Business

Crash in international tourism may cut $4T in global GDP

File Photo/Somali Times Tourism unlikely to recover to pre-pandemic levels within next year or 2, UN body projects Pandemic’s blow to international tourism has cost the global economy more than $4 trillion in 2020 and 2021, UN Conference on Trade and Development (UNCTAD) said on Wednesday. International tourism and its closely linked sectors suffered an

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Wealth of President, top State officers to be made public

President Uhuru Kenyatta. By JOHN MUTUA The wealth of top State officials — including the President and his deputy — will be made public if MPs accept a fresh bid to change the law on lifestyle audits. The Lifestyle Audit Bill, 2021 is seeking to remove restrictions on Kenyans seeking to access information on income,

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Qatar’s support to Somalia

File Photo/Somali Times The relations between the State of Qatar and the Federal Republic of Somalia have evolved stronger year after year enjoying full support of the leaders and their keenness to strengthening of bilateral co-operation in the trade, investment, culture, diplomatic cooperation and other fields. Qatar has spared no efforts to support Somalia in

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£17bn of UK arms sold to rights’ abusers

A Challenger tank for sale at the DSEI Arms Fair in London, 2019. Photograph: Amer Ghazzal/REX/Shutterstock By Mark Townsend Two-thirds of countries classified as “not free” because of their dire record on human rights and civil liberties have received weapons licensed by the UK government over the past decade, new analysis reveals. Between 2011-2020, the

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Is Bitcoin the New Gold? – Companies Moving Their Reserves

Bitcoin Bitcoin could replace gold. Amidst all the economic, financial, and social chaos caused by the COVID-19 pandemic, the year 2020 ironically ended up creating an extremely favorable scenario for cryptocurrencies that have led many persons and companies to purchase Bitcoin. Definitely, 2020 was not an easy year for the global market, which led several

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IMF demands identity of secret investors in firms

Antoinette Monsio Sayeh, the Deputy Managing Director at the International Monetary Fund. By CONSTANT MUNDA The International Monetary Fund has pressured Kenya to disclose the identity of secret shareholders in firms with State contracts and prosecute those implicated in graft, including the Covid-19 scandal. The IMF Deputy Managing Director Antoinette Sayeh says unmasking shareholders who

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Lamu Less of a Threat to Doraleh Trade than Djibouti’s own Government

The EU and other major diplomatic powers have been unwilling to address the issue head-on Kenya has finally opened its Chinese-built Lamu Port and is preparing to aggressively market the facility, with a particular focus on luring Ethiopian business away from Djibouti. The land-locked country currently receives over 90% of its goods through the small

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Turkey in talks over Somalia space station and missions to the Moon

President Recep Tayyip Erdogan revealed an ambitious timetable with the aim of making contact with the moon on unmanned missions (Turkish Space Agency TUA) Turkey is in talks with three countries as it seeks help in developing a space port in Somalia and a rocket to carry out lunar landings, according to the head of

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Oil prices up on investor euphoria over tight market

By Sibel Morrow Stalled US-Iran talks puts upward pressure on prices, temporarily pausing extra Iranian barrels on market Oil prices rose on Tuesday over bullish market sentiments of a sooner-than-expected demand rebound. International benchmark Brent crude was trading at $75.26 per barrel at 07.29 GMT for a 0.48% increase after closing Monday at $74.90 a

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Saudi agrees to restart Pakistan oil deal to curb Iran influence

Pakistani Prime Minister Imran Khan (L) meets with Saudi Arabian King Salman bin Abdulaziz al-Saud (R) as part of his visit to defuse Saudi-Iran tension in Riyadh, Saudi Arabia on October 15, 2019. [Bandar Algaloud/Saudi Kingdom Council/Handout – Anadolu Agency] Saudi Arabia has agreed to restart oil aid to Pakistan to ‘clear the air’, according

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