The Oracle founder has surpassed Bill Gates to rank fourth on the Bloomberg Billionaires Index as shares of the software firm have climbed 42% this year. The optimism around artificial intelligence boosted both Oracle Corp.’s stock — and founder Larry Ellison’s net worth — to record highs on Monday. Ellison, 78, passed Microsoft Corp. founder Bill Gates […]
Kenya’s crippling dollar shortage is driving away investors, turning a once-booming stock market into the worst in the world. Nairobi’s All-Share Index has plunged 19% this year, the steepest drop among the almost 100 global indexes tracked by Bloomberg. The nation is in the grip of a foreign-exchange crunch, with major companies and investment firms […]
Korean businesses are growing less dependent on China for their exports, a study shows. Exports to the U.S. and Vietnam are increasing as Korean producers diversify their markets. According to the Korea International Trade Association on Monday, the dependence of Korean businesses on China for exports stood at 19.5 percent in the first quarter of […]
WASHINGTON (Reuters) -The World Bank on Tuesday raised its 2023 global growth outlook as the U.S., China and other major economies have proven more resilient than forecast, but said higher interest rates and tighter credit will take a bigger toll on next year’s results. Real global GDP is set to climb 2.1% this year, the […]
BEIJING (Reuters) -China’s biggest banks on Thursday said they have lowered interest rates on yuan deposits, in actions that could ease pressure on profit margins and reduce lending costs, providing some relief for the financial sector and wider economy. Industrial and Commercial Bank of China Ltd, Agricultural Bank of China Ltd, Bank of China Ltd […]
The announcement was made today at the Money20/20 Europe fintech conference in Amsterdam, capital of the Netherlands. The collaboration will enable Flutterwave to give its African e-commerce merchants enhanced access to UK and EU customers, while Token.io leverages Flutterwave’s presence in Africa to enable a Pay By Bank method for businesses. Open banking-powered account-to-account (A2A) […]
Profitability of the top 10 lenders in Saudi Arabia in Q1 continues to be affected by slower growth in operating income and higher impairment charges, said leading global professional services firm Alvarez & Marsal (A&M). Despite improvement in the cost-to-income (C/I) ratio by 146 basis points (bps) QoQ, higher impairment charges of 14.4% QoQ resulted […]
The Board of Directors of the African Development Bank Group has approved an equity investment of $20 million in the Africa50 Infrastructure Acceleration Fund I(link is external), in support of its target to mobilize private capital for infrastructure across the continent. The Africa50 Infrastructure Acceleration Fund I is a pan-African infrastructure private equity fund that is […]
The Democratic Party, which used to brag that it represented working people, is now the party for freeloaders and the uber-rich who don’t mind supporting them. That’s the major reason Democrats and Republicans in Washington were locked in a stalemate over hiking the debt ceiling. A sticking point was whether people should be allowed to collect government […]
Project, EXIM’s Largest Renewable Energy Transaction to date, Supports Biden Administration’s Partnership for Global Infrastructure and Investment (PGII) FOR IMMEDIATE RELEASE June 1, 2023 Media Contact Name/Phone: Office of Communications 202-469-1550/202-730-6639 WASHINGTON –The Board of Directors of the Export-Import Bank of the United States (EXIM) today approved a direct loan for more than $900 million […]