The Chicago-headquartered group reported confectionery sales of $38.5 billion, maintaining a clear lead over rival Mars Inc., which posted $36 billion in revenue from its sprawling snacks division.

Italian firm Ferrero Group secured third place with $22.2 billion, while The Hershey Company and Nestlé rounded out the top five with $11.7 billion and $11 billion respectively, underscoring continued dominance by a handful of multinational players.

The latest rankings highlight the enduring influence of a small cluster of global heavyweights often referred to as “Big Chocolate”, including Mondelēz, Mars, Ferrero, Hershey and Nestlé, which collectively command a significant share of global confectionery revenue.

These companies benefit from vast manufacturing networks, strong brand portfolios and global distribution systems, allowing them to maintain scale advantages even as consumer tastes evolve.

Beyond the top five, Japan ’s Meiji Co., Switzerland’s Lindt & Sprüngli, Germany’s Haribo, Italy-based Perfetti Van Melle and UK-based Pladis complete the top 10 list, reflecting a mix of heritage European brands and Asian growth players.

The rankings come against a backdrop of steady growth in the global candy market, which is valued at approximately $78.8 billion in 2026 and projected to reach nearly $99 billion by 2031.

Manufacturers are increasingly responding to changing consumer preferences, including demand for premium products, reduced-sugar formulations and plant-based ingredients.

Digital commerce is also reshaping distribution, with online candy sales growing steadily as companies expand direct-to-consumer channels.

At the same time, emerging markets in Asia-Pacific are driving future growth, supported by rising incomes and urbanisation, even as Europe and North America remain the largest revenue centres.

Data compiled from CompaniesMarketCap as of March 2026 shows U.S.-based McDonald’s following closely with a valuation of roughly $234 billion, while British multinational Unilever ranks third at around $147 billion.

The rankings highlight how scale, brand strength and global distribution continue to define leadership in the food sector, even as newer business models such as food delivery platforms gain ground.

Nestlé’s lead reflects its diversified portfolio, spanning packaged foods, beverages, nutrition and pet care. The company’s global footprint and ability to adapt products to local markets have helped it maintain a strong valuation despite shifting consumer preferences.

McDonald’s, the world’s largest fast-food chain by revenue, remains a close competitor, driven by its franchising model and consistent global demand. Analysts say its resilience during economic downturns has made it a strong performer in public markets.

Unilever, with a wide range of food and consumer goods brands, continues to benefit from its presence across both developed and emerging markets.

Further down the list, U.S.-based DoorDash, valued at about $80 billion, signals the growing importance of delivery platforms in the food ecosystem. Its inclusion alongside traditional manufacturers points to changing consumption patterns, where convenience and digital access are increasingly central .

Snack and confectionery giant Mondelez International, valued at approximately $75 billion, reflects continued demand for branded packaged foods, particularly in emerging markets.

India’s Hindustan Unilever, with a market capitalisation of nearly $57 billion, stands out as one of the few major players rooted in an emerging economy . Its strong domestic base and distribution network highlight the rising importance of large consumer markets outside the West.

UK-based Compass Group, valued at around $53 billion, represents the food services segment, supplying meals to institutions such as schools, hospitals and corporate clients.

France’s Danone, with a valuation of about $52 billion, remains a key player in dairy and plant-based products, while U.S.-based Chipotle Mexican Grill, at roughly $49 billion, reflects growing investor interest in fast-casual dining.

The Hershey Company, valued at around $46 billion, rounds out the top tier, driven by steady demand in the confectionery segment.

According to CompaniesMarketCap data, the composition of the top food companies shows a balance between legacy multinationals and newer entrants adapting to digital consumption trends.

A regional overview of merchandise imports shows that China ranks as the first, second or third largest import partner across large parts of Europe, highlighting the deep economic ties between Beijing and European economies.

Official statistics from Eurostat show that China remained the European Union’s largest import partner in 2024, accounting for about 21.3% of all extra-EU imports, well ahead of the United States and the United Kingdom.

Total EU imports from China reached roughly €517.8 billion, compared with €213.3 billion in exports to China, creating a trade deficit of more than €300 billion.

Trade rankings suggest that China is the top import partner for several countries in Central and Eastern Europe, including economies such as Poland and Ukraine.

Across much of the region, China consistently appears among the top three sources of imported goods, driven by strong demand for electronics, machinery and industrial components.

According to global trade statistics, China accounted for about 17.5% of global exports, making it the largest exporter worldwide.

On the contrary, some Western European countries show more diversified import relationships.

For example, countries such as France and Spain source significant imports from neighbouring European economies as well as the United States, meaning China ranks outside the top five in some cases.

Even so, the EU and China maintain one of the world ’s largest bilateral trading relationships.

Total EU-China trade in goods reached about €732 billion in 2024, underscoring the scale of economic interdependence between the two markets.

#16 – Carlos Slim Helu

Carlos Slim Helu remains the richest person in the Global South in 2026. The Mexican tycoon built his fortune through telecom giant América Móvil and a vast portfolio of investments under the conglomerate Grupo Carso.

Slim once held the title of the world’s richest person between 2010 and 2013 and continues to dominate business in Mexico and much of Latin America. His holdings stretch across telecommunications, infrastructure, retail and finance, reflecting decades of acquisitions across the Mexican economy.

#21 – Mukesh Ambani

Mukesh Ambani is the wealthiest person in India and one of Asia’s most influential business figures. As chairman of Reliance Industries, he oversees a conglomerate involved in petrochemicals, oil refining, telecommunications and retail.

Reliance has expanded aggressively into digital services through Jio, which transformed India’s telecom market by bringing affordable internet to hundreds of millions of users.

#26 – Zhang Yiming

Zhang Yiming, co-founder of ByteDance, built his fortune from the global success of TikTok and other digital platforms. The company’s rapid expansion turned him into one of China’s richest entrepreneurs.

ByteDance’s algorithm-driven content platforms have attracted billions of users worldwide, making it one of the most valuable technology firms to emerge from China.

#27 – Zhong Shanshan

Often dubbed the “Lone Wolf” of Chinese business, Zhong Shanshan founded bottled-water giant Nongfu Spring and later expanded into pharmaceuticals.

His companies have benefited from China’s vast consumer market, helping him rise to become one of the country’s richest individuals.

#30 – Germán Larrea Mota Velasco

Mexican magnate Germán Larrea Mota Velasco leads Grupo México, the country’s largest mining company and one of the world ’s major copper producers.

Under his leadership, the firm has expanded its mining and infrastructure operations across the Americas, cementing his position as one of Latin America’s richest businessmen.

Who dominates the top 10?

The very top of the global wealth rankings remains heavily dominated by US technology billionaires, according to the latest Forbes Billionaires data.

Elon Musk sits far ahead of the rest with an estimated $839 billion, making him by far the richest person in the world. His fortune is tied mainly to Tesla, SpaceX and artificial intelligence firm xAI.

The gap between Musk and the rest of the billionaire class is enormous. The next richest individuals have fortunes roughly one-third of his wealth or less.

Among them are several other US technology founders. Larry Page is worth roughly $257 billion, while fellow Google co-founder Sergey Brin has about $237 billion.

Jeff Bezos, the founder of Amazon, holds an estimated $224 billion, while Mark Zuckerberg, the chief executive of Meta, has around $222 billion.

The top ranks also include figures outside the US technology sector. Bernard Arnault, chairman of luxury group LVMH, remains Europe’s richest person with a fortune of about $178 billion.

The aircraft was transporting about 423 million bolivianos in newly printed bills destined for the Central Bank of Bolivia. When the plane veered off the runway and crashed onto a busy avenue, millions of banknotes were scattered across the street. Crowds quickly gathered, and some people rushed to collect the money, forcing police to disperse them with tear gas while authorities destroyed part of the cash to prevent it from entering circulation.

But the real turmoil came in the days that followed. Because the bills on board had not yet officially entered circulation, the Central Bank temporarily suspended the validity of certain Series B banknotes, particularly the 10, 20 and 50 boliviano denominations. The bank also published serial numbers linked to the shipment and warned that any notes matching those numbers would be considered invalid.

The decision, meant to protect the financial system, created widespread confusion across the country. Many businesses, transport operators and markets began rejecting all Series B banknotes, even those that were perfectly legal. As rumours spread, thousands of Bolivians rushed to banks to exchange their cash or verify whether the bills they carried were still valid.

To manage the situation, the Central Bank launched a digital verification system allowing citizens to check their money. By entering the serial number of a banknote online, users can confirm whether it belongs to the group of bills linked to the crash or if it remains valid for circulation. Officials emphasised that only a small portion of the notes involved in the accident were invalid, while the vast majority of Series B banknotes remain legal tender.

Even so, the crisis exposed how fragile everyday transactions can be when trust in cash is shaken. Vendors, taxi drivers and small businesses reported difficulties accepting certain bills, and many people turned increasingly to digital payments or bank transfers to avoid the uncertainty. Long queues formed outside banks as citizens tried to confirm the legitimacy of their money.

Weeks after the crash, the confusion has begun to ease as authorities clarify which notes are valid and businesses slowly resume accepting Series B bills. Yet the episode has left a lasting lesson: in a cash-dependent economy , even a brief disruption to the trust behind banknotes can ripple quickly through daily life, transforming a tragic accident into a nationwide economic headache.

According to wealth data compiled from Bloomberg , Forbes and other real-time billionaire trackers, Alice Walton, heir to the Walmart empire, holds the top spot with a net worth north of $139.4 billion. Walton has long dominated female wealth charts thanks to her significant stake in the retail giant founded by her father, Sam Walton. Her position underscores how Walmart’s share price and global revenue performance continue to drive immense personal wealth.

Following Walton is French beauty magnate Françoise Bettencourt Meyers & family, whose fortune stems from a controlling stake in cosmetics powerhouse L’Oréal. Bettencourt Meyers, who has served on various corporate and cultural boards, remains one of Europe’s wealthiest figures with net worth estimates approaching $95 billion.

In third place on the 2026 roster is Julia Koch & family, inheritors of stakes in Koch Industries. Koch’s wealth reflects diversification across energy and manufacturing, underscoring how industrial conglomerates contribute to family fortunes on the global stage.

Latin America and Asia are also represented on the list. Chilean mining magnate Iris Fontbona & family, who inherited assets including Antofagasta PLC from her late husband, Andrónico Luksic, appear alongside India’s Savitri Jindal & family, chair of the Jindal Group, a diversified industrial powerhouse. Jindal has been noted as one of India’s richest women, a rare feat in a market still dominated by male billionaires.

The United States drives much of the remainder of the list. Jacqueline Mars, whose family’s Mars, Inc. brands span confectionery and pet food, and Miriam Adelson & family, tied to the casino industry, both feature multibillion-dollar fortunes of $45.7 billion and $44.5 billion, respectively.

Abigail Johnson, CEO and principal owner of Fidelity Investments, ranks among the top 10 with a significant stake in one of the world’s largest asset management firms, with a net worth of 33.3 billion. Marilyn Simons & family, connected to hedge fund success, round out the group of the ten richest women.

What this really means is a portrait of wealth that’s still heavily shaped by inheritance and established family holdings, but one in which women are increasingly visible at the summit of global finance and industry.

Across continents, from retail and beauty to mining and finance, these women command assets that not only underscore personal success but also reflect broader trends in wealth creation and market leadership.

