- Consumer sentiment slumped as inflation expectations rose, despite otherwise strong signals in the economy, according to a closely watched survey released Friday. The University of Michigan Survey of Consumers sentiment index for May posted an initial reading of 67.4 for the month, down from 77.2 in April and well off the Dow Jones consensus call for 76. (Read more on CNBC)
- Disney reported strong earnings on Tuesday, driven in part by a surprise profit at its flagship streaming service — a first. But investors responded nervously to a coming slowdown at Disney theme parks, which have recently been the company’s primary growth engine. (Read more on The New York Times)
- Bank of England policymakers have kept interest rates on hold at 5.25% for a sixth consecutive time, but it signalled that it could cut rates if inflation keeps going down. Bank governor, Andrew Bailey, said he was “optimistic” that inflation will keep falling in the coming months as he signalled policymakers were closer to reducing the cost of borrowing. (Read more on Yahoo Finance)
- The UK is officially out of recession after figures showed the economy grew by 0.6% in the first three months of the year. The Office for National Statistics (ONS) said the period from January to the end of March marked a return to growth after a mild recession in the second half of 2023. (Read more on The Guardian)
- China's exports and imports returned to growth in April after contracting in the previous month, signalling an encouraging improvement in demand at home and overseas as Beijing navigates numerous challenges in an effort to shore up a shaky economy. (Read more on Reuters)
- The Biden administration is poised to open up a new front in its effort to safeguard U.S. AI from China with preliminary plans to place guardrails around the most advanced AI Models, the core software of artificial intelligence systems like ChatGPT, sources said. (Read more on CNBC)
- Brazil's central bank on Wednesday cut interest rates by 25 basis points, delivering a smaller reduction after six straight cuts of twice that size, as it took a more cautious approach amid uncertainty about the beginning of the U.S. easing cycle. (Read more on Yahoo Finance)
- Kenyan telecom operator Safaricom on Thursday reported a 3.5% rise in its annual core earnings to 94.9 billion Kenyan shillings ($724 million) as solid growth in its home market helped cushion the costs of its nascent Ethiopian business. The group said the Ethiopian business was gaining momentum and should start being a significant contributor to the group's growth from next year. (Read more on Reuters)
- Shell has confirmed plans to exit South Africa after more than 120 years of operation. In a statement issued on Monday afternoon, the oil major said it had decided to divest its majority shareholding from a local South African downstream unit following a comprehensive review of its downstream and renewables businesses across all regions. Shell has around 700 fuel service stations in South Africa. (Read more on news24)
- MCB Group hosted the second edition of its Trade Week, which began in Seychelles on 29 April. This event, aimed at providing trade insights, business intelligence, and bespoke trade solutions to participants, took place across several locations: Seychelles and Mauritius. The theme, “Enabling African Trade Growth with a Sustainability Lens,” reflected MCB’s commitment to driving meaningful change in the African trade landscape as a key trade partner. (Read more on bizweek)
Source: Reuters, The New York Times, CNBC, Yahoo Finance, The Guardian, news24, bizweek
Source: Yahoo Finance, Investing.com, Stock Exchange of Mauritius
