Category: Economy

In the quiet corridors of Rwanda's Southern Province, a shadowy game of cat and mouse unfolds, where minerals turn into cash behind veiled transactions. The spotlight is on Kigali, where the ramifications of illicit financial flows are felt the strongest.…

Kigali, Rwanda's bustling capital, has recently been under scrutiny for tax evasion practices. According to reports from the Office of the Ombudsman and Transparency International Rwanda, there has been a significant rise in tax evasion cases, particularly among businesses and…

The African continent is poised to reach a population of 1.1 billion people by 2040, making it the largest workforce globally. In line with the ambitious Agenda 2063, the African Union has set forth a strategy for a prosperous Africa…

In Africa, apart from the known business challenges such as the decrepit infrastructure, inconsistent government policies, double taxation, increasing inflation, regulation irregularities and the COVID-19 pandemic consequences in recent times, overwhelmingly, lack of capital or funding issues contribute majorly to…

Artificial intelligence poses risks to job security around the world but also offers a "tremendous opportunity" to boost flagging productivity levels and fuel global growth, the IMF Chief says. According to the International Monetary Fund's managing director, Kristalina Georgieva, AI…

In a move that underscores Meta's ongoing strategic realignment, the tech giant has announced layoffs affecting employees across its various teams, including those at WhatsApp and Instagram. The decision, as confirmed to Euronews Next, is part of a broader effort to reallocate company resources and align them with long-term strategic goals and location strategies. "Today, a few teams at Meta are making changes to ensure resources are aligned with their long-term strategic goals and location strategy," Meta stated. This includes relocating some teams and reassigning employees to different roles. While the company is working to find new opportunities for affected employees, the impact has been felt most acutely by those at Instagram, Reality Labs, and WhatsApp. Meta's recent focus on innovations like smart glasses and advanced AI models, showcased at their developers' conference in September, reflects its commitment to pioneering new technologies. However, this forward-looking vision has come at a cost. Following earlier layoffs this year, which saw Meta's Reality Labs restructured into Wearables and Metaverse organizations, this latest round of job cuts signals another phase in Meta's ongoing transformation. The layoffs are not without historical precedent. In 2022, Meta cut 11,000 jobs after overestimating the company's growth potential during the pandemic lockdowns—a period when more people were engaging with their devices. As life returned to normal and outdoor activities resumed, Meta's revenue growth slowed, prompting further layoffs of 10,000 employees last year. Mark Zuckerberg's ambitious roadmap for Meta highlights the delicate balance between innovation and workforce management. The company remains tight-lipped about the specific regional impact of these latest layoffs, particularly in Europe. However, the broader strategy appears clear: a leaner, more focused Meta, poised to lead in the tech industry's next era of smart devices and AI advancements. As Meta navigates this transition, the tech world watches closely, mindful of the human cost behind these corporate maneuvers. The shifting landscape of technology demands adaptability not just from companies but from the people who power them.

Generation Z is beginning to enter a workforce that isn't fully prepared for them. As many recent graduates face complaints about how they fit into the workplace, employers report increasing hesitancy in hiring them, according to a recent report by…

A recent survey has shown more German companies see Japan as a stable choice for production in Asia amid geopolitical tension and uncertainties over trade restrictions involving China. Fully 38 percent of German companies taking part in a recent business…

According to Steve Jobs, creativity is the ability to imagine possibilities, imitate brilliantly, think innovatively and act differently. Creative thinkers use the process of shattering the status quo to create original ideas or imitate the existing ones, thereby creating a…

Ndoro-Mkombachoto is a former academic and banker. She has consulted widely in strategy, entrepreneurship, and private sector development for organizations in Zimbabwe, the sub-region and overseas, she shares her opinion. According to Ndoro, founding entrepreneurs or first-generation entrepreneurs are the…

Zambia's kwacha has emerged as the top-performing African currency against the US dollar this year, boosted by the central bank's aggressive monetary policy tightening. The kwacha has surged by 13,8 percent to 22,8 against the dollar in 2024, as reported…

Billionaire Elon Musk has once again lost his top spot on the list of the wealthiest men in the world in 2024, Bernard Arnault now sits as the wealthiest man alive, with a net worth of $223.3 billion surpassing Elon…

Small businesses are embracing digitalization and catering to their customer needs through a variety of online channels. With new technologies emerging such as artificial intelligence, there is no time like the present to help your small business grow by taking…

A November 2022 survey by ZipRecruiter collected by Business Insider shows that 44% of respondents with college degrees regretted choosing their major, with English, communications, sociology, and marketing as the most regretted majors. So is college really not worth the…

Misinformation and disinformation, mainly driven by the misuse of Artificial Intelligence, are the leading expected global threats in the next two years, according to the Global Risks Report 2024. The report by the World Economic Forum (WEF) explores some of…

In Africa, apart from the known business challenges such as the decrepit infrastructure, inconsistent government policies, double taxation, increasing inflation, regulation irregularities and the COVID-19 pandemic consequences in recent times, overwhelmingly, lack of capital or funding issues contribute majorly to…

Google CEO Sundar Pichai has warned employees that more layoffs are in store at the search engine giant as it focused on new priorities, including artificial intelligence. "These role eliminations are not at the scale of last year's reductions, and…

The huge gap between how women and men's health are treated costs $1 trillion a year worldwide, the World Economic Forum said on Wednesday. Women spend a quarter more of their lives suffering from poor health than men, a disparity…

The report by the International labor organization says that joblessness and the jobs gap that have fallen below pre-pandemic levels, have shown signs that global unemployment will rise in 2024. In the same vein, the world leaders and governments are…

While some African parents are busy prohibiting their children to work, even worse to own money, around the globe, there are many child entrepreneurs who are making waves. However, a large portion of them are based in the U.K.  With…

The global economy is set to hit a grim record by the end of 2024, the lowest half-decade GDP growth in 30 years according to World bank’s latest global economic prospect report. Economic performance in the first half of the…

The world bank predicts the 20-nation euro area will grow 0.7 percent this year, a modest improvement on last year’s 0.4 percent expansion. The international financial institution expects economic growth in the US, the country which led the way in…

Since they have entered the mainstream market, there has been a stigma around electric cars because of their higher initial costs compared to petrol and diesel cars. But electric cars have developed significantly since the arrival of cars like Nissan…

Four years since the legalization of industrial hemp in the country, the Cannabis Regulatory Authority says data has not yet been documented on how much money has been realized from the export of the crop. The move has promoted the…

The French billionaire Bernard Arnault has built a massive and profitable luxury retail empire. Where did he come from and how did he get richer than Elon Musk and Jeff Bezos? Bernard Arnault knows the ins and outs of the…

Youth unemployment is a challenge facing Rwanda despite the government targeting to create 1.5 million jobs between 2017 and 2024. The Rwanda state census of labor and employment published in May 2021, notes that unemployment rate is at 23%, and…

The United Kingdom's Queen Elizabeth II who reigned for more than 7 decades passed away at 96 at Balmoral Castle, her home in Scotland on Thursday, September 8. The death of the Queen not only marks the end of an era…

The central bank of Rwanda says that the mobile payments continue to drive the digital payments transformation in the first quarter of 2022; this comes after people were encouraged to shift to cashless system in order to prevent the spread…