Africa Business News

The director general of the World Trade Organization (WTO), Dr Ngozi Okonjo-Iweala says Global trade is seeing increasing protectionism, some undermining of the WTO rules, and some of this is leading to fragmentation. She says Global trade is really part of the lifeblood for making countries resilient - and also for underpinning growth which is what they are concerned about. President Biden has increased import taxes on a range of other Chinese products that he said formed the industries of the future. EU trade commissioner Valdis Dombrovskis says that Europe does not want to close the market for EVs saying they welcome imports and competition, but this competition must be fair.

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One of Hollywood's oldest companies, Paramount Global, has agreed to merge with independent film studio Skydance Media. Under the deal, Paramount's non-executive chair Shari Redstone will sell her family's controlling stake in the company in a complex transaction that will result in a new firm worth around $28bn. The merger would combine Paramount, home of classic films such as Chinatown and Breakfast at Tiffany's, with its financial partner on several recent big releases, including Top Gun: Maverick and Star Trek Into Darkness. Under the agreement, Skydance will invest around $8bn in Paramount, including paying $2.4bn for National Amusements, which controls the group.

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Boeing has agreed to plead guilty to a criminal fraud conspiracy charge after the US found the company violated a deal meant to reform it after two fatal crashes by its 737 Max planes that killed 346 passengers and crew. The Department of Justice says the plane maker had also agreed to pay a criminal fine of $243.6m (£190m). However, the families of the people who died on the flights five years ago have criticised it as a "sweetheart deal" that would allow Boeing to avoid full responsibility for the deaths. The settlement must now be approved by a US judge.

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Niger's military leader, speaking alongside the junta chiefs from Mali and Burkina Faso, has said they are irrevocably turning their backs on the wider West African bloc, Ecowas. The three men are meeting together for the first time to cement an alliance created in the face of opposition from neighbouring countries. Soldiers took power in Mali, Burkina Faso and Niger in a series of coups from 2020 to 2023. Gen Abdourahmane Tchiani, says that in the place of Ecowas, the junta chiefs wanted to build a community of sovereign peoples "far from the control of foreign powers. A community of peace, solidarity, prosperity based on our African values.”

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Sir Keir Starmer has confirmed the Rwanda deportation scheme is "dead and buried", on his first full day as prime minister. The Labour leader says he would end the gimmick of deporting migrants arriving in the UK illegally to Rwanda, which was established by the previous Conservative government. Labour campaigned on a manifesto pledge to scrap the scheme, which has already cost around £310m, promising a more effective approach to tackling illegal immigration to replace it. He argued the scheme has "never been a deterrent" as it would only deport "less than 1%" of small boat arrivals.

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The Nigerian Government released ₦1.23tn to 17 ministries for the execution of capital projects in the third quarter of 2023. The Budget Implementation Report for Q3, 2023 released by the Budget Office on Sunday, was 75.4 per cent lower than the ₦5trn allocated for capital expenditure in the 2023 budget, resulting in a deficit of ₦3.8tn. The projects usually involve the construction, acquisition, or renovation of tangible assets such as buildings, roads, bridges, dams, schools, hospitals, and other facilities. The report also showed that the ministries only utilised ₦962.87bn out of the cash backing of ₦1.23tn.

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The Director General National Emergency Management Agency (NEMA), Zubaida Umar has activated all Zonal, Territorial and Operation offices of the agency nationwide, to work with the States’ Emergency Management Agencies (SEMAs) within their area of responsibilities, to carry out rescue operations and conduct assessment of the situation. NEMA says it also operates a toll-free emergency contact line: 0800CALLNEMA (080022556362) in addition to all its social media platforms, through which feedback from members of the public can be received nationwide. The agency also said it is conducting a rapid assessment to determine any further assistance that may be required in the impacted communities.

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The Lagos State Government has issued a 48-hour eviction notice to property owners who have built illegal structures and to settlers along the Gbagada-Bariga Channel. The Lagos State Commissioner of Environment and Water Resources, Tokunbo Wahab, says property owners who deliberately built structures that obstruct the free flow of water in the area will be removed. He says the operatives of the Lagos State Ministry of the Environment and Water Resources will remove those contravening structures to deflood the area.

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Kenya's High Court has approved the use of military force to restore order, following days of anti-tax protests that at some point overwhelmed police. More than 20 people have reportedly been killed in the nationwide protests that are largely led by young people opposed to government plans to increase taxes. Armoured military vehicles patrolled streets in the capital, Nairobi as police fired tear gas to disperse protesters, who had threatened to storm the presidential palace. A judge said that the military deployment was critical to protect government installations but gave the authorities two days to clarify how long the deployment would last, along with its rules of engagement.

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South Africa's President Cyril Ramaphosa has unveiled a new coalition government after his ruling African National Congress party lost its parliamentary majority in May's elections. He says the government of national unity is unprecedented in the history of democracy. The ANC will have 20 out of 32 cabinet posts, while the Democratic Alliance (DA) - until now the main opposition party - will hold six. Six other portfolios are shared amongst smaller parties. In the new cabinet, the ANC will keep key ministries such as defence, finance and foreign affairs. The DA's portfolios include home affairs and public works. Party leader John Steenhuisen will lead the agriculture ministry.

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