As leaders from the BRICS economic bloc comprising Brazil, Russia, India, China, and South Africa – gather for their 15th summit in Johannesburg, all eyes are on Russia and China, which are aiming to cement their political and economic foothold in the developing world. The summit, scheduled from August 22 to 24, will not only […]
In a significant market development, asking prices for homes in the United Kingdom have experienced their steepest August decline since 2018, indicating a possible slowdown in the property sector following four consecutive months of price decreases. According to data released by the property portal Rightmove, new sellers listed their homes for an average of £364,895 […]
A substantial uproar has arisen within Kenya’s banking sector as commercial banks voice their strong opposition to a government proposal aimed at raising the threshold for reporting significant cash transactions. The plan, which seeks to elevate the reporting threshold by 50 percent to $15,000 (Sh2.1 million), has ignited concerns among financial institutions regarding potential implications […]
China is implementing a comprehensive strategy to address the mounting risks associated with local government debt, as the country grapples with an escalating property crisis. In a statement released on Sunday, the People’s Bank of China (PBOC) pledged to coordinate financial support aimed at resolving local government debt issues. This move comes at a time […]
In a striking development, Kenya finds itself grappling with an unprecedented surge in its national debt, a trend that defies President William Ruto’s assurances to curb the nation’s borrowing appetite. Recent treasury figures unveiled on Tuesday underscored a staggering increase of 1.56 trillion shillings ($10.8 billion) during the financial year ending June 30. This ascent […]
Russia’s central bank has made a bold move to address the alarming collapse of the rouble, the country’s currency. In an unexpected decision, the bank has raised its key interest rate by a significant 3.5 percentage points, bringing it to 12 percent. This step aims to quell the recent slide of the rouble, which had […]
In a groundbreaking move set to redefine the copper export landscape, Ivanhoe Mines has announced a momentous memorandum of understanding (MOU) between Kamoa Copper S.A. and Lobito Atlantic International SARL. This heralds the commencement of exporting Kamoa-Kakula’s copper concentrate through the Lobito Atlantic Rail Corridor, marking a significant milestone in both export logistics and regional […]
Safaricom, a pioneering force in Kenya’s telecommunications and financial sectors, has received a green light from the Central Bank of Kenya to usher in a new era of M-PESA capabilities. Starting August 15, 2023, M-PESA users can revel in expanded account and daily transaction limits of KSh. 500,000. This strategic move is projected to energize […]
In a remarkable turn of events, Turkey’s economy has secured a current account surplus for the first time in 20 months, driven by a robust surge in tourism and a strategic pivot in economic management under the leadership of President Recep Tayyip Erdoğan. Official data released by the central bank on Friday revealed that Turkey’s […]
Amidst an atmosphere of clarity and purpose, the BRICS alliance, comprising Brazil, Russia, India, China, and South Africa, has firmly asserted its dedication to championing the interests of the developing world. The group’s message, delivered by South African diplomat Anil Sooklal at a recent conference hosted by Bloomberg in Johannesburg, resonates with a mission of […]
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...