At the World Economic Forum in Davos, Secretary of State Antony Blinken reinforced the United States’ commitment to addressing global food security challenges. Collaborating with the African Union and the Food and Agriculture Organization, Blinken introduced the Vision for Adapted Crops and Soils (VACS) initiative, a crucial facet of the USAID’s Feed the Future program. […]
In a significant move towards regional collaboration, Prime Cabinet Secretary and Foreign Affairs Cabinet Secretary of Kenya, Musalia Mudavadi, held talks with Tanzanian Foreign Affairs Minister Dr January Makamba on the sidelines of the Non-Aligned Movement (NAM) Member States Summit. Mudavadi reaffirmed Kenya’s dedication to fostering integration within the East African Community (EAC), emphasizing the […]
In a significant economic development, the Kenyan shilling experienced a historic low on Monday, breaching the Sh160.23 mark against the US dollar. This decline, part of a sustained weakening trend, has raised concerns across financial sectors. Last month, the Central Bank of Kenya (CBK) responded to the ongoing depreciation by unexpectedly raising interest rates by […]
In a groundbreaking move, Congressional negotiators have finalized a monumental $78 billion tax deal aimed at providing substantial support to both businesses and low-income families, according to credible sources. The eagerly anticipated package, set to be officially unveiled by the House Ways and Means Committee, led by Republican Jason Smith, includes strategic provisions to address […]
In a strategic move to streamline its portfolio and exit onshore oil production in the Niger Delta, Shell has entered into a $2.4 billion agreement to divest its Nigerian onshore subsidiary, The Shell Petroleum Development Company of Nigeria Limited (SPDC), to Renaissance, a consortium of five companies. Under the terms of the deal, Shell will […]
In a strategic move towards financial innovation, the Nigerian Securities and Exchange Commission (SEC) has granted NASD PLC the approval to launch its groundbreaking Digital Securities Platform (N-DSP) under the Regulatory Incubation (RI) Programme. This comes on the heels of the recent Central Bank of Nigeria’s decision to lift the ban on trading digital assets, […]
In a candid interview at the IMF Headquarters in Washington, D.C., Managing Director Kristalina Georgieva shed light on the economic challenges looming on the horizon as over 80 countries brace for elections this year. Addressing the press before her departure to the World Economic Forum in Davos, Switzerland, Georgieva underscored the intricacies of fiscal policy, […]
In a strategic move, the African Development Bank (AfDB) has announced a pivotal shift in its approach to funding Kenya’s infrastructure projects. Beginning this year and extending through 2028, the bank will streamline its financial support, channeling resources exclusively into transport and water projects, deeming them vital for economic productivity. This recalibration of priorities comes […]
The Suez Canal, a linchpin in global maritime trade, is facing a challenging start to 2024, with revenues witnessing a substantial 40% decline in the first 11 days of the year. Chairman of the Suez Canal Authority (SCA), Osama Rabie, disclosed this alarming figure, shedding light on the canal’s current economic turbulence. A pivotal factor […]
Equity Bank Kenya has entered the financial landscape with a strategic launch – ‘Boostika.’ This unsecured overdraft facility is poised to directly challenge Safaricom’s Fuliza, offering customers the ability to overdraw their accounts up to Sh100,000 for seamless transactions, particularly in shopping scenarios. Boostika, boasting an effective cost of credit at 8.5%, is designed to […]
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...
