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South Africas Economy Narrowly Avoids Recession in Q4 2023

According to Statistics South Africa, the country just escaped a technical recession in Q4 2023, with the GDP expanding by just 0.1% following a 0.2%

According to Statistics South Africa, the country just escaped a technical recession in Q4 2023, with the GDP expanding by just 0.1% following a 0.2% drop in Q3. After growing by 1.9% in 2022, the annual GDP shrank to 0.6% in 2023. Estimates for GDP growth in 2024 range from 0.7% to 1.5%, which is insufficient to alleviate the high unemployment, poverty, and inequality rates. These matters are vital because, on May 29, the nation will have hotly contested elections. For the first time since apartheid ended, analysts believe the ruling African National Congress ANC may lose its parliamentary majority due to worries about how to handle social and economic issues. Read More..

B2B Tech News | 1 years ago

InterAmerican Development Bank IDB Doubles Investment Capacity with $3.5 Billion Boost

To double its size in the upcoming years, the InterAmerican Development Bank IDB has approved a $3.5 billion capital boost for IDB Invest, its private

To double its size in the upcoming years, the InterAmerican Development Bank IDB has approved a $3.5 billion capital boost for IDB Invest, its private sector arm. With this increase, it will be better able to support initiatives that address global concerns like mitigating climate change and reducing poverty. With the infusion, IDB Invest hopes to increase the resources it allocates yearly from the current $8 billion to about $19 billion. Furthermore, the board of governors approved using up to $400 million for IDB Lab, which supports venture capital and innovation projects. When taken as a whole, these initiatives seek to increase the IDB Groups financial capacity to $112 billion over the next ten years, essential for tackling the socioeconomic issues facing the area in the face of climate change. Read More..

B2B Tech News | 1 years ago

ECB Keeps Interest Rates Steady Amid Softening Inflation

For the fourth meeting in a row, the European Central Bank ECB held interest rates constant. This was expected given the lower inflation and economic

For the fourth meeting in a row, the European Central Bank ECB held interest rates constant. This was expected given the lower inflation and economic growth estimates, which increased expectations for possible rate reduction beginning in June. The Governing Council emphasised its commitment to supporting inflation, returning to the 2% objective, as the deposit rate stayed at a historic low of 4%. A little drop in the euro and a rise in monetary easing expectations were among the markets reactions. Additional details on the rate adjustment timeframe will be revealed at the ECB President Christine Lagardes subsequent press conference. Policymakers are waiting for additional information before making any changes to monetary policy, even as their fears about inflation are waning. In the meantime, international equivalents such as the Bank for International Settlements and the Federal Reserve take a similarly cautious approach to monetary policy and inflation. Read More..

B2B Tech News | 1 years ago

Report Reveals Challenges in Africas Artisanal Fishing Sector

According to research by Noël Tadégnon, while having abundant marine resources, Africas artisanal fishing industry has several difficulties, such as

According to research by Noël Tadégnon, while having abundant marine resources, Africas artisanal fishing industry has several difficulties, such as child labour, subpar working conditions, and unlawful exploitation. In the meantime, the depreciation of the Ugandan Shilling since the beginning of the year has been 4%, a result of increased demand from offshore investors and inflows of commodities, indicating continued instability in the currency markets. Positively, according to a survey by the African Development Bank Group, Africa is poised to lead the world economy in 2024, with eleven of its countries ranking among the top 20 fastestgrowing in the world. This indicates the continents strong economic future. Read More..

B2B Tech News | 1 years ago

India Commits $1.25 Billion to Artificial Intelligence Projects

India authorized a substantial investment in artificial intelligence projects on Thursday, worth 103 billion rupees $1.25 billion. The projects includ

India authorized a substantial investment in artificial intelligence projects on Thursday, worth 103 billion rupees $1.25 billion. The projects include building massive language models and improving computing infrastructure. The money will also help AI startups and make it easier to develop AI applications for the government. In a statement, the government said that this investment demonstrates Indias dedication to promoting innovation and development in the artificial intelligence space. Notably, forecasts from the IT industry association Nasscom indicate that the artificial intelligence market in India is expected to develop at an estimated annual pace of 25%35% between 2024 and 2027, with a projected value of $17 billion. This substantial investment reflects the countrys recognition of the transformative potential of artificial intelligence and its determination to capitalize on its benefits for economic development and technological advancement. Read More..

