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July 27, 2023
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July 27, 2023
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July 19, 2023
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July 17, 2023
* EXXONMOBIL AWAITS MOZAMBIQUE’S RESPONSE ON LNG INVESTMENT
July 13, 2023
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July 21, 2023
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July 21, 2023
* N26 SLASHES WORKFORCE BY 15%
July 21, 2023
* HYPERPAY BUYS SANAD CASH
July 19, 2023
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July 18, 2023
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* DEUTSCHE BANK PERFORMS ABOVE EXPECTATIONS
July 27, 2023
* TURKEY’S APEX BANK SAYS INFLATION TO HIT 58%
July 27, 2023
* ECB UPS RATES TO 3.75%
July 27, 2023
* UK BANK CEO RESIGNS OVER FARAGE’SL ACCOUNT
July 27, 2023
* BANK OWNERS AND CITIZENS PROTEST
July 27, 2023
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* DEUTSCHE BANK PERFORMS ABOVE EXPECTATIONS
July 27, 2023
* ECB UPS RATES TO 3.75%
July 27, 2023
* UK BANK CEO RESIGNS OVER FARAGE’SL ACCOUNT
July 27, 2023
* BANK OWNERS AND CITIZENS PROTEST
July 27, 2023
* UBS OWES $268M IN CREDIT SUISSE FINES
July 25, 2023
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* CHINA TAPS BRAZIL FOR EV INVESTMENT
July 21, 2023
* COINFUND RAISES $158M IN NEW ROUND
July 19, 2023
* YELLEN SAYS NEW RULES WON’T STOP CHINA INVESTMENT
July 19, 2023
* OIL HITS $80 AMID SUPPLY CUTS
July 19, 2023
* SOUTH YORKSHIRE BECOMES UK’S FIRST INVESTMENT ZONE
July 17, 2023
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* JILL BIDEN TALKS INFRASTRUCTURE IN PITTSBURGH
July 19, 2023
* SOUTH KOREA INKS DEAL WITH POLAND FOR INFRASTRUCTURE
July 17, 2023
* EXXONMOBIL AWAITS MOZAMBIQUE’S RESPONSE ON LNG INVESTMENT
July 13, 2023
* RENAULT NISSAN SPEND BIG ON INDIA INFRASTRUCTURE
July 13, 2023
* OIL CUTS RATTLES SAUDI ARABIA’S ECONOMY
July 12, 2023
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* JORGINHO INVESTS IN GATHER FOR 10% STAKE
July 21, 2023
* CBN AND CBE SIGN MOUS FOR FINTECH
July 21, 2023
* N26 SLASHES WORKFORCE BY 15%
July 21, 2023
* HYPERPAY BUYS SANAD CASH
July 19, 2023
* MICROSOFT MAY EXTEND CONTRACT WITH ACTIVISION
July 18, 2023
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July 10, 2023
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July 10, 2023
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January 30, 2023
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Banking
DEUTSCHE BANK PERFORMS ABOVE EXPECTATIONS
Deutsche Bank announced its second-quarter financial results on Wednesday,
revealing a net profit of €763 million ($842 million). Despite beating analysts'
predictions, the net profit figure marked a 27% year-on-year decline. The
bank's…
View more
Economy
TURKEY’S APEX BANK SAYS INFLATION TO HIT 58%
Hafize Gaye Erkan, the new governor of Turkey's central bank,…
View more
Banking
ECB UPS RATES TO 3.75%
The European Central Bank (ECB) has announced a quarter percentage…
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INVESTMENT
* CHINA TAPS BRAZIL FOR EV INVESTMENT
Asia
July 21, 2023
--------------------------------------------------------------------------------
BYD, the world's largest electric vehicle manufacturer, has announced plans
to establish an…
* COINFUND RAISES $158M IN NEW ROUND
Investment
July 19, 2023
--------------------------------------------------------------------------------
Cryptonative investment firm CoinFund has successfully concluded a funding
round, raising $158 million…
* YELLEN SAYS NEW RULES WON’T STOP CHINA INVESTMENT
Asia
July 19, 2023
--------------------------------------------------------------------------------
U.S. Treasury Secretary Janet Yellen has stated that if the Biden
administration implements…
* OIL HITS $80 AMID SUPPLY CUTS
Europe
July 19, 2023
--------------------------------------------------------------------------------
Oil prices rose to around $80 a barrel in London as traders assessed…
* SOUTH YORKSHIRE BECOMES UK’S FIRST INVESTMENT ZONE
Europe
July 17, 2023
--------------------------------------------------------------------------------
South Yorkshire has been designated as the UK's first Investment Zone, with
the…
* SAUDI’S PIF RECORDS $11BN IN LOSSES
Investment
July 13, 2023
--------------------------------------------------------------------------------
Saudi Arabia's Public Investment Fund (PIF) experienced substantial losses of
$11 billion in…
* EIB GIVES €20M TO MAURITANIAN INVESTMENT BANK
Europe
July 12, 2023
--------------------------------------------------------------------------------
The European Investment Bank (EIB) has granted a long-term financing package
of €20…
* BOE EXEC CALLS CRYPTO INVESTMENT ‘EXTREMELY SPECULATIVE’
Europe
July 12, 2023
--------------------------------------------------------------------------------
During a speech at the Financial and Professional Services Dinner in London,
Bank…
* SAUDI ARABIA WEIGHS INVESTMENT IN GERMANY
Investment
July 10, 2023
--------------------------------------------------------------------------------
Invest Saudi, the national investment platform of the Kingdom, will conduct a
comprehensive…
* MINISTER BACKS TESLA INVESTMENT IN FRANCE
Europe
July 10, 2023
--------------------------------------------------------------------------------
France's Finance Minister, Bruno Le Maire, is optimistic about the
possibility of Tesla…
* CRE INVESTMENT STAYS SLUGGISH IN CANADA
Investment
July 10, 2023
--------------------------------------------------------------------------------
Investors in Canada's commercial real estate market are exercising caution
due to concerns…
* APPLICATIONS TO INVEST IN THAILAND UP 70%
Asia
July 10, 2023
--------------------------------------------------------------------------------
The Thailand Board of Investment (BOI) has reported a significant increase in
investment…
PAN FINANCE INTERVIEWS
FEATURED
* FLEXFUNDS ISSUES ITS ETP 500 FOR DRIFTWOOD CAPITAL
Featured
July 12, 2023
* Q+A WITH OLIVER CARSON, CEO OF UNIVERSAL PARTNERS
Featured
June 20, 2023
* MAKING BETS IN THE HOTEL REAL ESTATE AND M & A’S ACROSS THE GLOBE
Featured
June 19, 2023
* CROSS-BORDER PAYMENT AND FX SPECIALIST UNIVERSAL PARTNERS REACHES RECORD
£1.30 BILLION IN TURNOVER YD2022
Featured
June 12, 2023
* WPS ADVISORY LIMITED: CHANGING THE FACE OF RETIREMENT AND FINANCIAL ADVICE IN
THE UK
Featured
March 8, 2023
* FUNDRAISING FOR ALTERNATIVE INVESTMENTS IN LATIN AMERICA: CHALLENGES,
OPPORTUNITIES AND WHAT LIES AHEAD
Featured
March 8, 2023
* ARON GROUPS BROKER: A COMPREHENSIVE INVESTMENT PLATFORM FOR ALL YOUR
FINANCIAL NEEDS
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March 8, 2023
* A FINANCIAL HOME FOR E-COMMERCE ENTREPRENEURS
Featured
March 8, 2023
BANKING
* DEUTSCHE BANK PERFORMS ABOVE EXPECTATIONS
Banking
July 27, 2023
--------------------------------------------------------------------------------
Deutsche Bank announced its second-quarter financial results on Wednesday,
revealing a net profit…
* ECB UPS RATES TO 3.75%
Banking
July 27, 2023
--------------------------------------------------------------------------------
The European Central Bank (ECB) has announced a quarter percentage point
increase in…
* UK BANK CEO RESIGNS OVER FARAGE’SL ACCOUNT
Banking
July 27, 2023
--------------------------------------------------------------------------------
The CEO of one of the largest banks in the United Kingdom, NatWest,…
* BANK OWNERS AND CITIZENS PROTEST
Banking
July 27, 2023
--------------------------------------------------------------------------------
Protests erupted in front of the Central Bank of Iraq in Baghdad as…
* UBS OWES $268M IN CREDIT SUISSE FINES
Banking
July 25, 2023
--------------------------------------------------------------------------------
Swiss bank UBS (UBS) has been fined $268.5 million by the U.S. Federal…
* SUSPENDED CBN GOVERNOR REFUTES FIREARM CHARGES
Africa
July 25, 2023
--------------------------------------------------------------------------------
Suspended Governor of the Central Bank of Nigeria, Godwin Emefiele, made a
public…
* FED SLAPS A $186M FINE ON DEUTSCHE BANK
Banking
July 21, 2023
--------------------------------------------------------------------------------
Deutsche Bank, Germany's largest lender, has once again been slapped with a
hefty…
* RUSSIA’S APEX BANK RAISE KEY RATE TO 8.5%
Banking
July 21, 2023
--------------------------------------------------------------------------------
On Friday, Russia's central bank took the unexpected step of raising its key…
* RUSSIAN BANK TO BE NATIONALISED BY UKRAINE
Banking
July 21, 2023
--------------------------------------------------------------------------------
In response to Moscow's extensive invasion in February 2022, Ukraine's
central bank announced…
* JPMORGAN TO TAKE CHASE TO GERMANY, EU
Banking
July 21, 2023
--------------------------------------------------------------------------------
JPMorgan, the renowned American bank, is set to expand its online bank,
Chase,…
* TURKEY’S APEX BANK CAUTIOUSLY RAISES RATE 17.5%
Banking
July 21, 2023
--------------------------------------------------------------------------------
Thursday saw Turkey's central bank taking action to address the country's
soaring double-digit…
* NORDEA TO BUY DANSKE BANK
Banking
July 19, 2023
--------------------------------------------------------------------------------
Nordea, a leading Nordic financial institution, has announced an agreement to
acquire Danske…
INFRASTRUCTURE
* JILL BIDEN TALKS INFRASTRUCTURE IN PITTSBURGH
Infrastructure
July 19, 2023
* SOUTH KOREA INKS DEAL WITH POLAND FOR INFRASTRUCTURE
Europe
July 17, 2023
* EXXONMOBIL AWAITS MOZAMBIQUE’S RESPONSE ON LNG INVESTMENT
Africa
July 13, 2023
* RENAULT NISSAN SPEND BIG ON INDIA INFRASTRUCTURE
Asia
July 13, 2023
* OIL CUTS RATTLES SAUDI ARABIA’S ECONOMY
Infrastructure
July 12, 2023
* CLEAN ENERGY MINERAL MARKET UP BY $320BN – IEA
Europe
July 12, 2023
* FOXCONN HALTS $19.5BN VEDANTA DEAL
Asia
July 12, 2023
* AMAZON PLANS $7.8BN FOR CLOUD INFRASTRUCTURE
Infrastructure
July 12, 2023
* GERMANY EARMARKS MILLIONS FOR PROJECTS IN NIGERIA
Africa
July 10, 2023
* CALIFORNIA PUTS $1.5BN IN PORT INFRASTRUCTURE
Infrastructure
July 7, 2023
* CUBAN’S OLD INFRASTRUCTURE CAUSES WATER SHORTAGES
Infrastructure
July 7, 2023
TECH
* JORGINHO INVESTS IN GATHER FOR 10% STAKE
North America
July 21, 2023
* CBN AND CBE SIGN MOUS FOR FINTECH
Africa
July 21, 2023
* N26 SLASHES WORKFORCE BY 15%
LATAM
July 21, 2023
* HYPERPAY BUYS SANAD CASH
MENA
July 19, 2023
* MICROSOFT MAY EXTEND CONTRACT WITH ACTIVISION
North America
July 18, 2023
* SOFTBANK PUTS $65M IN AI COMPANY
Asia
July 18, 2023
* MADURO’S CRYPTO MOVE IN VENEZUELA FAILING
LATAM
July 17, 2023
* SEC TO REVIEW BITCOIN ETF APPLICATIONS
North America
July 17, 2023
ECONOMY
* Economy
July 27, 2023
TURKEY’S APEX BANK SAYS INFLATION TO HIT 58%
Hafize Gaye Erkan, the new governor of Turkey's central bank, stated during
her inaugural news conference on Thursday that the bank expects inflation to
surge to 58% by the end of 2023. This forecast is more than double…
Read More
* Asia
July 27, 2023
YEN BUOYED BY BOJ’S PLAN TO REVIEW YCC
The Japanese yen strengthened against all major currencies following a report
indicating that the Bank of Japan (BOJ) plans to discuss potential
adjustments to its yield curve control (YCC) policy during its upcoming
meeting on Friday.
* Economy
July 25, 2023
BAHRAIN’S INVESTMENT INFLOWS BUOYED BY REFORMS
Bahrain's thriving business-friendly environment, strategic location, and
dedicated efforts towards economic diversification have resulted in a notable
surge in foreign direct investments, as revealed in a recent report by global
research and advisory firm Oxford Business Group (OBG).
* Asia
July 25, 2023
S&P REDUCES BANGLADESH’S OUTLOOK
S&P Global Ratings has downgraded Bangladesh's long-term rating outlook from
stable to negative, expressing concerns over potential risks to the country's
external liquidity position in the coming year. The ratings agency
highlighted that Bangladesh's foreign exchange reserves are…
Read More
* Economy
July 25, 2023
SAUDI ARABIA PLANS $500M ECONOMIC AID FOR TUNISIA
Saudi Arabia and Tunisia have recently inked significant agreements,
demonstrating their commitment to fostering economic growth and stability in
Tunisia. The deals, worth a total of 500 million U.S. dollars, were
formalized in the presence of Tunisian Prime…
Read More
* Asia
July 21, 2023
JAPAN’S INFLATION RISES SPEEDILY
Japan's core consumer prices experienced a faster increase in June, marking
the 15th consecutive month above the central bank's target. Official data
revealed that core consumer inflation reached 3.3 percent year-on-year last
month, compared to 3.2 percent in…
Read More
* Asia
July 21, 2023
INDIA AND SRI LANKA TIGHTEN ECONOMIC ALLIANCE
During Sri Lanka President Ranil Wickremesinghe's visit to India, both
countries' leaders have pledged to enhance economic and energy relations and
explore the possibility of constructing a land link between them.
Wickremesinghe's official visit to…
Read More
* Economy
July 19, 2023
UK INFLATION DIPS BELOW 8%
Britain's inflation rate has fallen to its lowest level in 15 months,
sparking optimism among investors and economists about a potential shift away
from the severe price spiral witnessed in the Group of Seven (G7) nations.
* Economy
July 19, 2023
ECONOMIC ACTIVITY FALLS IN MAY IN BRAZIL
Economic activity in Brazil experienced a decline in May, as indicated by a
central bank index released on Monday. This development suggests a non-linear
growth trajectory for the country, despite analysts consistently revising
their forecasts upwards for the…
Read More
* Economy
July 18, 2023
ERDOGAN VISITS GULF ARAB STATES FOR ECONOMIC AID
Turkish President Recep Tayyip Erdogan embarked on a tour of Persian Gulf
states, including Saudi Arabia, to explore trade and investment opportunities
that can support Turkey's struggling economy. Erdogan arrived in Jeddah
accompanied by a delegation of approximately…
Read More
* Asia
July 18, 2023
ARGENTINA-CHINA TIES WAX STRONGER
Sergio Massa, the Argentine Economy Minister and a key political figure in
the country, recently concluded a successful visit to Beijing. During his
packed agenda, Massa held meetings with government officials and business
leaders, resulting in significant economic…
Read More
* Banking
July 18, 2023
WORLD BANK HAS A BOLD NEW PLAN
In a momentous move, the World Bank has embarked on a comprehensive strategy
to bolster its lending capacity, delivering a significant push towards
eradicating poverty and enhancing livelihoods for millions of individuals.
Aligned with the…
Read More
* Asia
July 17, 2023
CHINA’S ECONOMY FURTHER HIT BY UNEMPLOYMENT
China's economy experienced slower-than-expected growth in the second
quarter, while youth unemployment reached a record high, according to
official data released on Monday. Gross domestic product (GDP) expanded by
0.8 percent compared to the previous quarter, reflecting lacklustre…
Read More
* Africa
July 17, 2023
TUNISIA, EU INK ECONOMY AND MIGRATION DEAL
The European Union (EU) and Tunisia have signed a "strategic partnership"
aimed at addressing the challenges of illegal immigration while also
supporting Tunisia in its economic struggles. The agreement was welcomed by
Ursula von der Leyen, the President…
Read More
* Economy
July 13, 2023
MORTGAGE PAYMENTS TO RISE BY £500
The Bank of England (BoE) has warned that nearly one million households in
the UK will face a significant increase in mortgage payments by the end of
2026. This comes as the BoE has been raising interest rates…
Read More
* Economy
July 13, 2023
POUNDS HITS NEW RECORD HIGH
The British pound reached a new 15-month high on Wednesday following the Bank
of England's stress test, which demonstrated that the largest UK banks have
sufficient capital to withstand a potential economic crisis. This outcome has
increased expectations…
Read More
* Asia
July 13, 2023
IMF FINALLY OKAYS $3BN PAKISTAN BAILOUT
The International Monetary Fund (IMF) has granted approval for a long-awaited
$3 billion bailout package to Pakistan, which will help the South Asian
nation avoid defaulting on its debt obligations.
In a statement released on…
Read More
* Economy
July 13, 2023
GERMANY ON COURSE TO DE-RISK CHINA TIES
Germany has announced a new policy aimed at addressing the increasingly
assertive nature of China, according to Chancellor Olaf Scholz. After months
of contentious debate on how to approach Germany's top trade partner, the
strategy aims to reduce…
Read More
* Asia
July 12, 2023
PAKISTAN RECEIVES $2BN SUPPORT FROM SAUDI ARABIA
Pakistan has received a substantial financial boost as Saudi Arabia provided
$2 billion in support, according to Finance Minister Ishaq Dar. This comes
just before the International Monetary Fund's (IMF) board is expected to
grant final approval for…
Read More
* Economy
July 12, 2023
UK UNEMPLOYMENT BURDENS ECONOMY
Unemployment in the UK has risen to four percent in the three months leading
up to the end of May, according to official data released by the Office for
National Statistics (ONS).
