Feb 27 (Reuters) – Two of Sweden’s largest property companies on Tuesday announced multibillion-crown writedowns in their 2023 results, as they grappled with a European property rout that both voiced hope could soon be over. For years, property in Europe and particularly Germany and Sweden boomed as interest rates fell, turbocharging demand. A sharp rise […]
The purchasing power of Kenyans has seen a significant decline owing to some economic challenges. In the past year, citizens of the East African country have been faced with rising commodity prices, while their incomes stagnated. As a result, Kenyans could scarcely purchase goods the same way they may have been accustomed to. A report […]
Egypt is seeking to raise the private sector’s contribution to the state’s total investments to 65%, Prime Minister Mostafa Madbouly stated. Madbouly noted that the country is keen on encouraging the private sector to promote its participation in different development and services projects. This came during a meeting held by the prime minister to follow […]
Gold prices opened lower on Tuesday morning after rising sharply on Monday. The Dubai Jewellery Group data showed 24K trading at Dh246.0 per gram at the opening of the markets on Tuesday as compared to last night’s close of Dh246.75 per gram. Among the other variants of the yellow metal, 22K was selling at Dh227.75 […]
The Islamic Development Bank (IsDB), the Lives and Livelihoods Fund (LLF) and the Government of Benin launched a US$ 20 million initiative titled ‘Integrated Agriculture Value Chain Development Project (PDI-CVA)’. The project was launched at a ceremony in the Préfecture of Collines in Dassa-Zoumè. Over five years, the PDI-CVA Project will work with local farming […]
Chinese Vice Premier He Lifeng on Monday called for greater support for high-quality listed companies in an effort to help stabilise the capital market, the Xinhua News Agency reported. He made the remarks at a national video conference on promoting the high-quality development of listed companies. The push for premium listed firms will help high-level […]
The UAE’s largest lender is expecting oil prices to average $80 per barrel in 2024 in a “cautiously optimistic” forecast following record crude demand from India and China in 2023 and strong recovery in global air travel. First Abu Dhabi Bank (FAB) said in its newly launched ‘Global Investment Outlook 2024’ that geopolitical risks are […]
The Kenyan Shilling, one of Africa’s worst-performing currencies in 2023, recently experienced a gain of 0.73 percent against the US dollar. The currency has not had this sort of gain in over 3 years, as the Shilling went from 161.36 on Monday to 160.19. This marks an interesting milestone given the currency’s seemingly persistent depreciation. […]
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 […]