Signage at the International Monetary Fund (IMF) headquarters in Washington, DC. Photo/AFP By Business Daily Africa Kenya has applied for access to a new long-term funding facility from the International Monetary Fund (IMF), the multilateral lender has disclosed. The facility known as the Resilience and Sustainability Trust (RST) seeks to assist low-income and vulnerable middle-income

Protests following the murder of George Floyd inspired the launch of Adelphi Bank. Photo credit: The Columbus Dispatch By Face2Face Africa  Anew Black-owned and operated financial establishment, Adelphi Bank, opened Monday in Columbus, Ohio – unique to the state. Franklin County Ohio Commissioner, Kevin Boyce, who co-founded Adelphi, told Columbus station, WBNS, that protests following

First Republic Bank Is Seized and Bulk Sold to JPMorgan. Credit Photographer Eduardo Munoz/Reuters The Wall Street Journal By Rachel Louise Ensign, Ben Eisen Regulators seized First Republic Bank and struck a deal to sell the bulk of its operations to JPMorgan Chase & Co., heading off a chaotic collapse that threatened to reignite the

Reserve Bank of Zimbabwe Governor, John Mangudya holds a sample of a gold coin at the launch in Harare, on July 25, 2022. Zimbabwe will launch a digital currency next month by introducing “tokens” that are backed by gold reserves and can be transferred between people and businesses as a form of payment, the country’s

By Reuters Argentina will start to pay for Chinese imports in yuan rather than dollars, the government announced Wednesday, a measure that aims to relieve the country’s dwindling dollar reserves. In April, it aims to pay around $1 billion of Chinese imports in yuan instead of dollars and thereafter around $790 million of monthly imports

By Anadolu Agency Oil prices rose on Wednesday after US data showed that crude stockpiles fell dramatically, indicating an improvement in the country’s demand situation, while major central banks’ hawkish stance in taming rising inflation limited increases. International benchmark Brent crude traded at $81.16 per barrel at 10.14 a.m. local time (0714 GMT), a 0.69%

By Business Daily Africa Foreign interest payments in the first eight months jumped by Sh19.3 billion following the sharp weakening of the shilling against the dollar that pushed up the cost of servicing external debt. Data from the Central Bank of Kenya (CBK) shows that expenditure on foreign interest jumped by over a fifth to

By The Associated Press Swiss banking giant UBS said Tuesday that it took in $28 billion in new money from wealthy clients in the first three months of the year, with $7 billion of that coming in the 10 days after the announcement it was taking over ailing rival Credit Suisse. Zurich-based UBS, which is

Michael Jordan opened his second clinic for the underprivileged in Charlotte — Photo via Wiki Commons By Face2Face Africa In 2014, Michael Jordan became the first athlete to become a billionaire – his massive net worth was largely influenced by his deal with Nike, which would later give birth to Air Jordan. Before inking a

By Business Daily Africa Nairobi has been ranked as the 74th wealthiest city in the world and fourth in Africa, boosted by growth in the number of high net worth individuals (HNWI) by 30 percent in the last decade. The World’s Wealthiest Cities 2023 report by consultancy New World Wealth and Henley Partners placed the