Business

Britain’s unexpected inflation increase in December is unlikely to worry the Bank of England

File – Shoppers walk along Oxford Street during the Boxing Day sales in London, Tuesday, Dec. 26, 2023. Inflation across the United Kingdom increased unexpectedly last month as a result of sharp hike in tobacco and alcohol prices. The Office for National Statistics said on Wednesday, Jan. 17, 2024, that inflation, as measured by (AP

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Nigeria’s Dangote refinery starts production after years of delays

A view of the newly-commissioned Dangote Petroleum refinery in Ibeju-Lekki, Lagos, Nigeria May 22, 2023. Photographer Temilade Adelaja By Reuters Nigeria’s Dangote oil refinery has begun producing diesel and aviation fuel, the company said on Saturday, after years of construction delays at the 650,000 barrel per day (bpd) plant. The refinery, Africa’s largest, was built

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Russia’s economy on rise despite sanctions

By Anadolu Agency In the face of persistent sanctions, Russia’s economic landscape at the year’s end presents a compelling narrative of resilience and growth. Despite the challenges posed by external pressure and earlier negative forecasts, Russia’s GDP growth in 2023 is expected to be 3.5%, Russian President Vladimir Putin said during a live broadcast on

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Ethiopia becomes Africa’s latest sovereign default

A general view shows the cityscape of Ethiopia’s capital Addis Ababa, January 29, 2017. Photographer Tiksa Negeri/File Photo By Reuters Ethiopia became Africa’s third default in as many years on Tuesday after it failed to make a $33 million “coupon” payment on its only international government bond. Africa’s second most populous country announced earlier this

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Oil prices flat as market factor in supply uncertainties

By Anadolu Agency Crude oil prices stayed in a narrow range on Tuesday’s light trade over the Christmas holiday as markets weighed the prospect of supply disruptions in Red Sea trading routes. The international benchmark crude Brent traded at $78.99 per barrel at 0659 GMT, a 0.24% increase from the closing price of $78.80 a

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UK recession might be under way after economy shrinks in Q3

File Photo: People walk over London Bridge looking at a view of Tower Bridge in the City of London financial district in London, Britain, October 25, 2023. Photographer Susannah Ireland/File Photo By Reuters Britain’s economy might be in a recession, according to data that showed it shrank between July and September, shortly after finance minister

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Oil rises on Red Sea jitters, Russian export cut

Oil pumps are seen, as oil and gas activity dips in the Eagle Ford Shale oil field due to the coronavirus disease (COVID-19) pandemic and the drop in demand for oil globally, in Karnes County, Texas, U.S., May 18, 2020. Picture taken May 18, 2020. Photographer Jennifer Hiller/File Photo By Reuters Oil rose on Monday

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Why Kenya faces slim savings in Sh46bn early Eurobond repayment

The recovery of prices of Kenya’s inaugural Eurobond has reduced potential savings the country may make. Photo/Shutterstock By Business Daily Africa The recovery of prices of Kenya’s inaugural Eurobond which matures in June next year, has reduced potential savings the country may make from an early partial redemption of $300 million (Sh46.1 billion) this month.

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Refinery Owned by Africa’s Richest Man, Aliko Dangote, Begins Operation

Dangote Refinery By The African Exponent A milestone moment unfolded for the Nigerian mega-refinery developed by billionaire Aliko Dangote as it received its initial shipment of crude oil, marking a significant advancement in a project marred by delays. The refinery aims to entirely fulfill the country’s fuel demands, as announced by the company on Saturday.

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UK economy shrinks as BoE readies new rates decision – ONS

People shop on Oxford Street in London, Britain April 10, 2023. Photographer Anna Gordon/File Photo By Reuters Britain’s economy shrank in October, official data showed on Wednesday, a day before the Bank of England is expected to keep interest rates at a 15-year high to curb still-high inflation despite the toll they are taking on

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