Tag Archives: economy

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 …

Farming in Nigeria is not for the fainthearted. Ilorin, Nigeria | AFP | Intermittent electricity means generators are needed half the time. Chronically potholed roads make transport slow and expensive. Fake fertiliser has previously devastated crops, while toxic feed ruined one dairy farm. But for a group of 13 hardy farmers …

Kampala, Uganda | JULIUS BUSINGE | Stanbic Bank Uganda in collaboration with the Industrial and Commercial Bank of China Limited (ICBC) have hinted that Uganda’s economy is set to reap big from oil and gas activities. Speaking at an economic forum organised by the two banks for the Chinese business …

Soc Trang , Vietnam | AFP | With a flashy gold watch and a chunky matching ring, Tang Van Cuol looks a far cry from the average Vietnamese farmer as he slings back a shot of rice wine and boasts about his projected earnings. After years scratching a living growing rice …