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KRA advertises Commissioner General job after Wattanga exit
The Kenya Revenue Authority has officially advertised the vacant position of Commissioner General following the recent departure of Humphrey Wattanga. The Kenya Vision 2030 Delivery Secretariat has simultaneously appointed James Maina as its new acting Director General, effective April 14. In a related fiscal development, the International Monetary Fund advised Kenya to incorporate pending bills, estimated at Sh684 billion, into its official public debt figures to provide a more accurate fiscal outlook. These developments come as stakeholders continue pushing for reforms in various economic sectors, highlighting ongoing transitions in Kenya's economic governance structures.
Global economy at risk of recession if Iran war persists
The International Monetary Fund warned that the global economy faces a recession risk if the war with Iran persists, leading to sustained high energy prices. Oil prices eased on Tuesday as hopes of new peace talks between the US and Iran emerged following President Donald Trump's announcement that Tehran had contacted Washington about a potential agreement. Britain's total retail sales saw a significant increase of 3.6 percent year-on-year in March, driven by robust food sales according to the British Retail Consortium. Separately, the Kenyan government is partnering with private sector investors to establish a strategic petroleum reserve in Mombasa, aiming to enhance energy security and mitigate the impact of global supply shocks.
Founder of China’s Evergrande pleads guilty to fraud
Hui Ka Yan, the founder of China's property giant Evergrande, pleaded guilty to charges including embezzlement and bribery, marking a significant development in the fallout from Evergrande's collapse. French cement giant Lafarge was found guilty in a Paris court of financing terrorism by paying millions of dollars to militant groups, including Islamic State, to maintain operations at its Syrian plant during the civil war. Meanwhile, a 20-year-old man was charged with multiple state and federal offenses, including attempted murder, for allegedly attacking the San Francisco home of OpenAI CEO Sam Altman and attempting to damage the company's headquarters.
Trident Insurance clients to receive compensation payouts after collapse
The Policyholders Compensation Fund began paying out compensation to clients of Trident Insurance Company Limited following its collapse, providing relief to hundreds of customers affected by the insurer's failure. SIC Investment Co-operative is facing crippling losses of up to Sh2 billion due to years of mismanagement and fraudulent practices, leaving thousands of members and customers facing significant financial distress. The Nairobi Securities Exchange admitted Fincredit SEZ Limited into its Ibuka Programme, an incubator platform aimed at helping small and medium-sized enterprises scale and prepare for listing on the stock exchange.
