Kenya: Kenyan Shilling Stable as Traders Await Oil Import Deals
The Kenyan shilling remained steady against the US dollar on Thursday ahead of expected oil imports from international markets. The stable performance of the shilling is believed to be a result of high demand for dollars from importers, coupled with decreased trading activity in the forex market. The Central Bank of Kenya is expected to play a key role in supporting the shilling by injecting liquidity in the market to mitigate the effects of high demand for dollars. Traders hope that the expected oil imports will help to reduce the pressure on the shilling and balance the demand for dollars in the market.
Sudan: Conflicts Threaten Supply of Key Ingredient for Soft Drinks
The ongoing conflicts in Sudan are threatening the supply of gum arabic, a key ingredient used in soft drinks and other consumer products. Sudan is one of the world’s top producers of gum arabic, with exports amounting to over $60 million per year. However, with the continued conflicts between the Sudanese government and rebel groups in Darfur and other regions of the country, the production and exports of gum arabic have been severely hampered. Experts warn that the shortage of gum arabic could lead to increased costs for manufacturers of consumer goods, which could ultimately result in higher prices for consumers.
Sudan: Airstrikes and Tank Fire in Capital Region Defy Truce Pledge
Despite a ceasefire agreement between the Sudanese government and the rebel Sudan Liberation Movement, airstrikes and tank fire have been reported in the capital, Khartoum, and its surrounding areas. The attacks have caused panic and displacement among civilians, with many residents fleeing their homes in search of safety. The leader of the Sudan Liberation Movement has accused the government of violating the ceasefire agreement and called for international intervention to protect civilians in the affected areas.
Sudan: How the Military Factions Set Path to War as Mediation Stalled
Tensions between the different factions in Sudan’s military have escalated in recent weeks, leading to outbreaks of violence that threaten to plunge the country into civil war. Observers say that the failure of mediation efforts by the international community has emboldened the different factions, who are now vying for control of the country’s resources and power. Experts warn that with the continued escalation of violence, Sudan could soon become a failed state, with dire consequences for the region and the world.
Guinea: Book Festival Hopes to Turn the Page on Low Literacy Rate
Guinea’s National Sports Stadium has been transformed into a literary hub, hosting the country’s second annual book festival. The event, which aims to promote literacy and reading culture in Guinea, has attracted thousands of visitors who are taking part in book readings, signings, and discussions. Guinea has one of the lowest literacy rates in Africa, with just over a quarter of the population being able to read and write. The book festival is seen as a step towards changing this trend and achieving a more literate society in Guinea.
South Africa: Rand Weaker Ahead of Budget and Trade Data
The South African rand has weakened against the US dollar ahead of the release of the country’s budget and trade data. The rand has been under pressure due to concerns about the state of the economy and political instability ahead of the upcoming general elections. Analysts predict that the budget will reveal a widening deficit, which could further weaken the rand. The trade data is also expected to show a decline in exports, which could put additional pressure on the currency.
Global: High Inflation Still a Top Concern for Global Economy
According to a recent Reuters poll of economists, high inflation remains a top concern for the global economy, despite central banks’ efforts to curb rising prices. The poll revealed that economists expect inflation to remain at high levels in the coming months, driven by increased demand due to the global economic recovery and supply chain disruptions caused by the COVID-19 pandemic. Economists also expressed concerns about the negative impact of inflation on low-income households and the potential for it to lead to social unrest.
Global: Oil Set for Second Weekly Drop as Recession Fears Cloud Outlook
Oil prices are set for a second consecutive weekly drop as fears of a global recession and rising supplies continue to cloud the outlook for demand. The benchmark Brent crude futures were down by 0.4% at $64.69 per barrel, while US West Texas Intermediate crude futures were down by 0.3% at $60.66 per barrel. The decline in oil prices has been attributed to rising US inventories, increased output from key producers, and concerns about the global economic recovery in the wake of the COVID-19 pandemic.
African Boulevard News – (2023-04-28)
