Meta, the parent company of Facebook and Instagram, experienced its first-ever year-on-year revenue decline in the second quarter of 2022, with total earnings slipping 1% to $28.8 billion. This downturn was driven by a significant slump in advertising sales as businesses, particularly small and medium-sized enterprises, reduced their marketing budgets in response to global inflation and economic uncertainty. Despite this …

Walmart has issued its second profit warning in less than three months, significantly lowering its annual forecast due to the impact of surging food and fuel costs on household budgets. The retail giant now expects its full-year profits to decline by as much as 13%, a sharp departure from its previous estimate of a mere 1% dip. This announcement sent …

Ghana’s trade performance showed significant growth in the first half of the year, achieving a trade surplus of $1.43 billion, which represents approximately 2% of the nation’s Gross Domestic Product. This figure marks a substantial increase from the $886 million surplus recorded during the same period in the previous year. Data from the Bank of Ghana’s Summary of Economic and …

The Ghana Standards Authority (GSA) and the Ghana National Eggs Campaign Secretariat have raised a public health alert regarding the substandard handling of eggs in local markets, particularly the hazardous practice of selling broken eggs for human consumption. During a high-level workshop in Kumasi attended by over 150 poultry farmers and vendors, experts warned that the current methods of transporting …

Ghana experienced a significant surge in its mango export sector between 2020 and 2021, with the industry growing by 28% to reach a total valuation of $64.6 million. According to data from the Ghana Exports Promotion Authority (GEPA), this upward trend moved the country to the 11th position among global mango exporters, representing a 1.7% share of the worldwide market. …

The cargo ship Felicity Ace, which was transporting approximately 4,000 luxury vehicles including Porsches and Bentleys, has sunk off the coast of the Portuguese Azores archipelago. The vessel had been adrift for nearly two weeks following a major fire that broke out on February 16 while it was en route from Emden, Germany, to the United States. Although all 22 …

The 22 wealthiest individuals in Russia saw a staggering $39 billion erased from their collective net worth in a single day following the military invasion of Ukraine. This massive financial collapse was triggered by a historic crash of the MOEX Russia Index, which plummeted by 33% as markets reacted to the onset of the conflict. According to the Bloomberg Billionaires …

Russia has initiated an unprecedented full-scale invasion of Ukraine, launching military assaults by air and ground on several key Ukrainian cities, including the capital, Kyiv. Explosions have also been reported in Odessa, Kharkiv, and Mariupol, with Russian forces having breached the Kyiv region. The offensive, which began early Thursday local time, was announced by Russian President Vladimir Putin as a …

Employees of the Ghana Textile Printing Company (GTP) have launched a demonstration demanding the immediate dismissal of their Managing Director, Fatoumata Doro. The protestors, dressed in red and displaying placards with messages such as “Fatuo must go” and “Profitability demands smart hiring,” expressed deep dissatisfaction with her leadership. Despite making history as the company’s first female MD since 1966, Doro …

The government is nearing a final agreement to secure 20,000 acres of fertile land in Wassa Fiase specifically for sugarcane cultivation to support the long-awaited operationalization of the Komenda Sugar Factory. This move is being paired with an active recruitment process for local outgrowers to ensure a steady supply of raw materials, addressing the primary hurdle that has historically stalled …