Tag: Economy
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The African Union has a strategy to make Africa a global leader in AI
The African Union has a strategy that, if successful, could help African states develop AI tools designed to their needs—and perhaps help the continent become a global leader in AI, writes Stephanie Gull. In 2024, the African Union Executive Council unveiled its Continental AI Strategy, emphasizing the need for an African–centric AI development strategy. The…
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Oil prices hold at three-month high on stronger demand
Oil prices steadied at their highest since mid-October as colder weather spurred buying while further support came from expectations of tighter sanctions on Iranian and Russian oil exports. Brent crude futures gained 22 cents, or 0.3%, to $76.73 a barrel by 1133 GMT, their highest since Oct. 14. U.S. West Texas Intermediate crude was up…
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Fed cuts by a quarter point, indicates fewer reductions ahead
WASHINGTON – The Federal Reserve on Wednesday lowered its key interest rate by a quarter percentage point, the third consecutive reduction and one that came with a cautionary tone about additional cuts in coming years. In a move widely anticipated by markets, the Federal Open Market Committee cut its overnight borrowing rate to a target…
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Economy faces ‘some potential storms’ in 2025, Moody’s chief economist says
Trump’s universal tariff proposals could cause prices on clothing, toys, furniture, household appliances, footwear and travel goods to skyrocket. The economy is doing “exceptionally well” as President-elect Donald Trump gets ready to enter the White House, according to Moody’s Analytics chief economist Mark Zandi. Zandi, speaking at the Consumer Federation of America’s financial services conference on Wednesday, noted some of the glowing areas: Gross domestic…