Asia stocks slide as US and Iran threaten to escalate war

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March 23, 2026

Major stock markets in Asia slumped on Monday after Washington and Tehran threatened to escalate hostilities, as the Iran war enters its fourth week.

Japan’s benchmark Nikkei 225 index was almost 3.6% lower, while South Korea’s Kospi fell by almost 6%.

US President Donald Trump warned on Saturday that he would “obliterate” Iranian power plants if Iran did not open the key Strait of Hormuz shipping route. Iran said it would respond to any such strikes by targeting key infrastructure in the region, including energy facilities.

Japan and South Korea have been particularly impacted by the conflict, as they are heavily dependent on oil and gas that would normally pass through the strait.

About 20% of the world’s oil and liquefied natural gas (LNG) usually passes through the waterway – and the war has sent global fuel prices soaring.

Iran has effectively blocked the Strait of Hormuz, one of the world’s busiest oil shipping channels, since the US and Israel attacked the country on 28 February.

On Monday, International Energy Agency chief Fatih Birol said that the war could see the world facing its worst energy crisis in decades.

Speaking at the National Press Club in Australia’s capital, Birol compared the current energy crisis to those of the 1970s and the impact of Russia’s 2022 invasion of Ukraine.

“This crisis as things stand is now two oil crises and one gas crash put all together,” he said.

“If Iran doesn’t FULLY OPEN, WITHOUT THREAT, the Strait of Hormuz, within 48 HOURS from this exact point in time, the United States of America will hit and obliterate their various POWER PLANTS, STARTING WITH THE BIGGEST ONE FIRST!,” Trump said in a social media post published at 23:44 GMT Saturday.

That threat came after Iranian missiles hit the Israeli city of Dimona, and shortly before a second attack on the town of Arad nearby.

Mohammad Bagher Ghalibaf, the speaker of the Iranian parliament, said on Sunday that energy and desalination infrastructure in the region would be “irreversibly destroyed” if his country’s power plants were attacked.

Such action would significantly escalate the conflict, which has already disrupted global energy supplies, pushing up prices and causing fuel shortages.

Other markets in the Asia-Pacific region were also lower on Monday.

Hong Kong’s Hang was down by almost 3.5% and the Shanghai Stock Exchange Composite index 2.5% lower.

Global oil prices were broadly steady, with Brent crude 0.45% higher at $112.69 (£84.56) a barrel and US-traded oil was up by 0.7% at $98.93.

KRA Plan to Scrap VAT Threshold Raises Concerns Over Small Business Impact

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Editor

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March 23, 2026

By Peter John

The Kenya Revenue Authority (KRA) has proposed sweeping changes to the country’s tax system that could bring even the smallest businesses into the Value Added Tax (VAT) net, sparking debate over fairness, revenue growth, and the cost of living.

Under the current framework, only businesses with an annual turnover of at least KSh5 million are required to register for VAT.

This threshold has long exempted micro and small enterprises—commonly referred to as the “kadogo economy”—from the complexities of VAT compliance.

Instead, many operate under simplified tax regimes with fewer administrative requirements.

The new proposal seeks to eliminate that threshold entirely, meaning all businesses, regardless of size, would be required to register for VAT.

As part of the changes, traders would need to issue electronic invoices through KRA’s eTIMS system, file monthly returns, and charge the standard 16 percent VAT on applicable goods and services.

The move is part of a broader effort by KRA to increase revenue collection.

The authority is targeting a rise in VAT collections from about KSh653 billion to nearly KSh1 trillion, a significant jump aimed at strengthening government finances.

Expanding the tax base to include informal sector players is seen by supporters as a key step toward achieving this goal.

However, the proposal has raised concerns among small business owners and economic observers.

Many argue that imposing VAT obligations on micro-enterprises could introduce new financial and administrative burdens, particularly for traders who lack the capacity to maintain detailed records or navigate digital tax systems.

There are also fears that consumers will ultimately bear the cost.

Since VAT is typically passed on to buyers, prices of everyday goods—such as snacks, household items, and electronics—could rise if small businesses are forced to add the 16 percent tax.

This comes at a time when many Kenyans are already grappling with a high cost of living.

