Canal Shipping Agencies (CSAG) has reported an impressive 163.2% increase in net profits for the first nine months of the fiscal year 2023/2024. The company’s profits reached EGP 570.868 million, compared to EGP 216.857 million during the same period last year, according to their latest audited financial statement. Revenues also saw a notable rise, increasing […]
In a significant development for bilateral relations, South Korea and the United Arab Emirates (UAE) signed a comprehensive trade agreement on May 29, 2024, aimed at substantially reducing import duties. The agreement was finalized during a summit held in Seoul, attended by UAE President Sheikh Mohamed bin Zayed Al Nahyan and South Korean President Yoon […]
Kenya’s economic landscape finds its cornerstone in agriculture, a fact reaffirmed by the recent unveiling of the Economic Survey 2024. Despite facing numerous challenges, the agricultural sector has emerged as the driving force behind the nation’s GDP, employment figures, and foreign exchange earnings. Del Monte Kenya stands as a key player in this narrative, playing […]
Egypt’s engineering exports have seen a significant increase of 32.3% in the first four months of 2024, reaching $1.673 billion, compared to $1.264 billion during the same period in 2023. This impressive growth highlights the sector’s vital role in the country’s economic landscape. April 2024 was particularly noteworthy, with engineering exports jumping by 50.3% to […]
Fitch Ratings has downgraded Bangladesh’s Long-Term Foreign-Currency Issuer Default Rating from ‘BB-‘ to ‘B+’, while maintaining a stable outlook. This adjustment reflects ongoing economic challenges and areas of potential stability within the country’s financial landscape. Key Reasons for the Downgrade The downgrade to ‘B+’ is driven by a continued weakening of Bangladesh’s external buffers, which […]
In a significant stride towards nationwide electrification, Kenya has signed a historic agreement worth Sh27 billion to extend power access to an additional 280,000 households across 32 counties. Deputy President William Ruto presided over the signing ceremony at State House Nairobi, emphasizing the importance of this initiative in aligning with Kenya’s vision of achieving universal […]
Egypt’s Minister of International Cooperation, Rania Al-Mashat, and Michele Quaroni, the Italian Ambassador to Cairo, met to review the progress of the Egyptian-Italian debt swap program. Held at the Ministry’s headquarters in the New Administrative Capital, the meeting focused on the program’s third phase, valued at $100 million, which supports a range of development initiatives. […]
The G7 Finance Ministers and Central Bank Governors’ Meeting began on May 24, 2024, in Stresa, Italy, addressing critical issues such as financial support for Ukraine and responses to China’s industrial policies. Key attendees include Bank of Italy Governor Fabio Panetta, Canada’s Finance Minister Chrystia Freeland, and Italy’s Minister of Economy and Finance Giancarlo Giorgetti. […]
President William Ruto’s recent diplomatic journey to the United States has shone a spotlight on Kenya’s burgeoning tech prowess, positioning the nation as a focal point for innovation in Africa. During discussions with President Joe Biden at the White House on May 23, 2024, Ruto emphasized Kenya’s commitment to leveraging technology for economic growth. Kenya: […]
Egypt’s Central Bank (CBE) recently concluded its Monetary Policy Committee (MPC) meeting, opting to keep interest rates steady. This decision reflects a measured approach towards stabilizing the nation’s economy amidst ongoing uncertainties. During the meeting held on May 23rd, the CBE announced that both the overnight deposit rate and the overnight lending rate would remain […]
South Africa's luxury retail sector is poised for exceptional growth, with projections indicating a remarkable 15% expansion by 2025, positioning...
In a significant development for East Africa's telecommunications landscape, Atlas Tower has secured substantial backing from STOA, a French infrastructure...
n a significant geopolitical and economic development, the United States and Australia have announced a comprehensive critical minerals agreement that...
In a significant move to address one of Africa's most persistent economic challenges, British International Investment (BII), the UK's development...