This marks an…
Read More
* Asia
July 12, 2023
VIETNAM CUTS CHARGES TO BOLSTER ECONOMY
Vietnam's Ministry of Finance has introduced Circular 44/2023/TT-BTC, which
outlines a reduction of fees and charges for 36 items by 10% to 50%. The aim
is to provide support to individuals and businesses facing economic
difficulties, recovering from…
Read More
* Asia
July 10, 2023
PRODUCER PRICES FALL IN CHINA
China's producer prices continued to decline for the ninth consecutive month
in June, while consumer prices remained unchanged, according to official data
released on Monday. These figures highlight the challenges faced by the
world's second-largest economy in stimulating…
Read More
* Asia
July 10, 2023
CHINA ASKS US TO RECONSIDER SANCTIONS
China has urged the United States to take practical steps to address its
concerns over sanctions on Chinese companies following US Treasury Secretary
Janet Yellen's extensive meetings with senior officials in Beijing.
China's finance ministry…
Read More
* Asia
July 10, 2023
INDIA TO SURPASS U.S. AS 2ND-LARGEST ECONOMY
Goldman Sachs foresees India surpassing Japan, Germany, and even the United
States to become the world's second-largest economy by 2075, according to a
recent report. At present, India ranks as the fifth-largest economy, trailing
behind the US, China,…
Read More
* Asia
July 10, 2023
PAKISTANIS IN DIASPORA LOWER REMITTANCE
The State Bank of Pakistan reported that remittances sent home by Pakistanis
working abroad declined to $27 billion for the fiscal year 2023, compared to
$31.3 billion the previous year. In June alone, remittances slumped to $2.2
billion…
Read More
* Asia
July 10, 2023
JAPAN’S WORKERS GET MAJOR PAY RISE
Japanese workers have experienced a remarkable surge in their wages following
a government call for companies to support employees grappling with soaring
prices. Official data reveals that wages in May rose by 1.8% compared to the
previous year,…
Read More
* Economy
July 7, 2023
GERMAN’S ECONOMY HEADING FOR ROUGH PATCHES
Germany's prospects for a rapid economic rebound were dampened on Friday as
data revealed an unexpected decline in industrial production. The federal
statistical office reported a 0.2% drop in output for May compared to the
previous month, contrary…
Read More
* Asia
July 7, 2023
NEW ZEALAND PM WANTS TO STAY IN TALKS WITH CHINA
Prime Minister Chris Hipkins affirmed that New Zealand will sustain its
engagement with China, its largest trading partner, while also addressing
areas of disagreement that challenge New Zealand's national interests.
Although New Zealand has traditionally…
Read More
* Economy
July 7, 2023
MARKETS GEAR UP FOR NEW BOE RATES HIKE
Financial markets are increasingly confident that the Bank of England (BoE)
will raise interest rates to a 25-year high of 6.5% at the beginning of next
year, surpassing previous expectations of a peak at 6.25%. This development
has…
Read More
* Economy
July 6, 2023
UAE INKS DEAL WITH ISRAEL
The Ras Al Khaimah Economic Zone (RAKEZ) and the Israeli Manufacturers
Association (IMA) have inked a deal to enhance mutual investment and
manufacturing, as reported by the UAE's WAM state news agency on Wednesday.
The…
Read More
* Economy
July 6, 2023
FED’S EXEC WARNS OF MORE RATE HIKES
Lorie Logan, President of the Federal Reserve Bank of Dallas, stated on
Thursday that there was a rationale for a rate hike at the June policy
meeting. She affirmed her belief that additional rate increases would be
necessary…
Read More
* Economy
July 6, 2023
CRUDE OIL PRICES RISE 2%
On Tuesday, crude oil prices climbed 2% as investors anticipated supply cuts
by key exporters, Saudi Arabia and Russia, set to take effect in August. This
positive outlook persisted despite concerns surrounding the weak global
economic forecast.
* Africa
July 4, 2023
ETHIOPIA MOVES TO JOIN BRICS
Ethiopia, known for its remarkable economic growth in Africa, has expressed
its interest in becoming a member of the BRICS bloc of emerging markets,
according to an announcement from the country's foreign ministry on Thursday.
* Economy
July 4, 2023
TRADE DEFICIT SLIDES 35% IN TURKEY
In a sign of potential economic slowdown, Turkey's trade deficit decreased by
35 percent in June as both imports and exports declined. This shift comes as
President Recep Tayyip Erdoğan has adopted more orthodox economic policies
since his…
Read More
* Economy
July 4, 2023
FINLAND MINISTER RESIGNS UNDER 10 DAYS
Vilhelm Junnila, the newly appointed economy minister of Finland, has
resigned from his position after just 10 days in office following controversy
over remarks he made at a far-right event four years ago. Junnila, a member
of the…
Read More
* Economy
July 4, 2023
YELLEN PLANS TO VISIT CHINA
Janet Yellen, the Treasury secretary of the United States, is set to visit
Beijing this week, marking the second high-profile visit between the world's
two largest economies in recent weeks as they strive to repair strained
relations. The…
Read More
* Economy
July 4, 2023
UK HAS A PECULIAR INFLATION PROBLEM
According to the Organization for Economic Cooperation and Development
(OECD), among the Group of Seven (G7) wealthy nations, the United Kingdom
stands alone in experiencing a persistent rise in inflation. The data
released by the Paris-based organisation on…
Read More
* Asia
July 4, 2023
CHINA TO CURB CHIP EXPORTS
In response to national security concerns, China has announced restrictions
on the export of rare metals essential for semiconductor production.
According to guidelines issued jointly by the Ministry of Commerce and China
Customs, Chinese exporters will require approval…
Read More
* Economy
July 4, 2023
UK ECONOMIC ISSUES PIT GOVERNMENT AGAINST BOE
In January, UK Prime Minister Rishi Sunak made a bold promise to halve
inflation by the end of the year, with an eye on the critical general
election in 2024. However, recent data has shown that the path…
Read More
* Asia
June 29, 2023
MINISTER CALLS FOR PROTECTION IN UK-INDIA DEAL
The UK's investment minister expressed his desire for robust investment
protections in any future trade agreement with India and highlighted the
potential for closer collaboration between the two countries in financial
services, even in the absence of a…
Read More
* Economy
June 29, 2023
UK RECORDS THOUSANDS IN NEW JOBS
The UK is experiencing a significant boost in job creation due to substantial
foreign investment, supporting the government's focus on economic growth and
levelling up across the country. Recent government statistics, released on
Tuesday, highlight that more than…
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* Economy
June 29, 2023
SAUDI’S MINISTER OF ECONOMY MEETS WEF EXEC
According to Saudi Press Agency, Faisal bin Fadel Al-Ibrahim, Saudi Arabia's
Minister of Economy and Planning, had a meeting with Borge Brende, the
President of the World Economic Forum (WEF), on Wednesday. The meeting took
place during the…
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* Asia
June 29, 2023
CHINA’S ECONOMY ON COURSE TO GROW IN Q2
Chinese Premier Li Qiang reaffirmed on Tuesday that China is on track to
achieve its annual growth target of approximately 5%. He stated that growth
in the second quarter is expected to be faster than in the first.…
Read More
* Economy
June 29, 2023
BIDEN PLANS ‘BIDENOMICS’ STRATEGY
President Joe Biden has unveiled his economic plan, dubbed "Bidenomics," as
he prepares for the 2024 presidential election. Speaking in Chicago,
Illinois, Biden outlined his proposal, which aims to restore the "American
dream" by focusing on bolstering the…
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* Asia
June 27, 2023
PAKISTANI PM CALLS IMF MD
Prime Minister Shehbaz Sharif engaged in a telephone conversation with
Kristalina Georgieva, the Managing Director of the International Monetary
Fund (IMF), expressing optimism that a decision on the bailout program would
be reached within a day or two.
* Banking
June 27, 2023
BANKS VOW TO PROTECT CLIENTS
British banks and building societies have committed to providing greater
flexibility to homeowners struggling with mortgage repayments as interest
rates rise. Bank executives met with Chancellor Jeremy Hunt at Downing Street
to discuss measures to alleviate the financial…
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* Economy
June 26, 2023
TURKEY’S LIRA PLUNGE PERSISTS
Following Turkish President Recep Tayyip Erdogan's re-election, his
government is embarking on a new economic policy direction. The appointments
of Mehmet Simsek as the head of the finance and treasury ministry, and Hafize
Gaye Erkan, a former Wall…
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* Economy
June 26, 2023
GERMANY’S ECONOMY HEADED FOR LESS ROSY FUTURE
Germany's Chancellor Olaf Scholz promotes an economy leading the way in
industrial transformation during his visits to semiconductor factories and
electric car plants. However, business leaders and experts offer a less
optimistic outlook, anticipating tough times ahead for…
Read More
* Asia
June 23, 2023
PAKISTAN PM WANTS $1.1BN FROM IMF
The government of Pakistan has once again appealed to the International
Monetary Fund (IMF) to release the pending $1.1 billion tranche from the $6.5
billion loan program, which is scheduled to expire at the end of June. Prime…
Read More
* Economy
June 23, 2023
BIDEN-MODI MEETING SPURS DEALS
US President Joe Biden and Indian Prime Minister Narendra Modi have
highlighted a new era in the US-India relationship, with a focus on
countering China's global influence. The leaders announced deals in the areas
of defence and commerce,…
Read More
* Economy
June 23, 2023
EUROZONE GROWTH SLOWS NOTABLY IN JUNE
Economic activity in the Eurozone deteriorated in June, reaching a five-month
low, primarily due to a decline in industrial production, according to a
closely watched survey. Official figures published earlier in the month
confirmed that the Eurozone entered…
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* Africa
June 19, 2023
GHANAIAN ECONOMY NEARS RECOVERY
Ghana's economy is showing signs of stability following the commencement of
the International Monetary Fund's (IMF) three-year support program, according
to a team of staff from the IMF. The team, after a week-long working visit to
the West…
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* Economy
June 15, 2023
UK MORTGAGE MARKET UNSTABLE
The mortgage market in Britain, valued at £1.5 trillion ($1.9 trillion), is
experiencing turmoil due to disruptions in money markets. This instability
threatens to trigger a decline in housing activity, reminiscent of the late
1980s, and cause financial…
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* Economy
June 15, 2023
INFLATION BLAMED ON BEYONCE CONCERTS
In May, Swedish inflation dropped below 10 percent, according to official
statistics released on Wednesday. Consumer prices increased by 9.7 percent
year-on-year, marking the first time in over six months that inflation came
in below 10 percent, down…
Read More
* Economy
June 14, 2023
CONSUMER PRICES RISE SLIGHTLY
Consumer prices in the United States saw minimal growth in May, with the
annual inflation rate being the lowest in over two years. Despite this,
underlying price pressures remained robust, reinforcing expectations that the
Federal Reserve would maintain…
Read More
* Africa
June 14, 2023
EGYPT’S NEW BUDGET GETS APPROVAL
Egypt, grappling with an economic crisis, has announced plans to allocate
127.7 billion Egyptian pounds ($4.14bn) for its food subsidy programme in the
upcoming fiscal year starting from July 1. This marks an increase from the
previous year's…
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* Economy
June 14, 2023
UK ECONOMY BACK ON GROWTH PATH
The UK economy experienced a modest return to growth in April, buoyed by
increased car sales and consumer spending in pubs and bars. The Office for
National Statistics reported a 0.2% month-on-month rise in gross domestic
product (GDP),…
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* Asia
June 14, 2023
NEW ZEALAND’S ECONOMY NEARS TECHNICAL RECESSION
According to a recent poll of 13 economists, the aggressive hike of the cash
rate by the Reserve Bank of New Zealand (RBNZ) is believed to have pushed the
country into a technical recession in the first quarter.…
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* Economy
June 8, 2023
TURKISH LIRA HITS NEW LOW OVERNIGHT
The Turkish lira experienced a 0.8% decline to reach a new all-time low on
Thursday, following a significant drop in the previous session. Economists
suggest that this downward trend indicates a relaxation of state controls on
the foreign…
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* Asia
June 8, 2023
NEW BUDGET VITAL TO PAKISTAN’S IMF ALLIANCE
According to a senior official from the International Monetary Fund (IMF),
Pakistan has the opportunity to undergo one board review under its current
IMF bailout package if the measures outlined in its upcoming budget,
scheduled to be revealed…
Read More
* Asia
June 5, 2023
ECONOMY IN INDIA RAMPS UP
India's economy experienced an acceleration in growth, reaching 6.1 percent
in the January-to-March quarter, fuelled by government and private capital
spending. Despite sluggish private consumption, India's growth remains strong
compared to other emerging economies, particularly China, whose recovery…
Read More
* Economy
June 5, 2023
THE US ECONOMY ADDED 339,000 JOBS LAST MONTH
The US labor market continues to show strength, with employers adding 339,000
jobs in May, surpassing economists' expectations. This job growth marked an
acceleration from the revised upward figure of 294,000 in April. The
unemployment rate did rise…
Read More
* Economy
May 30, 2023
SWITZERLAND’S ECONOMY BEATS PROJECTIONS
The Swiss economy exceeded expectations with a stronger-than-expected growth
rate in the first quarter of 2023, driven by robust domestic demand and
increasing exports, according to the State Secretariat for Economic Affairs
(SECO). Adjusted for sporting events, economic…
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* Africa
May 30, 2023
NIGERIA’S ECONOMY SET FOR 4.1% GROWTH – AFDB
The African Development Bank (AfDB) has projected that Nigeria and other
economies in Africa will experience growth rates of 4.1% in 2023 and 4.3% in
2024. Dr. Akinwumi Adesina, the President of AfDB, made this announcement
during the…
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* Economy
May 30, 2023
STOCKS MIXED AMID DEBT CEILING UNCERTAINTY
Global shares displayed a mixed performance as concerns regarding the
economic outlook in China and other regions weighed on investor sentiment. In
European markets, France's CAC 40 declined by 0.4%, Germany's DAX rose by
0.3%, and Britain's FTSE…
Read More
* Asia
May 30, 2023
YOUTH UNEMPLOYMENT CONTINUES TO RISE IN CHINA
Amidst a surge in youth unemployment, college graduates in China are facing a
challenging job market, leading many to accept low-paying positions or jobs
below their skill levels. Official data reveals that urban unemployment among
16 to 24-year-olds…
Read More
* Africa
May 29, 2023
KENYA’S RUTO SAYS TAX AGENCY IS CORRUPT
Kenyan President William Ruto has accused the staff of the Kenya Revenue
Authority (KRA), the country's tax collection agency, of engaging in
corruption and colluding with tax evaders, thereby reducing government
revenue. During a live-streamed event with KRA's…
Read More
* Africa
May 29, 2023
AKUFO ADDO SAYS BAILOUT CAN’T FIX ECONOMY
President Akufo-Addo of Ghana has stated that the relief program provided by
the International Monetary Fund (IMF) will not immediately alleviate the
country's economic challenges. However, he believes that the program will
restore confidence and reopen opportunities that…
Read More
* Banking
May 29, 2023
SA’S APEX BANK CITES ECONOMIC RISK
The South African Reserve Bank (SARB) has issued a warning about the risks to
the country's financial stability, citing capital outflows and the potential
for sanctions following allegations made by a U.S. diplomat of weapons supply
to Russia…
Read More
* Asia
May 22, 2023
ECONOMY IN VIETNAM TO GROW BY 6.3%
Vietnam's economic growth is expected to slow down to 6.3 percent in 2023,
following a strong performance of 8 percent in the previous year, according
to the World Bank's latest Taking Stock report. The moderation in growth is…
Read More
* Asia
May 22, 2023
G7 OPPOSES CHINA’S “ECONOMIC COERCION”
During the G7 summit in Hiroshima, UK Prime Minister Rishi Sunak emphasised
that China represents the most significant challenge to global security and
prosperity. He stated that China's increasing authoritarianism at home and
abroad is a cause for…
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* Economy
May 19, 2023
GOLD PUSHED BY BANK FEARS
Gold rebounded on Friday, rising 1% and recovering some of its losses from
earlier in the week. Concerns about the stability of the banking sector
contributed to the rally, while traders reduced their expectations for
another interest rate…
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* Asia
May 17, 2023
ECONOMY IN JAPAN BEATS RECESSION
Japan's economy has officially emerged from recession, boosted by increased
household spending following the COVID-19 pandemic, according to new data
released on Wednesday. The figures reveal a 1.6 percent growth in GDP from
January to March, surpassing predictions…
Read More
* Economy
May 17, 2023
TURKISH ECONOMY TO GROW 2.5% – EBRD
The European Bank for Reconstruction and Development (EBRD) has released its
latest Regional Economic Prospects report, projecting a growth rate of 2.5
percent for Turkey's earthquake-affected economy in 2023. This forecast marks
a downward revision from the previous…
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* Economy
May 17, 2023
SENIOR OFFICIAL OF GERMAN ECONOMY MINISTRY RESIGNS
A high-ranking official in the German economy ministry is stepping down from
his position following a nepotism scandal, confirmed Economy Minister Robert
Habeck on Wednesday.
Patrick Graichen, who served as deputy minister for energy, faced…
Read More
* Economy
May 17, 2023
TESLA NOT IMMUNE TO ECONOMIC TROUBLES – MUSK
Elon Musk, the CEO of Tesla, has cautioned that the electric vehicle
manufacturer is not immune to the challenges of the global economic
environment, which he believes will remain difficult for the next year.
Speaking at the company's…
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* Asia
May 17, 2023
G7 LEADERS NOT SURE HOW TO DEAL WITH CHINA
The G7 nations are in agreement about the threat posed by China's economic
coercion. However, finding consensus on concrete action to counter Beijing is
proving challenging for the group of wealthy democracies, given divisions
over how to manage…
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* Economy
May 17, 2023
BIDEN HOPES FOR DEAL WITH GOP TO RAISE DEBT CEILING
President Joe Biden and Republican leaders have expressed cautious optimism
regarding a potential deal to raise the US debt ceiling after emergency talks
at the White House. However, House of Representatives Speaker Kevin McCarthy
noted that the two…
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* Asia
May 16, 2023
ECONOMY IN PHILIPPINES GROWS
The International Monetary Fund (IMF) has stated that the Philippine economy
achieved one of the highest growth rates among emerging economies in 2022.
However, the IMF forecasts a moderation in GDP growth to 6 percent in 2023,
citing…
Read More
* Asia
May 16, 2023
PAKISTAN’S ECONOMY HIT BY PROTESTS
The recent suspension of internet services due to protests following the
arrest of Imran Khan, chairman of the Pakistan Tehreek-e-Insaf political
party, has significantly impacted the economy and income of people.
The Pakistan Telecommunication Authority…
Read More
* Economy
May 16, 2023
MACRON REVEALS PLAN TO SAVE ECONOMY
President Emmanuel Macron has outlined his vision to revitalize the French
economy by constructing factories that will generate employment opportunities
and enhance the country's self-sufficiency. This ambitious goal comes at a
challenging time for France, grappling with prolonged…
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* Economy
May 15, 2023
EU REVIEWS GROWTH PROJECTIONS
Concerns persist about China's recovery from COVID-19 lockdowns, and the
United States is facing talk of a potential recession. However, the economic
outlook for Europe has recently brightened, as indicated by the European
Commission's upgraded growth forecast.
