The Dow Jones Industrial Average crossed the 40,000 threshold for the first time on Thursday, reflecting investor optimism driven by expectations of potential U.S. interest rate cuts and strong corporate earnings. Despite this significant milestone, the market saw a slight pullback by the end of the trading session. The Dow reached an intraday high of […]
The United Nations (UN) has issued a warning that Egypt’s economy could suffer losses of up to $20 billion over the current and next fiscal years (FYs) 2023/2024 and 2024/2025 if the Gaza conflict continues to escalate. This forecast, highlighted in a recent UN study, outlines the significant economic risks posed by the ongoing regional […]
The Central Bank of Nigeria (CBN) has reiterated its commitment to addressing the nation’s rising inflation through continued interest rate hikes. Governor Olayemi Cardoso, in a recent interview with the Financial Times, assured that the Monetary Policy Committee (MPC) is dedicated to implementing necessary measures to stabilize the economy. Cardoso emphasized a strategic return to […]
Turkey and the World Bank have formalized a $1 billion agreement to enhance the country’s renewable energy sector. This strategic initiative aims to advance Turkey’s distributed solar energy market and pilot a battery storage program, aligning with global efforts to increase sustainable energy usage. The World Bank’s support will facilitate the deployment of distributed solar […]
In a significant step towards sustainable development, key stakeholders in Kenya’s environmental conservation sector are gathering in Nairobi to strategize on unlocking the nation’s potential as a global hub for green jobs and digital work. This initiative is being led by the government in collaboration with Jacob’s Ladder Africa, International Labour Organisation (ILO), United Nations […]
Morocco has unveiled a plan to nearly double its installed energy capacity by 2027, aiming to add 9 gigawatts (GW) to the current 11 GW. This initiative, announced by Energy Minister Leila Benali at a recent battery technology conference in Rabat, involves a $7 billion investment, with a substantial focus on renewable energy. Out of […]
The International Monetary Fund (IMF) has approved a new framework allowing its members to allocate Special Drawing Rights (SDRs) towards hybrid capital bonds issued by multilateral development banks (MDBs). This strategic move aims to enhance the lending capacity of MDBs, potentially unlocking up to $80 billion for critical development projects. Hybrid bonds, which blend debt […]
President William Ruto has revealed a significant plan to raise Kenya’s tax revenue from the current 14% to 22%, a move aimed at bolstering the nation’s financial health and reducing dependence on external borrowing. Speaking to Harvard Business School’s Class of 2025 at State House on May 15, President Ruto detailed a phased approach to […]
Kenya and the European Union have solidified their economic partnership with the signing of the Economic Partnership Agreement (EPA) on Tuesday. The ceremony, hosted at Nairobi’s State House and attended by the EU Delegation led by Ambassador Henriette Geiger, marks a significant step towards enhancing trade and investment between the two regions. President William Ruto […]
Australia has introduced a forward-thinking budget designed to position the country as a global leader in renewable energy, while addressing its dependence on mining and fossil fuels. Treasurer Jim Chalmers announced a projected budget surplus of US$6 billion (Aus$9 billion) for this year, driven by high iron ore and coal prices. Renewable Energy Focus Chalmers […]
Ethiopia has firmly established itself as Africa's second-largest destination for foreign direct investment, trailing only Egypt, in a development that...
India-based diversified conglomerate DCM Shriram Ltd has secured $90 million in financing from the International Finance Corporation (IFC) through the...
Chinese electric vehicle manufacturer BYD is preparing to launch its premium electric vehicle Denza Z9GT in Europe, introducing a new...
Japan has begun releasing oil from its emergency reserves as the global energy market faces renewed turmoil following the effective...
