By Business Daily Africa Nine in 10 companies operating in Kenya did not pay taxes in the year to June, pointing to widespread avoidance that leaves a few firms to shoulder the burden of funding the government. Data from the Kenya Revenue Authority (KRA) shows a modest 84,428 out of the 759,164 firms registered for

Venezuela’s President Nicolas Maduro Reuters/Leonardo Fernandez Viloria By Reuters London’s High Court has rejected President Nicolas Maduro’s latest efforts to gain control of more than $1 billion of Venezuela’s gold reserves stored in the Bank of England’s underground vaults in London. The court ruled on Friday that previous decisions by the Maduro-backed Venezuelan Supreme Court,

IHS Markit By Ida Hockerfelt Amid higher global oil prices and a sharpening focus on new oil and gas supply sources to offset dependence on Russia, East African frontier Somalia has a renewed opportunity to attract foreign investors to its upstream hydrocarbon sector. However, in light of limited exploration success to date, the acute governance,

By Reuters Licensing rights for 30 oil and gas blocks in the Democratic Republic of Congo went up for auction on Thursday, opening parts of the world’s second-biggest rainforest to drilling that could release large amounts of carbon into the atmosphere, jeopardising climate goals to tame global warming. President Felix Tshisekedi presided over the launch

By The Associated Press The U.S. economy shrank from April through June for a second straight quarter, contracting at a 0.9% annual pace and raising fears that the nation may be approaching a recession. The decline that the Commerce Department reported Thursday in the gross domestic product — the broadest gauge of the economy —

By Reuters Britain should create a new category of private property law for digital assets like cryptocurrencies which are being used to make payments or represent other assets, independent body the Law Commission proposed on Thursday. Authorities around the world are taking steps to regulate the crypto asset sector, which has grown rapidly and been

By Anadolu Agency Oil prices increased on Thursday, supported by a drop in US crude oil inventories easing demand concerns. International benchmark Brent crude was trading at $102.71 per barrel at 08.45 a.m. local time (0545 GMT) for a 1.02% increase after closing at $101.67 a barrel in previous trade. American benchmark West Texas Intermediate

The World Bank has approved a $100 million grant to support the continuation of Somalia’s economic reform efforts to complete the country’s debt relief. These funds support the government’s efforts to increase financial transparency and increase revenue through the harmonization of federal customs systems and the improvement of central government financial management. Read: Somalia’s president

By Anadolu Agency The International Monetary Fund on Tuesday cut its global economic growth forecast for both 2022 and 2023 amid high inflation, a slowdown in China, and the continued Russian war on Ukraine. According to the IMF’s latest World Economic Outlook, the global economy is projected to grow 3.2% this year, revised 0.4 percentage

Pipes at the landfall facilities of the Nord Stream 1 gas pipeline are pictured in Lubmin, Germany, March 8, 2022. Reuters/Hannibal Hanschke/File Photo By Reuters Russia said it will cut gas supplies to Europe from Wednesday in a blow to countries that have backed Ukraine, while missile attacks in Black Sea coastal regions raised doubts