![]() Charli D’Amelio, in particular, has the second most popular account on TikTok, with nearly 200 million followers.įinally, Gigi Hadid launched her DTC cashmere brand Guest in Residence on Wednesday. The two sisters are among the most followed people on social media, with more than 400 million followers between them across multiple platforms. The first two tentpoles will be a women’s footwear line and skin-care brand, both launching before the end of the year. WSJ says the firm will invest in “sectors including consumer products, hospitality, luxury, digital commerce and media,” areas where Kardashian has much experience.Įlsewhere, the D’Amelio sisters Charli and Dixie, TikTok stars and influencers, raised a $6 million financing round to start their own house of brands simply called D’Amelio Brands. The company, to be called SKKY Partners, also counts former Carlyle Group partner Jay Sammons as co-founder with Kardashian. On Wednesday, the Wall Street Journal reported that Kim Kardashian, fresh off the runaway success of her Skims apparel brand and SKKN skin-care line, is launching a private equity firm that will invest in consumer and media brands. ![]() “We have seen the Kwacha gain strength, and that was driven by increased foreign exchange supply to the market by the Bank of Zambia which was consistent in the market, whereas the demand for US dollars has been low and that led to the appreciation of the Zambian Kwacha,” Chileshe explained.Three famous families transformed their businesses last week: the Kardashians, D’Amelios and Hadids. To guard against the volatility in the exchange rate, the central bank was offloading an average of $13 million per day in June. ![]() 31 in addition to another $1.3 billion special drawing rights allocation from the fund it received in August 2021.Įconomist Patrick Chileshe said the other reason why the Kwacha has been gaining against the US dollar is increased forex supply. The IMF board approved a $1.3 billion 38-month loan to Zambia on Aug. The rate of rise of food prices fell from 12% in July to 11.3% in August.Ĭhallenges still prevail though in the mining sector, which contributes 10% to the country’s GDP.Īn agreement with the International Monetary Fund (IMF) to restructure Zambia’s debt, a $1.4 billion bailout package has seen the Kwacha strengthen against the US dollar and helped contain the rate at which prices were rising due to supply-chain disruptions emanating from the war in Ukraine and ravages caused by the covid-19 pandemic. To support agriculture and livestock, the government also removed 5% customs duty on the importation of cattle and chicken breeding. The ultimate goal is to reduce inflation to between 6% and 8% by mid 2023 and a decline in inflation had been achieved when it met again in May 2022. When the government’s monetary policy committee met last November, it decided to “raise the monetary policy rate by 50 basis points to 9%.” The rate remains unchanged till now. What could be Zambia’s secret in shining in economic areas where almost all countries in the world are struggling? A raft of both monetary and fiscal measures, according to the Policy Monitoring and Research Centre in Lusaka, the capital. While continental peers South Africa, Zimbabwe, Nigeria, Ghana, and Kenya have been unable to control rising inflation and plunging currencies, Hichilema’s government has managed to reduce the inflation rate from 24.4% in August 2021 to 9.7% in June this year. The Zambian kwacha is the world’s best performing currency in the world against the US dollar, rallying over 18.5% against the dollar from Jan. ![]() Since he became president in August last year, Hakainde Hichilema has steered the economy towards stability. Looking back now, it’s evident that these were the exact skills that Zambia needed to pull it back from the economic mess it was in at the time, having become the first African country to default on repayments during the pandemic. When he first came into office, almost a year ago, Zambia’s new president was ridiculed by skeptics who called him, “the calculator boy,” for his strong focus on the economy and his background as an accountant. Here’s Zambia’s secret to controlling inflation and strengthening its currency ![]()
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