* Asia
May 15, 2023
OPEC UPS CHINA’S OIL DEMAND GROWTH PROJECTION
The Organization of the Petroleum Exporting Countries (OPEC) has revised its
forecast for China's oil demand growth in 2023, citing the easing of COVID-19
restrictions in the country. However, the global demand forecast remains
unchanged, as OPEC highlights…
Read More
* Asia
May 15, 2023
G7 FINANCE LEADERS CITE ECONOMIC UNCERTAINTY
Global economic uncertainty took center stage as finance leaders from the
Group of Seven (G-7) wrapped up their three-day meeting in Niigata, Japan.
The discussions were overshadowed by the U.S. debt ceiling stalemate and the
fallout from Russia's…
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* Asia
May 15, 2023
ECONOMY BEATS PROJECTIONS IN THAILAND
Thailand's economy surpassed expectations in the first quarter, driven by a
rebound in tourism, but its future outlook depends on maintaining political
stability. The National Economic and Social Development Council (NESDC)
reported a year-on-year GDP growth of 2.7%…
Read More
* Economy
May 10, 2023
HARBOUR TO CUT 350 JOBS
Harbour Energy, a British oil and gas producer, has confirmed that it will
cut 350 jobs from its onshore operations in the UK due to the windfall tax
that was imposed on the country's oil and gas industry…
Read More
* Economy
May 10, 2023
UN SAYS OUTBOUND INSPECTIONS RESTARTED – UN
The Joint Coordination Centre (JCC) of the United Nations and Turkey has
resumed inspections of outbound vessels for the safe export of Ukrainian
grain from the Black Sea, according to a UN spokesperson. Russia has
threatened to leave…
Read More
* Asia
May 9, 2023
JAPAN’S SPENDING DECLINE HITS ECONOMY
The consumer spending in Japan has declined unexpectedly in March at the
fastest rate in a year, along with a twelfth consecutive month of decline in
real wages due to persistent inflation. The decline has highlighted the
challenges…
Read More
* Asia
May 9, 2023
AUSTRALIA EXPECTS FIRST BALANCED BUDGET IN 15 YEARS
Australia is set to achieve its first balanced annual budget in 15 years,
according to Treasurer Jim Chalmers. The country's economic blueprint for
next year will ease financial hardships without increasing inflation, he
said. High prices for commodities,…
Read More
* Economy
May 8, 2023
U.S. REPORTS 253,000 NEW JOBS IN APRIL
Employers in the US hired more workers than expected in April, with the
country adding a healthy 253,000 jobs. The continued strength in the job
market is defying economists' predictions that the Federal Reserve's
year-long series of interest…
Read More
* Economy
May 5, 2023
GOLD TO GROW AMID BANK FEARS
Gold prices have recorded their largest weekly increase since March due to
concerns about the US banking sector. This has led to speculations that the
Federal Reserve may cut rates sooner than anticipated. Bullion prices
remained steady on…
Read More
* Asia
May 5, 2023
ECONOMY OUTPERFORMS FORECASTS IN INDONESIA
Indonesia's economy expanded by 5.03% in the first quarter of 2023, driven by
improving consumption and government spending, according to data from
Statistics Indonesia. The growth rate exceeded the 4.95% median forecast in a
Reuters poll and was…
Read More
* Economy
May 4, 2023
ECONOMY SLOWS IN MENA, CENTRAL ASIA – IMF
The International Monetary Fund (IMF) has stated that economic growth in the
Middle East, North Africa, and Central Asia regions will slow in 2023,
highlighting the need to expedite structural reforms. According to the IMF's
Regional Economic Outlook…
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* Economy
May 4, 2023
ECB TO LOWER RATE HIKES
On Thursday, the European Central Bank (ECB) is expected to raise its
benchmark rate by only 25 basis points due to declining core inflation and
tighter financial conditions within the eurozone. ECB's quantitative
tightening (QT) has already been…
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* Economy
May 3, 2023
LANISTAR EXPANDS OFFICES
UK fintech start-up, Lanistar, has opened two new offices in the United Arab
Emirates and Brazil, extending its presence to three continents as part of a
plan to grow its global reach. The new office spaces are described…
Read More
* Asia
May 3, 2023
BOJ’S UEDA POSITIVE ABOUT ASIA’S ECONOMY
On Tuesday, Bank of Japan Governor Kazuo Ueda expressed that the risks to
Asia's economy are smaller compared to other regions due to its resistance to
the banking sector issues in the United States and Europe. This statement…
Read More
* Economy
May 3, 2023
EUROZONE ECONOMY SEES 1% GDP GROWTH
Preliminary figures released on Friday showed that the Eurozone economy grew
by a meagre 0.1% during the first quarter of this year, failing to meet
analyst expectations of 0.2% quarterly growth. While France's GDP picked up
by 0.2%,…
Read More
* Economy
May 3, 2023
SAUDI ECONOMY BECOMING LESS DEPENDENT ON OIL
According to a senior IMF official, Saudi Arabia’s non-oil economic growth
will be supported by government-led reforms and growth in private investment
in new sectors. The Saudi Arabian economy grew 8.7% last year, as high oil
prices boosted…
Read More
* Africa
May 2, 2023
DMO EXPLAINS $13BN WORLD BANK DEBT
The Debt Management Office (DMO) of Nigeria has responded to recent media
reports about the country's debt to the World Bank. The DMO stated that
Nigeria's $13.46 billion World Bank loan is a positive development for the
country…
Read More
* Asia
May 2, 2023
ASIA TO SEE 4.6% GROWTH IN 2023
According to the latest regional economic outlook report released by the
International Monetary Fund (IMF) on Tuesday, the economy of the Asia-Pacific
region is expected to grow by 4.6% this year, compared to a 3.8% increase
last year.…
Read More
* Asia
May 2, 2023
HONG KONG’S ECONOMY UP 2.7% IN Q1
Hong Kong's economy expanded by 2.7% in the first quarter of this year,
ending a year-long recession. This is better than expected and is a recovery
from the 4.1% contraction in Q4 of 2020. The reopening of Hong…
Read More
* Asia
May 2, 2023
SOUTH KOREA’S EXPORTS FALL TO RECORD LOW
South Korea's exports have decreased for the seventh consecutive month in
April, recording the longest losing streak in three years, due to sluggish
sales to China and other global market pressures. The disappointing figures
come in spite of…
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* Economy
May 2, 2023
CANADA SETTLES WITH STRIKING WORKFORCE
An agreement has been reached between Canada and 120,000 federal workers who
have been on strike, effectively ending one of the country's largest
public-sector work stoppages in history. The strike had caused a significant
impact on services ranging…
Read More
* Asia
April 28, 2023
RECESSION HITS TAIWAN’S ECONOMY
Taiwan's economy has fallen into recession with its GDP plummeting by 3.02%
in the first quarter, according to advance estimates released by the
Taiwanese government's statistics bureau. This is the steepest decline since
the global financial crisis and…
Read More
* Asia
April 28, 2023
SRI LANKA’S APEX BANK OUTLINES PROBLEMS
The Central Bank of Sri Lanka has revealed the details of the country's most
severe economic crisis in over 70 years in its annual report. The bank stated
that last year, wages failed to keep pace with the…
Read More
* Economy
April 28, 2023
US ECONOMY SLOWER THAN EXPECTED IN Q1
The United States Commerce Department reported that gross domestic product
(GDP), a measure of all goods and services produced for the period, grew at
an annualised pace of 1.1% in Q1, missing economists' expectations of 2%, as
private…
Read More
* Economy
April 27, 2023
ECONOMY IN BELGIUM UP IN Q1
According to the National Bank of Belgium, the country's economy gained
momentum in Q1 2023. Preliminary estimates show that the gross domestic
product increased by 0.4% from January to March, compared to a 0.1% expansion
in the previous…
Read More
* Economy
April 27, 2023
US CONSUMER SPENDING DRIVES Q1 FIGURES
The US economy is predicted to have continued growing strongly in the first
quarter, driven by solid consumer spending. However, recent higher interest
rates have slowed this momentum. The Commerce Department's report on Thursday
is expected to reveal…
Read More
* Economy
April 27, 2023
GERMANY’S ECONOMY DEFY PREDICTIONS
The German government has revised its economic forecast upwards, despite
ongoing challenges such as the war in Ukraine and sanctions against Russia.
The spring economic forecast presented on Wednesday predicts a 0.4% economic
growth, slightly more than the…
Read More
* Economy
April 26, 2023
EXITING GREYLIST WILL TAKE TIME – UAE MINISTER
According to Economy Minister Abdullah bin Touq Al-Marri, the United Arab
Emirates (UAE) needs more time to prove that the policies it introduced to
combat financial crime are effective before it can be removed from the
Financial Action…
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* Asia
April 26, 2023
INDIANS VALUED 120% MORE ABROAD – WB
According to the latest World Development Report by the World Bank, Indian
workers can significantly increase their income by moving abroad. The report
states that internal migration within India would only add around 40% to
personal incomes, whereas…
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* Asia
April 26, 2023
DIGITAL ECONOMY TAKES 9.4% OF PHILIPPINES’ GDP
According to the Philippine Statistics Authority (PSA), the digital economy
of the Philippines contributed 9.4% to the country's GDP in 2022, amounting
to 2.08 trillion pesos or approximately 37.44 billion US dollars. This figure
represents an increase of…
Read More
* Economy
April 26, 2023
OIL DROPS 2%, LOWEST THIS MONTH
Oil prices fell to their lowest level this month on Tuesday, dropping by 2%,
as a stronger dollar and concerns of an economic slowdown outweighed hopes of
higher demand from China. Brent crude dropped by 2.4% to $80.77…
Read More
* Economy
April 25, 2023
RISHI SUNAK PARTNERS WITH LINKEDIN
The UK Prime Minister, Rishi Sunak, has launched a new programme called
"Business Connect," aiming to connect with over 200 CEOs and business leaders
to promote businesses in the UK. Sunak went live on LinkedIn on Monday to…
Read More
* Economy
April 25, 2023
UPS WARNS SIGN ABOUT THE US ECONOMY
The first quarter has brought bad news for UPS, as the company reported a 6%
drop in revenue compared to the same period last year, and a 22% decline in
operating profit. UPS earnings for Q1 also fell…
Read More
* Asia
April 25, 2023
SOUTH KOREA’S ECONOMY ESCAPES RECESSION
South Korea’s economy grew by 0.3 percent during the first quarter of 2023,
narrowly avoiding a recession following a contraction of 0.4 percent in the
previous quarter. A recession is usually defined as two consecutive quarters
of negative…
Read More
* Economy
April 25, 2023
CORONATION PUSHES TOURISM BUT ECONOMY STILL SHAKY
Tourism businesses in London are preparing for the coronation of Prince
Charles, set to take place in May, which is expected to bring a much-needed
boost to the industry that has been hit hard by the pandemic. Hotels…
Read More
* Economy
April 25, 2023
MARKETS PREPARE FOR APEX BANK MEETINGS
In early European trade on Tuesday, the US dollar fell against a basket of
six other currencies, with traders positioning for a more hawkish stance from
the European Central Bank (ECB) than the Federal Reserve ahead of next…
Read More
* Economy
April 24, 2023
ARGENTINA INFLATION RISES 104%
Argentina's inflation rate rose to 7.7% in March, surpassing economists'
expected seven percent. Government data shows prices increased 104.3%
compared to a year ago, the highest level since 1991, driven by seasonal
factors and a historic drought. Education…
Read More
* Economy
April 24, 2023
US FED MAY RAISE INTEREST RATES IN MAY
According to a recent poll of economists cited by the World Economic Forum,
the US Federal Reserve will deliver a final 25-basis-point interest rate
increase in May and then maintain a steady rate for the rest of 2023.…
Read More
* Economy
April 24, 2023
ITALY SEES AN ECONOMIC PARTNER IN NIGERIA
Italy's Ambassador to Nigeria, Mr Stefano De Leo, has described Nigeria as
one of Italy's major economic and security partners in Africa. In an
interview with the News Agency of Nigeria (NAN) in Abuja, De Leo said that…
Read More
* Asia
April 20, 2023
BOJ CAUTIOUS ABOUT YCC REFORMS
Bank of Japan officials are hesitant to change or abandon their yield control
stimulus at their policy meeting next week, given the recent overseas banking
crisis that has cast a shadow on the outlook. The officials believe that…
Read More
* Economy
April 19, 2023
RUSSIA PLANS TO MINE CRYPTO
The Bank of Russia is reportedly developing a bill that would introduce an
"experimental legal regime" for cryptocurrencies solely in export-import
transactions, according to the head of the regulatory agency, Elvira
Naiullina. Naiullina confirmed that crypto trading and…
Read More
* Economy
April 19, 2023
FED CHAIR SAYS INFLATION ‘TOO HIGH’
Federal Reserve Bank of New York President John Williams has warned that
inflation remains at problematic levels and the central bank will take action
to reduce it. Speaking at an event in New York, Williams acknowledged that
recent…
Read More
* Asia
April 18, 2023
Q1 PROPERTY INVESTMENT SLIDES 5.8% YOY IN CHINA
According to official data released on Tuesday, China's property investment
decreased by 5.8% in the first quarter of 2023, compared to a 5.7% drop in
the previous two months. The National Bureau of Statistics (NBS) revealed
that property…
Read More
* Asia
April 18, 2023
JAPAN’S AMBASSADOR VISITS IRAQI PM
The Japanese Ambassador to Iraq, Futoshi Matsumoto, held a meeting with the
Prime Minister of Iraq, Mohammed Al-Sudani, to discuss strategies to promote
private sector investment in Iraq. The meeting was also attended by
representatives from leading Japanese…
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* Asia
April 17, 2023
YUAN UP BY 5% AS ECONOMY RECOVERS
Chinese yuan is predicted to rise by 5.5% against the US dollar this year due
to the strong Chinese economy and the US's decision to move away from rate
hikes, according to Pictet Asset Management SA, a Swiss…
Read More
* Economy
April 17, 2023
ERDOGAN PUTS ECONOMY FIRST
Turkish President Recep Tayyip Erdogan has started his re-election campaign
with a vow to cut inflation to single digits and increase economic growth in
a bid to extend his 20-year rule. Erdogan's Justice and Development (AK)
Party has…
Read More
* Africa
April 17, 2023
IMF DEMANDS REFORM IN EGYPT
Egypt must implement more reforms before the International Monetary Fund
(IMF) conducts the first review of the country's $3bn rescue package,
according to Bloomberg News. The IMF wants Cairo to privatise some state
assets and allow greater flexibility…
Read More
* Economy
April 17, 2023
HOPES UP FOR UK’S ECONOMY – SURVEY
The confidence of finance chiefs at the UK's largest companies has risen
sharply, with the Deloitte survey of CFOs showing that sentiment has
rebounded as concerns about energy prices and Brexit have eased. The survey
showed that 25%…
Read More
* Economy
April 14, 2023
SME FINANCE GETS €100M CREDIT FACILITY
SME Finance, a Lithuanian SME lender, has reportedly secured a €100m credit
facility from Fasanara Capital. This fresh equity will enable SME Finance to
create an EU-wide FinTech marketplace for traditional business loans, as well
as new models…
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* Asia
April 14, 2023
EXPORTS IN CHINA’S ON THE RISE
According to customs data released on Thursday, China's exports surged by
14.8 percent year on year in March, marking the first rise in six months. The
figure also represents a significant increase from March last year, when the…
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* Economy
April 14, 2023
RETAIL SPENDING FALLS IN MARCH
Retail sales in the US have seen a decline for the second consecutive month
in March, indicating a cautious spending attitude among consumers following a
significant surge in January. Sales dropped by 1% in March, a sharper
decline…
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* Economy
April 13, 2023
LULA VISITS CHINA TO DISCUSS INVESTMENTS
Brazilian President Luiz Inacio Lula da Silva is set to visit China with the
aim of strengthening economic ties and restoring Brazil’s role in global
diplomacy. Lula is hoping to invite Chinese President Xi Jinping to Brazil
for…
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* Asia
April 13, 2023
ROUGH DAYS AHEAD FOR PAKISTAN’S ECONOMY
On Tuesday, the International Monetary Fund (IMF) released its World Economic
Outlook report, which showed a reduced growth outlook for Pakistan’s fragile
economy. The South Asian country's growth rate for 2023 has been cut to 0.5%
from 6%…
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* Economy
April 13, 2023
ECONOMY MAKES £60M FROM GRAND NATIONAL
A study by the Liverpool Business School at Liverpool John Moores University
found that the 2022 Grand National Festival brought an estimated £60 million
boost to the local economy of the Liverpool City Region. The event, held at…
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* Economy
April 13, 2023
UK ECONOMY STALLS IN FEBRUARY
Data from the Office for National Statistics (ONS) has shown that the UK's
economy failed to grow as anticipated in February. However, an increase in
January was stronger than previously thought, meaning that a recession is
less likely…
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* Africa
April 13, 2023
NIGERIA TO PAY BACK $800M IN 25YEARS
The Nigerian government has secured an $800m loan from the World Bank to
provide post-petroleum subsidy palliatives for over 50 million Nigerians
ahead of June 2023. The next administration after President Buhari will begin
repayment of the loan.…
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* Asia
April 12, 2023
PAKISTAN’S INFLATION WORSENS FOR ALL
The Pakistani rupee has taken a significant hit in recent months, currently
trading at around PKR 288 in the open market. For millions of people across
the country, buying fruits during the month of Ramzan has become a…
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* Asia
April 12, 2023
INDIA, CHINA TO CONTRIBUTE HALF OF GROWTH
India and China are projected to contribute 50% of global economic growth
this year, according to the managing director of the International Monetary
Fund (IMF), Kristalina Georgieva. Speaking ahead of the IMF and World Bank's
spring meetings, Georgieva…
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* Economy
April 12, 2023
GBP FALLS AGAINST EUR AMID IMF REPORT
The Pound Euro (GBP/EUR) exchange rate traded narrowly on Tuesday, showing
some weakening overall as the currency pairing stabilised following a
volatile Easter bank holiday weekend. At the time of writing, GBP/EUR was
marginally down at €1.1383 from…
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* Asia
April 12, 2023
IMF SLASHES INDIA’S FY24 FORECAST TO 5.9%
The International Monetary Fund (IMF) has lowered India's GDP growth forecast
for the financial year 2023-24 by 20 basis points to 5.9%. The latest
prediction is less than the Reserve Bank of India's projection of 6.4%.
