WSJ Opinion: U.N. Security Council's Hypocrisy Over Humanitarian Aid to Gaza
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Business Insider
8 minutes ago
- Business Insider
Construction plans for Africa's largest toll road stall as US firm faces major setback
Kenyan authorities have raised concerns over a proposal by US-based infrastructure firm Everstrong Capital for the Nairobi–Mombasa Expressway, a flagship 440-kilometre project intended to link Kenya's two largest cities through a modern highway. Kenyan authorities rejected a proposal from US firm, Everstrong Capital for the Nairobi–Mombasa Expressway The project was to be Africa's largest toll road but has been revised for practicality and feasibility. Everstrong Capital is invited to restructure and resubmit its plans to meet existing standards. According to the Kenya National Highways Authority (KeNHA), the bid fell short of several key benchmarks set by the Public Private Partnership (PPP) Committee, prompting officials to request that the company review and resubmit its plans rather than face outright disqualification. The revision will see the original plan for a new expressway scrapped in favour of expanding the existing Nairobi–Mombasa highway. With this change in scope, the development effectively signals the end of what had been set to become Africa's largest toll road and one of the most ambitious US-backed infrastructure projects on the continent. Kenyan authorities downplay proposal The decision comes just two months after Everstrong Capital, led by Senior Advisor Kyle McCarter, submitted a 2,300-page feasibility study report to KeNHA for review. 'The PPP Committee of the National Treasury and Economic Planning delivered its decision during its 54th Ordinary PPP Committee meeting held on July 2, 2025, ' KeNHA stated. 'It was determined that the proposal does not meet the relevant criteria and should be abandoned per Section 43(11)(c) of the PPP Act, 2021.' While the current proposal has been rejected, KeNHA has invited Everstrong Capital to restructure the project to meet the required standards, specifically by focusing on upgrading the existing highway rather than building an entirely new road. The proposed expressway, aimed at easing traffic congestion, reducing travel time between Kenya's capital and its main port city, and boosting trade along the Northern Corridor, has been a priority project for Nairobi for several years. The revised proposal may be resubmitted for fresh consideration by the PPP Committee in accordance with Section 43 of the PPP Act.
Bloomberg
8 minutes ago
- Bloomberg
Alberta Bolsters Canada-Mexico Energy Ties as Trump Upends Trade
The leader of Canada's main oil-producing province visited Mexico in a bid to help reset relations with Latin America's second-largest economy, with a particular eye to promoting energy projects. Alberta Premier Danielle Smith, who previously argued Canada would be better off dealing with the US alone, emphasized that the northern nation now has the ability to ship oil and gas to Mexico directly thanks to new Pacific Ocean export facilities.
Yahoo
22 minutes ago
- Yahoo
Inflation report, BLS pick, China trade extension: 3 Things
Here are three of the stories Wall Street is watching on Tuesday, Aug. 12. The July Consumer Price Index (CPI) report showed inflation rose roughly as expected from the prior month. Annually, however, the core inflation reading was higher than economists had forecast. President Trump said he will nominate economist the Heritage Foundation's chief economist EJ Antoni, a critic of the Bureau of Labor Statistics (BLS), to be the agency's new commissioner. On the trade front, Trump has extended the trade truce with China for another 90 days. To watch more expert insights and analysis on the latest market action, check out more Morning Brief. Welcome to Yahoo Finance's flagship show, The Morning Brief. I'm Julie Hyman. Let's get to the three things you need to know today. First up, US stock futures moving higher following the July CPI report, which showed inflation coming in line with Wall Street's estimates, largely. Core inflation accelerating in July to 3.1% year-over-year. That is the strongest pace for that measure since the start of the year amid a pickup in services prices. Plus, President Trump tapping EJ Antoni to lead the Bureau of Labor Statistics after firing the former head of the agency earlier this month. Antoni currently serves as the chief economist for the Heritage Foundation. It's a conservative think tank in Washington. He has been vocal about his concerns with BLS data and revisions. Antoni would succeed the BLS head who was abruptly fired after after the July payrolls report showed weak job growth and substantial downward revisions to the prior two months. The position is subject to Senate confirmation. And President Trump is extending the US-China trade truce for an additional 90 days, deferring a tariff hike set to take effect today. The de-escalation first took effect when the US and China agreed to reduce tit-for-tat tariff hikes and to ease export restrictions on rare earths and certain technologies. But new reports say China is urging domestic firms to avoid using Nvidia's H20 processors, complicating the chipmaker's attempts to recoup billions in lost China revenue, as well as the Trump administration's push to turn those sales into a government windfall.
