Afreximbank has disbursed a total of $50bn in Nigeria over the past decade, making significant contributions to the country’s key sectors, including energy, manufacturing, healthcare, transport, and financial services. The President and Chairman of the Board of Directors of Afreximbank, Prof. Benedict Oramah, disclosed this during the commissioning of the Afreximbank Africa Trade Centre in […]
The world’s largest money manager BlackRock’s assets increased to a record high in the first quarter despite volatility in financial markets fueled by U.S. President Donald Trump’s tariff proposals. Assets managed by the New York-based firm increased to $11.58 trillion from $10.47 trillion at the end of the same three-month period a year earlier and […]
Stitch, a South African fintech specializing in open banking and payment infrastructure, has raised $55 million in a new funding round from existing investors, bringing its total funding to $101 million across all rounds. Raba Partners, an Africa-focused venture capital firm, contributed $4.2 million to the round. The funding follows Stitch’s recent expansion efforts, including the […]
Bank of England Deputy Governor Sarah Breeden said the impact on UK inflation from U.S. President Donald Trump’s trade tariffs – and the implications for interest rates – remained unclear even if Washington’s new policies were likely to lower growth. “Overall, tariffs are likely to lower UK growth,” Breeden told an MNI Livestreamed Connect event […]
Wednesday’s jaw-dropping stock-market rally on President Donald Trump’s surprising tariff reversal is one for the history books. The S&P 500 skyrocketed 9.52% in a kneejerk reaction to Trump’s announcement to put a 90-day pause on some of the lofty ‘reciprocal’ tariffs. The one-day gain ranks as the third biggest since World War II for the main stock market benchmark, according to […]
JP Morgan is set to expand its footprint in Nigeria by converting its Lagos representative office into a fully operational business branch. This development was disclosed in a report by Africa Intelligence, which stated that the US banking giant, which had been present in Nigeria since the 1980s, plans to apply for a merchant banking […]
The world’s 3,028 billionaires are spread across more than 800 cities around the globe, from Feldmeilen, Switzerland to Ezulwini, a small town in the western part of Eswatini–better known by its former name, Swaziland, in southern Africa. Yet nearly a quarter of them, worth a combined $3.3 trillion, have chosen to make their primary residence […]
Taiwan-based United Microelectronics Corp. (UMC) inaugurated a new 22-nanometre semiconductor fabrication facility in Singapore on 1 April, aiming to address rising global chip demand and enhance supply chain resilience. The new fab, which is located adjacent to UMC’s existing plant in Pasir Ris Wafer Fab Park, has commenced pilot production, with full mass production scheduled […]
Bank stocks tanked across the globe on Friday as fears of a recession swept through markets after U.S. President Donald Trump announced the highest tariff walls in a century. The S&P 500 banks index which tracks U.S. lenders, fell more than 7%, extending declines after plunging on Thursday. Citigroup and Bank of America were the […]
Meta Platforms Inc. plans to spend nearly $1 billion on the development of a data center project in central Wisconsin, underscoring a larger effort from the social media giant to ramp up investments in AI and cloud infrastructure. In February, the state of Wisconsin struck an incentive deal with an unnamed company using an alias […]