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East Africa’s weakening currencies don’t improve trade balances, defying economic theories

The depreciation of all domestic currencies in the East African region over the past year has not led — in a defiance of conventional economic theory and expectations of regional economists — to the improvement in trade balances, putting more pressure on foreign exchange rates. The depreciation of a country’s currency is supposed to make […]

Libya’s Premier debunks reports about meeting with Israeli foreign spy chief in Jordan

Libyan Prime Minister Abdulhamid Dbeibeh has denied recent reports from Israel, Saudi Arabia alleging he recently met with Israeli Mossad Director David Barnea in Jordan to discuss normalization and security cooperation, Update Libya reports. The Jerusalem Post, citing reports from Saudi Arabia and Libya, revealed the alleged secret meeting. “That didn’t happen and won’t happen […]

Kenya, Somalia diplomatic row escalates over offshore riches

Kenya has halted diplomatic relations with Somalia after a row over oil and gas blocks spiraled out into conflict. Nairobi expelled Somalia’s ambassador on Saturday and called back its own representative in Mogadishu. Officials in Kenya said the Somalian Government’s decision to auction off oil and gas blocks in Kenya’s maritime territorial area that borders […]