By Business Daily Africa How much foreign currency are banks holding? Commercial banks hold foreign currency in two forms; as customer deposits and as reserves. According to data from the Central Bank of Kenya (CBK), commercial banks held Sh945.3 billion in foreign currency deposits at the end of January. At the same time, the banking

By Business Daily Africa Kenya Airways and South African Airways have finally announced the formation of the much-touted Pan-African Airline Group next year after the plan was first mooted three years ago. The national carrier says the two airlines are currently implementing phase two of the partnership framework, an important milestone that will lead to

By Reuters Oil prices stabilised in Asian trade on Monday as investors sought cues from broader financial markets, while comments by Russian President Vladimir Putin over the weekend ratcheted up geopolitical tensions in Europe. Brent crude futures held unchanged at $74.99 a barrel at 0357 GMT after hitting a session high of $75.64. U.S. West

By Reuters Oil fell in Asian trade on Wednesday morning, paring two straight days of gains after an industry report showed U.S. crude inventories rose unexpectedly last week in a sign fuel demand may be weakening. Brent futures, which have risen more than 3% this week, were down 37 cents, or 0.5%, at $74.95 a

By Reuters Days before a hastily convened press conference late on Sunday that would make the world’s front pages, Switzerland’s political elite were secretly preparing a move that would jolt the globe. While the nation’s central bank and financial regulator publicly declared that Credit Suisse was sound, behind closed doors the race was on to

A pump jack of Wintershall DEA is pictured in Emlichheim near the northern German city of Meppen, Germany. Photographer Fabian Bimmer/File Photo By Reuters Oil prices settled lower Friday, reversing early gains of more than $1 a barrel as banking sector fears caused both benchmarks to reach their biggest weekly declines in months. Brent crude

By Anadolu Agency Zurich-based banking company Credit Suisse has announced it would borrow up to 50 billion Swiss francs ($53.68 billion) from the Swiss National Bank after its shares drop by nearly %30. “This additional liquidity would support Credit Suisse’s core businesses and clients as Credit Suisse takes the necessary steps to create a simpler

Britain’s Chancellor of the Exchequer Jeremy Hunt holds the budget box on Downing Street in London, Britain March 15, 2023. Photographer Peter Nicholls By Reuters Finance minister Jeremy Hunt announced on Wednesday a plan that he hopes will speed up Britain’s stagnating economy, including childcare and tax reforms to get more people into work and

By Reuters HSBC bought the UK arm of stricken Silicon Valley Bank for a symbolic one pound on Monday, rescuing a key lender for technology start-ups in Britain and helping curb the fallout from the biggest bank collapse since the financial crash. The move comes after U.S. authorities moved to shore up deposits and stem

By Business Daily Africa Export earnings from tea grew by Sh2 billion last year, helped by a weaker shilling, increased volumes and higher prices of the beverage. The earnings defied global economic shocks caused by the Russia-Ukraine war last year to stand at Sh138 billion from Sh136 a year earlier, according to the Tea Board