Gold Rally Brings Riches to Rural Zimbabwe
Horizons Middle East and Africa
The three-year surge in gold prices, driven to a record this year as US President Donald Trump's trade war bolstered its allure as a safe-haven, is enriching Zimbabwe's more than 700,000 informal, or artisanal, miners. They are flocking to gold mining belts and throwing a lifeline to an economy that's been in turmoil since the turn of the century. Bloomberg's Ray Ndlovu reports. (Source: Bloomberg)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Bloomberg
38 minutes ago
- Bloomberg
Balderton Capital's Liautaud on Europe Investment, AI
Balderton Capital Managing Partner Bernard Liautaud speaks to Bloomberg's Tom Mackenzie on the sidelines of the Founders Forum in Oxfordshire. He says that Europe's goal isn't to out scale other regions in AI, but the aim is to build an ecosystem to achieve compute, data, talent, and regulatory support. This interview occurred on Thursday June 12. (Source: Bloomberg)
Yahoo
43 minutes ago
- Yahoo
US stock futures fall after Israel attacks Iran
(Reuters) -U.S. stock index futures dropped on Friday after Israel's military strike on Iran escalated tensions in the oil-rich Middle East and battered risk sentiment across global markets. Israel's widescale strikes against Iran's nuclear facilities were aimed at preventing Tehran from building an atomic weapon. Iran has promised a harsh response and retaliated by launching 100 drones. The escalation of tensions in the Middle East - a major oil-producing region - sent oil prices surging more than 6% and U.S. energy stocks rose in tandem, with Chevron and Exxon advancing nearly 3% in premarket trading. The strikes come just days ahead of a planned sixth round of nuclear talks between Iran and the United States. Tensions had been building as U.S. President Donald Trump's efforts to reach a nuclear deal with Iran appeared to be deadlocked. U.S. Secretary of State Marco Rubio called the Israeli offensive a "unilateral action" and said Washington was not involved. At 04:32 a.m. ET, Dow E-minis were down 505 points, or 1.17%, S&P 500 E-minis were down 70.5 points, or 1.17%, and Nasdaq 100 E-minis were down 309.25 points, or 1.41%. A 1.6% slump in Russell futures pointed to sharp declines for domestically focused stocks. Airline stocks dipped as the surge in crude prices raised concerns about higher fuel costs. Delta Air Lines was down 3.9%, United Airlines dropped 4.8%, Southwest Airlines lost 2.5% and American Airlines declined 3.9%. Defense stocks rose, with Lockheed Martin up 4.7%, RTX Corporation up 5.5%, Northrop Grumman up 4.2% and L3harris Technologies up 4.3%. The S&P 500 still remains just 1.8% below its record high reached earlier this year, following stellar monthly gains in May driven by upbeat corporate earnings and a softening in Trump's trade stance. The tech-heavy Nasdaq is about 2.8% off its record closing high reached in December last year. Investors are now focused on the Federal Reserve's meeting scheduled next week where policymakers are expected to keep interest rates unchanged. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
an hour ago
- Bloomberg
A US Tax With Big Consequences For Africa
US President Donald Trump is proposing a 3.5% tax on remittances by non-citizens as part of the Republican tax bill currently working through the Senate. On today's episode of the Next Africa podcast we look at why this proposal could have major repercussions for African economies, particularly Nigeria, one of the world's biggest recipients of remittances. Jennifer Zabasajja is joined by Dr Lydiah Kemunto Bosire, the founder of New York based 8B Education Investments, and hears how this makes America less attractive to Africa's brightest students, and Nigeria Bureau Chief Anthony Osae Brown explains how reliant Nigeria is on remittances especially ofF the back of USAID cuts. For more stories from the region, subscribe to the Next Africa newsletter here