Nonetheless, India…
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* Economy
April 12, 2023
RUSSIA’S CURRENT ACCOUNT SURPLUS SHRINKS BY 73%
The current account surplus of Russia has declined by 73% to $18.6 billion on
an annual basis in January-March, the country's central bank said on Tuesday.
The fall has been attributed to the sharp decline in energy revenues,…
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* Asia
April 12, 2023
TOP 10% SHARED GROWTH BENEFITS IN AUSTRALIA
According to a new paper by the Australia Institute, the top 10% of earners
in Australia have received 93% of the benefits of economic growth between
2009 and 2019, while the bottom 90% received just 7%. This trend…
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* Asia
April 11, 2023
CHINA PLANS POLICY STIMULUS IN CHINA
China's consumer inflation slowed in March, as producer prices continued to
decline, creating space for the central bank to ease monetary policy and
support the country's economic recovery. According to the National Bureau of
Statistics, the consumer price…
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* Economy
April 11, 2023
UK ECONOMY TO CONTRACT BY 0.3% – IMF
The International Monetary Fund (IMF) has warned that the UK economy will be
at the back of the G7 countries this year, with the economy expected to
contract by 0.3%, and will continue to be affected by the…
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* Economy
April 11, 2023
GLOBAL GROWTH SLOWS TO 2% IN 2023
Global growth is expected to slow down to two per cent in 2023, according to
David Malpass, the President of the World Bank Group. He highlighted several
factors such as higher oil prices, inflation pressures, and the recent…
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* Economy
April 6, 2023
OIL PRICES DROP FOLLOWING WEAK JOBS DATA
Oil prices dipped in early trade on Thursday, following the release of weak
U.S. job openings data, which is seen as a sign of slowing economic
conditions that could impact demand. West Texas Intermediate U.S. crude
declined by…
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* Asia
April 6, 2023
INDIA’S CURRENT ACCOUNT DEFICIT UNDER CONTROL – DAS
The Reserve Bank of India (RBI) Governor, Shaktikanta Das, has said that
India's currency account deficit (CAD) is manageable. In the first two months
of 2023, India's services exports continued to grow at a healthy pace, and
the…
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* Economy
April 6, 2023
NASDAQ DIPS 1% AGAIN AMID WEAK ECONOMY
On Wednesday, the Nasdaq Composite extended its losing streak for the third
straight session, as investors moved away from growth stocks following
indications of a weakening US economy. The tech-heavy index dropped 1.07% to
11,996.86, while the broader…
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* Asia
April 5, 2023
RBA PAUSES INTEREST RATE HIKES
The Reserve Bank of Australia (RBA) has opted to keep its cash rate
unchanged, betting that rate hikes since May 2022 have curbed enough excess
demand to send inflation downward. However, if the RBA's wager is incorrect,
it…
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* Economy
April 4, 2023
MEXICO’S ECONOMY GROWS 3%
Mexico's economy is set to grow up to 3.0% in both 2023 and 2024, driven by
increased manufacturing investment and cooling inflation, according to the
government's latest budget forecasts. The Latin American country is expected
to claw back…
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* Economy
April 4, 2023
BOC RELEASES OUTLOOK DATA
Canadian businesses have taken a pessimistic turn, with the outlook turning
negative for the first time since 2020, according to surveys by the central
bank. The Bank of Canada’s business outlook indicator fell to -1.1 in Q1
2023,…
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* Economy
April 4, 2023
EGYPT’S APEX BANK RAISES INTEREST RATES
The Central Bank of Egypt has announced a 2% increase in key policy rates
following its scheduled meeting on Thursday. The decision was made in
response to the continued rise of inflation in the country. The bank's
Monetary…
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* Asia
March 30, 2023
CHINA IA AN ‘ANCHOR’ FOR GLOBAL PEACE – LI QIANG
China's Premier Li Qiang announced on Thursday at China's Boao Forum for Asia
(BFA) in Hainan that the country's economy has rebounded from the COVID-19
pandemic. Mr Li added that Beijing will continue to serve as an “anchor…
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* Economy
March 30, 2023
EURO, DOLLAR STABLE AS BANK TENSION EASES
The US dollar and euro stabilised on Thursday as concerns over the banking
sector subsided, with investors now focusing on inflation for hints on
central banks' next rate moves. Inflation data from German states, which is
used to…
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* Economy
March 30, 2023
PUTIN CITES ECONOMIC EFFECTS OF SANCTIONS
Russian President Vladimir Putin has cautioned the government regarding the
potential negative impact of Western sanctions on the country's economy.
During a meeting with Cabinet ministers in Moscow on Wednesday, Putin stated
that while Russia…
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* Africa
March 29, 2023
US VP LAUNCHES $1BN FOR WOMEN EMPOWERMENT
US Vice President Kamala Harris has unveiled a $1 billion initiative aimed at
enhancing women's economic empowerment in Africa. The announcement came
during Harris' trip to the continent, which included stops in Ghana,
Tanzania, and Zambia. The programme,…
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* Asia
March 29, 2023
CHINA ELITES FLEE SANCTIONS FOR SINGAPORE
The founder of China Renaissance, Bao Fan, has reportedly disappeared, and
one possible reason for this is his search for a safe place to park his
wealth.
Bao was in the process of establishing a…
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* Economy
March 28, 2023
BAHRAIN’S ECONOMY HITS RECORD GROWTH
Preliminary government data shows that Bahrain’s economy experienced its
fastest growth since 2013, with overall economic output increasing by almost
5 percent in 2021. The growth was mainly fueled by a 6.2 percent expansion in
the non-oil sector,…
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* Africa
March 27, 2023
KAMALA HARRIS IN GHANA FOR AFRICA VISIT
US Vice President Kamala Harris arrived in Ghana on Sunday for a weeklong
visit to Africa, with the aim of strengthening US relations with the
continent amid global competition. Harris was greeted by schoolchildren,
dancers and drummers as…
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* Africa
March 27, 2023
SA RAND FALLS 0.28%
The South African rand weakened against the US dollar on Monday, with the
exchange rate at 18.2050 at 0635 GMT, representing a 0.26% decline compared
to the previous close.
Meanwhile, the dollar index, which gauges…
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* Economy
March 27, 2023
IMF BOSS SAYS GLOBAL ECONOMY VULNERABLE
The Managing Director of the International Monetary Fund (IMF), Kristalina
Georgieva, has cautioned that the global economy faces a significant threat
to its financial stability due to the turbulence in the banking sector. She
cited the pressure on…
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* Economy
March 27, 2023
OIL RISES AS INVESTORS WEIGHT BANK CRISIS, RUSSIA
Oil prices climbed on Monday as concerns about the global banking system
eased and geopolitical tensions flared up. Brent crude futures rose 77 cents,
or 1.03%, to $75.76 a barrel at 0731 GMT, while US West Texas Intermediate…
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* Economy
March 24, 2023
RUSSIAN FM CITES GLOBAL ECONOMY SHIFT
In an article for the Razvedchik news magazine, Russian Foreign Minister
Sergey Lavrov stated that the global economy continues to shift its focus
from the Euro-Atlantic region to Eurasia, with politics following suit.
Moscow is…
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* Asia
March 24, 2023
CHINA BANKING REGULATOR MEETS HSBC CEO
Noel Quinn, the Group Chief Executive of HSBC, met with Guo Shuqing, the
Chairman of China's banking and insurance regulator, on Thursday to discuss
the global economic and financial situation, according to a statement from
the China Banking…
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* Economy
March 24, 2023
ACCENTURE TO SLASH 19,000 JOBS
Global professional services firm, Accenture, has announced that it will cut
approximately 2.5% of its workforce, or 19,000 jobs, due to a lowered revenue
and profit forecast. The company has attributed this decision to the global
economic slowdown,…
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* Economy
March 23, 2023
UK-AFRICAN INVESTMENT SUMMIT TO HOLD IN APRIL
The second edition of the UK-African Investment Summit is set to take place
on April 23 and 24, 2024, hosted by UK Prime Minister Rishi Sunak. Heads of
States and Governments from 24 African countries, alongside British and…
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* Africa
March 23, 2023
LIBERIA GETS $3.9M FROM THE ADF
The Africa Development Fund has given the green light for a $3.9 million
grant to be allocated towards the Liberia payments infrastructure and systems
project. The Central Bank of Liberia’s main data center and disaster recovery
sites will…
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* Economy
March 23, 2023
US RAISES RATES AGAIN
The US Federal Reserve has announced its ninth consecutive interest rate
hike, despite concerns that the move could exacerbate financial instability
in the wake of two bank failures. The central bank increased its key rate by
0.25 percentage…
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* Economy
March 23, 2023
BOE RAISES UK INTEREST RATES BY 4.25%
The Bank of England (BoE) has announced a quarter-point interest rate
increase, taking the base rate to 4.25%, in response to higher-than-expected
inflation and positive indications regarding the state of the UK economy.
This marks the 11th consecutive…
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* Asia
March 23, 2023
INDIA’S ECONOMY SIGNALS LOWERING CONSUMPTION
India's economic activity remained steady in February despite early signs of
slowing consumption and concerns over future growth prospects and hawkish
monetary policy. Bloomberg's animal spirits barometer, which measures
high-frequency indicators, including credit growth, tax revenues, and
unemployment…
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* Africa
March 23, 2023
UGANDA SAYS GROWTH TO HIT 7%
Uganda's Ministry of Finance has announced that the country's public debt is
expected to enter a "declining trend" due to projected strong economic growth
of 7%, starting in 2025 when oil production is set to begin.
* Economy
March 21, 2023
FED SCHEDULES MEETING TO DISCUSS BANKING, INFLATION
The Federal Reserve's aim of combating the rapid inflation that has plagued
American consumers since 2021 has become increasingly complicated. The
expectation of a quarter-point increase in interest rates, to just above
4.75%, on Wednesday has been widely…
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* Economy
March 21, 2023
FEDEX LAUNCHES NEW SERVICES IN SAUDI ARABIA
FedEx Express, the world's largest express transportation company and a
subsidiary of FedEx Corp, has announced the launch of its FedEx International
Economy® and FedEx International Economy® Freight services in the Kingdom of
Saudi Arabia. The company's deferred…
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* Asia
March 21, 2023
SRI LANKA GETS $3BN IMF LOAN
On Monday, Sri Lanka received a $3 billion loan from the International
Monetary Fund (IMF) to alleviate its worst financial crisis in decades. The
deal, almost a year in the making, will aim to restore macroeconomic
stability and…
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* Africa
March 21, 2023
SOUTH AFRICAN RAND WEAKENS AMID PROTEST
South African currency, rand, weakened against the US dollar on Monday as the
Marxist Economic Freedom Fighters (EFF) party called for nationwide protests.
The rand traded at 18.4350 against the dollar at 0743 GMT, down 0.16% from
its…
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* Africa
March 21, 2023
NIGERIA PLANS MORE RATE HIKES
Nigeria's Central Bank has raised its key interest rate to the highest level
since 2006, in a bid to contain inflation and attract foreign investors. The
bank has increased its benchmark rate by 650 basis points since May…
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* Asia
March 20, 2023
ASIA DOWNPLAY CREDIT SUISSE FALLOUT
Financial authorities in Asia have reassured the public that the recent
turmoil at Credit Suisse will not impact the stability of local lenders. The
Monetary Authority of Singapore (MAS) has announced that following the
purchase of the Swiss…
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* Economy
March 20, 2023
GERMAN ECONOMY TO SHRINK IN Q1
Germany's economy is projected to contract once again in Q1 of 2023,
according to a monthly report by the Bundesbank. Although the decline is
expected to be less than in the final quarter of 2022, the country's economy…
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* Economy
March 20, 2023
LEBANON MIXES MULTIPLE EXCHANGE RATES
The economy of Lebanon is collapsing, and a variety of exchange rates for the
local pound have emerged, causing difficulties for personal accounting and
hindering the fulfilment of a reform requirement set by the International
Monetary Fund (IMF).…
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* Economy
March 20, 2023
QATAR’S EX-FINANCE MINISTER CHARGED
Former finance minister of Qatar, Ali Sherif al-Emadi, will face trial over
allegations of embezzlement, according to a statement by the state-run Qatar
News Agency (QNA) on Sunday. Al-Emadi was arrested in May 2021, but little
information has…
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* Economy
March 20, 2023
UK SEALS TRADE DEAL WITH UKRAINE
On Monday, March 20, the UK signed a significant digital trade agreement with
Ukraine, aiming to support Ukraine's economy and bolster the UK-Ukraine trade
and investment relationship. The Department for Business and Trade hosted a
conference called the…
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* Africa
March 17, 2023
UNECA SAYS AFRICA’S ECONOMY TO GROW 3.9%
According to a report presented by the United Nations Economic Commission for
Africa (UNECA) on Wednesday, Africa's economy is expected to grow 3.9% in
2023 from 3.6% in 2022. Despite the GDP growth declining from 4.6% in 2021…
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* Economy
March 17, 2023
NEW ZEALAND’S ECONOMY FALLS IN Q4
New Zealand's economy shrank 0.6% in Q4, according to official data released
on Thursday, missing analysts' estimates and raising the likelihood of a
recession. Gross domestic product fell below the Reserve Bank of New
Zealand's estimate of 0.7%…
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* Asia
March 17, 2023
SRI LANKA’S ECONOMY DOWN BY 7.8% IN 2022
Sri Lanka's economy experienced a record contraction of 7.8 percent in 2022,
according to official data released by the state-run census and statistics
department on Thursday. The figures showed that the GDP of the island country
shrank by…
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* Economy
March 16, 2023
EU AND THAILAND RESTART TRADE TALKS
The European Union (EU) and Thailand have announced the resumption of
negotiations for a free trade agreement (FTA), with a focus on
sustainability. This development emphasizes the EU's commitment to the
Indo-Pacific region and its trade agenda, while…
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* Economy
March 15, 2023
BT GROUP ADDS £690M TO NORTHERN IRELAND ECONOMY
BT Group's activities reportedly contributed £690 million to Northern
Ireland's wider economy and supported more than 7,300 jobs in 2021, according
to a report by consultancy firm Hatch. The study analysed the spending of BT
Group employees and…
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* Africa
March 14, 2023
EGYPT’S ECONOMY SET TO GROW 4.2%
Egypt’s economy is predicted to grow by 4.2 percent in the current fiscal
year ending in June, the cabinet announced on Tuesday. This is considerably
less than the previously anticipated growth rate.
According to the…
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* Asia
March 14, 2023
XI VOWS TO DEFEND ECONOMY
During his closing speech at China’s National People’s Congress, President Xi
Jinping stated his intentions to transform the Chinese military into a “Great
Wall of Steel”, capable of protecting China’s interests overseas while
emphasising the need for greater…
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* Economy
March 14, 2023
INFLATION FELL 6% IN FEBRUARY
The U.S. Bureau of Labor Statistics released data on Tuesday indicating that
price growth slowed to an annual rate of 6% in February. This reading was
lower than January’s 6.4% year-over-year level, and in line with economists’
forecasts.…
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* Africa
March 14, 2023
CBN SAYS OLD CURRENCY REMAINS LEGAL TENDER
The Central Bank of Nigeria (CBN) has announced that old banknotes will
continue to be legal tender until the end of the year to comply with a court
order issued earlier this month. The move has raised hopes…
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* Africa
March 14, 2023
WB WANTS AFRICA TO RAMP UP DIGITAL TECH ADOPTION
According to a report released by the World Bank on Monday, African countries
must increase their adoption of digital technologies to speed up economic
growth and generate better employment opportunities for the youth. The
report, titled "Digital Africa:…
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* Economy
March 13, 2023
RUSSIAN ECONOMY TAKING SANCTIONS WELL, FOR NOW
The Russian economy has withstood the extensive Western sanctions, which
aimed to damage Moscow's war chest. Ordinary Russians' economic lives have
been largely unchanged, with no mass unemployment, currency drops, or
collapsing banks. The assortment of goods in…
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* Economy
March 10, 2023
RECORD DROUGHT HITS ARGENTINA’S ECONOMY
Argentina, the world's largest exporter of processed soy and the
third-largest for corn, is grappling with a severe drought that is
jeopardizing the country's economy. The drought is the worst in 60 years,
resulting in sharp reductions in…
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* Economy
March 10, 2023
US ECONOMY ADDED 311,000 JOBS IN FEBRUARY
On Friday, the US Labor Department released its monthly employment snapshot,
revealing that the US economy added 311,000 jobs in February. While this
number marks a drop from the 504,000 positions added in January, the latest
report demonstrates…
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* Economy
March 10, 2023
UK ECONOMY REBOUNDS
UK Prime Minister Rishi Sunk has said that confidence is returning to the
country's economy following official figures that showed the economy grew by
more than expected in January. The economy expanded by 0.3% in January,
bouncing back…
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* Economy
March 8, 2023
GLOBAL ECONOMY TO LOSE $7TN TO GENDER PAY GAP
A new report by Moody's Analytics highlights the potential economic gains
from closing the gender pay gap. The study suggests that narrowing the wage
differential between men and women could boost the global economy by about $7
trillion…
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* Economy
March 8, 2023
CZECH APEX BANK POSITIVE ABOUT CURBING INFLATION
Jan Kubicek, a new board member of the Czech National Bank, has said that the
bank’s current interest rate setting is enough to bring inflation down this
year if wages do not accelerate or if the crown does…
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* Economy
March 7, 2023
MARKETS AWAIT POWELL’S TESTIMONY
The France CAC40 began the week on a positive note, hitting a new high of
7,401, while the FTSE100 struggled due to disappointment over China's 2023
GDP target. The Chinese government's modest target of 5% suggests a focus…
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* Economy
March 6, 2023
ALBERTA PLANS TO SPEND BIG ON INFRASTRUCTURE
The Government of Alberta has released its 2023 Capital Plan, revealing a
nearly $23 billion investment in infrastructure over three years. The budget
document indicates that the largest allocations will go towards municipal
infrastructure support, capital maintenance and…
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* Economy
March 6, 2023
SAUDI GIVES TURKEY’S APEX BANK $5BN
Saudi Arabia has agreed to deposit $5 billion into Turkey's central bank
through its Saudi Fund for Development. This move is part of Saudi Arabia's
commitment to supporting Turkey's efforts to strengthen its economy, as
stated in the…
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* Economy
March 6, 2023
ECB CHIEF ALLS INFLATION A “MONSTER”
Last week, Eurozone inflation fell less than expected, despite a drop in
energy prices. The inflation rate fell from 10.6% in October to 8.5% in
February, but economists had forecast a more significant drop to 8.2%.
