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World Bank Approves $130 Million for Kenya COVID-19 Vaccines

The World Bank Board of Executive Directors has approved $130 million additional financing for the Kenya COVID-19 Health Emergency Response Project to facilitate affordable and equitable access to COVID-19 vaccines for Kenyans. This is the second additional financing for the Kenya COVID-19 Health Emergency Response Project. With the $10 million triggered under the Contingency Emergency Response Component of the Transforming Health Systems for Universal Care Project, the World Bank’s contributions to Kenya’s COVID-19 response total  $246 million. The...

Oil Prices Drop 3% as Hacked U.S Pipeline Resumes Operations

Oil prices fell on Friday after dropping about 3% a day earlier as coronavirus cases remained high in major oil consumer India and as a key fuel pipeline in the United States resumed operations after being shut due to a cyber attack. Brent crude oil futures were down 35 cents, or 0.5%, at $66.70 a barrel by 0200 GMT, while West Texas Intermediate (WTI) was down 28 cents, or 0.4%, at $63.54 a barrel. “The commodity...

Oil Edges Lower on Concern of Rising COVID-19 Cases in India and Japan.

On Monday, oil prices fell on fears that surging COVID-19 cases in India will drive down fuel demand in the world’s third-biggest oil importer and as investors adjusted positions ahead of a planned increase in OPEC+ output from May. Brent crude futures dropped 38 cents, or 0.6%, to $65.73 a barrel by 0507 GMT, following a 1.1% rise on Friday. U.S. West Texas Intermediate (WTI) crude futures were down 31 cents, or 0.5%, at $61.83...

Oil Drops Towards $62K as Rising COVID-19 Cases in India Impairs Demand Outlook.

Oil prices edged lower for a second day on Wednesday, weighed down by concerns that surging COVID-19 cases in India will drive down fuel demand in the world’s third-biggest oil importer. Brent crude futures for June fell 48 cents, or 0.7%, to $66.09 a barrel at 0515 GMT, after dropping 48 cents on Tuesday. U.S. West Texas Intermediate (WTI) crude futures for June fell 52 cents, or 0.8%, to $62.15 a barrel. The May contract...

Oil Prices Gain Amidst Concerns on Rising Global COVID-19 Cases.

Oil prices rose on Tuesday, supported by a weaker U.S. dollar which boosts demand for dollar-denominated assets from buyers holding foreign currencies. Additionally, there are expectations that crude inventories fell in the United States, the world’s biggest oil user, though rising coronavirus cases in Asia capped gains. Brent crude futures for June delivery rose by 54 cents, or 0.8%, to $67.59 a barrel at 0415 GMT. U.S. West Texas Intermediate (WTI) crude futures for May...

Asian Pacific Stocks Edge Higher, Hong Kong Leads Gains

Shares in Hong Kong led gains in Asia-Pacific during Wednesday trade as Chinese tech stocks listed in the city jumped. Hong Kong’s Hang Seng index led to gains among the region’s major markets as it rose 1.24% by the afternoon. Hong Kong-listed shares of Chinese tech firms saw a rebound in Wednesday trade after 12 companies, including Baidu, JD.com and Meituan, signalled compliance with antitrust laws. By Wednesday afternoon in Hong Kong, shares of Baidu were...

Oil Prices Gain, as Fed Jerome Powell Points to Economic Growth

Oil prices edged higher on Monday as investors watched out for the short-term demand outlook amid the rising cases of COVID-19 in some regions. In contrast, a rising dollar reduced the appeal of commodities priced in the currency. Brent was up 2 cents at $62.97 a barrel by 0510 GMT, rising to as high as $63.30. U.S. crude gained 1 cent to $59.49 a barrel after rising as much as 46 cents earlier.   Analyst...

Kenya Business Activity Slows Sharply in March

Business activity in Kenya shrank sharply in March as the hike in fuel prices and COVID-19 restrictions hit key sectors of the economy, such as the hospitality and entertainment industry. The Stanbic Bank Kenya Purchasing Managers Index (PMI), which measures the private sector’s health, fell to a nine-month low of 50.6 in March, from 50.9 in February. Most businesses reported minimal growth in output and a slow down in new orders during the month, resulting...

Oil Slips Further as Rising COVID-19 Infections Hits Demand.

Oil prices fell more than 2% as fresh coronavirus lockdowns revived worries about demand for oil products, even as tug boats struggled to move a stranded container ship blocking crude oil carriers in the Suez Canal. Brent crude futures slid $1.33, or 2.1%, to $63.08 a barrel at 0559 GMT, after jumping 6% overnight. U.S. West Texas Intermediate (WTI) crude futures dropped by $1.40, or 2.3%, to $59.78 a barrel, after climbing 5.9% overnight. Oil...

Asian Pacific Stocks Edge Lower as Hang Seng Index Falls.

Shares in Asia-Pacific were largely lower on Wednesday as concerns over the prevailing pandemic. The Hang Seng index in Hong Kong was one of the biggest losers among the region’s major markets, closing 2.03% lower at 27,918.14. Today’s losses left the index in correction territory as it was more than 10% lower than the 52-week high set in mid-February. In Japan, the Nikkei 225 slipped 2.04% to close at 28,405.52 while the Topix index declined 2.18% to finish...

Oil Prices Flat around $60 as Lockdowns Slows Demand.

Oil prices steadied on Wednesday, after the previous day’s slump. However, the recovery was hindered by fears of a slow recovery in demand due to the new wave of COVID-19, which has resulted in lockdowns in Europe and a build in US crude stocks. Brent crude futures rose 0.1%, to $60.87 a barrel by 6.54 am, after tumbling 5.9% and hitting a low of $60.50 the previous day. West Texas Intermediate (WTI) crude futures climbed...

Wall Street Reverses Gains on Fresh COVID-19 Concerns, Bond Yields

Wall Street ended sharply lower on Thursday, with the Nasdaq tumbling 3%, hit by rising Treasury yields and fresh worries about the coronavirus pandemic in Europe. Losses in U.S. stocks accelerated after France’s prime minister imposed a month-long lockdown on Paris and several other regions due to the health crisis. It was the Nasdaq’s steepest one-day drop on wall street since Feb. 25. The S&P 500 energy sector index tumbled 4.7% as oil prices fell,...

Wall Street Unchanged as Biden Edges over Trump in Elections

US stocks hovered near unchanged on Friday to close out with a big weekly gain as Democratic challenger Joe Biden edged closer to victory in the presidential election, while the monthly jobs report underscored the hurdles still facing the economy. Biden built on narrow leads in Pennsylvania and Georgia, putting him on the verge of winning the White House, although President Donald Trump has filed lawsuits in battleground states to contest the results. Both the...

Asian – Pacific Stocks Decline, Following Wall-Street and Coronavirus Fears

Stocks across Asia-Pacific were mostly down by the close on Friday, amid dampened sentiment on the coronavirus front. Meanwhile, the U.S. dollar strengthened as uncertainty rose with investors flocking to the haven currency. Mainland Chinese stocks were mixed by the close, with the Shanghai composite up 0.13% to 3,336.36, while the Shenzhen component declined 0.68% to 13,532.73. Over in Hong Kong, the Hang Seng index jumped 1.04% by the afternoon. But markets were mostly down...

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