Profits fall at McDonald’s as it redoubles value push

Profits fall at McDonald’s as it redoubles value push

McDonald's reported a drop in profits Monday behind broad-based sales declines as the fast food giant redoubles efforts to win over inflation-weary consumers. All three of the chain's operating regions experienced comparable sales decline, a significant weakening next to the year-ago results when global comparable sales jumped nearly nine percent. Profits for the quarter ending June 30 were $2.0 billion, down 12 percent. Revenues were essentially flat […]

July 29, 2024 9

Africa

Nigeria’s planned protests: What we know

By Laurie Churchman with Aminu Abubakar in Kano Politicians and the army have warned people against taking to the streets, but organisers say government failings have left them little choice. Both sides have made comparisons with recent protests in Kenya that forced the government to withdraw new taxes, but it is not clear what shape the rallies could take in Nigeria. With demonstrations set to start on […]

July 29, 2024 21

Business / Economics

Egypt raises fuel prices as part of IMF-backed reforms

Egypt announced Thursday a 15-percent increase in petrol prices, part of a reform package requested by the International Monetary Fund to proceed with a $5 billion loan to the cash-strapped government. The Egyptian petroleum ministry said the price hike would come into effect on Friday. The announcement comes ahead of an IMF meeting on Monday to review the April payout package, unlocking $820 million in funds after […]

July 25, 2024 10

Opinion Pieces

Understanding Preservation Funds

A preservation fund is a savings vehicle into which you can transfer your retirement savings, from a retirement fund (pension or provident fund), with the aim of preserving funds for your financial well-being in retirement. This vehicle is primarily used when people resign or change jobs, which then becomes a tax-free transfer from your existing retirement fund into a preservation fund of your choice. Preservation can either be […]

July 22, 2024 7

Namibia

June Commodity Prices Surge Across Namibia

In June, the Namibia Statistics Agency reported significant price increases for basic commodities. Transport costs rose by 8.3%, coffee, tea, and cocoa by 14.4%, and fruit 13.4%. Other notable hikes included sugar and confectionery at 10.1%, and both mineral water and vegetables at 5.5%. Windhoek residents are paying more for pure sunflower oil compared to other regions, with Khomas region residents paying N$31.32 for 750ml, while other regions paid between […]

July 10, 2024 21

Namibia

June Inflation Eases to 4.6%, Food Inflation at Lowest in a Year

In June, Namibia experienced a decrease in overall inflation to 4.6%, down from 4.9 in May and marking the second lowest rate of the year. Food inflation specifically dropped to 4.0%, the lowest recorded in at least a year, based on newly released data from the Namibia Statistics Agency. However, transport inflation rose sharply to 8.3%, reaching its highest level in the past 12 months, compared to just 0.1% in […]

July 9, 2024 44

World

New UK finance minister vows to power economy

New UK finance minister Rachel Reeves vowed Monday to immediately "fix the foundations" of Britain's economy, fuelled by onshore wind power and house building, after her Labour party won power. In her first major speech since being appointed the UK's first woman chancellor of the exchequer by new Prime Minister Keir Starmer, Reeves said there was "no time to waste" on reversing "the legacy of fourteen years […]

July 8, 2024 15

Business / Economics

FNB Namibia expects inflation to tick up slightly in June

FNB Namibia expects headline inflation to rise by 0.1 to 5.0 percent year-on-year in June. The bank further anticipates a slight decrease in inflation on a month-on-month basis of 0.1 percentage points to 0.2% in June 2024, primarily influenced by a 0.7% reduction in transport costs compared to the previous month. FNB Namibia economist Helena Mboti. Mboti says the alcoholic beverages and tobacco category will significantly contribute to inflation, […]

July 2, 2024 73

Africa

Ghana’s economic crisis was caused by government borrowing – the central bank did the best it could: economist

By Emmanuel Ameyaw, Tohoku University Ghana is going through its worst economic crisis in a generation. The past two years have seen record high inflation in the country. Ghana’s central bank (the Bank of Ghana) has been criticised in some quarters for its role in the country’s economic malaise, which has hit the profitability of Ghanaian banks. The Conversation Africa’s Godfred Akoto Boafo speaks to […]

June 17, 2024 14