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Africa
| |  | Zambian president: ‘Democracy needs constant attention’ | Writing in The Wall Street Journal, Zambia’s President Hakainde Hichilema says the country’s currency, the kwacha, has appreciated nearly 33% compared to the U.S. dollar and called it one of the best performing currencies worldwide. “When I came into office, the inflation rate was almost 25%. As the rest of the world has struggled with inflation, we have bucked the global trend,” he wrote. Likening democracy to a fruit tree, Hichilema noted his administration has focused on boosting citizens’ rights, press freedom and safeguarding his opposition’s ability to campaign freely. “Yet the Zambian government needs to do more,” he wrote, in order to show that democracy is the best means to attain higher living standards. (Source: The Wall Street Journal) |
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|  | Amid economic troubles, Nigeria’s budget deficit widens | Nigeria’s budget deficit will grow to a more than two-decade high of 5% of the nation’s GDP by year-end, according to financial services firm Fitch Solutions. As Africa’s largest economy, Nigeria is grappling with a depreciating currency, weakening foreign investment, and faltering oil production paired with heavy government spending on fuel subsidies. Energy and food prices are also rising, which means that the government is short on cash at a time when the Nigerian people are in greater need of assistance. Additionally, oil production — which is Nigeria's largest source of revenue — is expected to fall by over 9%, according to Fitch Solutions, due to declining foreign investment and disruptions in production owing to violence between farmers and herders over access to water and land in several Nigerian states. Such violence also threatens the food supply. Nigerian economist Tope Fasua said the country must boost revenue. “I think there are many ways in which we can do this, including taxes, being more efficient, curbing corruption and using IT more efficiently,” he told OZY. In February, Nigerian President Muhammadu Buhari will step down and let the country elect a new leader. |
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Americas
| | | Wells Fargo to shrink mortgage business following scandals | In 2018, Wells Fargo’s then-CFO John Shrewsberry said the bank wanted to be “number one” in the mortgage business. That’s no longer the case. Once the institution behind one in every three U.S. home loans, Wells Fargo has seen its reputation go south in recent years, with revelations that it rejected refinance applications from Black homeowners more often than their white counterparts, and that it rejected Black homeowners at a higher rate than other lending institutions. The firm was also found to have overcharged some customers who locked in low interest rates and, reportedly due to software problems, denied loan modifications for some qualified borrowers, leading to foreclosures. (Source: Bloomberg) |
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| | Argentina rolls out incentives for oil and gas | The government of Argentina has announced new tax benefits for the oil and gas industries in a move it hopes will attract foreign investment and curb inflationary pressure. The incentives were announced by new economy minister Sergio Massa and follow a similar announcement of incentives for the agribusiness and tourism sectors. Massa is under pressure to address Argentina’s growing economic crisis after replacing his predecessor, Silvina Batakis, who lasted just one month before she was sacked by President Alberto Fernández. (Source: Reuters) |
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Asia
| | | China cuts interest rates to boost sagging economy | China’s central bank has cut two important interest rates and poured the equivalent of $59.3 billion into its financial sector to support lending and growth. On Monday, the People’s Bank of China made the move after data showed slowing economic activity in July, including in such areas as real estate, consumer spending and factory output. These setbacks arose largely from COVID-19 lockdowns and from a mortgage crisis in which homeowners have refused to make payments on stalled construction projects. (Sources: The Wall Street Journal, Reuters) |
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| | Singaporean sports media firm considers US stock offering | The Singapore-based sports media firm Group ONE Holdings may launch an initial public offering, or IPO, in the U.S., Bloomberg reports. The firm, which is funded in part by the Qatar Investment Authority and broadcasts worldwide, is behind mixed martial arts brand ONE Championship and online sports retailer ONE Shop. (Source: Bloomberg) |
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