The International Finance Corporation (IFC) has announced an equity investment of $50 million in Lagos Free Zone Company to support the expansion of the Lagos Free Zone (LFZ). The funding will be channelled into the first phase of the 860-hectare territory and is expected to help bridge infrastructure gaps, attract both local and international businesses, […]
Saudi Arabia’s Tadawul All Share Index ended Sunday’s trading in green, as it gained 35.56 points or 0.29 percent to close at 12,469.14. The main index witnessed a total trading turnover of SR4.70 billion ($1.25 billion), with 94 stocks advancing and 134 retreating. Saudi Arabia’s parallel market Nomu also gained 28.38 points to close at […]
The Saudi Arabian Mining Co., or Ma’aden, priced its $1.25 billion debut sukuk, oversubscribed by 9.2 times, with demand exceeding $11 billion for the five and ten-year tranches, according to an official statement. In a bourse filing, the company said it had completed the sukuk issuance through US dollar-denominated trust certificates, adding that they will […]
After targeting federal agencies like USAID and the General Services Administration, Elon Musk’s Department of Government Efficiency is about to take on the Pentagon, according to President Donald Trump. In a Super Bowl interview, Trump told Fox News that once DOGE digs into the Education Department, the Defense Department—which has an $850 billion budget—will be next. […]
President Donald Trump said he will announce on Monday that the United States will impose 25% tariffs on all steel and aluminum imports, including from Canada and Mexico, as well as other import duties later in the week. Trump also reaffirmed that he would announce “reciprocal tariffs” — “probably Tuesday or Wednesday” — meaning that the […]
He spent 30 years at powerhouse investment bank Goldman Sachs, where he rose to partner before “retiring” in 2004. In 2006, he became undersecretary of the US Treasury under President George W. Bush and helped prepare the government’s response to what became the biggest financial crisis since the Great Depression. He stepped in as CEO of troubled bank […]
The unbanked share of U.S. households fell to 4.2% last year, the regulator said in its biennial survey. But racial disparity persists: 32.3% of unbanked households are Black and 33.4% are Hispanic. The proportion of unbanked households in the U.S. continued to decline last year, to 4.2%, or 5.6 million households, according to the Federal […]
Africa Finance Corporation (AFC), the continent’s leading infrastructure solutions provider, has successfully closed a $400 million Shariah-compliant Commodity Murabaha facility, marking its strategic return to the Islamic finance market for the first time in eight years. This milestone reflects AFC’s commitment to diversifying funding sources while expanding access to ethical and sustainable financing to meet […]
X Transfer, a cross-border trade payment platform, and Ecobank Group, a pan-African financial services provider, have signed a Memorandum of Understanding (MOU) to roll out comprehensive cross-border financial services to Africa’s small and medium-sized enterprises (SMEs) engaged in foreign trade. The collaboration will facilitate trade between China and African countries. In recent years, China and […]
ACLEDA, pronounced “A-C-Leda”, is short for the “Association of Cambodian Local Economic Development Agencies.” It hearkens back to the bank’s roots as a development NGO, set up in the immediate aftermath of Cambodia’s civil war in 1993. Even after becoming a full-fledged commercial bank in 2003, ACLEDA, one of just two Cambodian companies on Fortune’s Southeast […]