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Stories: Here's what's making business headlines in sub-Saharan Africa this week.1. Binance has suspended all trades and transactions in Nigerian Naira amid a nationwide crackdown on crypto exchanges that authorities say are supplying foreign exchange to the black market.Last week, Nigerian authorities detained two senior Binance directors on undisclosed charges.2. Also in Nigeria, Aliko Dangote, Africa's richest man, plans to set up an oil trading arm to help supply crude oil and products to a huge new refinery in Lagos, according to six people familiar with the matter. A source familiar with the matter revealed.The 650,000 barrel-per-day refinery is set…
GDP growth in the euro area and the EU In the fourth quarter of 2023, seasonally adjusted GDP remained stable in both the euro area and the EU, compared with the previous quarter, according to an estimate published by Eurostat, the statistical office of the European Union. In the third quarter of 2023, GDP had decreased by 0.1% in the euro area and had remained stable in the EU. Compared with the same quarter of the previous year, seasonally adjusted GDP increased by 0.1% in the euro area and by 0.2% in the EU in the fourth quarter of 2023,…
Not surprisingly, scientists at RMIT University in Australia recently tested illicit drugs purchased online and found that around 35% were not what was advertised, increasing the risk of unwanted side effects, overdose and death. This study Drug and Alcohol ReviewsThe researchers analyzed 103 illegal drug samples obtained from the now-defunct dark web forum Test4Pay. 65% of samples contained only the advertised substance, 14% mixed the advertised substance with other psychoactive or potentially harmful chemicals, while 21% of samples did not contain any advertised substance. MDMA, methamphetamine, and heroin were consistently found to contain only the substances advertised; however, products sold…
Cryptocurrency markets are bracing for the fallout as mixed signals from the Fed make it difficult to navigate a rate-cutting trajectory. Fed Chairman Jerome Powell predicted in his testimony that interest rates would be cut by the end of the year, but reiterated that the Fed would assess the rate of inflation before making a final decision to cut rates. With uncertainty looming, Friday's jobs report will be a key indicator of the Fed's future trajectory. The Fed's inflation debate remains the same Federal Reserve Chairman Jerome Powell said on Wednesday that the U.S. economy does not appear to be…
Crypto hardware wallet provider Safepal on Thursday announced a strategic investment in Swiss bank Fiat24 to open a banking gateway that allows users to pay expenses with digital assets and transfer funds to other compliant banks.In a release, CoinDesk learned that the two companies have launched a cryptocurrency-focused Visa card and an in-app banking service that uses the dollar-pegged stablecoin USD Coin (USDC) as the default deposit currency. A user can exchange his coin holdings into USDC through Arbitrum. USDC is stored in USD, EUR, and CHF and can be used for transactions and expenses.After completing the KYC and onboarding…
The European Central Bank kept interest rates on hold for the fourth consecutive meeting on Thursday as policymakers noted progress in combating high inflation.Interest rates on deposits remained at 4%, the highest in the central bank's 25-year history. Officials are considering how quickly they can lower interest rates, but said they need to see further evidence of slowing inflation. At present, strong wage growth is increasing domestic price pressure, the central bank said.European Central Bank President Christine Lagarde told a news conference in Frankfurt that “we are more confident” because the slowdown in headline inflation has improved so far. “But…
Cryptocurrency markets are bracing for the fallout as mixed signals from the Fed make it difficult to navigate a rate-cutting trajectory. Fed Chairman Jerome Powell predicted in his testimony that interest rates would be cut by the end of the year, but reiterated that the Fed would assess the rate of inflation before making a final decision to cut rates. With uncertainty looming, Friday's jobs report will be a key indicator of the Fed's future trajectory.The Fed's inflation debate remains the sameFederal Reserve Chairman Jerome Powell said on Wednesday that the U.S. economy does not appear to be close to…
When businesses deal with cryptocurrencies, liquidity and speed of access to funds often determine the attractiveness of a payment gateway. Confirmo's focus on fast payments directly addresses this pain point. The platform allows for the rapid transfer of funds to bank accounts or cryptocurrency wallets on a daily or weekly basis. This liquidity-boosting ability gives businesses the immediacy that is often sought after in volatile cryptocurrency markets. The platform's transparent pricing structure also adds to its appeal – with no hidden fees, what you see is what you pay. This creates a predictable cost environment, a valuable attribute when dealing…
overview Seasonally adjusted retail trade value increased by 0.1% in January 2024 compared to December 2023. of euro area and, european unionaccording to a first estimate from Eurostat, Statistical Office of the European Union. Retail trade volume decreased by 0.6% in December 2023. euro area and, european union. Compared to January 2023, the calendar-adjusted retail sales index decreased by 1.0% in January 2024. euro area and, european union. Monthly comparison by retail sector and member country inside euro area Retail trading volume in January 2024 compared to December 2023 Food, beverages, and tobacco increased by 1.0%; Non-food (excluding motor fuel)…
The first concrete data on the eurozone economy in the first quarter did not give much cause for optimism. Retail sales may have increased slightly after a sharp decline in retail volumes in December, but are still well below November levels. This means that the January data points are still consistent with the broader downward trend seen since late 2021. The situation does not look much better in the coming months, with the European Commission's monthly survey on retail trade showing that the expected business confidence for the coming months is largely unchanged and that inventories have not yet built…