Financial institutions that dominate the $9.6 trillion currency market should hold the necessary liquidity and capital buffers and run enhanced stress tests to prevent disruptions to the financial system, according to an International Monetary Fund report released on Tuesday. “Although stress testing and systemic risk monitoring have advanced, the role of FX markets as a […]
Elon Musk on Wednesday reportedly became the first person in history with a net worth of $500 billion. The Tesla and SpaceX CEO’s fortune crossed the half-trillion mark around 3:30 p.m. ET, putting him about $150 billion ahead of Oracle co-founder Larry Ellison, the world’s second-richest person. Musk’s wealth has skyrocketed from $24.6 billion in March 2020 […]
Declining revenues from oil and gas amid lower prices this year have prompted the Algerian government to consider a bond issue to raise the equivalent of $2.3 billion. Algeria’s government plans a seven-year Islamic bond issue, the so-called sukuk, of 297 billion Algerian dinars, or $2.3 billion, broadcaster Asharq TV reports. The issue will be […]
Japan’s finance ministry said on Friday that it will set up an investment facility at a state-owned development bank to support a US$550 billion (RM2.32 trillion) investment package agreed in Tokyo’s tariff deal with Washington. Japan and the US signed a memorandum of understanding on the details of the package this month, stating it would […]
Botswana’s President Duma Boko says his government is aiming to finalise a deal to acquire majority control of De Beers by the end of October, even as talks continue with Anglo American Plc and other interested buyers. Anglo, which owns 85% of the diamond giant, is seeking to divest its stake as part of a […]
The Uzbekistan President, Shavkat Mirziyoyev has signed a decree for the country’s accession to the Eurasian Development Bank (EDB), with the country purchasing 777,777 shares in the EDB’s charter capital with a nominal value of US$1,000 each. Of these, 168,411 shares (21.7%) are paid-in, and 609,366 shares (78.3%) are to be paid upon demand. The total investment […]
He blamed weak rule of law, crushing debt burdens, and predatory “vulture funds” exploiting fragile legal systems for the crippling gap. Speaking to over 1,200 lawyers, judges, and officials at the Kenya Law Society’s Annual Conference in Diani, Adesina linked Africa’s economic struggles directly to governance failures. He described how vulture funds buy discounted national […]
Executive Co-Chair Robert Friedland and President and Chief Executive Officer Marna Cloete announce today a US$500 million investment from Qatar Investment Authority (QIA), the sovereign wealth fund of the State of Qatar. In accordance with the investment, Ivanhoe Mines will issue 57,516,666 common shares to QIA by way of a private placement at a price […]
The world needs to spend some US$540 billion (RM2.27 trillion) a year looking for oil and gas to maintain current output by 2050, according to the International Energy Agency (IEA). While global spending is likely to hit US$570 billion this year, the amount would be down slightly from 2024, Christophe McGlade, head of the IEA’s energy supply […]
Elon Musk bought on Friday shares in Tesla worth about $1 billion, a regulatory filing showed on Monday, just over a week after Tesla’s board proposed an unheard of $1-trillion pay package for the Tesla CEO if the EV maker reaches major production, innovation, and market capitalization goals. Musk bought the Tesla shares indirectly through a revocable […]