Federal Reserve Chair Jerome Powell addressed the audience at the Jackson Hole Economic Symposium, shedding light on the central bank’s outlook for the economy and its approach to managing inflation. Powell acknowledged the progress made in tackling inflation, noting that it had eased from its peak of 7% last summer to 3.3%. Despite this improvement, […]
In a surprising and bold move, Turkey’s central bank has jolted global markets by announcing a substantial increase in its key interest rate by a staggering 750 basis points, propelling it to 25%. The unexpected decision has ignited an unprecedented surge in the Turkish lira’s value and has indicated a newfound commitment to tackle the […]
President William Ruto addressed a gathering during an interdenominational service in Bungoma County, pledging his administration’s commitment to resolving the long-standing challenges facing the sugar industry in the Western region. “We are dedicated to addressing the persistent issues affecting the sugar sector in this region. I assure you that we will work towards a comprehensive […]
In the first half of 2023, a remarkable shift has been observed in the borrowing habits of Kenyan individuals, with the Fuliza digital lending platform taking the lead. A daily average of more than Sh2.2 billion is being borrowed through Fuliza, underlining the increasing reliance on modern digital financial solutions. This trend is reflected in […]
In a bid to stabilize the Kenyan shilling against external pressures, the government has outlined an ambitious goal: to elevate the country’s foreign exchange reserves to a level equivalent to 6.1 months of import cover. This strategic move is a cornerstone of the Medium-Term Plan 4, a pivotal phase in the realization of Vision 2030. […]
Johannesburg, August 23, 2023 — The ongoing BRICS summit in Johannesburg, South Africa, has shifted its attention to critical matters that could shape the future course of these prominent developing economies. The summit, which brings together the leaders of Brazil, Russia, India, China, and South Africa, aims to tackle issues of expansion and the potential […]
In a groundbreaking move, South Africa and China have solidified their energy ties through a series of agreements inked during the BRICS summit held in Johannesburg. The partnership aims to revamp South Africa’s ailing energy sector, which has been grappling with a crippling energy crisis that has cast a shadow over its economy. The agreements, […]
Kenyans abroad have shattered expectations by sending an unprecedented Sh54.6 billion ($378.1 million) back home in July 2023, marking a remarkable surge in remittances amidst global economic uncertainties. In a surprising turn of events, the Central Bank of Kenya (CBK) has reported that remittances from Kenyans living abroad have reached an all-time high, defying inflation […]
In a significant development, global rice prices have surged to their highest levels in nearly 12 years, triggering apprehensions of a potential spike in food inflation across Asia. The surge comes as India’s export ban on rice and adverse weather conditions have constrained supplies of the region’s primary staple food. According to reports from the […]
In a groundbreaking move set to redefine the landscape of the African energy sector, Namibia has laid out plans for a monumental $2.1 billion port infrastructure expansion, signaling its determination to harness the newfound potential of its offshore oil discoveries. The project, which has garnered international attention, aims to supercharge the nation’s oil developments and […]
As Kenya’s Sh301 billion International Monetary Fund (IMF) programme nears expiration in April, the Kenya Kwanza government is actively exploring...
In a significant monetary policy shift, the Reserve Bank of India (RBI) has cut its key repo rate for the...
The Reserve Bank of Zimbabwe (RBZ) has opted to maintain its key interest rate at 35%, signaling a commitment to...
In a groundbreaking move set to transform Kenya’s transportation infrastructure, American asset management firm Everstrong Capital has partnered with CPF...