[ Ethiopia’s Bold Economic Reforms Eases Foreign Exchange Curbs Ethiopia, the second most populous country in Africa, is making significant strides towards economic reform as it eases foreign exchange curbs in an effort to stabilize its struggling economy. The move comes as the country faces mounting financial challenges aggravated by armed conflicts, the COVID-19 pandemic, and climate shocks. To address these issues, Ethiopia has sought a multibillion-dollar bailout, with the International Monetary Fund (IMF) recently approving a $3.4-billion loan programme to support the country’s reform efforts. The historic decision by the National Bank of Ethiopia to allow a competitive market-based…
Author: BRICS+ News Services
Egypt Institutes Major Economic Reforms Amid Currency Crisis, Eyes IMF Deal Egypt’s central bank has taken decisive steps to address the country’s ongoing economic challenges, amidst a severe foreign currency shortage. As announced, the Egyptian pound experienced a significant devaluation, trading at roughly 50 to the dollar from a prior rate of 30.85. The central bank also raised the key interest rate to 27.25%, underscoring its commitment to economic orthodoxy. These moves indicate a turning point and potentially set the stage for an imminent deal with the International Monetary Fund (IMF). James Swanston, an economist specializing in the Middle East…
Comprehensive T20 World Cup 2024 Coverage: Stats, Live Commentary, and Expert Analysis As the excitement builds up for the T20 World Cup 2024, Crickit is expanding its coverage to offer a more comprehensive and in-depth look into the tournament. Our enriched data pool features an array of detailed statistics, player profiles, points table standings, top performers, and historical data of the competition, providing cricket enthusiasts with everything they need to stay informed. Unrivaled Live Commentary and Match Coverage Fans can experience the thrill of the T20 World Cup 2024 like never before. Crickit will provide live commentary and match coverage,…
Title: Ukrainian Cyberattack Targets Russia’s Central Bank Amid Ongoing Tensions In a dramatic escalation of the cyber warfare that has paralleled the physical conflict between Ukraine and Russia, Ukrainian hackers have reportedly targeted Russia’s central bank. This attack represents the latest high-stakes move in the ongoing geopolitical struggle between the two nations. Background of the Conflict The roots of the current cyber conflict can be traced back to 2014, when Russia annexed Crimea, leading to a series of sanctions and international condemnations from Western nations. Since then, Ukraine has been at the forefront of a hybrid war where both traditional…
Elm Consultant Reflects on One-Year Milestone and Firm’s Impact on Career Development By [Your Name] In a recent interview, Saleh Alsultan, who recently marked his one-year milestone at Elm, shared insights into his experiences during his first twelve months in the Management Consulting business and discussed how the firm has laid a strong foundation for his burgeoning career. Training Program Experience Alsultan began his career at Elm by completing a rigorous Training Program within the Management Consulting department. Reflecting on this period, he described it as transformative, highlighting the program’s structured learning, hands-on experience, and mentorship. “The program equipped me…
The US and BRICS: Diverging Paths in the Digital Currency Race In a surprising and headline-grabbing move, former President Donald Trump made an appearance at the Bitcoin Conference 2024, where he articulated the potential of Bitcoin to function as a reserve currency. This stance signals a noteworthy shift in US strategy concerning digital assets, given Trump’s renewed focus on the cryptocurrency sector amid his re-election campaign gaining momentum. As he called for American leadership in the digital currency realm, the implications for global economic dynamics and the US dollar were laid bare. Trump’s Bold Bitcoin Proclamation Donald Trump has previously…
Early Friction in South Africa’s New Coalition Government as DA Takes ANC to Court In a surprising turn of events, South Africa’s Democratic Alliance (DA) has taken legal action against its coalition partner, the African National Congress (ANC), over a preelection speech given by President Cyril Ramaphosa. This legal dispute marks an early sign of tension within the newly formed coalition government. Background Context The legal case dates back to a speech delivered by Ramaphosa in May, just three days before South Africa’s national elections. At the time, the DA accused President Ramaphosa of using his presidential address to campaign…
Iran and The Gambia Restore Diplomatic Relations After High-Level Negotiations In a significant move towards strengthening international ties, the Islamic Republic of Iran and the Republic of The Gambia have officially announced the resumption of diplomatic relations as of July 29, 2024. This development marks a new chapter in the relationship between the two nations, following a series of high-level meetings and negotiations. The decision to renew diplomatic relations comes on the heels of an important visit by Gambia’s Foreign Minister, Mamadou Tangara, to Tehran. During his visit, Tangara engaged in extensive talks with Iranian officials, laying the groundwork for…
From Floods to Fire: Brazil’s Battle Against Climate Change Brazil, known for its breathtaking landscapes and biodiversity, now finds itself on the frontlines of a climate crisis. The country is grappling with severe environmental challenges, ranging from devastating floods to raging wildfires, illustrating the escalating impacts of global climate change. A Nation Underwater In recent months, Brazil has faced unprecedented rainfall, particularly in its southeastern regions. In January 2023, the cities of Belo Horizonte and São Paulo were inundated with torrential downpours, leading to catastrophic floods. Entire neighborhoods were submerged, and emergency services struggled to cope with the rising waters.…
Hong Kong Stock Market Drops Amid Concerns Over China’s Manufacturing Sector Hong Kong stocks faced a downturn on Tuesday as investors anticipated disappointing data from China’s manufacturing sector, stoking fears of a deeper economic slowdown. The Hang Seng Index fell 1.2% to 17,023.75 by mid-morning, wiping out much of the previous day’s gains. In parallel, the Tech Index dropped 1.4%, and the Shanghai Composite Index hit a six-month low, declining 0.7%. The drop in Hong Kong’s stock market is part of a broader regional trend, with major Asian markets also experiencing losses. Japan’s Nikkei 225 dipped 0.5%, Australia’s S&P/ASX 200…