Africa Business Radio

Leaders of the world’s 20 biggest economies have endorsed a global minimum tax of 15 per cent on big multinational businesses.Joe Biden, the president of the United States who is in the Italian capital for the discussions, hailed the tax deal as a game-changer.The tax rules, part of a reform plan inked by almost 140 nations, will make it harder for multinational corporations – including giants like Google, Amazon, Facebook, Microsoft or Apple – from avoiding taxation by establishing offices in low-tax jurisdictions.The rules will also aim to put an end to decades of tax competition between governments to attract foreign investment.

US President Joe Biden and European Commission head Ursula von der Leyen agreed to crack down on dirty steel and lift tariffs in a bid to curb carbon emissions and repair transatlantic relations.The American and EU officials say the agreement represented a new era.The US president says the agreement would not only avert punishing tariffs put in place by former President Donald Trump but lead to cleaner steel, lower inflation and badly needed improvements in snarled global supply chains.Von der Leyen says the deal was a major step forward in achieving climate neutrality and a sign of a renewed agenda with the US.

Pakistan’s government has reached an agreement with the outlawed far-right Tehreek-e-Labbaik Pakistan party, putting an end to a 10-day protest that resulted in violent clashes.Foreign Minister Shah Mahmood Qureshi and religious leader Mufti Muneebur Rehman took part in the talks but did not share any details of the agreement at a news conference in the capital, Islamabad.The group is also demanding the expulsion of France’s ambassador for the publication of a series of caricatures depicting the Prophet Muhammad by French satirical magazine Charlie Hebdo.

US President Joe Biden has held talks with Turkey’s President Recep Tayyip Erdogan on the sidelines of the G20 meeting in Rome amid tensions over human rights and a request from Turkey for F-16 fighter jets.Biden told Turkey’s Erdogan his request for F-16 fighter jets had to go through a process in the United States and expressed a desire to handle disagreements between the two countries effectively.A different US administration official says that Biden would warn his Turkish counterpart that any precipitous actions would not benefit US-Turkish relations and that crises should be avoided after Erdogan threatened to throw out the US ambassador to Turkey and other foreign envoys for seeking the release of jailed philanthropist Osman Kavala.

The UN has urged the Sudanese military to show restraint towards people protesting against Monday's coup and not to create any more victims.Secretary-General Antonio Guterres says people must be allowed to demonstrate peacefully".Health workers say at least eight people have been killed and nearly 200 injured by the security forces who have fired tear gas and rubber bullets.The US President Joe Biden has called recent events a grave setback and demanded the restoration of the civilian-led transitional government.

The US State Department says it's gravely concerned by the expansion of fighting between Ethiopia's government forces and Tigrayan rebels in the north of the country.Washington reiterated its call for the Tigray People’s Liberation Front to withdraw from the Amhara and Afar regions and halt its advances in and around the cities of Dessie and Kombolcha.The Ethiopian government has denied a claim from the TPLF earlier on Saturday that the rebels had taken control of Dessie.

Ethiopia's Prime Minister Abiy Ahmed has urged his supporters to use any weapons they have to stop an advance by Tigrayan rebel forces.Mr Abiy says it was the duty of citizens to, block, destroy and bury the forces of the TPLF rebels.He issued the appeal on Facebook after the rebels said they'd made further territorial gains in the Amhara region, taking them closer to the Ethiopian capital, Addis Ababa.A TPLF spokesman, Getachew Reda, says they had captured Kombolcha and that their only aim was to break a siege of Tigray.

Algeria Presidency says the country has stopped gas exports through a pipeline that crosses neighbouring Morocco because of a dispute between the two countries, The presidency in a statement says due to Morocco’s hostile acts towards Algeria undermining national, unity the president has ordered the oil company Sonatrach to cut off trade relations with the Moroccan electricity company ONEE.The Algerian authorities decided not to renew the gas contract, which ended on Sunday.Sonatrach had announced it would keep supplying Spain with natural gas through the Medgaz pipeline only.

The Central Bank of Nigeria has unveiled selection criteria for private sector companies to participate in its new financial instrument tagged, “The 100 for 100 PPP – Policy on Production and Productivity.The central bank explained that the selection criteria for participation would be premised on the business’ immediate contribution to economic growth, jobs creation, and social impact.It pointed out that in selecting the companies, evidence-based, transparent and measurable criteria shall be deployed.The central bank says the move was to ensure the operational framework for a robust and transparent process for identifying and selecting high-impact companies and projects under its 100 for 100 PPP.

Vice President Yemi Osinbajo, SAN, says that despite the challenges the country is currently facing, Nigerians should not lose hope as it remains a nation with great promises and a bright future.Prof. Osinbajo urged Nigerians to speak positively about the country to stir up faith among citizens of its future.The VP affirmed that he is completely convinced that the future of the nation is very bright indeed.The VP further noted that despite the complexities of some national issues, God is the God of complex situations.