B2B Tech News | 1 years ago

Nvidia ETFs See Record Inflows as Investors Flock to AI Chipmaker

Amidst the AI fever, investors have been pouring money into Nvidiafocused ExchangeTraded Funds ETFs, with recordhigh inflows into a bullish fund track

Amidst the AI fever, investors have been pouring money into Nvidiafocused ExchangeTraded Funds ETFs, with recordhigh inflows into a bullish fund tracking the chip designers shares. The GraniteShares 2x Long NVDA Daily ETF saw a net daily inflow of $197 million, bringing its total managed assets to $1.41 billion from $213.75 million at the beginning of the year. These kinds of leveraged ExchangeTraded Funds ETFs, which promise to provide higher returns in shorter amounts of time, are becoming increasingly popular among investors drawn to volatile equities due to news and earnings. Buoyed by bullish expectations and increased enthusiasm surrounding AI, Nvidia, which commands a substantial chunk of the highend AI chip market, has seen its shares jump by about 82% since the beginning of the year. As Nvidia continues to dominate as a market leader, leveraged ETFs tracking its performance are experiencing substantial growth and outperforming other ETFs, indicating continued investor interest Read More..

B2B Tech News | 1 years ago

Broadcom Targets $10 Billion AI Chip Revenue Despite Stock Dip

Artificial intelligence AI chips are expected to bring in $10 billion for Broadcom this year. Still, the companys fullyear prediction disappointed inv

Artificial intelligence AI chips are expected to bring in $10 billion for Broadcom this year. Still, the companys fullyear prediction disappointed investors, which caused a decline in the companys stock price. Marvell Technology, a smaller rival, also predicted lower revenue than the market anticipated, which caused its shares to drop. Both businesses are essential suppliers of networking chips needed for artificial intelligence AI computing and helping customers create bespoke chips. Hock Tan, the CEO of Broadcom, emphasised the significant income contributions from helping important clients with specialised chip design—possibly including internet behemoths like Google and Meta Platforms. Investors were underwhelmed by Broadcoms $50 billion annual sales projection, which remained unchanged despite the companys strong growth expectations. However, the businesss fiscal firstquarter statistics showed promising success, especially in AI revenue, which increased fourfold from the previou Read More..

B2B Tech News | 1 years ago

Egypt Finalizes Agreement with IMF, Increases Bailout Loan to $8 Billion

Egypt said on Wednesday that it has reached a final deal to raise its bailout credit to $8 billion from the International Monetary Fund IMF. In televi

Egypt said on Wednesday that it has reached a final deal to raise its bailout credit to $8 billion from the International Monetary Fund IMF. In televised remarks, Prime Minister Moustafa Madbouly communicated this development, emphasising that the extended agreement will make getting more loans from organisations like the World Bank easier. This declaration came soon after the Egyptian Central Bank made two significant announcements it raised its primary interest rate and allowed its currency to float. The goal of these measures, which the IMF has long demanded, is to reduce inflationary pressures and increase the nations attractiveness to international investors. Egypts economy has been facing several difficulties, including the COVID19 epidemic, years of budgetary austerity, and geopolitical pressures like the situation in Ukraine and the IsraelHamas war. Read More..

B2B Tech News | 1 years ago

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1. Global online sales are predicted to reach 22% of all retail sales in 2023.
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2. Global tablet shipments are expected to hit 142 million by 2025, reports Statista.
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3. Artificial Intelligence is expected to contribute $15.7 trillion to the economy by the year 2030.
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