Newscast - Africa

Iraq’s parliament has passed a law that makes it a crime to normalise ties with Israel, and violations of the law can be punishable with a death sentence or life imprisonment.
Iraq’s parliament has been unable to convene on any other issue bar the law prohibiting ties with Israel, including electing a new president and forming its own government, which has prolonged a political standoff in the country.
The new legislation also entails risks for companies working in Iraq and found to be in violation of the law, which applies to all Iraqis, state and independent institutions, as well as foreigners working in the country.

Italian energy giant Eni and Algeria’s state-owned Sonatrach have reached an agreement to boost both gas exploration and the development of green hydrogen in the North African nation, as Rome seeks new ways to reduce its reliance on Russian hydrocarbons.
Algerian President Abdelmadjid Tebboune says every time production increases, they will be able to supply it to Italy, which can then send it to the rest of Europe.
Tebboune says as far as electricity is concerned, we have agreed with our Italian friends to set up a submarine cable from Algeria to Italy.

Dr Stavros Nicolau, a senior director at Aspen, says the agreement with US pharmaceuticals giant Johnson & Johnson to package and distribute its vaccine across Africa assumed there would be demand for the vaccines from the World Health Organization.
He says keeping the production line going would no longer be sustainable, and the equipment would be used to make anaesthetics instead.
He said Aspen would only produce Covid-19 vaccines on an emergency basis.
Dr Nicolau said that at the height of the pandemic, there had been calls globally for Africa to produce more of its own vaccines.
He however insisted this could only happen if producers had support from international agencies, such as the WHO.

The US Justice Department says it has secured the forfeiture of a mansion bought by former Gambian president Yahya Jammeh for $3.5m with alleged corruption proceeds.
The property in Potomac, Maryland, is said to have been acquired through a trust set up by his wife, Zineb Jammeh.
The department says It has now been forfeited to the US along with all rental income generated by the property since a complaint was filed in 2020.
The United States intends to sell the property and recommends to the Attorney General that the net proceeds from the sale of the forfeited property be used to benefit the people of The Gambia harmed by former President Jammeh’s acts of corruption and abuse of office.

The Minister of Finance, Budget and National Planning, Zainab Ahmed says Nigeria’s low crude oil production means the country is barely able to cover the cost of imported petrol from its oil and gas revenue.
Ahmed, says she hoped Nigerian oil production would average 1.6 million barrels per day this year, up from around 1.5 million BPD in the first quarter.
She says the government had budgeted 1.8 million BPD of production blaming crude theft and attacks on oil infrastructure for the shortfall.
Ahmed however says the revenue planned was low and barely able to cover the volumes that are required for the petrol that needed to be imported.

Managing Director of Nigeria Sovereign Investment Authority, Uche Orji, says Nigeria would take delivery of 105, 000 metric tonnes of basic raw materials for fertiliser production from Canada and Russia next week.
He explained that it had also secured Letters of Credit for three vessels of basic raw materials that would arrive on June 3, 2022.
He stated that a total of 105,000 metric tonnes of fertiliser inputs would be coming from Canada and Russia in the next few days.
He stated that fertiliser was exempted from items sanctioned by the European Union against Russia, and noted that expected items included Potash and Ammonium being imported from Russia and Canada.

The Nigerian Communications Commission has called on Nigerians to ensure adequate protection of telecom infrastructure spread across the 36 states of the country.
The Executive Vice Chairman of the Commission, Prof. Umar Garba Dambatta, said members of the public are expected to allow installation of equipment and maintenance/repairs on sites by the technical staff of service providers for quality telecoms service delivery.
He says the vandalisation of telecom infrastructure discourages investors from investing in the country adding that the protection of telecom infrastructure was a collective responsibility.

President Joe Biden says a recession in the United States is not inevitable while acknowledging the economic pain experienced by Americans as inflation soars.
Biden blamed inflation on the fallout from Russia’s invasion of Ukraine and other global problems and he defended US economic performance.
Biden says they have problems the rest of the world has but less consequential adding that his administration would continue to grow the economy and create jobs.

Pakistan’s central bank raised its benchmark interest rate by 150 basis points to 13.75%, the second hike in less than two months, as the South Asian nation grapples with a sinking economy.
The State Bank of Pakistan says the action, together with much needed fiscal consolidation, should help moderate demand to a more sustainable pace while keeping inflation expectations anchored and containing risks to external stability.
The country is going through economic turmoil, including high inflation, reserves declining to as low as less than two months’ of imports and a fast-weakening currency.

The Bank of Israel raised its benchmark interest rate by a bigger-than-expected 0.4 percentage points continuing its aggressive battle against rapidly rising inflation amid strong economic growth.
The central bank lifted its key rate to 0.75% from 0.35%. In April, policymakers had raised the rate from 0.1% an all-time low where it had stayed for the prior 15 decisions since a 0.15 point reduction at the outset of the COVID-19 pandemic.
The Bank added that the pace of rate hikes will be based in accordance with activity data and the development of inflation.