In early April, Zimbabwe launched a new currency called Zimbabwe Gold (ZiG), fully backed by gold and foreign reserves, aiming to replace the US dollar within two years. President Emmerson Mnangagwa announced this at an event, predicting ZiG’s nationwide acceptance soon. Backed by 100 tonnes of gold and $100 million
Egypt’s economic woes worsened under President Abdel Fattah el-Sisi, whose ambitious $300 billion New Administrative Capital project has exacerbated poverty and inequality. Sisi’s regime faces a severe debt crisis, forcing austerity measures that disproportionately burden the poor while enriching military elites and their allies. Despite massive investments in mega-projects, Egypt’s
Discover how the US and India are reshaping global tax policies with their groundbreaking digital tax extension agreement! Uncover the reasons behind this pivotal decision and how it could affect tech giants and everyday consumers alike. Dive into the details of the negotiations and learn why this move is causing
Finance expert Henry C. Johnston debunks rumors about a supposed U.S.-Saudi oil contract expiring, which some claimed would spell the end of the petrodollar system. Instead, he explains that the real shift is happening due to new economic alliances among BRICS nations, especially China, Russia, and India, who are trading
Japan has appointed Atsushi Mimura as its new top foreign exchange diplomat amid the yen’s plunge to a 38-year low against the dollar, sparking anticipation of imminent market intervention. Mimura, a veteran in financial regulation, replaces Masato Kanda, who recently led record-breaking yen-buying efforts. As the yen slid to ¥161
The Dangote Refinery, Africa’s largest, has finally started producing fuels after years of delays but now faces accusations from senior officials that international oil companies (IOCs) are deliberately obstructing its operations. According to Devakumar Edwin, a vice president at Dangote Industries Limited, these IOCs are demanding exorbitant premiums for locally
Nairobi has erupted into chaos as angry Kenyans protest harsh new taxes and an eco-austerity program, leading to the burning of the parliament building. Lawmakers escaped through a tunnel after voting to pass the controversial Finance Bill 2024, which raises prices on essential goods like diapers and electronics. The situation
America’s massive $28 trillion debt threatens its global power, echoing past empires like Rome, Spain, France, and Britain, which crumbled under similar financial strains. America is sailing into dangerous waters of debt, with the government racking up trillions in borrowed money while the public and politicians seem strangely unfazed. Both
On Wednesday, India approved a $9.1 billion greenfield port in Vadhavan, Maharashtra, potentially revolutionizing global trade routes from Mumbai to St. Petersburg with a state-of-the-art facility. India has announced the approval of an ambitious $9 billion mega port linking India with Russia via Mumbai and St. Petersburg. This colossal new