The South African economy recorded a minor contraction in the third quarter of this year as output fell in the agriculture, mining and construction industries, statistics agency data showed on Tuesday. The 0.2% contraction in quarter-on-quarter seasonally adjusted terms ZAGDPN=ECI was slightly larger than the 0.1% predicted by analysts polled by Reuters and followed two consecutive quarters […]
The World Bank’s projection of Somalia’s economic growth in 2023 has been cut down from 3.6% to a revised 2.8%. This is due to several reasons. However, the World Bank placed a huge emphasis on Somalia’s water system. This information was relayed via the bank’s latest edition of Somalia Economic Update, as seen in the […]
The South Korean government said on Monday it will launch a tender offer to sell off a 29.3% stake, valued at around 4.7 trillion won ($3.6 billion), in Seoul-based game giant NXC Corp. from Dec. 18 to 19. As NXC Corp.’s ex-chairman Kim Jung-ju unexpectedly died in February of last year, Kim’s two daughters came […]
The World Economic Forum, with support from the Government of the United Arab Emirates, along with more than 20 corporate and research partners in the food sector, launched today the First Movers Coalition for Food. The initiative uses the combined procurement power for sustainably produced farming products to speed up the adoption of sustainable farming, […]
South Africa’s National Treasury said on Friday it has issued state-owned rail and ports firm Transnet a support package of 47 billion rand ($2.5 billion) to help with a recovery plan, which includes meeting its immediate debt obligations. “The financial support package provided for the entity is a 47 billion rand guarantee facility against which […]
The African Development Bank granted Kenya a €73 million loan to aid Phase III of the Competitiveness and Economic Recovery Support Programme, with the funding extending through the fiscal year 2023-2024. This was revealed in a meeting of the board of directors of the African Development Bank in Abidjan on 29 November 2023. The loan […]
Association says statements that imply that all banks charged have already been found guilty of currency manipulation are deeply concerning. The case as presented by the Competition Commission is that 28 international and local banks were referred to the Competition Tribunal because of allegations that some of their currency traders were involved in manipulating rand/dollar […]
Chinese tech giant ByteDance has reportedly invested more than $1 billion to acquire Graphics Processing Units (GPUs) from Nvidia in securing critical infrastructure for cloud service and AI. Another undisclosed company with cloud computing operations has also placed orders valued at least RMB 1 billion. Surprisingly, the purchase of ByteDance alone amounts to almost the […]
The strain placed on transportation networks is one of the most obvious and apparent impacts of high fuel prices. A higher petrol price raises operating expenses for consumers and companies alike, from everyday commutes to commodities transportation. As a result, prices for consumer goods and services typically rise, making it more difficult for residents to […]
South Korea is set to increase its visa quota for non-professional foreign workers to a record high and expand the sectors in which they can work to alleviate chronic labor shortages due to the low birthrate and aging in Asia’s fourth-largest economy. The government on Monday decided to raise the quota of E-9 visas for […]