Category: INTERNATIONAL
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Renaming CFA as Eco was a unilateral decision — ECOWAS’ Finance Ministers, central bank governors declare
The Finance and Economy Ministers, as well as Governors of central banks in West Africa, have denounced the recent decision by the Ivorian President, Alassane Ouattara, to rename the CFA franc as the ECO — the name of the single currency planned for the sub-region. A communique issued after an extraordinary meeting of the group…
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Protect Ghanaians from possible US-Iran tensions escalation – COPEC
Even as oil prices drop on the international market, the Chamber of Petroleum Consumers Ghana-COPEC, has called on the government to put in place strategies to protect Ghanaians against a possible hike in oil prices due to any escalation in US-Iran relations in the near future. According to COPEC, the government can consider hedging as…
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Ikea to pay family US$46m after child killed by falling drawers
The Swedish furniture giant Ikea has agreed to pay $46m (£35m) to the parents of a child who was killed when a chest of drawers fell on him. Jozef Dudek, 2, suffocated in May 2017 when the company’s Malm drawers toppled over at the family’s California home. The item, which weighs 70lbs (32kg), had been…
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South African rand weakens amid fresh power cuts
Monday was a gloomy day for South Africa’s currency as the country resumed power cuts over the weekend. The rand was trading at 14.35 to the U.S. dollar when markets opened. This represents a depreciation of 0.35% as at close of markets in New York on Friday. The reaction of the South African currency comes…
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Oil prices jump after top Iranian general killed by US
Oil prices have risen sharply after the killing of a top Iranian general in Iraq. Analysts warned the action could escalate tensions in the region and affect global oil production. The price of Brent crude jumped by more than 3% and at one point hit $69.50 a barrel, the highest since September. It came after…
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Ex-Nissan Chief Carlos Ghosn, justifies decision to jump bail in Japan to Lebanon
Ousted Nissan boss Carlos Ghosn said on Tuesday he had fled to Lebanon to escape a “rigged” justice system in Japan, raising questions about how one of the world’s most-recognized executives had slipped away while on bail. Ghosn’s abrupt departure marks the latest twist in a year-old saga that has shaken the global auto industry,…
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Remittances surpass FDI flows into sub-Saharan Africa
Remittance flows into Sub-Saharan Africa (SSA) increased by 10.3% to US$46.2bn in 2018, and provisionally rose again in 2019, according to updated World Bank figures released in October. The sum comfortably surpassed foreign direct investment (FDI) inflows of US$31.6bn in 2018—based on the latest World Investment Report from the UN Conference on Trade and Development…
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Andrew Bailey appointed as new Bank of England governor
Andrew Bailey has been appointed as the next governor of the Bank of England. Mr. Bailey, aged 60, is currently chief executive of the Financial Conduct Authority (FCA), the City watchdog. He will become the 121st governor of the Bank of England on 16 March, taking over from Mark Carney, and will serve a full…
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Airbnb is not an estate agent, EU court rules
The accommodation-booking service Airbnb does not need an estate agent’s licence to operate in France, Europe’s top court has ruled. The French tourism association had complained that Airbnb did not comply with French property laws. It means the app’s users avoid a threat of disruption to its service in the country. Had the court ruled…
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Ghana places second globally in countries with most women entrepreneurs
Ghana has placed second in the global ranking of countries with most women entrepreneurs according to the latest Mastercard Index of Women Entrepreneurs (MIWE). The annual Mastercard Index of Women Entrepreneurs (MIWE) which provides insights into the progress and achievements of women in business found that nearly 4 out of every 10 business owners in…