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Lagos, South Africa and New York
Thursday, July 16, 2020

Alibaba’s Jack Ma sells $8.2 bn worth shares, stake dips to 4.8%: filing

Alibaba Group Holding Ltd co-founder Jack Ma has cut his stake in the company over the past year to 4.8 per cent from 6.2 per cent, cashing out around 8.2 billion dollars at its current share price, the firm’s annual filing released on Friday...

Coronavirus pandemic could double Global hunger to 256 million – UN

GENEVA - The number of people facing acute food insecurity could nearly double this year to 265 million due to the economic fallout of COVID-19, the United Nations’ World Food Programme (WFP) said on Tuesday. The impact of lost tourism revenues, falling remittances and...

This is what China agreed to buy from the US in the phase one trade deal

China agreed to purchase an additional $200 billion in U.S. goods over the next two years as part of the “phase one” trade deal. The additional purchases will come on top of the 2017 U.S. export numbers. The composition of that additional $200 billion is as...

IMF more upbeat about global economy this year than in 2016

The International Monetary Fund sees a more favorable outlook for the global economy this year and next than in 2016, but it has concerns beyond the near-term, IMF Managing Director Christine Lagarde said on Monday. "Our forecast for 2017 and 2018 is certainly more favourable...

African economies must shun Eurobonds that mature before the infrastructure projects

NIGERIA and other governments in Africa need to be tougher when negotiating the terms of Eurobonds and commercial loans, the African Development Bank (AfDB), warned on Monday. Its President, Dr Akinwumi Adersina, said some external debts mature before the infrastructure projects they fund start generating...

Investing in Africa’s People Yields Impact, Strengthens Efforts to Beat Pandemic

Every sunset, Salamatu Bangura makes her way down to the shores of Bonga Wharf, about 20 miles southeast of Freetown, Sierra Leone. There, she greets the pink skies and familiar faces of the fishermen who loan her fish that she will later sell at...

More People, More Technology, More Jobs: How to Build Inclusive Growth

Population growth and technological innovation don’t necessarily have to widen inequality in developing countries. They can also offer new opportunities to increase growth and create jobs: the long-term outcomes depend on today’s policy choices. But those choices are not easy because policies for sustained...

Cyclical sector rally banks on global economic expansion

NEW YORK (Reuters) - U.S. stock sectors that are particularly dependent on economic growth recently grabbed hold of the market’s rally and are poised to keep the reins should further signs of global expansion emerge. Such sectors, including energy, industrials and financials, beat the S&P...

Critics endorse Nigeria’s WTO nominee over negotiating skills, outsider advantage

WTO has never been led by an African or by a woman before Okonjo-Iweala says WTO challenges “not insoluble” Stresses need for reform, including of appeals court By Emma Farge GENEVA, June 30 (Reuters) - Nigeria’s candidate to head the World Trade Organization (WTO) said she feels “strong...

Goodbye oil, Saudi Arabia’s future economic growth will come from its mega-cities

Fahd al Rasheed, managing director and chief executive of King Abdullah Economic City, the world's first publicly listed city, spoke to CNBC on Tuesday. He said the Saudi economy was transforming away from oil. Saudi Arabia's economy is entering a post-oil era in which...
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