Africa Business News

The Presidency says a Chinese construction company, China Civil Engineering Construction Corporation Ltd has committed to the completion of the Abuja light rail project in eight months. The Senior Special Assistant to the President on Media and Communications, Stanley Nkwocha noted that the promise was in line with the determination of President Bola Tinubu’s administration to enhance infrastructure development across the country. Vice President Shettima described CCECC as part of Nigeria’s history, saying the Chinese construction giant has played a pivotal role in developing Nigeria’s landmark projects, adding that their commitment to the development of Nigeria and Africa is commendable.This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4166630/advertisement

South Korean internet service provider SK Broadband and Netflix have announced they will end all lawsuits with each other following a dispute over whether Netflix should pay for costs from increased network traffic and maintenance work. SK Broadband and parent SK Telecom in a joint statement with Netflix said that they had agreed on a partnership to release joint products and seek ways to use artificial intelligence products being developed by SK. They added that SK Broadband and Netflix will end all disputes with the signing of today’s partnership and collaborate as partners in the future. Spokespeople for Netflix and SK Broadband said both had withdrawn their lawsuits.

South Korean internet service provider SK Broadband and Netflix have announced they will end all lawsuits with each other following a dispute over whether Netflix should pay for costs from increased network traffic and maintenance work. SK Broadband and parent SK Telecom in a joint statement with Netflix said that they had agreed on a partnership to release joint products and seek ways to use artificial intelligence products being developed by SK. They added that SK Broadband and Netflix will end all disputes with the signing of today’s partnership and collaborate as partners in the future. Spokespeople for Netflix and SK Broadband said both had withdrawn their lawsuits.

South Korean internet service provider SK Broadband and Netflix have announced they will end all lawsuits with each other following a dispute over whether Netflix should pay for costs from increased network traffic and maintenance work. SK Broadband and parent SK Telecom in a joint statement with Netflix said that they had agreed on a partnership to release joint products and seek ways to use artificial intelligence products being developed by SK. They added that SK Broadband and Netflix will end all disputes with the signing of today’s partnership and collaborate as partners in the future. Spokespeople for Netflix and SK Broadband said both had withdrawn their lawsuits.This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4166630/advertisement

Chinese property developer Country Garden faces yet another liquidity test with a deadline to pay $15m in interest linked to an offshore bond after having dodged default at the last minute twice this month. The country’s top private developer, whose financial woes have worsened the property sector outlook and prompted Beijing to unveil a raft of support measures, will have a 30-day grace period after Monday’s deadline to pay the coupon before it would be considered in default. If Country Garden fails to pay the $15m before the grace period ends in mid-October, the principal will become due immediately and any failure to service the bond will trigger cross-default terms on other credit, said Sandra Chow, co-head of Asia-Pacific research at CreditSights.

Chinese property developer Country Garden faces yet another liquidity test with a deadline to pay $15m in interest linked to an offshore bond after having dodged default at the last minute twice this month. The country’s top private developer, whose financial woes have worsened the property sector outlook and prompted Beijing to unveil a raft of support measures, will have a 30-day grace period after Monday’s deadline to pay the coupon before it would be considered in default. If Country Garden fails to pay the $15m before the grace period ends in mid-October, the principal will become due immediately and any failure to service the bond will trigger cross-default terms on other credit, said Sandra Chow, co-head of Asia-Pacific research at CreditSights.

Chinese property developer Country Garden faces yet another liquidity test with a deadline to pay $15m in interest linked to an offshore bond after having dodged default at the last minute twice this month. The country’s top private developer, whose financial woes have worsened the property sector outlook and prompted Beijing to unveil a raft of support measures, will have a 30-day grace period after Monday’s deadline to pay the coupon before it would be considered in default. If Country Garden fails to pay the $15m before the grace period ends in mid-October, the principal will become due immediately and any failure to service the bond will trigger cross-default terms on other credit, said Sandra Chow, co-head of Asia-Pacific research at CreditSights.This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4166630/advertisement

Water suppliers in Johannesburg, South Africa, have asked residents of the city and its suburbs to use less water amid an intensifying water shortage that they warn could result in the collapse of the system. Rand Water and Johannesburg Water say that high water consumption by residents is putting a strain on the system and has resulted in significantly low water reservoir levels. The companies have asked residents to save water by limiting their showers to two minutes, only flushing toilets after long calls and only washing cars on weekends using buckets. Johannesburg is currently under the yearly water restrictions, which often last during South Africa’s dry season between September and March.

Water suppliers in Johannesburg, South Africa, have asked residents of the city and its suburbs to use less water amid an intensifying water shortage that they warn could result in the collapse of the system. Rand Water and Johannesburg Water say that high water consumption by residents is putting a strain on the system and has resulted in significantly low water reservoir levels. The companies have asked residents to save water by limiting their showers to two minutes, only flushing toilets after long calls and only washing cars on weekends using buckets. Johannesburg is currently under the yearly water restrictions, which often last during South Africa’s dry season between September and March.

