Financial Action Task Force Suspends Russia's Membership
The Financial Action Task Force (FATF), the global financial watchdog, has suspended Russia’s membership in the organization on the first anniversary of the Kremlin’s invasion of Ukraine. T. Raja Kumar, [...]
JP Morgan opens regional office in Nairobi, Kenya
JP Morgan, the largest bank in the United States and the world's sixth-largest bank by total assets, has announced the opening of a regional office in Nairobi, Kenya. Kenya's President [...]M-Pesa Partners with Amazon to Provide Global Remittance Services
M-Pesa, Safaricom's renowned mobile money remittance service, has formed a new strategic partnership with Amazon, the prominent American e-commerce company, to offer worldwide remittance services. In May 2021, Safaricom suggested [...]Startup Wise Guys Secures €25 Million to Invest in Overlooked Markets
Startup Wise Guys, a European startup accelerator, has secured €25 million as a partial closing for its target fund of €45 million, aimed at providing support for B2B SaaS startups. [...]European Union Bans Petrol and Diesel Cars from 2035
On Tuesday, the European Union's lawmakers passed a legislation that imposes an expiry date on the sale of new cars equipped with combustion engines. This effectively prohibits the sale of [...]Zambia Declines China's Request for World Bank to Join its Debt Restructuring
Zambia's Minister of Finance has rejected China's request for the World Bank and other international lending institutions to participate in restructuring the nation's debt. The Minister also stated that any [...]IMF Urges China to Relax Policies as Further as Economy Shows Signs of Recovery
The International Monetary Fund (IMF) has recommended that in 2023, China should redirect government spending towards households, loosen monetary policy, and take additional steps to support the real estate industry [...]
Australia Reveals Plans to Remove the British Monarch Image from its Banknotes
The Reserve Bank of Australia (RBA) announced on Thursday that it has plans to replace the late Queen Elizabeth II's image on its $5 banknote with a design that honours [...]Fed Hikes Interest Rate by 0.25%
The Federal Reserve officials raised interest rates by 25bps following its Jan. 31st -Feb 1st meeting, the smallest adjustment since March. The Federal Open Market Committee (FOMC) decided to increase [...]Global Inflation Projected to Fall to 6.6% in 2023-IMF
International Monetary Fund (IMF) projected global inflation to decrease from 8.8% in 2022 to 6.6% in 2023 and 4.3% in 2024, still higher than the pre-pandemic levels of about 3.5%. [...]IMF Approves $105 Million Food Shock Window to Haiti
The International Monetary Fund (IMF) on Monday approved emergency aid of $105 million for Haiti, which has long been mired in a humanitarian crisis that has been exacerbated by recent [...]Microsoft to Lay Off 10,000 Employees Over Economic Downturn
Microsoft announced that it would lay off 10,000 employees in the coming months due to economic downturn and changing customer priorities. The job cuts will affect slightly less than 5% [...]
