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Tag Archives: economy

Angola’s Dos Santos: a family business

Luanda, Angola | AFP |  Critics of outgoing Angolan President Jose Eduardo dos Santos accuse him of stripping his country of much of its vast oil wealth to enrich himself and his family. Dos Santos, who will step down on Tuesday after 38 years of iron-fisted rule, has appointed several …

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China confirms will limit oil exports to North Korea

Beijing, China | AFP | China will limit exports of refined petroleum products to North Korea starting October 1, its commerce ministry said, confirming Beijing’s participation in new UN sanctions intended to rein in its rogue neighbour. The United Nations Security Council, including permanent member Beijing, approved tough sanctions against Pyongyang …

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Dubai developers unveil mega projects despite downturn

Dubai, United Arab Emirates | AFP | The $680 million Venice development four kilometres (2.5 miles) off Dubai will have capacity of 3,000 visitors. Real estate is a mainstay in Dubai which has the most diversified economy in the oil-rich Gulf, with oil sales bringing in under 10 percent of state …

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Florida insurers avoid Hurricane Irma ‘nightmare’

Washington, United States | AFP | Florida insurance companies appear to have avoided what could have been a catastrophic hit after damage estimates from Hurricane Irma on Monday fell sharply due to last-minute shifts in the storm’s trail of destruction. The storm spared cities on Florida’s eastern coast, which analysts …

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China’s factory gate inflation accelerates in August

Beijing, China | AFP | China’s factory price inflation, a key barometer of the industrial sector, accelerated sharply in August, reflecting strong demand and a reduction in excess capacity which has plagued China’s economy. The producer price index (PPI), which measures costs for goods at the factory gate, rose 6.3 percent …

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Venezuela to sell oil in currencies other than dollar

Caracas, Venezuela | AFP | Venezuelan President Nicolas Maduro announced Friday his government will sell oil and other commodities in currencies other than the dollar, in a bid to weather US-imposed sanctions on the embattled country. “I have decided to start selling oil, gas, gold and all other products that Venezuela …

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World tourism numbers post biggest first-half rise since 2010

Madrid, Spain | AFP |  International tourist numbers grew 6.4 percent in the first half of 2017, the  strongest half-year figures in seven years, with Mediterranean destinations posting double-digit growth, the UN World Tourism Organisation said Thursday. The number of international tourists surged to around 598 million between January and …

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S.Africa business confidence lowest in 32 years: survey

Johannesburg, South Africa | AFP |  Business confidence in South Africa has plummeted to its lowest level in more than 30 years as political uncertainty, unemployment and dwindling trade weighed heavily, a survey showed Wednesday. South Africa’s economy, which is the most developed in Africa, is plagued by sluggish growth …

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