Category: INTERNATIONAL
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U.S. weekly jobless claims surge to 3.28 million as coronavirus spurs mass layoffs
The number of Americans filing claims for unemployment benefits shot to record of more than 3 million last week as strict measures to contain the coronavirus pandemic ground the country to a sudden halt, unleashing a wave of layoffs that likely brought an end to the longest employment boom in U.S. history. Initial claims for…
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African Finance Ministers call for $100 billion stimulus, debt holiday
African finance ministers have called for a $100 billion stimulus package, including a suspension of debt service payments, to help the continent combat coronavirus. According to Reuters, some $44 billion would come from not servicing debt and they would also tap existing facilities in the World Bank, International Monetary Fund (IMF), African Development Bank (AfDB)…
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Developing countries could lose up to 85% of oil & gas income in 2020 – OPEC, IEA warn
Developing countries’ oil and gas income could fall to their lowest levels in more than two decades if current energy market conditions persist, the International Energy Agency, (IEA), and the Organization of the Petroleum Exporting Countries (OPEC) have warned in a rare joint statement. IEA Executive Director, Fatih Birol, and OPEC Secretary General Mohammed Barkindo,…
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Absa Group records slightly improved performance amidst sluggish SA economy
Absa Group Ltd., Absa Bank Ghana parent company on Wednesday, March 11, 2020 reported improving revenue growth for the 2019 financial year, with headline earnings growing slightly. “We delivered a resilient performance against a challenging macroeconomic backdrop. We maintained balance sheet momentum and growth was broad-based across most businesses,” said Daniel Mminele, Absa Group Chief…
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Ghana ranked 6th in RMB’s ‘Where to Invest in Africa’ 2020 report
Ghana has been ranked the sixth-best country in Africa for investors in the latest RMB Investment Attractiveness 2020 rankings. The country climbed three places from the previous year’s report – edging closer to the coveted top 5 countries for investments in the whole of the continent. The report released earlier this week said the country’s…
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Jack Welch: Legendary General Electric boss dies at 84
Jack Welch, a titan of American business who transformed General Electric (GE) into America’s most valuable company, has died aged 84. He ran the US conglomerate from 1981 until 2001 and was once named “manager of the century” for his achievements. Nicknamed “Neutron Jack” for his cost-cutting, he became a best selling author and confidante…
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Coronavirus: Global growth ‘could halve’ if outbreak intensifies
On Monday, the Bank of England said it continued to monitor developments and was assessing its potential impact on the global and UK economies and financial systems. “The Bank is working closely with HM Treasury and the FCA (Financial Conduct Authority) – as well as our international partners – to ensure all necessary steps are…
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Coronavirus: Dettol sales surge as markets fall again
Sales of Dettol and Lysol products have surged as the spread of the coronavirus outbreak continues. The disinfectant is seen as providing protection against the spread of the disease, although its effectiveness has not yet been scientifically proven. In China, demand for Dettol-branded hand gels is outstripping supply, owner Reckitt Benckiser has said. The shortages…
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Coronavirus crash wipes US$5 trillion off world stocks
Coronavirus panic sent world share markets crashing again on Friday, compounding their worst week since the 2008 global financial crisis and bringing the wipeout in value terms to $5 trillion. The rout showed no signs of slowing as Europe’s main markets slumped 2-3 percent early on and the ongoing dive for safety sent yields on…
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Dangote Fertiliser begins pre-testing of US$2bn world’s biggest plant ahead of opening
Dangote Fertiliser Limited has begun the countdown to the inauguration of its US$2 billion Granulated Urea Fertiliser complex located in the Dangote Free Zone. With a capacity of 3 million tonnes per annum, the plant has been classified as the biggest project in the entire fertiliser industry history in the World. Siapem of Italy is…