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Oil Price Predicted to Remain Above $100 for Rest of Year
Global oil prices are predicted to stay above $100 for the rest of the year, even if the Strait of Hormuz reopens soon, according to JP Morgan. This forecast is based on ongoing supply disruptions and logistical challenges. Ride-hailing platform Bolt has increased its fares by 6 percent in Kenya to help drivers cope with rising fuel costs. Meanwhile, U.S. President Donald Trump intends to suspend the federal gas tax amid surging prices, according to CNN reporting.
First Batch of Tax-Exempt Kenyan Tea Arrives in China
The first batch of Kenyan tea, exported under China's new zero-tariff initiative for African countries, has arrived in China, marking a significant step towards enhanced market access for Kenyan products. U.S. President Donald Trump is set to be accompanied by a delegation of 17 top U.S. business and technology executives including Elon Musk and Tim Cook on his upcoming official trip to Beijing. Former World Bank president David Malpass urged China to stop hoarding food and fertilizer, citing its massive stockpiles as a potential solution to a global supply crisis.
Mbadi Defends Proposed Tax on Visa, Mastercard Transactions
Treasury Cabinet Secretary John Mbadi is defending proposed tax changes in the Finance Bill 2026 that would impose withholding tax on fees paid to global card payment firms like Visa and Mastercard. Economic experts are warning that Kenya's aggressive push for its Affordable Housing Programme could harm long-term economic growth by diverting crucial resources from more productive sectors. Land prices in sought-after Kenyan coastal towns like Diani and Watamu have seen significant increases of over 70 percent since the start of the COVID-19 pandemic.
