Business

5 African women millionaires who are making economic impacts on the continent

Photo credit: Cebile Ntuli/ City Press By Face2Face Africa Women in Africa are oftentimes wrongly perceived to be incapable of attaining the level of success and achievements of men in different aspects of life. In the political and government cycle, the likes of Ellen Johnson Sirleaf – former Liberian President, and Dr. Ngozi Okonjo-iweala –

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Why you can’t get dollars while banks hold billions

By Business Daily Africa How much foreign currency are banks holding? Commercial banks hold foreign currency in two forms; as customer deposits and as reserves. According to data from the Central Bank of Kenya (CBK), commercial banks held Sh945.3 billion in foreign currency deposits at the end of January. At the same time, the banking

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KQ, SAA eye partnership next year

By Business Daily Africa Kenya Airways and South African Airways have finally announced the formation of the much-touted Pan-African Airline Group next year after the plan was first mooted three years ago. The national carrier says the two airlines are currently implementing phase two of the partnership framework, an important milestone that will lead to

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Oil markets steady as investors weigh banking crisis, Russia

By Reuters Oil prices stabilised in Asian trade on Monday as investors sought cues from broader financial markets, while comments by Russian President Vladimir Putin over the weekend ratcheted up geopolitical tensions in Europe. Brent crude futures held unchanged at $74.99 a barrel at 0357 GMT after hitting a session high of $75.64. U.S. West

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Oil down after weekly U.S. crude stocks exceed expectations

By Reuters Oil fell in Asian trade on Wednesday morning, paring two straight days of gains after an industry report showed U.S. crude inventories rose unexpectedly last week in a sign fuel demand may be weakening. Brent futures, which have risen more than 3% this week, were down 37 cents, or 0.5%, at $74.95 a

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Switzerland’s secretive Credit Suisse rescue rocks global finance

By Reuters Days before a hastily convened press conference late on Sunday that would make the world’s front pages, Switzerland’s political elite were secretly preparing a move that would jolt the globe. While the nation’s central bank and financial regulator publicly declared that Credit Suisse was sound, behind closed doors the race was on to

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Oil prices settle down, post big weekly losses on bank fears

A pump jack of Wintershall DEA is pictured in Emlichheim near the northern German city of Meppen, Germany. Photographer Fabian Bimmer/File Photo By Reuters Oil prices settled lower Friday, reversing early gains of more than $1 a barrel as banking sector fears caused both benchmarks to reach their biggest weekly declines in months. Brent crude

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Credit Suisse to borrow over $50B from Swiss National Bank

By Anadolu Agency Zurich-based banking company Credit Suisse has announced it would borrow up to 50 billion Swiss francs ($53.68 billion) from the Swiss National Bank after its shares drop by nearly %30. “This additional liquidity would support Credit Suisse’s core businesses and clients as Credit Suisse takes the necessary steps to create a simpler

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UK Budget: Hunt pledges reform to spur slow economy

Britain’s Chancellor of the Exchequer Jeremy Hunt holds the budget box on Downing Street in London, Britain March 15, 2023. Photographer Peter Nicholls By Reuters Finance minister Jeremy Hunt announced on Wednesday a plan that he hopes will speed up Britain’s stagnating economy, including childcare and tax reforms to get more people into work and

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HSBC rescues British arm of stricken Silicon Valley Bank

By Reuters HSBC bought the UK arm of stricken Silicon Valley Bank for a symbolic one pound on Monday, rescuing a key lender for technology start-ups in Britain and helping curb the fallout from the biggest bank collapse since the financial crash. The move comes after U.S. authorities moved to shore up deposits and stem

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