Business

Somalia, US discuss strengthening economic reforms

The Minister of Finance of the Federal Government of Somalia, Abdirahman Bayle met with the US Ambassador to Somalia, Larry André. They discussed the state of Somalia’s economic reforms and how to build on the gains made so far. Somalia’s Minister of Finance Bayle said the United States strongly supports the economic reforms that Somalia

Read More

European Union revokes KQ plane servicing licence

A Kenya Airways aircraft at JKIA By Business Daily Africa The European Union Aviation Safety Agency (EASA) has revoked a licence it had granted Kenya Airways (KQ) to maintain UK-registered aircraft after it failed a compliance audit. The national carrier said the agency withdrew the licence because, during the certification audit, the agency requested that

Read More

Turkey’s annual inflation soars to 24-year high of 73.5%

By Reuters Turkey’s annual inflation rate jumped to a 24-year high of 73.5% in May, according to data on Friday, below a forecast but fuelled by war impact, rising energy prices and a lira that has tumbled since a December crisis. The costs of transportation and food soared by 108% and 92% respectively over last

Read More

US dollar’s share of global foreign exchange reserves falls below 59%: IMF

By Anadolu Agency The dollar’s share of global foreign exchange reserves diminished below 59% in the final quarter of last year, extending a two-decade decline, according to the latest IMF data. “Central banks aren’t holding the greenback in their reserves to the extent that they once did,” the global body said in a blog based

Read More

As gas prices soar, Biden leans toward visiting Saudi Arabia

President Joe Biden listens as he meets virtually with infant formula manufacturers from the South Court Auditorium on the White House complex in Washington, Wednesday, June 1, 2022. (AP Photo/Susan Walsh) By The Associated Press President Joe Biden is leaning towards making a visit to Saudi Arabia — a trip that would likely bring him

Read More

Kenya takes Sh138bn World Bank loan in months

Signage of the World Bank logo. Photo/Pool By Business Daily Africa Kenya took Sh137.93 billion from the World Bank and rich countries in four months to April as it raced to plug the more than Sh1 trillion budget deficit. The new borrowing is part of Sh433.1 billion that the Treasury is targeting from external lenders

Read More

Israel, UAE boost ties with free trade pact

Israel’s Minister of Economy and Industry Orna Barbivai, UAE Minister of Economy Abdulla bin Touq Al Marri and other officials present the Free Trade Agreement they signed, which is the first such agreement Israel has with an Arab county, in Dubai, United Arab Emirates May 31, 2022. Anuj Taylor Strap Studios-GPO/Handout via Reuters By Reuters

Read More

Somalia president Sheikh’s government faces financial challenge may not pay civil servants’ wages

File Photo/Somali Times The Somali Financial Management Board, including Somalia foreign experts, has called on the new Somali government to take immediate action on government revenues and budgets as well as contracts. The commission said delays in the elections and the prolonged transition period had hampered international budget support to Somalia. The commission’s report is

Read More

Somalia corrupt president Hassan Sheikh and Roble into dodgy oil exploration deal

File Photo/Somali Times Corrupt outgoing Mohamed Hussein Roble nickname Baahane has been seeking a legal basis for an agreement reached by Somalia’s oil minister with a US company earlier this year. The company, if approved, will have the right to conduct oil and gas exploration in Somalia for the next four years, three Somali sources

Read More

China’s foreign minister visits Samoa on Pacific Island trip

China’s Foreign Minister Wang Yi, center, is escorted from his plane on his arrival in Honiara, Solomon Islands, early Thursday, May 26, 2022. Wang and a 20-strong delegation arrived in the Solomon Islands Thursday at the start of an eight-nation tour that comes amid growing concerns about Beijing’s military and financial ambitions in the South

Read More