As global markets continue to fluctuate through 2026, watchers of billionaire rankings will be paying close attention to how economic cycles and strategic investment decisions reshape this list in the years ahead.

According to the IMF’s latest World Economic Outlook , developing economies in Asia, Africa, and the Middle East are expected to grow faster than advanced economies as the global economy continues its gradual recovery from pandemic shocks and inflationary pressures.

At the top of the growth chart is India, projected to expand by around 6.4% in 2026. This robust growth outlook reflects strong domestic demand, continued investment in infrastructure and technology, favourable demographics, and government reforms aimed at boosting productivity. India’s growth rate significantly outpaces most major economies and reinforces its role as a key engine of global economic momentum.

Following India are the Philippines and Indonesia, with forecasted growth rates of approximately 5.6% and 5.1%, respectively. The IMF notes that Southeast Asian economies are benefiting from increasing regional trade, rising manufacturing output, and expanding services sectors. Indonesia’s entry into the top three fastest-growing economies highlights the region’s resilience and diversification amid shifting global supply chains.

Other economies expected to post solid gains include Egypt, China, Saudi Arabia, Kazakhstan, and Nigeria, with projected growth ranging from roughly 4.4% to 4.7%. While China’s growth rate is moderating compared with the rapid expansion seen in previous decades, the IMF forecasts continued stability as its services and consumption sectors strengthen.

In the Middle East, Saudi Arabia’s Vision 2030 reforms continue to support non-oil growth, while Nigeria’s expanding labour force and market reforms underpin its growth prospects.

Towards the lower end of the outlook, more advanced economies like the United States and Spain are expected to see more modest expansion, with the U.S. projected at around 2.4% and Spain near 2.3%.

These figures reflect constraints from higher interest rates, slower population growth, and lingering global trade challenges. Nevertheless, even these moderate growth rates suggest resilience relative to past global slowdowns.

According to IMF projections cited and analysed by The African Exponent , Africa’s ten largest economies in 2026 reflect a mix of resource strength, population size, industrial capacity, and policy direction.

South Africa is projected to remain Africa’s largest economy in 2026, with a nominal GDP of about $401.6 billion. Despite slow growth in recent years, the country continues to benefit from its diversified economy, strong financial sector, and advanced industrial base.

Close behind is Egypt, with an estimated $399.5 billion GDP. Egypt’s rise has been driven by large-scale infrastructure investment, expansion in energy production, and aggressive economic reforms.

As The African Exponent has noted in previous coverage, Egypt’s strategic positioning as a trade and logistics hub linking Africa, the Middle East , and Europe continues to strengthen its economic weight.

Nigeria, Africa’s most populous country, is projected to rank third with a GDP of roughly $334.3 billion. Oil and gas still play a central role, but growth in telecommunications, fintech, agriculture, and entertainment has diversified parts of the economy.

However, the African Exponent has consistently pointed out that currency instability, inflation, and policy uncertainty remain key constraints on Nigeria’s full economic potential.

Algeria is expected to rank fourth at $285.0 billion, buoyed largely by hydrocarbons and higher global energy demand. While diversification remains a challenge, state spending and energy exports continue to anchor the economy.

Morocco, at $196.1 billion, rounds out the top five. Its strength lies in manufacturing, agriculture, tourism, and the growing automotive and aerospace industries. The African Exponent frequently highlights Morocco as one of Africa’s most strategically diversified economies.

Kenya and Ethiopia signal East Africa’s growing economic relevance. Kenya has approximately $140.9 billion, driven by services, finance, ICT, and regional trade. Ethiopia is also around $125.7 billion, supported by manufacturing, agriculture, and state-led industrialisation.

Despite debt pressures and foreign exchange shortages, Ethiopia’s long-term growth fundamentals continue to attract attention across African economic commentary.

Ghana, Côte d’Ivoire, and Angola finalise the list as Ghana sits at $113.5 billion, supported by gold, cocoa, and oil, though fiscal pressures persist. Côte d’Ivoire comes in with $111.5 billion, as one of West Africa’s fastest-growing economies, driven by agriculture and infrastructure. Angola, with $109.9 billion, is heavily dependent on oil but showing gradual signs of reform.

The African Exponent has noted that Côte d’Ivoire’s steady growth contrasts sharply with more volatile commodity-dependent economies, making it one of the continent’s most closely watched performers.

These rankings are based on nominal GDP, not purchasing power or living standards. What this really tells us is where capital, infrastructure, and policy focus are currently concentrated. It also highlights Africa’s continued reliance on a handful of large economies to drive continental growth.

According to published exchange rates verified by EBC Financial Group and recent global financial data, the following currencies have a higher unit value than the U.S. dollar as of early 2026:

What “stronger than the dollar” actually means

It’s important to clarify that saying a currency is “stronger” refers to its exchange rate value , not necessarily overall economic strength. A higher exchange rate simply means that one unit of the foreign currency buys more U.S. dollars.

This does not mean that those economies are larger or more stable than the United States. It is a reflection of monetary policy choices, currency pegs, and market supply/demand dynamics. For example, many Middle Eastern currencies are deliberately kept at high values relative to the dollar to support import pricing and economic stability.

One institution continues to define the benchmark. The rest of the market is divided into a solid but crowded second tier and a fragmented middle struggling to convert capability into equity.

Across almost every brand attribute measured, including good customer service and the most trustworthy banks, BCA remains the clear reference point for Indonesian consumers. It leads decisively in customer service (55.3%), trustworthiness (48.6%), digital banking services (49%), value for money (37.2%), financial strength (37.8%), ease of use (34.6%), and customer care (27.5%)

The Brand Image Index based on responses from more than 1,000 Indonesian internet users nationwide reinforces this dominance. BCA scores 100, far ahead of its nearest competitor, Bank Mandiri, at 59.

Beyond performance, BCA also records the lowest “don’t know” rate in the market in terms of visibility, signalling near-universal familiarity.

The second tier

Bank Mandiri, BRI, and BNI form a recognisable second tier. All three benefit from high awareness, strong associations with financial stability, and credible trust scores. In attributes such as customer service, digital banking, and reputation, they consistently outperform mid-tier and lower-tier peers.

These banks, however, cluster tightly across multiple measures. For example, customer service scores range between 31 and 38%, and digital banking perceptions sit within a similarly compressed band. Consumers see them as reliable and familiar, but not clearly distinct from one another.

Here’s the issue. In a market where loyalty is primarily functional rather than emotional, being “good enough” is no longer a moat. Without sharper positioning, these banks risk competing on convenience alone.

Mid-tier banks

BTN, BSI, and CIMB Niaga sit squarely in the middle of the Brand Image Index. Their scores suggest competence across most attributes, but little leadership in any one area.

Consumers neither reject nor champion these brands. They recognise them, use them, and often struggle to articulate what makes them different.

This “functional but forgettable” position is risky. Without a clear narrative or standout experience, these banks face stagnation. Growth will require more than improving operational metrics.

According to estimates from Forbes and Bloomberg, the world’s richest individuals now control unprecedented levels of capital, driven by AI , cloud computing, electric vehicles, and digital platforms that shape everyday life.

At the top of the ranking sits Elon Musk, whose net worth has climbed to an estimated $716.2 billion. The Tesla and SpaceX founder has benefited from soaring valuations tied to artificial intelligence through xAI, renewed growth in Tesla’s energy and autonomy businesses, and SpaceX’s expanding dominance in satellite launches and defence contracts.

Close behind is Larry Page, Google’s co-founder, with a fortune of around $266.5 billion from Google and Alphabet.

Jeff Bezos is in third position with $256.1 billion. Amazon’s continued expansion into cloud services, logistics automation, and AI-powered retail tools has helped Bezos maintain his position near the top, even after stepping back from day-to-day leadership.

Sergey Brin, Page’s fellow Google co-founder, ranks fourth with $245.9 billion, reflecting Alphabet’s sustained strength in search, advertising, and artificial intelligence infrastructure.

Larry Ellison, Oracle’s co-founder and long-time chairman, follows with $237.6 billion, buoyed by the company’s aggressive push into cloud computing and enterprise AI services.

Social media and chipmaking also feature prominently. Mark Zuckerberg, CEO of Meta, sits sixth with $221.5 billion, as Meta’s AI investments and virtual reality platforms regain investor confidence.

Bernard Arnault, the only non-tech figure in the upper tier, ranks seventh with $194.9 billion, underscoring the enduring global appeal of luxury brands under the LVMH umbrella.

Rounding out the top ten are Jensen Huang, CEO of Nvidia, whose $160.6 billion fortune reflects the company’s central role in AI hardware; legendary investor Warren Buffett, with $148 billion from Berkshire Hathaway’s long-term holdings; and former Microsoft CEO Steve Ballmer, worth $145.8 billion, largely driven by Microsoft’s continued dominance in cloud computing and enterprise software.

What this ranking reveals is that the global wealth is now linked to a handful of transformative technologies and Artificial Intelligence, data infrastructure, and digital platforms are no longer niche sectors.

Export data shows that a small group of countries dominate the world market, with Ireland, the Netherlands and New Zealand taking the top spots.

Here’s a breakdown of the latest figures, what’s driving the rankings, and why it matters for consumers and producers around the world.

Ireland tops the charts

Ireland leads the world in butter exports, accounting for an estimated 17.3% of the global export value, or roughly $1.78 billion. That puts Ireland narrowly ahead of its European neighbour, the Netherlands.

Ireland’s success in butter exports stems from its dairy-centric agricultural model. With abundant grassland and a climate well-suited to pasture-based farming, Irish dairy cows produce milk rich in fat, ideal for making butter and other high-value dairy products.

Irish dairy cooperatives have also focused on export markets for decades, building strong distribution channels in Europe, the Middle East and beyond.

The Netherlands and New Zealand close behind

Hot on Ireland’s heels is the Netherlands, contributing about 17.0% of global butter export value with approximately $1.75 billion in shipments. The Dutch dairy sector is highly efficient, combining advanced processing technology with strong international logistics links through key ports such as Rotterdam.

Third in line is New Zealand, with 16.8% of exports valued at around $1.72 billion. New Zealand’s dairy industry is globally competitive because of its pasture-based system and the dominance of large, export-oriented cooperatives like Fonterra. Proximity to Asia , one of the fastest-growing markets for dairy, also helps New Zealand sustain its export volumes.

European powerhouses

After the top three, the landscape widens, but no country approaches the export shares of Ireland, the Netherlands and New Zealand:

These European producers benefit from large dairy industries that focus on a range of products, with butter playing a key role in their export mix.

Mid-tier and emerging exporters

Further down the list:

Even though the United States is one of the largest dairy producers globally, it exports less butter than smaller European and Oceanian countries. That’s partly because much U.S. butter stays in the domestic market, where demand is strong, and prices can be attractive for producers.

What began in Tehran’s Grand Bazaar has quickly expanded far beyond the capital. Demonstrations are now reported in major cities, including Mashhad, Shiraz, Isfahan, and Kerman, with unrest affecting nearly all 31 provinces.

People from across Iranian society have joined the protests. Shopkeepers, students, oil workers, retirees and low-income families are taking to the streets, driven by anger over soaring prices, a collapsing currency and long-standing political failures.

