The World Bank will no longer finance upstream oil and gas projects after 2019, apart from certain gas projects in the poorest countries in exceptional circumstances, it said on Tuesday, drawing praise from environmental groups.

U.S. President Donald Trump fired back at British Prime Minister Theresa May over her criticism of his retweeting of anti-Muslim videos, saying that she should rather focus on the radical terrorism in Britain. “Theresa @theresamay, don’t focus on me, focus on the destructive Radical Islamic Terrorism that is taking place within the United Kingdom. We are doing just fine,” Trump tweeted.

Indonesian authorities have raised alarm over an imminent major eruption of Bali's Mount Agung, whose evacuation zone around the volcano has widened. Video footage shared by the disaster agency showed cold lava flows (lahar) at a number of locations on the mountainside. Lahar carrying mud and large boulders can destroy houses, bridges and roads in its path.

The Government is targeting a budget deficit of 6.9 per cent in the 2016/17 fiscal year.

Barclays Bank of Kenya has earmarked Sh30 billion for lending to small and mid-sized business as it seeks to catch up with profit growth at rivals.

Financial group CFC Stanbic Holdings pre-tax profit for first-half 2015 fell 34 per cent to Sh2.87 billion for the period ending June 30, 2015

The Nairobi Securities Exchange (NSE) has delayed commencement of trading in derivatives, which enables investors to hedge against risk, to this quarter from the earlier target date of the second quarter to adequately prepare the market for the launch, it said Wednesday.

The shilling weakened yesterday due to importer dollar demand from oil firms and comments by the Central Bank reiterating that it had no preferred level for the local currency.

"I have seen oil companies buying (dollars). They are taking advantage. They had budgeted at a slightly higher rate of 102, 103. So the current rates are quite appealing for any buyer," a trader at one commercial bank said.

The shilling fell shortly after the Central Bank (CBK) injected dollars into the market Tuesday for the second consecutive trading session.

A new mining law, which will give the Government a 10 per cent stake in new projects and aims to spur growth of the sector, should be in place by September.

With an active presence in several African countries, Mahindra and Mahindra hopes the expansion will help spur a 10-fold increase in business over the next five to seven years.

The shilling weakened yesterday, reversing the gains it made a day ago but traders said it was likely to come under pressure in the days ahead due to the end-month demand for dollars from importers.

Listed marketing services group, Scangroup Limited, has changed its name to WPP Scangroup Limited to reflect its majority shareholder.