Spain's economy minister launches bid to lead Eurogroup
Spanish Economy Minister Carlos Cuerpo has launched his candidacy to preside over the Eurogroup, an informal body of euro zone finance and economy ministers, a spokesperson for the ministry said on Friday.
(Reporting by Inti Landauro; Editing by David Latona)
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Zawya
16 hours ago
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Afreximbank Appoints Dr. George Elombi as Next President
The shareholders of the African Export-Import Bank (Afreximbank) ( have appointed Dr. George Elombi as the next President and Chairman of the Board of Directors of the continental financial institution. He becomes the fourth President to lead the Bank since its establishment in 1993. His appointment was one of the key decisions of the 32 nd Afreximbank group annual meetings and associated events held in Abuja, Nigeria, from 25 to 28 June, with the formal annual general meeting of shareholders taking place on Saturday, 28 June 2025. He succeeds Professor Benedict Oramah, who has served as President and Chairman of the Board of Directors since 2015, and who will be stepping down in September 2025. A Cameroonian national, George Elombi has been with Afreximbank since 1996, joining as a Legal Officer. He rose through the ranks to become Executive Vice President, Governance, Legal and Corporate Services. Over his nearly three decades at the Bank, he has served as Director and Executive Secretary (2010–2015); Deputy Director, Legal Services / Executive Secretary (2008–2010); Chief Legal Officer (2003–2008); and Senior Legal Officer (2001–2003). Prior to joining Afreximbank, he taught law at the University of Hull, United Kingdom. Dr. Elombi played a pivotal role in establishing Afreximbank group's structure, including the formation of key subsidiaries that have expanded the Bank's capacity to deliver on its mandate. As Chair of the Emergency Response Committee, he led the Bank's response to the COVID-19 crisis, mobilising over $2 billion for vaccine acquisition and deployment across African and Caribbean nations. Under his supervision of the Equity Mobilisation and Investor Relations department, the Bank's total ordinary equity mobilised amounted to USD 3.6 billion as at April 2025. In his acceptance speech, Dr. Elombi expressed a deep commitment to the Bank's mission and future, stating: 'I have worked alongside remarkable colleagues and extraordinary leaders to help shape this institution's vision, its mandate as well as its growth. As we look to the future, I see Afreximbank as a force for industrialising Africa and for re-gaining the dignity of Africans wherever they are. I will work to preserve this important asset.' He accepted the shareholders' desire as expressed by his predecessor to make the institution a US$250 billion bank in ten years. Dr. George Elombi holds a Master of Laws (LL.M.) from the London School of Economics, University of London, and a Ph.D. in commercial arbitration from the same university. He obtained a 'Maitrise-en-Droit' from the University of Yaoundé in 1989. His appointment followed a rigorous selection process initiated in January 2025, which included a global call for applications published in international media and on the Afreximbank website. Shortlisted candidates were interviewed by an international human resource executive search firm. The top candidates were presented to the Board of Directors, which recommended Dr. Elombi to the General Meeting of Shareholders for final approval. Under the Afreximbank Charter, a president is appointed by the general meeting of shareholders upon the recommendation of the Board of Directors for a term of five years, renewable once. Distributed by APO Group on behalf of Afreximbank. Follow us on: Twitter Facebook LinkedIn Instagram About Afreximbank: African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra- and extra-African trade. For over 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa's trade, accelerating industrialisation and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank has set up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2024, Afreximbank's total assets and contingencies stood at over US$40.1 billion, and its shareholder funds amounted to US$7.2 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody's (Baa1), China Chengxin International Credit Rating Co., Ltd (CCXI) (AAA), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB-). Afreximbank has evolved into a group entity comprising the Bank, its equity impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure (together, "the Group"). The Bank is headquartered in Cairo, Egypt.
