Newscast - Africa

Publishing giant Penguin Random House has scrapped a $2.2bn planned takeover of rival Simon & Schuster.
Penguin's parent company Bertelsmann says Paramount Global, the owner of Simon & Schuster, decided not to appeal the ruling.
The proposed deal would have cemented Penguin Random House's position as the world's largest book publisher.
The US government argued that Penguin and Simon & Schuster combined would control nearly half the market for publishing rights of blockbuster books.

The military rulers in Mali have banned all non-governmental organisations that are funded or supported by France from operating in the country.
Humanitarian groups are included in the ban.
The junta says the move followed France's decision to stop development aid over Bamako's alleged use of paramilitaries from the Russian Wagner group.
Mali's interim Prime Minister Colonel Abdoulaye Maïga denied those allegations, saying they were aimed a destabilizing the country.
Mali's foreign ministry described the French government as dehumanizing aid for their people and said France was using the funds to blackmail governments and support the terrorist groups in Mali.

The Bank of Ghana has stated that it will no longer provide foreign exchange support to importers for the importation of some products into the country.
It says the items include rice, poultry, vegetable oil, toothpicks, pasta, fruit juice, bottled water, ceramic tiles, and other non-critical goods - items that can be locally produced in the country.
The President says the government would review the current import regime to help bring stability to the economy.
He says the country will reduce its dependence on imported goods, and enhance self-reliance, as demanded by the overarching goal of creating a Ghana beyond Aid.

The Federal Government announced that it would award contracts for the provision of broadband infrastructure in various sectors across the six geopolitical zones on Thursday.
It stated that the projects about to be awarded were approved recently by the Federal Executive Council, following the presentation by the Minister of Communications and Digital Economy, Isa Pantami.
Director, of Public Affairs, Nigerian Communications Commission, Reuben Muoka, says, the projects are expected to be completed within six months from the date of the award.

The average price of 5kg cooking gas increased from N4,474.48 in September to N4,483.75 in October, representing a 0.21% rise.
The National Bureau of Statistics says on a year-on-year basis, the increase was 70.62 percent from N2,627.94 in October 2021 to N4,483.75 in October 2022.
The report shows that Kwara recorded the highest average price at N4,955 for 5kg of cooking gas, followed by Niger at N4,950 and Adamawa at N4,940.29.
The report states that Abia recorded the lowest price at N4,045.45, followed by Kano and Delta at N4,100 and N4,139.29, respectively.

The International Monetary Fund has faulted the Central Bank of Nigeria’s monetary policy, saying that it has been ineffective in the fight against rising inflation.
The IMF advised the Federal Government to tighten up its fiscal policy through investments in critical sectors capable of putting the economy on a better path in the long term.
The IMF says While monetary policy has the tools to subdue inflation, fiscal policy can put the economy on a sounder long-term footing through investment in infrastructure, health care, and education; fair distribution of incomes and opportunities through an equitable tax and transfer system; and provision of basic public services.

The Federal Government is targeting zero rejection of Nigerian products in the global market to drive foreign exchange earnings and boost revenue.
The Minister of Industry, Trade and Investment, Niyi Adebayo, says practitioners in the non-oil export value chain should adhere to global best practices for their products to receive acceptability with zero export rejection.
He stressed that Nigerian products must be competitive in the international market to drive foreign exchange earnings and provide a buffer against externalities.
Adebayo says there was no gainsaying the fact that with the Export4Survival campaign, significant mileage would be gained in the volume and value of exported Nigerian products and services.

The World Bank says that subsidies benefit only rich households and reduce government spending on poor Nigerians.
The bank says Nigeria’s resources had been consumed by inefficient and regressive subsidiaries on petrol, electricity, and foreign exchange.
It added that the subsidies were far more than what was spent on education, health, and social protection in 2021.
It further noted that Nigeria had one of the lowest public expenditure and revenue levels in the world, undermining the government’s ability to improve service delivery.

Malaysia’s stock market and currency dipped after a national election produced the Southeast Asian nation’s first hung parliament, setting off a scramble to form a coalition before a Monday afternoon deadline.
Kuala Lumpur’s benchmark index fell as much as 1.5 percent.
Malaysia’s national election on Saturday failed to produce a clear winner, with neither the Pakatan Harapan (PH) nor Perikatan Nasional (PN) coalitions securing the required 112 seats to form the government.
Malaysia’s King Sultan Abdullah Sultan Ahmad Shah extended by 24 hours a deadline for legislators to notify the palace of their preferred government, shortly before the original deadline was set to expire at 2 pm.

Twitter's new owner Elon Musk says Donald Trump's account has been reinstated after running a poll in which users narrowly backed the move.
Twitter's previous management acted just days after Donald Trump's supporters stormed the US Capitol in Washington DC on 6 January.
Hundreds of rioters entered the complex as the US Congress attempted to certify Joe Biden's victory in the presidential election. The ensuing violence led to the deaths of four civilians and a police officer.
Earlier this week, the Republican announced that he would once again run for the US presidency in 2024.