We bring you various leading news from across Africa, on business, economy, market, and politics. Towards A Profitable Africa.
G20 leaders pledge to inject 5 trillion into the global economy
Leaders of the Group of 20 major economies have pledged to inject over 5 trillion dollars into the global economy to limit job and income losses from the coronavirus pandemic.
The G-20, in a statement, says it is committed to do whatever it takes to overcome the pandemic. The statement was contained in the most conciliatory G20 language on trade in years. It pledged to ensure the flow of vital medical supplies and other goods across borders and to resolve supply chain disruptions.
It however stopped short of calling for an end to export bans that many countries have enacted on medical supplies.
The G20 leaders also expressed concern about the risks to fragile countries, notably in Africa, and populations like refugees. They also acknowledged the need to bolster global financial safety nets and national health systems.
China offers help to US against Coronavirus
Meanwhile, Chinese President Xi Jinping told U.S. President Donald Trump during a phone call on Friday that he would have China’s support in fighting the coronavirus, as the United States faces the prospect of becoming the next global epicentre of the pandemic.
Xi’s offer of assistance came amid a long-running war of words between Beijing and Washington over various issues including the coronavirus epidemic
United State surpass China and Italy with new cases of Coronavirus
The United States now has more confirmed cases of coronavirus than any other country, with more than 85,500 positive tests. According to the latest figures collated by Johns Hopkins University, the US has overtaken China and Italy.
However, the US has almost 1,300 Covid-19-related fatalities, lagging behind China which recorded 3,291 and Italy's 8,215.
Toyota Motor Corporation in Asia seeks credits line
Still in Asia, Toyota Motor Corporation has sought a credit line totaling 1 trillion yen, or about 9.23 billion dollars, from Sumitomo Mitsui Banking Corp and MUFG Bank. The credit line is to raise funds on the back of the coronavirus pandemic.
Asian shares continues stock rally
In Asia, shares have continued a global stock market rally on hopes global authorities will do more to combat the impact of the coronavirus.
Japan's benchmark Nikkei 225 gained 1.6%, the Hang Seng in Hong Kong was up by 1.6% and China's Shanghai Composite rose 1%.
European shares falls to 1.8%
European shares tumbled in early trading on Friday after a stunning three-day rally. The pan-European STOXX 600 index was down 1.8 percent in early trade, but still on course for one of its best weeks since the global financial crisis.
The benchmark index has recovered almost 17 percent since hitting a low on March 16. However, it remains more than 26 percent below its all-time high last month.
UK Prime Minister tests positive for COVID0-19.
UK Prime Minister, Boris Johnson has tested positive for coronavirus.
The Prime Minister made the announcement in a tweet, over the last 24 hours I have developed mild symptoms and tested positive for coronavirus. Johnson said he is self-isolating and working from home. He said thanks to “the wizardry of modern technology” he will continue to lead the national fightback against the virus.
He thanked the NHS and everybody working to keep the country going through the pandemic and re-emphasised that staying at home is crucial to curbing the spread of the virus.
Africa Development Bank seeks record 3-billion-dollar debt issue to fight coronavirus;
The African Development Bank has sold a record 3-billion-dollar debt issue as part of efforts to raise financing to help combat the fallout from the coronavirus outbreak.
The three-year bond, known as the Fight COVID-19 Social Bond, is AfdB’s biggest dollar issue to date. A note from a lead manager of the issue says the bond aims to provide “support and financing to countries and businesses fighting against COVID-19. The note adds that through the bond, investors will be able to support African communities to help curb the spread of the virus and overcome the many challenges caused by the outbreak.
National bank of Ethiopia makes plan to inject 15 billion birr into private banks
The National Bank of Ethiopia plans to inject 15 billion Ethiopian birr or about 456 million US dollars as liquidity for private banks. This is part of efforts to cushion the economy over the impact of the coronavirus. The funds is also expected to help private banks provide debt relief and additional loans to their customers in need.
South Africa records more than 1,000 cases of COVID-19
More than 1,000 cases of coronavirus have now been recorded in South Africa. The nation's health ministry disclosed this on Friday while also reporting its first two deaths on the first day of a three-week, natiobnwide lockdown.
In a statement, the health ministry said oth deaths had occurred in the southernmost province of Western Cape, with one in a public hospital and the other in a private hospital.