As a key player in the global economy, Africa’s mining industry faces various challenges in 2024. These include economic dependencies, environmental impacts, technological advancements, and geopolitical influences. Economic dependence is a major concern, as many African nations rely heavily on mining. For example, 24 of the 54 African countries depend on mineral products for over […]
Angola's state-owned oil company, Sonangol, has successfully drilled a second evaluation well in the Cuanza Basin's Block 11, named 'KON-11'. This development, announced yesterday, marked the end of drilling activities on December 21. Results from the well indicate a substantial presence of oil across most of the reservoir, greatly enhancing the Tobias field's potential. The […]
In 2023, major U.S. banks reported a wide range of net profits. Bank of America earned $26.5 billion, slightly less than in 2022, showing a 3.6% decrease. However, its total revenue grew by 3.8%, reaching $98.6 billion. JP Morgan stood out with a remarkable net income of $49.6 billion, a 31.6% increase from the previous […]
In 2023, Brazil's central government, including the National Treasury, Social Security, and Central Bank, faced a significant fiscal challenge. The Institute for Applied Economic Research (Ipea) reported a primary deficit of R$ 234.3 billion ($48 billion). Without the payment of court-ordered debts (precatórios), this deficit would be R$141.2 billion ($29 billion). The primary result, which […]
BlackRock, a global asset management leader, has announced a significant acquisition of Global Infrastructure Partners (GIP) for $12.5 billion. This move positions BlackRock at the forefront of investments in energy, transportation, and infrastructure. The deal, set to close in the third quarter, involves BlackRock paying $3 billion in cash and issuing about 12 million shares. […]
Maersk, a major logistics and shipping company, has announced a change in its route due to low water levels in the Panama Canal, one of the world's key maritime trade routes. The Danish company reported that the reduced water levels have led to fewer ships passing through the canal. Consequently, Maersk is opting to reroute […]
2023 marked a year of unprecedented growth in Caribbean tourism, with a significant increase in visitors seeking serene beach vacations. Among the most rapidly growing destinations, the Dominican Republic and Costa Rica stood out, with both predicting 2024 to be their most successful year yet. The Dominican Republic led the growth, with a 14% rise […]
In 2023, Brazil set a new record in exports, reaching $339.7 billion. This achievement highlights the country's economic growth. China, with its high demand for commodities, played a key role in this success. Brazil's exports to China accounted for 30.7% of its total exports. This is a significant increase compared to a decade ago when […]
Barcelona clinched a final spot in the Supercopa de España, defeating Osasuna 2-0 last Thursday. This win sets up a crucial match against Real Madrid on Sunday. In Riyadh, Saudi Arabia, goals by Robert Lewandowski and substitute Lamine Yamal sealed the deal for Barcelona. Real Madrid secured their final spot by winning against . . […]
Tesla will stop most car production at its European factory for two weeks. This pause will start on January 29 and run until February 11 due to supply chain problems caused by the Red Sea conflict. The company’s Berlin plant, which makes the Model Y SUV, faces disruptions as suppliers change their transport routes. While […]
U.S. banking leaders, such as JPMorgan and Bank of America, are ready to announce their quarterly earnings. This is pivotal as it shows how they've managed the challenges of rising interest rates and past regional bank failures. These reports could reveal much about the U.S. financial sector's stability. Recently, there's been a noticeable increase in […]
In 2023, China experienced its first export decline since 2016, a 4.6% drop to $3.38 trillion, indicating weak global demand and domestic economic challenges. The reduction was particularly noticeable in exports to the U.S., which fell by 13%. European Union and Southeast Asian countries also imported less from China. However, China’s trade with Russia was […]
In 2023, more Russians visited Cuba than before the pandemic, showing a big rise in travel from Russia. Over 185,000 Russian tourists went to Cuba in 2023. This number was higher than the 178,000 who visited in 2019. Tour operators like Pegas Touristik helped make this happen. They worked with Nordwind Airlines to offer trips […]
The Brazilian Navy has increased its efforts against arms and drug trafficking in major ports to block organized crime. Working alongside the Armed Forces and Police, this operation, "Public Order Guarantee (GLO)," actively targets smuggling hubs and will continue until May 3. This mission involves patrolling and inspecting the ports of Rio de Janeiro, Itaguaí, […]
The National Confederation of Trade in Goods, Services, and Tourism (CNC) reports an increase in Brazilian household debt from November to December 2023. However, there was a small decrease in the number of late payments. 2023 was the first year since 2019 to see a drop in yearly debt. Still, as the CNC's Consumer Indebtedness […]
US inflation in December 2023 surpassed forecasts, mainly driven by escalating housing prices, according to the Labor Department’s CPI report. The Department’s CPI, a critical measure of inflation, rose by 3.4% in December compared to the same month in the previous year, exceeding November’s figure. From November to December, the CPI saw a 0.3% monthly […]
In 2023, rental prices in Brazil's major cities soared, as shown by the latest QuintoAndar Imovelweb Rental Index. This report, released on Friday, highlights Belo Horizonte's remarkable growth. Here, the cost of renting per square meter jumped by 22.8%, reaching R$ 33.73. Yet, São Paulo still had the highest rental costs, averaging R$ 59.82 per […]
On Friday, the US and UK bombed Houthi rebels in Yemen in response to threats against ships in the Red Sea and tensions related to the Israel-Hamas conflict. The Houthis, who oppose Israel and get Iran’s support, control parts of Yemen. The US and UK say they attacked military sites in Yemeni cities, including Sana’a […]
Pablo Camacho from Bolivia’s National Chamber of Industries and José Pakomio from Chile’s National Chamber of Commerce recently expressed serious concerns. They noted a shift in smuggling from simple illegal acts to complex transnational crimes. This was discussed at the South American Chambers of Industry and Commerce meeting in Santiago, Chile. Leaders from Argentina, Chile, […]
On Thursday, Peru’s Central Reserve Bank cut its benchmark interest rate to 6.50%, down 25 basis points from December’s 6.75%. The bank’s “Monetary Program January 2024” report states this cut doesn’t mean ongoing rate reductions. Future changes will rely on fresh inflation data. This decision follows the twelve-month inflation rate’s drop from 3.6% in November […]
Argentina’s Central Bank today announced the release of new 10,000 and 20,000 pesos banknotes in June to combat inflation. The current highest note, 2,000 pesos, is worth about 2.45 U.S. dollars. These new notes will make transactions easier and reduce costs in the financial system. The bank reused existing designs to save resources. The 10,000 […]
On Thursday, Brazil's stock index, following Wall Street's slight downturn after inflation data releases, closed down by just 0.08% at 130,732.94 points. Investors closely watched the U.S. consumer price index figures, which unexpectedly rose by 0.3% in December. This acceleration from November led to a 3.4% increase in annual inflation. Economists had predicted a smaller […]
Argentina recorded an unprecedented annual inflation rate of 211% in 2023, a peak not seen since the early 1990s. Authorities released this data on Thursday. President Javier Milei, who took office in December, is focusing on strict austerity to combat this hyperinflation. The inflation rate for December was 25.5%, just below what was predicted. This […]