Tag Archives: economy

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 …

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 …

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 …

Abuja, Nigeria | AFP |  Nigeria and South Africa have both exited recession, notching up economic growth of 0.6 percent and 2.5 percent respectively in the second quarter, official data showed on Tuesday. Nigeria’s economy returned to growth after five consecutive quarters of contraction, driven by a strong performance in …

Caracas, Venezuela | AFP | After decades of being Venezuela’s cash cow, the state oil company PDVSA is a ragged shadow of its former self: overburdened, underfed, and in hock to Russian and Chinese creditors. The woes of the group, whose full name is Petroleos de Venezuela S.A., look set to …

Riyadh, Saudi Arabia | AFP | Fizzing with boyish exuberance, Saudi programmer Zainalabdin Tawfiq could be mistaken for a college freshman, but the popularity of his “honesty” app has shone a spotlight on the conservative kingdom’s nascent tech scene. Tawfiq catapulted to fame when he took time out of his day …

Johannesburg, South Africa | AFP | A long-running corruption scandal in South Africa has embroiled President Jacob Zuma, senior ministers and the wealthy Indian Gupta brothers — but now Zuma’s own son has taken centre-stage. Duduzane Zuma, a 35-year-old businessman with a playboy reputation, is alleged to be the key contact …

Mina, Saudi Arabia | AFP | With global oil prices flailing, Saudi Arabia is turning to another natural resource: billions of dollars gained from religious tourism as the kingdom hosts the annual hajj pilgrimage. Shops line the packed esplanade of the Great Mosque of Mecca, one of the holiest sites in …

  Washington, United States | AFP | The US economy grew at its fastest pace in more than two years in the second quarter, hitting President Donald Trump’s goal for the first time since he took office, according to data released Wednesday. Higher consumer spending and business investment prompted a sharp …

Kampala, Uganda | JULIUS BUSINGE | Commercial banks in Uganda are in bad mood after recording bad performance in the first half of 2017. According to industrial data, profits dropped 4% year-on-year as at June 2017 compared to 18% growth in the same period last year. Industry client loans and advances …