Africa Business News

A narrowly divided US Senate moved closer to passing a $95.34bn aid package for Ukraine, Israel and Taiwan, showing undiminished bipartisanship despite mounting opposition from Republican hardliners and former US President Donald Trump. Democratic President Joe Biden, who has been seeking the aid for months, says Congress would be guilty of neglect if it failed to pass the measure. The bill includes $61bn for Ukraine, $14bn for Israel in its war against Hamas and $4.83bn to support partners in the Indo-Pacific, including Taiwan, and deter aggression by China. It also would provide $9.15bn in humanitarian assistance to civilians in Gaza and the West Bank, Ukraine and other conflict zones around the globe.

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Israel's Prime Minister Benjamin Netanyahu has rejected Hamas's proposed ceasefire terms saying total victory in Gaza is possible within months. He was speaking after Hamas laid out a series of demands in response to an Israel-backed ceasefire proposal. Mr Netanyahu says negotiations with the group were not going anywhere and described their terms as bizarre. Senior Hamas official Sami Abu Zuhri says that Mr Netanyahu's remarks are a form of political bravado and show he intends to pursue the conflict in the region.

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Israel's Prime Minister Benjamin Netanyahu has rejected Hamas's proposed ceasefire terms saying total victory in Gaza is possible within months. He was speaking after Hamas laid out a series of demands in response to an Israel-backed ceasefire proposal. Mr Netanyahu says negotiations with the group were not going anywhere and described their terms as bizarre. Senior Hamas official Sami Abu Zuhri says that Mr Netanyahu's remarks are a form of political bravado and show he intends to pursue the conflict in the region.

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Nigeria’s one-year treasury bill was oversubscribed by 300 per cent during the Primary Market Auction by the Central Bank of Nigeria. Results from the auction showed that the one-year T-bill was the toast of investors who offered N1.87tn for the N600bn on offer, out of which N908.75bn was allotted with stop rates of 19 per cent. Investors bid between 13 per cent and 29.9 per cent as interest rates. The Managing Director of Arthur Steven Asset Management, Tunde Amolegbe, said that the performance of the one-year bills showed that investors had confidence in the current government and the reforms it had embarked on.

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Nigeria’s one-year treasury bill was oversubscribed by 300 per cent during the Primary Market Auction by the Central Bank of Nigeria. Results from the auction showed that the one-year T-bill was the toast of investors who offered N1.87tn for the N600bn on offer, out of which N908.75bn was allotted with stop rates of 19 per cent. Investors bid between 13 per cent and 29.9 per cent as interest rates. The Managing Director of Arthur Steven Asset Management, Tunde Amolegbe, said that the performance of the one-year bills showed that investors had confidence in the current government and the reforms it had embarked on.

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The Federal High Court sitting in Lagos ordered the Federal Government to fix the price of goods and petroleum products within seven days. Justice Ambrose Lewis-Allagoa granted the order sequel to an originating motion filed and argued by the applicant, Senior Advocate of Nigeria, Femi Falana. Falana had dragged the Price Control Board and the Attorney General of the Federation, both of whom are listed as defendants before the court to determine “whether by virtue of Section 4 (1) of the Price Control Act, Laws of the Federation of Nigeria, 2004, the first defendant is carrying out its duty to impose a price on any goods that are of the kind specified in the First Schedule to the Price Control Act.” He also noted that the Act gives the Price Control Board powers to fix the prices of this wide array of commodities.

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The Federal High Court sitting in Lagos ordered the Federal Government to fix the price of goods and petroleum products within seven days. Justice Ambrose Lewis-Allagoa granted the order sequel to an originating motion filed and argued by the applicant, Senior Advocate of Nigeria, Femi Falana. Falana had dragged the Price Control Board and the Attorney General of the Federation, both of whom are listed as defendants before the court to determine “whether by virtue of Section 4 (1) of the Price Control Act, Laws of the Federation of Nigeria, 2004, the first defendant is carrying out its duty to impose a price on any goods that are of the kind specified in the First Schedule to the Price Control Act.” He also noted that the Act gives the Price Control Board powers to fix the prices of this wide array of commodities.

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Rights group Amnesty International says Madagascar should abolish a new law which allows for the chemical and surgical castration of people convicted of raping minors as it was "cruel, inhuman and degrading. Last month, President Andry Rajoelina proposed the amendments to the penal code - that include chemical and surgical castration as punishment for individuals found guilty of rape against minors. Tigere Chagutah, Amnesty's regional director for east and southern Africa, says rape cases remain under-reported, and perpetrators often go free due to the victims' and their families' fear of retaliation, stigmatisation, and a lack of trust in the judicial system. He says Implementing chemical and surgical castration as a punishment will not solve this and is inconsistent with Malagasy constitutional provisions against torture and other ill-treatment, as well as regional and international human rights standards."

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Rights group Amnesty International says Madagascar should abolish a new law which allows for the chemical and surgical castration of people convicted of raping minors as it was "cruel, inhuman and degrading. Last month, President Andry Rajoelina proposed the amendments to the penal code - that include chemical and surgical castration as punishment for individuals found guilty of rape against minors. Tigere Chagutah, Amnesty's regional director for east and southern Africa, says rape cases remain under-reported, and perpetrators often go free due to the victims' and their families' fear of retaliation, stigmatisation, and a lack of trust in the judicial system. He says Implementing chemical and surgical castration as a punishment will not solve this and is inconsistent with Malagasy constitutional provisions against torture and other ill-treatment, as well as regional and international human rights standards."

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India's parliament has passed a stringent new law to prevent cheating in exams for government jobs and admission to public colleges. The Public Examinations (Prevention of Unfair Means) Act, 2024 - which was passed carries a jail sentence of three to 10 years for those who facilitate cheating. It also carries a fine ranging between 1 million rupees and 10 million rupees. The new law does not impose penalties directly on test takers; instead, their punishments will be determined by the rules set forth by their respective testing authorities. The law will be applicable to most exams conducted by the federal government and its test agencies. All offences are non-bailable and will be investigated by senior police officials. The Bharatiya Janata Party led government says the act will bring greater transparency, fairness and credibility as it is the first federal legislation to prevent malpractices in examinations.

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