Recent data from the Central Bank of Kenya (CBK) underscores a notable increase in remittance inflows from Kenyans living abroad, reaching a record high of Sh52 billion last month. This represents a substantial 24.8% surge compared to the same period in the previous year, reflecting the resilience and commitment of the Kenyan diaspora amidst global […]
Fitch Ratings has increased its 2024 global GDP growth projection by 0.3 percentage points to 2.4%, reflecting a more optimistic outlook for the world economy. This revision is primarily driven by a substantial upgrade in the growth forecast for the United States, climbing from 1.2% to a robust 2.1%. While global growth remains steady at […]
The Arab Monetary Fund (AMF) has reported a significant milestone in the region’s financial markets, with the combined market capitalisation of Arab stock exchanges surpassing $4.5 trillion in February, marking a notable increase from the previous month’s $4.4 trillion. Leading this surge is the Abu Dhabi Securities Exchange, boasting a market capitalization of $775.1 billion, […]
The Energy and Petroleum Regulatory Authority (EPRA) has announced a significant reduction in fuel prices for March-April, offering relief to both motorists and households. Effective immediately, Super Petrol prices will decrease by KSh 7.21 per litre, while Diesel and Kerosene will see cuts of KSh 5.09 and KSh 4.49 per litre respectively. This adjustment comes […]
The International Energy Agency (IEA) unveiled a forecast indicating a notable surge in global oil demand, driven by multiple factors. One significant contributor is the escalating fuel requirements of ships, which are opting for longer and costlier routes around the southern tip of Africa to evade attacks by Yemen’s Houthi rebels in the Red Sea—a […]
Tunisia’s economic outlook brightens as recent data from the National Statistics Institute (INS) reveals a notable 24.3% reduction in the trade deficit during the first two months of 2024. The deficit, now standing at TND 1,784.1 million, shows a significant improvement compared to the same period last year. While facing challenges in trade relations with […]
The Kenyan Treasury is contemplating the introduction of a 16 percent value-added tax (VAT) on milk and bread to address concerns regarding tax disparities. Treasury Cabinet Secretary Njuguna Ndung’u highlighted the necessity of this move to realign tax policies, ensuring equitable distribution of benefits across income groups. Government studies reveal that the current zero-rated VAT […]
In recent discussions, OPEC and the International Energy Agency (IEA) have addressed crucial issues surrounding oil security and future demand projections. The IEA, renowned for advising industrialized nations, emphasized the enduring significance of oil in the global energy landscape. OPEC responded positively, underlining the pivotal role oil plays in maintaining global energy stability. Despite this […]
In a significant development for South Africa’s financial landscape, the Financial Sector Conduct Authority (FSCA) has granted operating licenses to 59 cryptocurrency businesses. This move reflects the country’s commitment to regulating the rapidly growing crypto industry while ensuring consumer protection and mitigating financial risks. The decision follows the FSCA’s classification of crypto assets as financial […]
Kenya’s recent inclusion in the Financial Action Task Force (FATF) ‘grey list’ has raised concerns among local banks, highlighting potential hurdles in compliance and international transactions. Moody’s, a leading ratings agency, warns of increased costs for Kenyan banks due to heightened scrutiny and potential loss of correspondent relationships. Notably, KCB Bank Kenya, Equity Bank (Kenya) […]
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...
