
Kenyan shilling stable versus dollar in balanced trade
At 0845 GMT, the shilling traded at 129.00/50 per dollar, compared with 128.95/129.45 at the close of Wednesday's session.
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Reuters
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- Reuters
Parts of Russia face gasoline shortages after Ukraine struck refineries
MOSCOW, Aug 21 (Reuters) - Several regions in Russia and parts of Ukraine it controls are reporting gasoline shortages after Ukraine stepped up attacks on Russian oil refineries this month, and amid a seasonal surge in fuel demand. Russia imposed a gasoline exports ban for oil producers on July 28 in a bid to prevent shortages at a time of peak demand because of summer travel and grain harvesting. But some market participants said this will not be enough to avert a fuel crunch. The problem is being aggravated by logistical bottlenecks, low domestic stocks and repair work at refineries, they said. Since early August, Ukraine has targeted a number of oil refineries including Novokuibyshevsk, Syzran, Ryazan and Volgograd in response to Moscow's missile and drone attacks. In Russia's far eastern region of Primorye, local media reported lines stretching back kilometres (miles) as motorists queued to fill up with gasoline. Authorities blamed an influx of tourists. NNK, an oil company, said many of its gasoline carriers in the region were stuck in traffic jams for three to six hours at a time due to repair works on the roads, according to local media. Yevgeny Balitsky, Moscow-appointed governor of Ukraine's Zaporizhzhia region, which is mostly under Russian control, said on Thursday that gasoline retail sales in several areas were suffering problems because of peak demand and refinery maintenance. "In the Zaporizhzhia region, the fuel shortage is further complicated by logistics issues and the threat of enemy attacks on fuel trains," he said. Sergei Aksyonov, the head of Crimea - which Russia annexed from Ukraine in 2014 - also acknowledged fuel problems in an interview with a local TV station this week. "This is an objective situation, which could last for up to a month more," he said, while adding that the issue would not be fully resolved until the conflict ends.


Reuters
2 minutes ago
- Reuters
Shanghai stock benchmark closes at decade high as fintech, stablecoin shares surge
SHANGHAI, Aug 21 (Reuters) - Mainland China stocks advanced on Thursday, with the Shanghai benchmark closing at a decade high level, driven by hefty gains in fintech and stablecoin-concept shares after a Reuters report signalled a major shift in Beijing's stance on digital assets. ** At the close, the Shanghai Composite index (.SSEC), opens new tab was up 0.13% at 3,771.10 points, the loftiest close since August 2015, while the blue-chip CSI300 index (.CSI300), opens new tab gained 0.39%. ** Fintech and stablecoin-concept shares were among the biggest winners in morning deals, after Reuters reported, citing sources, that China is considering allowing the usage of yuan-backed stablecoins for the first time to boost wider adoption of its currency globally. ** China's plan for the usage of stablecoins, if approved, would mark a major shift in its approach towards digital assets. The country banned cryptocurrency trading and mining in 2021 due to concerns about the stability of the financial system. ** The CSI Fintech Theme index (.CSI930986), opens new tab advanced 0.78%, while Brilliance Technology Co ( opens new tab jumped 12.59% and Tansun Technology Co ( opens new tab leapt 4.75%. ** Chinese shares have been rising, supported by easing trade tensions between the world's two largest economies and improved liquidity conditions, and as investors shift out of bonds and into stocks, traders and analysts said. ** James Wang, head of China strategy at UBS Investment Bank research, said rising retail participation could be one of the drivers underpinning the recent stock rally. ** "Retail flows may have been one of the drivers with trading volume up 80% year-on-year on the A-share and margin financing balance outstanding also rising sharply," Wang said. "As retail participation typically increases following stronger performances for the A-shares, it would seem that A-share offers better upside potential." ** In Hong Kong, the benchmark Hang Seng index (.HSI), opens new tab slipped 0.24% at 25,104.61 points, while the Hang Seng China Enterprises index (.HSCE), opens new tab fell 0.43% to 8,974.77. ** Around the region, MSCI's Asia ex-Japan stock index (.MIAPJ0000PUS), opens new tab was firmer by 0.2%, while Japan's Nikkei index (.N225), opens new tab closed down 0.65%.


Reuters
12 minutes ago
- Reuters
J&J to invest $2 billion to boost US manufacturing as drug tariffs loom
Aug 21 (Reuters) - Johnson & Johnson (JNJ.N), opens new tab said on Thursday it would invest $2 billion in North Carolina as it aims to expand its U.S. manufacturing presence amid looming drug import duties proposed by President Donald Trump's administration. Major drugmakers, including Eli Lilly (LLY.N), opens new tab and AstraZeneca (AZN.L), opens new tab, have also committed to shell out billions of dollars to scale up their U.S. footprint in response to Trump's efforts, including tariff threats. Earlier this month, Trump said he plans to impose phased-in tariffs for the pharmaceutical sector, which could start small and eventually rise to 250%. J&J said on Thursday it has reached a 10-year agreement with Tokyo-based contract drug developer Fujifilm Diosynth for its more than 160,000-square-foot manufacturing facility in Holly Springs, North Carolina, which would create about 120 new jobs. Fujifilm in April had signed a more than $3 billion deal with Regeneron (REGN.O), opens new tab to manufacture and supply drug products for the U.S.-based company at its North Carolina facility for a span of 10 years. J&J would also announce plans for additional manufacturing facilities in the U.S. and the expansion of current U.S. sites in the coming months. The healthcare conglomerate had said in March it would raise U.S. investments by 25% to more than $55 billion over the next four years, including a separate plant in Wilson, North Carolina.