Listen to ABR

PODCASTS DIRECTORY

Newscast

Newscast

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

2020-02-21 02:20:12.0

Coronavirus: Car sales in China fall 92%

Car sales in China fell 92% in the first half of February as the coronavirus shutdown took its toll, according to an industry trade body.

Car dealerships have remained closed while buyers have stayed away to prevent the spread of the deadly virus.

Nationwide car sales slumped 96% in the first week of February to a daily average of just 811 vehicles.

The China Passenger Car Association (CPCA) said it hoped sales would pick up as more showrooms reopened.

Dealers have gradually restarted operations this month, and the automobile trade body is hoping sales will improve during the second half of February.

China is the world's biggest car market, selling just over 21 million cars last year, according to Statista. The US is the second biggest market.

Even before the deadly outbreak, car sales in China were in decline due to a slowing economy and trade tensions with the US.

While car sales have slumped, production has also been severely disrupted with many of the world's biggest car makers warning of delays.

Car sales in China fell 92% in the first half of February as the coronavirus shutdown took its toll, according to an industry trade body.

Car dealerships have remained closed while buyers have stayed away to prevent the spread of the deadly virus.

Nationwide car sales slumped 96% in the first week of February to a daily average of just 811 vehicles.

The China Passenger Car Association (CPCA) said it hoped sales would pick up as more showrooms reopened.

Dealers have gradually restarted operations this month, and the automobile trade body is hoping sales will improve during the second half of February.

China is the world's biggest car market, selling just over 21 million cars last year, according to Statista. The US is the second biggest market.

Even before the deadly outbreak, car sales in China were in decline due to a slowing economy and trade tensions with the US.

While car sales have slumped, production has also been severely disrupted with many of the world's biggest car makers warning of delays.

2020-02-21 02:14:13.0

China reports 118 more deaths, South Korea cases spike to cross 150

The Korea Centers for Disease Control & Prevention disclosed that most of the new cases came from the city of Daegu, with many linked to Sincheon Daegu Church.

An earlier briefing reported a further 52 people had contracted the deadly flu-like virus in South Korea.

It means the country has confirmed an additional 100 cases of the coronavirus in just one day.

2020-02-21 02:12:17.0

Looted funds will be recovered, says Cyril Ramaphosa

A number of current and former government officials, and executives of major parastatals have been implicated in state capture and corruption, but law enforcement agencies have been slow to react. State capture saw the plunder of several entities including Eskom and SAA — bringing them to their knees.

2020-02-21 02:06:19.0

Lesotho: Prime Minister Thabane to be Charged with Murder

Lesotho's Prime Minister Thomas Thabane, is to be charged with the murder of his estranged wife Lipolelo Thabane, police have said.

Lipolelo was shot dead two days before Thabane became prime minister in 2017, at a time the couple had been embroiled in bitter divorce proceedings.

His current wife Maesaiah Thabane has already been charged with the murder and is on bail.

Lipolelo was gunned down at close range on the side of a dirt road while returning to her home in a small village on the outskirts of the capital, Maseru.

Lipolelo, 58, was shot dead two days before Mr Thabane became prime minister in 2017.

At the time, he described her killing as "senseless" but police now accuse him of being involved in her killing.

2020-02-21 02:05:04.0

NCS, FOU Intercept Contrabands in Gas Cylinders

Barely two weeks after the Comptroller-General of the Nigeria Customs Service (NCS), Col Hameed Ali (rtd) showcased various seizures made by Federal Operations Umit (FOU), Zone ‘A’, Ikeja, worth over N10 billion, the unit has again intercepted 1,393 bags of smuggled foreign parboiled rice, 187jerrycans, 66 drums of foreign vegetable oil, 625 Cartons of poultry products and 50 jerry cans of foreign vegetable oil from unapproved routes within Ogun State

The Acting Controller of the command, Usman Yahaya, disclosed that surveillance and routine patrol had aided its war against smugglers.
The rice, vegetable oil and poultry products were conveyed in 12 different motor vehicles and also concealed in gas cylinders with a cumulative duty paid value of N40.144 million.

He also advised legitimate traders to be compliant in their declarations as the unit is ever ready to facilitate their trade in line with world best practices.

2020-02-21 02:02:26.0

CBN Returns over N60bn Excess Bank Charges to Customers

The Central Bank of Nigeria (CBN) Thursday said it had so far recovered over N60 billion from erring banks as excessive charges imposed on customers.

The bank also said it had equally returned same amount to the affected customers.

This is coming as the apex bank has announced that it had commenced the processes for creation of 10 million jobs in the next five years through investment support in agriculture, using 10 commodity models.

The CBN Director of Corporate Communications, Mr. Isaac Okoroafor, while speaking on Thursday during a two-day customers sensitisation forum in Owerri, the Imo State capital, disclosed that the recovery of the excess bank charges was made possible through the bank’s Consumer Protection Department.

