Business

Kenya: State approves 40bn package to help poor, vulnerable families

The government Monday approved the use of over Sh40 billion to cushion needy households in urban areas from economic shocks following reduced activity in the wake of the coronavirus pandemic. The cash will be from funds raised from austerity measures effected at both national and county government levels, including cutting of international and domestic travel,

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Dubai’s Emaar sells 80% stake in cooling system for $675M

United Arab Emirates, Monday, April 6, 2020. Dubai, one of seven sheikdoms in the United Arab Emirates, is now under a 24-hour lockdown over the new coronavirus pandemic. (AP Photo/Jon Gambrell) Dubai’s state-backed developer Emaar said on Monday it sold an 80% share of its district cooling project around the Burj Khalifa, the world’s tallest

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Ethiopia Replaces Security Chief in Restive Gas Region, ENA Says

Ethiopia’s government appointed a new head of security in the restive, gas-rich state of Somali, two days after the incumbent was dismissed, the Ethiopian News Agency reported. Hussein Kassim, a former adviser to Somali state’s president, will replace Abdi Adil Hassan. Hassan was dismissed earlier this week, according to a local media report. The Somali

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Saudi Arabia sharply rebukes Russia over oil price collapse

This Oct. 9, 2018, file photo shows an oil rig and pump jack in Midland, Texas. Goldman Sachs is warning of another sharp drop in oil prices, Thursday, March 26, 2020, saying some oil producers are eventually going to have to shut some wells because the coronavirus outbreak is crushing demand. (Jacob Ford/Odessa American via

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Political marketplace in Somalia: Penetration of money in power

In Somalia, money is crucial for everything, and it has shaped the dynamics and nature of its politics and power. For example, it plays an important role in who comes to power or wins elections. It also plays a great role in what sort of policies should be adopted or implemented. Its penetration into politics

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Global stocks down with US jobs, oil rally in focus

A currency trader checks the temperature of his colleague at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Friday, April 3, 2020. Asian stocks were mixed Friday after Wall Street gained for the first time in three days on stronger oil prices despite enduring uncertainty about how long

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Chinese lockdown hits businesses in landlocked Rwanda

China accounts for 20% of imported goods and owns infrastructure companies in Rawanda, landlocked country in East Africa Compared to other places, African countries have not reported a large number of coronavirus cases or deaths, but an economic crisis is looming large on the continent. Like the Rwanda-based designer Louis Zibonukuri, hundreds of businessmen dependent

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Kenyattas, key bank CEOs top in Sh1bn dividend payouts

The families of Jomo Kenyatta and Philip Ndegwa as well as the CEOs of Equity Group and Co-operative Bank are set to earn dividends of Sh1.1 billion cumulatively. The families of Jomo Kenyatta and Philip Ndegwa as well as the CEOs of Equity Group Co-operative Bank are set to earn dividends of Sh1.1 billion cumulatively,

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Kenya: Public debt now hits new high of Sh6.3trn

The total public debt has hit Sh6.3 trillion as both domestic and external liabilities rose. The most updated figures on domestic debt show that it stood at Sh3.043 trillion as of March 13, the highest level it has reached, while external debt substantially exceeded Sh3 trillion after depreciation of the local currency in the recent

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Uhuru, Ruto salaries fall below Sh290,000 a month

President Uhuru Kenyatta Kenya is seeking Sh122.5 billion ($1.15 billion) in emergency funding from the World Bank and the International Monetary Fund to support the economy. President Uhuru Kenyatta’s salary and that of Deputy President William Ruto will fall to Sh288,750 and Sh245,438 respectively effective next month after they took 80 percent cuts in a

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