Nigerian, Kenyan and Ugandan currencies tumble further against US dollar in January
Commercial banks quoted the Kenya shilling at 157.00/158.00 per US dollar compared with last Thursday’s close of 156.50/157.50.
PMI: Kenya private sector activity declines in December n the back of easing inflation
Inflation slowed to 6.6 per cent year-on-year in December from 6.8 per cent the previous month, data from the statistics office showed.
US weekly newspaper lays off entire staff, halts print after theft of funds by former employee
About a week before Christmas, the Eugene Weekly found inaccuracies in its bookkeeping, editor Camilla Mortensen said. It discovered that a former employee who was “heavily involved” with the paper’s finances had used its bank account to pay themselves $90,000 since at least 2022, she said.
Kenya’s economy grows by 5.9 per cent as inflation eases to 6.6 per cent in December
The East African country’s economy has been among the fastest-growing on the continent in recent years, but a heavy debt load and a weakening currency have emerged as potential problems.
Market analysts forecast oil prices to end year 10 per cent lower as demand concerns snap winning streak
Prices had surged to this year-high in September after the Organization of the Petroleum Exporting Countries and their allies agreed to cut production, triggering fears that demand was potentially higher than supply.
Crude oil price drops almost two per cent as investors watch Red Sea developments
Oil output in Russia, the third largest producer in the world after the United States and Saudi Arabia, is expected to be steady or even to increase next year as Moscow has largely overcome Western sanctions, analysts said.
Bond: Ethiopia becomes Africa’s latest sovereign default
According to two sources familiar with the situation, bondholders had not been paid the coupon as of the end of Friday December 22, the last international banking working day before the grace period expires.
Some respite for Man United as British billionaire Ratcliffe acquires 25 per cent stake in Red Devils
The club said $200 million of Ratcliffe’s planned investment would be paid on closing of the deal, and a further $100 million by the end of 2024.
Shipping companies reroute to South African ports to avoid Houthi attacks in Red Sea
Other large African deep-water ports along the Cape route, such as Mombasa in Kenya and Dar es Salaam in Tanzania are too ill-equipped to handle the expected traffic over the next couple of weeks, Lencioni said.
Forex: Kenyan, Zambian currencies in-play against backdrop of subdued dollar supply
Zambia’s kwacha could hold steady next week or fall slightly as hard-currency supply remains subdued. On Thursday the kwacha was trading at 25.20 per dollar from 24.55 a week ago.
