Serrari Group

South Africa Set to Raise National Minimum Wage

Employment and Labour Minister Thulas Nxesi has announced an upcoming increase in South Africa’s National Minimum Wage (NMW), effective March 1, 2024. The hourly wage will rise from R25.42 to R27.58, benefiting workers across various sectors. The adjustment extends to vulnerable sectors such as farm workers and domestic workers, in alignment with efforts to ensure […]

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International Investors Trim Exposure to Chinese Equities

International investors have continued to reduce their holdings in Chinese equities, with a net outflow of $2.6 billion recorded in January, according to data released by Morgan Stanley. Despite a slight moderation from the previous month, this trend highlights the ongoing challenges facing Chinese stock markets. In January, China’s CSI 300 Index fell by 6%, […]

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Affordable Housing Levy Collections Reach KSh 26.8 Billion Amid Legal Challenges

Amidst legal turmoil, Kenya’s Affordable Housing Initiative faces a pivotal moment as collections under the mandatory housing development levy reach KSh 26.8 billion. The Parliamentary Budget Office (PBO) reports this milestone for the past six months ending December 2023, indicating significant progress towards funding government-backed affordable housing projects. However, challenges persist as collections fall short […]

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Mortgage Rates Exceed 7% Amid Economic Momentum

Recent economic data has catalyzed a surge in mortgage rates, with the average rate on the 30-year fixed mortgage surpassing 7% for the first time since December. This rapid escalation followed stronger-than-expected reports, including January’s robust employment figures and positive indicators from the manufacturing sector. The fluctuations in mortgage rates since the summer, reaching a […]

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Nigeria’s Currency Reform Faces Hurdles Amidst Investor Skepticism

Nigeria’s recent currency devaluation, coupled with revised forex regulations, suggests a potential shift towards a more flexible exchange rate regime. However, concerns linger amidst challenges and investor skepticism. The adjustment in the official naira exchange rate, prompted by alterations in the market regulator’s calculation methodology, brings it closer to black market levels. Yet, apprehensions persist […]

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India’s Booming Stock Market Attracts Billions Despite Risks

India’s $4 trillion stock market has become a magnet for both domestic and foreign investors, drawing in billions of dollars as they seek a robust alternative to the challenges faced by China. Despite concerns about overpriced shares, impending elections, and regulatory uncertainties, the market has witnessed a surge in investments, propelling the benchmark NSE Nifty […]

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Kenyan Firms Bolster Dollar Reserves, Holding 70% of Forex Deposits

Recent data from the Central Bank of Kenya (CBK) reveals a significant trend in the country’s financial landscape: Kenyan businesses are bolstering their dollar reserves, now constituting a commanding 70% of all foreign currency deposits in banks. This strategic move comes amid concerns over currency fluctuations and disruptions in global supply chains, signaling a proactive […]

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FAO Reports Decline in World Food Prices in January

The Food and Agriculture Organization (FAO) recently released data indicating a decline in the world food price index, marking its lowest level in nearly three years. This decrease was driven by notable drops in cereals and meat prices. Wheat export prices saw a decline due to heightened competition among exporters and increased supplies from southern […]

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Morocco Introduces Wheat Storage Subsidies to Combat Drought Impact

Morocco, grappling with reduced wheat production due to drought, has unveiled a strategic move to fortify its grain reserves. The state grains agency ONICL has announced subsidies for companies involved in storing imported wheat. Under the scheme, the government will provide a subsidy of 2.5 dirhams per quintal, equivalent to 25 dirhams ($2.5) per metric […]

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President Ruto Sets New Eurobond Buyback Date as June Maturity Nears

President William Ruto, attending the Italy-Africa Summit in Rome, announced Kenya’s plan for an early Eurobond debt partial payment. This follows a missed December target, signaling proactive financial management. Lead managers CitiBank and Standard Bank approved the buyback, slated for Q1 2024 before considering a new issuance, navigating international debt market complexities. Initial plans to […]

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