Somalia passed a petroleum sector law on Monday, paving the way for exploration in its waters that could potentially transform the troubled country’s economy if hydrocarbon riches are found. The new legislation allows for the creation of institutions to oversee the sector and for revenue sharing between the central government and federal states, among other

Photo POOL/AFP/File / FETHI BELAID Saudi King Salman has invited Gulf leaders and Arab states to emergency summits in Mecca amid escalating tensions in the region Saudi Arabia has called for urgent meetings of the regional Gulf Cooperation Council and the Arab League to discuss escalating tensions in the region, the kingdom’s official news agency

FILE PHOTO: Turkish President Tayyip Erdogan speaks at North Atlantic Council Mediterranean Dialogue Meeting in Ankara, Turkey, May 6, 2019. Murat Cetinmuhurdar/Presidential Press Office/Handout via REUTERS Turkish President Tayyip Erdogan said on Saturday that the purchase of S-400 defense systems from Russia was a done deal, adding that Ankara would also jointly produce S-500 defense

By Christina Golubski Kenya raises over $2 billion with eurobond This week, Kenya entered uncertain debt markets, raising $2.1 billion with a dual-tranche eurobond. The eurobond consists of two portions: One $900 million portion consists of seven-year bonds priced at 7 percent, and the other $1.2 billion portion, consists of 12-year bonds priced at 8

Kenya expects to finalise a deal with the International Monetary Fund within two months and the lender is not insisting on a removal of the interest rate cap as a precondition for a new deal, finance minister Henry Rotich said on Thursday. The east African country is discussing a new standby credit facility with the

In a fateful swipe at telecommunications giant Huawei, the Trump administration issued an executive order Wednesday apparently aimed at banning its equipment from U.S. networks and said it was subjecting the Chinese company to strict export controls. Huawei would be the largest business ever subjected to the controls, a law enforcement measure that requires it

Chinese Foreign Ministry spokesperson Geng Shuang said in a regular press conference on Wednesday that the escalation of China-U.S. economic and trade frictions is not in the interests of any party and will drag down the world economy. Geng stressed that the trade dispute was provoked by the United States. It’s the U.S. that first

Stockholm, Somali Times The Minister of Foreign Affairs and International Cooperation, Mr. Ahmed Isse Awad, participated in the sixth annual Stockholm Forum on Peace and Development, which was launched yesterday in Stockholm, Sweden in the presence of a large number of policy makers, researchers and high-level practitioners. The Forum, which is held annually by the

Photo Reuters The US continued to supply the bulk of arms, exporting 88 percent of all arms sold to Saudi Arabia in 2018. Saudi Arabia became the world’s largest arms importer from 2014 to 2018, accounting for 12 percent of the imports, an increase of 192 percent over 2009-2013, according to the latest report by

Saudi Arabian cargo ship Bahri-Yanbu enters the port of Santander, Spain, after a human rights group sought to block the loading of a weapons cargo in Le Havre on humanitarian grounds, arguing the arms could be used against civilians in Yemen, May 13, 2019. REUTERS/Vincent West A Saudi ship, prevented by rights groups from loading