Business

Broke Kenya eyes talks on foreign debt cancellation

Treasury Cabinet Secretary Ukur Yatani. The Treasury will try to push wealthy countries and multilateral lenders like the World Bank to cancel part of Kenya’s ballooning public debt, reflecting concerns about the burden of paying creditors from taxes that have been hit hard during the coronavirus pandemic. In a November paper titled Post Covid-19 Economic

Read More

US sues citizen in Sh0.8bn in fake Kenya water project

An abandoned water project in Kenya. The United States markets regulator has filed charges against an American who defrauded American investors $7.2 million (Sh788.3 million) for a fake desalination project in Kenya. Verley Lee “Rocky” Sembritzky, Jr. collected money from unsuspecting Americans and instead used part of the money to buy luxury cars, jewelry, and

Read More

Kenya’s export earnings hit Sh480bn on higher demand

Workers prepare flowers for export. Kenya’s exports receipts grew by six per cent to Sh479.7 billion in the nine months to September, defying the economic knocks of the Covid-19 pandemic, data by the Kenya National Bureau of Statistics (KNBS) shows. ”The strong earnings performance is attributable to foods and beverages exports, which accounted for 47

Read More

Brexit: UK and Canada agree ‘rollover’ deal to continue trading on existing EU terms

Boris Johnson meets Canadian Prime Minister Justin Trudeau at the 2019 G7 summit in Biarritz, France (PA) By Ashley Cowburn Businesses urge PM to redouble efforts on ‘single most critical trade agreement’ with European Union as negotiations go down to the wire The UK and Canada have agreed a “rollover” deal to continue trading under

Read More

Global markets lower after Wall Street falls on virus fears

A currency trader passes by screens showing foreign exchange rates at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Nov. 19, 2020. Asian stocks followed Wall Street lower on Thursday as anxiety about the economic fallout from rising coronavirus infections in the United States and Europe clashed

Read More

IMF Executive Board Completes the First Review of the Extended Credit Facility for Somalia

Photo/Somali Times Implementation of the Extended Credit Facility (ECF) supported program is off to a good start despite the challenges posed by COVID-19, flooding and the desert locust infestation. The authorities’ swift response to the triple shock , supported by its partners and including tax relief on some basic commodities and expanding the social safety

Read More

Britain, EU have 7-10 days to find Brexit breakthrough, says Ireland

British Union Jack and EU flag during a protest outside the House of parliament in London January 30, 2020 REUTERS/Toby Melville By Padraic Halpin, Elizabeth Piper, Gabriela Baczynska Britain and the European Union have a week to 10 days to find a way to unlock trade talks, Irish Foreign Minister Simon Coveney said on Monday,

Read More

Asia-Pacific nations sign world’s biggest trade deal

15 nations in Asia-Pacific region sign Regional Comprehensive Economic Partnership Agreement on sidelines of ASEAN summit Fifteen nations in the Asia-Pacific region on Sunday signed the world’s largest free trade agreement. ”The Regional Comprehensive Economic Partnership Agreement (RCEP) was signed on the sidelines of the annual summit of the Association of Southeast Asian Nations (ASEAN)

Read More

Kenya land prices fall, rents up after easing of lockdown

Residential Apartment in Nairobi. Kenya land prices have dropped further in Nairobi and the surrounding counties of Kiambu, Kajiado and Machakos in the three months to September despite the ongoing recovery from coronavirus hardships that lifted rent. HassConsult, which conducts a quarterly property pricing index in Kenya, said Thursday that land prices dropped 0.94 percent

Read More

World shares slip on doubts over COVID vaccines, outbreaks

People walk past an electronic stock board showing Japan’s Nikkei 225 index at a securities firm in Tokyo Thursday, Nov. 12, 2020. Stocks fell back across Asia on Thursday after gains for big technology shares pushed most Wall Street benchmarks higher. (AP Photo/Eugene Hoshiko) World stocks fell back on Thursday after an overnight comeback by

Read More