The National
a day ago
- The National
Trump wants interest rates down to 1% and would ‘love' Fed chairman Powell to resign
US President Donald Trump has said he wants interest rates to be cut to one per cent and that he would 'love' Federal Reserve chair Jerome Powell to resign. Mr Trump added that he would pick a successor who wants to cut interest rates. 'I'd love him to resign if he wanted to. He's done a lousy job,' Mr Trump said of Mr Powell, speaking at an Oval Office event on Friday. 'If I think somebody's going to keep the rates where they are, or whatever, I'm not going to put them in. 'I'm going to put somebody that wants to cut rates. There are a lot of them out there,' he added. Mr Trump's comments are the latest in a series of attacks on Mr Powell in recent months, increasing his pressure on the Federal Reserve chairman to lower interest rates. Mr Powell so far has resisted and maintains that policy decisions will be data-dependent. The President has argued repeatedly that the central bank's policies are keeping government borrowing costs too high. Mr Powell's term ends in May 2026 and Mr Trump is expected to nominate a successor in the coming months, according to Reuters. The Fed last week kept interest rates unchanged between 4.25 and 4.50 per cent. It has not adjusted rates in its last four meetings, largely due to the uncertainty surrounding Mr Trump's tariffs. Mr Powell last week said tariffs could either have a one-off or persistent effect on inflation. Asked by reporters why not cut interest rates this month, Mr Powell said he expected to see 'meaningful' inflation in the coming months. The Central Bank of the UAE, which follows Fed decisions because of the dollar peg, also held rates steady following the US central bank's most recent decision. The Fed has held rates steady after lowering them by 100 basis points to about 4.33 per cent last year. Its next two-day meeting is on July 29-30.
Zawya
2 days ago
- Zawya
Dollar weakest since 2021 against euro as Fed rate cuts bets rise
The dollar hit a fresh three-and-a-half-year low against the euro on Friday as traders bet that the Federal Reserve will cut rates more times and possibly sooner than previously expected as some U.S. data points to a weakening economy. A report on Friday showed that U.S. consumer spending unexpectedly fell in May as the boost from the pre-emptive buying of goods like motor vehicles ahead of tariffs faded, while monthly inflation increases remained moderate. A weekly jobs report on Thursday showed that continuing unemployment claims rose to the highest level since November 2021 while gross domestic product figures for the first quarter reflected a sharp downgrade to consumer spending. 'Some of the data that we've had has not been particularly good over the last few days,' said Lou Brien, strategist at DRW Trading in Chicago. Fed Chair Jerome Powell's testimony to U.S. Congress this week was interpreted as dovish after he noted that rate cuts are likely if inflation doesn't increase this summer as he expects. Reports that U.S. President Donald Trump could also appoint a replacement for Powell in the coming months have added to dollar weakness. The new Fed chair is expected to be more dovish and an early appointment could undermine Powell's influence by acting as a shadow chair before Powell's term ends in May. Trump has not decided on Powell's replacement and a decision isn't imminent, a person familiar with the White House's deliberations said on Thursday. The dollar index fell 0.15% to 97.23 while the euro was last up 0.21% to $1.1723. The single currency reached $1.1754, the highest since September 2021. The euro got a small uplift after data showed French consumer prices rose more than expected in June, while Spain's 12-month EU-harmonised inflation also inched higher. Fed rate cuts would reduce the interest rate advantage of the dollar relative to peers. Traders are pricing in 65 basis points of cuts by year end, up from 46 basis points a week ago. The long-term outlook for the dollar is also seen as challenging as foreign investors reevaluate the 'American exceptionalism' that has drawn investment to the country. Brien said that the impact of the Biden administration's policies was also still weighing on the currency. Former President Joe Biden cut off Russia's access to the U.S. dollar, froze its assets and imposed sanctions following the country's invasion of Ukraine in 2022, which analysts say led other countries to accelerate shifts away from U.S. dollar reliance. 'The Biden administration weaponized the dollar as it really had not been weaponized before,' Brien said. 'That aspect of it is still in the back of people's heads.' Against the Japanese yen, the dollar strengthened 0.19% to 144.65. Core consumer inflation in Japan's capital slowed sharply in June due to temporary cuts to utility bills but stayed well above the central bank's 2% target, keeping alive market expectations for further interest rate hikes. In cryptocurrencies, bitcoin fell 1.13% to $106,594.
