Nigeria’s President Bola Tinubu defended the nation’s decision to remove fuel subsidies in a recent national broadcast. The move, which has faced criticism due to its impact on the economy, has already saved over $1.32 billion in just two months. In an evening address to the nation, President Tinubu acknowledged the economic hardships that followed […]
In July, factories across Asia encountered a slowdown in demand, reflecting the ongoing struggle for growth in the global economy. Nine private surveys revealed that six of Asia’s major producers experienced a contraction in manufacturing activity, with China’s manufacturing activity slipping into contraction unexpectedly for the first time in three months. The slowdown extended to […]
Kenya’s inflation rate has hit a 14-month low as the cost of living eases due to moderating prices of basic food items. The Kenya National Bureau of Statistics (KNBS) reported that inflation rose at the slowest pace in nearly one and a half years in July, reaching 7.3 percent, down from 7.9 percent in June. […]
As fuel prices continue to reach new heights, Kenyan consumers are feeling the pinch and responding by cutting back on their usage of super petrol. According to a recently released report from the Petroleum Institute of East Africa (PIEA), the first quarter of this year saw a 1% decline in the consumption of super petrol […]
Kenya’s Court of Appeal has made a significant decision by overturning the suspension of the 2023 Finance Act. The suspension had been put in place following Treasury Cabinet Secretary (CS) Prof Njuguna Ndung’u’s assertion that the government was losing an estimated half a billion shillings per day due to the freeze. A panel of three […]
In the heart of Africa, Kenya has emerged as a trailblazer in the realm of digital innovation, and one sector, in particular, has been a driving force behind the nation’s economic growth and financial inclusivity: digital credit. Through harnessing the power of technology, digital credit has transformed access to finance, empowering individuals and businesses alike, […]
In a recent development, Fitch Ratings, a prominent global rating agency, has taken a noteworthy step by revising Kenya’s credit rating outlook from stable to negative. This move is significant as it joins the chorus of concern from other major rating firms such as Moody’s and Standard & Poor’s, which have also expressed reservations about […]
Saudi Arabia, which was previously recognized as the fastest-growing economy in the G20, is now experiencing a notable economic slowdown in the second quarter of this year. During this period, the country’s GDP only expanded by 1.1% annually, a stark contrast to the impressive 11.2% growth seen in the same quarter of 2022. The main […]
Argentina’s economic woes are set to receive a much-needed boost as the International Monetary Fund (IMF) and the country reach a staff-level agreement. The agreement unlocks access to $7.5 billion in funds from the IMF to support Argentina’s struggling economy, which has been grappling with a tough economic backdrop. The agreement aims to address Argentina’s […]
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 […]
Aquaculture, the fastest-growing segment of the global food system, now produces more than half of the world's fish. In Kenya,...
The Gulf Cooperation Council (GCC) has experienced significant growth in its debt capital markets, with a year-on-year increase of 11%...
The Nigeria Labour Congress (NLC) has strongly criticized the National Assembly over its exclusion of workers and trade unions in...
HF Group Plc, a leading financial solutions provider in Kenya, has achieved a remarkable milestone with the successful completion of...