economic

Opinion: Somalia should lead a Horn of Africa economic bloc built on connectivity corridors The Horn of Africa is at a hinge moment. After decades marked by fragmentation and instability, the region faces a practical imperative: build a regional economic bloc anchored in modern connectivity corridors or cede another generation to missed potential. For Somalia, whose Indian Ocean and Gulf of Aden coastline sits astride one of the world’s busiest maritime routes, the choice is stark. With recent macroeconomic stabilization,…

MOGADISHU, Somalia — Somalia’s prime minister on Monday hailed Türkiye’s launch of a deep-sea drilling mission off the Horn of Africa nation’s coast as a historic step that could jump-start long-promised economic change. Prime Minister Hamza Abdi Barre welcomed the deployment of Türkiye’s drillship Cagri Bey, which has set sail for Mogadishu to begin Ankara’s first offshore oil and gas exploration outside its own maritime zone. Turkish officials say the vessel is scheduled to start drilling in April at the Curad-1 well.…

NAIROBI — Kenya and Somalia signaled a renewed push to deepen their economic partnership beyond the traditional exchange of goods, using a Nairobi forum this week to elevate services, diaspora investment and regional integration under the East African Community as central pillars of future growth. Policymakers and business leaders from both countries gathered Feb. 12–13 for the second Somalia–Kenya & Diaspora Trade Week at BBS Mall in Eastleigh, a meeting that organizers said drew more small and medium-sized enterprises…

Somalia unveils revised labour code to strengthen worker protections, modernize employment rules MOGADISHU — Somalia on Sunday launched a revised Somali Labour Code (Law No. 36), a sweeping update that officials say will reshape employment relations, reinforce protections for workers and help underpin long-term economic development. Unveiled at a national ceremony in Mogadishu, the reform was presented as a cornerstone of efforts to modernize the country’s labour system and align it with international standards and…

Several killed as Iran’s economic protests turn deadly; clashes reported across multiple provinces At least several people were killed in Iran as protests over a plunging currency and soaring prices escalated into violent confrontations with security forces in multiple cities, according to Iranian media, activist groups and local authorities. The semi-official Fars news agency said three protesters were killed and 17 were injured Thursday after demonstrators stormed a police station in Lorestan province around 6 p.m. local…

WASHINGTON — US President Donald Trump said the United States is “locked and loaded” to respond if Iran kills protesters, issuing a stark warning as cost-of-living demonstrations in the country turned deadly and Iranian authorities cautioned Washington against interference. In a post on his Truth Social platform, Trump wrote that if Iran shoots “and violently kills peaceful protesters, which is their custom, the United States of America will come to their rescue.” His message followed reports of fatal clashes between…

Somalia’s khat bill: How a daily airlift of mira to Mogadishu drains a fragile economy Somalia’s dependence on khat—known locally as qaad and as mira in Kenya—has evolved from a social habit into a structural economic liability. Official statements tabled in Kenya’s National Assembly on December 3, 2025, show just how lopsided the trade has become: Somalia is Kenya’s largest export destination for mira, accounting for more than 95 percent of Kenya’s total mira export volume. The crop supports an estimated 110,000 Kenyan…

Trump touts ‘economic boom’ and blames Biden for prices in prime-time address WASHINGTON — President Donald Trump promised Americans “an economic boom” and said prices are “falling rapidly” in a nationally televised address from the White House, casting blame for high costs on his Democratic predecessor, Joe Biden, even as new polls show persistent voter anxiety over affordability. “Good evening America. Eleven months ago I inherited a mess, and I’m fixing it,” Trump, 79, said in the live speech at the end of his first year…

WASHINGTON — President Donald Trump used a rare prime-time address from the White House to promise an economic boom and blame Democratic predecessor Joe Biden for stubbornly high prices, even as fresh polling shows voters increasingly sour on his handling of the economy at the close of his first year back in power. “Eleven months ago I inherited a mess, and I’m fixing it,” said Trump, 79, casting his stewardship as a course correction from the Biden era. He insisted that gas and grocery prices that have strained household…

In a historic move towards peace, Rwandan President Paul Kagame and DR Congo's President Felix Tshisekedi signed a pivotal peace accord at the White House on Thursday. The ceremony, hosted by U.S. President Donald Trump, signals a significant step in addressing the long-standing conflict between the two neighboring countries. The peace accord underscores a commitment to ending hostilities and building a foundation for stability in the region. Both leaders, flanked by their foreign ministers, expressed optimism about the…