The logo of Swiss bank Credit Suisse is seen at its headquarters at the Paradeplatz square in Zurich, Switzerland October 1, 2019. Reuters/Arnd Wiegmann By Reuters Credit Suisse was convicted by Switzerland’s Federal Criminal Court on Monday of failing to prevent money-laundering by a Bulgarian cocaine trafficking gang in the country’s first criminal trial of

By Reuters Russia defaulted on its international bonds for the first time in more than a century, the White House said, as sweeping sanctions have effectively cut the country off from the global financial system, rendering its assets untouchable. The Kremlin, which has the money to make payments thanks to oil and gas revenues, swiftly

Akinwumi Ayodeji Adesina, President of the African Development Bank Group Reuters/Luc Gnago By Reuters Africa must wean itself off dependence on food and medicine imports, the president of the African Development Bank (AfDB) said, as the institution approved creation of a pharmaceutical tech foundation and began processing requests for food relief. Africa was hit hard

The World Bank said Thursday it has approved 143 million U.S. dollars in International Development Assistance (IDA) financing to help vulnerable Somalis tackle severe drought and food insecurity conditions. According to Xinhua reported. Read: Somalia’s president Hassan Sheikh history of corruption 2012-2017 World Bank Country Manager for Somalia Kristina Svensson said the funds will support

By Business Daily Africa Kenya’s tea export grew by 20 percent in the first quarter of the year backed by good prices, which helped to offset a significant decline in volumes. Data from the Kenya Tea Board (TBK) shows Kenya earned Sh41.1 billion in the period under review when compared with Sh34.3 billion that was

Turkish President Recep Tayyip Erdogan on Wednesday welcomed Saudi Crown Prince Mohammed bin Salman with an official ceremony in the capital Ankara. Erdogan received the crown prince at the presidential complex. Ahead of an official dinner, the leaders are set to have one-on-one and inter-delegation meetings. Erdogan earlier said they would discuss ways to take

By Reuters For Jeremy Fong, U.S. crypto lender Celsius was an ideal place to stash his digital currency holdings – and earn some spending money from its double-digit interest rates along the way. “I was probably earning $100 a week,” at sites like Celsius, said Fong, a 29-year civil aerospace worker who lives in the

By Reuters The Russian rouble surged on Monday to a near seven-year high against the dollar on Moscow Exchange, supported by capital controls and the promise of upcoming month-end tax payments, as the government presented its new budget. By 1219 GMT, the rouble soared 1.2% to 55.75 against the dollar , earlier touching 55.44, its

By Reuters The cryptocurrency industry was on edge on Monday as bitcoin struggled to stay above a key level, with investors fearing that problems at major crypto players could unleash a wider market shakeout. Bitcoin, the world’s biggest cryptocurrency, was trading just under the symbolic level of $20,000 in early London trading hours – roughly

Securities trader Mbuthia Irungu at Nairobi Securities Exchange (NSE) trading floor at the Exchange building in Nairobi By Business Daily Africa Aggressive interest rate rises by major central banks in the developed world are causing pain to Kenya’s businesses, households and investors through costly loans, losses at the Nairobi bourse and weakened shilling. The market