KENYA HIKES FUEL PRICES BY 6% FOLLOWING LINGERING MIDDLE EAST TENSIONS. (PHOTO).

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 Kenya hikes fuel prices by 6% following lingering Middle East tensions Kenya raised the maximum retail prices of petrol and diesel on Wednesday, the energy regulator said, citing higher import costs linked to the conflict in the Middle East. The east African nation hiked petrol prices by 6% and diesel prices by 4.5% as it relies on the Middle East region for nearly all of its fuel supplies. A litre of diesel will cost 227.76 Kenyan shillings ($1.76) in the capital city of Nairobi, from 217.86 shillings, while kerosene will rise to 219.87 shillings from 191.38 shillings between October 15 and November 14, when new prices will be announced, TRT Afrika reported. The energy regulator said the government extended a reduction in value-added tax on fuel to 8% from 16% until January 14. Fuel prices affect multiple sectors including transport, agriculture and construction.
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STANDARD BANK CEO WARNS: CLOSING THE DOOR ON MIGRANTS WILL COST SOUTH AFRICA. (PHOTO).

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STANDARD BANK CEO WARNS: CLOSING THE DOOR ON MIGRANTS WILL COST SOUTH AFRICA

Standard Bank Group CEO Sim Tshabalala has warned South Africa against clamping down hard on migration, saying it could badly damage the economy.


Speaking at the Kgalema Motlanthe Foundation Winter Seminar in Johannesburg, Tshabalala said migrants are not just "job takers" they are consumers, taxpayers, entrepreneurs and investors who keep the economy moving. They rent homes, use transport, start businesses, and buy goods and services every single day.


He used Brexit as a warning sign. When the UK cut itself off from free movement with Europe, the results were painful: GDP dropped by 6-8%, investment fell by 13%, and unemployment rose by about 4% compared to if Britain had stayed in the EU.


His message: shutting the door on migrants may sound good politically, but the numbers show it backfires economically.

This comes as South Africa reviews its immigration laws, and while anti-foreigner sentiment and protests continue to rise across the country.

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