President William Ruto has asked African leaders to take first steps towards ditching the globally-bullish US dollar. File Photo/Shutterstock By Business Daily Africa President William Ruto has asked African leaders to take first steps towards ditching the globally-bullish US dollar by signing up to a pan-African payments system to facilitate trade within the continent. Dr

A well head and drilling rig in the Yarakta oilfield, owned by Irkutsk Oil Company. Reuters/Vasily Fedosenko/File Photo By Reuters Oil prices were steady on Monday after U.S. leaders reached a tentative debt ceiling deal, possibly averting a default in the world’s largest economy and oil consumer, but concerns about further interest rate hikes capped

U.S. President Joe Biden speaks to the media before departing the White House for Camp David, in Washington, U.S., May 26, 2023. Reiuters/Evelyn Hockstein By Reuters Democratic President Joe Biden and a Republican negotiator said on Friday they were working on a deal to raise the U.S. government’s $31.4 trillion debt ceiling after the Treasury

Employees cast ingots of 99.99 percent pure gold during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, January 31, 2023. Reuters/Alexander Manzyuk/File Photo By Reuters The United Arab Emirates has become a key trade hub for Russian gold since Western sanctions over Ukraine cut Russia’s more traditional export routes, Russian

New York Stock Exchange in New York. (AP Photo/Peter Morgan) By The Associated Press A worldwide swoon for financial markets is carrying over to Wall Street, and stocks are falling further on Wednesday. The S&P 500 was 0.8% lower in early trading, a day after dropping 1.1% as the U.S. government creeps closer to a

Tullow Oil tanks in Turkana County, Kenya By The East African British exploration firm, Tullow Oil has assumed full ownership of the Kenya crude project in Turkana after its joint venture partners Africa Oil Corp and Total Energies exited. Tullow said that it has been informed by its two minority partners of their intention to

International Monetary Fund Managing Director Kristalina Georgieva arrives in Downing Street for a Cabinet meeting, in London, Tuesday, May 23, 2023. (James Manning/PA via AP) By The Associated Press The British economy will avoid falling into recession this year, according to upgraded growth forecasts Tuesday from the International Monetary Fund. In its latest assessment of

Democratic Republic of Congo’s President Felix Tshisekedi arrives for a summit in Bujumbura, Burundi on May 6, 2023/Reuters By Reuters The President of minerals-rich Democratic Republic of Congo, Felix Tshisekedi, will visit China from May 24 to 29 and is expected to meet President Xi Jinping to review and sign several key trade deals. A

By Business Daily Africa Kenya’s bilateral debt repayments towards China-funded infrastructure projects have grown by nearly half to a new record of Sh107.42 billion this financial year on the back of increased clearance of principal sums after the grace period lapsed. The expenditure data published by Treasury Cabinet Secretary Njuguna Ndung’u shows the amount repaid

File – An SGR cargo train travels from the port containers depot on a Chinese-backed railway costing nearly $3.3 billion, opened by Kenya’s president as one of the country’s largest infrastructure project since independence, in Mombasa, Kenya, on May 30, 2017, as part of a plan to link a large part of East Africa to