Iran’s economy is at the centre of the crisis. Inflation has surged, the rial has fallen to historic lows, and the cost of essentials such as food and medicine has risen sharply. For many households, wages have failed to keep pace, turning daily life into a struggle for affordability.

As the rial continues to lose value and budget pressures deepen, unrest has spread beyond traditional economic centres. Protests have reached university campuses, suburban neighbourhoods and rural towns.

Student demonstrators are no longer chanting only about prices, but also demanding greater freedom and political change, signalling a shift from economic protest to broader opposition to the state.

Unlike previous uprisings, this movement has no single leader. It is decentralised, drawing support from a wide cross-section of society, and has been amplified in part by calls for mass action from figures outside Iran, including members of the diaspora.

Human rights organisations and international observers report hundreds of arrests and about 62 deaths, including children in some documented cases.

As demonstrations intensify, the government has moved to restrict information. Internet and mobile phone services have been disrupted or shut down in multiple regions, limiting communication among protesters and making independent reporting increasingly difficult.

Iran’s Supreme Leader, Ayatollah Ali Khamenei, on Friday, January 9, condemned the protests and accused protesters of acting on behalf of U.S. President Donald Trump during a televised broadcast.

Trump has, in turn threathened to have Iran pay dearly if more civilians or protesters are killed during the demonstrations.

He shared with a reporter that Iran has “been told very strongly … that if they do that, they’re going to have to pay hell.”

What happens next will depend on whether the state can contain the unrest or whether economic pressure and public anger continue to push Iran toward deeper instability.

Zhang’s family turned to social media after struggling to meet rising medical costs, and the appeal was widely shared by university students, helping the story gain traction locally.

On December 10, stall holders on the street — including vendors selling buns, desserts and drinks — agreed to donate all revenue for the day to Zhang. 

To do so, they replaced their own mobile payment QR codes with his, ensuring payments were transferred directly to his bank account.

Some stalls offered discounts of up to 20% to encourage sales, while notices posted at counters explained the fundraising effort. Customers were told that all proceeds would go towards Zhang’s medical treatment.

The initiative drew long queues throughout the day, particularly from students. Several vendors reported higher-than-usual sales, with some customers paying more than the listed prices.

A steamed bun seller surnamed Gao said his stall raised more than 1,000 yuan in a single day. He described Zhang as a hardworking vendor who often spent long hours at his stall to support his family.

The campaign attracted attention on mainland social media , where users praised the collective action by the vendors and students. Some commenters said they planned to visit the street specifically to contribute.

Zhang’s wife, Gong, said the family received about 20,000 yuan in total from the one-day effort. “This is a huge help for us,” she was quoted as saying. “With everyone’s support, my husband has more confidence to continue treatment.”

Local officials later said community groups were helping the family explore additional financial assistance, as Zhang remains in the hospital.

According to the chart, Iran tops the list at $1.32 in electricity cost to mine 1 BTC, followed by Ethiopia at $1.99, placing two politically complex economies at the centre of one of the world ’s most energy-intensive industries.

The findings come at a time when the crypto sector is under renewed scrutiny worldwide. Bitcoin recently hit new price highs in 2025, energy regulators are tightening rules, and several governments, including the U.S. and EU states, are moving to control the environmental footprint of digital mining.

For countries like Iran, Ethiopia, Sudan, Syria, Cuba, and Libya, the extremely low cost of electricity, often due to state subsidies or abundant hydroelectric power, makes Bitcoin mining unusually cheap.

CoinShares , one of the most respected digital asset research firms, recently reported that electricity remains the highest cost in Bitcoin mining, accounting for more than 70% of a miner’s total operational expenses.

This explains why miners keep moving to markets with lower power costs.

Ethiopia , for example, has become a new hotspot thanks to its hydroelectric projects, including the Grand Ethiopian Renaissance Dam.

It's recently been reported that foreign crypto-mining firms have been entering the Ethiopian market under special agreements with the government, driven by these extremely low energy costs.

Why global miners are shifting again

The industry has been relocating in waves. First, it left China after the 2021 mining crackdown. Then it moved to the United States, Kazakhstan, and parts of Europe.

Now, rising electricity prices and stricter regulations are pushing many firms toward Africa, the Middle East, and parts of Asia, where power remains affordable.

Countries like Bhutan, Angola and Kyrgyzstan, also listed in the above graphic, are already exploring renewables-powered mining hubs to attract investment without straining national grids.

The report triggered a wave of messages and speculation online — enough for the billionaire to break his usual silence.

“I have been getting many messages today, and I also saw the story that has been circulating. Let me put things to rest: I am not entering politics,” Ang said in a statement on Thursday.

Ang has an estimated net worth of $3.75 billion, making him the fourth richest man in the Philippines. He has built his war chest primarily through San Miguel Corp., the largest conglomerate in the country, which has made a mark in the brewery, infrastructure , and many other ventures.

Ang stressed that he prefers to remain focused on business and public service through private-sector initiatives. 

“Most people know me as someone who works quietly in business, building projects, fixing what I can, and supporting government and communities. That is where I believe I can contribute the most, and that is where I intend to stay,” he said.

Politiko had earlier reported that “the name of bilyonaryo Ramon Ang is reportedly being floated in business circles as a potential ‘consensus caretaker’ as the Marcos administration grapples with an escalating corruption scandal and deepening political fractures.” 

Citing unnamed “scoopers,” the site said some of the country’s wealthiest tycoons were entertaining a scenario where Ang could serve as a stabilizing force in the event of political paralysis.

The article also claimed that Manila’s elite were discussing the possibility of a military-backed “reset” to restore order and calm investor panic, instead of a traditional coup — an idea that has gained attention as corruption allegations and Cabinet exits have shaken the administration. 

Politiko pointed to a worsening economic backdrop marked by plunging investor sentiment, a battered peso, and one of the world’s poorest-performing stock markets.

The situation further deteriorated after Sen. Imee Marcos publicly accused her brother, the President, of long-time drug use, raising doubts about his ability to remain in office. The allegations helped fuel a large anti-corruption protest in Metro Manila this November.

Against this backdrop, Politiko reported that some tycoons now believe the crisis has reached a point where “normal politics can no longer fix” the country’s problems. 

Amid the swirl of rumors, Ang sought to redirect attention away from palace intrigue and toward national cooperation. 

He emphasized that his role will remain outside electoral politics.

“Our country is facing many challenges, and it is understandable that people want things resolved quickly. But moving forward will never depend on one individual. It will take government , private sector, and the public all moving in the same direction,” he said.

The latest numbers highlight a major shift in the global financial landscape. Countries across the Middle East and Africa continue to expand Islamic banking, which follows Sharia principles such as profit-and-loss sharing and the prohibition of interest-based lending.

Sudan ranks first with just one major Islamic bank, while Saudi Arabia follows with $322.2 billion, supported by four players in the sector. The UAE and Qatar hold $146.2 billion and $142.2 billion, respectively, reflecting the region’s status as a global hub for finance, trade and investment.

Global Finance Magazine reports that Islamic banking assets worldwide now exceed $3 trillion, with continued growth amid rising demand for ethical and asset-backed financial products.

As Gulf economies push ahead with diversification away from oil, Islamic finance plays a bigger role in funding infrastructure, supporting SMEs and attracting foreign investment. Saudi Vision 2030, the UAE’s financial-services reforms, and Qatar’s expanding wealth-management sector all rely partly on Islamic banking to build more resilient economic systems.

Sudan’s position at the top of the ranking reflects decades of legislation that made Islamic banking the country’s default model. Countries like Egypt, Nigeria and South Africa have recently issued sukuk (Islamic bonds) to finance public projects, while the African Development Bank has boosted Sharia-compliant financing across the continent.

In places such as Jordan, Palestine and Tunisia, also listed in the ranking, Islamic banks often appeal to customers who prefer financial products tied to real assets and lower levels of speculation. In regions facing conflict or economic uncertainty, these models provide a sense of stability and community trust.

Nepal Rastra Bank (NRB) on Friday issued a letter of intent to CBPMC to design, print and deliver 430 million pieces of the Rs 1,000 note.

The contract is valued at US$16.985 million. NRB said CBPMC was selected as the substantially responsive, lowest evaluated bidder.

CBPMC has now won seven consecutive bids over the past three years. During this period, it will earn about US$63 million for printing roughly 2.38 billion banknotes.

China entered Nepal’s currency-printing market only in 2016. Until then, India had been the traditional source, including printing Nepal’s currency between 1945 and 1955.

India last secured a major contract in January 2023, when NRB chose its Security Printing and Minting Corporation to print 300 million pieces of the NPR 50 note for US$5.048 million.

Cost is not the only factor driving Nepal’s shift. Its new banknotes feature disputed regions with India — Lipulekh, Limpiyadhura and Kalapani — making it politically sensitive for New Delhi to print them.

Nepal also says China offers modern security features and competitive pricing. Other South Asian countries, including Bangladesh, Sri Lanka, Malaysia, Thailand and Afghanistan, also print their currency in China.

 The deal marks a revival of earlier efforts as Dangote had visited Zimbabwe in 2015 and explored similar plans in 2018, but those did not advance.

He said the investment package will span a cement plant, a coal mine (or coal supply arrangement), power-generation capacity and a petroleum product pipeline that aligns with Dangote Group’s broader plans for its oil-refining and downstream business.

"We have just signed an agreement between Zimbabwe and the Dangote Group to do various investments in various sectors, some of which are, of course, cement, power generation and a pipeline to bring petroleum products," Dangote said.

Why Zimbabwe now

Dangote commented that the current environment in Zimbabwe shows improved governance , transparency and policy stability compared with his visit a decade ago and cites those as reasons for proceeding now.

From the Zimbabwean side, government officials affirmed that attracting high-impact foreign direct investment is strategic to achieving the nation’s industrialisation goals. The deal aligns with the government’s “Vision 2030” ambition to become a modern, upper‐middle-income industrial economy .

Additionally, the project could generate thousands of jobs, both directly (in the cement plant, mine and power station) and indirectly (in logistics, services and local supply chains). It also helps Zimbabwe reduce its reliance on imports of cement, energy, and potentially petroleum products, thereby breaking supply bottlenecks.

For Zimbabwe, which has, over recent years, suffered from electricity shortages, high industrial import dependence and weak external investment flows, the Dangote commitment represents one of the largest privately-led foreign investment pledges in over a decade.

Burkina Faso’s government has approved a new National Security Strategy (NSS) covering the years 2026 to 2030. The policy aims to strengthen the country's capacity to address evolving security threats, particularly terrorism and regional instability. It emphasises the integration of technology in national defence systems to protect citizens and critical infrastructure. The new framework also prioritises coordination between military, intelligence, and civil institutions, marking a significant step toward modernising Burkina Faso’s security architecture.

Investor confidence restored

In a sign of economic recovery, Burkina Faso successfully mobilised 131 billion CFA francs ($231 million) through its recent financial initiatives. This achievement marks a turning point for investor confidence, highlighting the government’s effective fiscal management despite regional challenges. The capital raised will support national development projects and help stabilise public finances. Analysts say the outcome reflects investors' growing trust in the country’s economic direction and resilience amidst global financial pressures.

