing vital subsidies and bolstering financial stability. In its 2024/2025 state budget, the government has allocated over 125 billion Egyptian pounds ($2.66 billion) for bread subsidies and more than 147 billion pounds for petroleum products subsidies. These subsidies are […]
Kenyan Members of Parliament (MPs) led by Mbeere North MP Geoffrey Ruku are calling for a government-to-government (G-to-G) procurement model for fertilizers to address rising costs and ensure food security. The motion, currently pending in the National Assembly, aims to secure quality fertilizers at subsidized rates from surplus-producing countries. Mr. Ruku emphasized the need to […]
Saudi Arabia, the leading global oil exporter, witnessed a slight decrease in its crude oil exports for January, marking the second consecutive month of decline, according to data released by the Joint Organizations Data Initiative (JODI). In January, the Kingdom’s crude exports dipped by 0.2% to 6.297 million barrels per day (bpd), compared to 6.308 […]
In response to mounting challenges in Egypt’s sugar market, the cabinet has extended the ban on sugar exports by an additional three months. This decision, aimed at stabilizing domestic supply amidst escalating prices and shortages, reflects the government’s proactive approach to addressing pressing economic concerns. Acknowledging the severity of the situation, the government had previously […]
Ethiopia has firmly established itself as Africa's second-largest destination for foreign direct investment, trailing only Egypt, in a development that...
India-based diversified conglomerate DCM Shriram Ltd has secured $90 million in financing from the International Finance Corporation (IFC) through the...
Chinese electric vehicle manufacturer BYD is preparing to launch its premium electric vehicle Denza Z9GT in Europe, introducing a new...
Japan has begun releasing oil from its emergency reserves as the global energy market faces renewed turmoil following the effective...
