The cash shortfall has disrupted operations within the regional body. A leaked internal memo from the East African Legislative Assembly (EALA) warned of “dire liquidity challenges", saying the Assembly was struggling to pay salaries and allowances. Some parliamentary activities have been slowed or suspended due to the funding gap.

Tanzania and Kenya have reportedly met their full contributions for the 2025/26 financial year, while Uganda has paid most of its dues. However, several member states, including Burundi, South Sudan, Somalia and the Democratic Republic of Congo, have not made payments this year.

Under the EAC Treaty, partner states are required to finance the operations of the community. The treaty allows for sanctions against countries that fail to meet their obligations, including possible suspension of benefits. However, enforcement has historically been weak.

Regional leaders are expected to discuss the crisis at an upcoming summit, where analysts say tough decisions may be needed to prevent further strain on the bloc.

Under the plan, denominations such as Rp1,000 would become Rp1, and similar changes would apply to other notes, including Rp2,000, Rp5,000, and up to Rp100,000.

This initiative is part of the Finance Ministry’s 2025–2029 strategic programs. The bill is being developed under Finance Minister Regulation No. 70 of 2025 and is expected to be finalised by 2027. "A bill on Rupiah Rate Change (redenomination) is a carried-over bill planned for completion in 2027," the regulation stated.

The rupiah, which currently trades at around 16,717 per U.S. dollar (as of November 19), has high nominal figures that have led to inefficiencies in budgeting and financial transactions, according to reports .

Redenomination has been under discussion for more than a decade. A 2013 bill was delayed due to economic instability. In 2016 and again in 2023, Bank Indonesia expressed its readiness but indicated the need for an appropriate timing, with BI Governor Perry Warjiyo stating that “its execution must be cautious and consider economic and political stability.”

The transition process would be gradual. According to Bank Indonesia’s 2016 estimates, preparing new notes could take two years, and full implementation could extend up to seven more years. During this period, both old and new banknotes would be in circulation.

Economists have also noted potential inflation risks during the transition, particularly if businesses increase prices through rounding. In 2023, Teuku Rifky, an economist at the Institute for Economic and Social Research at the University of Indonesia, commented that while there were upsides to the redenomination, it was not an urgent issue for the Southeast Asian nation.

 “I don’t think there is a significant advantage in this redenomination, while the need or cost for execution is actually quite large,” he said .

China’s exports have stayed firm overall, rising 8.3% in September from a year earlier, but shipments to the US plunged 27%. Electric vehicle exports doubled, yet retail sales grew only 3% and spending during the Golden Week holiday was “mildly disappointing,” analysts at Morningstar said.

Residential sales fell 7.6% in the first nine months of the year, and S&P expects new home sales to drop a further 8% in 2025. Economists expect a central bank rate cut by year’s end as authorities look for ways to revive demand.

Across the Pacific , the US faces its own strain. The national debt has topped $38 trillion for the first time, as a government shutdown leaves hundreds of thousands of federal workers unpaid and delays key spending decisions.

“Reaching $38 trillion in debt during a government shutdown is the latest troubling sign that lawmakers are not meeting their basic fiscal duties,” said Michael Peterson of the Peter G. Peterson Foundation. 

The debt has climbed from $34 trillion in January 2024, an unusually fast pace. The Trump administration says it is tightening spending and cutting the deficit. Treasury data show a $468 billion shortfall from April to September, the lowest since 2019. 

But with voter concern about debt rising, and China’s growth slowing, both superpowers head into APEC under pressure to prove they can keep their economies — and their rivalry — under control.

Kenya’s Bold Step: Converting Dollar Debt to Yuan

Some African governments are rethinking how they borrow. Kenya has taken a pioneering step by converting $3.5 billion of loans from China into yuan-denominated debt, a move expected to save the country $215 million annually. This strategy reduces exposure to the strengthening U.S. dollar and signals a broader push toward “de-dollarisation”, diversifying currency options to stabilise national economies and increase fiscal independence.

Angola’s Return to Global Markets

While Kenya experiments with currency diversification, Angola has chosen to re-engage international investors. The country has issued five- and ten-year Eurobonds to raise $1.5 billion, marking its first bond sale since 2022. Led by major global banks including Citi, Deutsche Bank, JPMorgan, and Standard Chartered, the sale points to renewed investor confidence in African economies. Yet, experts warn that poor credit ratings still force many countries to borrow at interest rates as high as 12%, as noted by MacDonald Goanue of the ECOWAS Bank for Investment and Development.

Creative Financing and Regional Solutions

To ease the debt burden, several African nations are adopting innovative financial tools. Securitisation, which allows governments to use future revenue streams as collateral, and debt-for-nature swaps, which forgive debt in exchange for environmental protection, are gaining traction. Additionally, regional banks are offering concessional loans with lower interest rates and longer repayment periods. There is also growing advocacy for trading in African currencies and building stronger regional financial institutions to reduce reliance on Western lenders.

From Necessity to Strategy

Africa ’s debt story is evolving from borrowing out of necessity to borrowing with strategy. However, global inflation, commodity price drops, and geopolitical instability still threaten progress. As Kenya, Angola, and others demonstrate, African countries are reclaiming agency in the global financial system. The focus is shifting from repayment to reimagining the structures that have historically constrained the continent’s growth.

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World Reframed is produced in London by Global South World, part of the Impactum Group. Its editors are Duncan Hooper and Ismail Akwei.

ISSN 2978-4891

The ECOWAS Bank for Investment and Development's head of Research and Strategic Planning, MacDonald Goanue told Global South World

An immediate problem for the bank has been that it has had to delay the sale of Eurobonds: “Because of the geopolitical situation and rising tariffs in the United States, the cost of funding has gone up,” Goanue said in an exclusive interview at the Crans Montana Forum. “Given the fact that we are a non-investment-grade bank, we are waiting to see how the market cools down before we can go.”

For Goanue, this is not a problem confined to EBID. It reflects a deeper flaw in the international financial architecture. Credit rating agencies, he argues, apply methodologies that “tend to punish” African countries because of structural factors - security risks, low per-capita incomes, shallow domestic markets - that are hard to change overnight. When West African regional entities try to raise capital, they end up paying nine or ten percent interest - sometimes even 12 percent - far higher than institutions elsewhere.

While a major part of the answer lies in debt forgiveness, countries can also improve their situations but developing deeper domestic capital markets, he argued. However he cautioned against following artificial deadlines for the introduction of a single currency - the Eco is still official slated for 2027.

"I think the leadership of ECOWAS is playing cautious, because they want to be sure that they don't want to go into an arrangement tomorrow that will collapse," he said, adding that intraregional trade only accounted for perhaps 8 percent within the block against 77 percent in the euro area prior to the introduction of the Euro.

Powering growth

Against this backdrop, EBID’s core mission is to finance infrastructure—especially energy. Access to electricity in West Africa is among the lowest in the world, a bottleneck that constrains industrialisation, raises costs for basic services, and feeds inflation. Nigeria, the region’s largest economy, still faces enormous deficits in power supply, while only a few countries like Cape Verde and Côte d’Ivoire have relatively high coverage.

Goanue, himself Liberian, paints a vivid picture: without reliable electricity, shops close at sunset, hospital services cost more to run, and even banks struggle with overheads. “With electricity access, there will be a 24-hour economy,” he said. “Small businesses can stay open later, people feel safer, and factories can be powered. It will create the entrepreneurial spirit.”

EBID has already financed power plants in Benin, Togo, and Côte d’Ivoire and is seeking to increase its footprint in Nigeria. One flagship example is the Maria Glater plant in Benin, which the bank has supported. Yet the scale of the challenge is immense, and Goanue is cautious about promising big breakthroughs in the next 12 months. “It takes time,” he said, noting that the bank also funds connecting roads and other infrastructure that underpin regional trade.

Climate considerations

How does EBID square this urgent need for energy with global pressure to shift away from fossil fuels? Goanue admits it is not easy. “It’s not possible to end investment in fossil fuels immediately,” he said. Nigeria’s budget, for example, still relies heavily on oil revenues, and new discoveries are seen as good news by African governments. EBID does have environmental, social, and governance (ESG) policies, and most of its member states subscribe to the Paris Climate Accord, but Goanue emphasises that transition will take time. “There is a way you can make these things clean,” he said. “We want to invest into clean energy, but we have to balance it.”

Managing a split

Guanoe is evidently proud of his institutions pragamtic approach to the biggest challenge ECOWAS has faced in recent times - the departure or Burkina Faso, Mali, and Niger - reducing the bloc's membership to twelve. With major major exposure in these states - about 23 percent of its portfolio or more than $200 million - the bank has resisted pressure to pull out completely.

Instead, the bank has persuaded ECOWAS leaders to let it continue disbursing funds for ongoing projects and to keep staff from these countries in place. Goanue likens the approach to how British citizens were treated in EU institutions after Brexit. “We are careful and circumspect to ensure that our facilities are repaid,” he said. Burkina Faso has stayed current on its restructured repayments, Mali has restarted payments, and Niger is making token transfers despite fiscal stress.

This pragmatic stance is driven by economic as much as political logic. If EBID simply withdrew, non-performing loans would spike, undermining its own creditworthiness and pushing up borrowing costs further. In addition, nobody benefits if projects already paid for are not completed.

A brighter future

Despite the obstacles, Goanue remains optimistic. West Africa’s population exceeds 480 million—roughly the size of the European Union —but its GDP is only around $700 billion, and per-capita incomes and banking penetration are low. Building deeper domestic markets, harmonising regulations, and moving toward a single currency are all on the agenda.

What gives him hope is demographics. The region’s average age is under 20, offering a potential “youth dividend” if the right investments in capacity and infrastructure are made.

