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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
In a noteworthy divergence, the Bank of England (BoE) opted to maintain its current interest rates at a 15-year high of 5.25%, marking the first split decision since the onset of the global financial crisis in August 2008. The decision, with six out of nine members of the Monetary Policy Committee voting to retain rates, […]
Mastercard has intensified its commitment to tackling youth unemployment in South Africa through an expanded partnership with the Youth Employment Service (Yes), a prominent private-sector initiative. Having previously integrated 12 Yes Youth into its workforce, Mastercard is now enhancing its engagement by welcoming an additional 14 young individuals for the upcoming phase (2023/24). This move […]
Horticulture export earnings in Kenya experienced a positive uptick in 2023, rising by 6.5% compared to the previous year. Data from the Horticulture Crops Directorate (HCD) reveals that earnings reached Sh156.69 billion, a significant increase from Sh147.1 billion in the preceding year. This growth was primarily driven by a notable surge in export volumes, which […]
Kenya, a vibrant East African economic hub, finds itself at a critical juncture, grappling with persistent challenges of corruption, illicit...
The United States labor market delivered a robust performance in June, with job growth surpassing economists' forecasts and the unemployment...
Africa is on the cusp of a profound digital transformation, with its data centre sector emerging as a critical backbone...
The vibrant city of Nairobi is currently hosting a pivotal event poised to redefine Africa's investment landscape: the inaugural NextFrontierAfrica...
