Business

Uganda struggles to raise money for budget

Uganda’s Finance Minister Matia Kasaija By The East African The Uganda government is struggling to raise money to finance its budget amid high loan rejection rates by commercial banks and offshore investors keeping away from the bond market. The government had hoped that listing its securities on the FTSE Frontier Emerging Markets Index in June

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Egypt, UAE sign deal to develop new city on Egypt’s northern coast

Egyptian Prime Minister Mostafa Madbouly (C) witnesses the signing of an agreement between Egypt and the United Arab Emirates in New Administrative Capital, Egypt, on Feb. 23, 2024. Egypt and the United Arab Emirates (UAE) signed the deal on Friday to build a new city on Egypt’s northern coast, with the aim of boosting tourism,

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Zambian kwacha Africa’s best performing currency in 2024

Labourers carry out surfacing work on a road near the Zambian capital Lusaka November 15, 2013. Photographer Mackson Wasamunu/File Photo By Reuters Zambia’s kwacha is Africa’s best performing currency against the U.S. dollar so far this year after the central bank sharply tightened monetary policy, but analysts said it would strengthen sustainably only if the

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Some Americans have become saddled with credit card debt as rent and everyday prices remain high

File – Credit card options are shown on a store’s door on Nov. 29, 2018 in Philadelphia. Noticeable pockets of Americans are quickly running up their credit card balances and increasing numbers are now falling behind on their debts. (AP Photo/Matt Rourke, File) By The Associated Press While the U.S. economy is broadly healthy, pockets

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African billionaires who see business sense in football

A photo combo of Confederation of African Football (Caf) President Patrice Motsepe (L) and Tanzanian investor Mohammed Dewji. By The East African Football in Africa is some sort of religion. But beyond the passionate cheers and talent, it has started making business sense, attracting some of the richest folk in the land. Two prominent figures,

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China remains Africa’s largest trading partner for 15 consecutive years

By Xinhua News Agency China has remained Africa’s largest trading partner for 15 consecutive years, with bilateral trade reaching a record 282.1 billion U.S. dollars in 2023, a Ministry of Commerce official said on Wednesday. “Economic and trade cooperation is the ballast and propeller of China-Africa relations,” said Ministry of Commerce official Jiang Wei said

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Tanzania’s Samia inks gas, health and agriculture deals in Indonesia

Tanzania’s President Samia Suluhu Hassan (L) and her Indonesian counterpart Joko Widodo wave during a visit at the Bogor palace in West Java, Indonesia on January 25, 2024. Photo/AFP By The East African Tanzania’s President Samia Suluhu has signed five agreements with Indonesia during the just concluded official trip to the Asian country. According to

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US State Department approves sale of F-16s to Turkey, formally notifies Congress

By Anadolu Agency The US State Department approved Friday the pending $23 billion sale of F-16 aircraft and modernization kits to Türkiye, sending formal notification to Congress. “This proposed sale will support the foreign policy goals and national security of the United States by improving the air capabilities and interoperability of a North Atlantic Treaty

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German regulator warns about commercial property, bank profits in 2024

The logo of Germany’s Federal Financial Supervisory Authority BaFin (Bundesanstalt fuer Finanzdienstleistungsaufsicht) is pictured outside an office building of the BaFin in Bonn, Germany, April 15, 2019. Photographer Wolfgang Rattay By Reuters The head of Germany’s financial market regulator said that 2024 will be less rosy for bank profits and that commercial property was the

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IMF approves Sh109.8 billion new funding to Kenya

By Business Daily Africa The International Monetary Fund (IMF) Executive Board has approved the disbursement of Sh109.8billion ($684.7 million) to Kenya. The approval made on Wednesday follows the completion of the sixth review of Kenya’s multi-year arrangement with the fund under the Extended Fund Facility (EFF) and Extended Fund Facility (ECF) and the first review

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