In a noteworthy divergence, the Bank of England (BoE) opted to maintain its current interest rates at a 15-year high of 5.25%, marking the first split decision since the onset of the global financial crisis in August 2008. The decision, with six out of nine members of the Monetary Policy Committee voting to retain rates, […]
Mastercard has intensified its commitment to tackling youth unemployment in South Africa through an expanded partnership with the Youth Employment Service (Yes), a prominent private-sector initiative. Having previously integrated 12 Yes Youth into its workforce, Mastercard is now enhancing its engagement by welcoming an additional 14 young individuals for the upcoming phase (2023/24). This move […]
Horticulture export earnings in Kenya experienced a positive uptick in 2023, rising by 6.5% compared to the previous year. Data from the Horticulture Crops Directorate (HCD) reveals that earnings reached Sh156.69 billion, a significant increase from Sh147.1 billion in the preceding year. This growth was primarily driven by a notable surge in export volumes, which […]
The International Monetary Fund (IMF) has revised its global growth forecast for 2024, predicting a 3.1% expansion. This adjustment reflects the continued resilience of the global economy despite prevailing challenges. During a recent press briefing in Johannesburg, IMF Chief Economist Pierre Olivier-Gourinchas highlighted the unexpected strength of various economies, including the United States and key […]
Kenya and Tanzania are poised to strengthen their energy collaboration as the African Development Bank (AfDB) stresses the importance of expediting three key agreements. Valued at Sh43 billion ($309.26 million), these agreements aim to facilitate the exchange of surplus electricity between the two nations. Central to these agreements are a wheeling agreement between Tanzania Electric […]
In a tug-of-war over energy dominance, Kenya finds itself counting the costs of a bitter dispute with its neighbor, Uganda, as the latter pivots towards Tanzania for oil imports. Since October last year, tensions have simmered between the two East African nations, fueled by Uganda’s decision to seek alternative energy partnerships. Following Uganda’s announcement in […]
The International Monetary Fund (IMF) has revised upwards its growth projections for emerging Asian economies, foreseeing a solid expansion of 5.2% in 2024, despite a modest deceleration from the previous year. This adjustment, reflecting stronger-than-anticipated growth in China, signals promising economic resilience across the region. China, a pivotal driver of regional growth, has seen its […]
The Democratic Republic of Congo (DRC) has sealed a crucial partnership with Chinese construction giants, marking a significant milestone in the mining sector’s development. Under the agreement, Sinohydro Corp and China Railway Group Limited will invest $7 billion in infrastructure projects within the DRC as part of the Sicomines copper and cobalt joint venture. The […]
Morocco has announced a strategic move to bolster its renewable energy sector with a substantial annual investment of $1 billion in solar power projects. This initiative reflects the nation’s commitment to advancing its renewable energy goals while simultaneously reducing dependence on energy imports. According to a report from Hespress, Morocco’s plan entails steadily increasing its […]
A recent report by the Institute of Public Finance (IPF) has sounded the alarm bells for Kenya’s economic future, citing significant risks of a debt crisis. Despite years of substantial borrowing, Kenya has struggled to translate these financial injections into tangible economic growth and employment opportunities. During the unveiling of the MacroFiscal Analytic Snapshot (MFAS) […]
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...
