Wednesday’s jaw-dropping stock-market rally on President Donald Trump’s surprising tariff reversal is one for the history books. The S&P 500 skyrocketed 9.52% in a kneejerk reaction to Trump’s announcement to put a 90-day pause on some of the lofty ‘reciprocal’ tariffs. The one-day gain ranks as the third biggest since World War II for the main stock market benchmark, according to […]
The African Export-Import Bank (Afreximbank) has successfully raised $299.90 million (2.2 billion renminbi) through its inaugural issuance of a Chinese Panda bond, marking a significant milestone in the institution’s efforts to diversify funding sources. This Panda bond, which carries an interest rate of 2.99%, represents the first issuance by an African multilateral financial institution and […]
Short sellers targeting U.S. companies have gained $127 billion on paper from April 2 through Monday after President Donald Trump’s plans for sweeping tariffs sparked a sharp selloff in stocks, according to data and analytics company Ortex Technologies. The data, for U.S. companies with market capitalization $1 billion and greater, showed short sellers’ gains for […]
The government is embarking on a strategic initiative to cultivate a robust partnership with the Chinese private sector to advance infrastructural development through public private partnerships (PPP). The partnership aims to leverage the expertise, resources and technology of the Chinese private sector to support the development of key projects in the areas of green and […]
The world’s 3,028 billionaires are spread across more than 800 cities around the globe, from Feldmeilen, Switzerland to Ezulwini, a small town in the western part of Eswatini–better known by its former name, Swaziland, in southern Africa. Yet nearly a quarter of them, worth a combined $3.3 trillion, have chosen to make their primary residence […]
The Project Management Institute has announced the return of its premier African event, PMI Global Summit Series Africa 2025, reaffirming its commitment to strengthening project management capabilities across Africa. The summit themed ‘Africa on Purpose: Gather. Grow. Guide.’ is scheduled to take place from August 19 to 21, 2025, at the Kigali Convention Centre, Rwanda. […]
Egypt’s non-oil private sector saw a slight decline in business conditions in March, with the country’s Purchasing Managers’ Index easing to 49.2 from 50.1 in February, according to S&P Global. In Lebanon, the PMI slipped to a five-month low of 47.6, reflecting softer economic activity amid regional uncertainty and subdued tourism. The trends in Egypt […]
The US dollar has been falling as President Donald Trump rolls out his tariffs, and it plunged after he unveiled much steeper-than-expected duties on “Liberation Day.” That goes against what markets had anticipated before he launched his trade war. The weaker greenback makes imports more expensive, adding to the costs from Trump’s aggressive import taxes. […]
U.S. Federal Reserve Chair Jerome Powell made clear the U.S. central bank won’t rush to react to sweeping Trump administration tariffs, or to the financial market turmoil that has ensued amid fears of a global economic downturn. Tariffs are likely to have a significant effect on the U.S. economy, including slower growth and higher inflation, […]
Olusegun Obasanjo, Nigeria’s former president turned businessman, is set to visit the Kribi deep-sea port in Cameroon this April to launch his company, Obasanjo Agro-Allied Business Ltd (OABL). His venture aims to strengthen cross-border trade between Cameroon and Nigeria. According to Agha Albert Ngwana, CEO of Aftel Cameroon Limited, a partner of Obasanjo’s group, OABL […]