Business

EU MPs endorse duty-free trade deal with Kenya

President of the European Commission Ursula von der Leyen (left) and President William Ruto at State House ahead of the signing of a new trade agreement in Nairobi on December 18, 2023. Photo/AFP By Business Daily Africa Kenya has inched closer to concluding a preferential trade deal with European Union (EU), preserving a long-term tax-free

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Kenya: Trade deficit falls by Sh300bn as fuel, machinery imports dip

Mombasa Port. Photo/Shutterstock By Business Daily Africa Kenya’s imports of machinery, fuel, and raw materials dropped by double-digit rates last year for the first time since the peak of the Covid-19 pandemic-linked shutdowns three years ago, signalling a slowdown in production activities in key sectors such as manufacturing and construction. The value of goods ordered

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Uganda struggles to raise money for budget

Uganda’s Finance Minister Matia Kasaija By The East African The Uganda government is struggling to raise money to finance its budget amid high loan rejection rates by commercial banks and offshore investors keeping away from the bond market. The government had hoped that listing its securities on the FTSE Frontier Emerging Markets Index in June

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Egypt, UAE sign deal to develop new city on Egypt’s northern coast

Egyptian Prime Minister Mostafa Madbouly (C) witnesses the signing of an agreement between Egypt and the United Arab Emirates in New Administrative Capital, Egypt, on Feb. 23, 2024. Egypt and the United Arab Emirates (UAE) signed the deal on Friday to build a new city on Egypt’s northern coast, with the aim of boosting tourism,

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Zambian kwacha Africa’s best performing currency in 2024

Labourers carry out surfacing work on a road near the Zambian capital Lusaka November 15, 2013. Photographer Mackson Wasamunu/File Photo By Reuters Zambia’s kwacha is Africa’s best performing currency against the U.S. dollar so far this year after the central bank sharply tightened monetary policy, but analysts said it would strengthen sustainably only if the

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Some Americans have become saddled with credit card debt as rent and everyday prices remain high

File – Credit card options are shown on a store’s door on Nov. 29, 2018 in Philadelphia. Noticeable pockets of Americans are quickly running up their credit card balances and increasing numbers are now falling behind on their debts. (AP Photo/Matt Rourke, File) By The Associated Press While the U.S. economy is broadly healthy, pockets

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African billionaires who see business sense in football

A photo combo of Confederation of African Football (Caf) President Patrice Motsepe (L) and Tanzanian investor Mohammed Dewji. By The East African Football in Africa is some sort of religion. But beyond the passionate cheers and talent, it has started making business sense, attracting some of the richest folk in the land. Two prominent figures,

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China remains Africa’s largest trading partner for 15 consecutive years

By Xinhua News Agency China has remained Africa’s largest trading partner for 15 consecutive years, with bilateral trade reaching a record 282.1 billion U.S. dollars in 2023, a Ministry of Commerce official said on Wednesday. “Economic and trade cooperation is the ballast and propeller of China-Africa relations,” said Ministry of Commerce official Jiang Wei said

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Tanzania’s Samia inks gas, health and agriculture deals in Indonesia

Tanzania’s President Samia Suluhu Hassan (L) and her Indonesian counterpart Joko Widodo wave during a visit at the Bogor palace in West Java, Indonesia on January 25, 2024. Photo/AFP By The East African Tanzania’s President Samia Suluhu has signed five agreements with Indonesia during the just concluded official trip to the Asian country. According to

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US State Department approves sale of F-16s to Turkey, formally notifies Congress

By Anadolu Agency The US State Department approved Friday the pending $23 billion sale of F-16 aircraft and modernization kits to Türkiye, sending formal notification to Congress. “This proposed sale will support the foreign policy goals and national security of the United States by improving the air capabilities and interoperability of a North Atlantic Treaty

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