Zoom Video Communications Inc is being sued by one of its shareholders accusing the video-conferencing app of overstating its privacy standards and failing to disclose that its service was not end-to-end encrypted.Shareholder Michael Drieu claimed in a court filing that a string of recent media reports highlighting the privacy flaws in Zoom's application have led to the company's stock to plummet.The company's shares closed down about 7.5% at $113.75 on Tuesday. Zoom has lost nearly a third of its market value since touching record highs in late-March.--- Support this podcast: https://anchor.fm/newscast-africa/support

A total of 81 percent of the global workforce of 3.3 billion people have had their workplace fully or partly closed. This is according to the International Labour Organization, which says it has been looking at the global impact with a series of charts. Their work shows the global scale of the impact of the coronavirus outbreak. The ILO says nearly 200 million people could end up out of work. The outbreak is expected to wipe out 6.7 percent of working hours across the world during the second quarter of 2020. The worst-hit region is predicted to be the Arab states, with an 8.1 percent decline in working hours. The ILO says it is "the most severe crisis" since World War Two.--- Support this podcast: https://anchor.fm/newscast-africa/support

The Ghana Union of Traders, GUTA, says it is looking forward to clarity from government on the modalities for the disbursement of the GHS600 million loan support scheme for Small and Medium Scale Enterprises, SMEs.President Akufo-Addo on Sunday Sunday, April 5, announced that the scheme, in collaboration with the National Board for Small Scale Industries, Business and Trade Associations and selected commercial and rural banks; will sustain affected industries and address the distraction in economic activities caused by the coronavirus pandemic.GUTA President, Joseph Obeng, told Citi Business News the support will go a long way to help struggling GUTA members who have been badly hit by the pandemic.--- Support this podcast: https://anchor.fm/newscast-africa/support

Kenya’s finance minister, Ukur Yatani, says the nation's economic growth will slow to 3 percent or less this year from an earlier forecast of 6.1 percent. In a television broadcast, Yatani said the drop is due to the effects of the novel coronavirus.The finance minister adds that the government will give a firm figure after it takes on board the impact of the virus in a month's time.Yatani said revenue collection was expected to also be affected. Kenya has 172 confirmed cases of the novel coronavirus, with six deaths.--- Support this podcast: https://anchor.fm/newscast-africa/support

South Africa’s rand weakened early on Wednesday, ending a recent rally with risk sentiment souring as hopes that the coronavirus crisis in Europe and New York was slowing dimmed.In early trade, the South African currency was 0.37 percent weaker at 18 rand, 38 cents, climbing down from Tuesday’s five-session peak.Bonds also opened weaker, with the yield on the government issue due in 2030 adding 7.5 basis points to 11.03 percent.--- Support this podcast: https://anchor.fm/newscast-africa/support

South African petrochemicals giant, Sasol Ltd, has said on Wednesday that it will cut its guidance for synthetic fuel production and liquid fuel sales for this financial year. The decision was due to a three-week nationwide lockdown linked to coronavirus.Sasol is now expecting to produce approximately between 7.3 and 7.4 million tons of synfuel against the previously guided range of between 7.7 and 7.8 million tons. In a statement to the Johannesburg Stock Exchange, Sasol said it is also targeting sales of between 50 and 51 million barrels of liquid fuel for the financial year 2020, against 57 to 58 million barrels previously.--- Support this podcast: https://anchor.fm/newscast-africa/support

Ethiopia’s prime minister, Abiy Ahmed, has declared a state of emergency in the country to help curb the spread of the new coronavirus, his office said on Twitter.The Prime Minister's office, on Wednesday, said the decision was taken after considering the gravity of the COVID19 in the country.--- Support this podcast: https://anchor.fm/newscast-africa/support

Meanwhile, the International Monetary Fund says it is considering Nigeria’s request for 3.4 billion dollars in emergency financing to combat the impact of the coronavirus pandemic. IMF Managing Director, Kristalina Georgieva, said Nigeria’s economy was threatened by the twin shocks of the COVID-19 pandemic and a sharp fall in international oil prices. According to her, the country had asked for funding to help protect the most vulnerable people and companies.Georgieva said the Nigerian government was taking a number of measures aimed at containing the spread of the virus and its impact. She adds that the emergency funding requested under IMF’s Rapid Financing Instrument would allow the government to address additional and urgent balance of payments needs, and to direct funds to priority health expenditures.--- Support this podcast: https://anchor.fm/newscast-africa/support

The World Bank has announced a 31.2 billion naira support for Nigeria’s fight against the COVID-19 pandemic.In a statement, the bank said it is moving quickly to provide fast and flexible support to help Nigeria and other African countries in mitigating the impact of the COVID-19 pandemic by providing direct and long-term financial support over the next 15 months.--- Support this podcast: https://anchor.fm/newscast-africa/support

A report has shown that the naira will experience more pressure due to slump in the crude oil prices, and as the economy grapples with challenges from the coronavirus pandemic.The report, by Agusto & Coin, states that the consumption of energy had declined materially, leading to a supply glut in the crude oil market.--- Support this podcast: https://anchor.fm/newscast-africa/support