Negotiations between Kenya and the United States for the Strategic Trade and Investment Partnership (STIP) have reached their sixth round, with Mombasa playing host to the discussions from June 3-7. Assistant U.S. Trade Representative Constance Hamilton is leading the American delegation, while Principal Secretary for Trade Alfred K’Ombudo heads Kenya’s team. The agenda for this […]
Turkey is preparing to introduce taxes on profits from stocks and cryptocurrencies, aiming to strengthen the country’s budget, according to a Bloomberg report. This proposal, led by Treasury and Finance Minister Mehmet Simsek, was discussed in a recent meeting with the ruling AK Party members. The initiative is part of a broader fiscal tightening strategy […]
The International Monetary Fund (IMF) announced on Tuesday that it has reached a “staff-level agreement” to unlock $574 million in financial assistance for Zambia, which has been severely impacted by a recent drought. This agreement, pending approval by the IMF’s executive board, follows a review of the $1.3 billion loan originally granted to Zambia in […]
Nigeria is gripped by a significant labor strike as the nation’s main labor unions, the Nigerian Labour Congress (NLC) and the Trade Union Congress (TUC), launch an indefinite strike in response to the government’s failure to reach an agreement on a new minimum wage. This marks the fourth major strike since President Bola Tinubu assumed […]
Russia’s finance ministry has updated its 2024 budget deficit projection to 2.12 trillion roubles ($23.76 billion), equating to 1.1% of GDP. This adjustment, part of budget amendments submitted to the State Duma, represents an increase from the previous estimate of 1.595 trillion roubles or 0.9% of GDP. Increased Defense Spending This revision is primarily driven […]
Kenya experienced a 4.3% decline in mineral production value, falling from Ksh 35.2 billion in 2022 to Ksh 33.7 billion in 2023, according to the latest data from the Kenya National Bureau of Statistics (KNBS). This decrease was primarily driven by a significant drop in the value of titanium ores, which fell by over Ksh […]
President Ruto is set to embark on a significant journey to the Republic of Korea, aiming to secure a substantial Ksh. 40 billion investment to bolster Kenya’s creative economy. This visit, scheduled to commence on Sunday evening, marks a crucial milestone in strengthening ties between Kenya and Korea and fostering economic growth. The upcoming Korea-Africa […]
The Institute of International Finance (IIF) forecasts that capital flows to emerging markets will increase to $903 billion in 2024, a 32% rise from the previous year. This growth is expected to be driven primarily by a recovery in foreign direct investment (FDI) and increased equity portfolio inflows. Strong Recovery in Investment The IIF’s report […]
Egypt has announced a temporary suspension of its land allocation system, which prioritized applicants paying in dollars from abroad. Minister of Housing, Utilities, and Urban Communities, Assem El Gazzar, stated that the New Urban Communities Authority (NUCA) will review all allocations under this system to ensure they align with the Central Bank of Egypt’s foreign […]
The Council of the European Union has officially approved the EU-Kenya Economic Partnership Agreement (EPA), marking a significant milestone in the economic relationship between Europe and Kenya. This agreement ensures Kenya’s continued tax-free access to the 27-member EU market while progressively opening Kenya to duty-free imports and European investments. Enhancing Trade and Economic Opportunities The […]
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...
