Tag Archives: economy

Riyadh, Saudi Arabia | AFP | Saudi Arabia Wednesday announced the consolidation of development funds under a unified body led by Crown Prince Mohammed bin Salman, cementing the powerful prince’s position in the Gulf kingdom’s affairs. The new National Development Fund joins industrial, agricultural and social development funds under a board …

Kampala, Uganda | GODFREY SSALI | The Uganda Development Corporation (UDC), the investment arm of government mandated to promote and facilitate industrial and economic development of the country, has finally got a first Board of Directors since its revival in 2008. The new board which will be chaired by Hamu Mugenyi, …

Mumbai, India | AFP | India’s central bank held interest rates at a seven-year-low on Wednesday as it downgraded growth forecasts for Asia’s third largest economy amid a slowdown following recent high-profile reforms. The Reserve Bank of India (RBI) said the benchmark repo rate — the level at which it lends …

Washington, United States | AFP |  Remittances, a major source of revenue for the world’s poorest countries, are due to grow again this year after falling two years in a row, the World Bank said Tuesday. Such cash transfers to low and middle-income countries are on course to rise by …

Johannesburg, South Africa | AFP |  Government shutdowns of the internet have cost sub-Saharan Africa about $237 million since 2015, according to a study released Friday, as authorities increasingly implement planned disruptions. At least 12 countries have had internet shutdowns, often before elections or when protests erupt, with mobile internet …

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 …

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 …

London, United Kingdom | AFP | True to its roots, Versus Versace brought the glamour to London Fashion Week on Sunday, a daring appetiser ahead of the keenly anticipated return of Armani to the British capital. Versus, the Italian brand’s laid-back line, transformed the city’s Central Saint Martins college, a hub …

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 …

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 …