Supporters of the plan, however, maintain that it would create a more equitable tax system by ensuring all businesses contribute their fair share.

They also argue that formalizing informal enterprises could improve transparency and strengthen the overall economy in the long term.

The proposal is expected to be a key point of discussion in the upcoming Finance Bill, where policymakers will weigh its potential benefits against the risks to small businesses and consumers.

If adopted, the changes would mark a major shift in Kenya’s tax landscape, redefining how businesses operate and how revenue is collected across the country.

Metropolitan Police Investigate London Ambulance Arson as Antisemitic Hate Crime

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Editor

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March 23, 2026

By Peter John

An investigation has been launched after a suspected arson attack on ambulances belonging to the Jewish Community Ambulance service in north London, the Metropolitan Police has said.

Four Hatzolah ambulances were set on fire at around 01:45 GMT on Monday in Golders Green, the Met Police said.

Police and fire crew remained at the scene and the incident was being treated as an “antisemitic hate crime”, police added.

Hatzolah is a large non-profit, volunteer organisation that provides Jewish people emergency medical response and transportation to hospitals for free.

It has served the North London community of Golders Green, which has a large Jewish population, since 1979.

Supt Sarah Jackson, who leads policing in the area, said: “We know this incident will cause a great deal of community concern and officers remain on scene to carry out urgent enquiries.

“We are in the process of examining CCTV and are aware of online footage. We believe we are looking for three suspects at this early stage.”

There have been no arrests so far, police said. Anyone with information has been urged to come forward.

One local resident told the BBC at the scene that he had heard an “explosion” shortly after 01:30 GMT and that “four ambulances” were on fire.

“We’ve all been woken up… by arsonists targeting the ambulances in our community”, they said.

Former CS Raphael Tuju Missing in Nairobi as Leaders Demand Answers

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Editor

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March 22, 2026

Concern is mounting over the whereabouts of former Cabinet Secretary Raphael Tuju, who has been missing since Saturday, March 21, under mysterious circumstances in Nairobi.

Tuju reportedly disappeared alongside his driver, Steve Mwanga, on Saturday afternoon just hours before he was scheduled to appear for a 7 p.m. interview on Ramogi FM.

The two were last seen traveling in Nairobi before losing contact with associates.

Their vehicle was later discovered abandoned on Miotoni Lane in the upscale suburb of Karen on Sunday morning.

According to reports, a security guard alerted authorities after noticing the suspiciously parked car, prompting a police response.

The incident comes barely a day after Tuju had raised alarm over his security, claiming he was being trailed by a white, number plate-less Toyota Land Cruiser.

The development has intensified speculation over a possible targeted abduction.

Tuju has recently been embroiled in a high-stakes legal battle involving multi-billion-shilling properties in Karen, which are reportedly facing auction over a 2015 loan default amounting to Sh1.9 billion.

The dispute has drawn public attention and heightened concerns over his safety.

Prominent leaders, including former Chief Justice David Maraga and James Orengo, have called for his immediate and safe return.

They have described the incident as a suspected abduction and urged security agencies to act swiftly.

Police have since launched investigations into the disappearance but are yet to name any suspects or establish the exact circumstances surrounding the incident.

As anxiety grows among family, colleagues, and the public, pressure is mounting on authorities to locate Tuju and Mwanga and provide clarity on what transpired in the hours leading to their disappearance.

O’Reilly Brace Fires Manchester City to Carabao Cup Glory

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March 22, 2026

By Peter John

Manchester City moved within touching distance of Carabao Cup success after a commanding 2-0 victory over Arsenal in a pulsating final at Wembley Stadium.

The match remained finely balanced at halftime, with both sides locked at 0-0 following a cagey opening period.

Arsenal showed defensive resilience, with William Saliba putting in an assured performance to keep Erling Haaland quiet.

City, however, came closest to breaking the deadlock before the break, only to be denied by missed chances and a spirited Arsenal backline.

The game shifted decisively in the second half as young midfielder Nico O’Reilly emerged as the difference-maker.

He opened the scoring with a composed finish after being set up by Rayan Cherki, before doubling City’s advantage with a well-timed strike from a cross delivered by Matheus Nunes.

