economic

Gas prices, that unforgiving economic billboard on every American street corner, have turned against the White House. Two weeks after President Donald Trump touted falling costs at the pump in his State of the Union address, the national average climbed to $3.60 per gallon — up 23% in a month — and his approval rating on the economy hit a new low. For a presidency built on the promise of putting more money in people’s pockets, the glow from those red digits is politically scorching. Few in Washington understand the power of…

Djibouti (AX) — The presidents of Djibouti and Somalia and the prime minister of Ethiopia met Wednesday in Djibouti City for a high-level trilateral summit, underscoring a push for tighter regional security coordination, deeper economic integration and united diplomacy across the Horn of Africa. Djibouti President Ismail Omar Guelleh hosted Ethiopian Prime Minister Abiy Ahmed and Somali President Hassan Sheikh Mohamud for talks at his private residence in Haramuus during an iftar dinner. Officials said the leaders reviewed…

Horn of Africa leaders warn of economic impact from Middle East conflict DJIBOUTI, March 12 — Leaders of Somalia, Ethiopia and Djibouti warned that the ongoing Middle East conflict could spill into the Horn of Africa’s economies and stability after holding trilateral talks in Djibouti on Wednesday. Djibouti’s President Ismaïl Omar Guelleh hosted Somalia’s President Hassan Sheikh Mohamud and Ethiopia’s Prime Minister Abiy Ahmed for discussions centered on regional security and the potential economic fallout as global oil…

Iran is shifting the battlefield to the global economy: oil routes and cloud giants in the crosshairs The United States holds a decisive edge in conventional firepower. Iran knows it cannot match that force head-to-head. Instead, it is probing the seams of a system that keeps the world running—energy flows and digital infrastructure—and betting that economic disruption will shape the outcome of this war as much as any clash on land, sea or air. In recent days, Iranian threats to target ships have played out despite stern…

Zimbabwe imposes immediate, indefinite ban on export of lithium concentrates Zimbabwe announced an immediate and indefinite ban on the export of lithium concentrates and other unprocessed ores on Wednesday, saying mining companies rushed to ship raw lithium ahead of a planned 2027 restriction and that large volumes of the mineral have been illegally stockpiled outside the country. Mines Minister Polite Kambamura said the decision followed reports that some firms accelerated extraction and exports instead of investing in…

President Donald Trump proclaimed a “golden age of America” in his State of the Union address, using a record-length speech to cast his stewardship as a run of uninterrupted victories even as polls show sagging approval and voter frustration over the cost of living ahead of November’s midterm elections. Heeding warnings from Republicans anxious about losing control of Congress, Trump centered the first hour on the economy, asserting he had slowed inflation, lifted the stock market to record highs, signed sweeping tax cuts…

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…