A construction site in Nairobi. By CONSTANT MUNDA Default on mortgages and loans advanced to the transport sector has crossed the Sh100 billion mark in the wake of layoffs, business closures and travel restrictions triggered by the Covid-19 pandemic. The transport and real estate sectors topped loan defaults over the nine months to December last

A section of Lamu Island. By BRIAN NGUGI Kenya has launched a fresh search for oil and gas in its Indian Ocean territory by tapping an American firm to conduct seismic surveys to detail petroleum prospects within Lamu County. Houston-based ION Geophysical Corp will carry out two seismic surveys in the offshore Lamu basin under

Turkish President Recep Tayyip Erdogan and Azerbaijani President Ilham Aliyev attend military parade for Azerbaijan’s victory against Armenia in Nagorno-Karabakh conflict, 10 December 2020 (AFP) By Ragip Soylu Investigation by Ottawa concluded that Turkey deployed drones to Nagorno-Karabakh that used Canadian technology, foreign affairs minister says. Canada cancelled all defense exports to Turkey on Monday

By Phoebe Cooke and Abdalle Ahmed Mumin Two fossil fuel exploration companies bet big on one of oil’s final frontiers, and found out how volatile it could be. A few days into the New Year, armed Somali intelligence officials were seen escorting guests into three bullet-proof cars at Mogadishu’s Aden Adde International airport. An unusual

The logo of Alibaba Group is seen at its office in Beijing, China January 5, 2021. REUTERS/Thomas Peter/File Photo/File Photo By Reuters Chinese regulators have fined Alibaba Group Holding Ltd 18 billion yuan ($2.75 billion) for violating anti-monopoly rules and abusing its dominant market position, marking the highest ever antitrust fine to be imposed in

Men wearing protective masks stand in front of an electronic stock board showing Japan’s Nikkei 225 index at a securities firm as a car passes by in Tokyo Friday, April 9, 2021. Shares fell Friday in most Asian markets after China reported a stronger than expected rise in prices that could prompt authorities to act

File – The logo of the International Monetary Fund is visible on their building, Monday, April 5, 2021, in Washington. Finance officials of the world’s major economies on Wednesday, April 7, 2021 agreed on a proposal to boost the resources of the International Monetary Fund by $650 billion as a way to provide more support

National Treasury Cabinet Secretary Ukur Yatani. By OTIATO GUGUYU The International Monetary Fund (IMF) warned Kenyans protesting its loans to the government that they face job cuts, tax increases and expensive loans without its assistance. The IMF has released a statement following public outcry over the government’s growing appetite for debt after it approved a

Treasury Cabinet Secretary Ukur Yatani. By OTIATO GUGUYU The government will spend Sh36 billion to bail out key parastatal which have sunk into losses as a result of Covid-19 economic fallout. The National Treasury said companies including Kenya Airways, Kenya Power, and several universities need urgent support after their revenues dropped sharply during the pandemic.

Photo: Credit AFP/Olivier Douliery/The International Monetary Fund Headquarters in Washington, DC. By Paul Wafula Kenya’s public debt has ballooned by more than Sh1 trillion in the last one year under the cover of fighting Covid-19 pandemic. This now makes the period between March 2020 and March 2021 as Kenya’s worst in terms of borrowing, after