Safaricom CEO Peter Ndegwa. Safaricom borrowed additional short-term bank loans amounting to Sh24.7 billion in the half year ended September when its net profit dropped six percent due to removal of fees on M-Pesa transactions of up to Sh1,000. KCB Group is among the country’s major banks that provided the loans to Safaricom that the

Turkey’s lira fell, partly reversing the biggest rally in two years on Monday, after President Recep Tayyip Erdoğan appointed party insider Lütfi Elvan to replace his son-in-law Berat Albayrak as Treasury and Finance Minister. The lira fell by 2.6 percent to 8.2761 per dollar in volatile trading in Istanbul on Tuesday morning. It had gained

The Treasury’s outstanding overdraft at the Central Bank of Kenya (CBK) last week touched its highest level in more than six months, official data show, pointing to rising cash flow pressure amid revenue shortfalls. Latest data by the CBK shows that the Treasury had as October 30 tapped Sh63.53 billion from the overdraft facility —

Turkey has granted nearly $3.4 million to Somalia’s debt to the International Monetary Fund (IMF), as part of an initiative the fund kicked off earlier this year to relieve the heavy debts of low-income countries. According to an International Agreement issued on Nov. 5 on the Official Gazette, Turkey contributed some $3.4 million to Somalia

Britain’s Chancellor of the Exchequer Rishi Sunak speaks at the House of Commons in London, Britain, October 22, 2020. UK Parliament/Jessica Taylor/Handout via REUTERS LONDON (Reuters) – British finance minister Rishi Sunak further ramped up his 200 billion-pound economic rescue programme on Thursday as England went into a tough new coronavirus lockdown. Sunak extended the

Kenya has for the second time in less than six months reached out to the International Monetary Fund (IMF) for budget support to weather the coronavirus economic hardships. IMF resident representative Tobias Rasmussen said the government had asked the Brettonwoods institution for another loan following the $739 million (Sh79.3) billion received in May that Kenya

Sean ‘Diddy’ Combs is worth close to $1 billion after building a successful business empire in addition to his music career — Fuse TV Sean “Diddy” Combs, 50, began his career as a newspaper vendor at the age of 12. “Since then, I’ve always understood that if I give the customers my best and service

Photo: Credit Pinterest The cabinet of the United Arab Emirates approved a smaller federal budget for 2021 in a sign that the country is curbing expenditure amid the coronavirus crisis and lower oil prices. The budget for next year was set at 58 billion dirhams ($15.8 billion), state news agency WAM reported on Sunday, down

Foreign trade deficit amounts to $4.8B last month, says statistical authority Turkish exports increased 4.8% on an annual basis in September, according to the nation’s statistical authority on Friday. The figure hit $16 billion, the Turkish Statistical Institute (TurkStat) said in a statement on Friday. Turkey’s imports amounted to $20.8 billion last month, a year-on-year

USS Coronado launches a Harpoon Block 1C missile for the first time during exercise Rim of the Pacific. Credit: Flickr/U.S. Pacific Fleet By Steven Stashwick Truck-mounted Harpoon missiles and other recent sales are aimed at repelling a potential invasion by China. The U.S. State Department has given the greenlight for Taiwan to buy hundreds of