Sunday, April 28, 2024

Business

Banking & Finance

Giants in Africa compete for economy

Africa (Commonwealth) _ As to the IMF's prediction, which can be found in the East African magazine, Kenya's GDP is expected to surpass Angola's and sustain that status until 2029. On the other side, Nigeria will soon lose its position as the second-biggest economy in Sub-Saharan Africa to Ethiopia, which now has the largest economy in East Africa.Ethiopia's GDP was less than Kenya's in 2020, but it expanded more quickly, reaching $159.74 billion (Sh21.165 trillion) in 2023. Kenya's GDP was projected to reach $108.9 billion (Ksh15.14 trillion) in 2022, up from $113.7 billion (Ksh13.37 trillion at the time).According to...
Banking & Finance

Singapore loses interests of multinational companies

Suraj Atapattu -
Singapore (Commonwealth) _ According to international media, multinational companies are moving part of their Southeast Asian regional headquarters operations outside of Singapore in order to save money and take advantage of new prospects. This February, the Japanese printing ink manufacturer Sakata Inx opened a regional headquarters in Malaysia. With activities starting in late 2024 or early 2025, the regional headquarters will manage business across South and Southeast Asia, including Vietnam,...
Banking & Finance

Sri Lanka rejects bondholders’ proposal

Suraj Atapattu -
Sri Lanka (Commonwealth) _Rejecting the request of foreign bondholders to restructure over $12 billion in debt, Sri Lanka on Tuesday delayed its efforts to end a two-year financial crisis and jeopardized vital help from the International Monetary Fund.The administration stated in a statement that the two primary reasons the deal was not reached were some of the "baseline" evaluations included in the proposal and the absence of a backup...
Banking & Finance

Ireland in need of healthcare workers

Suraj Atapattu -
UK (Commonwealth) _ According to study conducted by the Economic and Social study Institute (ESRI), for every 1,000 new dwellings created in the Republic, one to two general practitioners (GPs) and five hospital beds with full staffing are needed. Accordingly, the 250,000 houses that Taoiseach-designate Simon Harris has promised to build over the next five years will need the installation of 1,250 hospital beds and 375 general practitioners. To make...
Banking & Finance

London to be the new AI hub

Suraj Atapattu -
UK (Commonwealth) _ Microsoft announced plans to establish a new artificial intelligence (AI) facility in London with a focus on research and product development.Mustafa Suleyman, a London-born cofounder of Google DeepMind whom Microsoft hired last month, will serve as the unit's leader. As the main investor in the company that created ChatGPT, OpenAI, Microsoft is a global leader in this quickly evolving field.But during the past 18 months, competition...
Banking & Finance

Online banking collapses  

Suraj Atapattu -
UK (Commonwealth) _ Hundreds of thousands of clients of Bank of Ireland are presently unable to use its mobile banking services. "At this time, our mobile banking is not accessible. We sincerely apologize to our customers for the inconvenience. This is a top priority for us, the Bank of Ireland tweeted.The bank responded to a consumer by saying that physical card transactions are unaffected by the interruption. An error...
Banking & Finance

Great wealth transfer  

Suraj Atapattu -
 Global (commonwealth) _ The first wave of "the great wealth transfer" saw all billionaires under the age of 30 inherit their riches. Over 1,000 affluent individuals are anticipated to pass on more than $5.2 trillion (£4.1 trillion) to their heirs over the next 20 years.  The number of billionaires has increased to 2,781 and is anticipated to increase further as an older generation prepares to pass on their wealth to...

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