On Monday, The Reserve Bank of Zimbabwe announced the move, disbursing 2,000 coins to commercial banks. In an effort to curb inflation, Zimbabwe has launched gold coins to be sold to the public. One Mosi oa Tunya was priced at $1,824 at the time of the introduction. According to the central bank, the Mosi-oa-Tunya coins, which refer to Victoria Falls in the Tonga language, will be a liquid asset, which can easily be converted into cash and traded locally and internationally. It will take 180 days from the date of purchase for holders to be able to trade the certificates for cash. Accord
The European Central Bank E.C. B increased its key interest rate by 50 basis points to 0 percent on Thursday, a higher than expected move. Christine Lagarde, the bank’s president, also brought in a new measure aimed at countries’ differential borrowing costs, a growingly worrying problem for the eurozone. As consumer prices across Europe went sky-high at the fastest rate in decades, officials in Frankfurt took a significant step to tame rapid inflation amid rising concerns over an economic slowdown. The E.C. B joins many other central banks in focusing on runaway inflation, which is la
On Wednesday, the UN summit starts action for development in Africa, focusing on advancing the 2030 agenda for sustainable development and the African Union Agenda 2063. According to General Assembly President Abdulla Shahid, the UN and the international community view the sustainable development of Africa as a "priority," yet collective effort has frequently failed to deliver on its promises. He said, "Despite being rich in natural resources and with enormous untapped economic and social potential, Africa still faces challenges in realizing the sustainable development goals." He implor
The United Arab Emirates' economy uplifted by an estimated 8.2% in the first quarter, supported by higher oil production, the central bank said on Wednesday. The central bank said that the real gross domestic product (GDP) is expected to grow 5.4% this year and 4.2% in 2023, the central bank said. There was a strong possibility of economic growth due to the boost in oil production and a government vow to expand the size of the manufacturing sector by two times, by 2031. Hydrocarbon GDP went up about 13% in the first quarter when the average oil production was 2.95 million barrels per da
The Democratic Republic of Congo expanded its oil and gas permits up for auction this month. It will now offer 27 oil blocks and three gas blocks, just about double as many as earlier decided, in a licensing round next week, the hydrocarbons ministry said on Monday. Congo, a foremost miner of copper, cobalt, gold, and diamonds, has since long focussed to augment its oil sector and is believed to have fairly large reserves. The Output hasn't been much for many years, standing at about 25,000 barrels daily because of insufficient investment. Kinshasa had initially planned to auction
Prime Minister Narendra Modi urged industries to come up with local innovative solutions. He aims to reduce the dependency on imports and said that soldiers can achieve an edge on the battlefield only via indigenous efforts. During the past 4-5 years, India's defense import bill has been reduced by over 21%, and it is on its way to becoming a major weapons exporter. The PM challenged the industry and forces to be prepared for the challenges of the future. He said this was made possible due to the energetic involvement of the private sector and startups. While addressing the naval semina
On Thursday, Asia’s richest man Gautam Adani bought a controlling stake in Israel’s Haifa Port for more than 4 billion shekels which is a crucial trade hub on the country’s Mediterranean coast. Along with his local partner chemical and logistical giant Gadot, the industrialist won the contract on July 14th for the privatization of the port. The bis were initially placed for 4.1 billion shekels ($1.18 billion). According to the reports, Israel hopes Gadot and Adani's deal will lower import prices and shorten wait times at Israeli harbors, according to the agency. The tender process ha
On Saturday, US President Joe Biden is likely to announce $1 billion in assistance for food and security in the Middle East and North Africa. Biden is expected to announce the framework for a meeting in Jeddah. The meeting with the leaders of the GCC+3 will include the heads of Saudi Arabia, Kuwait, Oman, Qatar, and Bahrain, along with the leaders of Iraq, Jordan, and Egypt. In addition to arranging bilateral discussions with other leaders, Biden aims to improve regional cooperation against Iran's rockets, drones, and missiles and against its proxies, as well, such as the Houthi rebels
On Friday, India's exports to the United Emirates of Arab rose by 16.22% to $837.14 million from May to June this year post the signing of the CEPA. A total of $135.27 million and $185.78 million in plain gold jewelry were shipped in the months of May and June, respectively. The Comprehensive Economic Partnership Agreement (CEPA) pact covers domestic exporters from various sectors like agriculture, gems, jewelry, and dry fruits that are getting duty-free access to the UAE market. The total for the previous year was $72.31 million following the introduction of the free trade agreement. A
Gem and jewelry exports to the United Arab Emirates (UAE) have shone post the implementation of the Comprehensive Economic Partnership Agreement (CEPA) between the two countries from May 1. Plain gold jewelry exports increased 72% year-on-year in May to Rs 1,048.40 crore and 68.65% in the following month to Rs 1,451.58 crore. 80% of India's plain gold jewelry exports and 20% of studded jewelry exports are to the UAE. The government has fixed a target for comprehensive goods export of $45.7 billion for the gem and jewelry sector for 2022-23, a surge of $40 billion from the last fiscal.