Zambia’s economy has been growing at a sluggish rate averaging three percent per annum since copper prices dipped two years ago. The cost of living and doing business has been soaring in the process as the country faces economic challenges after the government cut fuel subsides last year causing a 39 percent price hike in petrol, analysts say.
European shares gave up early gains as bank stocks dropped again and losses in Asian markets sent investors scurrying for save havens. Ivor Bennett reports.
U.S. stocks close sharply lower as crude oil prices drop below 30 dollars (USD) a barrel and China fears deepen.
U.S. stocks down sharply in midday trade with investors unnerved by China volatility and the continuing slide in oil prices.
Severe fuel shortages in Nigeria hit the services of Africa’s largest mobile telecoms operator, MTN, and force Guaranty Trust Bank to close its branches nationwide at lunchtime, the companies say.
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