markets

Oil prices steady as U.S., Israeli strikes on Iran snarl Hormuz shipping and force Iraq output cuts Oil prices were steady after sharp swings Wednesday as U.S. and Israeli strikes against Iran escalated the conflict and left shipping through the Strait of Hormuz effectively shut for a fifth day, disrupting vital Middle East oil and gas production and trade. Brent crude fell 0.3% to $81.13 a barrel around 4 p.m. GMT, while West Texas Intermediate slipped 0.4% to $74.30. Both benchmarks had closed Tuesday at recent highs—Brent…

NAIROBI, Kenya — Kenya moved Wednesday to ease refinancing pressures, launching tender offers to buy back up to $500 million of outstanding Eurobonds and preparing a new dual-tranche dollar issue aimed at extending the country’s debt maturities. In a regulatory notice, the government said it would repurchase up to $350 million of its 8% bond due in 2032 and up to $150 million of its 7.25% bond maturing in 2028, amounts inclusive of accrued interest. The tender offer closes Feb. 25. To fund the buybacks, Kenya plans to issue…

LUANDA, Angola — European leaders descended on Luanda this week for the EU-African Union summit with a clear, urgent goal: secure access to Africa’s critical minerals and shore up fragile supply chains as global geopolitical tensions rise. "Africa and Europe are partners of choice, bound by common interests and priorities and shared values," EU Council President António Costa wrote on social media as the summit began. "In a turbulent world, our commitment to build a peaceful, prosperous and sustainable future — and to…

Unlocking East Africa’s Halal Potential: A Global Economic Journey In the bustling heart of Nairobi, a unique confluence of minds marked the beginning of a new chapter for East Africa. It was an event that could redefine the region’s engagement with the global economy, estimated to grow into a colossal $5.91 trillion industry by 2033—the halal economy. The Workshop That Could Hosted at Nairobi’s landmark Jamia Mosque, the Halal Business Development and Export Readiness Workshop unfolded under the emblematic theme of…

Within the Democratic Republic of the Congo (DRC), the outbreak of violence in Beni's territory is critically affecting the economic system of the area. Farmers are abandoning their fields for areas which can be thought of safer. Consequence for instance: rising market costs in the town of Beni. Consumers and sellers hope for elevated safety.…

In terms of debt, Abidjan is likely one of the good college students. Côte d'Ivoire has simply borrowed one billion euros on the monetary markets, often known as a Eurobond subject. And buyers have rushed to lend to the nation, which is taken into account comparatively protected by buyers. Not all nations are deadbeats,…