Binance founder and former CEO Changpeng Zhao has been denied permission to return to the UAE by a US federal judge as he awaits sentencing for anti-money laundering failures. Zhao, popularly known as CZ, was denied permission to return to travel to the UAE, where he bought a home in 2021, despite offering $4.5 billion […]
South Africa’s central bank maintained its key lending rate as economists expected on Thursday, saying it did not yet see a clear disinflation trend that would justify cutting rates. It was the fourth meeting in a row that the bank left its repo rate ZAREPO=ECIon hold at 8.25%. All 20 economists polled by Reuters had […]
The Central Agency for Public Mobilization and Statistics (CAPMAS) revealed that the value of trade exchange between Egypt and Somalia increased to $56.3m during the first 11 months of 2023, compared to $44.5m during the same period in 2022, marking a 26.5% increase. According to CAPMAS data, the value of Egyptian exports to Somalia increased […]
The monthly inflation rate in South Africa eased again in December, dropping 0.4 percentage points to 5.1 percent as food price hikes slowed, official data showed Wednesday. The average inflation rate for 2023 was 6.0 percent, 0.9 percentage points lower in 2022 and matching the upper limit of the central bank’s official target range, national […]
China’s central bank announced a deep cut to bank reserves on Wednesday, in a move that will inject about $140 billion of cash into the banking system and send a strong signal of support for a fragile economy and plunging stock markets. The central bank’s announcement, coming just as stock markets were closing for the […]
DAVOS, Switzerland – Saudi Arabia will host a special World Economic Forum (WEF) meeting in April, economy minister Faisal Alibrahim said on Thursday, as it aims to boost the global profile of the kingdom and its capital Riyadh. The meeting, scheduled to take place from April 28-29, will focus on global collaboration, growth and energy, […]
The Kenyan government has extended its full support to Kenyans looking to find work overseas. The administration has pledged to secure important bilateral agreements to safeguard its nationals in foreign countries. This is all part of the government’s initiative to curb the alarming rate of unemployment in the country. As seen in the Kenyan news […]
South Africa’s small and medium-sized enterprises (SMMEs) form the cornerstone of the economy, accounting for around 40% of the nation’s gross domestic product (GDP) and employing about half of the workforce. Despite their crucial role in SA’s economy, these businesses are currently facing a growing ‘funding gap’. This term ‘funding gap’ refers to SMMEs not […]
The International Monetary Fund (IMF) executive board is due to meet on Friday to consider the first review of Ghana’s $3 billion rescue loan programme, a spokesperson said by email on Monday. Board sign off of the review would unlock a $600 million disbursement. Such approvals are usually seen as a formality once a meeting […]
Around three quarters of the effects of tighter monetary policy have already fed through to the U.S. economy, according to an analysis by the International Monetary Fund. “We have to recognize that there has been a lot of resilience in the economy despite the rate hikes that we have seen … our estimate is that […]