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Egypts Central Bank Stabilizes Interest Rates at 27.75% Following Consecutive Hikes

After two consecutive raises of 800 basis points, Egypts Central Bank stabilised interest rates in 2024 for the first time, with rates currently stand

After two consecutive raises of 800 basis points, Egypts Central Bank stabilised interest rates in 2024 for the first time, with rates currently standing at 27.75%. In May, inflation dropped from 32.5% in April to 28.1% due to the governments decision to liberalise the exchange rate of the Egyptian pound in May. The Central Banks monetary tightening strategy, which has reduced inflation and stabilised currency rates, is credited for this stability. As inflationary pressures lessen, forecasts call for additional inflation reduction through 2024, with a notable fall expected in the first half of 2025. This success has been aided by recent policies that target excess liquidity and the parallel currency market, offsetting the significant inflation of the previous year brought on by the fast expansion of the money supply. Read More..

B2B Tech News | 7 days ago        

AfDB Annual Meetings in Nairobi Focus on Financial System Reforms and Climate Challenges

The African Development Bank AfDB held annual Nairobi meetings addressing climate concerns and global financial system changes. AfDB has to raise capi

The African Development Bank AfDB held annual Nairobi meetings addressing climate concerns and global financial system changes. AfDB has to raise capital to $318 billion to keep its tripleA rating, which is required to enter lowrate markets. Kenyan President William Ruto promoted the inclusion of land, mining, and renewable energy sources in the GDP of African governments. Inclusive green growth, resilient economies, energy access, and agricultural transformation are the main priorities of the AfDBs strategy. The AfDB prioritises cooperation and creative financing methods to treble private sector financing by 2033. It also advocates for establishing an African rating organisation to overcome unjust international ratings. AfDB highlights Africas potential despite obstacles during its 60th anniversary celebrations. Read More..

B2B Tech News | 7 days ago        

Bitcoin Volatility Persists, Dips Below $71,000 Amid Strong Jobs Report

Bitcoin had significant volatility over the weekend, falling below $71,000 in response to a strong May employment report that surprisingly added 272,0

Bitcoin had significant volatility over the weekend, falling below $71,000 in response to a strong May employment report that surprisingly added 272,000 jobs and raised hopes for possible interest rate reductions in September. Despite the decline, Bitcoin is still above $69,000, indicating a cautious attitude among investors. The upbeat jobs news also caused a selloff in the larger cryptocurrency market, with meme currencies like GME suffering significant losses. The activity in the derivatives market increased, and at the same time, as inflows into spot Bitcoin ETFs persisted, positions in Bitcoin futures reached a record high of $37.7 billion. If Bitcoin breaks over $72,000 and completes an inverted headandshoulders pattern, analysts predict it might go for $83,000. Read More..

B2B Tech News | 7 days ago        

Tesla Courts Retail Investors Amidst Controversy Over Elon Musks Pay Package

Tesla is looking to its retail investors, who make up a sizable chunk of its ownership base, for support as its $56 billion compensation plan for Elon

Tesla is looking to its retail investors, who make up a sizable chunk of its ownership base, for support as its $56 billion compensation plan for Elon Musk has caused debate among large shareholders. Even while small investors prefer to support management, Tesla faces difficulties because of their propensity to abstain from voting, mainly when the next annual meeting turns into a vote on Musks leadership. Retail investors are aggressively courted through outreach activities despite conflicting signals from large investors like T. Rowe Price and CalPERS. Musk has reported significant support for the compensation settlement. The success of these initiatives still needs to be determined since influential proxy advisers warn against ratifying the package. Read More..

B2B Tech News | 7 days ago        

Cognizant Technologies Acquires Belcan in $1.3 Billion Deal

Cognizant Technologies said it acquired digital engineering firm Belcan for around $1.3 billion in cash and shares to strengthen its position in the a

Cognizant Technologies said it acquired digital engineering firm Belcan for around $1.3 billion in cash and shares to strengthen its position in the aerospace, defence, space, and automotive industries. Owned by the private equity group AE Industrial Partners, Belcan is a Cincinnatibased company with 10,000 employees spread over 60 facilities worldwide, catering to clients including NASA, General Motors, and Boeing. Cognizant CEO Ravi Kumar emphasised Belcans connection with the rapidly expanding aerospace and defence industry. Also, he saw potential synergies between Cognizants industrial manufacturing and automotive competencies and Belcans technical experience. If client expenditure slows as anticipated, the transaction will allow Belcan to function as a single entity under the direction of Cognizant and strengthen the companys specialisation plan. Read More..

B2B Tech News | 7 days ago        

Germany Unveils €23 Billion Tax Cuts to Mitigate Inflation Impact

Germanys €23 billion tax cuts are primarily intended to reduce fiscal drag by raising income tax levels, which should lessen the impact of inflation

Germanys €23 billion tax cuts are primarily intended to reduce fiscal drag by raising income tax levels, which should lessen the impact of inflation on household budgets. This effect, known as cold progression, happens when inflation forces earnings into higher tax levels, eroding nominal pay growth. The threephase plan calls for increasing the taxfree limit to €12,336 by 2026 and modifying the tax bands to €69,798. Minister of Finance Christian Lindner justified the action as fair, pointing out how citizens are affected by inflation. However, coalition partners, who worry about a budget deficit in light of Lindners strict debt limits, have criticised the move. This action has heightened calls for more significant public investment amid more extensive economic investigation. Read More..

B2B Tech News | 7 days ago        

Norways Sovereign Wealth Fund to Oppose Tesla CEO Elon Musks $56 Billion Pay Package

Following its invalidation by a Delaware judge, Tesla CEO Elon Musks $56 billion compensation plan is up for shareholder vote next week. Norways $1.7

Following its invalidation by a Delaware judge, Tesla CEO Elon Musks $56 billion compensation plan is up for shareholder vote next week. Norways $1.7 trillion national wealth fund stated its intention to vote against ratification. Musks leadership value has been acknowledged by the fund since 2018. Still, the fund expressed concerns about the awards magnitude, performance triggers, dilution, and critical person risk mitigation. The fund, which voted against the deal in 2018, wants a positive conversation with Tesla. In light of current labour problems, it also backs a shareholder motion that calls Tesla to embrace freedom of association and collective bargaining. The fund supported Kimbal Musks reelection to the board and voted to move Teslas incorporation to Texas. Read More..

B2B Tech News | 7 days ago        

Modis Swift Action Releases 17th Instalment of PM Kisan Nidhi

Prioritising the welfare of farmers, Prime Minister Narendra Modi did not waste any time approving the release of the 17th instalment of PM Kisan Nidh

Prioritising the welfare of farmers, Prime Minister Narendra Modi did not waste any time approving the release of the 17th instalment of PM Kisan Nidhi by signing the first file of his third term. A significant 9.3 crore farmers stand to gain from this action, which would cost about ₹20,000 crore. Modi reaffirmed the administrations unwavering commitment to "Kisan Kalyan," emphasising the importance of agricultural success. The swift response demonstrates the governments increased emphasis on rural India after the recent election victory, indicating a sustained dedication to meeting farmer demands and supporting the agriculture industry. Read More..

B2B Tech News | 7 days ago        



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