In a significant shift in monetary policy, the Bank of England (BoE) has reduced its main interest rate by 0.25%, bringing it down to 5% from the previous 16-year high of 5.25%. This marks the first rate cut since the early days of the COVID-19 pandemic in 2020, reflecting a response to easing inflationary pressures […]
In recent days, Ethiopia has witnessed a dramatic shift in its economic landscape following the central bank’s decision to float the national currency, the birr. The move, which saw the birr weaken by 28% against the US dollar, has led to a surge in commodity prices, prompting local authorities to crack down on businesses accused […]
Kenya has just embarked on an ambitious and exciting journey with the launch of the Association of Special Economic Zones (ASEZ). This new, independent body is set to reshape the country’s economic future by bringing together various stakeholders involved in Special Economic Zones (SEZs). ASEZ aims to be a unifying force for SEZ developers, operators, […]
In a surprising turn of events, the Bank of Japan (BOJ) made headlines today with a major policy shift that defies market expectations. For the first time since 2008, the BOJ has raised its interest rates and outlined a gradual plan to taper its extensive bond-buying program. This move represents a significant step towards winding […]
In a bold and unprecedented move, South Africa and the African Union are spearheading a global effort to impose taxes on the ultra-wealthy. This push marks the first serious attempt to establish an international standard for taxing individuals with assets exceeding $1 billion. Announced at a recent G20 finance ministers’ meeting in Rio de Janeiro, […]
In the midst of economic uncertainties, Nairobi’s property market is showing remarkable resilience. The latest report from HassConsult reveals that property transactions in the city have managed to maintain a steady pace, despite the challenging economic conditions and rising costs for developers. This ongoing stability is an encouraging sign for the market, as it continues […]
Much of the debate surrounding the implications of a possible second U.S. presidential term for Republican Donald Trump has focused on what may happen to the U.S. and global economies. Trump’s plan to impose tariffs of 10% on virtually all imports into the United States, and as much as 50% on those from top trading […]
In the bustling tech hubs of Lagos, a storm is brewing, threatening to unravel the fragile threads that hold Nigeria’s digital economy together. Tech entrepreneurs, united under the aegis of the Nigerian Tech Community (NTC), have issued a heartfelt plea to Nigerians: cancel the looming nationwide protests set to begin on August 1. These protests, […]
As economic pressures mount, a new consumer index reveals that the majority of Kenyans are cutting back on non-essential purchases to stay afloat. The ILAM Consumer Spending Index for the Second Quarter of 2024 highlights the significant impact of rising prices on consumer behavior, with 77 percent of Kenyans reporting increased spending on essential goods […]
The Federal Reserve’s ongoing efforts to revamp a crucial emergency lending facility have garnered legislative backing, as Democratic Senator Mark Warner of Virginia introduced a bill on Friday aimed at overhauling the Fed’s discount window. This move comes in response to the long-standing stigma banks face when accessing this facility, a sentiment that was notably […]
In a significant diplomatic stride, the Republic of Cyprus has officially inaugurated its embassy in Nairobi, marking a pivotal moment...
The Syrian economy, devastated by over a decade of conflict, stands at a critical juncture. On Monday, the World Bank...
The world's youngest nation, South Sudan, is once again at a critical economic crossroads, facing a severe financial crisis that...
In a vibrant display of its growing economic prowess and innovation, Kenyan startups have collectively raised a remarkable Sh17 billion...
