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We bring you various leading news from across Africa, on business, economy, market, and politics. Towards A Profitable Africa.

2019-12-12 06:18:27.0

India Passed The Controversial Religion-base Citizenship Amendment Bill

India's parliament has passed a bill that would give Indian citizenship to immigrants from three neighboring countries -- but not if they are Muslim.
The controversial Citizenship Amendment Bill (CAB) will fast-track citizenship for religious minorities. including Hindus, Sikhs, Buddhists, Jains, Parsis, and Christians, from Afghanistan, Bangladesh, and Pakistan.
Opposition parties say the bill is unconstitutional as it bases citizenship on a person's religion and would further marginalize India's 200-million strong Muslim community.
According to the government, ruled by the Hindu nationalist Bharatiya Janata Party (BJP), said the bill seeks to protect religious minorities who fled persecution in their home countries.

2019-12-12 06:11:30.0

Massive Boycourt Expected As Algerians Attempt to Replace Ousted Leader Abdelaziz Bouteflika

Algerians are going to the polls to vote for a new president, eight months after protests forced long-time leader Abdelaziz Bouteflika to resign. But massive anti-government demonstrations are continuing despite his removal from power and could threaten the polls.
Meanwhile, over a year thousands of Algerians have protested every Friday in the capital, Algiers, and other cities across the country against any elections under the current government. They want all officials associated with the regime of ousted President Bouteflika to be removed from office, including interim President Abdelkader Bensalah and Prime Minister Nouredine Bedoui.
Saying that any election under the current government would be seen as a mere resuscitation of the old regime which protesters have been fighting against.

2019-12-12 05:37:34.0

Africans Await South Africa to Follow-Suit, As Nigeria Kills Entry Visa

President Muhammadu Buhari on Wednesday at the Aswan Forum for Sustainable Peace and Development in Africa, which was held in Egypt, said that Other Africans traveling to Nigeria will from January 2020 be able to get their visas at the point of entry.
However, the Nigerian government last year announced a visa on arrival policy for selected categories of people. He further said that the resolution of conflict situations in African countries remains a key component in the overall development of the continent.

2019-12-12 04:54:04.0

Nigerian Debt Manager Justifies New Borrowing

The Debt Management Office, DMO, has said that the planned borrowing of $22.7 billion is aimed at reducing the total cost of the Federal Government’s debt in the long-run.
A statement made by the DMO explained that the proposed new borrowing is consistent with the subsisting Debt Management Strategy which seeks to replace short term high -interest cost domestic debt. Adding that, its one of the measures that are being implemented to moderate the level of debt service.
However, in defense of the borrowing DMO explained that the public debt is a cumulative figure of borrowings by successive governments over many years, saying that it is not appropriate to attribute the public debt stock to any one administration.

2019-12-12 04:29:41.0

West African Court Trashes IPOB's Nnamdi Kanu's Case

The ECOWAS Court of Justice sitting in Abuja, on Wednesday, dismissed the leader of the Indigenous People of Biafra, IPOB, Mr. Nnamdi Kanu, filed against the Federal Republic of Nigeria.
Alleging that he was tortured, assaulted and subjected to inhuman treatment by security operatives when he was arrested in 2015.
The regional court, in its judgment that was read by Justice Dupe Atoki, held that the IPOB leader failed to prove its allegations against FG, saying it had no reason to conclude that his arrest and detention were unlawful and arbitrary as claimed.
Though the Court acknowledged that the IPOB leader had the legal capacity to approach it to seek redress for any violation of his human rights, it, however, held that without a mandate, he lacked the legal personality to represent the IPOB before the Court.
However, the court struck out names of the second and third defendants, the Attorney General of the Federation and Minister of Justice and the Director-General of the Department of State Service, DSS, from the suit.
Saying that they were not signatories to the ECOWAS Revised Treaty, thus leaving only the Federal Republic of Nigeria as the sole defendant in the suit.

