New proposals could replace South Africa's current BEE system with a corporate levy or tax surcharge, as economists signal major changes to transformation policy.
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Germany's Scholz between tough talk and trade on China trip
Chancellor Olaf Scholz travels to China this weekend, walking a fine line in shoring up economic ties with Germany's biggest trading partner at a time when the West is sharpening its tone towards Beijing. Scholz himself has characterised his approach as "derisking", urging companies not to "put all your eggs in one basket" and to nurture ties with other trading partners.
ECB seen holding interest rates one last time
The European Central Bank is expected to freeze its key interest rate at a record high again Thursday but pave the way for a first cut in June as inflation eases. The Swiss National Bank kicked off the rate-cutting cycle last month when it lowered its main rate by 0.25 percentage points -- becoming the first major central bank to do so.
Panama plans dry alternative to drought-hit canal
Panama on Wednesday unveiled plans for a "dry canal" to move cargo between the Pacific and Atlantic oceans due to low water levels in its century-old maritime channel. Honduras presented an ambitious project for a freight railroad between the Pacific and the Atlantic in February, although it currently lacks the financing to build it. fj/dr/bfm
US Fed officials raised inflation concerns, but still expected rate cuts in 2024: minutes
US Federal Reserve officials raised concerns at their March interest rate meeting about the recent "broad-based" rise in inflation, but still said they expected cuts to start this year, according to minutes of the meeting published Wednesday.
Delta eyes record Q2 on still-strong demand
Delta Air Lines reported another round of strong earnings on Wednesday as it forecast a record second quarter based on consistently strong travel appetite. Delta reported first-quarter profits of $37 million compared with a loss of $363 million during the same period last year.
US consumer inflation accelerates in March, dampening rate cut hopes
US consumer inflation continued to accelerate last month, according to US government data published Wednesday, reducing the chances of an early interest rate cut from the Federal Reserve.
Joy, relief as Senegal ferry link with isolated south resumes
A ferry service between Senegal's capital Dakar and the southern city of Ziguinchor has resumed to the joy and relief of many who said its months-long suspension had cost them dearly. It was scheduled to arrive in Ziguinchor, the main city in Casamance, before midday (1200 GMT) on Wednesday.
Red-hot cocoa price melts profit at top chocolate-maker
Barry Callebaut, the world's biggest supplier of chocolate to the food industry, said Wednesday that the surge in global cocoa prices had chipped away at profits. "Food manufacturers continued to be impacted by soft consumer demand in the context of the high-inflationary environment," Barry Callebaut said in a statement.
Fitch downgrades China sovereign credit outlook on debt fears
Ratings agency Fitch said Wednesday it had downgraded China's sovereign credit outlook to negative, citing increased risks to the country's public finances, in a move Beijing swiftly called "regrettable". Fitch said its outlook revision "reflects increasing risks to China's public finance outlook" as the country "contends with more uncertain economic prospects".
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