Africa Business News

In South Korea, the benchmark KOSPI closed down 60.54 points, or 2.59 percent, at 2,272.70, its lowest since August 3. Market heavyweight Samsung Electronics led the losses, closing 1.4% weaker. Hyundai Motor fell 4.5 percent while biopharmaceutical firm Celltrion dropped 6 percent. Foreigners were net sellers of 195.9 billion won worth of shares on the main board.

---

This episode is sponsored by
· Afrolit Podcast: Hosted by Ekua PM, Afrolit shares the stories of multi-faceted Africans one episode at a time. https://open.spotify.com/show/2nJxiiYRyfMQlDEXXpzlZS?si=mmgODX3NQ-yfQvR0JRH-WA

Support this podcast: https://anchor.fm/newscast-africa/support

The Shanghai Composite lost 56.53 points or 1.72% to 3223.18 on Thursday after a gain of 0.17% in the previous session. Investors retreated following an overnight sell-off in US equities amid fears that policymakers are not doing enough to support further economic recovery.
In addition, data showed that business activity in the US and Europe slowed in the latest month amid an uptick in daily novel coronavirus infection rates.
Meanwhile, the Hang Seng Index echoed sentiment, falling 428.55 points or 1.8% to 23,313.96, with Wuxi Biologics losing 2.58% and smartphone maker Xiaomi topping the list of decliners with a loss of 4.46%.

---

This episode is sponsored by
· Afrolit Podcast: Hosted by Ekua PM, Afrolit shares the stories of multi-faceted Africans one episode at a time. https://open.spotify.com/show/2nJxiiYRyfMQlDEXXpzlZS?si=mmgODX3NQ-yfQvR0JRH-WA

Support this podcast: https://anchor.fm/newscast-africa/support

Australia's Westpac bank has negotiated to pay a record 1.3 billion-Australian-dollar fine for the nation's biggest breach of money laundering laws.
Australia's financial crime watchdog, last year, said the bank had failed to adequately report over 19 million international transactions.
Officials said some payments were potentially linked to child exploitation.
The nation's second-biggest lender has apologised for its failings.
Westpac is the second top Australian bank to pay huge fines for breaching anti-money laundering and counter-terrorism financing laws.
If the billion-dollar fine is approved by a court, it will be the largest civil penalty in Australian corporate history.

---

This episode is sponsored by
· Afrolit Podcast: Hosted by Ekua PM, Afrolit shares the stories of multi-faceted Africans one episode at a time. https://open.spotify.com/show/2nJxiiYRyfMQlDEXXpzlZS?si=mmgODX3NQ-yfQvR0JRH-WA

Support this podcast: https://anchor.fm/newscast-africa/support

Major European bourses traded in the red on Thursday, reversing gains from the previous session amid renewed concerns about the need for further lockdowns as the number of coronavirus infections continues to rise in the continent.
Investors also digest recent warnings from Federal Reserve officials about a slowing economic recovery and the need of further fiscal support.

---

This episode is sponsored by
· Afrolit Podcast: Hosted by Ekua PM, Afrolit shares the stories of multi-faceted Africans one episode at a time. https://open.spotify.com/show/2nJxiiYRyfMQlDEXXpzlZS?si=mmgODX3NQ-yfQvR0JRH-WA

Support this podcast: https://anchor.fm/newscast-africa/support

Major carmakers are suing the US government over import taxes it has imposed on Chinese parts.
A number of lawsuits are reported to have been filed by carmakers in the past few days in the New York-based Court of International Trade.
Mercedes-Benz, in its filing, accused the Trump administration of prosecuting an unprecedented, unbounded, and unlimited trade war impacting over 500-billion-dollars in imports from the People's Republic of China".
The filing said Tesla, in its filing, called the tariffs arbitrary, capricious, and an abuse of discretion.
Founder Elon Musk wants the tariffs cancelled along with a refund, with interest of import taxes paid.

---

This episode is sponsored by
· Afrolit Podcast: Hosted by Ekua PM, Afrolit shares the stories of multi-faceted Africans one episode at a time. https://open.spotify.com/show/2nJxiiYRyfMQlDEXXpzlZS?si=mmgODX3NQ-yfQvR0JRH-WA

Support this podcast: https://anchor.fm/newscast-africa/support

A Commonwealth Heads of Government Meeting, that was postponed in April due to the coronavirus pandemic, will now be held in June next year in Rwanda's capital, Kigali.
The bi-ennial meeting is the Commonwealth’s highest consultative and policy-making gathering. It will be held in the week of 21 June 2021.
The Commonwealth secretariat said member countries had agreed on the new date.
In a statement, Commonwealth secretary-general, Patricia Scotland, said the meeting in Rwanda will provide a real opportunity to focus on post Covid recovery.