2019-12-12 04:21:45.0

Blackout Averted, Nigerian Electricity Workers Bow to Pressure

Nigeria’s electricity workers have suspended the strike that engulfed a major part of the country in darkness for a little more than 24 hours.
One of the major distributors in Lagos, Eko Electricity Distribution Company today confirmed the development and its readiness to commence business immediately. However, the National Union of Electricity Employees (NUEE) has come out to inform its customers that the strike has been called off till further notice.
Informing them that their offices and payment channels are open for business.
According to Comrade Joe Ajaero, General Secretary of the NUEE confirmed that NUEE and representatives of government this morning, came to an agreement for the suspension of the strike. Urging members to return to their duty posts while we monitor the implementation of these agreements. We would not hesitate to resume action if the agreements are not implemented.”

2019-12-09 08:33:00.0

Carbon-Intensive Corporations May Lose Billions

Carbon-intensive firms are likely to lose 43% of their value thanks to policies designed to combat climate change, according to reports.
Meanwhile, the most progressive companies will see an uplift of 33% in their value. The forecast was commissioned by the UN-backed Principles for Responsible Investment (PRI).
Representatives of fossil fuel companies told the BBC they were already adapting their businesses to take climate change into account. But the PRI study suggests major winners and losers will emerge between, and within, big sectors. Adding that, Manufacturers slow to move to EVs will see their value fall, as governments realize that petrol and diesel models must be phased out faster for climate targets to be met.

2019-12-09 08:21:13.0

Trade War Bites Chinese Export

Meanwhile, November exports from the world's second-largest economy fell 1.1% from a year earlier, the fourth straight fall. Although, Exports to the US were down 23%, the worst such result since February and the twelfth monthly decline in dispute.
While another round of US tariffs on Chinese goods is due next Sunday, as part of the ongoing trade dispute. As on Friday, White House economic adviser Larry Kudlow said the 15 December deadline - to impose a new round of tariffs on some $156bn of Chinese exports - remained in place.

2019-12-09 08:18:52.0

Investors Monitor South African Rand For a Clue on Economy

The rand was little changed on Monday morning as investors await key market-moving events in the week ahead. Locally, manufacturing production for October is expected to be released on Tuesday, and the median forecast is for manufacturing to have contracted for the fifth consecutive month, according to a Bloomberg poll.
However, The FXTM senior research analyst Lukman Otungan, has said the rand, which has been shaky against the dollar since the start of December, could depreciate if manufacturing production declines further.
He further explained that Consumer inflation for November is also due this week, with expectations that the headline figure will remain at October's 3.7%. On the global front, analysts say the looming December 15 tariff hike on $156bn worth of Chinese imports may weigh on global market sentiment in the week.

2019-12-09 08:12:48.0

Nigeria Takkles Immigration With New Visa Regime

The Comptroller General (CGI) of Nigeria Immigration Service (NIS), Mr. Muhammad Babandede, disclosed that the Federal Government is planning to introduce a new Visa regime to boost the economy while speaking at the 2019 dinner and award night organized by the service in Abuja.
He further said that the new visa regime will be unveiled by the Minister of Interior, Mr. Rauf Aregbesola, before the end of the year.
Meanwhile, The CGI has said the regime would put Nigeria in line with global practice, adding that the system would be transparent and that security would not be compromised. The e-visa policy will encourage investors to Nigeria, thereby generating Foreign Direct Investment (FDI) for Nigeria and making Nigeria a most preferred destination through transparency in administration and facilitation of facilities by service.
According to Babandede, who assured all that the service would deliver on its mandate by putting in place efficient border security and migration management to strengthen Nigeria’s security architecture in 2020.
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News Updates

  • India Passed The Controversial Religion-base Citizenship Amendment Bill

  • Massive Boycourt Expected As Algerians Attempt to Replace Ousted Leader Abdelaziz Bouteflika

  • Africans Await South Africa to Follow-Suit, As Nigeria Kills Entry Visa

  • Nigerian Debt Manager Justifies New Borrowing

  • West African Court Trashes IPOB's Nnamdi Kanu's Case

  • Blackout Averted, Nigerian Electricity Workers Bow to Pressure

  • Carbon-Intensive Corporations May Lose Billions

  • Trade War Bites Chinese Export

  • Investors Monitor South African Rand For a Clue on Economy

  • Nigeria Takkles Immigration With New Visa Regime