In its latest policy statement, the U.S. Federal Reserve announced its decision to keep interest rates unchanged, opting for a cautious approach amidst persistent concerns over inflation levels. The central bank acknowledged the need for sustained progress in inflation but refrained from indicating any imminent adjustments to borrowing costs. Highlighting a concerning lack of momentum […]
Nigeria’s Federal Government has recently approved a substantial salary boost, ranging between 25% and 35%, for civil servants across multiple consolidated salary structures. Effective January 1, 2024, this enhancement encompasses six key structures, including the Consolidated Public Service Salary Structure (CONPSS), Consolidated Research and Allied Institutions Salary Structure (CONRAISS), Consolidated Police Salary Structure (CONPOSS), Consolidated […]
The Nairobi Securities Exchange (NSE) witnessed an impressive growth spurt in market capitalization during Q1 2024, soaring to a substantial KSh 1.8 trillion, according to the latest Capital Markets Authority (CMA) report. This surge, representing a robust 22.79 percent increase from the previous quarter, highlights the intensified trading activities across the exchange. Notably, NSE equity […]
In a significant development, the Central Bank of the UAE (CBUAE) has reported a remarkable increase in its foreign assets, marking a historic milestone in the nation’s financial landscape. According to recently released statistics, the total foreign assets of the CBUAE surpassed AED 700 billion by the end of February 2024, reflecting an impressive rise […]
Cairo, Egypt – Egypt is embarking on a significant renewable energy initiative with a commitment of over $60 billion towards green hydrogen and ammonia projects. The New and Renewable Energy Authority (NREA) revealed plans to produce nearly 56 million tonnes of green hydrogen and ammonia annually by 2040, aiming to capture 5-8 percent of the […]
South Africa took a significant stride towards reinforcing its financial sector on April 1, 2024, with the introduction of a comprehensive Deposit Insurance Scheme. Administered by the Corporation for Deposit Insurance (Codi), a subsidiary of the South African Reserve Bank (Sarb), this initiative aims to safeguard the deposits of eligible individuals in the event of […]
After a hiatus since 2019, negotiations to overhaul the World Trade Organization’s (WTO) dispute settlement system are back on track. The focal point of these discussions is the restoration and reform of the dormant appeals bench, which has left more than 30 unresolved trade disputes in limbo. Ambassador Usha Dwarka-Canabady from Mauritius has assumed the […]
In a significant move towards strengthening economic relations, Kenya and Zimbabwe have recently signed a series of strategic agreements aimed at fostering trade, investment, and sectoral development. The Joint Permanent Commission on Cooperation (JPCC) meeting held in Harare, Zimbabwe, served as the platform for these crucial agreements, signaling a new chapter in the partnership between […]
Nairobi witnessed a pivotal moment as President William Ruto addressed the AMCHAM Business Summit, joined by key figures including United States Secretary of Commerce Gina Raimondo and Kenya’s Investment and Trade Cabinet Secretary Rebecca Miano. President Ruto emphasized Kenya’s commitment to facilitating trade and investment, showcasing the establishment of Special Economic Zones as a testament […]
Tensions in the Middle East are threatening recent progress in combating global inflation, cautions the World Bank. The ongoing military campaign in Gaza by Israel has driven up oil prices and created a ripple effect across the region, impacting key commodities like oil and gold. In its latest assessment of global commodity markets, the World […]
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...