Ethiopia is moving closer to joining the World Trade Organisation (WTO) after the successful conclusion of the 6th Working Party meeting on its accession process, Trade and Regional Integration Minister Kassahun Gofe announced. The minister described the outcome as a historic milestone, noting that it marks a decisive step in Ethiopia’s 23-year effort to secure WTO membership. The meeting approved elements to be compiled into a draft working party report, a critical requirement for accession.

Ethiopia and Italy sign €4.1m deal to boost healthcare

Ethiopia and Italy have signed a €4.1 million agreement to strengthen healthcare services at Shire Hospital in Tigray and Gondar Hospital in Amhara. The deal was signed by Ethiopia’s Finance Minister Ahmed Shide and Italian Ambassador Agostino Palese. Ahmed said the project will help restore essential healthcare for over 15 million people, reaffirming the two countries’ longstanding partnership in resilience, recovery, and development.

Ethiopia hit by hailstorms and floods destroying farmland

Severe weather has devastated parts of Ethiopia, with hailstorms in Tigray and floods and landslides in Amhara destroying thousands of hectares of farmland and leaving tens of thousands of farming households in distress. In Degua Tembien Woreda, Southeast Tigray Zone, a hailstorm on 26 September damaged 143 hectares of cultivated land, completely wiping out crops and affecting 284 households. Local officials said the disaster poses serious risks to food security and livestock survival. Gebrekiristos Aregawi, Chief Administrator of Degua Tembien Woreda, pledged limited local support while appealing for broader government and NGO assistance.

Ethiopia’s army defends Red Sea and Assab claim

The Ethiopian National Defence Forces (ENDF) declared that Ethiopia’s claim over the Red Sea and the Port of Assab is non-negotiable, dismissing any opposition as “banditry.” In a statement issued on 27 September, the ENDF described the matter as a long-standing national grievance that has undermined Ethiopia’s sovereignty and geopolitical interests for more than three decades. The army said that the international elevation of the Red Sea question has been met with strong support among Ethiopian soldiers, who expressed readiness to make sacrifices to secure the country’s national interest.

Ethiopia imposes 30% tax on petroleum products

Ethiopia’s Ministry of Finance has announced the full implementation of a 30% tax on petroleum products for the 2025/26 fiscal year, comprising a 15% value-added tax and a 15% excise duty. The measure, included in the newly approved citizens’ budget, is part of the government’s Homegrown Economic Reform Agenda aimed at boosting domestic revenue. The tax follows the phased removal of fuel subsidies since mid-2022, which has already raised diesel and gasoline prices by more than 50%.

He emphasised the need for greater use of local currencies in cross-border trade, expanded lending from the New Development Bank (NDB), and joint investments in energy, infrastructure, and emerging technologies, including artificial intelligence.

“BRICS can and must play a central role in shaping a fairer, more inclusive global economic order,” Abdelatty said, according to Egypt’s Foreign Ministry.

The appeal comes as global debt levels hit $315 trillion in 2025, according to the Institute of International Finance , with emerging markets accounting for nearly a third. Many African and Asian countries face rising debt-servicing costs as U.S. interest rates remain high and access to concessional financing tightens.

Abdelatty also used the platform to denounce Israel’s war in Gaza, calling it an “unprecedented humanitarian catastrophe,” and reiterated Egypt’s opposition to any forced displacement of Palestinians. He welcomed this week’s UN General Assembly resolution reaffirming international support for a two-state solution.

BRICS , founded in 2009 as a counterweight to Western-led financial institutions, expanded in 2024 to include Saudi Arabia, Egypt, the UAE, Ethiopia, Iran, and Indonesia, alongside original members Brazil, Russia, India, China, and South Africa.

The bloc says its goal is to amplify the voice of the Global South in institutions such as the IMF, World Bank , and WTO.

Hybrid systems, where part of the currency is pegged to gold, have also struggled because they tend to collapse under speculative pressure or are quietly abandoned when fiscal needs demand flexibility.

Some states highlight gold holdings to boost public confidence while continuing to rely on the U.S. dollar for trade and debt payments. A typical example is Zimbabwe, where it launched the ZiG ( Zimbabwe Gold ) last year. A currency supposedly anchored to its bullion reserves, after years of hyperinflation and repeated currency collapses.

Authorities pledged every unit would be backed by gold or foreign currency reserves. The move initially boosted public confidence, but analysts warn the system faces the same risks that doomed previous gold-anchored experiments.

Local schemes, reserve-enhanced fiats, or tightly run currency boards can tie value to gold, but such arrangements demand transparency, strict fiscal discipline, and are rare in national practice. Economists say the model holds up mainly at smaller scales.

Gold is less liquid than modern capital flows, governments need flexibility in crises, and international trade remains dominated by fiat currencies. Without full transparency, markets are quick to test the credibility of any gold peg.

Botswana has declared September 29 a public holiday to celebrate its men’s 4x400m relay team’s historic gold medal at the World Athletics Championships in Tokyo. The victory marks the first time an African nation has ever won the event. President Duma Boko hailed the team’s triumph over 10-time champions USA as “electric” and a symbol of Botswana’s growing global stature. The country also achieved its best-ever championship finish, ranking fifth overall with four medals.

UAE sends aid as Botswana faces health crisis

The United Arab Emirates has delivered 91 tonnes of medicines and medical supplies to Botswana, offering urgent relief as the country struggles with a nationwide health emergency. The shipment arrived Sunday and was hailed by Botswana’s Health Ministry as critical support amid severe shortages that have forced hospitals to delay non-urgent surgeries. President Duma Boko declared a national health emergency last month after a breakdown in the Central Medical Stores disrupted access to treatments for chronic and life-threatening conditions. 

Botswana launches sovereign wealth fund to spur growth, jobs

Botswana has unveiled a new sovereign wealth fund aimed at diversifying the economy, creating jobs, and improving management of state-owned companies. The move comes as the country struggles with a prolonged diamond market downturn that has drained the central bank-managed Pula Fund, traditionally used to stabilize finances. Board chair Farouk Gumel said the new fund will focus on growth, investing in both cash assets and state enterprises. Deputy chair Emma Peloetletse stressed that only returns — not capital — will be used. Officials say the fund may invest abroad as well as domestically to boost performance and reduce reliance on diamonds.

UN expert calls on Botswana to act against indigenous marginalization

A United Nations special rapporteur has urged Botswana to adopt a clear strategy and dedicated budget to address the marginalization of indigenous peoples. Following a 12-day visit to 12 cities and meetings with President Duma Boko and community representatives, Albert Barume reported that groups like the San face exclusion from public services, cultural erosion, and discrimination, particularly in schools. The report recommends constitutional recognition of indigenous status and greater public education to combat stigma. Botswana recently ratified ILO Convention 169, and the government has formed an inter-ministerial committee to address these issues. 

Acting president Gaolathe warns students against financial crimes

Acting president Ndaba Nkosinathi Gaolathe has urged students to steer clear of financial crimes , warning that offenses like money laundering and fraud threaten Botswana’s economy and international standing. Speaking at the Financial Intelligence Agency’s 10km walk in Francistown on September 20, he stressed that blacklisting for financial misconduct can cripple access to loans, trade, and business growth. Gaolathe praised the FIA’s outreach, calling on youth to champion integrity and help protect Botswana’s economy by rejecting illegal financial activities and fostering a culture of responsibility.

The Sultanate of Oman and the Republic of Kazakhstan signed an MoU on the sidelines of the Astana Financial Conference to enhance cooperation in financial regulation, expertise exchange, and market infrastructure. The deal, signed by Abdullah bin Salem Al Salmi, CEO of Oman’s Financial Services Authority, and Madina Abylkasimova, Head of Kazakhstan’s financial regulator, covers support for the ‘Tabadul’ platform to enable cross-market trading and boost regional integration. It also includes sharing regulatory expertise, joint research, capacity building, fintech collaboration, and initiatives in financial education and inclusion.

Omanis watch lunar eclipse in awe

Crowds gathered outside their homes and on rooftops to witness the total lunar eclipse on Sunday. The spectacle began with the penumbral phase at 7:28 pm Muscat time, followed by the partial eclipse at 8:27 pm, and reached its peak at 9:31 pm when the Moon was fully immersed in Earth’s shadow. For nearly an hour, the Moon glowed in deep crimson, a phenomenon popularly known as the “Blood Moon.” Unlike solar eclipses, which are harmful to view with the naked eye, lunar eclipses can be safely watched without special equipment. To mark the occasion, astronomers set up telescopes and large screens, allowing enthusiasts to enjoy the celestial event in greater detail.

Falaj project completed in Sur

The Ministry of Agriculture, Fisheries and Water Resources has completed the rehabilitation of Falaj Al Jeela in Sur, South Al Sharqiyah. The falaj, one of five in Oman listed on UNESCO’s World Heritage list, underwent maintenance that included renovating the water collection area, a 150-metre open channel, and repairing damaged sections. Salah Salim Al Mahjari, Head of Dams, Aflaj and Protection Walls Division, noted that Oman’s aflaj represent not only water sources but also a historic and cultural heritage that sustained communities. Falaj Al Jeela, an eye falaj in Al Jeela village, stretches 415 metres and draws its water from the upper course of Wadi Al Shaab.

Proposal to establish a centre for artificial intelligence in Oman

The fourth symposium on security and safety in vital facilities wrapped up in Salalah after three days of presentations and knowledge exchange. Over 30 experts from Oman, the Gulf, Arab countries, and Europe presented research and shared real-world experiences, making the event a prominent annual platform for security and safety dialogue. The symposium addressed challenges, proposed solutions, and explored future trends. Key recommendations included establishing a regional AI centre in Oman, enhancing early warning systems in smart cities, promoting community resilience, protecting documents and archives, and adopting virtual simulations for emergency training. Brigadier General Eng. Saeed bin Suleiman Al-Asimi praised the symposium’s scientific approach and highlighted Oman’s readiness to become a regional hub for facility and AI safety.

