People

Kenyans spend more despite stagnant and declining incomes

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…

Korea to raise unskilled foreign worker visa quota to record high

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…

Malawi needs nearly $1 billion in debt relief from its creditors by 2027 – IMF

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…

The UK Supreme Court decided on Wednesday that an asylum agreement with Rwanda was illegal, noting the likelihood that refugees transported to Kigali may be repatriated to the countries from which they fled, subjecting them to even more harsh treatment.

The UK Supreme Court decided on Wednesday that an asylum agreement with Rwanda was illegal, noting the likelihood that refugees transported to Kigali may be repatriated to the countries from which they fled, subjecting them to even more harsh treatment.…

Nigeria sets N300,000 to N600,000 cost for petrol to CNG vehicle conversion

The Nigerian government has revealed that Nigerians will be required to spend between N300,000 and N600,000 for the conversion of their petrol vehicles to Compressed Natural Gas (CNG). This was revealed by the Chief Executive Officer of the Presidential Compressed…

Goldman Sachs says the Israel-Hamas war could have major implications for Europe’s economy

The Israel-Hamas war could have a significant impact on economic growth and inflation in the euro zone unless energy price pressures remain contained, according to Goldman Sachs . The ongoing hostilities could affect European economies via lower regional trade, tighter…

Head of Saudi wealth fund says governments, businesses have to reduce spending

Yasir Al-Rumayyan, the governor of Saudi Arabia’s Public Investment Fund (PIF) and Chairman of Saudi Aramco, said governments and businesses are unable to sustain the level of spending that they did in the past and they must now reduce spending…

Trillions of dollars needed to tackle global crises – World Bank chief

The private sector must get involved in tackling global crises as governments alone as governments alone do not have the multiple trillions of dollars required, Ajay Banga, the President of the World Bank, said on Tuesday. The worlds’ crises, including…

When COVID-19 presented a global health emergency more than three years ago, it also exposed weaknesses in health financing that led to delays and inequities in distributing essential vaccines, tests, and treatments for low- and middle-income countries. This week, DFC…