Microsoft, G42 launch $1 billion digital ecosystem initiative for Kenya

Initiative includes building state-of-the-art data center campus in Olkaria, Kenya

African Development Bank Group to launch 2024 African Economic Outlook on May 30

Africa's transformation is crucial for the continent to catch up with other regions globally

IMF maintains Nigeria growth forecast at 3.3 percent in 2024, inflation to decline to 24 percent

Potential shocks to agriculture, global food prices and oil production remain a risk to Nigeria's growth

Kenya’s private sector business conditions stabilize in April as price pressures mostly ease: PMI

Kenya's private sector 12-month outlook rebounds as business confidence strengthens

UAE’s AD Ports secures 20-year agreement to operate, upgrade Angola’s Luanda terminal

AD Ports Group acquires 90 percent stake in joint venture to serve the broader logistics market in Angola

Africa’s $824 billion debt burden, loans undermine its economic potential: ADB president

Eurobond debt now accounts for 44 percent of Africa's total debt

Bank of Japan to reduce government bond buying

The central bank decided to outline its plan to reduce buying for the next 1-2 years in its July meeting

South Korea’s hydrogen-powered FCEV exports plunge 74.2 percent in first five months of 2024

Last month, the country's exports of hydrogen-powered FCEVs dropped to zero

China pledges $20 million to UNCTAD to boost sustainable development efforts

The contribution is aimed at supporting the implementation of the UN's 2030 Agenda for Sustainable Development

Japan’s economy contracts by 1.8 percent in Q1 2024, slightly better than expected

Nominal GDP increased at an annualized rate of 0.1 percent, slower than the previously reported 0.4 percent

China’s natural gas YoY consumption surges 11.9 percent to 143.73 billion cubic meters in January-April period

In April alone, consumption rose by 11.8 percent compared with the same period last year to total 35.46 billion cubic meters

EU to impose up to 38 percent in tariffs on Chinese battery electric vehicles

The EU will start applying provisional tariffs on imported Chinese electric vehicles by July 4

ECB shouldn’t rush or delay future interest rate cuts: Bank of France governor

France central bank governor calls on governments and regulators to boost capital markets union to help close investment gap

EU tourism sector surges with 7 percent increase in overnight stays in Q1 2024

Foreign visitors accounted for around 45 percent of all overnight stays in the EU

ECB cuts interest rates for the first time since 2019, down to 3.75 percent from 4 percent

Eurosystem staff now see headline inflation averaging 2.5 percent in 2024, 2.2 percent in 2025, and 1.9 percent in 2026

Why the European economy is not fully out of the woods yet

GDP growth rate is matching that of the US, but long-term structural problems need to be addressed

Eurozone manufacturing production declines at slowest extent in over a year, says PMI

Greece retained the top rank despite growth declining to a four-month low

Saudi Arabia

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Exclusive interview with Chris Newman, Executive Director, NEOM Hotel Development

With 95% of the land protected for nature, NEOM offers incredible biodiversity

United Arab Emirates

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Apple’s iPhone sales jump 52 percent in China during April 2024

Shipments of foreign-branded phones in China increased by 52 percent in April 2024 to 3.495 million units

U.S. annual inflation slows to 3.4 percent in April, monthly CPI up 0.3 percent

The main drivers of the CPI increase were the rising costs of shelter (up 0.4 percent) and gasoline (up 2.8 percent)

Exclusive Interview with Sheikha Bodour bint Sultan Al Qasimi, leading Sharjah to new horizons

City renowned for being people-centric, entrepreneurial, sustainable and culturally vibrant

Maha AlQattan on DP World Group’s sustainability strategy: ‘Our World, Our Future’

Innovation and digitalization are key to decarbonization initiatives

Paul Griffiths, CEO of Dubai Airports, eyes massive expansion

Plans to improve capacity and service levels at DXB

United States

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U.S. producer prices decline 0.2 percent in May

Data reveals 4.8 percent decline in energy index and 0.1 percent decline in food prices

U.S. trade deficit rises 8.7 percent to $74.6 billion in April

Exports saw a slight 0.8 percent increase to $263.7 billion with goods exports rising to $172.7 billion

Tesla CEO Elon Musk may leave if $56 billion package not approved, writes chairperson

Robyn Denholm recounts how Musk was instrumental in turning around Tesla’s fortunes

U.S. services sector expands in May on higher business activity, faster new orders growth: Report

Employment remains a challenge with the index contracting for the fifth time in six months

U.S. economic growth in Q1 revised down to 1.3 percent, but consumer spending stays strong

Q1 GDP growth was a sharp slowdown from Q4 2023's 3.4 percent pace

U.S. banks’ profits surge 79.5 percent to $64.2 billion in Q1 2024

Non-interest income of U.S. banks saw a 15.2 percent increase, up $10.3 billion


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World Bank launches $200 million bond to fund Amazon reforestation efforts in Brazil

The principal-protected bond will provide financing for reforestation initiatives selected by the Brazilian startup Mombak

Brazil to be 8th largest economy as it gears up to host COP30 climate conference in 2025, says President

The Brazilian leader also noted that country's GDP grew by 2.5 percent in the last 12 months

Google introduces new AI-powered anti-theft features for Android in Brazil

Brazilian Android users with compatible devices will be able to access a beta version of these features

BRICS actively working on national currencies’ payment platform, says Russian FM

BRICS meeting to discuss international relations, conflict resolution and interaction in leading multilateral platforms

Bank of Canada lowers key interest rates to 4.75 percent, marking first cut in four years

Inflation in Canada declined this year to a three-year low of 2.7 percent in April

Australia’s trade surplus recovers to $4.34 billion in April as imports fall 7.2 percent

Exports fell 2.5 percent driven by a decline in metal ores and minerals exports