Microsoft Corp (MSFT.O) said it has seen a 775% jump in a month for Teams calling and meeting in Italy, withdrawing an earlier statement that the surge was for its cloud services in regions around the world that enforced social distancing to curb transmission of the coronavirus.

The company posted the correction in a blog late Monday, which was originally posted on March 28.

Microsoft did not provide any details on growth in cloud services in virus affected regions in the latest blog update.

---

Support this podcast: https://anchor.fm/newscast-africa/support

Learn more about your ad choices. Visit megaphone.fm/adchoices

Huawei Technologies reported a dramatic slowdown in the second half of 2019 on Tuesday, weighed down by U.S. restrictions on the Chinese telecom giant. According to SVP Vincent Pang while revenue grew 19.1% annually, topping $223 billion, the company’s overall growth declined 80% from Q1 to Q4, making for a big challenge

Huawei’s annual profit also slowed down, coming in at $9 billion, a 5.6% growth year-on-year, compared to the 25% growth the company posted in 2018. Operating cash flow increased by 22% to $13.1 billion.

---

Support this podcast: https://anchor.fm/newscast-africa/support

Learn more about your ad choices. Visit megaphone.fm/adchoices

Global mergers and acquisitions activity plunged 28% in the first quarter to its lowest level since 2016 as the devastating economic effects of the coronavirus pandemic took hold in March, compounding a slow start to the year for dealmakers.

Deal activity in the United States dropped by half to $252 billion in the first three months from a year ago, driving global volumes down to $698 billion from $964 billion in the first quarter of 2019, according to Refinitiv data. Asia volumes dropped 17% year-on-year to $142.9 billion.

The M&A pipeline remains patchy and likely to be dominated by rescue deals, restructurings and nationalizations as governments and central banks try to shore the economy up.

---

Support this podcast: https://anchor.fm/newscast-africa/support

Learn more about your ad choices. Visit megaphone.fm/adchoices

American Airlines has confirmed it will seek $12bn (£9.7bn) of financial support from the US government because of the impact of coronavirus.

Employees were told in an email this "would allow us to fly through even the worst of potential future scenarios".

It said it would mean no involuntary furloughs or cuts in pay rates or benefits for the next six months.

Staff will also be offered "enhanced voluntary leave and early retirement options.

---

Support this podcast: https://anchor.fm/newscast-africa/support

Learn more about your ad choices. Visit megaphone.fm/adchoices

Ford Motor Co said on Monday it will produce 50,000 ventilators over the next 100 days at a plant in Michigan in cooperation with General Electric’s healthcare unit, and can then build 30,000 per month as needed to treat patients afflicted with the coronavirus.

Ford said the simplified ventilator design, which is licensed by GE Healthcare from Florida-based Airon Corp and has been cleared by the Food and Drug Administration, can meet the needs of most COVID-19 patients and relies on air pressure without the need for electricity.

---

Support this podcast: https://anchor.fm/newscast-africa/support

Learn more about your ad choices. Visit megaphone.fm/adchoices

Standard Bank on Tuesday withdrew its financial guidance citing uncertainty caused by the coronavirus which has forced South Africa into a 21-day lockdown expected to take a toll on an already sputtering economy.

Africa’s largest lender by assets is the first of South Africa’s major lenders to warn that its outlook and guidance might no longer stand.

The bank’s guidance, given just weeks ago when it reported 2019 results, was already relatively pessimistic, with the lender warning that the outlook and operating environment in its markets was uncertain and challenging.

---

Support this podcast: https://anchor.fm/newscast-africa/support

Learn more about your ad choices. Visit megaphone.fm/adchoices

The Bank of Ghana has officially extended by 6 months, the deadline for meeting the new minimum capital requirements by all existing Payment Service Providers, Electronic Money Issuers, banks and specialized deposit-taking institutions, from June 30, 2020 to December 31, 2020.

To operationalize the new Payment Systems and Services Act, 2019 (Act 987), which sought to provide the legal and regulatory framework for the orderly development of Ghana’s payment system, the Bank of Ghana back in September 2019, spelt out minimum capital requirements, permissible activities and fees for all categories of payment service providers and financial technology companies, including a minimum capital requirement of GH¢20 million Ghana Cedis for Mobile Money Operators.

---

Support this podcast: https://anchor.fm/newscast-africa/support

Learn more about your ad choices. Visit megaphone.fm/adchoices

Harmony Gold Mining Company said on Tuesday that it expects limited gold production during the 21-day lockdown in South Africa in the wake of the fast-spreading coronavirus.

The South Africa-based miner said that it expects to only produce between 650kg to 700kg of gold in South Africa during the lockdown.

---

Support this podcast: https://anchor.fm/newscast-africa/support

Learn more about your ad choices. Visit megaphone.fm/adchoices

The international oil benchmark, Brent crude, plunged to its cheapest in 18 years on Monday as it traded around $22 per barrel.

This comes amid growing fears that the global coronavirus shutdown could last months and demand for fuel could decline further.

Brent crude, against which Nigeria’s oil is priced, fell by $2.83 to $22.10 per barrel as of 5:05pm Nigerian time on Monday. It earlier tumbled to as low as $21.76 per barrel, its lowest since March 2002, according to Reuters.

The sharp drop in crude oil prices following the spread of the coronavirus pandemic has forced the Federal Government to propose the reduction of the oil price benchmark for the 2020 budget to $30 from $57.

Despite the significant reduction in its official selling prices aimed at wooing buyers, Nigeria is still struggling to sell its crude oil as Indian refiners are cutting back on output while European plants are considering closures.

---

Support this podcast: https://anchor.fm/newscast-africa/support

Learn more about your ad choices. Visit megaphone.fm/adchoices

Ride hailing giant Uber and takeaway firm Deliveroo are offering hundreds of thousands of free trips and meals to NHS staff fighting the coronavirus.

Uber is giving away 200,000 rides worth up to £15 and 100,000 free meals worth up to £10.

Deliveroo said it would deliver 500,000 hot dishes to NHS Trusts from the likes of Pizza Hut, Itsu and Neat Burger.

However, unions say the firms are still failing to support their own low-paid workers during the crisis.

---

Support this podcast: https://anchor.fm/newscast-africa/support

Learn more about your ad choices. Visit megaphone.fm/adchoices