Bloomberg Government-imposed caps on commercial interest rates risk destroying Kenya’s banking industry unless they’re addressed soon, the head of the country’s biggest lender said. KCB Group Plc wants the ceiling raised to more than the current 400 basis-point limit above official rates, an easier route than seeking a repeal of the law in parliament, Chief Financial Officer Lawrence Kimathi said ...

Bloomberg India took the drastic measure of grounding all Airbus SE narrow-body planes powered by the latest Pratt & Whitney engines, removing the aircraft from the country’s skies after a series of in-flight incidents. A320neos with even one Pratt engine featuring a seal found to cause vibrations are no longer allowed to fly, India’s Directorate General of Civil Aviation said ...

Bloomberg Trump Hotels is looking to expand beyond its regular business to managing lodging properties under brands other than its own. The first step in that direction may be running a hotel linked to the president’s son-in-law. The company founded by Donald Trump is in talks to manage a planned hotel in Long Branch, New Jersey, that is under development ...

Bloomberg South African Airways is striving to return to profit in three years by reducing the size of the network and transferring planes to its low-cost carrier as Chief Executive Officer Vuyani Jarana embarks on a recovery plan. A turnaround of the state-owned airline is among the more urgent priorities of newly appointed Finance Minister Nhlanhla Nene, who is seeking ...

Bloomberg American shopping malls may be dying, but their debt is still very much alive. Consumer discretionary companies are the biggest bet of funds that repackage leveraged loans, which use them in almost a quarter of the collateral underpinning $213 billion of bonds covered by S&P Global Ratings, according to the firm. Demand for those notes helped spur a 65 ...

Bloomberg Oil fell below $61 a barrel, following its biggest rally in seven months, on speculation that growing US production will help keep global markets well supplied. WTI futures dropped as much as 2.2 percent ahead of a government report that may show further expansion in shale output. Stockpiles in Cushing, Oklahoma, the delivery point for futures contracts, were little ...

Bloomberg The Gulf Cooperation Council is setting up a company to facilitate direct money transfers among its six members. The Riyadh-based company will allow Gulf states to transfer money “without reliance on international currencies,” Kuwait central bank Governor Mohammed Al-Hashel told reporters following a meeting of regional central bankers in Kuwait City. The chief executive officer has been picked and ...

DUBAI / WAM Dubai Airport Freezone Authority (DAFZA) announced a new strategic partnership with Liaoning Chamber of Commerce UAE. The MoU signed by Nasser Al Madani, Assistant Director-General at DAFZA and Yewei Fan, President of Liaoning Chamber of Commerce UAE, will increase collaboration between the two organisations to help expand bilateral trade and create new business and investment opportunities with ...

Bloomberg A full-blown trade war could cost the global economy $470 billion, according to Bloomberg Economics. The US decision to slap tariffs on steel and aluminum may just be the beginning, with President Donald Trump warning of more levies and other economies promising to respond. Cecilia Malmstrom, the European Union’s trade chief, vowed on Monday to “stand up to bullies.” ...

Dubai / Reuters The United Arab Emirates central bank will next month launch a new way of setting Emirates Interbank Offered Rates (EIBOR), helping to make the system more accurate and transparent, a senior banking industry official told reporters on Monday. “We have taken benchmark banks to tell us what is the actual cost of deposit and the incremental cost ...