By Business Daily Africa Nairobi has been ranked as the 74th wealthiest city in the world and fourth in Africa, boosted by growth in the number of high net worth individuals (HNWI) by 30 percent in the last decade. The World’s Wealthiest Cities 2023 report by consultancy New World Wealth and Henley Partners placed the

By The Associated Press China’s economic growth accelerated in the latest quarter as consumer flocked back to shops and restaurants following the abrupt end of anti-virus controls. The 4.5% growth in gross domestic product from January to March compared to the same period in 2022 was the fastest in the past year, and outpaced the

By Reuters Oil prices turned lower on Monday as investors mulled over a possible May interest rate hike by the U.S. Federal Reserve, which could dampen economic recovery hopes, though Chinese GDP data was expected to augur well for demand growth. Brent crude futures were down 55 cents or 0.6% at $85.76 a barrel at

By Business Daily Africa Kenya Airways is fighting to save a Sh310 million deposit it made with US plane maker Boeing Corporation for aircraft purchases after the expiry of the preservation period rendered the deposit non-refundable. The airline disclosed in its annual report for the year ending December 2022 that it risks losing the millions

The economic forecast is better – but still the worst in the G7 (PA) The Independent By Alastair Jamieson and Jon Stone Britain is on course for the worst economic performance of the G7, the International Monetary Fund (IMF) predicted as it warned of more turmoil in a “fragile” global financial system. UK output is

Copper mining in Kolwezi, eastern DR Congo. Photo/AFP By The East African The Democratic Republic of Congo (DRC) has embarked on a definitive review of mining contracts awarded to a Chinese firm it co-owns with Beijing, but whose work and profits have formed continual concerns raised by the government on fairness. Officials, in trying to

By Business Daily Africa The World Bank is wary about the ability of Kenya and other sub-Saharan to refinance their multi-billion Eurobonds in the coming months following the difficulties facing the global debt markets that have triggered a new wave of expensive loans. In its update of sub-Saharan Africa’s economic outlook for 2023, the multi-lateral

By Business Daily Africa First Community Bank (FCB) has disclosed a shortfall of more than Sh1 billion in core capital, revealing the extent of the crisis that pushed its owners to sell a majority stake to a Mogadishu-based lender in a rescue deal. The small lender’s latest books of account show that the core capital

Saudi Aramco engineers walk in front of a gas turbine generator at Khurais oil field during a tour for journalists, 150 kilometers east-northeast of Riyadh, Saudi Arabia on June 28, 2021. Saudi Arabia said Sunday, April 2, 2023, it will cut oil production by 500,000 barrels per day from May until the end of 2023.

Bank of Kigali headquarters in Rwanda By Business Daily Africa Bank of Kigali (BK Group) net profit for the year ended December 2022 rose by a 15.1 percent to Rwf59.7 billion (Sh7.1 billion), prompting the board to increase dividend payout. The bank, which is listed on both the Nairobi and Rwanda stock markets, reported the