South Africa ranked 54th in the 2026 IMD World Competitiveness Ranking, moving up 10 places and overtaking Kenya to become the most competitive economy in Africa
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Kosovo's Serbs hit by lines, limited withdrawals after currency ban
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US Fed official says may be 'appropriate' to lower number of rate cuts
The US central bank should either scale back or delay its interest rate cuts in response to "disappointing" inflation data, a senior Federal Reserve official said Wednesday. "In my view, it is appropriate to reduce the overall number of rate cuts or push them further into the future in response to the recent data," Fed Governor Christopher Waller told a conference in New York.
Senegal results show large win for opponent Faye in presidential poll
Anti-establishment figure Bassirou Diomaye Faye has comfortably won the Senegalese presidential election with 54.28 percent of votes in the first round, official provisional results showed Wednesday. Third-placed candidate Aliou Mamadou Dia won just 2.8 percent of the vote, according to figures read out at the Dakar court by the president of the national vote counting commission, Amady Diouf.
What is the economic impact of the Baltimore bridge collapse?
Diverted cargo and supply chain disruptions -- businesses are rushing to avoid an economic hit following the collapse of a major bridge in Baltimore as a cargo ship slammed into it this week. "Right now you've got ocean shippers, the other ports and the cargo owners all working to figure out where to divert the ships that were headed that way," he said.
Notre-Dame rebuild 'meeting deadline and budget': project head
Paris's Notre-Dame Cathedral, ravaged by fire in 2019, is on track to re-open on time on December 8, the head of the reconstruction said Wednesday. The fire at the UNESCO-listed cathedral, which welcomed 12 million visitors a year, shocked the world on April 15, 2019.
Yellen to urge China to address overcapacity issues
A surge in cheap exports from China in industries like electric vehicles could bring "global spillovers," US Treasury Secretary Janet Yellen is due to warn in a speech on Wednesday. "Now, we see excess capacity building in 'new' industries like solar, EVs, and lithium-ion batteries," Yellen is due to say.
Japan unveils next-generation passenger plane project
Japan announced plans on Wednesday to develop a next-generation passenger jet over the next decade after the last struggling attempt, led by a private company, was scrapped a year ago. Over the next 10 years, investment totalling five trillion yen ($33 billion) is needed in the industry including for the development of the new passenger plane, the official said.
German economy to nearly flatline this year, think-tanks say
The German economy is expected to barely grow this year, leading economic institutes said Wednesday, as weak demand at home and abroad slows the path to recovery. Looking ahead, the institutes expect the recovery to quicken next year as inflation eases further and demand picks up.
Yen hits 34-year low against dollar
The yen hit a 34-year low against the dollar on Wednesday, just over a week after the Bank of Japan announced a much-anticipated interest rate hike in a shift away from years of ultra-loose monetary policy. While central banks around the world aggressively hiked rates to tackle soaring inflation, the Bank of Japan stuck to its ultra-loose policies, driving down the yen.
Asian markets mixed as traders assess latest rally, eye data and earnings
Markets were mixed in Asia on Wednesday following a negative day on Wall Street as observers warn the latest equities rally may have run out of steam, with investors looking for fresh catalysts to kickstart buying. All three main indexes on Wall Street ended in the red, having spent most of the day on the positive side of the line.
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