Oman participates in 164th session of Arab Foreign Ministers Council in Cairo

Oman took part in the 164th session of the Arab Foreign Ministers’ Council in Cairo, led by Sheikh Khalifa Ali Al Harthy, Undersecretary for Political Affairs. The Council condemned Israeli actions in Gaza, called for an immediate ceasefire, and urged unimpeded humanitarian aid. It also praised states recognizing Palestine, urged wider recognition, and reaffirmed rejection of interference in Arab affairs. The Council called for ending Israeli occupation, halting settlements, and placing all regional nuclear facilities under IAEA supervision to advance peace and security.

ECOWAS Chairman and President of Sierra Leone, Julius Maada Bio, visited Ghana to pay tribute to eight Ghanaians killed in a military helicopter crash on August 6 in the Ashanti Region. The victims included two ministers of state and six others on official duty. At the Jubilee House in Accra, President Bio signed the condolence book, laid a wreath, and lit a candle in solidarity with President John Mahama and the Ghanaian people. He affirmed Sierra Leone’s support during the national mourning period.

Pope Leo XIV sends condolences after Ghana tragedy

Pope Leo XIV has expressed condolences following the deaths of two ministers, senior officials, and military personnel in the August 6 helicopter crash. In a telegram to the Ghana Catholic Bishops’ Conference, signed by Cardinal Pietro Parolin, the Holy Father conveyed sympathy to the bereaved, assuring them of his prayers during this time of loss.

Research praises Ghana’s strong 2025 mid-year performance

IC Research has commended Ghana’s macroeconomic performance in the first half of 2025, citing progress in inflation control, exchange rate stability, interest rates, real GDP growth, and reserves. The leading economic and financial outfit in its review of Ghana’s 2025 Mid-Year Budget noted a sizable fiscal adjustment exceeding targets, improved spending control, and non-accumulation of arrears. Authorities maintained all end-2025 macro-fiscal targets, reflecting optimism for the remainder of the year.

Caretaker ministers appointed after loss of cabinet members

President John Dramani Mahama has appointed Finance Minister, Dr Cassiel Ato Forson, as Acting Defence Minister and former Energy Minister, Emmanuel Armah-Kofi Buah, as caretaker Minister of Environment, Science and Technology. The appointments follow the deaths of Dr Edward Omane Boamah and Dr Ibrahim Murtala Muhammed in last week’s Ghana Air Force helicopter crash. The move ensures continuity in governance during the nation's mourning period.

Government targets $1.2 billion investment in garment industry

Ghana aims to attract $1.2 billion in investments to create 150,000 jobs in the garment and textiles industry by 2030. Plans include reviving cotton cultivation on 50,000 hectares to strengthen the local raw material supply. Deputy Minister of Trade, Agribusiness and Industry, Samson Ahi, said the new policy framework will position Ghana as a hub for ethical and sustainable apparel manufacturing.

“For segmented indicators, China’s financial technology competitiveness has ranked third for two straight years, and this year’s score is significantly higher than last year, driven by notable development potential of China’s fintech industry,” said Liu Dongmin, senior research fellow at the CASS Institute of World Economics and Politics.

The study highlighted rapid advances in China’s fintech sector. The country’s fintech development potential index jumped from 35.12 in 2024 to 57.25 this year, propelling China’s ranking in this metric from 12th place to fourth globally. Notably, China’s AI talent index also climbed from eighth to fourth place.

Li Dongrong, former deputy governor of the People ’s Bank of China, underscored China’s leading role in shaping the global digital economy. “China’s development of digital finance technology, especially mobile payment technology, is globally leading. Leveraging on the growth of digital technology, China’s financial services have effectively covered areas that were previously difficult to reach, and the country has made effective breakthroughs in inclusive finance,” he said.

Data from ChinaIRN showed the global digital finance market reached $4.5 trillion last year, with China alone accounting for $3.2 trillion, consolidating its status as a major engine of global growth.

Uruguay has initiated a nationwide strategy to modernise its railway network in a bid to enhance regional trade and strengthen domestic transport connectivity. The plan, spearheaded by the Ministry of Transport and Public Works, is being developed in partnership with the National Development Corporation (CND) and the Development Bank of Latin America and the Caribbean (CAF). The strategy aims to transform the rail system into a more sustainable and efficient mode of freight and passenger transport. Authorities say the initiative reflects a unified commitment to innovation, environmental sustainability, and long-term economic growth.

Uruguay advances seed research to strengthen potato sector

Uruguay is addressing persistent challenges in potato seed quality by advancing research and innovation in seed multiplication systems. While potatoes remain vital to national food security and the agricultural economy, high-quality seed access, particularly for greenhouse and small-scale producers, remains limited. The National Institute of Agricultural Research (INIA) has developed cultivars resistant to PVY viruses and key diseases such as Phytophthora infestans and Alternaria solani. However, the cost and scarcity of quality seeds, often imported and ill-suited to local conditions, continue to hinder productivity.

Uruguay strengthens ties with Italy, seeks EU-MERCOSUR progress

Uruguayan Foreign Minister Mario Lubetkin met with Italian Foreign Minister Antonio Tajani in Rome to reinforce bilateral relations and advance Uruguay’s engagement with the European Union. The meeting highlighted strong cooperation in political, commercial, and cultural spheres, supported by Uruguay’s significant Italian community. Lubetkin welcomed Italy’s continued support for Latin America and its role in promoting regional interests within the EU. Both ministers discussed the pending EU-MERCOSUR trade agreement. Tajani reaffirmed Italy’s backing for the deal while stressing the importance of addressing concerns from sectors such as agriculture.

Uruguayan President Orsi begins international tour

Uruguayan President Yamandú Orsi has commenced an international tour that includes official visits to Spain, Argentina, and Brazil. Vice President Carolina Cosse assumed executive duties this morning ahead of Orsi's departure. In Spain, Orsi will participate in the United Nations’ Fourth International Conference on Financing for Development, held in Seville. He is expected to attend a dinner hosted by King Felipe VI on Sunday and deliver an address at the UN forum on Monday. On Tuesday, July 2, Orsi will travel to Buenos Aires to attend his first MERCOSUR summit as President. He is scheduled to return to Uruguay on Wednesday night and will welcome Uruguayan peacekeepers returning from the Democratic Republic of the Congo the following morning. Later that day, Orsi will travel to Brazil for bilateral meetings and to attend the BRICS summit in Rio de Janeiro.

Uruguay issues $400 million in Swiss franc bonds to finance 2025 deficit

Uruguay has issued CHF 320 million (approximately USD 400 million) in sovereign bonds, marking its first entry into the Swiss franc market. The bonds, with five- and ten-year maturities, carry an average annual interest rate of 1.33% and will contribute to financing the country's projected USD 6 billion fiscal deficit for 2025. Economy Minister Gabriel Oddone emphasised the strategic importance of the issuance, citing Switzerland’s reputation for high-quality investors. “This is a club Uruguay intends to belong to,” he said. Oddone added that Uruguay is currently the only Latin American country issuing bonds in Swiss francs, reflecting a broader effort to diversify currency exposure.

MAS has ruled out grace periods or transitional arrangements as it states that failure to comply will be treated as a criminal offence, punishable by fines of up to SGD 250,000 (USD 200,000) and up to three years' imprisonment under Section 137 of the Act.

The measure closes a regulatory loophole that allowed firms to operate globally from Singapore without being licensed locally. According to MAS , the move aims to prevent regulatory arbitrage and protect Singapore’s reputation as a tightly regulated financial hub.

Experts say the law now applies regardless of company size, structure, or customer base, affecting crypto exchanges, wallet providers, DeFi projects, token issuers, and even marketing firms promoting token services abroad. Simply being incorporated in Singapore is sufficient to trigger licensing obligations, even if user activity is hosted elsewhere.

“This is not about scale; if you're offering digital token services from Singapore to any foreign market, you must comply or shut down,” said fintech lawyer Mike Chiam.

MAS has approved 33 digital payment token licences, including for major players like Coinbase and OKX. But it has also made clear that future licences will be granted only in exceptional cases, citing persistent anti-money laundering (AML) and counter-terrorism financing (CFT) concerns.

Smaller players, which lack the legal and compliance infrastructure of larger firms, face high compliance costs or total shutdown.

MAS's uncompromising stance comes as part of a broader global effort to regulate crypto markets, aligning with standards from the Financial Action Task Force (FATF).

The authority has said it will not allow its jurisdiction to be used as a regulatory shelter for crypto businesses operating without oversight elsewhere.

While some in the industry argue that the abrupt deadline offers little time for restructuring, MAS insists that the law has been communicated since April 2022, when the FSM Act was passed.

A June 6, 2025, statement reiterated that the time for transition has ended.

Syria has launched a security operation in its eastern border region amid concerns that Iran may activate allied militias to carry out attacks. The move follows intelligence warnings that Iranian-linked groups, some formerly tied to the IRGC and active in cross-border smuggling, could be mobilised to target U.S.-led forces or regional troops as tensions with Israel escalate.

Syria hosts Turkish business delegation for investment review

Syria has received a delegation from the Istanbul Chamber of Commerce as part of efforts to revive cross-border economic ties. Two board members from the chamber visited Damascus for a field study on investment opportunities. The delegation met with Syrian industrialists, the Damascus Chamber of Commerce, and Turkey’s ambassador to Syria, according to Syrian Arab News Agency . Istanbul Chamber President Shekib Avdagic said the visit aimed to explore the potential for reintegration of Syrian entrepreneurs who had lived in Turkey and are now returning home to resume business.

