In wake of anti-tax protests and credit worthiness downgrades, Kenya begins national debt audit
During the height of the protests, President William Ruto appointed a committee to perform the audit. However, several appointees, including the head of the Law Society of Kenya, declined the appointments, saying the task should be carried out by the auditor-general.
Kenyan and Zambian currencies to hold steady against green buck as Nigeria’s and Uganda’s fluctuate
The local unit rallied strongly early this year as concerns eased that the East African country would default on a $2 billion Eurobond that matured in June, but it lost momentum from April onwards.
Adani fraud: Flights grounded at Kenya’s main airport as workers protest award of tender to Indian firm
The Kenya Airports Authority said in a statement that it was “engaging relevant parties to normalise operations” and urged passengers to contact respective airlines to confirm flight status.
FBI reveals investors in the US lost $5.6 billion last year in cryptocurrency fraud scams
Once the relationship is built, they convince the targets to use fake websites or apps to invest their money, sometimes even allowing the victims to withdraw small amounts of money early on to make it seem legitimate.
Financial Times: Kenyan court halts Adani takeover of the East African nation’s international airport
The proposed takeover spurred protests when it was revealed in July and the Kenya Aviation Workers Union also opposed the plans, which it argued would lead to job cuts and employment of foreigners.
South African minister implicated in $112 million bank heist denies corruption allegations
Justice Minister Thembi Simelane was only appointed to her position in June in the country’s newly-formed government of national unity, after the former ruling African National Congress party lost its parliamentary majority in the May 29 election.
China reluctant to commit to debt relief sought by Africa but pledges $58 billion support over three years
During those peak years, Beijing bankrolled the construction of roads, railways and bridges. But a drying up of funds since 2019 has left Africa with stalled construction projects.
Kenyan manufacturers frustrated by frequent outages as the country suffers nationwide blackout
Since President William Ruto came to power, power outages have become routine. The Kenya Association of Manufacturers (KAM) have raised concerns about the frequency of blackouts that affect their businesses adversely when they happen.
Letter says committee on foreign investments warned Nippon its US Steel bid was a national security risk
In the letter, which has not been previously reported, the Committee on Foreign Investment in the United States (CFIUS) said the deal would damage American steel production and decrease the likelihood that US Steel would continue to aggressively seek trade remedies, the people who were familiar with the matter said, adding that the companies were given until Wednesday to respond.
Recalcitrant China expected to listen more to mineral-rich African countries, give others a short shrift
China unveiled a $60 billion financing package at the 2015 FOCAC and repeated that in 2018. By the summit in Dakar in 2021, Beijing pivoted to trade and investments – a shift largely due to domestic financial pressures, the onset of Covid-19 and a commodities crash that hurt African economies.
