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6%
Malawi’s economy will grow by as much as 6 percent in 2019 from a 4 percent expansion expected in 2018, says President Peter Mutharika in remarks ahead of the presentation of the national budget in parliament. Landlocked Malawi is heavily reliant on financing from foreign donors, mostly Britain but the donors fled after a period when the siphoning off of funds by government officials became commonplace. A former justice minister and scores of other government officials were convicted of complicity in the “Cashgate” scandal. “It has taken us three years to turn around the economy from the devastation of Cashgate, and through national disasters of floods, drought and hunger,” Mutharika said.
56.4
Kenya’s private sector activity jumped in April, continuing its recovery after months of slowdown last year due to a prolonged and volatile election period, a survey showed on Friday. The Markit Stanbic Bank Kenya Purchasing Managers’ Index(PMI) for manufacturing and services rose to 56.4 in April from 55.7 in March. Anything above 50 denotes growth. The survey shows that the underlying demand conditions in the economy are consistent with a solid recovery in economic activity.
75m
Shares of Apple hit a record after Warren Buffett told CNBC he bought an additional 75 million shares of the iPhone maker in the first quarter. The Apple purchase, costing between $11 billion and $14 billion, adds to the almost 170 million shares that Buffett-run Berkshire Hathaway Inc. owned at the end of 2017, when it was already his biggest shareholding. Just days before Buffett disclosed the larger stake, Apple reported quarterly results that topped analysts’ estimates on surging services revenue and stable iPhone performance.
10%
Zambia’s currency extended its decline to a four-month low against the dollar and its Eurobond yields soared as loan talks with the International Monetary Fund stalled amid concern the country is under-reporting its external debt. The kwacha weakened 0.8 percent to 10.034 per dollar Friday, bringing its decline in the past two weeks to 5.9 percent. Yields on $1.25 billion of 2027 Eurobonds climbed 12 basis points to 9.43 percent, the highest since December 2016. The yield has surged 246 basis points from a record low in January.
164,000
The US kept creating jobs at a moderate pace last month, while wage growth was more subdued than Wall Street had forecast, highlighting how the labour market may have further room to improve despite years of brisk employment gains. Non-farm employment increased by 164,000 jobs last month, according to the Bureau of Labor Statistics, recovering from an upwardly revised 135,000 in March (previously 103,000). However, this fell below economists’ expectations for a gain of 192,000. The unemployment rate fell to 3.9 per cent, from 4.1 per cent in March, but remains at its lowest level since December 2000. Average earnings grew 2.6 per cent year-on-year, steady from March, which had been revised 0.1 percentage points lower from 2.7 per cent. Economists expected growth of 2.7 per cent.