Syria receives first EU passenger flight in over a decade

Syria has received its first passenger flight from a European Union country in more than ten years, as Romanian airline Dan Air launched direct service between Bucharest and Damascus. The inaugural flight landed in the Syrian capital with 138 passengers, including Syrian government officials, signalling a cautious step toward normalising civil aviation ties severed by years of conflict and sanctions.

Access to Binance as sanctions ease

Syria has regained access to global cryptocurrency markets after Binance, one of the world’s largest crypto exchanges, launched operations in the country following the easing of U.S. and EU sanctions. The platform announced on Thursday that Syrian users can now trade digital assets, including Bitcoin. The development comes after the U.S. lifted key economic sanctions on May 23, followed by the European Union removing its restrictions shortly after.

Syria open to peace with Israel during meeting with U.S. religious figures

Syria’s Islamist leader, Ahmed al-Sharaa, has expressed openness to a “very positive future,” including the possibility of peace with Israel, during a meeting with visiting U.S. religious leaders at the presidential palace in Damascus.

The notice, made public on June 6, is part of a broader investigation into alleged corruption linked to major public projects during his tenure.

Ofori-Atta, 65, is wanted on charges of “Using Public Office for Profit.” The Red Notice, which requests the provisional arrest of Ofori-Atta pending extradition or surrender, signals international collaboration in tackling corruption. The former minister is believed to be in the United States, receiving medical treatment

This development contributes to Ghana's initiatives aimed at ensuring accountability for public officials involved in significant corruption cases, including the stalled National Cathedral project initiated in 2017 during former president Nana Akufo-Addo's administration.

The cathedral project aimed to establish a sacred space and infrastructure of the highest calibre for the country's formal religious activities. However, the government at the time reportedly invested over $58 million of taxpayers' funds in the project, amid allegations of financial impropriety.

In February, Ofori-Atta was declared a “ fugitive from justice ” by the OSP for his involvement in the cathedral project, among other high-profile cases.

The OSP formally initiated the INTERPOL Red Notice just before its public announcement on June 2.

“I triggered processes for the issuance of an INTERPOL red notice for the location and provisional arrest of Mr. Ken Ofori-Atta in whichever jurisdiction, pending extradition or his surrender,” special prosecutor Kissi Agyebeng said.

Amid internal efforts to address corruption, Ghana's President John Mahama has stated that his administration "won't interfere with corruption cases," and will seek to maintain the independence of the country's anti-corruption agencies.

"I will not interfere in their work... attempt to influence them to drop investigations, including those involving officials from the previous administration," he added.

The Daily Star reports that the Chief Advisor will attend the 30th Nikkei Forum Future of Asia on May 29 and hold a meeting with Japanese Prime Minister Shigeru Ishiba on May 30. The visit will also see the signing of seven (7) memoranda of understanding covering human resource development, worker recruitment, infrastructure, railways, and energy cooperation.

Bangladesh is, however, seeking to send 100,000 trained workers to Japan, with an emphasis on language and skills training.

Yunus is also scheduled to meet key Japanese figures, including Taro Aso, president of the Japan-Bangladesh Parliamentary Friendship League; Yohei Sasakawa of the Nippon Foundation; JICA president Dr. Tanaka Akihiko; and JETRO president Kimura Fukunari.

He will take part in three seminars on labour, trade , and investment and deliver a keynote speech at the Nikkei Forum focusing on Asia’s response to global instability. Soka University will award him an honorary doctorate, and he will address the university community.

Discussions with JICA will cover future cooperation and the status of ongoing Japanese-funded projects in Bangladesh.

Bangladesh has requested a total of $1 billion in budget support, with an announcement likely during bilateral talks.

Vietnam’s artificial intelligence (AI) strategy, outlined in Resolution 57, was praised at the launch of the 2025 Human Development Report in Hanoi for advancing national development and contributing to the country’s rising Human Development Index (HDI), which reached 0.766 in 2023. Experts from the UN, UNESCO, and academia highlighted Vietnam’s progress in digital infrastructure, workforce development, and AI integration across key sectors. However, they also urged the government to establish a national ethical framework for AI, strengthen legal protections, and enhance public education to ensure AI development remains inclusive and human-focused.

Bank leads profit

As of Q1 2025, Vietnam's banking sector remains the most profitable, dominating the country's corporate earnings with 8 out of the top 10 spots and 12 of the top 20, reflecting its central role in financing infrastructure and consumer growth. In contrast, China, while still led by state-owned banks like ICBC and CCB, is gradually shifting profit centres toward tech giants like Tencent and Alibaba. Meanwhile, the U.S. continues to lead globally in profits through its innovation-driven tech sector, with companies like Apple, Microsoft, and Nvidia at the forefront.

Death sentence cancelled

The Lao Cai provincial police have confirmed that 10 death row inmates at a local detention facility have had their sentences officially commuted, following a clemency order signed by President Luong Cuong on April 23. This act of leniency, part of a broader national effort, marks the 50th anniversary of Vietnam’s reunification and reflects the state’s commitment to compassion and rehabilitation, even for those convicted of the most serious crimes. The decision underscores the Vietnamese government’s humane approach to justice and social reintegration.

Belarus-Vietnam partnership

Belarus and Vietnam have officially established a strategic partnership , following high-level talks in Minsk on Monday between Belarusian President Alexander Lukashenko and General Secretary of the Communist Party of Vietnam Central Committee, To Lam. President Lukashenko pledged to enforce existing agreements strongly and emphasised Belarus’ interest in deepening bilateral trade. He proposed joint production ventures, particularly in equipment manufacturing, and expressed readiness to resume military-industrial exports to Vietnam.

Nuclear power plant

Russia and Vietnam have agreed to swiftly negotiate and sign intergovernmental agreements for the construction of nuclear power plants in Vietnam, according to a joint statement released during Vietnamese Communist Party chief To Lam’s visit to Moscow. The two countries committed to using advanced technology and adhering strictly to nuclear and radiation safety standards. The agreement is aimed at boosting Vietnam’s socio-economic development and meeting the country’s growing energy demands.

As South Africa holds the G20 presidency until November 2025, Kganyago faces the complex challenge of coordinating discussions among diverse members, including the U.S., China, and the European Union. This week, during the World Bank and International Monetary Fund ’s Spring Meetings, finance ministers and central bank governors gathered in Washington, where discussions of Trump’s tariffs were central, as confirmed by South African Finance Minister Enoch Godongwana.

It is noteworthy that the G20 did not release a communique or an official statement following the meetings, which is rather unusual. Kganyago remarked on the significant uncertainty affecting global financial markets due to these trade measures. He stated, "The negotiations taking place are very resource-intensive," highlighting the challenge of moving forward under the current circumstances.

Furthermore, he advocated for a return to a multilateral trading system, underscoring the importance of the World Trade Organization in facilitating these discussions. The current environment necessitates urgent attention to trade relations, which remain delicate and fraught with unpredictability.

Esta baja en las acciones ha sido provocada por el aumento de tensión entre Trump y Powell, y por el impacto de los aranceles comerciales. El 21 de abril, Trump utilizó su plataforma Truth Social para abogar por "Recortes Preventivos" en las tasas de interés, argumentando que "los costos de energía están en baja, los precios de los alimentos son sustancialmente más bajos, y otros aspectos están tendiendo a la baja, no hay inflación". Por su parte, Powell ha mantenido altas las tasas de interés en un 4.5%, a pesar de las críticas del presidente, quien se refirió a él como "Mr. Too Late" y un "gran perdedor".

Trump también ha defendido su posición pidiendo el despido de Powell, sugiriendo que su "terminación no puede llegar pronto suficiente". Se anticipa que la Reserva Federal mantendrá su política de espera en la reunión del 7 de mayo, con un 13% de probabilidad de un recorte de tasas, según el CME Fed Watch. Simultáneamente, el índice del dólar estadounidense (DXY) ha descendido un 10% este año, cayendo por debajo de 98, su nivel más bajo en tres años.

Raoul Pal, fundador y director de Real Vision, comentó que "todos necesitan y quieren un dólar más débil para hacer frente a sus deudas en dólares", añadiendo que esta forma de liquidez global es actualmente el mayor impulsor de la oferta monetaria global M2. En contrapartida, los mercados de criptomonedas han mantenido su capitalización total en $2.83 billones, con Bitcoin (BTC) alcanzando un máximo de cuatro semanas de $88,500 el 22 de abril. Los analistas de Bitfinex destacaron que "en medio de uno de los períodos más turbulentos para los mercados globales en años, Bitcoin está mostrando una impresionante resiliencia".

A new partnership between SHONA Capital and Cornerstone Asset Managers is poised to inject significant funding into Uganda’s small and medium-sized enterprises (SMEs), particularly within the agriculture and healthcare sectors. This $500,000 investment seeks to provide essential capital, thereby mitigating the reliance on foreign currency financing which has contributed to a staggering $4.7 billion financing shortfall for Ugandan SMEs. SHONA Capital is committed to providing not only financial resources but also managerial guidance, while Cornerstone Asset Managers will draw on their extensive wealth management expertise to support the initiative.

TCS World 10K Marathon

Prominent Ugandan and Kenyan runners are set to make their mark in the upcoming TCS World 10K Marathon scheduled for April 27 in Bengaluru. Ugandan Olympian Joshua Cheptegei will return to this prestigious event after almost ten years, where he will face tough competition, including local compatriot Stephen Kissa and a strong Kenyan contender in Vincent Langat, who has shown impressive recent form. The women's event will also witness fierce competition from Eritrea’s Rahel Daniel, Ethiopia ’s Asmarech Anley, and Uganda's Sarah Chelangat, all of whom have demonstrated remarkable performances at recent major competitions.

