The exchange rate for a dollar to naira on the physical black market on Monday was N1, 280/US$ as against N1,260 against the greenback last week. At the Nigerian Autonomous Foreign Exchange Market (NAFEM), the local currency gained some grounds against the greenback as it closed at N838.95 to the dollar, compared to last Friday’s […]
A survey of global chief economists by the World Economic Forum (WED) today predicted the global economy to see a year of downturn and uncertainty, facing headwinds from tough financial conditions, geopolitical tensions, and the rise of artificial intelligence. According to the latest Chief Economists Outlook released today, more than half (56 percent) of the […]
Bank Muscat, Oman’s biggest lender by assets, will set up a strategic investment fund to invest upto 150 million riyals ($390 million) in various GCC banks over the next few years to diversify earnings. The lender said in a statement on the Muscat Stock Exchange on Monday that it has won the in-principle approval from […]
The IRS says it has collected an additional $360 million in overdue taxes from delinquent millionaires as agency leadership tries to promote the latest work done to modernize the agency with Inflation Reduction Act funding. Which Republicans are threatening to end. , Federal tax collector leadership spoke with reporters Thursday to outline how the agency […]
Digital innovation in banking is no longer a choice. It is now a requirement that is essential to business continuity. The encouraging news is that South Africa can teach the world a thing or two about digital banking, evidenced by the fact that the country’s financial-services landscape ranks second on Oliver Wyman’s digital-banking index, which […]
After spending the past two years trying to get inflation under control by raising interest rates, the Fed is inching toward cutting rates soon. This policy shift has ignited claims that the Fed is “being political” because in standard economic theory, cutting interest rates would stimulate the economy, making it easier for businesses to get […]
Qatar may record budget surplus in the current financial year, Emirates NBD said and noted GCC governments will need to rein in spending growth to prevent budget balances shrinking further as little rebound in oil revenues is expected in 2024. Qatar’s general budget for 2024 approved last month expects revenue of QR202bn and expenditure of […]
The UAE’s real gross domestic product (GDP) is expected to grow by 3.7% in 2024, up from from 3.4% last year, according to the World Bank’s Global Economic Prospects report. The GDP is forecast to rise to 3.8% in 2025, it added. Meanwhile, the growth in the Gulf Cooperation Council (GCC) countries will rise to […]
Ghana’s official creditors are scheduled to meet on Monday to discuss restructuring some $5.4 billion in loans to the country, three sources told Reuters, a key step needed to secure its next tranche of funding from the International Monetary Fund. The bilateral lenders, including the governments of China and France who co-chair the Official Creditor […]
Ghana is expecting to secure a $1.15 billion funding from the International Monetary Fund (IMF) and the World Bank by the end of February as bilateral creditors near agreement on the terms of a debt restructuring. The finance minister, Ken Ofori-Atta, expresses confidence in reaching an agreement with official creditors on the terms of a […]