Business

Kenya govt to privatise 35 state companies, president says

By Reuters Kenya’s President William Ruto said on Thursday the government was poised to privatise 35 state companies and was looking at a further 100 firms after enacting a law last month to cut down on bureaucracy. Kenya last privatised a state-owned company in 2008 when it issued an IPO for 25% of the shares

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World Bank sees $12 billion support to Kenya over next 3 years

By Reuters The World Bank said on Monday that it foresaw $12 billion of support to Kenya over the next three years, potentially a major boost to the East African country’s strained finances. The bank said in a statement that the total amount was subject to the approval of its executive directors and other factors

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UK retail sales slide again in October in new blow for economy

People shop on Oxford Street in London, Britain April 10, 2023. Photographer Anna Gordon/File Photo By Reuters British retail sales volumes fell unexpectedly in October as stretched consumers stayed at home, official data showed on Friday, in a new warning sign for the economy. Retail sales volumes dropped 0.3% month-on-month, following a revised 1.1% decline

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Saudi Arabia to sign deals worth over $500 mln with African nations -minister

Saudi Minister of Finance Mohammed al-Jadaan gestures during an interview with Reuters at the Ministry of Finance in Riyadh, Saudi Arabia, December 12, 2021. Picture taken December 12, 2021. Photographer Ahmed Yosri/File Photo By Reuters The Saudi Fund for Development will sign agreements worth 2 billion riyals ($533 million) with African countries, Saudi Finance Minister

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UK stocks fall as real estate shares drop; economic data on tap

The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. Photographer Toby Melville/File Photo By Reuters UK stocks inched lower on Monday led by a drop in shares of real estate investment trusts, while investors awaited key economic data to assess the strength of the British economy. The

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7 African nations set to receive $1bn from IMF

Kenya’s National Treasury and Economic Planning Prof Njuguna Ndung’u (C), Rwanda Central Bank Governor John Rwangombwa (R) and looking on, South Sudan Finance and Economic Planning Minister,Dier Tong Ngor during the East Africa Constituency Ministers and Governors Meeting at IMF Headquarters in Washington DC, USA on April 15, 2023. Photo/Pool By The East African The

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Kenya’s World Bank debt crosses $9.9bn

Signage of the World Bank. Photo/Pool By Business Daily Africa The size of Kenya’s debt from the World Bank crossed Ksh1.5 trillion ($9.99 billion) in June on increased disbursements and depreciation of the shilling. Fresh data published by the Central Bank of Kenya shows Kenya’s outstanding loan to the multilateral lender stood at Ksh1.57 trillion

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Oil prices dip amid flurry of weak European economic data

Crude oil storage tanks are seen from above at the Cushing oil hub, appearing to run out of space to contain a historic supply glut that has hammered prices, in Cushing, Oklahoma, March 24, 2016. Reuters/Nick Oxford//File Photo By Reuters Oil prices dipped on Tuesday following the previous session’s slump, while a flurry of economic

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Critics Frown at Tanzania’s 30-Years Management Port Deal with UAE

By The African Exponent Tanzania has entered into a 30-year port management agreement with the United Arab Emirates (UAE) that has generated opposition, but aims to enhance the nation’s port capabilities. The deal involves Dubai Port (DP) World assuming control of four berths or quays at Dar es Salaam, Tanzania’s largest port, and partnering with

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Oil rises as US sanctions, stockpile forecasts raise supply worries

Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Oklahoma, U.S. April 21, 2020. Reuters/Drone Base/File Photo By Reuters Oil prices were up on Friday after the U.S. tightened its sanctions programme against Russian crude exports, raising supply concerns in an already tight market, and global inventories

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