Meanwhile, core…
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* Asia
March 6, 2023
SRI LANKA AND INDIA TO SHARE RUPEE
The Indian High Commission in Colombo has announced the use of Indian rupees
for cross-border transactions with Sri Lanka, allowing for tourism accounts
and the potential for expanding to trade and capital transactions. The Bank
of Ceylon, State…
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* Economy
March 3, 2023
ITALY WANTS AID FOR TUNISIA ECONOMY
Tunisian Foreign Minister, Nabil Ammar, held a phone call with his Italian
counterpart, Antonio Tajani, to discuss the economic and political situation
in Tunisia. Tajani expressed Italy's commitment to supporting Tunisia
economically and politically in its democratic transition.…
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* Economy
March 3, 2023
EU ECONOMY TO ESCAPE RECESSION
The European Commission has released its latest forecast for the region's
economy, predicting that it will narrowly avoid a recession this year. The
report offers a glimmer of hope in the face of an uncertain landscape that
remains…
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* Economy
March 3, 2023
EUROZONE INFLATION NARROWLY DOWN
According to the European Commission, inflation levels in Europe have eased
as winter draws to a close, although some of the largest economies in the
Eurozone have reported troubling increases. The annual rate of consumer
prices in the…
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* Economy
March 2, 2023
DE-RISKING GLOBAL ECONOMY, A G-20 PRIORITY
Foreign ministers from the Group of 20 (G20) nations gathered in New Delhi on
March 1 for a two-day meeting hosted by India. The meeting is expected to
focus on climate change and the “de-risking” of the global…
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* Economy
March 2, 2023
MALTESE ECONOMY HIT BY OIL SHOCK
A recent study conducted by the Central Bank of Malta has revealed that oil
shocks have a more significant impact on the country's economy than shipping
industry shocks. The study examined the effects of global oil price swings…
Read More
* Economy
March 2, 2023
UK AND SINGAPORE SIGN NEW GREEN ECONOMY PLAN
The United Kingdom and the Republic of Singapore have signed a Memorandum of
Understanding (MoU) to establish a bilateral Green Economy Framework,
combining elements of climate, economic, and trade policy. The agreement was
signed during a virtual call…
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* Asia
March 2, 2023
UK FOREIGN SECRETARY VISITS INDIA
The United Kingdom's Foreign Secretary, James Cleverly, is in India to
announce the launch of the Young Professionals Scheme, which will allow up to
3,000 Britons and 3,000 Indians per year to live and work in each other's…
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* Asia
March 1, 2023
AUSTRALIA GDP GREW 0.5% IN DECEMBER 2022
The Australian economy grew by 0.5% in the final three months of 2022,
according to the National Accounts figures released by the Bureau of
Statistics. However, the growth rate was lower than most economists'
predictions, and while annual…
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* Asia
March 1, 2023
INDIA’S GDP GROWTH SLIDES TO 4.4%
India's Gross Domestic Product (GDP) growth slowed to a three-quarter low of
4.4% in the October-December period of 2022-23 due to a contraction in
manufacturing, weaker private consumption demand and government expenditure,
according to data released by the…
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* Economy
February 28, 2023
PRA PLANS NEW CRYPTO RULE
The Prudential Regulation Authority (PRA), which oversees the regulation of
banks in the United Kingdom, is planning to propose new rules on issuing and
holding digital assets, according to Vicky Saporta, Executive Director of
Prudential Policy at the…
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* Asia
February 28, 2023
CHINA MAKES PROMISES IN NEW MPR
The People’s Bank of China (PBOC) has revealed that it will continue to use
structured monetary policy tools in its latest quarterly monetary policy
report. The policy will channel credit towards specific sectors of the
economy. The bank…
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* Economy
February 24, 2023
GERMAN ECONOMY SLIDES 0.4% IN Q4’22
The German economy experienced a decline of 0.4% in gross domestic product
(GDP) during the fourth quarter of 2022, compared to the previous quarter,
according to Federal Statistical Office Destatis. The early figures suggested
a milder decline of…
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* Economy
February 24, 2023
EU MARKETS CLOSE LOWER
Investors in European markets saw gains turn to losses on Friday, as they
examined company earnings and data releases. The pan-European Stoxx 600 index
finished the day down by 1%, with mining stocks and travel and leisure
stocks…
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* Africa
February 24, 2023
FATF ADDS NIGERIA, SOUTH AFRICA TO WATCHLIST
On Friday, the Financial Action Task Force (FATF), an intergovernmental
policy-making body that seeks to combat money laundering and the financing of
terrorism, added Nigeria and South Africa to its “grey list” of countries
that need to intensify…
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* Economy
February 24, 2023
UAE, SPAIN TO BOLSTER ECONOMIC TIES
The UAE’s Minister of State for Foreign Trade, Dr. Thani bin Ahmed
Al-Zeyoudi, has met with Spanish Secretary of State for Trade, Xiana Mendez,
to discuss ways to boost economic cooperation and diversify into sectors of
common interest.…
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* Africa
February 22, 2023
CONGO PLANS $17BN MORE IN CHINA INFRASTRUCTURE
The state auditor in Congo has demanded an additional $17 billion of
investments from a 2008 deal with Chinese investors, which is currently under
negotiation. The deal in question involves Sinohydro Corp and China Railway
Group, who agreed…
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* Economy
February 22, 2023
US STOCKS DOWN AHEAD OF RATE DECISION
Wall Street had a challenging day on Tuesday, with the S&P 500 and the Nasdaq
Composite losing ground for the third day in a row, while the Dow Jones
Industrial saw its gains for 2023 wiped out. These…
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* Economy
February 22, 2023
FRANCE ECONOMY BACK TO GROWTH
The French economy grew in February for the first time since October,
according to a survey by S&P Global. The company's flash reading for the
purchasing managers' index (PMI) for the French services sector rose to 52.8
points…
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* Economy
February 22, 2023
POUNDS STERLING SOARS TO NEW HIGHS
The UK economy is expected to avoid recession if the latest survey by S&P
Global PMI is anything to go by. The survey indicates that UK private sector
firms signaled a solid rebound in business activity in February,…
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* Economy
February 22, 2023
SPANISH BLACK MARKET SOARS
Spain's informal economy, also known as black money, has been rising steadily
since the beginning of the pandemic, with an increase of 9.74% from 2019 to
2021, according to a recent report by the European Parliament. This
percentage…
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* Asia
February 22, 2023
HK LAUNCHES NEW AMBITIOUS BUDGET
Hong Kong's Financial Secretary Paul Chan announced a HKD 761 billion (USD 97
billion) budget on Wednesday aimed at reviving the pandemic-hit economy and
repairing the city's image. The budget includes tax cuts, spending vouchers,
and programmes designed…
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* Asia
February 22, 2023
NZ RAISES RATES BY 0.5%
The Reserve Bank of New Zealand (RBNZ) has announced an increase in interest
rates to a 14-year high of 4.75%. The bank indicated that it intends to
continue tightening further, as inflation remains too high. The decision
came…
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* Asia
February 22, 2023
RBI MPC MEETING MINUTE COMING UP
On Wednesday, February 22, the Reserve Bank of India's Monetary Policy
Committee (MPC) is set to release the minutes of its first review of 2023.
The release of these minutes comes on the same day the RBI announced…
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* Economy
February 20, 2023
INTERESTING OIL INDUSTRY UPDATES FOR JANUARY
Oil prices saw an increase on Monday as optimism rose over China's demand
recovery. Brent crude rose 41 cents, or 0.49 percent, to $83.41 a barrel,
while US West Texas Intermediate crude was up 35 cents to $76.69…
Read More
* Economy
February 20, 2023
SAUDI ARABIA WOOS EUROPE AT OECD
Saudi Arabia recently discussed ways to bolster economic cooperation with
various European countries during its participation in the ministerial
meeting of the Organization for Economic Cooperation and Development in
Paris, France. The meeting focused on responsible business practices…
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* Economy
February 20, 2023
ALGERIA TO IMPROVE TIES WITH SAUDI
Algerian Ambassador to Saudi Arabia, Mohamed Ali Boughazi, has expressed his
country's eagerness to enhance economic cooperation with the Kingdom,
according to a recent interview with Asharq Al-Awsat. Boughazi declared that
Algeria would strive to increase the level…
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* Economy
February 20, 2023
GERMANY’S ECONOMY LOOKING UP
According to Germany's central bank, the country's economic outlook is
improving thanks to a decline in energy prices and a rebound in the global
economy. In its latest monthly report, the Bundesbank claimed that, despite
persistent high inflationary…
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* Economy
February 20, 2023
STUDY SHOWS 61% SAYS BREXIT HURT ECONOMY
A new poll conducted by Savanta has shown that a majority of British people
believe that Brexit has had a negative impact on the UK economy. The survey
of 2,201 people conducted between February 10th and 12th, 2021…
Read More
* Asia
February 20, 2023
IMF TELLS PAKISTAN HOW TO ‘FUNCTION AS A COUNTRY’
The International Monetary Fund (IMF) has urged Pakistan to take steps to
prevent debt restructuring, reported The News International. The country has
been reeling from floods that have affected one-third of its population.
Kristalina Georgieva, managing director of…
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* Asia
February 20, 2023
PAKISTAN CAD SLIDES TO $0.2BN IN JANUARY
Pakistan's current account deficit (CAD) has reduced to $0.2 billion in
January 2023, marking a 90% decline from last year, as per the central bank's
announcement on Monday. The reduction was due to the depreciation of the
Pakistani…
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* Africa
February 20, 2023
EGYPT WANTS AFRICA TO SEND ITS OWN PROBLEMS
Egyptian Foreign Minister Sameh Shoukry delivered a speech on behalf of
President Abdel Fattah Al-Sisi at the 36th African Summit held in Addis
Ababa, Ethiopia. The Foreign Ministry spokesman, Ambassador Ahmed Abu Zeid,
said the speech addressed the…
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* Africa
February 20, 2023
AFRICA UNVEILS DEBT ‘OBSERVATORY’
The African Union (AU) has announced that it will launch a debt status data
bank to monitor and advise member states on potential financial distress. The
decision, made in Addis Ababa, will aid member states in improving their…
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* Economy
February 17, 2023
KPMG LAYS OFF 700 EMPLOYEES IN US
KPMG, one of the world's largest accounting firms, is set to cut nearly 2% of
its US workforce, affecting around 700 employees, according to recent
reports. KPMG will be the first of the Big Four accounting firms to…
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* Economy
February 17, 2023
BANKS ABLAZE IN LEBANON AS ECONOMY WORSENS
Lebanon’s economic crisis has deepened, with the Lebanese pound plummeting to
an all-time low of 80,000 to the dollar, leading to widespread protests
across the country. In the capital, Beirut, protesters set fire to banks,
blocked roads and…
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* Economy
February 17, 2023
ITALY POSTS TRADE SURPLUS IN DECEMBER
Italy registered a trade surplus with the rest of the world in December 2022,
worth 1.067 billion euros, compared to a deficit of 1.475 billion euros in
the same period of the previous year, according to national statistics…
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* Economy
February 17, 2023
EU RELEASES FORECAST FOR GREECE
Greece's economy grew steadily in the first half of 2022, but inflation
dampened growth in the latter half. The nation's government cushioned the
impact of rising energy prices on businesses and households' real incomes,
and the Recovery and…
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* Asia
February 17, 2023
THAILAND DENIES RECESSION PROJECTIONS
Thailand's economy shrank unexpectedly in the fourth quarter due to a fall in
exports, though officials have stated that a recession will be avoided this
year thanks to a rebound in tourism. According to the National Economic and…
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* Economy
February 17, 2023
SIEMENS ISSUES FIRST DIGITAL BOND ON BLOCKCHAIN
German multinational conglomerate Siemens has issued a digital bond worth
€60m, with a maturity of one year, underpinned by a public blockchain. It is
one of the first companies in Germany to issue a blockchain-based digital
bond since…
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* Economy
February 15, 2023
CPI INFLATION RATE EASES IN JANUARY, UP 0.5% MOM
The inflation rate for January shows a de-acceleration of inflation for the
seventh consecutive month, with the relief attributed to lower costs for used
vehicles. The consumer price index data, released on Tuesday, indicates a
6.4% increase in…
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* Economy
February 15, 2023
BIDEN APPOINTS NEW NEC DIRECTOR
President Joe Biden has announced several changes to his economic team in a
Tuesday White House press release, with Lael Brainard, the current vice chair
of the Federal Reserve, appointed as director of the National Economic
Council (NEC).…
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* Economy
February 15, 2023
TURKEY TURNS TO PENSION FUND TO BOOST STOCKS
The Turkish government has ordered private pension funds to increase their
holdings of Turkish stocks in an attempt to bolster financial markets. This
decision comes after the Bist 100 equity index tumbled 18% this year due to
investor…
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* Economy
February 15, 2023
ECONOMY IN ABU DHABI GREW 10% IN Q1-3 2022
Abu Dhabi’s economy expanded by 10.5% in the first nine months of 2022, the
fastest rate of growth in the Middle East and North Africa region, largely
driven by a strong performance in the non-oil sector, according to…
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* Economy
February 15, 2023
SUNAK HOPES TO END STRIKES WITH PAY DEAL
The British government is reportedly considering a deal that would put an end
to a recent wave of strikes among public sector workers. Prime Minister Rishi
Sunak and Finance Minister Jeremy Hunt are said to be exploring a…
Read More
* Asia
February 15, 2023
HIGLIGHTS OF SINGAPORE’S NEW $104BN BUDGET
Singapore’s Deputy Prime Minister and Finance Minister Lawrence Wong has
delivered the Budget 2023 speech, where the government aims to invest around
S$104.2bn in various sectors to transform the country into a new era of
global development. Wong…
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* Africa
February 15, 2023
MANUFACTURERS’ TRUST IN ECONOMY SHAKY
Manufacturers in Nigeria have expressed declining confidence in the country's
business environment due to the adverse effects of the Consumer Price Index
(CPI), the continuous erosion of the Naira's value, and difficulties in
accessing foreign exchange. In addition,…
Read More
* Asia
February 14, 2023
NEW SOVEREIGN DEBT ROUNDTABLE COMING UP
Officials from China, India, Saudi Arabia, and the Group of Seven (G7)
wealthy nations are scheduled to attend the first-ever virtual meeting of the
new sovereign debt roundtable on Friday, according to three sources familiar
with the plans.…
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* Economy
February 14, 2023
BREXIT HIT UK GROWTH BY £29BN
According to a study by senior Bank of England official Jonathan Haskel, the
UK has suffered a loss of business investment worth £29bn since the Brexit
referendum of 2016, equivalent to £1,000 per household.
Haskel,…
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* Asia
February 14, 2023
NIKKEI SHARE AVERAGE UP, TRAILING WALL STREET
The Nikkei share average in Japan climbed on Tuesday, taking cues from a
strong performance by Wall Street overnight. Investors were positioning
themselves ahead of the release of crucial US inflation data, which could
determine the direction of…
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* Economy
February 13, 2023
BOND INDICATOR RAISES FEARS OF RECESSION
The Treasury market is warning that a looming economic downturn may be
imminent, despite a tight labour market. On Friday, benchmark 10-year
Treasury yields reached 3.74%, while two-year yields increased to 4.5%,
resulting in an inverted yield curve.…
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* Economy
February 13, 2023
DOLLAR STAYS CLOSE TO 5-WEEK HIGH
The US dollar stood close to a five-week high against major rivals on Monday,
supported by a surge in bets for continued Federal Reserve policy tightening
before the release of a significant consumer price report. The Japanese yen…
Read More
* Economy
February 13, 2023
RUSH FOR SAUDI MARKET SHOWS G20 HEALTH
The increasing appetite to list on Saudi bourses is a reflection of the
robust market performance of the G20 economies, according to a top executive
of a financial advisory and asset management firm. Speaking at the second
edition…
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* Asia
February 13, 2023
PAKISTAN, IMF NEGOTIATIONS FAILING
Pakistan has failed to unlock $1.1bn in funds from the International Monetary
Fund (IMF) following 10 days of discussions aimed at preventing the country
from going bankrupt. The move comes amid fears for the economy in a key…
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* Asia
February 13, 2023
SINGAPORE RETAINS 2023 GDP OUTLOOK
The Ministry of Trade and Industry (MTI) has announced that Singapore's
economy is expected to grow between 0.5% and 2.5% in 2023. This range was
maintained despite slower-than-expected growth in 2022, with the economy
expanding by 3.6%, down…
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* Asia
February 13, 2023
RBI HIDES LETTER AMID FEARS OF MARKET DISRUPTION
India’s retail inflation increased in January after two consecutive months of
decline, largely due to higher food prices. According to data from the
Ministry of Statistics and Programme Implementation, retail inflation surged
to 6.52% in January, up from…
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* Africa
February 13, 2023
WB NOT WELCOME IN CHINA-ZAMBIA DEAL
Zambia has turned down China's invitation for the World Bank to join its debt
restructuring efforts. In an interview, Zambia's finance minister Situmbeko
Musokotwane said that the country is aiming to repay a $13bn loan in 2023,
three…
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* Africa
February 13, 2023
AFRICAN ECONOMIES ARE RESILIENT – AFDB EXEC
The African Development Bank has predicted that 53 of the 54 African nations
will maintain a positive growth trajectory and a stable outlook by 2023/24,
despite numerous shocks. Prof. Kevin Urama, Vice President for Economic
Governance and Knowledge…
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* Economy
February 10, 2023
GOLD RISES AS INVESTORS EYE U.S. ECONOMIC DATA
The price of gold saw a slight increase in an unpredictable market session on
February 8th, 2023, as investors eagerly await further economic data to make
sense of the U.S. Federal Reserve's rate hike plan. At 3:19 p.m.…
Read More
* Economy
February 10, 2023
DCDE SPEAKS ON CHALLENGES TO FINTECH
Dubai Chamber of Digital Economy, one of the three chambers under Dubai
Chambers, recently held a session on the fintech sector as part of its
ongoing interactive workshop series. The session aimed to address the
challenges and opportunities…
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* Economy
February 10, 2023
EGYPT PLANS TO SELL STAKES IN 32 STATE FIRMS
The Egyptian government has announced its intention to sell stakes in at
least 32 companies by the end of March 2024, according to Prime Minister
Mostafa Madbouly. The companies up for sale include Banque du Caire, United
Bank…
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* Economy
February 10, 2023
US AND EUROPE’S OIL GIANTS DOUBLED PROFITS IN 2022
In 2022, the world witnessed an unprecedented financial boom for the five
largest Western oil companies: ExxonMobil and Chevron from the US, Shell from
Anglo-Dutch, BP from the UK, and TotalEnergies from France.
