Kenyan financial industry players, including banks, have warned that issuing a Central Bank Digital Currency (CBDC) may spark the collapse of an unspecified number of banks/Shutterstock By Business Daily Africa Kenyan financial industry players, including banks, have warned that issuing a Central Bank Digital Currency (CBDC) may spark the collapse of an unspecified number of

By The East African Instability and uncertainty in Kenya’s tea industry have gone a notch higher with reports that the country is losing about $2 million every week at the tea auction in Mombasa as a result of insecurity in growing zones that has led to the suspension of operations by key producers. This coming

Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman Al-Saud arrives for an OPEC meeting in Vienna, Austria, June 4, 2023. Reuters/Leonhard Foeger The Telegraph By James Titcomb Saudi Arabia has announced plans to cut its oil production by 1 million barrels per day (bpd) as the Kingdom pledged to do “whatever is necessary” to

By Anadolu Agency Oil prices increased on Thursday after the US passed a bill that is anticipated to lift the US debt ceiling and limit government spending in an effort to reduce the federal deficit. International benchmark Brent crude traded at $73.34 per barrel at 09.52 a.m. local time (0652 GMT), a 1.02% rise from

By Business Daily Africa Kenya has opened talks with Uganda, DR Congo and the Republic of the Congo to build a modern railway connecting the Indian Ocean to the Atlantic in what appears to be a race with Tanzania to control cargo business into Africa’s hinterland. President William Ruto has disclosed the discussions are geared

A shopper looks at food items in a shop. Reuters/Kevin Coombs/File Photo By Reuters Britain has a bigger inflation problem than the United States or the euro zone, with both large headline price rises and growing signs of persistence in underlying pressures, Bank of England policymaker Catherine Mann said on Wednesday. Mann, who has been

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