Business

Exclusive Turkey sells battle-tested drones to UAE as regional rivals mend ties

By Reuters Turkish defence firm Baykar has delivered 20 armed drones to the United Arab Emirates this month and could sell more, two Turkish sources said, as a diplomatic detente between the former regional rivals expands into military contracts. International demand for Baykar’s drones soared after their impact on conflicts in Syria, Ukraine and Libya,

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DP World wins another ruling in battle over Djibouti port

By The Associated Press Dubai-based shipping giant DP World said Tuesday it has won another ruling in a longstanding legal battle over the operation of a strategic port in the African nation of Djibouti. Dubai-based DP World said an appeals court in Hong Kong agreed with its request to keep its lawsuit against China Merchants

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Africa set for fertiliser boom as food crisis remains critical

By The East African A fertiliser boom is breaking out across Africa as calls for food security gain momentum amidst a widespread continental food crisis. With an estimated 346 million people on the continent negatively impacted by a severe food crisis, according to the Food and Agriculture Organisation (FAO), the use of fertilisers has become

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William Ruto faces return of costly foreign loans in first year

By Business Daily Africa The Treasury has said Kenya will find it challenging to sustain reliance on multilateral lenders like World Bank Group for external funding, signalling a return of costly foreign loans in the first year of the new administration. Kenya has in the past three financial years largely tapped cheaper concessional loans, helping

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In a first, European Union moves to cut Hungary funding over damaging democracy

By Reuters The European Union executive recommended on Sunday suspending some 7.5 billion euros in funding for Hungary over corruption, the first such case in the 27-nation bloc under a new sanction meant to better protect the rule of law. The EU introduced the new financial sanction two years ago precisely in response to what

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Move over, Jeff Bezos. India’s richest man is now wealthier than the Amazon founder

Gautam Adani (center) attends the UP Investors Summit in the northern Indian state of Uttar Pradesh, on June 3. Rajesh Kumar Singh/AP By NPR India’s richest man, Gautam Adani, shot past the Amazon founder this week in the rankings of the world’s wealthiest people. According to lists maintained by Forbes and Bloomberg, Adani’s fortune lies

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Kenya’s new move on SGR to upset China and Uganda

By The East African This week’s order by Kenyan President William Ruto to revert cargo clearing services to the port of Mombasa could upset China and Uganda, the port’s biggest clients, and trigger anxiety among major players who depend on it. The order, issued as President Ruto took office, is set to have far-reaching ramifications.

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Uganda furious at EU Parliament censure of mega East African oil project

Uganda’s President Yoweri Museveni and Tanzania’s President Samia Suluhu Hassan/AFP By AFP Uganda’s Parliament has lashed out at European lawmakers over a resolution condemning a massive East African oil project and calling for it to be delayed. France’s TotalEnergies and the China National Offshore Oil Corporation signed a $10-billion agreement earlier this year to develop

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Pound falls to 37-year low as poor retail sales lift economic woes

By Reuters The pound on Friday tumbled to a fresh 37-year low on the U.S. dollar, and a 17-month trough on the euro, after weaker-than-expected figures of retail sales added to worries about the health of Britain’s economy. The pound fell more than 1% against the dollar to 1.1351, its lowest since 1985, its fall

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Kenya rattled as Britain rejects new East African Community tariffs

Employees at Equator Flowers Farm in Eldoret, Uasin Gishu County pack flowers for export By Daily Nation The UK has demanded that its exports to Kenya be exempted from the newly raised East African Community (EAC) tax charges that took effect on July 1, posing a big dilemma for Nairobi, which is bound by the

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