Arsenal threatened in spells but were denied by an outstanding moment from City goalkeeper James Trafford, who produced a stunning triple save to keep his side ahead.

Both teams were missing key figures, including City defender Ruben Dias and Arsenal captain Martin Odegaard, yet City’s depth proved decisive.

With 62 percent possession, City controlled the tempo and saw out the closing stages professionally.

The result edges manager Pep Guardiola closer to a flawless League Cup final record, while marking a breakthrough performance for O’Reilly on one of football’s grandest stages.

Sudan drone attack on key hospital killed 64 people during Eid, WHO says

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Editor

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March 22, 2026

By Peter John

Sudan’s army has denied it carried out a deadly attack on a major hospital on Friday night in a city in the west of the country held by its rivals, the paramilitary Rapid Support Forces (RSF).

The head of the World Health Organization (WHO) said 64 people – including 13 children, two nurses and a doctor – had died in the strike on el-Daein Teaching Hospital and 89 others had been wounded.

“Enough blood has been spilled,” Tedros Adhanom Ghebreyesus posted on X, urging the warring parties to end the conflict, which started nearly three years ago.

The RSF said an army drone had hit the hospital in el-Daein, the capital of East Darfur state, on the day Muslims were marking the festival of Eid.

Sudan was plunged into a civil war in April 2023 when a vicious struggle for power broke out between the military and the RSF, who had once been allies after coming to power in a coup in 2021.

More than 150,000 people have since died in the conflict and about 12 million have fled their homes – nearly a third of the country’s population – in what the United Nations has called the world’s largest humanitarian crisis.

Dr Tedros, who said el-Daein Teaching Hospital was no longer able to function following Friday night’s attack, condemned the frequent targeting of medical facilities.

“Over the nearly three-year conflict, WHO has confirmed that 2,036 people have been killed in 213 attacks on health care, including Friday night’s strike,” the WHO chief said in his tweet.

“The time has come to de-escalate the conflict in Sudan and ensure the protection of civilians, health workers, and humanitarians,” he said.

“Health care should never be a target. Peace is the best medicine.”

In a statement, the RSF said the strike had completely destroyed the hospital’s top floor, caused extensive damage to the accident and emergency department and destroyed vital medical equipment.

In response, the military said it was surprised by the accusation it was behind the attack, adding that it abided by “international norms and laws”.

The Emergency Lawyers group has called for an independent and transparent investigation and for those responsible to be brought to justice.

The local rights organisation, which has documented atrocities by both the army and the RSF throughout the war, said the hospital in el-Daein was a vital health facility relied upon by thousands of civilians in the city and surrounding villages.

East Darfur borders the Kordofan region, a new front line in the war where there are near-daily drone strikes.

The area is a major corridor linking the western Darfur region, which is controlled by the RSF, to the capital, Khartoum, which was retaken by the army last year.

No end is in sight to bring a stop to the fighting, now considered one of the deadliest conflicts in Africa for civilians – despite US-led peace efforts.

Across the country there were muted celebrations this year for Eid-al-Fitr, when Muslims around the world mark the end of the holy fasting month of Ramadan.

President ‎Ruto unveils multi-billion plan to unlock Lake Victoria blue economy

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John Mutiso

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March 22, 2026

President ‎William Ruto has announced an ambitious government plan aimed at unlocking the vast blue economy potential of Lake Victoria, with major investments targeting fisheries, infrastructure and livelihoods in the Nyanza region.

‎Speaking on Sunday March 22, 2026 during an interdenominational prayer service at Agoro Sare Senior School, the President revealed that the government is investing KSh9.5 billion in projects along the lake’s shores.

The initiative includes the construction of fish landing sites, modern markets and piers across Busia, Siaya, Kisumu, Homa Bay and Migori counties.

The Head of State noted that 10 fish landing sites are currently under development, with five earmarked for Homa Bay County. He had earlier, on Saturday, commissioned the Asat fish landing site in Seme, marking a key milestone in the rollout of the programme.

‎President Ruto said the projects are designed to revitalise the fisheries sector, create jobs and improve the livelihoods of millions of fisherfolk who have long faced neglect. He added that the investments will also open up the lake region for tourism, transport and trade.

