Business

Why China refused to finance railway it initially backed

President Uhuru Kenyatta addresses delegates during the Chinese-Kenya Business Forum at Crown Plaza Hotel in Beijing, China, It can now be revealed that difficult loan conditions were responsible for Kenya’s failure to get funding for the second phase of the SGR. China refused to extend part of the funding as a grant and also wanted

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China’s Xi promotes building initiative amid debt worries

From left, Chinese President Xi Jinping, Egypt’s President Abdel-Fattah El-Sisi and Russian President Vladimir Putin arrive for the opening ceremony of the second Belt and Road Forum for International Cooperation (BRF) in Beijing, Friday, April 26, 2019. (How Hwee Young/Pool Photo via AP) BEIJING (AP) — Chinese President Xi Jinping promised Friday to set high

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Kenyan 8 state bodies risk losing assets over Sh147.7bn debt

The assets of eight state bodies may be lost if the government defaults in repayment of Sh147.7 billion in external debts as of December 2018. This is according to a Parliamentary Budget Office (PBO) document presented on Thursday to the Budget and Appropriations Committee of the National Assembly. The agencies whose assets are at risk

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China faces debt fears ahead of construction forum

A plane with Indonesian Vice President Jusuf Kalla taxies onto the special plane terminal of the Beijing International airport ahead of the Belt and Road Forum held in Beijing on Wednesday, April 24, 2019. (AP Photo/Ng Han Guan, Pool) China’s finance minister tried Thursday to dispel complaints its Belt and Road infrastructure-building initiative leaves developing

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British PM approves Huawei role in 5G network: report

AFP/File / JOHN MACDOUGALL Last month, Britain identified “significant technological issues” in Huawei’s engineering processes that pose “new risks” for the nation’s telecommunications British Prime Minister Theresa May has given the go-ahead for China’s Huawei to help build a 5G network, shrugging off security warnings from senior ministers and Washington, the Daily Telegraph reported Wednesday.

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Sisi, Somali president hold security talks in Cairo

Egyptian President Abdel Fattah al-Sisi stressed on Tuesday Egypt’s steadfast stance in support of Somalia’s unity and stability. Sisi expressed Egypt’s desire to continue to enhance various aspects of bilateral cooperation between the two countries and to offer all support to the people of Somalia in their efforts to build the institutions of the state

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Trump sues to block U.S. Congress subpoena for his financial records

FILE PHOTO: U.S. President Donald Trump rides in an SUV as the presidential motorcade drives to the Easter service at Bethesda-by-the-Sea Episcopal Church in Palm Beach, Florida, U.S., April 21, 2019. REUTERS/Al Drago WASHINGTON (Reuters) – President Donald Trump on Monday filed suit to keep U.S. lawmakers from obtaining his financial records, the first salvo

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U.S. prepares to end Iran oil waivers; Asian buyers to be hardest hit

Photo Reuters The United States is expected to announce on Monday that buyers of Iranian oil need to end imports soon or face sanctions, a source familiar with the situation told Reuters, triggering a 3 percent jump in crude prices to their highest for 2019 so far. Officials in Asia opposed the expected move, pointing

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UN pays Sh3.75bn for Kenya troops in Somalia

The United Nations has resumed making refunds for Kenya troops in Somalia with a Sh3.75 billion pay in March, boosting Treasury’s cash reserves at the end of the third quarter of the current financial year ending June. Latest document on exchequer transactions by Treasury secretary Henry Rotich shows refunds from African Union Mission to Somalia

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Turkey makes ‘serious investments’ in F-35 project

Foreign minister says Turkey is partner of F-35, already pays around $1.2B for project Turkey is a partner of the project that developed the U.S. F-35 fighter jet and made “serious investments” towards this effort, Turkey’s foreign minister said on Friday. “So far, Turkey spent roughly $1.2 billion on this project and produced [parts] in

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