New York , US | XINHUA | U.S. equities decreased in the past week as investors rotated about of the tech sector while digesting a slew of key economic data. For the week ending Friday, the Dow slid 1.8 percent, the S&P 500 lost 2.3 percent, and the tech-heavy Nasdaq dipped …
Read More »Economic decoupling of U.S., China “long way away”: former IMF economist
Washington, US | XINHUA | China and the United States are closely connected economically, and an economic decoupling is “a long way away,” said Eswar Prasad, former head of the International Monetary Fund’s China division, earlier this week. “These two economies are still quite closely tied,” Prasad was quoted by …
Read More »AU says COVID-19 pandemic amplifies Africa’s need to expand resource mobilization base
Addis Ababa, Ethiopia | XINHUA | The African Union (AU) Commission on Wednesday said that the ongoing COVID-19 pandemic has amplified Africa’s need to expand resource mobilization base. “Already African countries are reporting a reduction in tax revenues, especially from the non-digitalized sectors. The decline in the prices and demand …
Read More »Stronger China-Africa ties key to post-COVID-19 economic recovery: scholar
Nairobi, Kenya | XINHUA | Stronger China-Africa ties are key to the post-COVID-19 economic recovery of the African continent, a Kenyan scholar said on Sunday. Peter Kagwanja CEO, Africa Policy Institute, a regional think tank, said in a commentary published in the Sunday Nation that as the global COVID-19 crisis …
Read More »AU launches continental campaign to mitigate COVID-19 impact in Africa
Addis Ababa, Ethiopia | XINHUA | The African Union (AU) Commission on Thursday launched a flagship campaign to intensify the continental fight against the ongoing COVID-19 pandemic toward protecting African economies and livelihoods amid the easing of lockdowns. The newly launched continental initiative, dubbed “Africa Against COVID-19: Saving Lives, Economies, and …
Read More »IMF forecasts modest narrowing in current account imbalances in 2020
Washington, US | XINHUA | Global current account surpluses and deficits narrowed in 2019, and the COVID-19 pandemic could narrow the imbalances further in 2020, the International Monetary Fund (IMF) said in its annual External Sector Report released on Tuesday. In 2019, the global current account balance, the absolute sum …
Read More »Eurozone economies shrink 40 pct in Q2, but an economic “snapback” may be in the works
Brussels, Belgium | XINHUA | Europe formally and dramatically entered into recession Friday, with the latest data released by the European Union showing that the 19-member eurozone saw their economies contract by 40.3 percent in the second quarter of 2020, compared with the same period a year ago. The main …
Read More »Innovation critical to combat COVID-19, economic recovery – Ramaphosa
Pretoria, South Africa | XINHUA | Innovation, science and technology would be handy in defeating COVID-19 and rebuilding world economies, said South African President Cyril Ramaphosa. Ramaphosa’s speech was read by the Minister of Higher Education, Science and Innovation Blade Nzimande on Friday at a virtual science and innovation conference …
Read More »Africa Energy Chamber calls for conducive environment for industry
Johannesburg, SA | XINHUA | Headquartered in Johannesburg, the African Energy Chamber (AEC) on Friday called for African governments to create a conducive environment and introduce tax concessions for the sector to contribute to economic growth. NJ Ayuk, AEC executive chairperson, made the remarks on Friday while speaking on …
Read More »UNDP calls for temporary basic income for world’s poorest people to slow COVID-19 surge
Kampala, Uganda | XINHUA | The immediate introduction of a temporary basic income for the world’s poorest people could slow the current surge in COVID-19 cases by enabling nearly 3 billion people to stay at home, according to a United Nations Development Programme (UNDP) report released Thursday. The report, Temporary …
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