In a thoughtful address delivered at the United Nations General Assembly in New York, Kenya’s President William Ruto has urged developed nations to embark on a comprehensive debt restructuring initiative. This initiative aims to provide timely assistance to vulnerable countries grappling with mounting sovereign debt burdens, preventing them from teetering on the brink of financial […]
The American housing market is navigating choppy waters as existing home sales faced a 0.7 percent decline in August, according to the latest data from the National Association of Realtors (NAR). This trend reflects the challenges posed by rising mortgage rates and limited supply. Existing home sales reached an annual rate of 4.04 million units […]
In the wake of a coup that ousted Niger’s democratically elected president, the country finds itself grappling with a severe economic crisis, further exacerbated by West African sanctions. These measures, intended to force a return to democracy, are taking a heavy toll on one of the world’s poorest nations. Food and medicine shortages have become […]
Kenya’s banking sector is experiencing a significant boost as dollar deposits in commercial banks rose by Sh61 billion during July, reaching a remarkable Sh1.246 trillion ($8.47 billion). This surge, reported in the National Treasury’s Draft 2023 Budget Review and Outlook Paper, reflects the ongoing trend of dollar deposit growth driven by a weakening Kenyan shilling. […]
The Bank of England (BoE) has opted to keep its key interest rate unchanged at 5.25%, a decision that may indicate a potential stabilization in the nation’s monetary policy. This announcement follows nearly two years of consistent rate hikes, making it a significant point of interest for financial markets. The central bank’s Monetary Policy Committee […]
Egypt has taken a significant step in bolstering its energy sector, granting approval for a pivotal oil exploration agreement with LukOil Overseas Egypt Ltd, a subsidiary of Russia’s renowned oil and gas giant, LUKOIL. The Egyptian Cabinet’s green light for this landmark deal signifies the nation’s commitment to harnessing its abundant energy resources. In a […]
Kenya is witnessing a concerning surge in commercial bank lending rates, which have climbed to a 65-month peak of 13.5 percent as of July 2023. This surge reveals the cumulative impact of several economic factors on borrowers and has implications for both consumers and the financial sector. Data released by the Central Bank of Kenya […]
The Central Bank of Kenya (CBK) has introduced a significant change in foreign exchange transactions by requiring Money Remittance Providers (MRPs) to sell any daily foreign exchange currency exceeding $100,000 (equivalent to Sh14.7 million) exclusively to commercial banks. This move is aimed at fostering a “fair and orderly” market, as announced by the CBK. MRPs, […]
The Federal Reserve, in an unexpected turn of events, has announced significant losses exceeding $100 billion, as disclosed in central bank data released on Thursday. This alarming financial situation has raised concerns about the possibility of further losses in the foreseeable future. The central bank of the United States finds itself in an unsettling financial […]
France is taking proactive measures to combat inflation, with Prime Minister Elisabeth Borne revealing plans to temporarily suspend a longstanding ban on retailers selling road fuel below cost. This decision comes as the country grapples with a summer surge in pump prices, posing challenges to the government’s efforts to control consumer inflation. TotalEnergies, a prominent […]
Kenya's fiscal deficit is projected to widen by 10.23 percent in the 2026/27 financial year (FY), signaling renewed pressure on...
Financial markets are experiencing a significant shift as the benchmark US 10-Year Treasury Yield has decisively fallen below the critical...
A comprehensive demographic research study conducted by the International Labour Organisation (ILO) has revealed alarming statistics about Nigeria's employment landscape,...
Africa's electric mobility story has long been characterized by unfulfilled promise rather than tangible progress. Infrastructure remains scarce across the...
