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

Kwasi Kwarteng arrives at Number 10 Downing Street, in London, Britain September 6, 2022. Reuters/Phil Noble By Reuters In Kwasi Kwarteng, Prime Minister Liz Truss has picked an ideological ally as Britain’s new finance minister, charging him with tackling a cost-of-living crisis with a tax-cutting, big-spending plan that has worried markets. The new Chancellor of

By Anadolu Agency IMF underlines that EU countries should keep values of 3% deficit and 60% debt ratio. In a new report, the IMF issued a warning to EU countries which fail to rein in deficits. The Reforming the EU Fiscal Framework: Strengthening the Fiscal Rules and Institutions report, released on Monday, stressed that deficits

By Business Daily Africa In the last couple of years, Kenya’s exports of major crops have come under threat over increased cases of chemical residues on horticulture produce that has seen Europe impose stricter checks, posing a threat to the country’s foreign earnings. For instance, Europe has cut the level of detection for maximum residue

By Anadolu Agency Russia will suspend the supply of oil and petroleum products to countries that have agreed to cap prices of Russian oil, Russian Tass News Agency quoted Deputy Prime Minister Alexander Novak as saying on Thursday. Novak’s remarks came before a meeting of G-7 finance ministers later Friday to discuss a global price