In Tokyo, Japanese Finance Minister Shunichi Suzuki affirmed the government’s willingness to tackle the issue of the weakening yen. Speaking on Tuesday, Suzuki highlighted the importance of maintaining stability in the currency market while acknowledging the dual impacts of a weak yen on the economy. Suzuki emphasized that while a weak yen could offer benefits, […]
In Uganda, bamboo farming is experiencing a significant upswing, driven by both government initiatives and grassroots entrepreneurship. The hardy and fast-growing nature of bamboo has caught the attention of local authorities, who view it as a sustainable alternative to traditional timber sources, such as eucalyptus. This shift is particularly crucial for rural communities, where bamboo […]
In a significant development, Kenya’s sugar imports reached a seven-month low in February, marking a notable shift towards increased domestic production. According to the Sugar Directorate, only 42,381 tonnes of sugar were imported last month, a sharp drop from previous figures. This decline coincides with the resurgence of local production as factories resumed operations following […]
International Monetary Fund (IMF) managing director Kristalina Georgieva delivered a significant call to action at the China Development Forum in Beijing. Addressing China’s economic challenges head-on, Georgieva advocated for a strategic shift towards “high-quality” growth through comprehensive pro-market reforms. In her address, Georgieva acknowledged China’s resilience amid a housing market crisis, tepid domestic demand, and […]
Egypt and Singapore showcased their commitment to enhancing economic ties during the official visit of Singapore’s Foreign Minister, Vivian Balakrishnan, to Egypt on March 22nd and 23rd. Minister Sameh Shoukry hosted his Singaporean counterpart, emphasizing the shared goal of bolstering bilateral relations. Discussions centered on fostering investment opportunities, with Minister Shoukry highlighting Egypt’s commitment to […]
In a move to support affordable housing initiatives, the Kenya Revenue Authority (KRA) has initiated the deduction of the affordable housing levy (AHL) from March payslips, effective March 19, 2024. Under the new directive, all employers are mandated to deduct the AHL from employees’ gross salaries and contribute 1.5 percent of the employee’s gross monthly […]
The Bank of England (BoE) announced its decision to maintain the main interest rate at a 16-year high, echoing the recent stance of the US Federal Reserve. Despite signs of a slowing economy, BoE Governor Andrew Bailey emphasized that the current conditions do not warrant a rate reduction yet, but acknowledged a potential shift in […]
Egypt has taken a significant step forward in its economic reform agenda by implementing a fuel price adjustment, as part of its commitment to the International Monetary Fund (IMF) agreement established in November 2022. This move aims to harmonize domestic fuel prices with international energy markets. After facing delays in executing promised adjustments in the […]
The National Treasury of Kenya has disclosed that the government allocated Sh560 billion towards debt servicing in the first two months of the year. This expenditure is part of the broader effort to repay over Sh700 billion within the next four months, leading up to June. Data from the National Treasury reveals that between January […]
The Biden administration has finalized a crucial agreement with Intel Corporation, directing $8.5 billion in direct funding and $11 billion in loans to enhance chip production in key states: Arizona, Ohio, New Mexico, and Oregon. This strategic investment, facilitated by the bipartisan CHIPS and Science Act, aligns with President Biden’s agenda to bolster domestic semiconductor […]
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...
