Business

Russian rouble sinks, Kremlin blames loose monetary policy

Sheets of the newly designed Russian 100-rouble banknotes are seen at the Goznak printing factory in Moscow, Russia July 6, 2022. Moscow News Agency/Handout via Reuters By Reuters President Vladimir Putin’s economic adviser rebuked the central bank on Monday as the rouble slid past 101 per U.S. dollar, blaming its 30% year-to-date slump on loose

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How Jim Ovia, the founder of Zenith Bank, went from bank clerk to bank owner

Jim Ovia. Photo: James Hope University By Face2Face Africa Meet Jim Ovia; he is the founder of Zenith Bank, one of Nigeria‘s largest commercial banks. He started the bank in 1990 with $4 million with a single branch. Today the bank has shareholders’ funds of $3.03 billion and a total asset base of over $22.8

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EA economies’ growth stronger than peers amid global crises

Rwanda President Paul Kagame at the Women Deliver 2023 Conference in Kigali, Rwanda on July 17, 2023. Photo/Pool By The East African East African economies are forecast to grow at a higher rate than continental peers, but global shocks and political uncertainties could threaten the momentum. A new report by the African Development Bank (AfDB)

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Bank of England set to raise rates for 14th time in a row

A pedestrian carrying an umbrella walks near the Bank of England in the City of London, Britain, July 30, 2023. Photographer Hollie Adams/File Photo By Reuters The Bank of England is expected to raise interest rates to a 15-year high of 5.25% from 5% on Thursday, though there is a risk of a repeat of

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UK to grant new North Sea oil and gas licences

Vessels that are used for towing oil rigs in the North Sea are moored up at William Wright docks in Hull, Britain November 2, 2017. Reuters/Russell Boyce/F By Reuters Britain will grant hundreds of new oil and gas licences in the North Sea as part of efforts to become more energy independent, the government said

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Aston Martin posts smaller quarterly loss, keeps 2023 forecast

Employees work on a car at the Aston Martin factory in Gaydon, Britain, March 16, 2022. Photogrpher Phil Noble/File Photo By Reuters British luxury carmaker Aston Martin (AML.L) kept its 2023 forecast unchanged on Wednesday after reporting a smaller pretax loss for the second quarter, helped by higher sales. The Gaydon-based company reported wholesale volumes

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China envoy Wang Yi calls Kenya economic ties a ‘win-win’

President William Ruto with the Director of the Office of the Foreign Affairs Commission of the Communist Party of China’s Central Committee Wang Yi at State House, Nairobi on July 22. By AFP China’s top diplomat Wang Yi during a visit to Kenya on Saturday praised the two countries’ economic partnership as a “win-win”, according

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Turkey, UAE sign 13 deals worth $50.7B

By Anadolu Agency Turkey and the United Arab Emirates (UAE) on Wednesday signed a total of 13 deals worth $50.7 billion, the Turkish Communications Directorate said. In a statement, the directorate said that both sides have reached an agreement to establish a High-Level Strategic Council, to be chaired by the presidents of Turkey and the

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Turkey, Saudi Arabia sign deals on investment, defense, energy, communications

By Anadolu Agency Turkey and Saudi Arabia signed a series of deals on Monday encompassing investment, the defense industry, energy and communications. The agreements were signed after delegation meetings led by Turkish President Recep Tayyip Erdogan and Saudi Crown Prince Mohammed bin Salman in the Saudi city of Jeddah. President Erdogan earlier had a meeting

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UK officially joins trans-Pacific trading block, biggest trade deal since Brexit

By Anadolu Agency The UK has now officially joined the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), according to an official statement on Sunday. Business and Trade Secretary Kemi Badenoch officially signed the treaty in New Zealand, solidifying the UK’s entry into CPTPP, a trade bloc in the Indo-Pacific region with a staggering gross

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