Africa Business News

By: Africa Business Radio
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  • Summary

  • Daily news insights and analysis of the African business Landscape, covering from emerging startups to macroeconomics from across the 55 African Union member states com.

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    Copyright Africa Business Radio
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Episodes
  • X Faces Additional $1.9M Fine To End Ban In Brazil

    X Faces Additional $1.9M Fine To End Ban In Brazil
    Sep 30 2024
    Reuters reports that an order from the country’s Supreme Court Judge Alexandre de Moraes stated that the Elon Musk-owned social network could “immediately return to its activities in national territory” if it pays a fine of 10 million reais (around $1.9 million). X has been locked in a legal battle over Moraes’ attempt to block certain accounts that he accused of posting election misinformation. Moraes is telling the company to pay this additional fine after X seemed to circumvent the ban earlier this month and resume service in the country — a “coincidence” caused by X switching to Cloudflare infrastructure. X’s Global Government Affairs account seemed to acknowledge its acquiescence and claim that providing access to Brazilian users is essential to a thriving democracy.

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    1 min
  • Zimbabwe Knocks 40% Off Value of Gold-backed Currency

    Zimbabwe Knocks 40% Off Value of Gold-backed Currency
    Sep 30 2024
    Zimbabwe's central bank has devalued its gold-backed currency by over 40% against the US dollar, indicating that the last-ditch effort to stabilise the country's volatile economy, is in trouble. The Reserve Bank of Zimbabwe decided to slash the local exchange rate to 24 Zig to $1. This slump is due to an increase in demand for the US dollar, which is also legal tender. It comes after warnings from large retailers of store closures if the rate remained fixed at the previous level. RBZ says that its Monetary Policy Committee made the move to allow greater exchange rate flexibility. RBZ explained that the measures would address emerging exchange rate risks, anchor the inflation expectations and stabilise prices in the near to short term.

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    1 min
  • Nigerian Government begins Electricity Subsidy for Public Hospitals

    Nigerian Government begins Electricity Subsidy for Public Hospitals
    Sep 30 2024
    The Federal Government says that it has begun the implementation of electricity subsidies for public hospitals nationwide. The Senior Adviser of Media and External Relations to the Coordinating Minister of Health and Social Welfare, Tashikalmah Hallah, says that subsidy on electricity for public hospitals had begun. Hallah also said the government plans to subsidise electricity for private hospitals nationwide. The Minister of State for Health and Social Welfare, Dr Tunji Alausa, announced that the Federal Government had approved the 50 per cent electricity subsidy for public hospitals. He says the gesture aims to reduce the running costs for public hospitals and alleviate the impact on patients.

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    1 min
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