Financial institutions have paid more than $150bn in fines to the US government relating to the credit crisis, passing a significant milestone data has shown.
A trio of multi billion-dollar settlements with European banks this year has netted $19bn for the Department of Justice and regulators, including $5.5bn paid by Royal Bank of Scotland of the UK last month — taking the total over the landmark figure.
Global oil executives are now beginning to talk of the concept of “peak demand” for the so called black gold weeks after the UK and France announced bold plans to outlaw petrol and diesel cars in less than 30 years.
Mr Ben van Beurden, CEO of oil giant Shell says “peak demand” could come as soon as the late 2020s in the most bullish scenarios for electric vehicle, EV uptake. Companies must become more discriminating about which oilfields to develop, he said, with only the most low-cost and productive likely to remain competitive. Crude demand is forecast to fall by almost 12 per cent between 2015 and 2040 in wealthy OECD countries, a dire prediction for oil dependent economies like Nigeria.
Zimbabwe, already mired in severe economic crisis, is to set aside a staggering $1bn to build a university in honor of sit-tight President Robert Mugabe. The amount is about a quarter of the country’s $4.1 billion budget. Higher education minister Jonathan Moyo says a foundation owned by the 93-year-old Mugabe and his wife will be in charge of the university.
By 2035, sub-Saharan Africa will have more working-age people than the rest of the world’s regions combined. There is fear, however, that the economies in the region will fail woefully to provide jobs for this workforce. In the region, up to 90 percent of jobs outside agriculture are in the informal sector. This includes household enterprises that are not formally registered, like street vendors or domestic workers. It also includes off-the-books activities by registered firms—for example, the taxi driver who offers a discount if the meter is not turned on. The informal economy in sub-Saharan Africa is the second-largest in the world, after Latin America and the Caribbean. From 2010 to 2014, sub-Saharan Africa’s informal economy accounted for 38 percent of GDP to the region.
The International Monetary Fund (IMF) has revised Botswana’s 2017 and 2018 economic growth forecast due to rising diamond demand, investment in the water and power sector and reforms to attract investment.
IMF lifted the diamond-producer’s 2017 and 2018 economic growth forecast to 4.5 and 4.8 per cent respectively and up from the earlier estimate of 4.1% and 4.2%