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Lagos, South Africa and New York
Wednesday, July 8, 2020

SA’s competition watchdog seeks power to prosecute foreign banks over currency rigging

South Africa’s Competition Commission in 2015 began an investigation which alleged that 23 local and foreign banks, including J.P. Morgan Chase, Bank of America Merrill Lynch and Credit Suisse, had colluded to rig the rand. South Africa’s Competition Commission is seeking...

China races to build its own Tesla as economy slows and subsidies dry up

KEY POINTS About a decade ago, Wan Gang, a former Audi engineer in Germany, convinced the Chinese government to roll out a national strategy to develop new energy vehicles and spend billions of dollars. As a result, the country became the largest consumer of electric vehicles...

How traffic jams cost the US economy billions of dollars a year

If you’re like the 76% of Americans who drive to work alone, you’ve probably commuted in stop-and-go traffic with no end in sight. Then, when the road finally clears, you realize there was no reason for traffic to be stopped in the first place. Experts...

Financial Institutions Face Growing Cyber Risk Ratings Pressure

As banks and non-bank financial institutions (NBFIs) embrace the evolving digitization of financial services and become more interconnected through tie-ups and partnerships, risk controls have become increasingly important as cyber risk and other security threats have grown, Fitch Ratings says. Cyber incidents have yet...

U.S. Transportation Infrastructure Growth to Mirror Slower GDP in 2020

U.S. transportation infrastructure growth will continue moving more or less in step with levelling off GDP next year, according to Fitch Ratings' 2020 outlook report. Volume growth remains favorable for U.S. airports, ports and toll roads and will remain largely tethered to U.S. GDP...

Low Growth Shapes 2020 Global Credit Outlook

A combination of slowing economic growth, sustained low interest rates and unprecedented levels of indebtedness will broadly influence the global credit outlook in 2020, says Fitch Ratings. The aggregate rise in global indebtedness in 2019, which occurred as monetary authorities reversed course on rate...

Striking the Right Balance Between Sustainable Development and Sustainable Debt

By Kristalina Georgieva Over the past two decades, sub-Saharan Africa has made considerable economic progress: extreme poverty levels have declined by one third; life expectancy has increased by a fifth; and real per capita income has grown by about 50 percent on average. Yet, sub-Saharan...

Service Sector Resilience to Help Global Growth Stabilise in 2020

The resilience of the service sector and consumer spending growth in the advanced economies should help global growth stabilise next year, after a sharp decline in 2019, says Fitch Ratings in its new Global Economic Outlook (GEO). "There are few signs of any imminent...

Global economy loses $2.2trn to illicit trade – Analyst

Esteban Giudici, Senior Analyst, Transnational Alliance has said that economic leakages from illicit trade create an annual drain on the global economy of 2.2 trillion dollars, equivalent to three per cent of the world’s economy. Giudici said this during the 2019 Africa Security Forum (ASF)...

2020 Economic Outlook: Trade, Global Growth, and U.S. Political Shock Key Risk Factors in Forecast

Today, SIFMA unveiled the results of its biannual survey of the chief U.S. economists of many of SIFMA’s global and regional firms. Compared with the June survey, the economists surveyed increased their GDP growth estimates by 0.05% for 2019 to a median forecast of...
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