‎In addition to the blue economy projects, the President announced a KSh6 billion plan to upgrade 10 roads in Homa Bay County, alongside KSh2.4 billion allocated for connecting 26,000 households to electricity.

‎‎Leaders present at the event included Gladys Wanga, Opiyo Wandayi, John Mbadi and Junet Mohamed, among others.

‎The leaders rallied residents to support the President’s development agenda, with Governor Wanga urging unity and an end to divisive politics. She pledged support for the government’s initiatives, saying they would help transform the region.

‎Other leaders echoed similar sentiments, praising the administration’s focus on development and calling for continued backing of the President’s vision for economic transformation.

‎Junet Mohamed, who is also the Suna East MP, hit out at the management of two media companies for habitually disrespecting the Presidency, saying they are yet to come to terms with the 2022 election loss.

Sakaja defends riverbank evictions, cites 130-year flood risk as Nairobi Dam alert issued

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John Mutiso

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March 22, 2026

Nairobi Governor Johnson Sakaja has reaffirmed his commitment to the Nairobi River regeneration programme, saying the county will continue clearing rivers and reclaiming riparian land despite resistance.

“Even if it is a problem of 130 years, we shall address it. We must make tough decisions,” he stated.

Sakaja urged residents living along riverbanks to relocate voluntarily to pave the way for both environmental restoration and modern infrastructure. He revealed plans for a modern market in Gikomba aimed at improving livelihoods while reducing flood risks.

“We have lost so many people and property, but we shall never go there again. We are saving a generation,” he said.

The Governor also raised alarm over a reported risk at Nairobi Dam, saying he had received information from the Water Resources Authority indicating the dam is “full to the brim.” He warned that a potential breach could have devastating consequences and urged residents living nearby to evacuate immediately.

“This is not a time for politics. Those inciting people must understand that saving lives comes first,” Sakaja said.

He further noted that the county goverment is investing in long-term drainage and sewer upgrades designed to serve the city for the next 50 years. However, he maintained that immediate action including forced relocations if necessary, will be taken to safeguard lives.

“For those living along riverways, please move. If need be, they will be moved,” he warned.

The Governor defended ongoing evictions and river clearance operations, citing over a century of historical warnings about the city’s vulnerability to flooding. Speaking during a church service at Pefa in Gikomba, he said leadership demands confronting both present challenges and long-standing structural risks.

Sakaja traced Nairobi’s flood problems back to the early 1900s, noting that colonial administrators had raised concerns about the city’s location on a swampy floodplain. He referenced a 1906 letter by Sir James Sandler to Winston Churchill questioning Nairobi’s suitability as a capital, as well as later recommendations by Sir Charles Eliot and Dr. Macdonald warning of persistent flood risks.

He added that the 1928 Nairobi master plan had already identified key rivers including Mathare, Ngong, and Nairobi rivers and proposed buffer zones, which were unevenly implemented.

“The less privileged were left in low-lying areas while the elite occupied higher grounds like Karen, Muthaiga, and Lavington,” Sakaja said, adding that the current administration is determined to correct what he described as a 130-year problem.

Kenya evacuates 15 nationals from Iran amid Middle East tensions

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John Mutiso

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March 22, 2026

Fifteen Kenyans who had been stranded in Iran amid escalating tensions in the Middle East have safely returned home, marking the latest evacuation effort by the government to protect its citizens abroad.

The group arrived at Jomo Kenyatta International Airport on Sunday March 22, 2026, morning after a coordinated operation that saw them transit through Türkiye.

Their return follows growing concerns over security in Iran, where the situation has remained volatile due to ongoing regional conflicts.

Upon arrival, the evacuees were received by officials from the State Department for Diaspora Affairs led by Peter Burugu, representing Principal Secretary Roseline Njogu.

The returnees were taken through a debriefing process and offered immediate psychosocial support to help them cope with the distressing experiences they faced while in the conflict-affected region.

Many of the evacuees appeared visibly relieved as with their successful evacuation bringing to an end days of anxiety and uncertainty not only for them but also for their families. Some had reportedly been confined indoors for safety.

The evacuation highlights Kenya’s ongoing efforts to safeguard its nationals living and working abroad, particularly in high-risk areas.

