Bitcoin surges past $70,000 for first time
Bitcoin reached a record high above $70,000 driven by investor demand for new crypto ETFs and expectations for lower interest rates, despite remaining volatility.
Egypt sells T-bills at high yields, attracting foreign investors back
Egypt’s central bank auction sees strong demand for treasury bills with yields exceeding 30% after interest rate increase and Egyptian pound devaluation.
Egypt has reached a deal with the IMF
Egypt said Wednesday it has reached a deal with the International Monetary Fund to increase a bailout loan to $8 billion.
Egypt signs expanded $8 billion loan deal with IMF
Egypt secured an increased $8 billion loan from the IMF to support its economic reforms, which included currency devaluation and interest rate hikes.
Gold prices at the three-month high
Gold prices hold steady near a three-month high as investors await Fed Chair Powell’s testimony.
EU fines Apple $2 billion for App Store abuses
Apple faces antitrust fine for blocking info on cheaper music subscriptions outside App Store.
Algeria, Iran sign multiple cooperation agreements
The agreements cover the sectors of energy, start-ups, tourism, media and communication, Algeria’s state-owned news agency APS reported.
Gas-exporting countries to cooperate on battling demand volatility
7th Gas Exporting Countries Forum (GECF) summit in Algeria, member nations agreed to cooperate on battling volatility in market demand.
Thousands rally in Tunisia against rising living costs
The union leader blames austerity measures imposed for an IMF loan and President Saied’s weakening of democratic institutions.
South Sudan: Sanctions for least developed countries’ struggles
African LDCs face hurdles reaching UN development goals. Funding, resources key.
UK to pay at least $470m to Rwanda for asylum deal
Rwanda will receive at least $470million from the UK as part of the plan to have asylum seekers in the UK relocate there.
Egypt signs 7 green energy deals with global developers
MoUs expected to lead to total investment worth around $40 billion over 10 years, minister says
Bitcoin surges past $60,000 on ETF optimism
The surge follows the launch of US-approved crypto ETFs and optimism surrounding the upcoming Bitcoin halving event.
Nigeria strike cripples services amidst soaring inflation
New strike disrupts daily life in Nigeria as government struggles to address economic crisis.
Congo ships first LNG cargo, joins exporter list
ENI and Congo celebrate the launch of the Congo LNG project, increasing global gas supply and boosting the African nation’s economy.
Global economy on track for soft landing, but growth remains weak
Rise in commodity prices, tightness in labor market, renewed supply chain tensions could reignite inflation, says report
Google rolls out AI-powered Ad space for Africa
Google announced that the product, which was launched in the US last December, will now be available for African businesses.
Niger stalls border reopening despite lifting of sanctions
Niger delays reopening its border with Benin after ECOWAS lifts coup-related sanctions, raising questions about dialogue and regional stability.
Libya raises oil facility guards’ pay to avert oil shutdown
Negotiations prevent oil shutdown in Libya as PFG salaries increase.
South Africa: Unemployment rises again ahead of election
South Africa’s unemployment rate, already the highest in the world, rose to 32.1% in the fourth quarter of 2023.
UAE pumps $35 billion into Egypt, fueling economic, tourism
A $35 billion investment from the UAE promises to revitalize Egypt’s economy, with a focus on tourism, infrastructure, and debt relief.
Lagos eases soaring costs after protests in Nigeria
Nigeria’s Lagos state governor unveils measures like a 3-day work week and transport discounts to combat soaring inflation after protests erupt due to economic crisis.
S Africa hikes taxes, boosts social grants before May vote
South Africa’s pre-election budget hikes taxes on income, alcohol, and cigarettes, while increasing social grant spending to address poverty and unemployment amid slow growth and high debt.
Djibouti and Turkey sign military, financial deals
A ceremony marks the signing of military cooperation agreements and cash aid protocol between two hypothetical nations.
South Africa braces for impact as Amplats cuts thousands of jobs
Facing low PGM prices and profit plunge, Amplats announces 3,700 job cuts in South Africa, impacting 17% of workforce.
Nigerians protest soaring food prices in south
Nigerians in Ibadan protest economic hardship, demanding action from President Tinubu as soaring food prices cause hunger and hardship.
Kenya redeems $1.4B of $2B international bond
Kenya’s government successfully repurchased over $1.4 billion of its $2 billion international bond, alleviating investor concerns about its strained public finances.