The European Central Bank (ECB) has decided to raise its benchmark deposit rate by a quarter-percentage point to 3.75 per cent, matching a high last seen in 2001. This move marks the ninth consecutive rate increase and comes on the heels of the US Federal Reserve’s similar decision to raise rates. ECB President Christine Lagarde’s […]
In the wake of last week’s coup in Niger, the West African nation has been dealt a major blow to its financial stability as countries around the world condemn the military uprising. The Central Bank of West African States (BCEAO) has cancelled a planned 30 billion CFA franc ($51 million) bond issuance by Niger in […]
The International Monetary Fund’s (IMF) Executive Board convened to discuss the first review of Malawi’s 12-month Staff-Monitored Program (PMB) with Executive Board involvement. The program, greenlit by the IMF Management on July 13, 2023, has been under close scrutiny due to the country’s resilience in the face of multiple challenges. Malawi has confronted a series […]
As African leaders converge in St. Petersburg for the second Russia-Africa Summit. With 49 African delegations and 17 heads of state in attendance, the two-day summit and economic forum offer a unique opportunity to explore key areas of cooperation between Russia and Africa. Top on the summit’s agenda are discussions surrounding food security and the […]
China’s top diplomat, Wang Yi, arrived in Kenya on Saturday for a significant visit, during which he lauded the economic partnership between China and Kenya as a win-win. The Chinese embassy in Kenya issued a statement highlighting the close friendship and mutual trust between the two nations in both political and economic realms. Kenya, with […]
Kenya is on the brink of a revolutionary change in carbon trading as the National Assembly’s Budget and Appropriations Committee (BAC) has given its resounding approval to the Carbon Credit and Benefit Sharing Bill, 2023. Spearheaded by Laisamis MP Joseph Lekuton, this groundbreaking legislation aims to establish a legal framework for carbon markets, ensuring fair […]
In an interdenominational service held at Mwatunge grounds in Taita Taveta county, President William Ruto made a bold declaration, stating that Kenya’s economy has been successfully stabilized, and the nation will no longer be threatened by debts. Having faced the daunting task of steering the economy back on track for the past eight months, President […]
In a bold move to combat surging inflation, the Federal Reserve has decided to resume its rate-rising campaign, lifting its benchmark interest rate by a quarter-point to a range of 5.25-5.5 per cent. This marks the 11th hike in the central bank’s anti-inflation crusade that commenced in March 2022, taking borrowing costs to the highest […]
Oil prices surged nearly 2% on Friday, marking a fourth consecutive weekly gain as mounting evidence of supply shortages and escalating tensions between Russia and Ukraine intensified concerns in the global oil market. According to Reuters, Brent crude futures climbed $1.43, equivalent to 1.8%, settling at an impressive $81.07 per barrel, with a weekly gain […]
In the midst of a severe food crisis across Africa, the exorbitant cost of imported fertilizers is adding fuel to the fire, exacerbating food insecurity and hampering agricultural production. Recent data from the African Market Observatory reveals that global fertilizer suppliers have enjoyed record-breaking profits, with the top nine producers tripling their earnings in 2022 […]
Kenya has enacted sweeping cybercrime legislation that imposes penalties of up to Sh20 million ($155,000) in fines or ten years...
Amazon Web Services (AWS) experienced a massive cloud infrastructure failure on Monday that cascaded across the globe, disrupting thousands of...
South Africa's luxury retail sector is poised for exceptional growth, with projections indicating a remarkable 15% expansion by 2025, positioning...
In a significant development for East Africa's telecommunications landscape, Atlas Tower has secured substantial backing from STOA, a French infrastructure...
