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- The push and pull: oil and gas producers adamant amid the energy transition pressure
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- Africa will need pragmatism, not idealism, to achieve a just energy transition
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Banking
- The Central Bank of Kenya benchmark rate has gone up to 12.5 per cent from 10.5 per cent.
- Developing economies including Kenya are paying dearly for geopolitical tensions.
- The current US policy rate at 5.25 per cent -5.5 per cent is the highest in 22 years, exerting pressure on economies.
Borrowers in Kenya are facing the prospect of more expensive loans following the country’s central bank’s decision to raise its base lending rate to a near 11-year high of 12.50 per cent. This marks an increase from the 10.50 per cent rate that has been in place since June this year, when it rose from 9.50 per cent due to a rise in non-performing loans in the banking sector.
The hike in rates occurs as Kenya, along with other economies in the region, continues to grapple with the impact of global factors, including elevated interest rates in the United States. …
- The UAE Banks Federation (UBF) has committed to mobilize $270 billion in sustainable finance by 2030.
- His Excellency Abdulaziz Al-Ghurair, Chairman of the UAE Banks Federation, announced the pledge at an event jointly organized by the Central Bank of the UAE and the COP28 Presidency, aiming to support and facilitate global climate finance solutions and progress towards a sustainable future.
- UBF has been working closely with its partners on sustainability efforts to accelerate and advance sustainable development goals.
The UAE Banks Federation (UBF), the sole representative and unified voice of banks in the UAE, has committed to mobilize $270 billion in sustainable finance by the year 2030. His Excellency Abdulaziz Al-Ghurair, Chairman of UBF, announced the pledge at an event jointly organized by the Central Bank of the UAE and the COP28 Presidency, aimed at supporting and facilitating global climate finance solutions and progress towards a sustainable future.
“The pledge …
- Economic experts have a bearish forecast on the US dollar, citing that it is likely to “consistently weaken” throughout 2024 as the US Federal Reserve winds up its aggressive stance.
- The prediction comes despite the ongoing big dollar sell off where asset managers are selling the currency at the fastest pace in a year.
- This is positive news for emerging and frontier markets, as they can start to see global funds and investors redirect capital back to these markets which have been starved of inflows for months.
Economic experts are making a bearish forecast against the US dollar, predicting that it is likely to “consistently weaken” throughout 2024 as the US Federal Reserve concludes its aggressive interest rate hiking agenda.
Nigel Green, CEO of the DeVere Group, states that this prediction persists despite the ongoing significant dollar sell-off, where asset managers are selling the currency at the fastest …
Ahead of COP28, the UN’s International Fund for Agricultural Development (IFAD) is calling on leaders across the globe to shift gears and drastically and urgently scale up climate finance for small-scale farmers and small agribusinesses, who produce one-third of the world’s food and up to 70 per cent of the food in low- and middle-income countries. Many of these farmers are grappling with the negative impacts of climate change.…
- Equity Group anticipates regulatory changes, currency fluctuations, and the broader economic repercussions of global events as obstacles in the future.
- However, the regional lender looks well-positioned to overcome these obstacles due to its robust capital base, diversified business model, and continuous digital transformation.
- Analysis shows that industry-specific factors, market sentiment, and macroeconomic conditions may be exerting an impact on the stock’s performance.
Amidst the ongoing repercussions of the pandemic and geopolitical unrest on a global scale, Equity Group Kenya, arguably the largest financial institution in East Africa, has exhibited exceptional fortitude and expansion during the three months ending September 30, 2023.
In spite of the tough economic climate characterized by inflationary forces and disruptions in the supply chain, Equity Group has disclosed a consistent upward trend in its fundamental financial indicators. An important growth driver has been the bank’s emphasis on digital innovation and customer-centric services, which have significantly …
- Egypt’s entry is a huge step forward for Cellulant, which now offers a full suite of payment services throughout 35 African regions and integrates over 370 different payment methods.
- Cellulant has raised a total of US$55 million to date, making it one of the most heavily backed fintech startups in Africa and allowing it to support its ambitious expansion plans.
- CEO Ahmed Marwan says with over 40% the adult population in Egypt using prepaid cards and mobile wallets, the acquisition of these licences positions Cellulant to further streamline payment options for businesses.
Kenyan Fintech giant Cellulant, has announced its initial registration as a Payment Service Provider and Payment Facilitator in Egypt, a major development for digital payments in the Middle East and North Africa (MENA). This is a huge step forward for Cellulant, which now offers a full suite of payment services throughout 35 African regions and integrates more than …
In the ever-evolving world of global finance, oil-rich Saudi Arabia is emerging as a pivotal thread, weaving a narrative of economic collaboration and strategic partnerships. As the Saudi Fund for Development (SFD) unfurls its wings, it has inked a historic $580 million loan agreement with 12 African countries, marking a significant stride in the kingdom’s expanding role on the world financial stage.
Against the backdrop of evolving dynamics, where traditional financiers, especially China, are reassessing their commitments, Saudi Arabia’s ascent becomes a compelling tale of financial diplomacy, poised to reshape the contours of international economic relations. Saudi Arabia is positioning itself not just as a regional powerhouse but as a global player influencing the trajectory of world finance.…
