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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Brazil revs up for jolt of hybrid car investments
Brazil is charging up for a hybrid revolution as global car manufacturers race to pump billions of dollars into the development of green vehicles in Latin America's biggest economy. Toyota, which has bet bigger on hybrids than fully electric cars, announced it would pump $2.2 billion into Brazil until 2030.
Yellen says US unlikely to see 'stagflation'
The United States is not expected to see stagflation, Treasury Secretary Janet Yellen said in an interview broadcast Wednesday, adding that most forecasters expect inflation to cool as housing costs move lower. While it takes time for changes to filter into inflation measures, she stressed that she has "every expectation" housing costs will move down this year, easing price pressures.
IMF officially process to find new managing director
The International Monetary Fund officially launched the selection process to find the organization next leader on Wednesday, with current managing director Kristalina Georgieva widely tipped for a second five-year term.
Cuba's currency conundrum: four ways to pay
"How can I pay you?" Tourists can pay for guesthouses and restaurants in pesos, euros or dollars.
Methane emissions from energy sector rose in 2023: IEA
Planet-heating methane released by the fossil fuel industry rose to near record highs in 2023 despite technology available to curb this pollution at virtually no cost, the International Energy Agency said Wednesday. It said nearly 120 million tonnes was released in 2023 -- a small rise compared with 2022, and close to the record high in 2019.
UK agrees closer Texas trade ties as US talks stall
Britain signed a trade agreement with Texas on Wednesday after it failed to secure a post-Brexit deal with the wider United States. As well as failing to secure a US-wide deal, negotiations have paused on talks with Canada.
Volkswagen 2023 profits rise, but warns on slow sales growth
German auto giant Volkswagen on Wednesday reported a forecast-beating rise in profits for 2023 as vehicle deliveries rebounded but warned of slower sales growth this year, sending its shares down. Sales growth is similarly expected to come in at five percent, well down on 2023.
EU media freedom law approved by lawmakers
The EU is set to better protect journalists from political pressure and surveillance under an unprecedented media freedom law approved by the European Parliament on Wednesday.
Adidas reports 2023 loss on Kanye fallout
Adidas on Wednesday reported a loss in 2023 due to the fallout from the end of its tie-up with Kanye West, but the company insisted it was starting to turn its fortunes around. But CEO Bjorn Gulden, who was brought in to lead the company from rival outfitter Puma shortly after the West tie-up fell apart, struck an upbeat tone.
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