Burkina Faso to host Pan-African media hub

Burkina Faso has announced plans to establish a Pan-African media hub in its capital, Ouagadougou, as part of a continental strategy to strengthen information sovereignty. The initiative aims to promote African narratives and reduce dependency on foreign media networks. By hosting the media centre, the country seeks to position itself as a key player in African communication and cultural industries, fostering collaboration among media professionals and institutions across the continent. This aligns with the government’s broader goal of asserting digital and artistic independence.

Burkina Faso charts its path towards an inclusive future

The Burkinabè government is accelerating its digital transformation agenda through a comprehensive national roadmap focused on connectivity, innovation, and data security. The initiative seeks to ensure inclusive access to digital services across urban and rural areas, fostering technological innovation and entrepreneurship. Priority areas include strengthening digital infrastructure, enhancing cybersecurity, and promoting ICT education. The program underscores Burkina Faso’s vision of becoming a regional model for digital inclusion and economic diversification in West Africa.

 These steps are meant to support innovation while protecting users and keeping financial systems safe.

Cabinet Secretary Eliud Owalo said the country’s approach is shifting.

“We’re pivoting from apprehension to leadership,” he posted on X , formerly Twitter, calling digital assets “the future of finance.”

Kenya’s decision marks a big change from its previous cautious stance.

Until recently, most financial regulators in the country had warned citizens against cryptocurrencies, calling them risky and unregulated.

However, that tone is changing, driven by rising use of blockchain technology and crypto trading at the grassroots level.

The government says more than $500 million is now traded every month in Kenya through digital platforms, showing how mainstream these technologies have become despite the lack of clear laws.

The move also follows the launch of the Kenya Digital Token (KDT), a civic-led token built on the Solana blockchain.

Although not issued by the government, the token has gained attention and was welcomed by the ministry earlier this month. Officials say it reflects the kind of innovation they want to see.

The government says blockchain and crypto tools could open global markets to young Kenyans, giving people in rural areas a way to raise money, invest or access services without traditional banks.

The timeline for passing the bill and implementing the new rules has not yet been made public.

Kenya’s push comes as other African nations also explore digital finance.

Nigeria has already launched a central bank digital currency, while countries like South Africa and Ghana are testing blockchain projects.

Opposition parties in Malawi, including the Democratic Progressive Party (DPP) and United Transformation Movement (UTM), are set to file a lawsuit against the Malawi Electoral Commission (MEC) for allegedly refusing to allow an independent audit of the voting system ahead of the 2025 General Elections. The opposition argues that a comprehensive audit is essential for transparency and electoral credibility. They warn that MEC’s resistance could erode public trust and violate electoral laws, especially in light of Malawi's landmark 2020 Constitutional Court ruling emphasising fair and transparent elections. The lawsuit seeks to compel MEC to open both electronic and manual systems to technical and financial audits. Legal experts suggest the case could set a precedent for electoral governance in Malawi.

Malawi court strikes down criminal defamation law

Malawi’s Constitutional Court has declared the country’s criminal defamation law unconstitutional , ending the threat of jail for individuals accused of damaging reputations. Previously outlined in Section 200 of the Penal Code, the law had faced widespread criticism for suppressing free speech. The court ruled that defamation should be handled through civil, not criminal, proceedings. Legal experts and press advocates hailed the decision as a major win for freedom of expression. Journalist Kondwani Nyamasauka called it a “breakthrough,” while lawyer Ayuba James said it affirms that safeguarding speech outweighs punitive defamation laws.

Authority targets 10,000 hectare expansion to spur Malawi’s growth

The Greenbelt Authority (GBA) is ramping up efforts to revitalise Malawi’s agriculture through commercial irrigation. CEO Eric Dudley Chidzungu says the agency is rehabilitating underused government farms to improve food security and drive economic growth. With a focus on high-value crops and large-scale irrigation, GBA has already cultivated 200 hectares of maize in Salima this year, producing over 800 metric tonnes. Plans are underway to expand to 400–500 hectares in the rainy season. Revamp efforts are also targeting districts like Mangochi, Nkhotakota, Karonga, Salima, and Chikwawa, aiming to boost productivity and improve farmer livelihoods.

Malawi’s land reforms win global recognition

The Ministry of Lands has highlighted progress in land reform during an engagement with pioneer land clerks in Blantyre. Principal Secretary Davie Chilonga emphasised the impact of the 2016 Customary Land Act, which allows smallholder farmers to convert customary land to registered private land, enhancing tenure security and investment potential. These reforms aim to improve land access, governance, and economic development. Chilonga also revealed that Madagascar will send officials to learn from Malawi's success, signalling growing international recognition. The ministry continues to refine reforms to secure livelihoods and boost rural productivity.

Tourism minister urges Malawians to promote local content

Tourism Minister Vera Kamtukule has called on Malawians to promote local content as a key driver of national development. Speaking at the USF Local Digital Content Creators Showcase in Lilongwe, she stressed the need for more storytelling in local languages and praised the rise of young creators. Kamtukule urged the youth to use affordable data to produce impactful content that can elevate Malawi's presence across Africa and beyond. Five new creators received grants during the event, reflecting the government's support for the creative industry. She emphasised that showcasing Malawi’s unique culture can boost tourism and attract investment, aiding economic growth.

The Indonesian government has facilitated local bag maker Summit Travel Goods to export 5,830 bags valued at over US$49,000 to US consumers through Tanjung Emas Port. As reported by Ruwia Purnama Adie of Kudus Customs, this initiative aims to empower MSMEs by streamlining export procedures and providing technical guidance, helping local businesses compete internationally and stimulate regional economies.

Spirulina enhances livestock productivity in Indonesia

According to Puji Lestari from BRIN, Indonesians are adopting Spirulina spp. as an effective low-cost feed supplement for livestock, improving the nutrition and growth of animals. Spirulina is nutrient-rich and resilient, thriving in extreme environments while helping combat climate change. Researchers note that supplementing Spirulina at just 1% of an animal's body weight can significantly enhance livestock productivity.

Accelerated rollout of free meals programme in Indonesia

In a recent virtual meeting, Indonesia’s leaders, led by Karnavian, were urged to expedite the rollout of the MBG programme, aimed at improving child nutrition and creating jobs. This flagship initiative, launched on January 6, targets vulnerable groups and seeks to strengthen local food supply chains, furthering economic growth at regional and national levels.

Indonesia negotiates zero tariffs on key commodities with the US

As reported by Susiwijono Moegiarso, Indonesia is negotiating with the US for zero tariffs on key commodities like crude palm oil, coffee, and cocoa, despite a 19% tariff currently in place. Discussions led by Economic Affairs Minister Airlangga Hartarto are also aiming to address restrictions and enhance bilateral trade capabilities.

Ex-minister sentenced for sugar import scandal

Former Indonesian trade minister Thomas Trikasih Lembong was sentenced to 4.5 years in prison for improperly issuing sugar import permits, resulting in significant state losses. The Jakarta court found him guilty of prioritising private interests over regulatory procedures. Lembong contended his prosecution was politically motivated due to his opposition ties, though prosecutors refuted this claim.

But this population surge is a double-edged sword that brings with it both opportunities and great challenges.

India’s urban centres, such as Mumbai, are the bedrock of its economic transformation. With over 28,000 people per square kilometre, Mumbai exemplifies the density and dynamism that define India's cities.

According to government forecasts, urban areas are expected to contribute 75% to India’s GDP by 2036 , and urban population figures could swell to 600 million.

This urban explosion presents an immense opportunity for India to fuel manufacturing, digital services, logistics, and construction. According to K.T. Ravindran, an urban planning expert, such growth must be met with targeted investments in infrastructure .

"The focus should move towards food security, water security, energy security, and security from waste management," he told CGTN.

But that transformation is already colliding with real-world pressures.

India's unemployment rate climbed to 5.6% in May 2025, with a notable rise among young people.

Millions migrate to cities in search of work , often fleeing rural distress and climate-induced displacement, only to find themselves stuck in low-wage, low-skill jobs in sectors like e-commerce delivery or informal construction.

"They have to be skills which are required by industries… Otherwise, disparity will remain," warns Madan Sabnavis, Chief Economist at Bank of Baroda.

India’s educational and skilling systems have struggled to keep up with the pace of change. While programmes exist to boost employability, many lack alignment with industry needs.

The result? A growing class of underemployed youth and a missing middle in the labour market.

At 92, Cameroon’s President Paul Biya has announced his bid for an eighth term in the October 12 election, aiming to extend his 43-year rule. In a post on X, Biya cited “insistent calls” from citizens to run again. In power since 1982, he scrapped term limits in 2008 and has never lost an election. His bid comes amid growing criticism over alleged corruption, embezzlement, and poor governance. If re-elected, Biya would remain in office until nearly 100.

Cameroon’s economic update: Harnessing forests and natural wealth for sustainable growth

The World Bank has released its 2025 Cameroon Economic Update, titled “Cameroon’s Green Gold: Unlocking the Value of Forests and Natural Capital.” The report emphasises sustainable forest and resource management as drivers of inclusive, resilient growth, while offering a detailed analysis of recent economic trends and outlook. In 2024, Cameroon’s GDP grew by 3.5% (up from 3.2% in 2023), boosted by cocoa prices, cotton yields, and power supply improvements. Inflation dropped sharply from 7.4% to 4.5%, aided by tighter monetary policy and price controls. The current account deficit narrowed to 3.4% of GDP, though the fiscal deficit widened to 1.5% due to rising expenditures and weaker revenues. Public debt inched up to 46.8%, mainly from external borrowing.

Société Générale signs agreement with Cameroon to sell Société Générale Cameroun

Société Générale has agreed to sell its 58.08% stake in Société Générale Cameroun to the State of Cameroon, which would raise its ownership to 83.68%. The state will assume all operations, clients, and employees of the subsidiary. The deal, pending regulatory approval, is expected to close by end-2025 and boost Societe Generale’s CET1 ratio by about 6 basis points.

Cameroon LGBTQI groups host "impactful" cultural event

On July 3, Yaoundé’s Kyriakides Park came alive with “Spectacle Culturel,” a vibrant event celebrating diversity in the arts under the theme “For an inclusive and non-discriminatory artistic environment.” Organised by the Unity platform, a coalition of 39 civil society groups, and coordinated by CAMFAIDS, the show featured theatre, music, slam, and dance to highlight LGBTQI rights and fight stigma in the cultural sector. Unity president Michel Engama stressed the event’s goal to amplify silenced voices, while CAMFAIDS' Ebenezer Munkam called it a vital step toward building a more inclusive and equitable artistic world in Cameroon.

Cameroon priest says synodality counters ‘nauseating’ politics

In sharp contrast to the “nauseating” and divisive nature of Cameroon’s electoral politics, Father Humphrey Tatah Mbuy is calling for a renewed focus on synodality, a path rooted in unity, listening, and inclusion, as the nation prepares for its 2025 elections and Jubilee Year of Hope. Mbuy described synodality as a “spiritual renewal” that prioritises truth, honesty, and fraternity, unlike election tactics marked by manipulation and exclusion. He noted the challenge facing Christian politicians caught between political strategy and the Church’s call for inclusive, Christ-centred leadership. As both politics and the Church demand action in 2025, Mbuy stressed that synodality offers a hopeful alternative where “no one is left behind” in building a unified people of God.