These firms…
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* Africa
February 10, 2023
EGYPT’S ECONOMY IMPACTED BY RISE IN INFLATION
CAPMAS, the Egyptian statistics office, has released data showing that the
nation's annual urban consumer price inflation has surged higher than
expected in January, reaching 25.8%, the highest rate in over five years.
This spike…
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* Economy
February 8, 2023
GOOGLE SAYS MORE NIGERIANS INTERESTED IN AI
Nigeria is demonstrating a growing interest in Artificial Intelligence (AI),
according to recent search trends released by Google. In 2022, AI related
searches reached a record high not just in Nigeria but globally. The most
popular queries among…
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* Economy
February 8, 2023
BIDEN SAYS US ECONOMY SET TO GROW
President Biden delivered his State of the Union address yesterday,
highlighting the current state of the US economy and the country's stance on
foreign relations. Despite the disruptions caused by COVID-19 and the
invasion of Ukraine by Russian…
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* Economy
February 8, 2023
TURKEY’S CEMENTS STOCKS SPIKE
Borsa Istanbul, the stock exchange in Turkey, has experienced a significant
drop since Monday as a result of the recent earthquakes in the southern part
of the country. Despite the benchmark stock index BIST 100 decreasing by
seven…
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* Economy
February 8, 2023
AMAZON OPENS ACADEMY IN SAUDI
Amazon has established a new academy in Saudi Arabia to support the kingdom's
human capital program for the digital economy. In collaboration with the
Ministry of Communications and Information Technology, the academy will be
run by the Saudi…
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* Economy
February 8, 2023
FRANCE, GERMANY PROTEST GREEN SUBSIDIES
France and Germany's economy ministers, Bruno Le Maire and Robert Habeck,
have returned from a meeting in Washington with U.S. Treasury Secretary Janet
Yellen and Commerce Secretary Gina Raimondo with few specific agreements over
concerns surrounding subsidies for…
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* Asia
February 8, 2023
YOUTHS MOST HIT BY JAPAN’S INFLATION
The Cabinet Office of Japan has released its annual economic report,
highlighting the challenges faced by consumers in the country, particularly
the younger generation. According to the report, inflation has risen twice as
fast as the Bank of…
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* Asia
February 8, 2023
MARKETS IN ASIA RECOVER FROM FED SELL-OFF
The Asian markets closed higher on Tuesday, offering a glimmer of hope for
investors who have been on edge due to the recent sell-off in the wake of
rising concerns about U.S. interest rates. This month's market rally…
Read More
* Africa
February 8, 2023
SA’S PRESIDENT SAYS MINING AFFECTED BY POWER CUTS
South African President Cyril Ramaphosa has announced that the country's
electricity crisis has significantly impacted its mining industry, a crucial
component of the South African economy. Ramaphosa made the declaration while
speaking at the Investing in African Mining…
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* Economy
February 6, 2023
ST. KITTS ECONOMIC GROWTH PROJECTED AT 4.5%
The International Monetary Fund (IMF) has stated that St. Kitts-Nevis is
showing a positive economic outlook, however, the organization has warned the
twin island federation of potential downside risks in the short term. These
risks stem mainly from…
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* Economy
February 6, 2023
GOLDMAN CUTS RECESSION PROBABILITY FROM TO 25%
Goldman Sachs has revised its estimate of the likelihood of a US recession,
reducing it from 35% to 25%. This new estimate is significantly lower than
the 65% consensus from the recent Wall Street Journal survey. The adjustment…
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* Economy
February 6, 2023
ARAB REGION PROGRESSING TOWARDS CLIMATE CHANGE
The Arab region is moving forward in the transition to green energy, as
highlighted by Rola Dashti, the executive secretary of the UN Economic and
Social Commission for Western Asia. During her speech at a session titled
"Energy,…
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* Economy
February 6, 2023
EU TO GIVE €10OM IN ASSISTANCE TO NORTH MACEDONIA
The European Commission is proposing to offer up to €100 million in
Macro-Financial Assistance (MFA) to North Macedonia. This proposal is a show
of support for the country during difficult times, as its economy has been
negatively impacted…
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* Asia
February 6, 2023
CHINA’S REOPENING TO INCREASE GLOBAL GDP BY 1%
According to a recent report by Goldman Sachs, the reopening of China’s
economy and a full recovery in its domestic demand are expected to have a
positive impact on global output. The report estimates that this may result…
Read More
* Asia
February 6, 2023
INDONESIA’S 2022 GDP GROWTH HIT 9-YEAR HIGH
Indonesia experienced its strongest economic growth in nine years in 2022,
with the lifting of pandemic restrictions and a global commodity boom
boosting the country's performance.
The Southeast Asian nation, known for its thermal coal,…
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* Africa
February 6, 2023
POWER CUTS MAY COST R899M DAILY
According to the South African Reserve Bank, the electricity crisis in South
Africa is costing the economy up to R899 million per day. Rolling blackouts,
which last anywhere from 6 to 12 hours a day, are detracting anywhere…
Read More
* Economy
February 3, 2023
JOBS REPORT SHOW IMPRESSIVE SIGNS
The United States job market started 2023 with a remarkable performance, as
nonfarm payrolls recorded their strongest growth since July 2022, according
to a report from the Labor Department. On Friday, the report showed that
nonfarm payrolls increased…
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* Economy
February 3, 2023
SAMA JOINS GULF APEX BANKS, MATCHES FED RATE HIKE
The Saudi Arabian Monetary Authority (SAMA) has increased its interest rate
by 25 basis points to 5.25 percent, in line with the Federal Reserve's move
to combat inflation. The Reverse Repo rate has also been raised to 4.75…
Read More
* Asia
February 3, 2023
PAKISTAN MAY ACCEPT TOUGH IMF DEMANDS
Pakistan is currently facing a major economic crisis and is in dire need of
financial aid from the International Monetary Fund (IMF). An IMF delegation
arrived in Pakistan on Tuesday for talks to revive the aid that has…
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* Asia
February 3, 2023
SPECULATIONS GROW AHEAD OF JAPAN’S Q4 DATA
The Japanese economy appears to have returned to growth in the last quarter
of 2022, as the country started to reopen to tourists, according to a recent
poll conducted by Reuters. The results showed that Japan's economy grew…
Read More
* Africa
February 3, 2023
IMF’S GROWTH OUTLOOK FOR NIGERIA UP 3.2%
The International Monetary Fund (IMF) has revised its projection for
Nigeria's 2023 economic growth rate, now forecasting a growth of 3.2 percent.
This marks an increase of 0.2 percentage points from its previous projection
of 3.0 percent, outlined…
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* Economy
February 2, 2023
ARGENTINE ECONOMIC GROWTH WILL SLOW TO 2% IN 2023
Argentina's economy is expected to slow down in 2023 with a growth rate of
only 2%, according to the latest World Economic Outlook update from the
International Monetary Fund (IMF). This is a significant decrease from the
previous…
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* Economy
February 2, 2023
FED RAISES RATE BY 0.25% POINT
The Federal Reserve has made its latest move in the ongoing balancing act
between controlling inflation and avoiding a recession. The central bank
increased its key short-term interest rate by a quarter of a percentage
point, a move…
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* Economy
February 2, 2023
S. ARABIA NOW WORLD’S FASTEST GROWING ECONOMY
Saudi Arabia has recently emerged as the fastest growing major economy in the
world, with its non-oil sector exhibiting a surge in growth rates. The
country's non-oil economy grew by an impressive 6.2% in the last quarter of…
Read More
* Economy
February 2, 2023
EUROPE’S ECONOMY GROW SLIGHTLY IN Q4 2022
European economy showed only modest gains at the end of 2022 as rising
inflation and Russia's invasion of Ukraine impacted consumer spending,
according to Eurostat, the European Union statistics agency. The economy grew
by 0.1% in the last…
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* Asia
February 2, 2023
LAOS BATTLES RISING INFLATION IN 2023
In a blow to the Lao economy, inflation has risen steeply, with the country’s
national currency, the kip, experiencing a significant decline. The root
causes of these issues can be attributed to structural vulnerabilities that
have been present…
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* Africa
February 2, 2023
TANZANIA’S ECONOMY EXPECT TO RANK HIGH IN 2023
Tanzania is among a select group of African nations poised to experience a
strong economy this year, according to the African Development Bank (AfDB).
In a report entitled "Africa's Macroeconomic Performance and Outlook," the
AfDB forecasts that five…
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* Economy
February 1, 2023
EURO-ZONE INFLATION SLOWS AHEAD OF RATE DECISION
The European Central Bank (ECB) is facing a dilemma as the inflation rate in
the euro-area slows more than expected. According to Eurostat, January's
inflation rate came in at 8.5%, which is lower than the economist's
predictions of…
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* Asia
February 1, 2023
MYANMAR’S ECONOMY IS DOWN BUT MAY RECOVER SLOWLY
According to a new report released by the World Bank, Myanmar's economy is
predicted to grow by 3% by the end of the current fiscal year. However, the
report, titled "Myanmar's Economic Monitor: Navigating Uncertainty," states
that the…
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* Asia
February 1, 2023
FACTORY ACTIVITIES REVIVED IN SEA AS CHINA REOPENS
Manufacturing activity in Asia is showing signs of improvement as the region
becomes increasingly optimistic about China's reopening and its ability to
offset a gloomy global outlook. According to data from S&P Global
Manufacturing Purchasing Managers' Indexes, factories…
Read More
* Economy
January 30, 2023
GERMAN CHANCELLOR VISITS THREE KEY LATAM COUNTRIES
Chancellor of Germany, Olaf Scholz, continues his Latin America tour with a
visit to Chile, where he met with President Gabriel Boric.
The German government aims to diversify its economic partnerships,
strengthening ties with democratic…
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* Economy
January 30, 2023
ECONOMISTS SHARE ECONOMIC CONCERNS WITH TRUDEAU
On the second day of the federal cabinet retreat, Prime Minister Justin
Trudeau and his cabinet received a sobering outlook on Canada's economy from
three renowned economists. Kevin Milligan of the University of British
Columbia, Carolyn Wilkins of…
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* Economy
January 30, 2023
EGYPT, AZERBAIJAN LEADERS DISCUSS BILATERAL RELATIONS
President Abdel-Fattah Al-Sisi of Egypt visited Azerbaijan for the first time
recently and met with his counterpart, President Ilham Aliyev. The two
leaders discussed enhancing bilateral relations, addressing regional and
international issues, and signed several joint memorandums of…
Read More
* Economy
January 30, 2023
IRELAND HAD HIGHEST EU GROWTH IN 2022
The Irish economy showed significant growth in the fourth quarter of 2022,
according to an estimate from the Central Statistics Office. The economy
expanded by 3.5% compared to the previous quarter, and saw a growth of 13.5%
compared…
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* Asia
January 30, 2023
S.KOREAN ECONOMY SHRINKS TO RECORD LOW
The South Korean economy shrank in the final quarter of 2022, marking the
first contraction since Q2 2020, as exports dropped and consumer spending
decreased due to rising interest rates, according to the Bank of Korea. The
country's…
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* Africa
January 30, 2023
UN FORECASTS 3% GROWTH FOR NIGERIA’S ECONOMY
The United Nations projects that the Nigerian economy will grow by 3% in
2023, despite the challenges of high inflation and poor power supply in the
country, according to the report "2023 World Economic Situation and
Prospects."
* Asia
January 27, 2023
JAPAN REVIEWS ECONOMIC PROJECTIONS
Japan's economy has been hit by a slowdown in global demand for technology
and semiconductors, as well as the recent resurgence of COVID-19 infections
in China. As a result, the government has downgraded its view of the overall…
Read More
* Asia
January 27, 2023
APAC SHARES UP AS INFLATION RISES IN JAPAN
Stocks in the Asia-Pacific region traded higher on Friday as traders
responded to Tokyo's January core consumer prices, which rose 4.3% - the
highest rate for Japan's capital since mid-1981.
The Nikkei 225 ended the…
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* Economy
January 27, 2023
BAHRAIN’S ECONOMY REGAINING BALANCE
Bahrain's fiscal balance program announced in October 2021 is on track,
according to the World Bank. The program has led to an increase in revenues
during the first half of 2022, which has compensated for increases in
spending,…
Read More
* Africa
January 27, 2023
ETHIOPIA, ANGOLA ECONOMIES TO SURPASS KENYA – IMF
Kenya is set to be replaced as the third-largest economy in sub-Saharan
Africa by Angola and Ethiopia, which will weaken the East African country's
ability to attract investors with its growing consumer base. According to
projections by the…
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* Economy
January 27, 2023
LABOUR SHORTAGE: CHIPOTLE NEEDS 15,000
As the New Year begins, many restaurants are facing a familiar problem: labor
shortages. Chipotle, a popular fast-food chain, recently announced that it is
looking to hire 15,000 people in North America to ensure that its stores are…
Read More
* Economy
January 27, 2023
EL SALVADOR CLAIMS $800M BOND PAID
El Salvador has successfully repaid one of two outstanding $800 million
bonds, according to the country's Treasury Minister, Alejandro Zelaya. This
news comes as a relief to investors who were worried that the government
could default on its…
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* Economy
January 27, 2023
SPAIN’S GDP GAINED 5.5% IN 2022
Spain's economy has grown faster than expected in 2022, with GDP rising by
5.5%. According to official data released on Friday, Spain's GDP grew by 0.2%
in the fourth quarter of 2022, compared to the previous quarter, and…
Read More
* Economy
January 26, 2023
CHILE EXPECTED TO HOLD KEY RATE AT 11.25%
As the economy of Chile continues to show signs of resilience, the country's
central bank is expected to keep its benchmark interest rate unchanged for a
second consecutive meeting.
Despite this, many traders predict that…
Read More
* Economy
January 26, 2023
US ECONOMY GREW BY 2.9% IN Q4 2022
The US economy expanded again during the fourth quarter, registering growth
to end 2022 even as consumers and businesses battled inflation and
historically high interest rates. Gross domestic product (GDP) - the broadest
measure of economic activity -…
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* Economy
January 26, 2023
MENA’S FIRST CLIMATE CHANGE INDEX UNVEILED
Professional services network EY has launched a climate change readiness
index to help countries in the Middle East and North Africa (MENA) assess,
evaluate, and boost their efforts to fight climate change.
The index measures…
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* Economy
January 26, 2023
GERMANY’S ECONOMIC FORECAST IMPROVES
The German government has announced that it expects the country's economy to
grow slightly in 2023, instead of a decline as previously expected. This is
due to the country's efforts to manage its energy transition away from
Russia…
Read More
* Asia
January 26, 2023
PHILIPPINES RECORDS BEST GDP GROWTH SINCE 1976
The Philippines has seen one of the strongest expansions in Asia, despite
facing price and interest-rate pressures, due to robust spending which has
boosted growth by the most since the 1970s. According to the Philippine
Statistics Authority, gross…
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* Africa
January 26, 2023
SA’A APEX BANK RAISES MAIN LENDING RATE TO 7.25%
The South African Reserve Bank (SARB) decided to increase its main lending
rate, also known as the repurchase rate, by 25 basis points to 7.25%. This
means that the interest rate at which banks borrow money from the…
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* Economy
January 25, 2023
BRAZIL TO ADOPT THE OECD TRANSFER PRICING STANDARD
Brazil's federal revenue authority (RFB) has finally adopted OECD Transfer
Pricing Guidelines on December 28, 2022. The draft legislation is still
pending approval by the Brazilian legislative branch. However, if passed, the
new regulations will become mandatory starting…
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* Economy
January 25, 2023
US ECONOMY SLOWS DOWN
A recent gauge of economic activity suggests that the United States may be
headed for a recession in the near future. The Conference Board's Leading
Economic Index, which tracks several key indicators of the economy's
trajectory, dropped in…
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* Economy
January 25, 2023
MEXICAN MINISTER IN CANADA TO RESOLVE CONFLICT
Mexican Economy Minister Raquel Buenrostro met with Canadian firms to discuss
the progress of energy agreements made at a meeting with President Andres
Manuel Lopez Obrador, according to the Mexican economy ministry.
The Canadian firms,…
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* Economy
January 25, 2023
ISRAELI POLICYMAKER RESIGNS, CITES ECONOMIC DANGER
A member of the Monetary Committee of the Bank of Israel has resigned over
the government's plan to overhaul the judiciary system, according to reports.
The proposed reforms, which Prime Minister Benjamin Netanyahu says will rein
in the…
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* Economy
January 25, 2023
EU COMMISSION TO INCREASE SUPPORT TO MOLDOVA
The European Commission has proposed increasing ongoing financial assistance
to the Republic of Moldova by up to €145 million, bringing the total amount
of support to €295 million. The proposal is intended to support Moldova as it
continues…
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* Asia
January 25, 2023
LOW DEMAND OF CHINA GOODS AFFECT SHIPPING
The cost of shipping goods from China has reached its lowest point in over
two years as the global economy struggles, potentially impacting the profits
of container carriers that saw record profits during the pandemic. According
to Drewry,…
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* Economy
January 23, 2023
BRAZIL & ARGENTINA TO BEGIN RUN FOR SHARED CURRENCY
Brazil and Argentina are set to announce their intention to begin preparatory
work on a common currency at a summit in Buenos Aires this week. The move,
which could eventually create the world's second-largest currency bloc, will
be…
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* Economy
January 23, 2023
THREAT OF RECESSION WANING – SURVEY
According to a recent survey by the National Association for Business
Economics (NABE), the likelihood of a recession in the United States has
decreased over the past three months. The Business Conditions Survey revealed
that 53% of respondents…
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* Economy
January 23, 2023
MIDDLE EAST’S TOURISM INDUSTRY TO RECOVER FULLY
The Middle East has seen the strongest increase in international arrivals in
2022, according to the UN's World Tourism Organization (UNWTO), signaling a
rebound for the tourism sector to pre-pandemic levels this year.
The UNWTO…
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* Economy
January 23, 2023
STOCKS IN EUROPE HIGH ON OPTIMISM ABOUT ECONOMY
European stock indexes saw a slight increase in early trading on Monday,
driven by hopes that inflation may have peaked and a softening of
expectations for future Federal Reserve rate hikes. The MSCI World Equity
index was up…
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* Asia
January 23, 2023
PAKISTAN APEX BANK RAISES RATE TO CURB INFLATION
Pakistan's central bank, State Bank, has raised its key interest rate by 100
basis points to 17% in an effort to curb persistently high inflation. This
increase brings Pakistan's benchmark rate to its highest level since October
1997.…
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* Economy
January 20, 2023
PERU INTEREST RATE CONTINUES TO RISE
Peru's central bank has extended its biggest-ever phase of monetary
tightening in an attempt to curb a spike in inflation. The bank raised its
benchmark rate by 0.25 percentage points to 7.75%, the highest level in more
than…
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* Economy
January 20, 2023
MEXICO’S ECONOMY GREW BY 3% IN 2022
Mexico's economy expanded by around 3% in 2022, according to a statement by
Finance Minister Rogelio Ramirez de la O.