Christianity and Morality

Ugandan Catholic bishops have released a pastoral letter of significant concern regarding the declining moral and spiritual values within the nation. Titled “The Truth will set you free,” the document discusses grave issues such as escalating homicide rates, pervasive corruption, and human rights violations. The bishops emphasise the urgent need for actions to combat what they describe as a moral and spiritual crisis, exacerbated by growing poverty, youth unemployment, and rampant alcohol abuse. The letter further condemns abortion and corruption, advocating for enhanced protection for anti-corruption activists and ensuring the independence of anti-graft agencies.

Railway extension project

In regional infrastructure developments, Kenya has secured an impressive $5.3 billion in funding from a consortium of Chinese companies aimed at reviving a stalled railway extension project to Uganda. According to the agreement, the consortium will contribute 40% of the funding and will manage the 475-kilometre Standard Gauge Railway line from Naivasha to Malaba, collecting toll fees to recover their investment. Additionally, the Export-Import Bank of China will finance 30% of the project with loans, featuring a grace period that extends until 2029. The remaining costs will be covered by Kenya through a railway development levy. Republic of Congo, signalling an important step in regional connectivity.

FIFA U-17 World Cup

In the sphere of youth football, Uganda, Gambia, Angola, and Egypt are fervently battling it out for places in the FIFA U-17 World Cup, set to take place in Qatar in 2025. The decisive matches at the TotalEnergies CAF U-17 Africa Cup of Nations in Morocco will unfold on Saturday at El Abdi Stadium. Uganda's under-17 team is strategically positioned to face Gambia at 17:00 GMT, with aspirations of achieving their first World Cup qualification while facing a well-versed Gambia squad. Meanwhile, Angola will challenge Egypt at 20:00 GMT, with Angola seeking a defining victory, while Egypt aims for a return to the World Cup arena for the first time since 1997.

National Bureau of Statistics of China revealed that export growth surged by 7.1%, primarily fueled by high-tech industries such as electric vehicles, 3D printing, and industrial robotics. Machinery exports played a crucial role, accounting for 59.4% of total outbound shipments, reinforcing China’s status as a manufacturing powerhouse. The rise in exports reflects strong global demand for Chinese technology-driven goods, positioning the country at the forefront of the evolving industrial landscape.

Imports saw a more modest increase of 2.3%, with significant growth in key sectors. Semiconductor imports surged by 21%, while computer parts jumped by 62.6%. Consumer demand also contributed to the rise, with increased imports of clothing, fruits, and wine, signaling shifts in domestic consumption patterns.

Government trade policies played a crucial role in stabilizing China’s foreign trade. Measures aimed at optimizing port efficiency and reducing trade barriers helped maintain steady growth. The expansion of zero-tariff policies for least-developed countries further boosted imports in strategic sectors, reinforcing China’s commitment to fostering global trade partnerships.

As China adapts to an evolving trade landscape, its ability to sustain growth in exports and imports will remain critical. With a strong focus on high-tech industries and policy-driven trade facilitation, the country will remain a dominant force in global commerce, shaping supply chains and international market trends in the years ahead.

While some jobs will be eliminated, DBS is also creating approximately 1,000 new positions related to emerging technologies. The bank’s outgoing CEO estimates that these changes could result in an economic impact exceeding 1 billion Singapore dollars by 2025.

The study, done by investment firm Old Mutual , found that 70% of Kenyans have seen their incomes drop in 2024.

Only three in 10 can afford their basic needs and still have money left at the end of the month. Most people are turning to mobile loans, borrowing from friends, or getting help from savings groups to survive.

Confidence in the economy has also fallen, according to the report with rising food prices, high taxes, unemployment, and a tough business climate.

As a result, many Kenyans are changing how they spend money. Some are moving to cheaper houses, sending children to more affordable schools, or cutting back on dining out and entertainment. Others have started small businesses to earn extra income.

About half of Kenyans now own a business , but most of these businesses are not insured, leaving them at risk if something goes wrong.

Even with financial struggles, many people still think saving for the future is important. More Kenyans are now saving for retirement compared to last year, but confidence in having enough for old age has dropped sharply.

According to Old Mutual’s East Africa CEO, Arthur Oginga, the traditional ways of making money and running households are no longer enough.

More people are finding new ways to survive, like running small businesses or offering services such as tutoring and food delivery instead of relying on regular jobs.

"In the latest study, working Kenyans are less satisfied with their overall financial situation than they were in 2023. Less than 3 in 10 are satisfied. 47% agree (strongly or slightly) that financial stress is badly affecting their mental health," the report indicates.

Notably, 47% of those surveyed reported that financial stress negatively impacts their mental health, compounded by the financial obligations they face from dependents.

The impact of this financial strain is evident, as 70% of Kenyans find themselves without emergency savings by the end of each month. Yet, amid these challenges, a notable 60% of individuals maintain an optimistic outlook regarding their financial prospects in the coming six months.

The primary drivers of this dissatisfaction include an inability to meet basic needs, rising living costs, sluggish business performance, unstable financial situations, and difficulties in saving.

The research focuses on employed adults aged 20 to 59, earning at least Sh12,000 (about $92.84 US), representing about 63% of the population aged 15 to 64.

"63 per cent from a personal perspective, Kenyans remain optimistic, as 6 in 10 working Kenyans expect their financial situation to improve in the next 6 months," the report says.

Old Mutual is a pan-African investment, savings, insurance, and banking group.

Although Ofori-Atta has reportedly left the country on medical grounds, the OSP has insisted on his return, warning that failure to comply will result in legal measures being taken to facilitate his extradition and prosecution.

“Mr. Ofori-Atta left the jurisdiction on or around January 2, 2025. On January 24, 2025, the OSP formally notified Mr. Ofori-Atta that he was considered a suspect in connection with four corruption cases. He was instructed to appear in person on Monday, February 10, 2025, at 10 GMT for an interview. However, his lawyers informed the OSP that he had left the jurisdiction indefinitely on medical grounds,” Agyebeng added.

Corruption Scandals

The OSP has cited Ofori-Atta in multiple corruption-related cases between 2019 and 2023, including the disbursement of funds without proper authorisation. Key among these cases are:

According to local media outlet Joy News , the funds disbursed to Strategic Mobilisation Ghana Ltd were meant for various services, including transaction audit services, petroleum product measurement audits, and external price verification. Additionally, payments related to the National Cathedral project, a contract for purchasing and maintaining ambulances, and activities surrounding the Ghana Revenue Authority (GRA) tax refund account are under scrutiny.

The OSP detailed five key scandals involving the former minister:

Alleged house raid denied

Regarding reports of a raid on Ofori-Atta’s residence on February 11, the OSP has denied any involvement.

“The OSP never raided the house of the former minister on Tuesday, February 11, or any other day. We never asked any uniformed personnel to storm Kenneth Ofori-Atta’s house; that is not our style. If the OSP conducts a search, it is done in a formal and identifiable manner, as we have unique procedures and official identity logos,” Agyebeng clarified.

Agriculture  

Agriculture remains the backbone of Africa's economy, with over 50% of its population dependent on farming for their livelihoods. The sector contributes about 35% to the continent’s gross domestic product (GDP). In line with the African Union’s Agenda 2063, which highlights agriculture as a driver of sustainable development and poverty alleviation, AI is being integrated to enhance productivity and efficiency.

Rwanda and Ghana have led efforts in leveraging AI for agricultural advancements. Local startups in these countries are deploying AI-powered drones to identify and map weed infestations.

Rwanda’s government has further embraced AI-driven agricultural extension services, offering farmers real-time advice on weed management based on local conditions and crop types.

Transforming Healthcare  

AI applications in African healthcare are still in their infancy but have shown some progress. In South Africa , a logistic classifier system is being used to predict the tenure of health workers in public service, helping to optimize human resource planning.

The African Union Commissioner for Infrastructure, Energy, and Digitalisation, Dr. Amani Abou-Zeid, highlighted AI-driven initiatives during the 2024 World Health Summit in Germany. She pointed to Zambia, Morocco, Zimbabwe, Rwanda, and Egypt as examples of countries harnessing AI to tackle health challenges. “This is not just about a few African countries adopting AI; it’s about creating a common African AI story that reaches every corner, even the most remote rural areas,” she stated.

Meanwhile, in Ghana, Zipline, an autonomous drone delivery service, has surpassed 500,000 deliveries of life-saving supplies to over 2,500 health facilities, with similar operations in Rwanda.

Finance sector

AI is transforming Africa’s financial sector, enhancing customer experiences and driving financial inclusion. Mobile money platforms like Kenya’s M-Pesa and MTN Mobile Money in Ghana use AI to detect fraud and offer personalised financial products. Mobile money transactions in Ghana hit a record GH₵3.019 trillion in 2024.

South African fintech company Jumo uses AI to analyse mobile phone usage patterns and credit histories, offering microloans to individuals without traditional credit histories.

Retail and customer engagement  

E-commerce and retail businesses are also leveraging AI to enhance customer experiences. Platforms like Jumia use AI algorithms to recommend products based on user behaviour, creating personalised shopping experiences. AI-driven analytics are also helping businesses understand consumer trends, optimise inventory, and improve marketing strategies. Additionally, AI chatbots are revolutionising customer service by providing instant responses to queries on social media platforms and websites.

Entrepreneurship and startups  

The AI revolution in Africa is being driven by a growing number of innovative startups. Nigeria’s Kudi.ai offers virtual assistants for financial services, while Ethiopia’s iCog Labs focuses on AI research and development, advancing natural language processing and robotics.

Walmart, the retail behemoth, leads the charge, which achieves this staggering figure in just 1 hour and 16 minutes. This incredible pace underscores Walmart’s unparalleled reach, bolstered by its extensive network of stores and robust e-commerce presence, catering to millions of customers daily.

Amazon, the global e-commerce leader, is not far behind, reaching the same milestone in 1 hour and 22 minutes. Known for its fast-paced innovation, expansive product offerings, and highly efficient logistics, Amazon’s ability to generate such rapid revenue solidifies its position as a leader in both retail and technology.