 Zimbabwe currently records the highest petrol price on the continent at $1.54 per litre, followed closely by Ghana ($1.39), the Central African Republic ($1.375), and Kenya ($1.37). These elevated prices are often driven by limited refining capacity, growing transport costs, or reduced government subsidies.

Zimbabwe’s dependence on imports and foreign currency shortages leads to higher costs. Meanwhile, in Kenya, state-imposed levies and a structured fuel pricing formula contribute significantly to the price.

On the contrary, Libya offers some of the cheapest petrol in the world, with prices as low as two cents per litre. This is primarily due to long-standing government subsidies and abundant oil reserves. In Algeria and Angola, where prices are $0.26 and $0.24, respectively, similar state-backed policies help keep fuel affordable despite shifts in the global market.

The global average petrol price stands at around $1.30 per litre . While Africa’s average is slightly below this, the continent features extreme outliers at both ends of the spectrum. This is partly due to Africa’s unique combination of resource richness and infrastructural limitations.

Oil-rich countries may keep prices low through subsidies, but fragile economies and governance challenges mean that many consumers still pay high prices for basic energy needs.

Overall, fuel prices across Africa in June are influenced by a range of interlinked factors, with government subsidies and taxation playing a key role. Countries such as Libya, Algeria, and Egypt maintain some of the lowest prices on the continent thanks to long-standing fuel subsidies.

These subsidies reduce the burden on consumers but can place a strain on public finances. In contrast, countries like Kenya and South Africa impose multiple taxes and levies on petrol. In Kenya, for instance, the Energy and Petroleum Regulatory Authority (EPRA) updates prices monthly based on a formula that includes global oil prices, importation costs, and distributor margins, leaving consumers more exposed to international market swings.

The ability to refine crude oil domestically also has a significant impact on fuel prices. Angola and Algeria, both significant oil producers, refine large volumes of oil within their borders, helping to keep prices relatively low.

However, many African countries export their crude oil and then re-import refined products due to a lack of refining infrastructure. This practice adds considerable costs from international shipping and processing, underlining the infrastructure shortfalls that continue to affect even resource-rich nations.

For countries that rely heavily on fuel imports, price volatility is often driven by global market trends and currency fluctuations.

In nations with weaker local currencies , any depreciation directly increases the cost of imported fuel, which is typically priced in US dollars. As a result, even modest exchange rate shifts can push pump prices significantly higher, especially in economies with high inflation or fiscal instability.

Geography and transport logistics also play a role. Innerland countries like Chad, Uganda, and Mali rely on overland fuel transport from distant seaports, which raises logistical costs. These expenses are eventually passed down to consumers, resulting in higher retail prices compared to coastal nations with easier access to international shipping routes.

The way fuel prices are regulated further contributes to regional disparities. In some countries, governments directly control fuel pricing to shield consumers from global shocks, but this approach can lag market realities and lead to supply issues. In more liberalised markets, prices fluctuate more freely in line with international oil trends, as is the case in South Africa, where adjustments are made every month.

Lastly, operational inefficiencies and profit margins in the supply chain also factor into retail pricing. In some parts of Africa, the lack of competition, outdated infrastructure, or monopolistic control over distribution networks inflates fuel costs.

The final price consumers pay often reflects not just the cost of the fuel itself, but also the margins of fuel station owners, wholesalers, and refiners operating in the system.

Egypt’s anti-drug body has initiated a nationwide campaign titled “Drugs won’t just ruin you alone” to raise awareness among drivers about the dangers of drug abuse, particularly in public transport hubs. This effort, reported by the Fund for Drug Control and Treatment of Addiction in collaboration with the Egyptian Red Crescent, coincides with heightened roadside drug testing for drivers. Aimed at correcting misconceptions about drug use, the campaign provides information about addiction treatment services via a hotline, with 620 calls for help noted.

Archaeological discovery of 5,500-year-old 'polish pyramids'

An archaeological breakthrough has unveiled a set of triangular burial mounds, referred to as the 'Polish pyramids', near Wyskoć in central Poland, some 3,000 miles from Egypt. These structures, believed to be 5,500 years old, were uncovered by researchers from Adam Mickiewicz University during a routine survey. According to Artur Golis, these mounds, associated with the Funnelbeaker culture, feature significant architectural elements and may hold artifacts tied to ancient burial practices.

Turkey's Bony Socks invests $100 million in Egyptian manufacturing facility

Turkish apparel manufacturer Bony Socks has committed $100 million to establish a manufacturing facility in 10th of Ramadan City, Egypt, as reported by Türkiye Today. The investment, facilitated by the Egyptian Commercial Office in Istanbul, aims to create 2,500 jobs and transform Egypt into a vital production hub for both African and European markets. This move aligns with Egypt’s strategy to attract foreign investments in high-potential sectors like textiles, contributing to significant bilateral trade growth.

Belgium returns ancient sarcophagus to Egypt after a decade

Belgian authorities have returned a 3,000-year-old wooden sarcophagus , dating back to the Ptolemaic period, to Egypt after nearly ten years in custody. This return was reported following a formal ceremony in Brussels where the sarcophagus and a ceremonial beard were presented to Egypt's ambassador, H.E. Ahmed Abu Zeid. The sarcophagus, adorned with hieroglyphic inscriptions and skilled craftsmanship, represents a significant effort by Egypt to reclaim its cultural heritage from abroad.

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Rwanda announced on Saturday, June 7, that it is withdrawing from the Economic Community of Central African States (ECCAS), accusing the Democratic Republic of the Congo (DRC) of manipulating the bloc with support from some member states. The decision was made at the 26th ECCAS summit in Malabo, Equatorial Guinea, attended by Rwandan Prime Minister Edouard Ngirente. Rwanda criticised the summit for denying it the rotating chairmanship and excluding it from the 2023 summit in Kinshasa under the DRC's leadership. "Rwanda denounces the violation of its rights," the foreign ministry stated, adding that ECCAS is not living up to its principles.

Health ministry warns of COVID-19

The Ministry of Health has warned of rising COVID-19 infections as Rwanda shifts from the rainy to the dry season. Health Minister Dr. Sabin Nsanzimana, in a post on X on June 9, urged the public to maintain good hygiene and watch for flu, COVID-19, and malaria. He also cautioned about increased malaria risk, advising the elimination of mosquito breeding sites. Covid-19 cases are rising globally, according to the WHO, driven by the NB.1.8.1 variant, which currently poses no higher risk than existing strains. The WHO urged countries to remain vigilant and continue risk-based COVID-19 management.

Rwanda eyes carbon credits to attract green investment

As Rwanda aims for carbon neutrality by 2050 , it is exploring using carbon credits as collateral to boost green investments. Jean Claude Uwizeye of the Energy Private Developers Association says the idea is promising but requires banking reforms to allow projected credits to serve as security for loans. Companies like DelAgua Rwanda already generate tradable carbon credits, which could help manufacturers raise funds independently of banks, according to Country Director Monica Keza.

Rwanda is among African nations leading a record-breaking tourism boom

In 2024, Rwanda joined South Africa, Morocco, Egypt, Tanzania, Kenya, Ghana, Botswana, and others to drive record-breaking tourism growth in Africa. Strategic investment and sustainability efforts boosted Rwanda’s tourism revenues to CHF 1.9 trillion and nearly 386,000 jobs. The sector is expected to reach CHF 2.1 trillion and over 402,000 jobs by 2025, thanks to Rwanda’s focus on conservation-based, high-value tourism experiences.

Delegates call for farmer-centred solutions at Rwanda agriculture tech forum

At ACAT in Kigali, delegates called for urgent investment in farmer-centred agricultural technologies to empower smallholder farmers. Minister Mark Cyubahiro Bagabe emphasised equipping farmers with knowledge and tools to tackle modern agriculture challenges. AATF’s Canisius Kanangire noted the forum builds on innovation to address climate change, pests, and diseases. ACAT runs through Thursday, bringing together over 800 participants to discuss science, technology, and innovation for agriculture.

Tonga became the first Pacific Island country to host a Climate Finance Readiness Writeshop and Validation Exercise (4–7 March 2025), marking a major step in boosting its capacity to access climate finance. Co-hosted by the Pacific Community (SPC) and MEIDECC, the event trained 42 participants from government, civil society, and private sectors on developing quality funding proposals using tools like the Woven Logical Framework and PINT. The programme included a field visit to a mangrove restoration project and concluded with a Validation Exercise refining Tonga’s Climate Change Fund proposal. Lu’isa Tu’iafitu Malolo, MEIDECC’s Climate Change Director, emphasised that the workshop strengthens Tonga’s capacity to develop, implement, and monitor effective climate projects—a model for other Pacific nations.

PM presents Tonga's biggest budget $992.8 million

Tonga’s largest budget yet— $992.8 million for 2025-26 —was presented by Prime Minister Hon. Dr 'Aisake Eke to Parliament on 3 June. This includes $748.9 million in cash and $243.9 million in in-kind aid from development partners. Dr. Eke said the budget aligns with His Majesty’s address, the National Development Summit, and government strategic plans, aiming to address Tonga’s economic and social challenges and enhance prosperity. A $29.1 million deficit is projected, mainly due to infrastructure investments, and will be financed by $30 million in local bonds.

Key priorities include:

Samoa and Tonga ready for clash

Oceania Rugby and the Samoan and Tongan Under-20 teams are set to clash at Apia Park on Saturday , June 7, despite heavy rain from Tropical Disturbance 07F. Oceania Rugby’s Wayne Schuster said preparations are on track and alternative plans are in place if needed. If the match is cancelled, Tonga would be awarded the trophy. The winner qualifies for the World Rugby Under-20 Trophy in Spain. Samoa’s captain, East Timor Xanana Viliamu, said the team is prepared for Tonga’s physicality, having practised against local teams using Tonga’s style. “It’s an honour to lead the team,” Viliamu said.

Pacific Central Bankers and Alliance for Financial Inclusion meet in Tonga

Six Pacific central banks are meeting in Nukuʻalofa, Tonga, this week to discuss how financial inclusion can boost economic resilience and social equity. Prime Minister Hon. ‘Aisake Eke opened the meeting on 3 June 2025, hosted by the Alliance for Financial Inclusion (AFI), with over 70 participants from Fiji, Papua New Guinea, Samoa, Vanuatu, Solomon Islands, and Tonga, plus guest delegates from Seychelles and Kenya. Topics include digital innovation, cross-sector collaboration, data governance, and the launch of Tonga’s Fintech Regulatory Sandbox. Tonga’s Reserve Bank Governor, Tatafu Moeaki, emphasised its role in fostering safe testing of digital financial solutions. On 6 June, PIRI governors will endorse the Nuku’alofa Pledge for inclusive and climate-resilient financial systems.

Seabased secures 10MW wave energy project in Tonga

Seabased has signed an MoU with Tonga and SIDS DOCK to build a 10MW wave energy plant offshore Tonga. The project will start with a 2MW phase, expected to save $2 million, displace 2 million litres of fuel, and power 2,800 homes. The second phase will add 8MW, saving up to $10.5 million and 42 million litres of fuel. The plant aims to meet half of Tonga’s energy needs and cut emissions by 20%. Tonga’s minister, Albert Vaea, emphasised the relief renewable energy could bring to high-cost island economies. Seabased CEO Laurent Albert highlighted additional benefits like desalination and green hydrogen production.

