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 […]
Long delays in Zambia’s debt restructuring have hamstrung much needed investments, curtailed economic growth, weighed on local financial markets and added to living costs for its people, Finance Minister Situmbeko Musokotwane told Reuters. Zambia defaulted three years ago and is trying to rework its debt under the G20 Common Framework, a programme designed to ensure […]
China’s central bank on Monday said it will fend off systemic risks to the economy and guide financial institutions to resolve local debt risks, laying out general guidelines for the country’s economic and financial policies. In its third quarter policy implementation report, the central bank said monetary policy would be forceful and targeted, and that […]
Masahiro Moro told Fortune that consumers are still not sold on electric vehicles, with EVs making up just a fraction of the US market and cars piling up in dealerships as demand slows. “EV is absolutely important technology, and we are developing it. But [in the US] EVs last year [were] about 6% of the […]
Joining the bullish bets on the stock market next year is RBC Capital Markets, which expects the S&P 500 to hit a record high next year. In a note published Wednesday, RBC analysts forecasted the benchmark index to end 2024 at the 5,000 mark, a 10% gain from Tuesday’s close. “While the November rally (which […]
Malawi needs nearly $1 billion in debt relief from its creditors by 2027, according to the International Monetary Fund’s announcement on Wednesday. The country is faced with severe shortages of essential items such as medicine, fuel, and fertilizers, primarily attributed to chronic foreign currency shortages. The IMF report specifies that Malawi requires $887 million in […]