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.

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

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

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

By Reuters The European Union’s executive outlined plans on Wednesday for raising more than 140 billion euros ($140 billion) to cope with an energy crisis that has increased the prospect of winter fuel rationing, corporate insolvencies and economic recession. European gas prices have rocketed this year as Russia has reduced fuel exports to retaliate for

Kenyan President William Ruto held a meeting with corrupt Somalia President Hassan Sheikh Mohamoud at the presidential palace in Nairobi. The two presidents discussed issues related to the joint committee for cooperation between Kenya and Somalia and the security situation in Somalia and the Horn of Africa. Presidents discuss drug trade Miraa, maritime boundary, According

By Reuters Some Turkish banks are curtailing corporate lending after the government’s latest raft of regulations raised their costs and forced many to cut their balance sheet risks, five banking and private sector sources told Reuters. The new rules, part of President Tayyip Erdogan’s unorthodox management of the economy, have especially depressed longer-term lending. The

By Reuters China’s waiver of 23 interest-free loans to African countries last month amounted to only 1.1% or less of Chinese lending to the continent, a study showed on Monday. China’s foreign ministry said in August it had cancelled 23 loans to 17 African countries that matured in 2021, but did not give further details.

By Reuters Britain’s new leader Liz Truss will cap soaring consumer power bills on Thursday and promote new sources of energy in an expected 100 billion pound ($115 billion)-plus package designed to limit the economic shock caused by the war in Ukraine. With Britain facing a lengthy recession sparked by a near quadrupling of household

By Reuters The European Union proposed a price cap on Russian gas on Wednesday after President Vladimir Putin threatened to cut off all energy supplies if it took such a step, raising the risk of rationing in some of the world’s richest countries this winter. The escalating standoff could drive up sky-high European gas prices