Business

China back to funding SGR connecting Kenya and Uganda

Workers laying tracks for the Standard Gauge Railway Phase 2A at Suswa section in Narok, Kenya By The East African Kenya has secured a commitment from China’s Exim Bank for the funding of the standard gauge railway line from Naivasha to the Uganda border. Kipchumba Murkomen, Kenya’s Cabinet Secretary of Roads and Transport, said that

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London stocks dip as global rates outlook weighs

The outside of the London Stock Exchange building is seen in the City of London, March 7, 2005. Photographer Toby Melville/File Photo By Reuters London stocks fell on Friday, tracking weakness in global markets after U.S. Federal Reserve officials indicated interest rates may stay high for longer, while GSK slipped after selling is remaining stake

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Industrial scale of Sino-German cooperation in Beijing grows to 40 bln yuan

This photo taken on April 26, 2024 shows a BMW electric vehicle displayed at the signing ceremony for deepening strategic cooperation between BMW and Shenyang, in Shenyang, northeast China’s Liaoning Province. Photographer Pan Yulong By Xinhua News Agency The Beijing China-Germany economic and technological cooperation demonstration zone has attracted more than 100 German enterprises, reaching

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East Africa trades more with its African peers than with EU, Asia

File Photo/Somali Times By The East African East African Community (EAC) member states are increasingly trading with one another and with other African countries, while reduce their trade with Europe, Asia, and other parts of the world, shaping the intra-Africa trade dream projected to boost commerce and livelihoods on the continent. The seven countries in

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BP profit slides by 40% as refinery outage offsets higher output

The logo for a BP petrol station is seen in London, Britain, September 24, 2021. Photographer Toby Melville By Reuters BP’s, opens new tab first-quarter earnings plunged by 40% to $2.7 billion, missing forecasts after lower energy prices and a U.S. refinery outage offset increased oil and gas production. The London-based company held its dividend

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Debt, pending bills batter Africa economies in 2024

File Photo/Somali Times By The East African Several African countries reeling under the weight of economic and political problems are banking on rescue interventions from the World Bank and the International Monetary Fund (IMF), which are now holding their annual spring meets in Washington DC. Read: Africa’s $824 billion debt burden and opaque resource-backed loans

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Africa’s $824 billion debt burden and opaque resource-backed loans hinder its potential, African Development Bank President warns

Dr Akinwumi Adesina (right) warns of the impact of non-transparent resource-backed loans on Africa’s debt burden. Semafor Summit, Washington DC April 2024 By African Development Bank Africa’s immense economic potential is being undermined by non-transparent resource-backed loans that complicate debt resolution and compromise countries’ future growth, African Development Bank President Akinwumi Adesina said on Thursday.

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Kenya, Ghana attempt smooth trade in cagey Africa

Kenya’s President William Ruto (L) and his Ghanaian counterpart President Nana Akufo-Addo pose for a picture at Jubilee House, the Office of the President, in Accra, Ghana on April 3, 2024 By The East African Kenya and Ghana, on opposite sides of the continent, say they want to revive trade between them. And they see

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UK debt chief warns scale of borrowing leaves challenge for successor

A drone view of London’s Shard skyscraper with the Canary Wharf financial district in the background in London, Britain March 3, 2024. Photographer Yann Tessier/File Photo By Reuters Britain faces risks and challenges from the scale of borrowing it will need in coming years, though it can take some comfort from the fact many other

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Zimbabwe launches gold-backed currency to replace battered local dollar

By Reuters Zimbabwe is replacing its collapsing local currency with a new one backed by gold and foreign currencies that it hopes will be more stable and help bring down inflation, the central bank said on Friday. The Southern African country relaunched its own currency in 2019 after a decade of dollarisation, but it struggled

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