The shilling slumped to a record low against the dollar on Thursday on stronger demand for the greenback, pointing to a rise in the cost of importing goods into the country in the short term. Commercial banks quoted the shilling at 107.40 to the dollar, an all-time-low, after four successive days of weakening. Demand for

Construction work taking place in Saudi Arabia [Trapezius7WIkipedia] Real estate activity in Saudi Arabia witnessed a record decrease of 84.6 per cent last week after the government’s decision to increase the rate of Value Added Tax (VAT) from five per cent to 15 per cent at the start of the month. Saudi Al-Eqtisadiah newspaper reported

Kenya’s earnings from tea in five months to May dropped by Sh1.3 billion as the sector suffered from effects of the Covid-19 that hit commodity trading in the world market. The Tea Directorate said the demand of the beverage has been low in the review period, which also impacted negatively on price per kilo, having

A general view of Business Bay area, after a curfew was imposed to prevent the spread of the coronavirus disease (COVID-19), in Dubai, United Arab Emirates, March 28, 2020. REUTERS/Satish Kumar/File Photo Dubai has announced a new package worth 1.5 billion dirhams ($408 million) to help the economy cope with the effects of the coronavirus

By Happy Arnold. The currency in the state is very weak and slowly the county’s shipping sector is monopolized. When we talk about African countries, harsh economic conditions have a strong impact on currency and economic situation in countries. If we add Covid-19 to this – then everything gets more difficult. If we talk about

Turkish Foreign Minister Mevlut Cavusoglu (R) poses for a photo with Britain’s Foreign Secretary Dominic Raab (L) prior to their meeting in London, UK on 8 July 2020 [Fatih Aktaş/Anadolu Agency] Turkey and the UK are very close to signing a “free trade agreement” covering manufactured goods, agriculture and services for the post-Brexit era, Ankara’s

A man walks in the rain past an electronic stock board showing Japan’s Nikkei 225 index at a securities firm in Tokyo Friday, July 10, 2020. Asian stock markets followed Wall Street lower Friday on worries economic improvements might fade as coronavirus cases increase in the United States and some other countries. (AP Photo/Eugene Hoshiko)

The government paid more than Sh7 billion in penalties to investors behind the Lake Turkana wind power project for electricity that was not reaching Kenyans, in what could be the latest mega scandal. The penalties were due to the delayed completion of the Sh28.9 billion 430-kilometre high-voltage power line from the Lake Turkana wind turbines

Britain announced on Tuesday that it will resume arms sales to Saudi Arabia a year after the court of appeal declared the UK government acted unlawfully by selling arms to the kingdom without first assessing whether they were involved in breaches of international humanitarian law. Trade Secretary Liz Truss said in a written statement to

Editor’s note: Stephen Ndegwa is a Nairobi-based communication expert, lecturer-scholar at the United States International University-Africa, author and international affairs columnist. The article reflects the author’s opinions and not necessarily the views of CGTN. On July 7, Kenya and the U.S. are set to hold business talks towards the signing of a Free Trade Agreement