Business

‘Africa needs debt relief, debt restructuring’

African Development Bank president says ‘it is time to put in place an African financial stability mechanism’ Africa needs debt relief, debt restructuring, and debt sustainability, the African Development Bank president said. Akinwumi Adesina was speaking at Monday’s UN Meeting on International Debt Architecture and Liquidity. He said: “It is time to put in place

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Biden wants $4T infrastructure package approved over summer

President Joe Biden speaks during an event on COVID-19 vaccinations, in the South Court Auditorium on the White House campus, Monday, March 29, 2021, in Washington. (AP Photo/Evan Vucci) By JONATHAN LEMIRE, LISA MASCARO and JOSH BOAK WASHINGTON (AP) — President Joe Biden is aiming for summer passage of his sweeping $4 trillion infrastructure plan,

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Kenya: Sh80bn lost at NSE in a day on lockdown fears

Stocks listed on the Nairobi Securities Exchange (NSE) lost Sh80.02 billion of their value yesterday as foreigner sold off shares in blue-chip firms over the new lockdown, making it one of single-largest drops in a day in the bourse’s history. The market capitalisation closed at Sh2.47 trillion compared to Sh2.55 trillion on Friday, with Safaricom,

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Canadian firm suspended from US stock trading over Sh139bn Kenya loan claim

Photo: Credit AFP/ US Securities and Exchange Commission Chairman Jay Clayton, speaks during a House Committee on Financial Services hearing entitled “Capital Markets and Emergency Lending in the COVID-19 Era. America stocks market regulator has suspended a Canadian firm from trading in the United States for failing to shed light on disclosures indicating it signed

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IMF Executive Board Approved Additional Interim Assistance Request Under the Enhanced HIPC Initiative for Somalia

File Photo/Somali Times The Executive Board of the International Monetary Fund granted additional interim assistance to Somalia under the enhanced Heavily Indebted Poor Countries (HIPC) Initiative in an amount of SDR 0.68 million (about US$ 0.97 million) on a lapse of time basis. [1] This interim assistance will cover Somalia’s debt service obligations to the

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Kenya Airways reports worst ever loss of Sh36.2bn

A fleet of Kenya Airways planes at the Jomo Kenyatta International Airport in Nairobi. Kenya Airways (KQ) net loss has nearly tripled to Sh36.2 billion, the worst ever in the history of the airline, on account of Covid-19 disruptions that led to a sharp decline in passenger numbers. The loss, for the financial year ended

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Turkish lira plummets after Erdogan fires central bank chief

A merchant counts Turkish lira banknotes at the Grand Bazaar in Istanbul, Turkey, March 29, 2019. (Reuters Photo) The Turkish currency plummeted against the U.S. dollar on Monday after President Recep Tayyip Erdogan fired the central bank governor over the weekend for hiking interest rates. The lira was trading at around 7.9 against the dollar

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U.S. keen to strengthen security ties with India, says Defense Secretary Austin

Photo: Credit Reuters By Aditi Shah, Nigam Prusty The United States would like to elevate and strengthen security ties with India, especially in information sharing and logistics, Defense Secretary Lloyd Austin told his Indian counterpart on Saturday. Austin is making the first visit by a top member of U.S. President Joe Biden’s administration to India

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Asia stocks unsettled by yields and oil, Nikkei hit by BOJ shift

A man walks past a stock quotation board at a brokerage in Tokyo, Japan February 26, 2021. REUTERS/Kim Kyung-Hoon/File Photo By Wayne Cole Asian share markets slipped on Friday after a spike in global bond yields soured sentiment toward richly priced tech stocks, while a stampede out of crowded positions may have put an end

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Global shares slip ahead of Fed view on US economic outlook

A woman walks past a bank’s electronic board showing the Hong Kong share index at Hong Kong Stock Exchange in Hong Kong Wednesday, March 17, 2021. Asian shares were mixed Wednesday as world markets cautiously awaited the U.S. central bank’s latest comments on how it views the economic picture. (AP Photo/Vincent Yu) By YURI KAGEYAMA

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