In the tech sector, Apple and Alphabet (Google's parent company) demonstrate the power of innovation and brand loyalty by achieving $100 million in sales within just 2.5 hours.

Apple’s dominance is driven by its ecosystem of popular products, including the iPhone and Mac, while Alphabet thrives on its advertising revenue and growing ventures in cloud computing and AI. Microsoft follows closely, reaching the mark in just over 3 hours, highlighting its success in enterprise software, cloud computing, and consumer products.

These figures reflect not just the financial strength of these companies but their ability to tap into global markets with remarkable efficiency. Walmart and Amazon excel in serving the everyday needs of billions of customers, while tech giants like Apple, Alphabet, and Microsoft shape the digital age with cutting-edge innovation and services that touch every aspect of modern life.

The extraordinary speed at which these companies generate revenue speaks to their market dominance and operational excellence. It also raises questions about the broader economic landscape, including the competitive pressures on smaller players and the potential societal impact of such concentrated economic power.

As these corporations continue to grow and diversify, their influence on global markets, consumer behaviour, and technological advancement remains undeniable.

The first shares to be sold will come from Ethio Telecom, a state-owned telecom giant. The government hopes to raise 30 billion birr ($234 million) through the sale.

Ethiopia hasn’t had a stock market since 1974, when it was shut down after Emperor Haile Selassie was overthrown.

Officials hope to list up to 50 companies in the next five years.

This move comes after tough years for Ethiopia’s economy. In 2023, inflation was over 30%, but it dropped to 23.95% in 2024. Growth is expected to rise to 8% this year, despite ongoing political challenges.

The government sees the stock market as a way to revive the economy and bring new opportunities for investors.

The bond will have a 16-year maturity and a 15-year weighted average life. It is expected to be of a "benchmark size," meaning it will meet the standard for large international investments.

Benin’s move comes at a time of strong investor interest in bonds from emerging markets, especially African nations.

“The government wants to take advantage of good market conditions,” Ousseynou Diagne, head of Africa debt capital markets at Societe Generale told Bloomberg .

This bond will be issued just under a year after Benin’s last dollar bond sale.

As part of this plan, Benin is also offering to buy back some of its euro-denominated bonds due in 2032, using a loan from a commercial bank.

This Eurobond will help Benin diversify its funding and strengthen its economy during uncertain times.

Lan, aged 68, was found guilty of orchestrating a $12.5 billion fraud scheme through fraudulent loan activities over ten years, severely impacting Vietnam’s banking system and shaking investor confidence.

In September, Truong My Lan’s appeal against her death sentence was dismissed by the Ho Chi Minh City court. The court clarified its position by stating that reimbursing the substantial embezzled amount would warrant reconsidering her sentence.

Despite claims by her legal team that she had partially repaid some funds and expressed remorse, the judiciary maintained that her efforts fell short in light of the significant damage caused to public trust.

Lan’s case embodies the overarching ‘Blazing Furnace’ anti-corruption initiative aimed at addressing rampant financial misconduct among influential societal figures. This campaign has seen numerous powerful individuals facing scrutiny and sanctions for illicit activities.

The ongoing nature of her legal battles also highlights the extended appeals process available under Vietnamese law, wherein death sentences are not executed immediately, thereby allowing for possible clemency petitions.

The economic consequences of the fraud scandal extend beyond Lan’s case, revealing systemic vulnerabilities within Vietnam's financial institutions that could deter foreign investment.

Experts have suggested that the handling of such cases is critical for restoring confidence in governance and business practices within Vietnam, particularly in light of the death penalty provisions for severe financial crimes. The implications of such high-profile legal proceedings will also likely reinforce the government’s commitment to combatting corruption on multiple fronts.

Recent findings from the Swiss Tropical and Public Health Institute, and the Kenya Medical Research Institute, reveal a concerning link between climate change and rising malaria cases in northern Kenya. While the overall malaria prevalence has decreased from 8% to 6% from 2015 to 2020, certain areas, particularly Turkana, have experienced a significant increase in malaria risk, attributed to heightened rainfall and temperature that create ideal breeding habitats for Anopheles mosquitoes. This situation underscores the necessity for targeted public health interventions that accommodate local environmental variances, as well as the need for innovative approaches to safeguard vulnerable populations against climate-induced health risks, MedicalXpress reports.

Ruling on finance law

Kenya's Supreme Court has reversed the previous appeals court's ruling that deemed the 2023 finance law unconstitutional, representing a crucial win for President William Ruto's administration. According to US News , the finance law, which incorporates tax hikes on fuel and introduces a housing levy, has spurred protests that led to the rescindment of this year's finance bill. Following this ruling, the government is now enabled to continue tax collection, with President Ruto asserting the indispensability of such tax increases for funding development projects and curbing public debt. Additionally, the International Monetary Fund (IMF) is poised to approve a new funding tranche for the nation, contingent on this judicial decision.

School feeding programme

In a bid to bolster nutrition and education, President Ruto has unveiled an extensive initiative aimed at expanding the national school feeding programme from catering to 2.6 million students up to 10 million by 2030. Lauded at the Global School Meals Coalition meeting, this strategy involves tripling the programme's budget to enhance nutritional access, elevate learning outcomes, and promote community development. With its origins tracing back to 1966 and substantial evolution due to partnerships with the World Food Programme, this program now prioritises sustainable practices and local sourcing, which concurrently supports local economies. Local news reports say that Ruto's administration is appealing for international partnerships to ensure universal educational access through proper dietary provisions.

Kenya-UK Bilateral talks

In the Kenya-UK Bilateral Talks, Prime Cabinet Secretary Musalia Mudavadi engaged with the UK's Secretary of State for Foreign Affairs, David Lammy, to fortify strategic links between the two nations. Their discussions highlighted key areas such as Kenya's developmental progress, governance clarity, and regional stability. Particular attention was given to initiatives around green industrialisation and youth empowerment, encapsulated in Action Plan Five. Mudavadi's proposal for an IMF diagnostic review of corruption signifies a commitment to improving accountability and transparency. Attention was also directed towards regional crises, specifically in Sudan and Somalia, acknowledging UK support for peace-building in South Sudan, Mwakilishi reports. The dialogue reaffirms Kenya's pivotal role in global security, emphasising its leadership in the Multinational Security Support Mission in Haiti, while also addressing fiscal hurdles faced by the nation, including an alarming Sh350 billion (approximately $2.7 billion) deficit requiring a reassessment of developmental priorities.

Murder

In a tragic turn of events, two Kenyan individuals, Peter Ushuru Khalumi and David Ekai Lokere, have been convicted of the murder of Ugandan Olympian runner Benjamin Kiplagat, the Jamaica Observer reports. The Eldoret High Court presented compelling evidence, including CCTV footage, capturing the accused pursuing Kiplagat on the fateful New Year's Eve. As a distinguished athlete, Kiplagat had an impressive 18-year career representing Uganda before his untimely demise at the age of 34. Following a comprehensive nine-month trial, sentencing for Khalumi and Lokere has been scheduled for November 4, marking a significant moment in the pursuit of justice for the victim and his community.

“We’ve always known that there’s a cost to the persistent stereotypical media narratives about Africa. Now we’re able to put an actual figure to it,” said Moky Makura, executive director of Africa No Filter. “The scale of these figures underscores the urgent need to challenge [these] negative stereotypes about Africa and promote a more balanced narrative.”

Biased reporting on African elections

The report emphasises that global media coverage of African elections is particularly problematic, often focusing on conflict, corruption, poverty, and poor leadership. This portrayal creates a significant gap between perceived and actual investment risks, further reducing Africa’s attractiveness to international investors.

African elections are frequently covered with an overemphasis on violence and fraud, while positive stories about progress and development are often ignored, the study indicates.

“Typically, election coverage is narrowly focused on the horse race between the incumbent and main opposition party or parties. In Africa, it is often peppered with stories of election violence and rumours of corruption,” Makura explained. “The fixation on election drama rather than the issues at stake is sometimes driven by the desire for headline-grabbing stories. It’s easier to sell stories about tainted politicians and violent clashes than it is to dig into healthcare reform or job creation policies.”

Africa vs. the ‘Rest of the World’

The study highlights stark disparities in media coverage between African and non-African countries with similar political and socioeconomic conditions. For example, Malaysia, which experienced a corruption scandal during the same period as Kenya, saw significantly fewer global news articles on corruption compared to Kenya.

A key finding is that 88% of global news articles about Kenya and 69% about Nigeria are negative, compared to just 48% for Malaysia. Similarly, Egypt, whose political regime and press freedom are comparable to that of Thailand, had more headlines focused on violence than its Southeast Asian counterpart.

When compared to other African nations, South Africa and its president, Cyril Ramaphosa, have received more favourable reporting in the media; however, there are media narratives that portray South Africa as failing like other African nations. This disproportionate focus on negative stories in Africa skews global perceptions and plays a role in the continent’s higher borrowing costs.

Higher interest rates due to media bias

According to the study, negative media sentiment directly influences credit ratings and bond yields, which in turn increase borrowing costs for African nations. Egypt, for example, has a negative sentiment score of 66% and faces bond yields of around 15%, while Thailand, with a sentiment score of 32%, has bond yields of just 2.5%.

African nations often pay significantly higher interest rates compared to other regions. The United Nations Conference on Trade and Development (UNCTAD) Secretary-General Rebeca Grynspan  revealed that African countries pay about eight times more in interest than European countries and four times more than the US for the same level of debt.

According to the research, inflated rates are largely driven by heightened perceptions of risk influenced by media portrayals, despite some countries having decent credit ratings.

“The real commercial opportunity is obscured from international investors because of this risk premium,” noted Marcus Courage, chief executive officer of Africa Practice. He added that the $4.2 billion figure only accounts for the impact of negative media on sovereign debt, excluding broader effects on tourism, foreign investment, or aid.

