Newscast - Africa

Nigeria has opted out of a global tax deal negotiated under the Organisation of Economic Cooperation and Development G20 Inclusive Framework on Base Erosion and Profit Shifting.
The OECD estimates that countries lose $100-$240 billion worth of revenue annually to BEPS practices, which is the equivalent to 4-10 per cent of the global corporate income tax revenue.
The Global Financial Integrity stated that the framework represents a group of countries and jurisdictions working together to address systemic issues within the global taxation system that cause an inequitable distribution of tax revenues among countries and jurisdictions.

Companies owned by US radio host Alex Jones, including his website InfoWars, have filed for bankruptcy.
The move comes as he fights defamation suits brought by families of those killed in a 2012 school shooting at Sandy Hook elementary school.
Jones, who falsely claimed the shooting was a hoax, has been ordered to pay damages in the lawsuits.
Those efforts will be complicated by his decision to seek protection from creditors in bankruptcy court.

Taiwan’s Financial Supervisory Commission asked domestic holders of two Russian sovereign bonds whether they were considering taking legal action over Russia’s failure earlier this month to make interest payments in dollars, as required.
Russia made a payment due on April 4 on two sovereign bonds – maturing in 2022 and 2042 – in roubles rather than the dollars which it was mandated to pay under the terms of the securities.
The commission says Six Taiwanese life insurers hold the debt but have not named the companies.
The commission added that those steps could include, without being limited to, whether the insurers plan to lodge lawsuits.

Emirates' boss says the airline will keep flying to Russia unless its owner, the Dubai government, tells it not to.
Emirates president Sir Tim says that it was not his call but a decision that the United Arab Emirates government would take.
Sir Tim added that it was important to recognise the Russian population may not be part of the war in Ukraine.
He says they are catering to people who are on the periphery of the main issue and that is the way the UAE government looks at it.

Workers at Apple's Grand Central Station store in New York have announced a plan to start a union.
The group of staff known as Fruit Stand Workers United must get signatures of support from 30% of colleagues at the store to qualify for a union election.
The move follows unionisation drives by staff at Starbucks and Amazon.
The group described themselves as working in extraordinary times with the ongoing Covid-19 pandemic and once-in-a-generation consumer price inflation.
The group says it also wants a $30 minimum hourly wage for all workers, additional holiday time and information on more robust safety protocols at the Grand Central location.

A leading credit rating agency says Sri Lanka is set to see a series of defaults after it said it would suspend foreign debt interest payments.
Sri Lanka's finance ministry confirmed that it would miss $78m of debt interest payments.
Sri Lankan officials started talks with the International Monetary Fund as it faces its worst economic crisis in more than 70 years.
Shamir Zavahir, an aide to finance minister Ali Sabry, says the IMF held the initial view that a request for a Rapid Financing Instrument or emergency funding, doesn't meet their criteria.

The Confederation of Ethiopian Trade Unions called on the government to ratify international labour laws related to domestic workers, immigrant workers, and harassment in workplaces.
The confederation asked the government for the ratification and effective implementation of ILO's convention migration for employment convention and migrant workers convention, domestic workers convention and violence and harassment convention.
President of the confederation, Kassahun Follo says the laws will enable the establishment of a good migrant labour force that will protect victims of violence and harassment and ensure gender equality.

The Trade and Industry Ministry has denied news about banning Saudi exports to Egypt.
Spokesman Yasser Gaber says the Trade and Industry Ministry is keen on easing procedures for Saudi companies, whether as investors in Egypt or exporters to the local market.
Gaber stressed that Economic and trade relations between Cairo and Riyadh are tangibly growing in light of friendly ties between the two governments and peoples.
He pointed out that some Saudi firms are just reconciling their status quo to be in line with the terms of registration of factories that meet the qualifications of exports to the Egyptian market.

The International Monetary Fund has warned that increasing levels of domestic government borrowing from banks in Nigeria and other emerging markets could threaten the country’s financial stability.
The IMF says the pandemic has increased the amount of government debt emerging-market banks are holding, which could increase the pressures on public-sector finances, and threaten financial stability in the process.
The Lender added that authorities should act to minimise the risk.

A new report by SB Morgen has shown that the rise in diesel prices, petrol scarcity, and heightened insecurity in the nation drove food prices to a record high in the first quarter of 2022.
The organisation stated that the average cost of making a pot of jollof rice for a family of five increased by 7.3 per cent from N8007.50 in the third quarter of 2021 to N8595 in Q1, 2022.
It added in the face of limited production due to insecurity, storage problems, and a growing population, the importation of food would increase, and at higher costs, because of restrictions on forex and the high black-market rates.