Water suppliers in Johannesburg, South Africa, have asked residents of the city and its suburbs to use less water amid an intensifying water shortage that they warn could result in the collapse of the system. Rand Water and Johannesburg Water say that high water consumption by residents is putting a strain on the system and has resulted in significantly low water reservoir levels. The companies have asked residents to save water by limiting their showers to two minutes, only flushing toilets after long calls and only washing cars on weekends using buckets. Johannesburg is currently under the yearly water restrictions, which often last during South Africa’s dry season between September and March.This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4166630/advertisement

The Congo-Brazzaville government has denied reports of a coup attempt against President Denis Nguesso, who has been in power for 39 years. It follows unconfirmed social media reports that the military was trying to oust the 79-year-old leader, who is currently in New York for the 78th session of the United Nations General Assembly. The government’s website also posted a statement denying the coup attempt reports. There has been a wave of coups across Africa in recent months, with the most recent one in the neighbouring Gabon, where the military seized power in January.

The Congo-Brazzaville government has denied reports of a coup attempt against President Denis Nguesso, who has been in power for 39 years. It follows unconfirmed social media reports that the military was trying to oust the 79-year-old leader, who is currently in New York for the 78th session of the United Nations General Assembly. The government’s website also posted a statement denying the coup attempt reports. There has been a wave of coups across Africa in recent months, with the most recent one in the neighbouring Gabon, where the military seized power in January.

The Congo-Brazzaville government has denied reports of a coup attempt against President Denis Nguesso, who has been in power for 39 years. It follows unconfirmed social media reports that the military was trying to oust the 79-year-old leader, who is currently in New York for the 78th session of the United Nations General Assembly. The government’s website also posted a statement denying the coup attempt reports. There has been a wave of coups across Africa in recent months, with the most recent one in the neighbouring Gabon, where the military seized power in January.This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4166630/advertisement

The Accountant General of the Federation, Dr Oluwatoyin Madein, says that the financial management policies of the country are under review. The Director of Press for the Office of the Accountant General of the Federation, Bawa Mokwa reaffirmed her commitment to upholding and promoting prudence, transparency, and accountability in government financial transactions. She explained that since the assumption of office, she had undertaken an in-depth review of the financial reforms and would leverage the outcome of the review to inject new ideas and strategies into the projects so that the gains so far recorded would be sustained.

The Accountant General of the Federation, Dr Oluwatoyin Madein, says that the financial management policies of the country are under review. The Director of Press for the Office of the Accountant General of the Federation, Bawa Mokwa reaffirmed her commitment to upholding and promoting prudence, transparency, and accountability in government financial transactions. She explained that since the assumption of office, she had undertaken an in-depth review of the financial reforms and would leverage the outcome of the review to inject new ideas and strategies into the projects so that the gains so far recorded would be sustained.

The Accountant General of the Federation, Dr Oluwatoyin Madein, says that the financial management policies of the country are under review. The Director of Press for the Office of the Accountant General of the Federation, Bawa Mokwa reaffirmed her commitment to upholding and promoting prudence, transparency, and accountability in government financial transactions. She explained that since the assumption of office, she had undertaken an in-depth review of the financial reforms and would leverage the outcome of the review to inject new ideas and strategies into the projects so that the gains so far recorded would be sustained.This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4166630/advertisement

The Executive Vice-Chairman, of the Nigerian Communications Commission, Prof. Umar Danbatta says that telecoms investment inflow grew from $38 billion to $77 billion by the second quarter of 2023 Danbatta revealed that the sector had contributed 16 per cent to the nation’s Gross Domestic Product within the period under review. He says that the statistics by the NCC were based on the computation by the Nigeria Bureau of Statistics. He, however, attributed the success to thorough sustained regulatory excellence and operational efficiency by the commission adding that the industry has grown in leaps and bounds over the past two decades.

The Executive Vice-Chairman, of the Nigerian Communications Commission, Prof. Umar Danbatta says that telecoms investment inflow grew from $38 billion to $77 billion by the second quarter of 2023 Danbatta revealed that the sector had contributed 16 per cent to the nation’s Gross Domestic Product within the period under review. He says that the statistics by the NCC were based on the computation by the Nigeria Bureau of Statistics. He, however, attributed the success to thorough sustained regulatory excellence and operational efficiency by the commission adding that the industry has grown in leaps and bounds over the past two decades.

The Executive Vice-Chairman, of the Nigerian Communications Commission, Prof. Umar Danbatta says that telecoms investment inflow grew from $38 billion to $77 billion by the second quarter of 2023 Danbatta revealed that the sector had contributed 16 per cent to the nation’s Gross Domestic Product within the period under review. He says that the statistics by the NCC were based on the computation by the Nigeria Bureau of Statistics. He, however, attributed the success to thorough sustained regulatory excellence and operational efficiency by the commission adding that the industry has grown in leaps and bounds over the past two decades.This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4166630/advertisement

Twenty-three Nigerian states grew bilateral loans by 64.26 per cent in six months to $462.81m as of the end of June. Most of the loans were taken from China, India, France and other countries. The Central Bank of Nigeria directed Deposit Money Banks to remove the rate cap on the naira at the official Investors and Exporters’ Window of the foreign exchange market. The external debt data from the Debt Management Office, shows that 23 states increased their borrowing from China (Exim Bank of China), India, France (Agence Francaise Development), Japan International Cooperation Agency, and Germany (Kreditanstalt Fur Wiederaufbua).