---

This episode is sponsored by
· Afrolit Podcast: Hosted by Ekua PM, Afrolit shares the stories of multi-faceted Africans one episode at a time. https://open.spotify.com/show/2nJxiiYRyfMQlDEXXpzlZS?si=mmgODX3NQ-yfQvR0JRH-WA

Support this podcast: https://anchor.fm/newscast-africa/support

The head of Mali's customs agency lobby says the country faces “economic paralysis” if sanctions imposed by ECOWAS after a military coup are not lifted in coming days.
President of the Malian Council of Shippers, Ousmane Babalaye Daou, said imports of goods into the country have dropped 30 percent since ECOWAS closed its borders with Mali and halted financial flows after the August 18 takeover.
Mali imports 5 million tonnes of goods every year, from woven cotton to cement, some of which arrived at ports across West Africa and are trucked hundred of miles inland.
Essential imports, including petrol, food and medicine are, however, exempt from the sanctions.

---

This episode is sponsored by
· Afrolit Podcast: Hosted by Ekua PM, Afrolit shares the stories of multi-faceted Africans one episode at a time. https://open.spotify.com/show/2nJxiiYRyfMQlDEXXpzlZS?si=mmgODX3NQ-yfQvR0JRH-WA

Support this podcast: https://anchor.fm/newscast-africa/support

West African leaders have indicated they might lift the sanctions they have imposed on Mali following last month's coup.
Their envoy, the former Nigerian President, Goodluck Jonathan, disclosed this on arrival in Mali, adding that the military officers who overthrew President Ibrahim Boubacar Keïta were acceding to international calls for a transition to civilian rule.
His comments suggest the West African regional body, Ecowas, could accept the appointment of a former defence minister, Bah Ndaw, as interim president, with the coup leader, Colonel Assimi Goita, as vice-president.
Imports to land-locked Mali have slumped since the imposition of a trade embargo.

---

Support this podcast: https://anchor.fm/newscast-africa/support

Nigeria’s Federal Executive Council has approved 1.9 million dollars to construct a rail line that will link Nigeria to Niger Republic.
The rail line is expected to run from Kano through Katsina and will be linked with the Maradi rail line in the neighboring West African nation.
The Council also approved a 3.04-billion-naira contract for the design, manufacture, supply, testing, and commissioning of a 150-ton railway crane for emergency and recovery of rolling stocks.
Other approvals during the 16th virtual federal executive council meeting include 62 new black maria vehicles, 8 additional forensic auditors for the NDDC, and the construction of the Umuahia/Bende/Ohafia road.

---

This episode is sponsored by
· Afrolit Podcast: Hosted by Ekua PM, Afrolit shares the stories of multi-faceted Africans one episode at a time. https://open.spotify.com/show/2nJxiiYRyfMQlDEXXpzlZS?si=mmgODX3NQ-yfQvR0JRH-WA

Support this podcast: https://anchor.fm/newscast-africa/support

President Muhammadu Buhari has urged world leaders to redouble efforts to ensure collective security, noting that the litany of sophisticated terrorist attacks across the globe is a harsh reality of the challenges the world is facing today.
Buhari said Nigeria is still facing extremism, called for the support of the United Nations counter-terrorism bodies to overcome terrorism in Nigeria.
He also argued that if the UN fails to mobilise and guarantee an effective response to COVID-19 pandemic, it would have failed the world, asking the global body to ensure uninhibited access to the virus’ vaccines by all nations.
He added that the UN body would have failed the global community, which looks up to it to provide direction during a crisis of this magnitude.

---

This episode is sponsored by
· Afrolit Podcast: Hosted by Ekua PM, Afrolit shares the stories of multi-faceted Africans one episode at a time. https://open.spotify.com/show/2nJxiiYRyfMQlDEXXpzlZS?si=mmgODX3NQ-yfQvR0JRH-WA

Support this podcast: https://anchor.fm/newscast-africa/support