The Philippines’ wellness market grew 21% to $43.3 billion in 2023, now accounting for 9.9% of GDP, per the Global Wellness Institute. Ranked 8th in Asia Pacific and 23rd globally, the sector is attracting tourists and investors. Manila is emerging as a "playground city," blending luxury real estate with lifestyle offerings, while branded residences from groups like The Ascott Limited are reshaping hospitality and real estate.

Treasury sanctions Philippines-based company for cyber scams

The Treasury Department sanctioned Funnull Technology Inc. , a Philippine company tied to “pig butchering” crypto scams, citing over $200 million in U.S. victim losses. The department also sanctioned Burma’s Karen National Army and proposed restrictions on Cambodia-based Huione Group for similar scams. Crypto crime losses surged 66% in 2024 to $9.3 billion, highlighting the need for urgent policy action.

Fortinet survey reveals Philippines’ cybersecurity under siege

Fortinet reports a surge in sophisticated cyber threats in the Philippines and Asia Pacific, driven by attackers using AI to scale stealthy, fast-moving attacks. New threats include deepfake BEC, AI-powered social engineering, and polymorphic malware, with only 9% of Philippine firms feeling fully prepared. Traditional ransomware and phishing remain prevalent, but stealthy threats like unpatched systems and cloud misconfigurations now pose even greater risks.

Dubai Chamber boosts trade with the Philippines

Dubai Chamber of Commerce hosted 180 business meetings in Manila as part of its New Horizons initiative, fostering ties with the Philippine Chamber of Commerce. The mission involved 17 Dubai firms across various sectors, including F&B, automotive, and construction. A key highlight was the signing of a Memorandum of Understanding (MoU) to enhance trade collaboration. Bilateral non-oil trade reached AED 3.1 billion in 2024, with investment opportunities in tourism, telecom, and healthcare.

Philippines trade deficit narrows in April 2025

The Philippines’ trade deficit shrank to -$3.494 billion in April 2025, from -$4.127 billion in March. This improvement suggests stronger exports, lower imports, or both, reflecting economic resilience and possibly easing pressure on the peso.

South African firm Grindrod will invest $80 million over two years to expand the Matola Coal Terminal at Maputo Port from 8 million to 12 million tonnes annually. President Daniel Chapo, at the launch of new administrative facilities, emphasised prioritising rail over road to boost efficiency and regional competitiveness. The investment aims to create 800 direct jobs by 2027 and enhance sustainable development through integrated logistics.

Jihadist attacks in Mozambique as Total plans gas project restart

Islamic State-linked militants have renewed attacks in northern Mozambique, including deadly raids on military posts and a wildlife reserve, as TotalEnergies prepares to restart its major gas project. Analysts link the violence to recent announcements, including $4.7 billion in new funding from the US.

Mozambique keeps key interest rate steady at 18% in June

Mozambique’s benchmark interest rate for credit will remain at 18% in June, according to the Mozambican Banking Association (AMB). The rate has fallen steadily from 24.1% in January 2024, with a 0.5 percentage point cut in May and earlier in March. The AMB kept it steady at 19% in February and April. This decline follows reductions in the central bank’s monetary policy interest rate (MIMO rate), which dropped from 12.25% in January to 11.75% in March, reflecting continued low inflation expectations despite fiscal risks. Meanwhile, credit to the economy rose slightly in March to nearly 285 billion meticais (€3.99 billion), after a notable drop in February.

Government settles all unpaid debt service from 2024

Mozambique fully cleared its 2024 external debt arrears in Q1 2025 , paying $210.34 million (€185.6 million) in principal and interest, according to a Ministry of Finance report. Over half of the €47.3 million in unpaid debt was owed to Portugal. Payment delays had been blamed on post-election unrest and budget shortfalls. The report warns of added fiscal pressure in 2025 due to residual obligations and debt management system limitations.

Chapo wants fewer trucks, more trains to the port of Maputo

Mozambique’s President Daniel Chapo has called the growing use of road transport for coal and magnetite to the Matola Coal Terminal “unacceptable,” urging a return to boost efficiency and competitiveness. Speaking at the inauguration of Grindrod’s new office and the launch of an $80 million expansion, Chapo stressed that Matola’s infrastructure was built for rail. He also highlighted the $160 million container terminal project and the broader port expansion under the 25-year extension of the Maputo Port Development Company (MPDC) concession, which includes $600 million in planned investments. MPDC aims to modernise facilities, reduce logistics costs, and create new jobs, reinforcing Mozambique’s role as a logistics hub in southern Africa.

The redesigned notes worth Tk500 ($4.25), Tk200 ($1.70), Tk100 ($0.85), Tk10 ($0.08), Tk5 ($0.04), and Tk2 ($0.02) will enter circulation gradually.

Earlier the same day, new Tk1,000 ($8.50), Tk50 ($0.42), and Tk20 ($0.17) notes began circulating.

The central bank said this updated series, called “Historic and Archaeological Architecture of Bangladesh,” aims to showcase important landmarks while maintaining the legal tender status of all existing notes and coins.

The Tk500 note displays the Supreme Court of Bangladesh and Dhaka’s Central Shaheed Minar. The Tk200 note features the Aparajeyo Bangla sculpture at Dhaka University and student-drawn graffiti from the July uprising.

The Tk100 note includes the UNESCO-listed Sixty Dome Mosque in Bagerhat and the Sundarbans forest.

Smaller denominations also reflect important sites. The Tk10 note features the Baitul Mukarram National Mosque.

The Tk5 and Tk2 notes, signed by the secretary of finance rather than the central bank governor, also show the Tara Mosque and memorials for martyred intellectuals.

Each note includes a watermark of a Royal Bengal Tiger, numerical values, and official monograms for added security. The central bank plans to announce release dates and security features through public updates.

Authorities say the new designs are part of a long-term effort to modernise the national currency and increase public appreciation of Bangladesh’s history and identity.

Brazil is increasingly partnering with China to advance renewable energy and digital infrastructure. During President Lula’s recent state visit to China, he announced key agreements, including a $1 billion deal with Envision Group to produce sustainable aviation fuel and a partnership with Windey Energy to launch a renewable energy R&D centre. China also pledged $4.76 billion in additional investment. Lula highlighted the growing trade between the two nations, which has risen from $6.6 billion in 2003 to $160 billion today. As founding members of BRICS, Brazil and China continue to deepen their strategic ties.

Brazil renews tariffs and quotas on steel products

Brazil has renewed 25% tariffs on 19 steel products and extended the measure to four more, effective for another 12 months, according to the Ministry of Development, Industry, Trade and Services. The quota system on steel imports remains in place. Initially imposed in April 2023 to counter a surge of cheap steel, mainly from China, the tariffs exclude imports under trade agreements or special regimes.

Brazil mid-May consumer prices rise below expectations

Brazil’s consumer prices rose less than expected in mid-May, easing to 0.44%—below the 0.48% forecast—despite recent floods, IBGE reported. Annual inflation slowed to 3.70%, the lowest mid-month reading since October 2020, staying within the central bank’s target range. Food inflation was milder than feared, rising 0.26%, down from 0.61% in April. Analysts say the data support a continued rate-cutting cycle, although flood-related price pressures may still emerge in the coming months.

Argentina sends troops to secure crime-plagued border with Brazil

On May 26, 2025, Argentina launched Operation Guaçurarí , a six-month security campaign targeting a 25-km border stretch with Brazil plagued by drug trafficking and violence. The effort focuses on dismantling criminal networks, including Brazil’s PCC and Comando Vermelho gangs. The move follows a 400% rise in drug seizures and seven contract killings in 2023. Despite Brazil not being consulted, local mayors support the initiative. Federal forces will work with Misiones and Santa Catarina authorities, using drones and surveillance to monitor key routes. The operation is part of the wider Plan Roca military deployment across northern Argentina.

Brazil's budget missteps continue to unsettle investors

For the second time in six months, a Brazilian government plan to ease investor concerns backfired, sparking a market selloff and renewed doubts about President Lula’s commitment to fiscal discipline. A proposed tax hike on financial transactions, including a controversial 3.5% levy on offshore investments, triggered the backlash. Finance Minister Fernando Haddad quickly scrapped the offshore tax, denying any move toward capital controls. The episode revealed growing tension between markets and Lula’s administration, with investors questioning fiscal credibility despite a larger-than-expected budget freeze. Haddad, once seen as a stabilising force, moved ahead without central bank input, deepening the disconnect.

The proposal was announced by Deputy Prime Minister and Finance Minister Pichai Chunhavajira during a finance forum in Bangkok.

According to him, officials are looking at how other countries have made similar systems work and are now in talks with the Bank of Thailand to test the idea before launching it more widely.

“In some foreign countries, it's already possible to use crypto for purchases by linking it to credit cards. When something is bought, the vendor receives payment in local currency as normal, often not even realising the buyer used crypto,” Pichai was quoted by The Nation .

The finance minister also said the government wants to update existing laws so that the stock market and the digital asset market are no longer regulated separately.

This would allow investors to move money more easily between stocks and crypto, and give financial institutions greater flexibility.

Pichai added that some rules, especially those limiting where large funds like insurance companies can invest, are outdated and may soon be changed to boost activity in the Thai stock market.

These reforms, he said, will support long-term investments and help local businesses, especially those focused on clean energy and sustainability, grow in line with global trends.

Guatemalan President Bernardo Arévalo de León announced that on May 22, Guatemala will sign an agreement with the U.S. to modernise its ports, beginning with the expansion and renovation of Puerto Quetzal. He called it a historic step toward creating better commercial conditions for both Guatemalans and international investors.

India to donate 600 artificial limbs to Guatemala in humanitarian effort

India will provide around 600 artificial limbs in a humanitarian initiative set to begin in October 2025 in Guatemala. The 50-day camp, organized by Bhagwan Mahaveer Viklang Sahayata Samiti (BMVSS), will take place at Guatemala’s Ministry of Defence and marks the 33rd global camp under India’s India for Humanity programme. The initiative coincides with the 53rd anniversary of India–Guatemala diplomatic ties and aims to strengthen bilateral cooperation.

Community culinary tours in Guatemala

Martsam Travel’s “From Market to Mayan Table” offers an immersive culinary journey through Guatemala, blending gastronomy, heritage, and regenerative tourism. Starting in Antigua, travellers join Mayan women for market tours and home-cooked meals, exploring traditional ingredients and cooking techniques. The experience includes hands-on preparation of ancestral dishes in a restored colonial home and features handmade aprons from a Maya sewing cooperative, symbolising cultural connection and community support.

Central America Festival highlights literature and dialogue in Guatemala

The Central America Festival kicked off in Guatemala , spotlighting literature, cultural exchange, and democratic values. Featuring over 60 writers and artists from Latin America and Europe, the event includes book launches, panel discussions, and artistic dialogues. Highlights include Nicaraguan author Gioconda Belli’s new novel, a panel with EU and Costa Rican leaders, and a tribute to Nobel laureate Miguel Ángel Asturias. Expanding beyond Guatemala City, events also take place in Totonicapán to engage broader communities. The festival runs through May 24.

IDB Invest finances Laki to strengthen SCF in Guatemala, El Salvador, and Honduras

IDB Invest has approved up to $50 million in financing for Laki and its subsidiaries to boost short-term funding access for MSME suppliers in El Salvador, Guatemala, and Honduras. The package includes a $10M supplier factoring facility, a $20M revolving import credit line, and a $20M uncommitted facility for future capital and sustainability projects. Advisory support will also help enhance ESG practices and operational transparency.

