ZiG inflation fight: Zimbabwe’s new gold-backed ZiG currency will banish sky-high inflation that’s hamstrung the economy and made the country a poster child for runaway price pressures, the central bank says. https://bloom.bg/4a0R2tu
Starlink persists: Elon Musk’s Starlink service is still operating in multiple unauthorized regions, defying warnings issued by the company last month that its satellite internet will be shut down by May 1 in areas where it doesn’t have a license to operate. https://bloom.bg/44FSnVD
BHP CEO in South Africa: BHP sends a senior team to South Africa, as the company ramps up efforts to win over government officials that could determine the outcome of its bid for rival Anglo American. https://bloom.bg/3Wi30vw
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HSBC CEO Noel Quinn is unexpectedly stepping down, and the lender has started a search for a successor. More here: https://bloom.bg/3Qpny1l
📷: Lam Yik/Bloomberg
BREAKING: King Charles III will return to public-facing duties next week for the first time since revealing his cancer diagnosis in February. Read more here: https://trib.al/gp7etMx
📷: Chris Jackson/Getty Images
Naira drops: Nigeria’s currency plunged, heading for its worst four-day losing streak since the naira was devalued in January as domestic dollar liquidity evaporated. https://bloom.bg/3vX9LrX
Green insurance: The World Bank is advising South Africa’s National Treasury on a climate risk strategy after floods in recent years caused billions of dollars of damage. https://bloom.bg/4aR7IF4
Chocolate crisis: Cocoa resumed gains in New York, with prices the most volatile in almost five decades amid uncertainty over a historic supply crunch. https://bloom.bg/4d5ATpr
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BREAKING: The Senate passed a long-delayed $95 billion emergency aid package for Ukraine and other besieged US allies, clearing the way for resumed arms shipments to Kyiv within days. https://bloom.bg/49WnDjP
📷: Andrew Kravchenko/Bloomberg
Change of plans: UK Prime Minister Rishi Sunak acknowledges his longstanding promise to send deportation flights to Rwanda by the spring has fallen by the wayside, and now the first flight is set to take off in July. https://bloom.bg/49OWRKq
Weight-loss drugs: Africa’s biggest drugmaker could potentially help ease a growing supply crunch for the world’s hottest obesity medications. https://bloom.bg/4aZJIQd
Oil findings: Galp’s shares jump after the Portuguese oil company says a well test “potentially” indicates Mopane could be an important commercial find in Namibia. https://bloom.bg/4aItPxn
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Israel launched a retaliatory strike on Iran less than a week after Tehran’s rocket and drone barrage, according to two US officials, raising fears of a widening conflict across the Middle East.
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📷: ATTA KENARE/AFP via Getty Images
🚨 LIVE: India begins voting in the world's biggest election, with Prime Minister Modi aiming for a historic third term.
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The race for the “world’s best airport” crown has been a two-horse affair in recent years, with Doha’s Hamad International and Singapore Changi leading the pack.
This year the title has switched, with 12-time winner Singapore being edged out of the top spot by its Middle Eastern rival in the Skytrax World Airport Awards 2024. See the full list of the world's best airports here: https://bloom.bg/49Gl7OE
📷: Lauryn Ishak/Bloomberg
Africa's capital flight: The number of millionaires living in Africa dropped by nearly 20,000 in the past decade as they either moved away or saw currency depreciations chip away at their wealth. https://bloom.bg/49EpXMr
Inflation drop: South Africa’s inflation rate dipped to a two-month low in March, but that is unlikely to persuade policymakers to cut borrowing costs. https://bloom.bg/4cU9TZX
ZiG reserves: Zimbabwe won’t print additional ZiG notes unless it has the reserves to back the new currency, the central bank governor says. https://bloom.bg/3xFuS2k
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John the Second's plan: Zimbabwe’s new central bank governor vows to restore confidence in the institution that’s repeatedly failed to stabilize prices and the nation’s currency. https://bloom.bg/49CCJeu
No free beach: Nigeria’s commercial capital boasts miles of white sand along the Atlantic Ocean that once teemed with locals looking to beat the heat. So what happened? https://bloom.bg/3U1Zwu7
Gold miners tussle: Endeavour Mining has been accused by Lilium Mining of misrepresentation over the sale of two African gold mines, as the fallout from the tenure of ousted CEO Sebastien de Montessus continues. https://bloom.bg/3xHefU8
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BREAKING: China’s economic growth beats expectations in the first quarter, rising 5.3% from a year earlier. Follow along for analysis. https://bloom.bg/49FqmOK
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Singapore Prime Minister Lee Hsien Loong will step down on May 15 after two decades, handing the reins to his deputy Lawrence Wong. More here: https://bloom.bg/4aAYr3y
📷: Lionel Ng/Bloomberg
Global leaders try to lower tensions after Iran’s direct strike on Israel.
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LATEST: US President Joe Biden condemns Iran’s attacks in the “strongest possible terms,” according to a statement from the White House following his call with Netanyahu. He says G7 leaders will convene for a united diplomatic response.
