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Egypt’s inflation rate falls to 28.1% in May

Published

4 months ago

June 11, 2024

According to figures released on Monday by the statistics agency, CAPMAS, Egypt’s annual urban consumer price inflation slowed even more quickly than analysts had predicted, from 32.5% in April to 28.1% in May.

A survey by 19 analysts quoted by Reuters shows that inflation will drop to a median of 30.4%, maintaining a downward trend that began in September, when inflation reached its highest point of 38.0%. May 2023 saw a 31.0% increase in food prices compared to May 2023.

May marked the third consecutive month of decreases following an unexpected increase in prices in February. In May, prices decreased by 0.7% month over month, with food costs falling by 3.0%. Over the past year, there has been a significant increase in inflation, mostly due to the money supply expanding quickly.

A report by Statista predicted that Egypt’s gross domestic product (GDP) would rise steadily by 192 billion US dollars (+55.24%) between 2024 and 2029 at present prices. The GDP is predicted to reach 539.61 billion US dollars in 2029, marking a new peak, following the fourth year of growth.

The GDP in national currency is converted to US dollars using market exchange rates (yearly average) to determine the gross domestic product at current prices. The value of all finished products and services produced in a given year is represented by the GDP.

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3 years after, Nigeria’s Belemaoil restarts Oil Lease 55

Published

4 hours ago

October 15, 2024

Ifeoluwa Dada

Following a three-year hiatus due to theft-related damage to the plant, Nigerian independent producer, Belemaoil Producing, has reopened operations at its oil block on Oil Mining Lease 55, the company announced on Monday.

In February 2015, Belemaoil purchased OML 55 from Chevron Corp. OML 55 is situated in a marsh to shallow water area, approximately 40 kilometres west of the Bonny oil export facility.

According to a statement by a Belemaoil representative, widespread oil theft from OML 55’s delivery line to the Bonny terminal forced the closure of the facility in 2021.

The block has five oilfields, which provide more than 70 million standard cubic feet of petrol per day and around 14,000 barrels per day, according to the business.

An official stated that the first floating oil storage vessel arrived at OML 55 on October 6th, signalling “a major milestone in the company’s efforts to restart production”.

Nigeria, the largest oil producer in Africa, is attempting to increase its crude production, which has decreased recently as a result of widespread theft and sabotage, which drove oil majors to abandon onshore drilling in favour of deepwater production.

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Kenya permits JPMorgan Chase to open representative office

Published

5 hours ago

October 15, 2024

Ifeoluwa Dada

The central bank of Kenya announced on Monday that JPMorgan Chase (JPM.N) had been permitted to create a new tab and open a representative office in the East African nation.

According to a statement from the Central Bank of Kenya, representative offices of foreign banks in Kenya act as hubs for marketing and communication for their parent banks and affiliates.

The announcement further stated that the JPMorgan Chase representative office will help to diversify Kenya’s banking industry and encourage trade and investment.

In an effort by the largest United States lender to grow on the continent, Jamie Dimon, the CEO of JPMorgan Chase, is scheduled to visit Africa in mid-October, according to a report published by Reuters last month, which cited four people with knowledge of the situation.

Within the next three years, the bank intends to renovate 1,700 existing branches and open 500 new ones. According to J.P. Morgan’s most recent financial report, as of the end of the second quarter of 2024, the bank had 4,884 branches.