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

Photo credit: Cebile Ntuli/ City Press By Face2Face Africa Women in Africa are oftentimes wrongly perceived to be incapable of attaining the level of success and achievements of men in different aspects of life. In the political and government cycle, the likes of Ellen Johnson Sirleaf – former Liberian President, and Dr. Ngozi Okonjo-iweala –

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