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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LVMH posts record sales and profit in 2023
The world's largest luxury goods group LVMH announced record results Thursday, even as growth slowed towards the end of last year and sales of spirits shrank. Besides clothing and leather goods, LVMH also posted sales growth in perfumes, cosmetics, watches, and jewelry, with wines and spirits being the only unit to shrink, down 4 percent for the full year.
Lloyds bank cuts almost 800 jobs in online switch
British retail lender Lloyds Banking Group on Thursday announced a net reduction of almost 800 jobs, as it slashes branch staff but boosts customer services. Lloyds said in a statement that it will slash about 1,600 jobs across its branch network.
US new home sales up in 2023, boosted by limited existing supply
Sales of new US homes jumped in 2023, according to government data released Thursday, supported by a lack of inventory in the existing homes market as mortgage rates remained elevated. Key factors encouraging buyers, according to analysts, were a dip in mortgage rates at the end of last year as well as the continued lack of supply in the existing home market.
US growth picks up in 2023 on jobs and consumer spending
US economic growth was stronger than expected in the final months of 2023, government data showed Thursday, offering a boost to President Joe Biden as he starts his reelection campaign. At the start of 2023, analysts expected consumer spending to lose steam as households drew down on accumulated savings during the Covid-19 pandemic and as borrowing costs stayed high.
Balletcore, dunes and vamps at Paris couture week
Haute couture week in Paris showcases the fashion world's most elite outfits -- one-off, made-to-measure creations that the labels hope will adorn red carpets and high society events around the world. This time, he was inspired by insects, with huge glittering moths and bees adorning some outfits, and several turbans and maharajah outfits in the collection.
Nokia sees 'challenging' 2024 after profits plunge
Finnish telecommunications equipment maker Nokia warned Thursday that it expects another tough economic environment in the first half of this year after its net profit sank in 2023. "We expect the challenging environment of 2023 to continue during the first half of 2024, particularly in the first quarter," he added.
Fuming French farmers pile pressure on Paris
France's government scrambled on Thursday to come up with answers to farmers blocking motorways and demonstrating at public buildings across the country, after a fuel tax rise detonated long-standing resentments.
Lagos styrofoam, plastics ban brings applause and concern
From trash-strewn pavements to street vendors packing meals in polystyrene containers, plastic waste is a constant menace in the urban landscape of Lagos, Nigeria's economic capital and the continent's most populous city.
Memory chip giant SK Hynix returns to profit on strong AI demand
The world's second-largest memory chip maker, South Korea's SK Hynix, said on Thursday it had returned to profit after four consecutive quarters of losses driven by demand for chips used in artificial intelligence. SK Hynix is South Korea's second most valuable company, with market capitalisation of more than 101 trillion won, trailing Samsung Electronics' 443 trillion won.
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