The agreement was finalized during a visit to the NYSE by a South African delegation including JSE Group CEO Dr. Leila Fourie and South African Reserve Bank Governor Lesetja Kganyago. The signing ceremony took place shortly before the delegation rang the Closing Bell, followed by a keynote address by Kganyago on monetary policy.

“The New York Stock Exchange is pleased to sign this collaboration agreement with the Johannesburg Stock Exchange in support of the important economic and trade relationship between our two markets,” said Lynn Martin, NYSE president.

“Exploring the dual listings of companies on our two exchanges stands to increase opportunities for investors on both continents, underscoring the value public companies and our capital markets generate in the global economy. We look forward to collaborating on new product development with the JSE team and to the innovation that comes when two great organizations work together.”

As his banking operation grew Vingirai became the target of what has been called deliberate skullduggery against successful businesspeople in Zimbabwe. In 2004 after the banking crisis that claimed the scalps of most of the indigenous banks in Zimbabwe Nicholas Vingirai had to leave the country and spent seven years in self-imposed exile after he was charged with contravening the country’s exchange control laws.

He was absolved in 2011 of the charges of externalization of foreign currency however, the government had expropriated his firm Intermarket Holdings in 2006. Since that time Vingirai has been on a crusade to recover his assets which are now in the centre of the dispute. ZB Financial Holdings comprises of assets that belong to Transnational Holdings Limited. For the assets that were annexed from Vingirai, the government duly transferred 22.7% of the shares in ZB Financial Holdings to the veteran banker.

More shares are due to Vingirai’s investment vehicle so that they correspond to the value of Intermarket Holdings at the time that the government took it over. In July 2021, 11% of ZB Financial Holdings shares were supposed to be transferred to Transnational Holdings Limited. This is pending. The dispute has been long drawn out with all kinds of proposals being made, ranging from demerging Intermarket from ZB to allocating shares to the veteran banker.

The high-interest rates have made the United States dollar more appealing to investors who are piling into the greenback. The value of other currencies has tumbled: the pound, yuan, euro, and the yen. This depreciation in other currencies makes imports for these countries more expensive in United States dollars. The case for a recession caused by a strong dollar is grimmer in Africa where just about every country on the continent is overextended in terms of United States dollar-denominated borrowings.

Repaying loans in hard currency will be more expensive, especially where their currencies are rapidly depreciating.

The strong US dollar according to CNN has a destabilizing effect on Wall Street.

Companies listed on that bourse conduct business internationally, and a strong dollar will negatively impact their earnings. The second marker of the global economic recession is that US economy is slowing down or stalling. The world’s largest economy is driven by consumption.

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The country is one of the world’s poorest, with income per head estimated at US$678 in 2022 (up from US$501 in 2010). Across the country, an estimated two-thirds of households are impacted by food insecurity.

Eritrea has a Human Development Index (HDI) of 0.459 as of 2022, which puts it among the 15 least-developed countries on the planet.

The HDI measures average achievement in key dimensions of human development: a long and healthy life based on life expectancy at birth, knowledge based on expected years of schooling and a decent standard of living.

Mauritius, Seychelles and Algeria are the top three African countries with high HDIs of 0.804, 0.796 and 0.748, respectively, while Central African Republic, Niger and Somalia tail with very low HDIs of 0.397, 0.394 and 0.361, respectively.