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Saturday, 26th September 2020
11:12:35am

Economy

Articles related to economy

Exclusive: Suspected arms dealers moved millions in Somali money transfers, report says

Somali money transfer companies moved more than $3.7 million in cash between suspected weapons traffickers in recent years, including to a Yemeni under U.S. sanctions for alleged militant links, according to a report seen by Reuters.

The findings by a Geneva-based research group, the Global Initiative Against Transnational Organized Crime, could…

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Nigeria might fall into recession as virus takes toll, budget office says

Nigeria might fall into recession in the third quarter, the head of the country’s budget office said on Thursday, citing the impact of low oil prices and the coronavirus pandemic on Africa’s largest economy.

The continent’s top oil producer faces its worst economic crisis in four decades in the wake of an oil price war between Russia and Saudi…

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South Africa extends COVID-19 loans for struggling businesses

South Africa has doubled to six months the term of loans to small and medium-sized businesses to help them survive the COVID-19 recession and made other changes to make the credit easier to access, the treasury said on Sunday.

President Cyril Ramaphosa announced the 200 billion rand ($12.00 billion) loan scheme in April to help businesses, as part…

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World Bank approves $114 mln for Nigeria's COVID-19 response

The World Bank has approved $114 million to help Nigeria tackle its coronavirus pandemic, the global lender said on Friday.

The money comes in the form of a $100 million loan and a $14 million grant to be split between Nigeria’s 36 states and federal-level procurement of medical equipment, tests and medicine.

Africa’s most populous country has…

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South African rand firms as dollar wobble lifts emerging currencies

South Africa’s rand firmed early on Monday, helped by increased risk appetite as investors bet again on a global economic recovery.

The rand was 0.36% stronger at 16.7100 against the dollar at 0645 GMT, its best level since June 11, having gained steadily since opening above the 17.00 mark last Monday. 

The gains have been driven mainly by global…

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