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

By The Associated Press China’s economic growth accelerated in the latest quarter as consumer flocked back to shops and restaurants following the abrupt end of anti-virus controls. The 4.5% growth in gross domestic product from January to March compared to the same period in 2022 was the fastest in the past year, and outpaced the

By Reuters Oil prices turned lower on Monday as investors mulled over a possible May interest rate hike by the U.S. Federal Reserve, which could dampen economic recovery hopes, though Chinese GDP data was expected to augur well for demand growth. Brent crude futures were down 55 cents or 0.6% at $85.76 a barrel at

By Business Daily Africa Kenya Airways is fighting to save a Sh310 million deposit it made with US plane maker Boeing Corporation for aircraft purchases after the expiry of the preservation period rendered the deposit non-refundable. The airline disclosed in its annual report for the year ending December 2022 that it risks losing the millions