The statement highlighted that the country's economy saw a significant
rebound last year, as tourism,…
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* Economy
January 20, 2023
SURVEY SHOWS SEVERITY OF FOOD INSECURITY IN ISRAEL
A new report from the National Insurance Institute (bituah leumi) states that
522,000 families in Israel are currently living with food insecurity, half of
them severely so, despite a slight decrease in poverty and income inequality.
The survey…
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* Economy
January 20, 2023
INSOLVENCY FIGURES SOAR BY 50% IN FRANCE
In 2022, 42,500 French businesses closed down, representing a 49.9% increase
in insolvencies compared to 2021, according to a report by a renowned data
analytics consultancy. This record figure is a result of the poor economic
recovery since…
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* Asia
January 20, 2023
CAMBODIA’S ECONOMIC GROWTH TOP DEFY COVID-19
Cambodia's economy continues to grow despite the volatile situation of
Covid-19, according to Ky Sereyvath, an economist and director general of the
Chinese Academy of Sciences of the Royal Academy of Cambodia. He stated that
while the National…
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* Africa
January 20, 2023
AFRICA’S ECONOMIC GROWTH TO STABILISE – AFDB
The African Development Bank (AfDB) has predicted that Africa's economic
growth will stabilize at 4% over the next two years, and inflation will slow
as the continent rebounds from the pandemic and external shocks such as the
Ukraine…
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* Economy
January 17, 2023
BRAZIL’S NEW PRESIDENT TO MAKE ECONOMIC CHANGES
Brazil's newly elected President Luiz Inacio Lula da Silva plans to end the
industrial tax IPI, according to Vice President Geraldo Alckmin. The IPI tax
is imposed on companies that manufacture and import products such as
refrigerators, cars,…
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* Economy
January 17, 2023
CANADA FACES HARDER RECESSION
A new report by Deloitte Canada indicates that Canada is expected to
experience a deeper recession than previously expected this year as a result
of the Bank of Canada's rapid interest rate hikes and the slowing U.S.
economy.…
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* Economy
January 17, 2023
SAUDI ARABIA’S FDI TO TOP UAE IN 2023
Qatar's inflation rate rose by 5.93% year-on-year in December 2022, largely
due to an increase in the prices of recreation and culture, according to data
from the Planning and Statistics Authority. The Consumer Price Index, a
comprehensive measure…
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* Asia
January 17, 2023
STOCKS IN EUROPE SLIP AMID ECONOMIC WORRIES
On Tuesday, European shares took a dip, pausing from their sharp rally that
began at the start of the year. This was due to China posting its weakest
annual economic growth in almost half a century, which has…
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* Economy
January 17, 2023
IMF SAYS GLOBAL ECONOMY MAY LOSE 7% OF GDP
The International Monetary Fund (IMF) has released a new report that states
that fragmentation in the global economy could cost up to 7% of GDP. The
report highlights the various challenges that policymakers face today, and
states that…
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* Africa
January 17, 2023
RWANDA LAUNCHES CIRCULAR ECONOMY PLAN
Rwanda has recently taken a major step towards achieving its goal of becoming
a carbon-neutral and climate-resilient nation by 2050 with the launch of its
first-ever National Circular Economy Action Plan and Roadmap. The plan is
designed to…
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* Asia
January 13, 2023
INDONESIA’S CHIEF OF FINANCE WARNS ON ECONOMY
Finance Minister Sri Mulyani has raised concerns about the increasing risks
faced by the global economy due to a shift in the geopolitical environment.
Speaking at a forum organized by the Indonesian Bankers Association, Mulyani
stated that experts…
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* Economy
January 12, 2023
DUBAI ANNOUNCES MEGA ECONOMIC PLAN
Dubai has recently unveiled a massive economic plan of $8.7tn that aims to
double its trade and investments over the next decade, solidifying its status
as a major global business hub. Despite not having the same oil and…
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* Africa
January 11, 2023
GLOBAL COMMODITY PRICES MAY HURT NIGERIA’S GROWTH
The World Bank Group predicted that Nigeria would experience 2.9% economic
growth in 2023 despite the challenges, particularly those related to crude
oil production being hampered by theft, but it also issued a warning that
rising global commodity…
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* Economy
January 10, 2023
ARGENTINA AND CHINA BROADEN CURRENCY SWAP
Argentina and China have now decided to broaden the reach of their currency
swap deal, as experts project that the Latin American nation stands to gain
from this arrangement which supposedly helps to hedge against shocks caused
by…
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* Economy
January 9, 2023
ROMANIA SET TO OVERTAKE WEALTHIER PEERS
Romania is poised for an economic comeback that may see it overtaking peaking
surrounding nations in 2023. This possibility is aided by its access to
European Union funding, recent trend of currency stability and a marked
growth in…
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* Economy
January 6, 2023
EGYPTIAN POUND SEES WORST FALL SINCE IMF DEAL
This week, the Egyptian pound had its biggest one-day decline since the
cash-strapped government agreed to a $3 billion deal with the International
Monetary Fund in mid-December, according to authorities.
Approximately three weeks after Egypt…
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* Economy
December 27, 2022
WORLD BANK SAYS GLOBAL RECESSION IMMINENT
The World Bank has issued a warning that even a minor setback might push the
world economy into recession in the upcoming year as concerns about a global
economic slowdown spread throughout the regions.
The…
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* Asia
December 20, 2022
CHINA STOCKS LOSE BIG
Despite government promises to stabilise the economy in 2023, Asia-Pacific
markets traded lower, with bigger Chinese markets driving losses in the
region.
Shanghai's Composite Index dropped 1.92% to 3,107.12 as the city made the
decision…
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* Economy
December 16, 2022
GERMAN ECONOMY TO RISE IN 2023
As Europe's largest economy seeks to sidestep the worst of the energy crisis
with the aid of softening energy market prices and state aid, Germany's IfW
became the most recent economic institute to increase its growth projection
for…
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* Economy
December 15, 2022
CARIBBEAN NEEDS TO CREATE QUALITY JOB
Despite the improvement in labour markets in the first half of 2022,
according to the Economic Commission for Latin America and the Caribbean
(ECLAC) and the International Labor Organisation (ILO), it is anticipated
that a slowdown in growth…
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* Economy
December 14, 2022
US INFLATION SLOWED IN NOVEMBER
An encouraging sign for both Federal Reserve officials and customers is that
inflation decreased more significantly than anticipated in November,
indicating that the 18 months of swift and continuous price increases are
finally starting to truly slow down.
* Economy
December 13, 2022
GERMANY WANTS THE EU TO REACT TO U.S. INFLATION ACT
According to a German economy ministry document made public on Friday,
Germany seeks a coordinated European response to the U.S. Inflation Reduction
Act that would include streamlining regulations on public support and
increasing funding options.
* Asia
December 12, 2022
SEA ECONOMIES SET TO NOSEDIVE IN 2023
According to JPMorgan analysts, Southeast Asian markets would behave like a
"bungee leap" in 2023, first falling before rising in the second half of the
year.
That’s likely to be characterized by a “sharp fall…
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* Asia
December 9, 2022
HK STOCKS RISE 2% AS CHINA REPORTS EARNINGS
As China's inflation data came in largely in line with forecasts, the Hang
Seng Index led gains around Asia-Pacific.
The Hang Seng Tech Index increased by 2.45%, while the Hang Seng index in
Hong Kong…
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* Asia
December 8, 2022
JAPAN REVISES Q3 GDP AMID GLOBAL RECESSION
The third-largest economy in the world, Japan, experienced a smaller
third-quarter decline than previously anticipated, supporting the idea that
it is slowly emerging from COVID-19 gloom even as significant export markets
continue to suffer.
Separate…
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* Economy
December 7, 2022
U.S. EXPORTS PLUMMET TO RECORD LOW
As a result of sluggish global demand and a strong dollar, the U.S. trade
deficit increased significantly in October. If the pattern continues, trade
may be a drag on economic growth this quarter.
The Tuesday…
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* Economy
December 6, 2022
CHILE TO STAY RATES AS INFLATION RECEDES
In a recent survey of economists, all agreed that the board should maintain
borrowing costs at 11.25%, the highest level in more than 20 years. Following
a tightening cycle of 10.75 percentage points since July of last year,…
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* Economy
December 2, 2022
UAE KNOWLEDGE-BASED ECONOMY
The United Arab Emirates has grown into a regional superpower in its 51 years
of existence.
The officials and companies of the United Arab Emirates (UAE) have been
spotlighting initiatives to expand the knowledge economy…
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* Economy
December 1, 2022
U.S. ECONOMY GREW 2.9% IN Q3
The government said Wednesday that the U.S. economy expanded at a strong 2.9%
annual rate from July through September despite high interest rates and
persistent inflation.
The U.S. economy's overall output of goods and services,…
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* Asia
November 30, 2022
CHINA’S FACTORY ACTIVITY HITS NEW LOWS
On Wednesday, Asia-Pacific shares were mainly up while the reading for
China's November manufacturing activity came in below forecasts and dropped
to its lowest level since April 2022.
In the last hour of trading, the…
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* Africa
November 30, 2022
SA’S GROWTH PACE WORRIES ANALYSTS
Analysts and forecasters at Oxford Economics Africa have posited that South
Africa is on course to be the slowest among major African economies in terms
of growth in 2023.
As revealed in its recently released…
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* Asia
November 21, 2022
THAI ECONOMY POSTS FASTEST GROWTH IN A YEAR
The economy in Thailand expanded in the previous quarter at a rate said to be
quicker than it has recorded the entire year. This increase is mostly due to
a resurgence in the tourism sector, as well as…
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* Economy
November 15, 2022
SYRIA’S REVEALS NEW BUDGET WITH UNUSUAL PRIORITY
As a long winter of uncertainty and economic trouble looms, the Syrian
government has passed a preliminary budget for 2023 that includes an increase
in spending of 24 per cent.
The budget plan included a…
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* Economy
November 14, 2022
EUROPE BRACES FOR RECESSION AS ECONOMIES FALTER
The European Union and the United Kingdom may be starting to enter a
recession, whether the decline is gradual or steep.
In comparison to the previous three months, the British economy contracted by
0.2% in…
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* Economy
November 10, 2022
MEXICO ANNUAL INFLATION SLOWS IN OCTOBER
On the eve of the next meeting of the central bank's monetary policy
committee, figures from the national statistics office on Wednesday revealed
that Mexico's inflation rate fell to 8.41 per cent in the year that ended in…
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* Asia
November 9, 2022
MALAYSIA’S ECONOMY EXPANDED 11.7% IN Q3
According to a recent poll, Malaysia's economy expanded by double digits for
the first time in more than a year in the third quarter, driven by strong
domestic demand and healthy exports. However, the future is uncertain due…
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* Economy
November 8, 2022
UAE CONSUMER EXPENDITURE SOARS 20%
Despite fears about inflation, consumer spending increased 20% year over year
in the UAE in the first nine months of this year, and the second-largest
economy in the Arab world is expected to grow at its highest rate…
Read More
* Africa
November 7, 2022
SOUTH AFRICA PLANS $84BN TO DITCH COAL ECONOMY
A 1.5 trillion rand ($84 billion) proposal to start the decarbonization of
its coal-dependent economy in South Africa has been sold to the international
world.
The 2023–2027 investment plan was presented to the president's climate…
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* Economy
November 4, 2022
CANADA UPDATES FISCAL PLAN, CITES LOWER DEFICIT
Ahead of a potential economic slump, the Canadian government on Thursday
promised modest extra expenditure in an updated fiscal plan thanks to
windfall income.
Under pressure to cut costs, Finance Minister Chrystia Freeland asserted
that…
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* Economy
November 3, 2022
LATAM FX HIT BY DOLLAR MOVEMENTS
On Wednesday, the majority of the main currencies in Latin America increased
before reversing course as the U.S. dollar rose on indications from the U.S.
Federal Reserve that it would continue raising interest rates. The Fed
increased interest…
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* Economy
November 2, 2022
FED RATES HIKE TO PERSIST AS U.S. ECONOMY GROWS
According to recent data, the US economy has remarkably recovered from a
string of sharp rate increases, showing the Federal Reserve's fight against
historically high inflation is far from over.
The figures reveal that the…
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* Economy
November 1, 2022
E.U. PLANS TO REBUILD UKRAINE’S ECONOMY
On October 25, European Union leaders gathered in Berlin to talk about
establishing a platform for financial coordination to help Ukraine repair its
economy, which has been hurt since the conflict with Russia started in
February 2022. Olaf…
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* Africa
October 31, 2022
GHANA PLANS BUDGET CUTS TO SAVE THE ECONOMY
Ghana's president, Nana Akufo-Addo, addressed the nation in a half-hour
speech that was broadcast on Sunday. He explained the variety of steps his
administration will be taking to get out of financial trouble, including
those to encourage domestic…
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* Asia
October 28, 2022
ASIA MOST AT RISK IF GLOBAL TRADE FRAGMENTS
The International Monetary Fund cautioned that Asia-Pacific has more to lose
than any other region if the global trade system fragments as a result of
geopolitical conflicts.
According to an IMF study published on Friday,…
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* Economy
October 27, 2022
BNY MELLON FORESEES GROWTH IN MIDDLE EAST
The Middle East division of BNY Mellon, a US investment bank with more than
$1.82 trillion in assets under management, is predicted to grow by a "healthy
single digit or more" over the next five years as regional…
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* Economy
October 25, 2022
EGYPT PLANS TO PUT A STOP TO DOLLAR PEG
Egypt plans to develop a new indicator for its currency to be linked to a
basket of gold and other currencies besides the US dollar, the new Central
Bank Governor said, local news agencies report.
* Economy
October 24, 2022
CANADA’S ECONOMY HEADED FOR TOUGH DAYS
Chrystia Freeland, the minister of finance, warned Canadians on Wednesday
that the following months wouldn't be pleasant as higher interest rates
slowed an earlier-than-expected booming economy and led to the loss of some
jobs.
Recent…
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* Economy
October 21, 2022
SPAIN COURTS ECB ABOUT NEW BANK TAXES
According to Economy Minister Nadia Calvino on Thursday, the Spanish
government has been in communication with the European Central Bank regarding
the impending implementation of the banks tax plan, which aims to reduce
profits from rising interest rates.
* Africa
October 19, 2022
HEAVY DEBT LOAD CHOKES AFRICA’S BIGGEST ECONOMY
Nigeria has now joined the list of countries that are battling crippling
debt. Africa's largest economy is looking for measures to manage its
liabilities as a result of falling oil production and rising debt payment
costs, which are…
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* Economy
October 18, 2022
UAE MINISTRY OF ECONOMY PARTNERS FOODICS
A strategic partnership between the UAE Ministry of Economy and FOODICS, the
leading cloud-based restaurant technology and payments platform in the MENA
region, was announced this week. The partnership aims to forge a strong
alliance between the public…
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* Economy
October 17, 2022
U.S. ECONOMY IS ‘DOING WELL’ AMID GLOBAL DOWNTURN
As the world's markets have been gripped in a vice by rising energy costs,
the emergence of new Covid-19 strains and Russia's conflict with Ukraine,
Treasury Secretary Janet Yellen stated on Tuesday that the U.S. economy was
"doing…
Read More
* Asia
October 14, 2022
ASIA WARNED TO BRACE FOR RISING DEBT AND CAPITAL FLIGHT
The International Monetary Fund has warned that growing debt and capital
flight will be Asia's biggest economic difficulties as interest rates
continue to increase. The IMF cut its forecasts for global growth in its most
recent economic outlook…
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* Economy
October 13, 2022
UPDATED COLOMBIA TAX BILL HINDERS MINING INVESTMENT
Despite changes to the bill announced this week, the head of Colombia's
mining association said on Tuesday that the leftist government's proposed tax
reform will jeopardise mining-related investment and production. Gustavo
Petro, the left-leaning president-elect of Colombia, has…
Read More
* Economy
October 12, 2022
TOP EU DIPLOMAT WARNS OF ‘WORLD RECESSION’
A top EU diplomat has cautioned that the union is not defending its interests
abroad and that the Federal Reserve is driving a global wave of central bank
rate increases that run the risk of sending the world…
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* Economy
October 11, 2022
LATIN AMERICAN ECONOMIES AT PRE-PANDEMIC LEVELS
The latest report from the World Bank, titled "New approaches to closing the
Fiscal Gap," notes that although the overall economy needs to rebuild to
prevent a new cycle of low growth, the economies in Latin America and…
Read More
* Africa
October 10, 2022
60% OF AFRICA’S LOW-INCOME NATIONS IN DEBT DISTRESS
A recent analysis warns that a financial crisis is occurring or is imminent
in about 60% of Africa's low-income countries. According to a report by the
United Nations Conference on Trade and Development, these places have record
amounts…
Read More
* Economy
October 7, 2022
MENA’S ECONOMY SET TO GROW 5.5% IN 2022
A World Bank analysis projects that the Middle East and North African
region's GDP will expand by 5.5 percent this year, which would be its fastest
rate since 2016. However, growth in the same region is anticipated to…
Read More
* Asia
October 6, 2022
ASIAN ECONOMIES SLIDE BUT NOT TO 1997-LEVEL
Asia experienced a severe financial crisis that rocked its economies severely
25 years ago. The ghost of 1997 is back in the area now. As a result of the
strong US dollar, the US Federal Reserve's swift hike…
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* Economy
October 5, 2022
HEDGE FUNDS SUFFER $32BN OF OUTFLOWS IN Q2
Inflation, geopolitical unrest, and the Ukraine War scared away $32 billion
in investments from hedge funds in the second quarter of 2022, according to
research by data provider Preqin.
The $4.1 trillion hedge fund market…
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* Economy
October 4, 2022
EIC FUND IS READY TO KICK OFF
The Commission has made a significant advancement in the restructuring of the
European Innovation Council (EIC) Fund with the appointment of an external
fund manager to make investment decisions in the 139 start-ups and SMEs that
have already…
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* Asia
October 3, 2022
APAC MARKETS MIXED, HANG SENG INDEX HIT LOWEST
As the year's final three months get underway, shares in the Asia-Pacific
region were mixed on Monday.
After hitting its lowest points since October 2011, the Hang Seng index in
Hong Kong was down 0.97…
Read More
* Economy
September 30, 2022
EUROZONE INFLATION REACHES NEW RECORD HIGH OF 10%
Preliminary figures show that the eurozone's inflation hit double digits and
reached yet another all-time high in September, as the negative effects of
Russia's war in Ukraine continue to have a significant impact on the European
economy.