Reducing the debt burden

More economic restrictions are being placed on the people of various African countries as a result of the adoption of additional levies, increased taxes, and other revenue-enhancing measures to pay off debt.

With the World Bank reporting that nine African countries entered 2024 in debt distress , and many more at high risk, the report concludes that a more balanced and accurate media portrayal of Africa could reduce borrowing costs, allowing African countries to invest more in public infrastructure and other critical needs.

Femi Gbajabiamila emphasised the government’s resolve to tackle the problems including money laundering, and terrorism that led to Nigeria’s listing.

According to him, the NFIU has implemented 30 percent of the action plan aimed at addressing the lapses identified.

“We have nine months left to exit the Grey List, and even being on that list is bad enough—that is not what we want for our country.

“Therefore, we will do everything we need to do because May 2025 is around the corner,” he was quoted by the Daily Post.

He also assured of continued collaboration with the NFIU to ensure the protection of Nigeria’s financial system from threats.

This comes following Nigeria’s listing on the FATF Grey List on February 24, 2023, following rising capital inflows and shortcomings in combating money laundering, terrorism, and arms financing.

The global Financial Action Task Force (FATF) is an independent intergovernmental organisation that promotes policies to protect the global financial system by evaluating jurisdictions based on their Anti-Money Laundering/Counter Financing of Terrorism and Proliferation, AML/CFT/P standards.

What they said

President William Ruto had earlier urged the justice and security enforcers “to take effective measures and ensure that people who may have been innocently caught up on the wrong side of proceedings, and those not implicated in crimes are released and the charges against them withdrawn. This will enable the agencies to focus their resources, efforts and time on investigating and prosecuting serious criminal elements who took advantage of peaceful demonstrations to advance a dangerous agenda." The White House condemned the violence in Kenya, in July stating through the National Security spokesperson, John Kirby that "The United States is deeply concerned about and we condemn the reported violence in all its forms.” Further, US Senator Chris Murphy who is a member of the Senate Foreign Relations Committee has further noted that “it’s really important for US leaders to convey those concerns and make it clear that our relationship can’t be at its strongest level unless there is a real commitment from the Kenyan government to hold anyone that engages in abuse, particularly in the context of these protests, accountable.”

Here’s a look at the most fined companies ranked by the total amount:

Bank of America

The Bank of America tops the list with an alarming $82.8 billion in fines. The financial giant has faced 219 penalties, primarily related to the mortgage-backed securities scandal that contributed to the 2008 financial crisis.

JP Morgan Chase

JPMorgan Chase, a company based in the United States and involved in financial services has also been heavily fined, with a total of $35.8 billion. Like Bank of America, many of these fines are linked to the financial crisis and subsequent regulatory violations with a total of 162 fines.

BP

The British Petroleum Company Limited also known as, BP's significant fines are largely due to environmental disasters, most notably the Deepwater Horizon oil spill in 2010, which resulted in massive environmental damage and loss of life. With a total of $29.2 billion in fines, the company has received the penalty 283 times.

Citigroup

The United States' financial company, Citigroup has also faced numerous fines for its role in the financial crisis and other regulatory breaches, totaling $25.5 billion. The company has had to pay a fine for 125 times.

Volkswagen

Volkswagen's hefty fines are primarily due to the emissions scandal, where the company was found to have manipulated emissions tests to meet regulatory standards in 2015. The vehicle company in Germany has received 58 fines and has paid $23.8 billion in total.

According to a report from Uganda's finance ministry posted on X on Tuesday, May 21, 2024, the increase in export revenue was due to the increase in the preference for tobacco, simsim (sesame), hides and skins as well as gold.

"The merchandise exports increased to USD 634.43 million in March 2024 from USD 633.0 million in Feb.2024.This was mainly due to a rise in export receipts from tobacco, simsim (sesame), hides & skins and gold," the finance ministry wrote on X .

Additionally, the ministry explained the increase was also attributed to investor confidence in Ugnada's business environment, especially in the manufacturing sector.

"Investors were more optimistic about the business environment, especially in the manufacturing & wholesale trade sectors. This is shown by the Business Tendency Index which remained above the 50-mark threshold increasing to 55.57 in April 2024 from 55.54 the previous month," the ministry added.

The tides seem to be turning in favour of the Ugandan economy as it has experienced magnificent successes this year.

For the first time in history, Uganda has joined other countries like Rwanda and Tanzania to graduate from the UN's Least Developed Countries status after meeting the laid down criteria.

According to the United Nations , Uganda and the aforementioned countries will be assessed again in 2027 and if they meet the criteria, they will be graduated.

“The Committee found that Rwanda, Uganda and the United Republic of Tanzania fulfilled the criteria for graduation for the first time. These countries will be considered for graduation at the next triennial review in 2027,” the report said.

During the unveiling of the new currency and the presentation of the 2024 monetary policy statement on April 5, 2024, Mushayavanhu admonished all banks to convert any Zimbabwe dollar in their possession and vaults to ZiG.

"With effect from today, banks shall convert the current Zimbabwe dollar balances to ZiG," Mushayavanhu said, adding that it "will circulate with other currencies in the basket. If we implement these measures, we expect them to have an impact on inflation."

Despite all these measures, the U.S. dollar will remain a legal tender for transactions in Zimbabwe.

Zimbabwe's inflation challenges predate the official hyperinflation era, which commenced in 2007. In 1998, the nation witnessed an annual inflation rate of 47%.

Apart from a brief decline in 2000, inflation consistently escalated until the hyperinflation period. Eventually, the Zimbabwean dollar was discarded in favour of several foreign currencies.

Based on World Bank data , Zimbabwe initially made progress in addressing its inflation issues. Nonetheless, the annual inflation rate experienced a resurgence.

By 2022, it stood at approximately 104%, marking a significant improvement from the 557% recorded in 2020. Additionally, the annual gross domestic product (GDP) growth rate rebounded to 8.5% in 2021, a notable increase compared to -7.8% in 2020.

However, according to a Bloomberg report in March, the Zimbabwean dollar has consistently lost value against the US dollar, depreciating on every trading day throughout this year. This decline has reached 72%, positioning it as the second-worst-performing currency globally.

Zimbabwe National Statistics Agency also reports that the nation's annual inflation rate surged to a seven-month peak of 55.3% in March, rising from 47.6% in February.

Developing countries, faced with the urgent need to adapt to global warming, are seeking substantial financial assistance, with estimates indicating the requirement of hundreds of billions of dollars annually.

Additionally, substantial investments are imperative for transitioning to clean energy.

Countries particularly vulnerable to climate change are urging significant funding allocations to combat costly disasters like floods and storms.

Barbados Prime Minister Mia Mottley emphasized the need for immediate decisions on fund allocation to realize the ambitious expectations set by the conference.

Mottley proposed exploring taxation as a viable means to generate climate change funding, suggesting a 1.0% tax on global financial services could yield $420 billion.

She further outlined the potential of a 5% tax on global oil and gas sales, projecting an additional $200 billion for climate change investments.

Mottley's proposals align with calls for innovative financial mechanisms to address climate challenges.

During COP 28, the United States pledged three billion dollars to the "Green Climate Fund" to combat climate change effects.

Simultaneously, proposals to end fossil fuel subsidies gained traction, with activists and leaders, including UN Secretary-General Antonio Guterres, advocating for their termination. Fossil fuel subsidies currently reach an unprecedented $3 trillion annually.

Suhail Al Mazrouei, the UAE's Minister of Energy, emphasized the necessity of investing in hydrocarbons to prevent price hikes during the transition to clean energy.

The UAE further signaled its commitment to exploring advanced nuclear reactor development by partnering with Terra Power LLC, founded by Bill Gates.

While negotiations among participating countries continue, the UAE authorities allowed a limited protest rally, marking an unprecedented move in the context of the COP 28 summit.

The rally was permitted under stringent conditions, reflecting a delicate balance between advocacy and security concerns.

The said financial services group projects a considerable disinflation of approximately 2 percentage points in 2024 across most emerging markets, similar to the trend in developed markets.

Goldman Sachs also predicts a reduction in upward pressure on goods prices as supply chain bottlenecks have largely been addressed. The group anticipates tight labor markets in many economies due to implemented "catch-up" wage increases from the pandemic's peak inflation period. Analysts' consensus forecast for the Philippines in 2024 is a full-year inflation rate of 3.7 percent.

While Goldman Sachs projects 4.2 percent, slightly above the target band, it is an improvement compared to the BSP's own forecast of 4.4 percent.

Regarding interest rates, Goldman Sachs expects most Asian central banks to maintain unchanged policy rates for most of 2024, considering moderating inflation and the United States Federal Reserve signaling a higher-for-longer stance.

The group expects that the Bank of Indonesia (BI) and the Central Bank of the Philippines (CBP) may be the first in the region to cut policy rates late next year, with a projected reduction of 25 basis points each in the fourth quarter. Analysts now expect the CBP to maintain its benchmark rates until the third quarter of 2024 after the recent decision to keep policy rates unchanged during the Nov. 16 policy meeting.

Despite the pause, some observers note that the CBP remains hawkish, given its earlier aggressive monetary policy tightening cycle in the region.

The data from this report encompasses nearly 21,000 projects in 165 low and middle-income countries, making it one of the most comprehensive datasets.

Beijing's overseas financing has helped it gain allies in the developing world but has also faced criticism from the West and some recipient countries, such as Sri Lanka and Zambia. These countries have expressed concerns that the infrastructure projects funded by China have left them burdened with debt they cannot repay.

