Falling cocoa prices have, paradoxically, led to falling profits for the world’s largest chocolate maker. Cocoa prices surged in 2023 and 2024, but have since fallen steeply. Swiss firm Barry Callebaut, which supplies chocolate to food giants such as Nestlé and Unilever, bought cocoa at the higher rates, but — ...
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South Africa’s Kganyago rejects ‘wait-and-see’ approachSouth Africa’s Kganyago rejects ‘wait-and-see’ approach
The News South Africa’s central bank governor broke sharply with the global “wait-and-see” mood about the impact of the Iran war, saying the bank cannot be “complacent” and will not wait for early price shocks to filter through Africa’s biggest economy. Letsetja Kganyago’s comments at Semafor World Economy in Washington, ...
Breakthrough Alzheimer’s drugs are not effective, researchers findBreakthrough Alzheimer’s drugs are not effective, researchers find
A review of anti-amyloid drugs, once hailed as a breakthrough in Alzheimer’s treatment, suggested they had no clinically meaningful effect. Plaques of malformed amyloid proteins form in Alzheimer’s patients’ brains, and new drugs such as aducanumab and lecanemab have targeted those proteins on the assumption that they cause the disease. ...
Kenya seeks emergency funds from World BankKenya seeks emergency funds from World Bank
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 ...
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 ...