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📷: Leigh Vogel/Bloomberg
ZiG hits streets: Zimbabwe starts circulating ZiG notes among the public, a day after the central bank kept interest rates unchanged at its first meeting since unveiling the gold-backed currency. https://bloom.bg/3xYZWu8
Not out yet: Investors shouldn’t discount South Africa over continental peers as it has strong institutions that can buttress its economy if it focuses on accelerating growth, said Razia Khan, the head of Africa research at Standard Chartered Bank. https://bloom.bg/3Qovno7
KitKat program: Nestle is expanding a program that boosts the income of poor farmers in Ivory Coast supplying cocoa for KitKat bars, but which still leaves pay well short of growers’ needs. https://bloom.bg/49Tdgxm
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Zambia mines: Vedanta Resources has approached trading houses as it seeks to raise capital to revive the Konkola copper mining and smelting complex in Zambia. https://bloom.bg/4dl4cEC
Family dynasty: Togo President Faure Gnassingbé is set to secure power for life if his party retains a majority in elections this week, cementing a West African dynasty as the region tilts away from democracy. https://bloom.bg/3wbzEUY
El Niño floods: More than 100 people have been killed in mudslides and floods in Kenya as heavy rainfall caused by El Niño weather conditions hit the East African nation. https://bloom.bg/3JCdAFU
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Big deal: BHP proposes a takeover of Anglo American that values the smaller miner at $38.9 billion, a deal that would create the world’s top copper producer and spark the industry’s biggest shakeup in over a decade. https://bloom.bg/4b5lvYN
Tech matters: Lawyers hired by the Democratic Republic of Congo have questioned Apple about the use of conflict minerals in their supply chain sourced from the country. https://bloom.bg/3JzOYh6
First fall: Zimbabwe’s gold-backed currency the ZiG weakens for the first time since its debut earlier this month. https://bloom.bg/49NmHOZ
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BREAKING: The US Senate has voted to ban TikTok’s ownership by Chinese parent ByteDance. This now sets the stage for a constitutional clash over whether the prohibition deprives US users of their First Amendment free speech rights. https://bloom.bg/44h4ybc
📷: Bing Guan/Bloomberg
Index rally erased: Zimbabwe’s new currency, the ZiG, has wiped out a gain of more than 330% on the nation's main stock market this year, leaving investors dealing with the fallout. https://bloom.bg/4b8oxLa
Surprise tax: A high-stakes standoff between Congo and the country’s biggest telecom operators ended with the companies paying an extra $5.8 million a month to the government. https://bloom.bg/4d3nLB7
Set sail: An Egyptian wheat ship has been allowed to sail after waiting three weeks for the correct paperwork, as a dispute between one of Russia’s top grain traders and a local regulator continues to disrupt exports. https://bloom.bg/3WgVzVv
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South Africa coalitions: Polls show that the country — which votes on May 29 — could enter uncharted political terrain. https://bloom.bg/3UoAcjy
Rwandan meddling: Conflict in eastern Congo has reached a peak not seen in at least a decade, spurred allegedly by Rwandan support for a brutal rebel group. https://bloom.bg/3UowUwG
Cholera vaccine: An oral vaccine for cholera that is more simple to make than existing versions has been approved by the World Health Organization. https://bloom.bg/3Q8lISv
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DEVELOPING: An explosion was heard early Friday in Iran’s central city of Isfahan, a news agency reported, citing local sources https://bloom.bg/3JsA8Jn
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Succession problem: The impulsive behavior of Equatorial Guinea's vice president threatens the long-term stability of the Central African state that has been ruled by his father for the past 45 years. https://bloom.bg/3vOf6ll
ZiG gains: Zimbabwe, whose currency declined 80% before being abandoned, is now worried about its new unit appreciating too fast. https://bloom.bg/4d59ovW
Coffee trade: Ethiopia has revised rules to allow foreign companies to buy coffee directly from farmers and processors, the latest in reforms to liberalize Africa’s biggest producer of the commodity. https://bloom.bg/4cYFF7T
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Google has fired 28 employees after they were involved in protests against Project Nimbus, a $1.2 billion joint contract with Amazon to provide the Israeli government with AI and cloud services. More here: https://bloom.bg/4aTKIW1
📷: Marlena Sloss/Bloomberg
Follow Bloomberg India's WhatsApp channel for the latest news and analysis from India and beyond https://whatsapp.com/channel/0029VaIfIuQ7oQheLjfN2w1e
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The resurgent dollar cut a swath through global currencies, weakening many in Asia through closely watched levels that forced some officials to step in to stem the losses.
A key intervention from China only served to ramp up the pressure with the Indonesian rupiah, India’s rupee and the South Korean won being particularly hit. Read more here: https://bloom.bg/49xPjLW
📷: SeongJoon Cho/Bloomberg
Inflation record: Nigerian inflation accelerated more than anticipated to a 28-year high, as a surge in the nation’s currency has yet to reflect on the cost of imported goods. https://bloom.bg/3UiwlEA
Forgotten crisis: One year on, Sudan’s civil war has destroyed its social fabric, sparked the world’s biggest displacement disaster and threatens the largest hunger emergency. https://bloom.bg/4aBHPZC
Brazilian corn: Zimbabwe is considering importing corn from Brazil for the first time since 2014 as the El Niño weather pattern withers crops in the region. https://bloom.bg/3TV8Ccl
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🚨 Here's what we know so far:
- Iran attacked Israel in retaliation for strike on embassy compound
- Israel says Iran launched over 300 drones and missiles, most of which were downed
- US and UK helped intercept drones targeting Israel
- G-7 leaders condemn strike, urge restraint
Follow our free live blog for the latest news, analysis and updates. ⬇️ https://bloom.bg/3UikzdA
🚨 Here's what we know so far:
- Iran attacked Israel in retaliation for strike on embassy compound, after days of threatening action
- Israel says Iran launched over 300 drones and missiles
- US and UK helped intercept drones targeting Israel
- Iran’s mission to the UN said the matter “can be deemed concluded”
- Biden condemns attacks; to convene G7 leaders for diplomatic response
Follow our free live blog for the latest news, analysis and updates: ⬇️ https://bloom.bg/3UikzdA
Iran has launched armed drones and missiles against Israel, marking a new and more dangerous phase of the Middle East conflict.
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📷: Mostafa Alkharouf/Anadolu/Anadolu
