Africa Business News

The United Kingdom is insisting on probing the shooting of #EndSARS protesters in the Lekki area of Lagos and similar incidents during the demonstrations.

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The Nigeria Centre for Disease Control has confirmed 119 new cases of coronavirus in the country. This brings the total number of COVID-19 infections recorded in the country so far to 62,111.

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Major stock markets in Asia traded lower Monday, amid uncertainty over a new fiscal stimulus in the US as well as renewed fears over a resurgence of coronavirus cases in the US and across Europe. The Shanghai Composite led the losses, dragged down by the consumer staples sector and financials. The Hong Kong market was closed for a holiday.

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Oil prices fell more than 1% on Monday, amid mounting fears over weakening global demand as the number of COVID-19 cases US surged in North America and across Europe. The US saw its highest number of virus cases in two days through Saturday, while new infections in France hit a record of over 50 thousand Sunday and Spain announced a state of emergency.

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The Shanghai Composite Index tumbled 36 points or 1.1% to 3,242 on Monday at around 02:15 PM Shanghai time, amid mounting fears over the development of COVID-19. China reported 20 new confirmed and 161 new asymptomatic virus cases Sunday following a surge in symptomless infections in the northwestern Xinjiang region. In the US, White House chief of staff Mark Meadows suggested that the country could not get control of the pandemic.

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Gold fell 0.3% to $1,899 on Monday at around 03:45 AM GMT, extending losses from the previous two sessions, amid a stronger dollar and a lack of a deal on additional US fiscal stimulus. US House Speaker Nancy Pelosi said Sunday Washington was reviewing the latest plan for new COVID-19 relief over the weekend and that she looked forward to a response Monday. Traders are watching China's Communist Party Annual meeting that starts today, where Premier Xi Jinping and members of the Central Committee will set a blueprint for economic and social development for 2021-2025.

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Ethiopia's prime minister said his country will not cave in to aggressions of any kind after President Donald Trump suggested Egypt could destroy a controversial Nile dam.
The Grand Ethiopian Renaissance Dam is at the centre of a long-running dispute involving Ethiopia, Egypt and Sudan.
Mr Trump said Egypt would not be able to live with the dam and might blow up the construction.

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Polls in Egypt closed on Sunday after a heavy turnout for the parliamentary elections in 14 provinces.A second round of voting is scheduled for 7-8 November for 13 other provinces.
Run-offs for all the provinces will be held on different dates in November and December.

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Polls in Egypt closed on Sunday after a heavy turnout for the parliamentary elections in 14 provinces.
A second round of voting is scheduled for 7-8 November for 13 other provinces.
Run-offs for all the provinces will be held on different dates in November and December.

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The Nigerian Bar Associationon Sunday urged the federal government and the various state governments to take lawful proactive steps in containing the current volatile situation in the country.

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