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Kenya's central bank Governor Kamau Thugge urged commercial banks to aggressively reduce loan rates to align with falling borrowing costs, aiming to stimulate the economy. Despite a cumulative 175 basis points cut in the policy rate over three meetings, banks have been slow to adjust their rates.
Kenya's central bank has reduced its benchmark interest rate to 11.25% from 12%, exceeding economists' expectations of a 50 basis point cut. This marks the third consecutive reduction, driven by muted inflation, as the bank aims to support the East African economy.
Rich investors from the Middle East are actively pursuing deals in Africa, focusing on agricultural projects, critical minerals, and renewable energy. Countries like Kenya are being targeted to bolster food security, while South Africa is seen as a key market for industrial transactions and diversifying economies away from oil.
Kenyan lawmakers have approved the reinstatement of certain tax measures that were previously abandoned following widespread protests. The National Treasury, facing significant fiscal challenges, has repackaged these taxes into three bills and submitted them to the National Assembly for approval.
Most Kenyan manufacturers are operating at less than 50% capacity due to burdensome taxes and government policies that hinder competitiveness and purchasing power. Approximately 60% of these companies have halted expansion plans, awaiting clarity on the government's upcoming budget cycle's impact on their operations.
BYD has launched its Sealion 07 EV in Norway, marking the company's seventh model available in the country. Priced at NOK 469,900 ($42,150), the Sealion 07 is the first to utilize BYD's latest e-Platform 3.0 Evo, following its recent debut in Germany.
Kenya's High Court has halted the government's plans to concession Jomo Kenyatta International Airport, following President William Ruto's cancellation of a deal with India's Adani Group. The court's decision came after legal challenges from opponents questioning the government's authority to lease the airport.
Kenya plans to implement a 1% levy on entry fees to parks, reserves, and conservancies to support wildlife conservation efforts. The funds will be allocated to a Wildlife Conservation Trust Fund aimed at managing and restoring protected areas and safeguarding endangered species.
At COP29 in Baku, countries made progress on carbon market rules under the Paris Agreement, particularly Article 6, but concerns remain over the quality of credits and transparency in emissions trading. The global goal on adaptation faced delays due to financial disagreements and a lack of consensus on implementation indicators. Meanwhile, the Lima Work Programme was renewed for another decade, focusing on gender-responsive climate policies despite pushback on human rights language from some nations.
Adani Group faces escalating challenges as U.S. authorities indict its founder on bribery and fraud charges, leading to a significant selloff in its stocks and bonds. Major partners, including TotalEnergies and the Kenyan government, have halted investments, while the U.S. International Development Finance Corp reviews its agreements with the conglomerate. The situation has prompted scrutiny from Indian regulators and calls for further investigation into the group's financial practices.
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