Economy

The shoeshiner who ‘earns more than a civil servant’

BY KALAHAN DENG Idris, 21, has been in the shoeshine business in Nigeria for three years now.He roams around a suburb of the capital, Abuja, in search of customers, offering to repair or polish shoes.   Idris has not had any formal education, but he does not regret this. He says he earns about $5 (£4) a day, and adds ...

What will Donald Trump’s victory mean for the economy, businesses, and financial markets?

Healing The Divide Christos Makridis, PhD candidate in labor and public economics, Stanford University In the past few months, economic policy uncertainty has been higher than it has been in the country’s history, marginally surpassing the uncertainty associated with the Great Recession, September 11, 2001, and even the Great Depression. The United States faces a number of fundamental challenges: entitlement ...

Trump does not land America and the world in a serious new conflict or a global depression

From late January, Donald Trump will have all the authority of the American executive, and the support of a unified Republican Congress, behind him. He will, therefore, be in a position to deliver profound and lasting change. The near-term economic effect of a Trump presidency is perhaps not of foremost concern to vulnerable racial and religious minorities in America, or ...

An Egyptian investment bank, said Egypt is on the verge of devaluing its currency, the Egyptian pound

Egypt says it has found an alternative for fuel imports after Saudi Arabia abruptly decided to halt shipments of fuel as an expression of its displeasure over an Egyptian vote in the UN this week. In that vote, Egypt voted in favor of separate Russian and French draft resolutions on Syria in the UN Security Council. That resolution has led to ...

From Cars to Confectionery: Australia’s Manufacturers Revamp Business

“Optimism in innovation is really gaining momentum,” says National Australia Bank CCO. For autoparts maker Brian Hughes, the shock of Australia’s car industry closing down could have meant the end of his business. Instead, he reconfigured his facility to make machinery for the booming food and building sectors while bolstering exports. He’s not alone. As Toyota Industries Corp, General MotorsCo, ...

Qatar’s New Boeing Jetliner Orders Cap An Incredible Aviation Shopping Spree

Anyone who hangs out on Rodeo Drive or Sloane Square knows that Arab Gulf citizens love to shop in Western luxury retail chains. Apparently, Qataris also like to shop at Boeing.  Friday’s Boeing jetliner orders give the company clear dominance in this dollar-rich aerospace market.   Qatar Airways placed firm orders for 30 787-9s and ten 777-300ERs.  In addition, Qatar signed ...

Asia Soaks Up Iran’s Post-Sanctions Oil

Asian nations are stepping up their purchases of Iranian oil, underscoring Tehran’s deepening energy ties with the region amid a slow rapprochement with European crude buyers. China, India, Japan and South Korea are among big Asian oil consumers that have sharply boosted their imports of Iranian crude this year. China and India are looking to further lock down Iranian supply, ...

As economic hardship bites, firms deduct staff allowances in Oman

Muscat: In addition to short-term contracts, salary cuts, freeze on increments, companies are also forcing their employees to move to cheaper rent apartments as part of the ongoing cost-cutting measures resulting from poor economic conditions.A senior official from an automobile company in Muscat, which employs hundreds of engineers and salesmen, said many mid-level employees are in a fix for the last ...

Ethiopia Could Overtake Kenya This Year As Top East African Economy

Ethiopia’s economy is expected to overtake Kenya’s this year, buoyed by massive government spending on infrastructure that has kept the Horn of Africa nation on the list of the world’s fastest-growing economies in the past 10 years. The International Monetary Fund’s latest statistical estimates indicate that Ethiopia’s gross domestic product is forecast to grow from $61.62 billion in 2015 to ...

Spain may grow more than 3.1 percent in 2016; will miss 2017 deficit goal

Spain’s economy may grow by more than 3.1 percent in 2016, up from the current official target of 2.9 percent, despite political deadlock, acting Economy Minister Luis de Guindos told reporters in Washington on Saturday. “My understanding is that we will beat this forecast, the accurate (figure) will be better than the forecast from the International Monetary Fund,” De Guindos ...