According to him, the amount was recovered following complaints by 13,000 customers over excess and illegal charges on their accounts by banks.

2020-02-21 01:13:41.0

Accountant General, Customs CG clash over N28bn unremitted fund

The Comptroller-General of the Nigeria Customs Service, Col. Hameed Ali (retd.), on Thursday disagreed with the Accountant-General of the Federation, Ahmed Idris, over the N28bn allegedly under-remitted into the Federation Account in 2015.

Ali and Idris appeared before the Senate Public Accounts Committee to address the panel over the audit query issued to the Accountant General Office by the Auditor-General of the Federation, Anthony Ayine.

Ayine had in his Financial Statement for 2015 asked the Accountant-General to explain the differentials in the amount remitted by the Customs Service and the figures contained in his own records.

The audited report showed that the NCS remitted N185bn as against N157bn in the Accountant-General’s document.

The Accountant-General who was represented by a director in his office, Feyintola Olusegun, had earlier referred the Auditor-General and the Senate Panel to the NCS for clarification.

2020-02-20 02:20:09.0

China cuts benchmark lending rates amid coronavirus outbreak

China said on Thursday it lowered its benchmark lending rates — a move that was widely expected by analysts as the world’s second-largest economy faced threats from an outbreak of a deadly coronavirus.

The country’s central bank, the People’s Bank of China, cut the one-year loan prime rate from 4.15% to 4.05%, and the five-year rate from 4.80% to 4.75%. The PBOC publishes the rates every month. Thursday’s move was the first cut since October last year, according to Refinitiv data.

The cut to the one-year and five-year loan prime rates followed the central bank’s move on Monday to lower the interest rate on its one-year medium-term lending facility — funds that PBOC lends to financial institutions — from 3.25% to 3.15%. The loan prime rate is linked to interest rate on the medium-term lending facility.

Lower lending rates in China come at a time when a lot of economic activities around the country stall as authorities race to contain the spread of a new coronavirus — now called COVID-19 — which is believed to have originated in Wuhan, the capital of Hubei province.

2020-02-20 02:13:23.0

Ideal Finance collapse: EOCO pursues Nii Kotei Dzani for more assets and accounts

The Economic and Organized Crime Office (EOCO), says it is still in the process of tracking more assets and accounts owned by Council of State Member and founder of defunct Ideal Finance, Nii Kotei Dzani.

EOCO has already frozen some 31 accounts and some landed property of Nii Kotei Dzani, as part of efforts to among other things retrieve funds from him to settle customers whose funds are locked up with the defunct company.

EOCO, upon a referral from the Receiver for Ideal Finance, invited Nii Kotei Dzani for questioning on three allegations; including GHc 23 million paid to a client, 200 acres of land he allegedly stole from Ideal Finance, and unlawful use of Ideal Finance’s funds to build ‘Camp Tsaetse’, a plush resort in Ada.

Ideal Finance is among the 23 savings and loans and finance houses that lost their licenses after they were declared insolvent by the Bank of Ghana as part of a massive financial sector clean-up.

According to the Executive Director of EOCO, COP retired Frank Adu-Poku, who spoke to Citi News’ Umaru Sanda Amadu; the assets confiscated son far include vehicles and about 31 bank accounts belonging to him and the Ideal Group.

He however says they will be pursing more assets and accounts they may not be aware of.

2020-02-20 02:10:31.0

Disastrous loan may cost the PIC R1.4bn

The Public Investment Corporation (PIC), which manages R2-trillion in government employee pensions, could write off up to R1.4bn from a disastrous loan made to a private-equity firm started by two Americans, the latest ill-fated investment by the fund in the midst of restoring its image.

The write-off follows a successful application by four parties, including the PIC’s biggest client, the Government Employees Pension Fund (GEPF), to have Africa-focused private group Musa Group liquidated in the high court in Johannesburg earlier in February.

BCX Brand Positioning-Awake Online_Generic2-300x600-12-2019-Tracking Ad-BUS01034
×

Newscast

News Updates

  • Coronavirus: Car sales in China fall 92%

  • China reports 118 more deaths, South Korea cases spike to cross 150

  • Looted funds will be recovered, says Cyril Ramaphosa

  • Lesotho: Prime Minister Thabane to be Charged with Murder

  • NCS, FOU Intercept Contrabands in Gas Cylinders

  • CBN Returns over N60bn Excess Bank Charges to Customers

  • Accountant General, Customs CG clash over N28bn unremitted fund

  • China cuts benchmark lending rates amid coronavirus outbreak

  • Ideal Finance collapse: EOCO pursues Nii Kotei Dzani for more assets and accounts

  • Disastrous loan may cost the PIC R1.4bn