President Muhammadu Buhari on Sunday departed Abuja for Glasgow in Scotland where he will be attending the 26th Conference of Parties to the United Nations Framework Convention on Climate Change.The President is scheduled to deliver his national statement at the High-Level Segment for Heads of State and Government at the conference on Tuesday, November 2.President Buhari’s address is expected to highlight Nigeria’s key priorities and action to tackle climate change as well as progress on the country’s transition to a low carbon economy, consistent with achieving the Paris Climate Agreement.

Appzone Group, sub-Saharan Africa’s leading fintech software company has announced the launch of Zone, the continent’s first blockchain platform for payment processing that facilitates local and Intra-African payments in fiat and digital currencies. CEO of Appzone Switch, Uche Elendu says Zone Switch represents the cashless and borderless future of payments in Africa adding that the platform will eliminate the systemic risk associated with centralized payment systems while delivering the uptime and throughput required in a truly cashless society.’He says the team at Appzone Switch are looking to evolve the platform’s digital token for settlement into a stable Pan-African digital currency that is fully compliant, approved by Central Banks, and backed by a basket of fiat currencies in Africa.

US drugmaker Merck has announced a deal that could see generic versions of its experimental oral COVID-19 treatment for people infected with the disease widely distributed in poorer countries.The global Medicines Patent Pool which is backed by the United Nations, says it had signed a voluntary licensing agreement with Merck to facilitate affordable worldwide access for its antiviral medicine molnupiravir.Merck and MPP in a statement saying this is the first transparent, public health-driven voluntary license for a COVID-19 medical technology.

The European Union’s top court has ordered Poland to pay 1 million euros a day over the country’s longstanding dispute with the bloc over judicial independence.The ruling by the Court of Justice came after the EU’s executive commission asked for financial penalties to ensure compliance with a ruling from July.Poland has been embroiled in a long-running dispute with Brussels over judicial reforms it says undermine the independence of courts. The row heated up in July when the Court of Justice ordered the country to suspend the controversial disciplinary chamber of its top court.The court says the penalty was necessary in order to avoid serious and irreparable harm to the legal order of the European Union and to the values on which that Union is founded, in particular, that of the rule of law.

China says that Taiwan has no right to join the United Nations, a day after the United States voiced support for the island’s meaningful participation at the organisation.The back-and-forth comes days after Taiwanese officials spoke with US officials about Taiwan’s desire to have a role at the UN.Taiwan had held the Chinese seat at the organisation until October 25, 1971, when it was voted out as representative of the country in favour of the People’s Republic of China, which won the civil war in 1949 and forced the republican government to flee to the island.

Facebook chief Mark Zuckerberg announced the parent company’s name is being changed to “Meta” to represent a future beyond just its troubled social network.The new handle comes as the social media giant tries to fend off one of its worst crises yet and pivot to its ambitions for the metaverse virtual reality version of the internet that the tech giant sees as the future.Facebook, Instagram and WhatsApp will keep their names under the rebranding.Zuckerberg says they have learned a lot from struggling with social issues and living under closed platforms, and now it is time to take everything that they have learned and help build the next chapter.

The chairperson of the Uganda Fish Processors and Exporters Association has apologised over his comments calling for local consumption of Nile perch to be banned.Sujal Goswami reportedly made the remarks to MPs last week, arguing that such a ban would protect the species from illegal fishing and preserve it for export, according to local media.Mr Goswami said he meant the Nile perch needs to be protected and the industry be well regulated by stopping illegal activities.

Mozambique’s President Filipe Nyusi is being sued in London by a firm at the centre of a $2-billion loan scandal that plunged his nation into a financial crisis.Abu Dhabi-based shipbuilder Privinvest, owned by French-Lebanese billionaire Iskandar Safa, signed contracts with Mozambican state companies to supply tuna fishing and maritime security vessels.The government took out secret loans in 2013 and 2014 to finance the deal however much of the money disappeared in kickbacks and bribes, and the country later defaulted on repayments. Privinvest confirms that on 19 October 2021, President Nyusi was served in Mozambique with Privinvest’s litigation claims in the High Court in London against him.

The African Union plans to buy up to 110 million doses of the Covid-19 vaccine from Moderna Inc.Moderna is prepared to deliver the first 15 million doses to Africa later this year as part of an agreement facilitated by the White House.An additional 35 million doses will be delivered in the first quarter of 2022 and up to 60 million doses in the second quarter.The company is also working on plans to allow it to fill doses of its Covid-19 vaccine in Africa as early as 2023, in parallel to building an mRNA vaccine manufacturing facility in Africa.Stéphane Bancel, the chief executive of Moderna says they believe the vaccine can play an important role in addressing the needs of low-income countries given its combination of efficacy against Covid-19, strong durability in the real-world evidence, and superior storage and handling conditions.

Sudan will reopen Khartoum airport to all inbound and outbound flights.The head of civil aviation authority, Gen Ibrahim Adlan, told news agencies that the airport will resume operations.The country suspended flights a day after the military seized power and declared a state of emergency.Most cabinet ministers in the transitional government were also reported to have been detained, although Prime Minister Abdalla Hamdok has been released.