Business

UK house prices fall by most since 2009, Nationwide says

Estate agent signs are seen outside residential housing in South London, Britain, August 7, 2023. Photographer Alishia Abodunde By Reuters British house prices in August were 5.3% lower than a year earlier, their biggest annual decline since July 2009 as higher interest rates reduced demand from buyers, mortgage lender Nationwide said on Friday. Prices dropped

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Egypt plans to drill 35 new gas wells to increase production

A view of a gas plant seen from the desert road of Suez outside Cairo, Egypt. Credit Reuters By Xinhua News Agency Egypt is planning to drill 35 new natural gas wells in the Mediterranean Sea and the Nile Delta in the next two fiscal years to boost its natural gas production, the Egyptian Cabinet

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China says African countries want industrialisation over infrastructure

China’s President Xi Jinping is welcomed at the Union Buildings ahead of the opening remarks of the BRICS emerging economies meeting, in Pretoria, South Africa August 22, 2023. Reuters/Alet Pretorius By Reuters African countries want China to shift its focus from building infrastructure on the continent to local industrialisation, China’s top Africa diplomat said on

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Brics summit of emerging economies to begin in South Africa

L-R: India’s Prime Minister Narendra Modi, China’s President Xi Jinping, South Africa’s President Cyril Ramaphosa, Russia’s President Vladimir Putin and Brazil’s President Michel Temer pose for a group picture during the 10th Brics summit at the Sandton Convention Centre in Johannesburg, South Africa on July 26, 2018/AFP By AFP Brics leaders meet in South Africa

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BRICS nations to meet in South Africa seeking to blunt Western dominance

By Reuters BRICS leaders meet in South Africa next week to discuss how to turn a loose club of nations accounting for a quarter of the global economy into a geopolitical force that can challenge the West’s dominance in world affairs. Russian President Vladimir Putin, who faces an international arrest warrant over alleged war crimes

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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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