Kenya requested emergency funds from the World Bank as it sought to cushion the impact of the Iran war, which is already squeezing African economies. The continent — which is still heavily reliant on oil and gas — imports the majority of its fuels, and soaring costs have already hammered ...
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Aliko Dangote says rising oil prices are threatening to devastate African airlines and farmersAliko Dangote says rising oil prices are threatening to devastate African airlines and farmers
The News Africa’s richest man Aliko Dangote said on Thursday that rising oil prices driven by the Strait of Hormuz blockade are threatening to devastate African airlines and farmers. “The majority of African airlines won’t be able to survive” the current surge in fuel prices, Dangote warned, noting that Nigerian ...
Europe down to six weeks of jet fuel, IEA chief saysEurope down to six weeks of jet fuel, IEA chief says
Europe has “maybe six weeks” of jet fuel left, the head of the International Energy Agency said, warning of possible mass flight cancellations as the Iran war hits global energy supplies. The continent is by far the biggest buyer of jet fuel that is shipped through the Strait of Hormuz, ...
EU seeks to relax corporate merger rulesEU seeks to relax corporate merger rules
The EU is planning a “radical shake-up” of corporate merger guidelines, as it seeks to build global champions capable of competing with US and Chinese firms, the Financial Times reported. The new draft guidelines — which would relax rules by asking regulators to weigh “innovation” in addition to consumer welfare ...
War sends Africa debt costs spiralingWar sends Africa debt costs spiraling
The Iran war is raising debt costs for African countries, sparking warnings that some economies could default as interest rates soar. Several nations on the continent are only just recovering from a post-pandemic shock that sent debt burdens soaring, and inflationary pressures set off by the war in the Middle ...
US oil producers open to ideas for more production, Burgum saysUS oil producers open to ideas for more production, Burgum says
The News US Interior Secretary Doug Burgum on Thursday said US oil and gas companies are open to some ideas, on a temporary basis, to help cut red tape and ultimately produce more oil. Speaking at Semafor World Economy in Washington, DC, Burgum disclosed that he and Energy Secretary Chris ...
US loses ‘regenerative capacity’ without foreign talent, biotech CEO saysUS loses ‘regenerative capacity’ without foreign talent, biotech CEO says
Restricting the ability to bring in the best foreign talent will hinder companies’ growth and in turn the US economy, the head of US biotech company, Flagship Pioneering, said at Semafor World Economy in Washington, DC. People who immigrated to the US did so because it is the best place ...
EPA chief says Congress needs to act on ‘forever chemicals’EPA chief says Congress needs to act on ‘forever chemicals’
The News EPA Administrator Lee Zeldin on Thursday urged supporters of MAHA — Make America Healthy Again — to work with Congress on issues such as PFAS, the so-called forever chemicals found in drinking water. At Semafor World Economy in Washington, DC, Zeldin said current regulatory authority on PFAS, or ...
Exelon CEO says rising energy costs can be addressed with easier rulesExelon CEO says rising energy costs can be addressed with easier rules
The News The rising costs of electricity and the insatiable demand for power will require new plants and technologies, as well as the easing of rules such as permitting reform, Exelon CEO Calvin Butler said Thursday. “It’s supply and demand. We have inadequate supply to meet this rising demand, and ...
Trump says Israel, Lebanon agree to 10-day ceasefireTrump says Israel, Lebanon agree to 10-day ceasefire
US President Donald Trump said Israel and Lebanon had agreed to a 10-day ceasefire that will come into effect Thursday. Trump said he had spoken to Israeli Prime Minister Benjamin Netanyahu and Lebanon’s President Joseph Aoun, and that he would be inviting both to the White House for “meaningful talks,” ...