With 93% of its land covered by rainforest, the country is planning to start oil production from recently discovered offshore reserves.

Although this exercise threatens the carbon-negative status of the country, President Chan Santokhi claims the status will stay the same.

"The oil production can go hand in hand with the carbon negative status because we have also implemented, in addition to the oil and gas, our solar energy program. We will increase the solar energy, which will have a positive impact on our carbon-negative status. We will protect our forests," he told AFP.

This echoes his pledge at COP28 in Dubai in 2023.

“Let’s be very clear. Suriname will maintain its carbon negative status even when the offshore oil and gas industry is developed,” President Chan Santokhi said during his speech at the High-Level Segment of the 28th Conference of the Parties (COP).

The Ghanaian cedi has rebounded sharply, now trading at ¢12.33 to the US dollar, per Bank of Ghana data. This recovery follows a nearly 25% year-to-date depreciation and is attributed to strong central bank interventions and improved dollar inflows from exports. At the interbank level, the cedi buys at ¢12.3138 and sells at ¢12.3262. It also gained against the British pound (¢16.32) and the euro (¢13.72). The central bank cited stabilising market conditions but stressed the need for continued vigilance. Favourable gold export prices and disciplined fiscal policies are key to sustaining the trend, as Ghana continues debt restructuring talks.

Ghana and Afreximbank in dispute over $768m debt

Ghana, emerging from a major debt restructuring, is now in a dispute with Afreximbank over a $768.4 million loan. Ghana wants the loan restructured like its other debts, but Afreximbank insists it holds “preferred creditor status” and should be repaid in full. The disagreement could delay Ghana’s debt resolution and set a precedent for how regional lenders are treated in future restructurings across Africa. Ghana’s Finance Ministry rejects Afreximbank’s claim, saying its debt is not senior to others. Similar issues have complicated debt talks in countries like Zambia, Kenya, and Ethiopia.

Ghana Integrity Initiative targets local communities in anti-corruption drive

The Ghana Integrity Initiative (GII), in partnership with CDD-Ghana and GACC, and with EU funding, organised a two-day capacity-building workshop for citizen groups in Akuapem North Municipality. The training focused on the Public Financial Management Act, 2016, and aimed to empower participants to combat corruption in their communities. GII’s Programs and Research Officer, Mr. Jacob Tetteh Ahuno, highlighted the importance of collective action and the need to mobilise civil society in the fight against corruption. He urged participants to raise awareness through outreach in schools, churches, mosques, and markets. The workshop, themed “Citizens Anti-Corruption Training,” is part of the EU-funded “Strengthening Accountability, Rule of Law, and Institutional Responsiveness in Ghana” project. Attendees included representatives from churches, PWDs, NCCE, CHRAJ, GHABA, traditional leaders, and the media.

UK trade envoy visits Ghana to strengthen economic ties

The British High Commission in Accra has announced that Bell Ribeiro-Addy, the UK’s Trade Envoy to Ghana, will make her first official visit from 19–22 May 2025, with engagements in Accra and Kumasi. Appointed in January by Prime Minister Keir Starmer, Ribeiro-Addy’s visit underscores the UK’s commitment to deepening trade relations and economic cooperation with Ghana. She will meet with key stakeholders, including Finance Minister Dr. Ato Forson, Trade Minister Elizabeth Ofosu-Adjare, Deputy Education Minister Dr. Clement Apaak, traditional leaders, academics, UK businesses, and the GIPC. Discussions will focus on trade expansion, investment, and mutual economic growth.

Ghana's cocoa faces EU ban over heavy metal contamination – Dutch envoy

Ghana risks having its cocoa rejected by the European market due to contamination from heavy metals, warns Jeroen Verheul, Dutch Ambassador to Ghana. He attributed the threat to illegal mining activities, which not only reduce cocoa production but also pollute water sources that could affect cocoa beans. Verheul noted that some farmers are accepting large sums from gold prospectors to give up their cocoa farms, further worsening the decline. Ghana’s cocoa output has dropped significantly in recent years, posing a direct threat to trade, especially with the Netherlands, which imports about 300,000 metric tonnes of cocoa annually. Speaking to The Ghanaian Times , he emphasised the urgent need to address "Galamsey" and protect Ghana’s cocoa industry.

The Federal Government of Nigeria has launched the Nigerian Climate Investment Platform (NCIP) to mobilise up to $500 million for climate-resilient infrastructure, adaptation, and innovation projects nationwide. Jointly developed by the Nigeria Sovereign Investment Authority (NSIA), the Green Climate Fund (GCF), and the National Council on Climate Change (NCCC), the platform was unveiled after a high-level stakeholder meeting in Abuja. Finance Minister Wale Edun highlighted NCIP as a strategic tool for inclusive growth, export competitiveness, and sectoral transformation. He praised the NSIA’s capacity to lead the initiative and urged Nigeria to tap into global climate finance to drive economic diversification and resilience.

Nigeria’s digital economy attracted $191 million in foreign direct investment in Q1 2024

The Federal Government has announced that Nigeria’s communications and digital economy sector attracted $191 million in foreign direct investment in Q1 2024—a 900% increase from $22 million in Q1 2023. Minister Bosun Tijani credited the surge to reforms under President Tinubu’s Renewed Hope Agenda, the 3 Million Technical Talent (3MTT) program, and a new $2 billion fund to roll out 90,000 km of fibre optic infrastructure by Q4 2025. He said these efforts are positioning Nigeria as a global digital economy leader.

Dangote Refinery pledges to stabilise and lower petrol prices in Nigeria

Dangote Petroleum Refinery has pledged to maintain stable petrol prices despite global crude oil fluctuations. In a statement on Monday, spokesperson Anthony Chiejiena said the 650,000 bpd refinery remains committed to easing fuel costs for Nigerians, with prices locally ranging between N910 and N930 per litre. The move aligns with President Tinubu’s recently approved Nigeria First Policy and aims to support the economy while ensuring affordable, high-quality fuel.

Cannes director says Nigeria needs more good fathers

Akinola Davies Jr., who made history as the first Nigerian director to compete at Cannes, lost his father at age two and says he's been "collecting father figures" ever since. His debut film, My Father’s Shadow , in the running for the Caméra d’Or, explores this theme against the backdrop of Nigeria’s 1993 military coup. Set in Lagos, the film follows a father and his two sons as the country’s hopes for democracy are crushed. Davies contrasts harsh, authoritarian figures like General Sani Abacha with a gentler, more nurturing father figure portrayed by Sope Dirisu. “This film is about accountability—how sons learn from their father's strengths and flaws,” Davies told AFP , adding that Nigeria, too, has long been searching for a true father figure to guide it.

ADC says APC’s misrule has brought Nigeria to its knees

The African Democratic Congress (ADC) condemned the ruling APC for Nigeria’s worsening economic decline since 2015. Speaking in Abuja, ADC’s Board of Trustees Chairman, Mani Ahmed, highlighted rising poverty—about five million Nigerians fall into poverty yearly despite the country’s resources. He called for competent leadership and good governance, saying ADC remains committed to driving meaningful change in Nigeria.

Retail trade sales in Brazil rose 0.8% from February to March 2025, reaching their highest level since the series began in January 2000, according to IBGE's Monthly Survey of Trade. This marks the third consecutive monthly gain, pushing the quarterly moving average up 0.6%. Growth was broad-based, with six of eight sectors showing increases. Key contributors included pharmaceuticals and supermarkets. Books, newspapers, and stationery saw a 28.2% jump, driven by textbook sales delayed to March due to changes in the school calendar. Office and tech equipment rose 3.0%, following stock adjustments linked to currency fluctuations. Other gains came from household items (1.5%), pharmaceuticals (1.2%), apparel (1.2%), and supermarkets (0.4%). Meanwhile, furniture (-0.4%) and fuels (-2.1%) declined. Extended retail trade also grew 1.9%, led by vehicles (1.7%) and construction materials (0.6%).

Brazil industrial confidence rises to 48.9

Brazil’s Industrial Entrepreneur Confidence Index (ICEI) edged up to 48.9 in May 2025 from 48 in April, staying below the neutral 50 mark for the fifth straight month. Improved confidence came amid signs of recovery and a weaker dollar, despite high domestic interest rates. Business performance expectations rose to 51.3, while broader economic outlook improved to 42.5. Current business conditions also saw modest gains, with business confidence at 47.3 and economic sentiment at 37.3.

Brazil blacklists over 500 amazon farms in anti-deforestation crackdown

On May 6, Brazil’s Ministry of Environment blacklisted 545 rural properties in Pará for illegal deforestation, barring them from selling crops and livestock domestically and abroad. This marks one of the country’s largest satellite-driven crackdowns, replacing individual embargoes with mass penalties based on remote sensing data. Most affected lands are near Castelo dos Sonhos in Altamira—an area plagued by violence and rampant deforestation. Farmers have until June 6 to remove livestock or face fines. While appeals are allowed, many may miss deadlines for agricultural credit. The move has sparked fear and resistance among local producers.

BRICS de-dollarisation advances as Brazil eyes yuan bonds

Brazil is weighing two key financial measures : issuing its first sovereign bonds in Chinese yuan, known as “Panda Bonds,” and a Central Bank proposal to limit stablecoin transfers to non-Brazilian wallets, according to government sources. While the bond plan remains under review, its approval would mark a significant step in diversifying Brazil’s funding sources and deepening financial ties with China. The move aligns with broader efforts by BRICS nations to reduce reliance on the U.S. dollar. If issued, the Panda Bonds would be traded in China’s domestic market and settled in yuan, reinforcing Brazil’s growing role in the global shift toward multipolar finance.

Nigeria, Brazil to collaborate on homogeneous spirituality for tourism development

The National Institute for Cultural Orientation (NICO) will partner with the Brazilian Consulate to accredit Yoruba traditional practitioners, such as babalawos, Ifa priests, and traditional kings, before they are granted visas to Brazil. NICO’s executive secretary, Otunba Biodun Ajiboye, announced the initiative at a press conference on the World Orisha Congress (WOOCON) in Lagos. The move aims to curb unethical practices by individuals posing as traditional practitioners and to preserve the integrity of Yoruba Orisha traditions. NICO also plans to create a platform to support global traditional worshipers visiting Nigeria for cultural exploration. Brazilian Consul General Manuel Inocencio de Lacerda Santos Junior praised the effort to uphold Yoruba heritage in Brazil.

The report says the current trend is no longer a reaction to market forces but a deliberate step toward dollarisation.

At the end of April, the average monthly salary in Cuba was 5,839 pesos. At the informal exchange rate of 370 pesos to the dollar, that is worth just $15.78, sharply reducing the purchasing power of most workers.

For pensioners, the situation is even worse , with the minimum pension now worth about $4.13.

The report warns that the growing use of foreign currency, including digital ones like the MLC, is widening the gap between Cubans who have access to dollars and those who do not.

State companies in select industries such as tourism and biotechnology are allowed to keep part of their foreign currency earnings, while others and most ordinary citizens are still stuck with the weakening peso.

Meanwhile, the Cuban government reported a budget surplus in March 2025, a rare occurrence in recent years.

