Lagos State government has approved the release of 1.030 billion naira for the payment of the accrued pension rights of 213 public service retirees in the state. Director-General of the Lagos State Pension Commission, Mrs Folashade Onanuga, made the disclosure in a statement issued in Lagos on Friday. Onanuga said the commission had released the funds to the Pension Fund Administrators, which had credited the Retirement Savings Accounts of the beneficiaries.

The D-G said PFAs will invite the beneficiaries for collection and grant access to their RSAs for the computation of their lump sum and monthly pensions.

According to her, the commission has also embarked on distribution of palliatives to retirees in different locations in the state to cushion the effect of the COVID-19 induced lockdown.

---

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

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

The Nigerian presidency says it has arrested an individual suspected of leaking the draft speech of President Muhammadu Buhari's COVID-19 broadcast on Monday, April 27. The Special Adviser to the President on Media and Publicity, Femi Adesina revealed this in a statement entitled ‘Enemies Of The State’. Adesina likened the actions of the suspect to a fictional movie.

He also condemned comments by media agencies who criticised the presidency for the leak, urging them to get their facts right before arriving at a conclusion.

---

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

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

The Federal Government has released new guidelines for the new phase of containment of COVID-19 from May 4 to May 17, 2020. Part the guidelines, signed by the Secretary to the Government of the Federation, Boss Mustapha, stated that anyone without a face mask in public will be prosecuted.

The guidelines were also specific about information to the general public, guidance to states and security agencies and description of activities allowed under the new phase.

The SGF said, “Anyone who presents a temperature of above 38ºC will be mandated to return home and call NCDC for evaluation.

The new advisory also prohibited the mass gathering of more than 20 people outside of a workplace while there would be controlled access to markets and locations of economic activities. The FG retained the ban on all passenger flights with religious gatherings also restricted.

For intra-state travel in public transport, the guideline recommended a maximum of 50 per cent of usual occupancy while taxis were ordered to carry only four persons including the driver.

---

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

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

David Barclay, senior investment manager at Brewin Dolphin, said Royal Dutch Shell's decision to cut its dividend for the first time since World War Two reflects the unprecedented economic impact of Covid-19.

The energy giant also suspended the next tranche of its share buyback programme. The move came as it announced a 46% fall in first-quarter net income to $2.9bn (£2.3bn).

Chief executive Ben van Beurden warned of continued deterioration in the macroeconomic outlook.

He said Shell was taking further prudent steps to boost their resilience and underpin the strength of our balance sheet.

---

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

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

Five of online retail giant Amazon’s foreign websites have been placed on a blacklist by the Trump administration.

Its e-commerce platforms in the UK, Germany, France, India and Canada have been added to a “notorious markets” register.

The US trade representative’s office said the sites facilitated the sale of counterfeit and pirated products.

Amazon said the move was politically motivated and that it has invested heavily to prevent illegal activities.

The trade representative’s office said that the adding of the Amazon sites was the result of complaints from US businesses over the sale of fake goods.

---

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

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

Tesla boss Elon Musk, who has been opposed to the lockdown measures, told investors in earnings call on Wednesday that he considers it forcibly imprisoning people in their homes against all their constitutional rights.

Demand for Tesla's electric cars held up in the first three months of the year, despite upheavals caused by the coronavirus pandemic however limits on deliveries had clouded its forecast for coming months.

He added that Tesla was worried about not being able to resume production in the Bay area, and said this should be considered "a key risk" because the firm only has two car factories - one in Shanghai and one in Fremont, California.

---

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

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

South Africa’s rand gained against the U.S. dollar early on Thursday, as improved risk appetite overshadowed the imminent exclusion of the country’s government bonds from the World Government Bond Index (WGBI).

At 0705 GMT, the rand traded at 18.1300 per dollar, up 0.09% from its previous close and its strongest since April 14.

Global risk sentiment has been lifted with a number of major economies readying to re-open their economies and encouraging early results from a COVID-19 treatment trial.

---

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

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

Zimbabwe’s central bank said on Wednesday it would cut its main lending rate to 15% from 25% effective May 1 as part of measures to help the economy deal with the effects of the coronavirus outbreak.

The southern African nation’s economy was already experiencing its worst crisis in a decade, with fast rising inflation and shortages of food and other basic goods.

---

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

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

Glencore cut its 2020 capital expenditure and output targets on Thursday to reflect the impact of the coronavirus on its operations, saying the belt-tightening left it well placed to weather the pandemic.

CEO Ivan Glasenberg said in a statement that given the strong liquidity position and resilient business model, they are well positioned to navigate the current challenges

The miner and trader, reporting first-quarter production data, said spending for the year would fall by $1 billion-$1.5 billion from an original expectation of $5.5 billion.

Restrictions imposed by governments to curtail the epidemic have forced Glencore to shutter some operations in Chad, Peru, Colombia, South Africa and Canada.

---

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

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

S&P Global Ratings has downgraded South Africa’s credit rating further into non-investment grade territory, saying COVID-19-related pressures will have significant adverse implications for its already ailing economy and for tax revenues.

S&P lowered its long-term foreign-currency rating on South Africa to ‘BB- ‘from ‘BB’ and its long-term local-currency rating to ‘BB’ from ‘BB+’.

The ratings agency assigned a stable outlook on both the foreign- and local-currency ratings.

S&P said it forecast the South African economy to shrink by 4.5% this year compared with its November 2019 estimate of 1.6% growth.

---

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

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