A trove of leaked offshore investment documents, dubbed the ‘Paradise Papers’, exposes hidden banking activities of some of the world’s wealthiest people. Samantha Vadas reports. Continue reading
Last week, Ripple hosted Swell in Toronto which provided a forum for leaders in banking and blockchain to meet, network and hear from the likes of Dr. Ben Bernanke and Sir Tim Berners Lee. In case you missed the livestream, recorded sessions can be viewed here.
(REUTERS) – On the 30th anniversary of the 1987 stock market crash, U.S. stocks are at a record high and investors are concerned that steep valuations may mean a correction is overdue, despite healthy corporate earnings and economic growth.
Who is Esther Sitali?
I am an wholesale strategist for creative people.
I love to help creative people, develop the best wholesale strategy and action plan to make real money selling their products into the retailers of their choice. It is my joy to see brands I have worked with land in retailers and grow globally.
Wholesale is one of the best ways to grow and establish a brand and I can help you do that.
I do not believe we have to die for fashion! I have wondered for years how I can combine my skill set in a way that creates a better way of life for women in developing countries. Instead of having to leave fashion and retail. I am using my voice and contacts to establish wholesale channels for sustainable & ethical brands to be more visible in retailers, through my platform NYA Brands. I believe economic empowerment through the partnering of brands with artisans in the developing world is beautiful and must be championed – Trade and Not AID!. I believe that we can love the earth and its inhabitants and look great.
Kenyan borrowers struggle to hang onto their assets as auctions heat up. A severe drought earlier this year, a slowdown in bank lending, and a prolonged period of political uncertainty are creating a growing pool of distressed borrowers whose assets are being seized by newly aggressive lenders in the east African powerhouse.
SpaceX CEO Elon Musk claims his company will land a person on the red planet at least a decade earlier than NASA, and has downsized the plans for its “BFR” rocket vehicle in an effort to cut costs. Matthew Larotonda reports. Continue reading
Shares of the streaming box maker rose about 30 percent minutes after they debuted on the Nasdaq Stock Market Thursday. Fred Katayama reports. Continue reading
As Zimbabwe’s economy continues on a downward spiral, fashion designers and entrepreneurs are also feeling the pinch. Tungamira Mavi, who has clothed some of the country’s well known personalities, has had to shut down his shop in Harare to operate from home owing to low business, high rental costs and stiff competition from cheap second hand clothing.
HARARE, ZIMBABWE (RECENT) (REUTERS) – Tungamira Mavi is putting together an outfit at his home in Harare, Zimbabwe.
The 35-year-old fashion designer says he once dressed musicians and celebrities in the country but was recently forced to close his shop in town to keep the business running.
Tungamira’s Clothing label, Tumaz Designs has been in business for ten years now.
High rent, stiff competition from a secondhand clothes market and an economic crisis in the country has all made it difficult for him to thrive.
“In a good month I would make at least about 800 to 900 dollars but now given the challenges that we are facing in Zimbabwe it’s not a very viable economy right now because we have so many things that are sprouting up we have people who are now selling clothes in the streets which is posing a major challenge to our business as designers and tailors because most of the clients that we would get to design something for them are now going to the streets and getting something for a dollar,” said Tungamira.
With Zimbabwe’s economy struggling and a shortage of cash as people hoard U.S. dollars, the main currency, some 230 companies shut up shop in the first half of 2016, according to the Zimbabwe Congress of Trade Unions, pushing more people into an already bulging informal economy.
The country has never fully recovered from a slump that began in 2000 with the violent seizure of thousands of white-owned farms.
In Harare’s flea markets, second-hand clothes donated by western charities sell at cheap prices, providing clothing to many.
Though industrialists say importing second-hand clothes undermines African economies, it’s a common scene across the continent.
Zimbabwe banned imports of used clothes in 2015 but they are still smuggled across the border with Mozambique and remain the preferred choice for many Zimbabweans.
“Those bales they have a lot of uniqueness about them. It’s highly unlikely for me to buy something from the bales today, and when I’m walking around town, tomorrow I will find some two or three other girls wearing them exact same dress that I’m wearing — which is so demeaning to us ladies, we really don’t like that. And another thing is that the pricing on the bales is very cheap you can find something of high quality for maybe about 2 dollars or so, and the same clothing if you are to look for it in other shops, these big shops you can get it for US$25 and maybe it will be of less quality,” said Anesu Moyo, a Harare resident.
“It’s wiser to buy second hand clothes because for only US$10 you get a lot compared to buying one outfit for the same price in the shops,” said Paida Dhaka, another Harare resident.
Though industry experts say Zimbabwe has a market for 80 million garments annually but only 20 million of those are locally manufactured.
The government says the local textile industry doesn’t have capacity to meet demand in the country.
Almost 90 percent of imported new clothes are exempt from duty because of regional trade agreements.
At Paramount garments, workers produce garments for corporate, industrial and casual wear sold in the country and abroad.
Jeremy Youmans, the company’s managing director says the second-hand clothes market has also seen many lose jobs in a country where the unemployment rate stands at 80 percent.
“As an industry we have gone down from a peak of 35,000 people to current levels of 5,500 so we have significantly declined but that’s not all because of second hand clothing but that is one the issues. COMMAS (Common Market for Eastern and Southern Africa) did a study some years ago about four years ago now, where they estimated that job losses in COMESA, the whole region of COMESA was about 200,000 per year so the five years that is a million jobs lost in the COMESA region.”
In the meantime, shortages of basic goods and fuel have emerged, over the last few days in Zimbabwe resulting in panic buying by consumers. Shortages of cash, which started last year, have worsened, with some banks unable to provide money at all to customers.
South Africa’s tax agency on Monday accused KPMG of “unethical” and “unlawful” behaviour and said it plans to take legal action against the global auditor. It relates to a report carried out by the firm that suggested the former finance minister ran a rogue unit to spy on political leaders – as Kate King explains. Continue reading
WASHINGTON, D.C., UNITED STATES (SEPTEMBER 18, 2017) (IMF TV) – Bank of England Governor Mark Carney said on Monday (September 18) that Brexit is likely to hurt Britain’s growth prospects in the short term and push up inflation as the country adjusts to life outside the European Union. Continue reading