The operation was facilitated through close coordination between the State Department for Diaspora Affairs and Kenyan diplomatic missions in Tehran and Ankara.

This latest rescue comes amid a broader pattern of government interventions in crisis zones, reflecting increased attention to the welfare of Kenyans in the diaspora.

Authorities have reiterated their commitment to monitoring global developments and acting swiftly when the safety of citizens is at risk.

As geopolitical tensions persist in parts of the Middle East, the government continues to urge Kenyans abroad to remain vigilant and stay in close contact with embassies for timely support and guidance.

Raphael Tuju Reported Missing, His Car Found Abandoned

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John Mutiso

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March 22, 2026

Former Cabinet Secretary Raphael Tuju has been reported missing following a series of events that unfolded over the weekend.

Tuju had earlier raised concerns about his safety after filing a report at Karen Police Station on Saturday, March 21.

In the report, booked under OB 21/21/03/2026, he indicated that he had been followed the previous day by a white Toyota Land Cruiser 70 Series vehicle that did not have number plates.

Later that evening, Tuju was expected to appear on Ramogi FM at around 7 pm, but he never made it on air.

His absence immediately raised concern, especially after efforts to reach him proved unsuccessful.

Family members say Tuju has not been seen since Saturday afternoon, and his mobile phones have remained switched off since then.

The situation escalated further on Sunday, March 22, when his son, Mano Tuju, received a call from the Officer Commanding Station (OCS) at Karen Police Station while attending church.

The OCS informed him that Tuju’s car had been found abandoned along Miotoni Lane in Karen, Nairobi, a discovery that deepened fears over his whereabouts.

Police later assisted the family in towing the vehicle to the station for further investigations.

Following the discovery, the family filed a missing person report at Karen Police Station on Sunday, which was recorded under OB 17/22/03/2026.

This comes days after the judiciary defended the High Court ruling in the case between Tuju and auctioneers over a prime property in Karen.

In a statement dated Wednesday, March 18, Judiciary Spokesperson Paul Ndemo clarified the context and legal issues in the matter amid rising public interest and commentary.

Ndemo revealed that the case was filed as Dari Limited & Raphael Tuju vs Garam Investment Auctioneers, Knight Frank Valuers Ltd & Others under case number (HCCOMM/E636/2024).

He explained that the High Court declined to issue orders to stop the recovery of the property by the defendants because Tuju’s application was based on matters that had already been decided on by other courts.

“Upon consideration of the pleadings, affidavits, and submissions, the Court found that the dispute has a protracted litigation history spanning multiple jurisdictions and levels of courts.

“Against this background, the Court held that the Plaintiffs’ application for injunction reproduced, in substance and effect, issues that had already been litigated and conclusively determined,” Ndemo explained.

These include the final judgment issued by the High Court of Justice in England and Wales in 2019, requiring repayment of over USD 15 million under a financing agreement, and recognition and enforcement of that judgment by the Kenyan High Court in 2020.

Ndemo explained that there was also an affirmation by the Court of Appeal in 2023, and the Supreme Court’s refusal to grant interim relief to halt enforcement.

The court further noted that earlier attempts by the Plaintiffs to obtain similar injunctive relief had already been considered and dismissed by the High Court in 2024

“The application was therefore barred by the doctrine of res judicata (i.e. the same issues had already been decided by competent courts).

“The Court emphasised that the validity of the underlying financial agreement, the amount owed, and the lender’s right to realise the secured properties had already been settled by the High Court of Justice in England and Wales in 2019,” the statement read in part.

Ndemo explained that the High Court further found that the reintroduction of substantially similar claims, albeit framed in constitutional terms, amounted to an attempt to re-open concluded matters and thus constituted an abuse of the court process.

The judiciary expounded that the Court also reiterated that it cannot sit on appeal over decisions of courts of concurrent or superior jurisdiction, nor can it re-litigate matters that have been finally determined.

“In light of these findings, the Court allowed the Defendants’ applications challenging the proceedings, struck out the Plaintiffs’ Amended Plaint and the application for injunction and discharged all interim orders that had previously restrained the realisation of the properties,” the statement continued.

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