File – An SGR cargo train travels from the port containers depot on a Chinese-backed railway costing nearly $3.3 billion, opened by Kenya’s president as one of the country’s largest infrastructure project since independence, in Mombasa, Kenya, on May 30, 2017, as part of a plan to link a large part of East Africa to

An Aston Martin Valkyrie car is driven off the production line at the company’s factory in Gaydon, Britain, March 16, 2022. Photographer Phil Noble/Reuters By Reuters Aston Martin’s shares jumped nearly 25% on Thursday after the luxury carmaker announced a 234 million pound investment by China’s Geely, doubling the automotive firm’s stake to make it

By Business Daily Africa Kenya Airways (KQ) is among several State entities that the Treasury has denied funding in the financial year starting July 1, to pave the way for restructuring. Treasury PS Chris Kiptoo told Parliament that KQ, as is known by its international code, has not received any bailout in the financial year

By Reuters As talks over raising the U.S. government’s $31.4 trillion debt ceiling intensify, Wall Street banks and asset managers have begun preparing for fallout from a potential default. The financial industry has prepared for such a crisis before, most recently in September 2021. But this time, the relatively short time frame for reaching a

The government of Somalia and the government of Saudi Arabia signed an agreement that allows restructuring of the debts owed to Somalia. Somalia’s Finance Minister Elmi Nur and the chief executive of the Saudi Development Fund, Sultan Abdirahman Al-Marshad, signed the agreement at a ceremony held in Jeddah. Read: Somalia’s president Hassan Sheikh history of

By Business Daily Africa President William Ruto’s administration has stepped up expenditure on the Nairobi-Mombasa Standard Gauge Railway (SGR) with a plan to hit Sh100 billion in the next three years to revamp the line, build new sidings and buy more locomotives and cargo wagons. A report by the National Treasury shows that the Transport

By Reuters Oil rose on Monday as easing U.S. recession fears shifted market focus to tightening supplies, offering support after crude prices registered three straight weekly declines for the first time since November. A healthy U.S. jobs report for April helped oil to climb by about 4% on Friday even though labour market strength could

Signage at the International Monetary Fund (IMF) headquarters in Washington, DC. Photo/AFP By Business Daily Africa Kenya has applied for access to a new long-term funding facility from the International Monetary Fund (IMF), the multilateral lender has disclosed. The facility known as the Resilience and Sustainability Trust (RST) seeks to assist low-income and vulnerable middle-income

Protests following the murder of George Floyd inspired the launch of Adelphi Bank. Photo credit: The Columbus Dispatch By Face2Face Africa  Anew Black-owned and operated financial establishment, Adelphi Bank, opened Monday in Columbus, Ohio – unique to the state. Franklin County Ohio Commissioner, Kevin Boyce, who co-founded Adelphi, told Columbus station, WBNS, that protests following

First Republic Bank Is Seized and Bulk Sold to JPMorgan. Credit Photographer Eduardo Munoz/Reuters The Wall Street Journal By Rachel Louise Ensign, Ben Eisen Regulators seized First Republic Bank and struck a deal to sell the bulk of its operations to JPMorgan Chase & Co., heading off a chaotic collapse that threatened to reignite the