Economy

IMF chief sees $345 billion financing gap for African states

Current commitments from international lenders and official bilateral creditors would cover less than a quarter of the projected needs, and private lending remained limited, leaving the projected $345 billion funding gap, she said.

COVID-19 crisis is pushing us to refocus priorities, says Bank Vice President Quaynor in Global Infrastructure Forum event on infrastructure project preparation

“Never waste a crisis, advised VP Quaynor. “One of the potential positive impacts of this crisis is it’s pushing all of us to really focus priorities. And also make sure that we build quality infrastructure that maximizes the positive impacts to the economy and we also build it to withstand natural disasters, pandemics and epidemics going forward.”

Nigerian, South Korean women to vie for WTO leadership

The WTO, under fire by the U.S. President Donald Trump’s administration which froze its appeals body by blocking its appointment of judges, aims to find a successor for Azevedo by early November. It is also trying to navigate worsening U.S.-China trade relations.

Tesla has a shot at producing 500,000 cars this year, African born Elon Musk says in memo

Last week, Tesla said it delivered 139,300 vehicles in the third quarter, an all-time record for the electric-car maker. The company will have to increase deliveries to nearly 182,000 in the fourth quarter to reach its ambitious year-end target.

More trouble ahead for erratic emerging market currencies – Reuters poll

South Africa's rand ZAR=D3, which has been on a rollercoaster ride since April, is expected to gain nearly 0.5% to 16.5 per dollar in 12 months. The rand's appeal has been enhanced by the lack of alternative high-yielding currencies as growing geopolitical risks diminished the appetite for assets in Turkey and Russia.

World stocks inch to two-week high after Trump leaves hospital

Gold, bonds and the dollar suffered losses amid the modestly improved risk appetite, though Wall Street futures had slipped into the red and oil was losing its strong overnight momentum.

Chevron Nigeria plans to cut 25% of staff after oil price drop

ABUJA (Reuters) - The Nigerian unit of oil major Chevron CVX.N plans to cut its local workforce by 25% to reduce costs, it said...

Analysis – why Ghana is no longer the poster child for African economic reform

Ghana can boast about its successes, but troubling government finances have been the norm, with fiscal slippages regularly occurring in election years.

Top U.S. airlines starting 32,000 furloughs as bailout hopes fade

Earlier, U.S. Treasury Secretary Steven Mnuchin said talks with House of Representatives Speaker Nancy Pelosi had made progress on a bipartisan aid plan, although no deal was reached and Senate Majority Leader Mitch McConnell called a $2.2 trillion coronavirus relief proposal “outlandish.”

Nigeria would privatise NNPC, amend royalties under draft oil reform bill

LAGOS (Reuters) - Nigeria’s long-awaited oil reform bill would privatise the Nigerian National Petroleum Company (NNPC), amend changes to deepwater royalties made...

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