* Economy
September 29, 2022
UAE ECONOMY HITS PRE-PANDEMIC LEVELS
According to Issam Abousleiman, the Country Director of the GCC Countries,
Middle East, and North Africa at the World Bank, the UAE has solidified its
place as one of the GCC peers with one of the fastest economies…
Read More
* Asia
September 28, 2022
WORLD BANK CUTS EAST ASIA 2022 GROWTH OUTLOOK
World Bank predictions show that due to China's downturn, economic growth in
East Asia and the Pacific may experience a steep decline in 2022, though a
marked recovery in growth rate is expected sometime in 2023.
* Economy
September 27, 2022
OECD’S GROWTH FORECAST CHANGES
Following Russia's invasion of Ukraine, global economic growth is slowing
more than was anticipated, according to the OECD, and the ensuing energy and
inflation crises run the risk of deepening into recessions in the world’s
leading economies.
* Africa
September 26, 2022
TDB TO SUPPORT SEYCHELLES’ ECONOMY
Various sectors of the economy of Seychelles will be experiencing a
transformation in the coming years as the Eastern and Southern Africa Trade
Development Bank (TDB) commits to sponsoring multiple projects and
development initiatives.
Admassu…
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* Economy
September 22, 2022
GCC RAILWAY PROJECT COULD LINK QATAR, TURKIYE
Basar Arıoglu, member of the Foreign Economic Relations Board of Turkiye
(DEIK) and President of the Turkiye-Qatar Business Council, has stated that
the Gulf Cooperation Council (GCC) railway link project would link Qatar with
Saudi Arabia, Kuwait and…
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* Economy
September 22, 2022
EUR5.12BN TO ENHANCE KEY INFRASTRUCTURE IN THE EU
The EU has announced a call for proposals under the Connecting Europe
Facility (CEF) for Transport programme, which provides EUR 5.12bn for
projects aimed at new, upgraded and improved European transport
infrastructure.
Projects financed through…
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* Asia
September 22, 2022
COVID-HIT SHANGHAI UNVEILS US$257BN IN PROJECTS
Shanghai, widely recognized as China’s commercial capital hub, has announced
eight major infrastructure projects with total investment of 1.8 trillion
yuan (US$257 billion). This comes after the city was forced to impose fresh
lockdown in April and May.
* Africa
September 22, 2022
SOUTH AFRICA MAY REDUCE POWER CUTS
The state run South African power utility has continued to shed 5,000
megawatts of capacity from the national grid and will possibly only shed it
down to 4,000 megawatts come September 22.
It is likely…
Read More
* Economy
September 20, 2022
PERU’S APEX BANK REDUCES GROWTH PROJECTIONS
The central bank of Peru revised down its projections for economic growth in
2022 and 2023 on Friday due to weakening expectations despite a package of
government stimulus measures meant to increase domestic production.
The…
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* Economy
September 20, 2022
THE FED MAY CONTINUE RAISING RATES
Wall Street appears to have finally accepted the notion that the Federal
Reserve will raise interest rates into restricted territory and maintain such
high rates for a sizable amount of time. In other words, contrary to what
many…
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* Economy
September 20, 2022
EUROPE’S INVESTMENT IN CHINA LIMITED
According to a recent analysis by the research firm Rhodium Group, European
investment in China is becoming more concentrated, with a few large
corporations, mainly from Germany, increasing their stakes while hardly any
new players attempt to enter…
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* Asia
September 20, 2022
MAS ALLOTS $1BN TO GLOBAL CREDIT FUND MANAGERS
According to MAS Managing Director Ravi Menon, the Monetary Authority of
Singapore is investing $1 billion with leading international credit fund
managers as part of larger efforts to make the city-state a centre for
full-service private markets.
* Africa
September 20, 2022
AGRIFOODTECH STARTUPS IN AFRICA RAISE $1BN IN 5 YEARS.
The amount of venture capital going into Africa has increased significantly.
While Africa's booming fintech industry receives the majority of investments,
agrifoodtech businesses are also witnessing an increase in investor interest.
According to AgFunder's first…
Read More
* Asia
October 5, 2021
BEZOS’ FIRST INVESTMENT IN SOUTHEAST ASIA’S E-COMMERCE
Amazon founder Jeff Bezos took part in a US$87 million Series B funding round
recently closed by Indonesia-based startup Ula. This marks Bezos’
first-ever investment in Southeast Asia’s e-commerce sector.
The round was co-led by Prosus Ventures, Tencent, and B-Capital and drew
participation from Bezos Expeditions,…
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* Economy
June 6, 2021
$50M TO HELP SOLVE LATAM’S TECH TALENT SHORTAGE
Argentina’s Digital House raises over $50M to help solve LatAm’s tech talent
shortage
Digital House, an edtech firm based in Buenos Aires which is focused on
developing tech talent through immersive remote courses, announced today…
Read More
* Banking
April 28, 2021
DEUTSCHE BANK REPORTS BEST QUARTER IN SEVEN YEARS
Germany’s bank experienced a profit increase of 134% in the first quarter,
avoiding damages from the collapse of Archegos.
On Wednesday, for the first three months of 2020, Deutsche Bank posted a
pre-tax profit of…
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* Economy
April 26, 2021
LEONARDO TO BUY STAKE IN HENSOLDT
Italy’s Leonardo is set to buy a 25.1 percent stake in German sensor company
Hensoldt for 606 million euros ($730 million), the company announced.
By acquiring the stake from U.S. investment fund KKR, Leonardo will…
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* Crypto Currencies
April 8, 2021
PROSUS MAKES $14.6 BILLION FROM SALE OF 2% TENCENT STAKE
Prosus NV, an Amsterdam-based tech investor, announced on Thursday that it
netted $14.6 billion overnight from selling a 2% stake in Tencent.
A filing from Tencent at the Hong Kong Stock Exchange showed that Prosus…
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* Economy
April 6, 2021
CUBA NOW OPEN TO CUBAN AMERICAN INVESTORS
Cuba’s Ministry of Foreign Trade and Foreign Investment is opening up to
Cuban Americans who desire to take part in foreign investment projects as the
island seeks to kickstart its troubled economy, while also encouraging
Washington to roll…
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* Economy
March 31, 2021
$15 MILLION FOR SIX TORONTO TECH FIRMS
Ottawa announces almost $15 million for six Toronto tech firms.
The federal government is set to give about $15 million in interest-free
repayable funding to six Toronto-based tech firms that work in sectors the
minister…
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* Economy
March 11, 2021
UNITED STATES $3.5 BILLION INVESTMENT TO COMBAT COVID
Global Fund applauds the United States for $3.5 billion emergency investment
to combat COVID-19
The Global Fund lauded the U.S. government for its approval of US$3.5 billion
in emergency funding to aid the Global Fund’s…
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* Economy
February 25, 2021
$1 TRILLION STILL INVESTED IN COAL DESPITE CLIMATE PLEDGES
As global push for carbon neutrality continues to grow, institutional
investors still seem to be sticking with “dirty” thermal coal.
Figures reveal that institutional investors have maintained over $1 trillion
worth of investments in the…
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* Economy
February 25, 2021
NUCLEAR DEAL NEGOTIATIONS MAY NOT HAPPEN WITHOUT IRAN’S CENTRAL BANK
EXECUTIVE
The United States and Iran may again return to the negotiating table in the
nearest future. In the past week, the Biden administration has offered to
restart negotiations, and Iran has reached an agreement with the
International Atomic…
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* Asia
February 21, 2021
CHINESE CENTRAL BANK PUTS TOUGHER ANTITRUST RULES FOR NON-BANK PAYMENT FIRMS
The People’s Bank of China (PBOC) is putting things in place to boost
antitrust measures for companies in the non-bank payments industry. This
includes companies such as Ant’s Alipay and Tencent’s WeChat Pay.
Under the…
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* Africa
February 17, 2021
AFRICAN GUARANTEE FUND AND AFRILAND FIRST BANK PARTNER UP
African Guarantee Fund and Afriland First Bank partner to finance SMEs/SMIs,
support women entrepreneurship and promote green businesses.
The signing ceremony of this new agreement was held at African Guarantee
Fund’s head office in Nairobi,…
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* Banking
February 16, 2021
CITI LOSES ITS BID TO RECLAIM CASH FROM A $900 MILLION MISTAKE
In what is now being called one of the worst Wall Street mishaps in years,
Citigroup accidentally wired $900 million last to a group of lenders locked
in a bitter dispute with the beauty company Revlon.
* Economy
February 10, 2021
CASH SAVINGS REMAIN UK INVESTORS’ TOP ASSET CLASS
HYCM recently commissioned an independent survey of more than 900 UK-based
investors to investigate which assets are most promising or most desired by
investors in the coming year.
As part of its findings, the survey…
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* Banking
February 10, 2021
LATAM BANKS SET TO BEGIN NORMALIZING DIVIDENDS IN 2021
Banks in most of the biggest economies in Latin America will begin to
normalize dividend distribution this year, analysts say, with Argentina
standing out as the only nation in the region to have extended an outright
ban on…
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* Banking
February 4, 2021
ECB EXTENDS BILATERAL EURO LIQUIDITY LINES WITH NON-EURO AREA CENTRAL BANKS
ECB has announced its decision to extend temporary euro liquidity lines by
nine months, which will see it reach to March 2022. The primary objective of
these euro liquidity lines is to meet possible euro liquidity needs in…
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* Economy
February 1, 2021
SILVER SURGES 900% ON RETAIL INVESTMENT WAVE
Silver rose by as much as 11.2% to $30.03 an ounce during weekend trading,
marking its highest point since February 2013, as a wave of small-time
traders turned their attention to commodities.
Silver is only…
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* Economy
January 31, 2021
PEMEX PRODUCTION OF GASOLINE AT ITS LOWEST LEVELS
The production of petrol by Petróleos Mexicanos (Pemex) throughout 2020 was
the lowest that has been recorded since 1993, reaching a volume of 185,600
barrels per day, 9% lower than the previous year. Despite this, the company's
internal sales…
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* Banking
January 21, 2021
EUROPEAN CENTRAL BANK KEEPS INTEREST RATES CONSTANT
Central bank expected to retain the same purchasing terms which applied
during the COVID-19 pandemic
The European Central Bank announced on Thursday that it would be keeping
interest rates unchanged.
According to…
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* Economy
January 21, 2021
INVESTMENT IN THE MEXICAN MINING SECTOR FALLS TO ITS LOWEST LEVEL IN 13 YEARS
Fernando Alanís, president of the Mining Chamber of Mexico (Camimex),
revealed that Mexico received $2.5billion of investment in the mining sector
in 2020, its lowest level in the last 13 years; 4.9% less compared to 2018,
due to the unfavorable…
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* Banking
January 20, 2021
BANK OF CANADA KEEPS RATES AT 0.25%, WARNS OF NEGATIVE GROWTH IN EARLY 2021
The Bank of Canada has announced a decision to keep its key interest rate
target pegged at 0.25 per cent.
The central bank has said that its expert predictions show that the Canadian
economy will…
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* Asia
January 17, 2021
CHINA’S BLOCKCHAIN-BASED SERVICE NETWORK TO INTEGRATE CENTRAL BANK DIGITAL
CURRENCY
Blockchain-based Service Network (BSN) is a permissioned blockchain network
which is used to build decentralized applications and tokens and it now plans
on releasing a beta central bank digital currency (CBDC), which is expected
to be ready as…
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* Banking
January 14, 2021
SAUDI ARABIA’S OPEN BANKING PLANS COULD ‘REVOLUTIONIZE’ OPPORTUNITIES FOR
FINTECH
Saudi Arabia’s central bank, the Saudi Arabian Monetary Authority (SAMA) has
announced plans to launch a framework for open banking in the kingdom, which
will allow a dramatically new direction for a sector known much more for its…
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* Economy
January 13, 2021
$5B HYDROGEN PROJECT – SAUDI NEOM JOINT VENTURE WORKING WITH LAZARD
Hydrogen’s popularity increases as the future green fuel of choice
Financial advisory and asset management firm Lazard, has been hired to advise
on a planned $5 billion hydrogen project in the Neom high-tech business zone…
Read More
* Africa
January 13, 2021
DAYSTAR POWER – SERIES B INVESTMENT OF US$38 MILLION
Daystar Power, provider of hybrid solar power solutions, has announced a
Series B investment of US$38 million to increase its footprint in various
West African markets.
Founded in 2017 is an off-grid power…
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* Africa
January 12, 2021
ABSA ROLLS OUT UPGRADED SURECOMP SOFTWARE ACROSS TEN AFRICAN COUNTRIES
Surecomp, the leading provider of global trade finance solutions for banks
and corporates, announced in a publication today that South African bank Absa
Group has now launched the latest version of its back-office trade finance
solution IMEX in…
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* Economy
January 3, 2021
LARGEST SAUDI ARABIAN FLOUR MILLING FIRM PRIVATIZED FOR $540M – 25%
This deal is the most recent of the country’s drive to privatise its flour
milling sector
Riyadh, Saudi Arabia. $540 million acquisition of First Milling Company
(MC-1) completed by AlRaha AlSafi Food Co.
* Economy
November 23, 2020
CINEWORLD SHARES SOAR ON $450 MILLION DEBT FACILITY
Multinational cinema chain Cineworld witnessed a significant surge in the
value of its shares on Monday after an announcement that it had gotten new
loans worth $450 million and waivers for its debt covenants until January
2022.
* Economy
August 10, 2020
FACEBOOK GOES ALL-IN ON FINTECH WITH LAUNCH OF NEW PRODUCT GROUP
Facebook has launched a new product group to promote “payments and commerce
opportunities” with David Marcus, Libra’s co-creator, in charge of the
division.
This new group, named Facebook Financial — or “F2” —will operate its…
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* Africa
August 5, 2020
GOLD REACHES $2,000 PER OUNCE FOR THE FIRST TIME
The price of gold reached a historic high on Wednesday, exchanging at $2,040
per ounce XAU= in early trading. This overnight surge puts the overall rise
in gold prices this year alone at over 30%.
* Asia
April 21, 2020
VIRGIN AUSTRALIA COLLAPSES AMID COVID-19 SLUMP
Australia’s second largest airline was forced to go into administration after
failing to secure a government bailout.
As Finance Monthly reported, Virgin Australia confirmed on Tuesday that it
has entered voluntary…
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* Asia
April 17, 2020
CHINA’S GDP FALLS FOR THE FIRST TIME IN RECORDED HISTORY
Official figures made public in a release by China on Friday have indicated a
decrease of 6.8% in the country’s GDP between January and March.
This is the first economic contraction that China has seen…
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* Economy
March 30, 2020
COVID-19 LOANS SCHEME PROVIDES OVER £4 BILLION TO SMES
According to a report posted by UK Finance today, the UK banking and finance
sector has provided over £4.1 billion to SMEs so far through the Coronavirus
Business Interruption Loan (CBIL) scheme, as part of a wide-ranged effort…
Read More
* Economy
March 13, 2020
FLYBE COLLAPSES FOLLOWING SLUMP IN DEMAND
The UK-based airline has gone into administration, and this leaves about
2,400 jobs at risk and causes unavoidable disruption to the itinerary and
travel plans of hundreds of thousands of travelers.
After talks with the…
Read More
* Banking
March 2, 2020
INVESTORS EYE OPPORTUNITIES AS CENTRAL BANKS DISCUSS CORONAVIRUS ACTION
Global investors are making the best of purchasing opportunities to prepare
for the moves being made by policymakers to coordinate and prop up economies
due to the devastating impact of the ongoing coronavirus pandemic.
As…
Read More
* Economy
January 31, 2020
ROBOTS COMING FOR TOP FINANCE JOBS ON WALL STREET
Trends show that the rise of machine learning will force a restructuring of
the workforce in the financial sector. The changes that are already occurring
may not only affect routine jobs, as some top-paying jobs are also likely…
Read More
* Economy
January 20, 2020
WHY BANKS SHOULD TRANSITION INTO A PLATFORM-BASED MODEL
Banking institutions are starting to fear that they are increasingly
perceived as a utility in terms of people’s financial management – a
situation some say is making them the ‘plumbing’ of the system, while big
tech companies can…
Read More
* Banking
January 13, 2020
BANKS FUTURE-PROOF BY INVESTING IN FINTECH COMPETITORS, DRIVES UP CORPORATE
VENTURE CAPITAL DEALS
Banks are leading the charge as corporate venture capital funding hits an
all-time high. On Tuesday, CB Insights published an insightful report showing
how investments by financial services firms into start-ups are hitting
record-high numbers. The said report…
Read More
* Economy
January 7, 2020
IRAN-US TENSION KNOCKS PRICE OF GOLD TO A 7-YEAR HIGH
Gold currently moves at its highest price in almost seven years, while global
equities took a downward slide among recent political tension involving Iran
and the United States of America. The price of Gold increased as much as…
Read More
* Economy
December 30, 2019
FUNDING IN NORTH AND SOUTH AMERICA: THREE SECTORS WITH THE HIGHEST
FUNDING/INVESTMENT NUMBERS IN 2019
As we wrap up the year, we take a look at some of the most significant
investment moves made in 2019 by the biggest money-spenders in North America.
Below are the four sectors with major investment numbers in…
Read More
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FEATURED NEWS
* DEUTSCHE BANK PERFORMS ABOVE EXPECTATIONS
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July 27, 2023
* TURKEY’S APEX BANK SAYS INFLATION TO HIT 58%
Economy
July 27, 2023
* ECB UPS RATES TO 3.75%
Banking
July 27, 2023
* UK BANK CEO RESIGNS OVER FARAGE’SL ACCOUNT
Banking
July 27, 2023
* BANK OWNERS AND CITIZENS PROTEST
Banking
July 27, 2023
* YEN BUOYED BY BOJ’S PLAN TO REVIEW YCC
Asia
July 27, 2023
* BAHRAIN’S INVESTMENT INFLOWS BUOYED BY REFORMS
Economy
July 25, 2023
* S&P REDUCES BANGLADESH’S OUTLOOK
Asia
July 25, 2023
* SAUDI ARABIA PLANS $500M ECONOMIC AID FOR TUNISIA
Economy
July 25, 2023
* UBS OWES $268M IN CREDIT SUISSE FINES
Banking
July 25, 2023
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* DEUTSCHE BANK PERFORMS ABOVE EXPECTATIONS
Banking
July 27, 2023
* TURKEY’S APEX BANK SAYS INFLATION TO HIT 58%
Economy
July 27, 2023
* ECB UPS RATES TO 3.75%
Banking
July 27, 2023
* UK BANK CEO RESIGNS OVER FARAGE’SL ACCOUNT
Banking
July 27, 2023
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