Chinese companies in Kenya have emerged as key players in driving economic growth, infrastructure development, and employment opportunities. The Kenya China Economic and Trade Association (KCETA) recently revealed in its fourth Social Responsibility Report for 2022-2023 that over 60,000 Kenyans were employed by Chinese firms during this period, achieving a localization ratio exceeding 90 percent. […]
The Federal Reserve announced a quarter-percentage-point cut in interest rates on Wednesday, bringing the benchmark policy rate to the 4.25%-4.50% range. However, central bankers emphasized a more cautious approach to future rate reductions, citing a relatively stable unemployment rate, resilient economic growth, and persistent inflationary pressures. This decision reflects the Fed’s evolving strategy as it […]
The Nigerian Senate has taken a bold step towards enhancing the value and independence of the Naira by introducing a Bill to prohibit the use of foreign currencies for domestic transactions. The legislation, titled A Bill for an Act to Alter the Central Bank of Nigeria Act, 2007, No. 7, to Prohibit the Use of […]
In a strategic move to solidify Nairobi’s position as a leading multilateral hub in Africa, the Kenyan government has introduced new work permits under the Kenya Citizenship and Immigration (Amendment) Regulations, 2024. Announced via gazette notice on Monday, these amendments are set to modernize and streamline work permit regulations to attract international organizations, diplomats, and […]
In November, UK inflation reached its highest level in eight months, climbing to 2.6% from 2.3% in October. This marked a notable departure from September’s inflation rate of 1.7%, which had dipped below the Bank of England’s (BoE) 2% target for the first time in over three years. While the uptick aligns with economists’ forecasts, […]
Zambia has received a disbursement of $184 million from the International Monetary Fund (IMF) following a successful fourth review of its Extended Credit Facility (ECF) arrangement. This brings the total disbursement under the 38-month program to $1.3 billion. The funding offers crucial support as Zambia grapples with economic challenges, including high inflation, drought-induced agricultural declines, […]
In a significant milestone for regional cooperation, Tanzania and Kenya have eliminated 50 trade barriers over the past four years, signaling improved economic relations and enhanced business opportunities between the two East African neighbors. The progress, achieved under the leadership of Tanzania’s President Samia Suluhu Hassan, underscores the deepening partnership between the two nations, moving […]
The euro zone witnessed a marginal improvement in its business activity in December, signaling a potential slowdown in the economic decline that has persisted throughout 2024. According to the HCOB Preliminary Composite Purchasing Managers’ Index (PMI), compiled by S&P Global, the index rose to 49.5 in December from November’s 48.3, nearing the critical 50-point threshold […]
The International Monetary Fund (IMF) has approved $204.5 million in additional funding for Tanzania following a successful review of the country’s economic reform program. This milestone underlines Tanzania’s progress in implementing reforms aimed at bolstering economic stability and inclusive growth while addressing emerging challenges such as climate change and fiscal sustainability. The funding, approved on […]
The Kenya Electricity Transmission Company (KETRACO) has achieved a significant milestone with the completion and energisation of the 400kV Kenya-Tanzania transmission line. This interconnector spans 510 kilometers, linking Kenya’s Isinya substation to Tanzania’s Singida substation, thereby integrating the power grids of both nations. The development marks a major step forward for regional energy cooperation and […]
Kenya, a vibrant East African economic hub, finds itself at a critical juncture, grappling with persistent challenges of corruption, illicit...
The United States labor market delivered a robust performance in June, with job growth surpassing economists' forecasts and the unemployment...
Africa is on the cusp of a profound digital transformation, with its data centre sector emerging as a critical backbone...
The vibrant city of Nairobi is currently hosting a pivotal event poised to redefine Africa's investment landscape: the inaugural NextFrontierAfrica...