However, the surplus came after cutting spending in areas like social services and raising prices on basic goods such as fuel and electricity, moves that may hurt low-income households.

This has led to a growing number of worn-out and torn notes being dispensed at ATMs and handed out at banks, sparking complaints across Dhaka and other cities.

Customers say the poor condition of money is making daily transactions harder.

Many shops and transport workers are refusing to accept torn bills, while money exchange vendors in Dhaka’s Gulistan market are charging extra for crisp new notes and offering less in return for damaged ones.

The shortage has partly been blamed on Bangladesh Bank’s decision earlier this year to stop distributing newly printed notes that feature the image of the country’s founding leader Sheikh Mujibur Rahman.

The move came just before Eid-ul-Fitr, a period when the demand for fresh notes typically spikes, local reports say.

According to dealers in Gulistan, even people from districts outside Dhaka are now travelling in to try to swap worn notes for cleaner ones.

But the dealers say supply is running low, and priority is being given to small business owners handling larger sums of money.

The central bank says it will release newly designed notes ahead of Eid-ul-Adha, but the process of replacing old currency will take several years.

Printing new designs, which began in May, takes time due to limited production capacity at the state-owned mint.

Banking authorities say around Tk374,000 crore is currently in circulation, with the majority held by the public but many of those notes are now in poor condition.

Elon Musk's involvement in Starlink, the satellite internet company, was a major point of debate. Some South Africans criticised Musk for saying Starlink was not allowed in the country because of race-based policies.

They saw this as an attempt to mislead people and stir controversy. Others felt he was simply trying to expand his business interests.

A total of 82.3 thousand online mentions were observed throughout the monitoring period whereas total engagement measured in likes amounted to 572 thousand.

With words like “money, disinformation, lies”, the report which analysed online discussions indicated the negative perception of South Africans about the global billionaire.

 While some questioned Elon Musk’s influence, with debates over his wealth, ownership of major platforms, and role in spreading misinformation, others accused him of using his power to shape global narratives, spread lies and only serve the rich.

Critics point to his control over X, formerly Twitter, as an example of how billionaires can influence what people see online. Some believe his platform allows misinformation to spread unchecked, while others argue that it gives people more freedom to speak.

Musk’s past has also come under scrutiny. Born in Pretoria South Africa, his family is said to have benefited from racial hierarchy during the apartheid.  He was raised in a wealthy family. His father was involved in the Pretoria City Council and the Progressive Federal Party, and his mother's family was linked to promoting technocracy and South African apartheid.

His family’s wealth during apartheid, his ties to powerful governments, and his statements on race and politics have sparked fresh debates.

The study also found words like "government" and "ownership" in both positive and negative discussions. Some view Musk’s business success as inspiring, while others question how much control billionaires should have over important industries like technology and space exploration .

Words like “lucky winners, giveaway, help and brilliant coverage” were among the top positive keywords used by South Africans to describe the billionaire.

One analyst said, "Elon Musk is either a genius shaping the future or a billionaire playing by his own rules—depending on who you ask."

Many South Africans still see him as a success story, but others say he has little real connection to the country today.

Here is a compilation of the top negative words used to describe Elon Musk in South Africa. The data was compiled by Majoritas.

"We had barely set foot inside when they told me payment was in dollars," Michael told AFP, declining to provide his last name.

The state-owned supermarket, which opened in January, is the first of several planned dollar-denominated stores aimed at reviving Cuba’s struggling economy . While officials see these stores as a means to attract much-needed foreign currency, their existence highlights growing inequality, as many Cubans who earn in the local peso find themselves unable to shop in these exclusive outlets.

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.

Once a humble DVD rental service, Netflix pioneered the streaming revolution, fundamentally changing how people access and experience entertainment. Similarly, Facebook evolved from a college networking platform into a global social media powerhouse, connecting billions of people but also raising complex debates around privacy and misinformation. Uber, the disruptor of urban mobility, redefined transportation and delivery services, making ride-hailing and food delivery a seamless part of daily life.

Tesla, meanwhile, mainstreamed electric vehicles, pushing sustainability to the forefront of the automotive industry. Amazon redefined e-commerce and logistics, setting new standards for efficiency and convenience. In technology, Apple and Microsoft continue to innovate with groundbreaking devices and software, while Google and Alibaba lead advancements in AI, cloud computing, and digital payments, creating ecosystems that power modern businesses.

Notably, Nintendo, a gaming giant founded in 1889, has proven its staying power in the ever-evolving gaming industry, maintaining its iconic status through generations of players.

While these innovators have built a digital-first world, blending convenience with connectivity, they also raise critical questions about societal impact. The rise of these platforms has sparked debates over the erosion of real-world interactions, the centralization of power in tech giants, and their role in shaping global culture and behaviour.

As these companies continue to innovate, society must balance technological progress with its implications for human connection, equity, and sustainability. Their legacy is one of transformation, but it also demands reflection on the world they are helping to create.

The move is part of efforts to make financial services more accessible.

"The BSP’s decision to lift the moratorium aims to promote digital payments, enhance financial inclusion, and foster innovation that could serve a wider segment of the market," BSP Deputy Governor Mamerto Tangonan was quoted as saying .

As part of requirements, non-bank companies applying for a license must provide detailed proposals which are supported by market research, target audience and a business model.

This new decision also requires that applicants must meet strict criteria, including transparency in ownership, suitability of shareholders, and proper management.

They also need to show strong risk management systems and sufficient capital.

Only companies offering innovative services and targeting underserved areas will move forward in the licensing process.

The BSP has already licensed 42 EMI-NBFIs and 27 EMI-banks. These businesses provide digital money transfers, remittances, and other online financial services.

The central bank, established in 1993, regulates the country's financial system under Philippine law.

At the helm is Elon Musk, whose ambitious leadership of Tesla, SpaceX, and xAI has revolutionized electric vehicles and space exploration and expanded into the realm of artificial intelligence, all while amassing a staggering $400 billion fortune.

According to Fortune , Jensen Huang of NVIDIA has reshaped the tech landscape with groundbreaking advancements in computing and AI. Under his leadership, NVIDIA’s meteoric rise has propelled his net worth to $124 billion, solidifying his role as a game-changer in the industry.

Satya Nadella has positioned Microsoft as a powerhouse in cloud computing and AI, steering the company toward unprecedented innovation. Meanwhile, Warren Buffett demonstrates his legendary investment acumen, guiding Berkshire Hathaway through economic complexities with his timeless strategies.

In the tech-driven Metaverse era, Mark Zuckerberg is charting new territory for Meta. Sam Altman’s OpenAI is setting the stage for transformative change across industries with its cutting-edge AI models. Mary Barra is accelerating General Motors’ push toward a sustainable future with electric vehicles, and Sundar Pichai of Alphabet is shaping the next chapter of digital infrastructure and privacy.

These leaders are paving the way for a future defined by innovation and resilience. But who will lead the next big wave of change? Share your thoughts on the trailblazers set to redefine our world.

These materials make currency more durable, safer from counterfeiting, and environmentally friendly.

This highlights Vietnam’s experience in polymer technology by Vietnam’s National Banknote Printing Plant (NBPP).

Nguyễn Đức Cường, chairman of NBPP, said, "We can produce all types of notes in the world using polymer, with a capacity of up to five billion pieces annually. This partnership reduces costs and enhances efficiency."

Many African ambassadors have since lauded the move, expressing hope that it will be a game-changer for many other African countries.

Morocco’s Ambassador Jamale Chouaibi who visited the facility said , "Many African nations spend a lot to print currency abroad. What we saw here offers the same, if not better, quality at a much lower cost."

Mozambique’s Ambassador Ilundi Dos Santos added that Vietnam’s expertise could help African nations print their currency locally, reducing costs and improving security.

European Repository of Cyber Incidents (EuRepoC) reveals that Volt Typhoon—also known as Vanguard Panda—has been identified as a key perpetrator in infiltrating critical systems. The group’s activities suggest a long-term strategy of positioning themselves for potential disruptive cyberattacks, underscoring the increasing sophistication and persistence of state-sponsored cyber threats.

The scope of the global cyber threat is vast. Between 2000 and 2023, the European Repository of Cyber Incidents (EuRepoC) recorded more than 2,500 politically motivated cyberattacks. Among these, 679 actors or groups were identified, revealing a complex web of international cyber aggression.

China has been implicated in 12% of these attacks, followed closely by Russia at 11.6%. Other major players include Iran (5.3%) and North Korea (4.7%). Yet, the covert nature of cyber warfare means that 45% of these attacks remain unattributed, leaving a significant portion of the threat landscape in the shadows.

Critical infrastructure remains a primary target, with nearly 20% of cyberattacks directed at systems vital to public safety and national stability. From power grids to water systems and transportation networks, these attacks threaten to disrupt essential services, creating vulnerabilities that could have catastrophic consequences.

This latest warning highlights the urgent need for heightened cybersecurity measures to protect against state-sponsored threats. As cyberattacks grow more frequent and complex, safeguarding critical infrastructure has become a priority for both national defence and global security. The ongoing challenge lies in uncovering and mitigating these covert threats before they escalate into full-scale disruptions.

Recent research by  the World Gold Council  reveals significant increases in gold holdings by several countries, reflecting their proactive approach to economic stability. China has emerged as a leading buyer, maintaining a 15-month streak of gold purchases. This move aligns with Beijing's broader efforts to diversify its foreign exchange reserves and reduce reliance on the U.S. dollar. With global trade dynamics shifting and geopolitical risks on the rise, China's aggressive accumulation of gold underscores its commitment to securing its economy against external shocks.

Russia's focus on gold reflects its strategy to shield national wealth from the effects of dollar dependency and international sanctions. The country has prioritized building gold reserves as a way to counterbalance financial risks tied to geopolitical instability. Similarly, Turkey has significantly bolstered its gold reserves in response to domestic currency volatility and high inflation. Turkey is committed to fortifying its economic resilience in an increasingly unpredictable global environment by strengthening its holdings.

India has also made notable strides, adding 264.3 tonnes of gold to its reserves since 2015. As one of the world's fastest-growing economies, India views gold as a stabilizing force, supporting fiscal security while accommodating the demands of its expanding economic landscape. This steady accumulation highlights the Reserve Bank of India's long-term focus on preserving monetary stability.

Gold remains a cornerstone of central banks’ strategies for good reason. As inflation rises and global crises become more frequent, the precious metal offers unparalleled stability. According to the 2024 Central Bank Gold Reserves Survey, 29% of central banks plan to increase their gold holdings in the coming year, marking the highest level of intent recorded since 2018. This growing demand underscores the enduring appeal of gold as a hedge against economic uncertainty.

The surge in gold reserves signals a broader rethinking of how nations manage financial risk. Gold provides a universal safeguard in an era of debt crises, currency devaluations, and political instability. Its intrinsic value, independent of the complexities of fiat currencies, makes it an indispensable asset for central banks aiming to instil confidence in their economies and navigate turbulent times.

As global financial markets remain volatile, central banks are doubling their commitment to gold. The actions of nations like China, Russia, Turkey, and India reflect a growing consensus: in a world of increasing uncertainty, gold stands as a timeless symbol of stability and strength. The global gold rush is more than just a trend—it’s a testament to the enduring importance of tangible assets in preserving economic security.