The data shows changes in the sources and focus of China's overseas financing. While China's policy banks represented over half of the lending in 2013 when President Xi Jinping launched the Belt and Road Initiative, their share declined to 22% by 2021. The People's Bank of China and the State Administration of Foreign Exchange (SAFE) played a more significant role in lending in 2021, primarily providing bailout lending.

The report by AidData noted that "Beijing is navigating an unfamiliar and uncomfortable role—as the world's largest official debt collector."

The study also found that much of China's growing rescue lending is denominated in renminbi, with loans in the Chinese currency surpassing U.S. dollars in 2020. Overdue payments to Chinese lenders have also increased.

To manage repayment risk, China uses foreign currency cash escrow accounts it controls. This arrangement is controversial because it gives China debt seniority, potentially disadvantaging other lenders, including multilateral development banks, during coordinated debt relief.

AidData identified 15 countries, mainly in Africa, with escrow accounts totaling a combined $2.5 billion at their peak in June 2023. The report's lead author, Brad Parks, noted that they could not identify all such accounts as they are usually kept private. However, they found collateralized loans worth $614 billion, with cash as the primary collateral required by Chinese lenders, indicating that the amount in escrow accounts could be much higher than $2.5 billion.

China is also collaborating more with multilateral lenders and Western commercial banks. Half of its non-emergency lending in 2021 involved syndicated loans, with 80% of those loans alongside Western banks and international financial institutions.

The destinations of Chinese overseas lending have also shifted. Loan commitments to African countries decreased from 31% of the total in 2018 to 12% in 2021, while lending to European countries nearly quadrupled to 23%. Another dataset showed loan commitments to African countries falling to a 20-year low in 2022.

These appointments, as reported by the central bank's Financial News publication, highlight the direct control exerted by the ruling Communist Party over financial sector supervision. He's responsibilities will include addressing issues related to local government debt and the property sector downturn, both of which pose threats to financial stability and China's long-term economic growth.

China had previously announced in March the establishment of the CFC as part of a broader restructuring of both party and government entities, with the aim of strengthening the party's oversight of the industry. The head of the CFC has yet to be named.

He Lifeng, who is considered a close associate of President Xi Jinping, has been actively involved in handling financial, economic, and trade matters since his appointment as vice premier during a cabinet reshuffle in March. He has also assumed the position of director of a critical Communist Party economic body, the Central Finance and Economic Affairs Commission, succeeding Liu He.

Recent reports from state media indicate that the Communist Party is intensifying its leadership role in the financial industry and increasing efforts to mitigate local government debt risks. The announcement was made after a twice-a-decade financial policy meeting held on October 30-31.

The CFWC aims to "comprehensively strengthen the party's leadership over financial work" and enhance financial supervision, according to a summary of a CFWC meeting held the previous week.

He Lifeng's background includes a doctorate in economics, and his relationship with President Xi dates back four decades. He has played various roles in the Chinese government, and his appointment as the head of the CFC and CFWC reinforces the centralization of control within the Communist Party over China's financial sector.

According to a report from Reuters, Qualitas, an Australian real estate specialist backed by the Abu Dhabi Investment Authority, has nearly doubled its assets under management to A$8 billion ($5.07 billion) since mid-2022, with approximately half of this growth occurring since June.

U.S.-based PGIM Real Estate intends to deploy an additional $1 billion in the Australian market over the next few years, as noted by its head of Australian real estate, Steve Bulloch.

Over the past 12 to 18 months, there has been a noticeable increase in institutional investor interest, with many viewing the Australian market as an attractive entry point to diversify their investment portfolios.

These developments are part of the ongoing expansion of non-bank lenders in a market where four major banks (Commonwealth Bank, National Australia Bank, Westpac, and ANZ Group) continue to dominate the majority of lending activities.

Nonetheless, non-bank lending in Australia, accounting for approximately 5% of all financial assets in 2022, remains relatively small in comparison to the International Monetary Fund's estimate of 50% on a global scale.

Non-bank lending has been on the rise, with over A$600 billion in assets reported last year, encompassing lenders focused on retail credit. Lenders are diversifying into residential and commercial construction, filling the void left by banks that are reducing lending or exiting such sectors, according to a March report from the Reserve Bank of Australia (RBA).

Investors can expect returns ranging from 9% to 11%, with the added security of loans secured against tangible assets such as condominiums or warehouses, often featuring a 30% to 40% equity buffer.

While these returns offer attractive investment opportunities, they also translate into higher costs for borrowers. The Reserve Bank of Australia (RBA) reported in March that the spread over a major bank loan is approximately 200 basis points for various types of business loans.

Participants include CEOs like David Solomon from Goldman Sachs, James Gorman from Morgan Stanley, Jane Fraser from Citigroup, as well as Noel Quinn from HSBC and Bill Winters from Standard Chartered. Prominent figures from Blackstone Group, Carlyle Group, Citadel, and other firms will also speak at the event, which revolves around the theme of "living with complexity."

These executives are gathering in Hong Kong amid significant job cuts in the banking and asset management sectors in the city due to the slowdown in China's dealmaking activities and tighter regulatory oversight since the inaugural summit held last year. That summit marked Hong Kong's resurgence as a global financial hub following the disruptions caused by the COVID-19 pandemic.

Diana Parusheva-Lowery, Head of Public Policy and Sustainable Finance at the Asia Securities Industry & Financial Markets Association in Hong Kong, highlighted that a key question on everyone's minds when they visit Hong Kong is how the Chinese economy is performing and the potential implications.

According to a report from Reuters, the Hong Kong Stock Exchange currently ranks as the 11th-largest venue for initial public offerings this year, with only $2.7 billion raised through the third quarter.

This pales in comparison to its dominant position in most of the last decade. Official data indicates that the territory's assets under management declined by 14% in 2022.

Trading volumes have also dwindled as foreign investors reduce their exposure to a China they view as increasingly isolated due to opaque policies, challenges in the property sector, and crackdowns on private enterprise.

Chris Beddor, Deputy China Research Director at Gavekal Dragonomics based in Hong Kong, noted that the structural economic slowdown in China, concerns about the future of U.S.-China relations, and questions about whether private mainland investment now prefers Singapore have not changed significantly.

These are issues that senior figures in the financial sector are keenly aware of, even if they do not openly discuss them.

Makuei told journalists that "the government of South Sudan was accused of violating the nation's rules and regulations, especially with issues related to SWIFT codes and the fight against money laundering."

Foreign affairs and international cooperation minister James Pitia Morgan negotiated with the FATF during a recent visit to the United States, Makuei said.

"After the assessment was made, the FATF found that the government of Sudan is conforming to all the financial rules and regulations and as such, it does not require any financial action against it," he was quoted by local media Eye Radio.

James Pitia Morgan was recently appointed as the minister of foreign affairs and international cooperation by the President of South Sudan Salva Kiir. He replaced Deng Dau Deng, the ministry's acting foreign minister, who took over in March.

Simsek explained the only remaining issue within the scope of technical compliance is the work related to crypto assets.

"We will submit a law proposal on crypto-assets to the parliament as soon as possible. After that, there will be no reason for Turkey to stay on that grey list, if there are no other political considerations."

Simsek did not provide further details about the proposed legal changes.

The FATF, established by the G7 group of advanced economies to safeguard the global financial system, had previously cautioned Turkey about "serious shortcomings," including the need to enhance measures for freezing assets associated with terrorism and the proliferation of weapons of mass destruction in 2019.

Presently, short-selling is permitted exclusively for 200 large-cap stocks on the KOSPI index and 150 stocks on the KOSDAQ junior index.

South Korea strictly prohibits naked short-selling of stocks, which involves selling shares without the prior borrowing or verification of their borrowability, as regulated by the Capital Markets Act.

The regulatory authority stated its intent to collaborate with authorities in Hong Kong and Singapore to conduct international investigations in the first half of 2024.

Earlier this month, the regulator identified instances of naked short-selling violations by two Hong Kong-based investment banks, which it deemed serious infractions of domestic laws and anticipated significant fines as a result.

The survey, conducted by 12 economists, suggests that outbound shipments from the fourth-largest economy in Asia are expected to have increased by 5.5 percent in October compared to the same month in the previous year. This marks a turnaround from the 4.4 percent decline observed in September and ends a 12-month streak of export declines that extended through September.

The growth in October is believed to be driven by strong shipments to the United States and a rebound in semiconductor exports. Additionally, base effects are providing some support after a year-long downturn, as noted by economists. Nevertheless, the persistent weak demand in China remains a challenging factor.

"South Korea's export recovery will likely continue into next year," said Chun Kyu-yeon, an economist at Hana Securities.

"Robust trends are continuing in U.S. and EU-bound shipments, although China-bound exports still remain sluggish."

During the initial 20 days of this month, South Korea recorded a 4.6 percent increase in the value of its exports compared to the same period in the previous year. Shipments destined for the United States surged by 12.7 percent, while exports to China experienced a decline of 6.1 percent.

Furthermore, imports are expected to have decreased by 4.3 percent in October compared to the previous year, a milder decline than the 16.5 percent drop in September, marking the least severe contraction in eight months, as indicated by the survey.

This is anticipated to result in a trade deficit for October, ending a streak of four consecutive surplus months. The survey's median projection suggests a deficit of $2 billion, representing a significant shift from the $3.7 billion surplus reported in September.

South Korea is set to release its monthly trade data for October on Wednesday, November 1, at 9 a.m. (0000 GMT).

Financial Services Authority (OJK) chief Mahendra Siregar emphasized that the sector's stability is evident through sufficient market liquidity and a well-maintained risk profile.

"There is growing confidence that our financial sector can effectively withstand 'higher-for-longer' US rates and geopolitical risks," he stated during a press conference, where he shared the results of OJK's monthly meeting held last week to evaluate the financial sector's status.

As of Monday at 3 am GMT (11 am Singapore Time), the rupiah was trading at 15,920 per US dollar, marking a 0.09% increase.