Newscast - Africa

The Bank of England has said it will not hesitate to hike interest rates to curb inflation after the pound fell to a record low against the US dollar.
The Bank says it was monitoring developments closely and would make a decision on any action in November.
Some UK lenders said that they were halting new mortgage deals.
Halifax, the UK's largest mortgage lender, said it would temporarily withdraw all mortgage products that come with a fee due to the market volatility.
Virgin Money and Skipton Building Society have also stopped offering mortgage products to new customers.
Experts say a rise in the cost of long-term borrowing due to the market turmoil meant the cost to lenders of offering new mortgage deals was too expensive.

The World Bank has slashed its economic outlook for the Asia-Pacific, pointing to China’s ultra-strict zero-COVID policy as a drag on regional growth.
The region’s economies are expected to grow 3.2 per cent in 2022, down from a 5 per cent forecast in April, as China’s lockdowns continue to disrupt factories and dampen spending, the Washington-based financial institution said on Tuesday.
China, the world’s second-largest economy, is projected to grow 2.8 per cent this year, according to the bank, and 4.5 per cent in 2023.

The Kremlin says no decision has been taken on whether to seal Russia’s borders to stop an exodus of military-aged men fleeing the country after days of chaotic scenes during partial mobilisation for its war in Ukraine.
Reports that Russia might close the frontier have contributed to turmoil since President Vladimir Putin gave the order last week to call up hundreds of thousands of reservists in the biggest escalation yet of the seven-month Ukraine war.
Flights out of Russia have sold out and cars have piled up at border checkpoints, with reports of a 48-hour queue at the sole road border to Georgia, the rare pro-Western neighbour that allows Russian citizens to enter without a visa.

Tanzania’s central bank will reduce liquidity in the economy in September and October to slow rising inflation in the east African country.
The bank’s monetary policy committee says in the context of high inflation and commodity prices, which have contributed to rising inflationary pressures in the country, the MPC approved for the bank to continue with a gradual reduction of liquidity in September and October 2022.
Inflation in Tanzania rose to 4.6% in August from 4.5% the previous month, while the country’s economy was facing a range of challenges, including weak global growth, high commodity prices, tight financial conditions and the recurrence of COVID-19 in some countries.

Angola’s central bank cut its main interest rate by 50 basis points to 19.50% in a decision.
The move comes after the southern African country’s inflation eased further to 19.78% on a year-on-year basis in August, down from 21.40% in July and 27.66% in January.

The International Monetary Fund has recommended a unified exchange rate to strengthen Nigeria's macro economy and external reserves.
IMF Representative for Nigeria, Mr Ari Aisen, canvassed complementary macroeconomic and structural policies to preserve competitiveness gains from any exchange rate adjustment in the country.
The Managing Director/CEO, First Bank of Nigeria Limited, Mr Gbenga Shobo, said the Nigerian financial market has evolved over the years and the time has come to build strategies around which it will bring desired results for all to see and benefit from it.
The Executive Director, Chief Risk Officer, First Bank Limited, Olusegun Alebiosu, said the bank is committed to supporting federal government efforts to drive economic growth.

The Project Coordinator, Nigeria Digital Identification for Development, Solomon Odole, has disclosed that the financiers of the Nigeria Digital ID4D Project have made the enactment of the data protection law a prerequisite for the release of identity funds.
The financiers for this project include the World Bank, the French Development Agency and the European Investment Bank.
He says one of the major tasks of the project is to strengthen the legal and institutional framework, which has to do with our laws and regulations, in which data protection is actually key.
He further stressed the need for collaboration among all relevant stakeholders to ensure seamless enactment of the data protection law.

The Federal Government has said that Nigeria is committed to achieving greener shipping in line with the International Maritime Organization’ determination to achieve sustainable development in the maritime industry.
The Minister of Transportation, Mu’azu Sambo, says that Nigeria would not be left behind in the global move towards greener shipping, while also reflecting on the need for stakeholders in the maritime sector to begin exploring ways to transition into a greener and more sustainable future.
The Director-General, NIMASA, Dr Bashir Jamoh, also noted that the theme for this year’s world Maritime Day celebration is in line with the agency’s mission of achieving cleaner oceans in developing shipping in Nigeria.
He also pointed out that NIMASA is already working in line with the call by IMO Secretary-General Kitack Lim for developing countries to adopt green technology.

The Federal Government has withdrawn the order mandating vice-chancellors of universities to reopen universities.
The National Universities Commission had mandated vice-chancellors, pro-chancellors, and governing councils to re-open federal universities following months of closure due to the Academic Staff Union of Universities strike.
But on the same day, the NUC issued another circular in which it withdrew the order.

Kenya’s standards regulator has suspended the sale of 10 cooking oil products over health and quality concerns.
The Kenya Bureau of Standards says the brands failed routine quality tests and ordered that the brands be withdrawn from shelves immediately.
The standards body however clarified that the directive was not a ban, but a temporary suspension until the manufacturers meet specified quality requirements.
The 10 brands listed are manufactured by Bidco Africa, Pwani Oil Products, Kapa Oil Refineries, and Menengai Oil Refineries - the four largest edible oil companies in Kenya.