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Recession

Members of The South African National Defence Force (SANDF) keep watch as South Africa lifts a lockdown lasting two months, to try to revive the economy amid the spread of the coronavirus disease (COVID-19) outbreak, in Soweto, South Africa June 1, 2020. REUTERS/Siphiwe Sibeko

South Africa partly lifts lockdown to try to fix battered economy

South Africa partly lifted a two month-old coronavirus lockdown on Monday, letting people outside for work, worship, exercise or shopping, and allowing mines and factories to run at full capacity to try to revive the economy.
South African President Cyril Ramaphosa visits the coronavirus disease (COVID-19) treatment facilities at the NASREC Expo Centre in Johannesburg, South Africa April 24, 2020. Jerome Delay-Pool via REUTERS-File Photo

South Africa leader faces thorny test over virus lockdown

Admired by some but berated by others for imposing a tight lockdown, South African President Cyril Ramaphosa faces a fresh leadership test over his handling of the coronavirus outbreak.
The Central Bank of Nigeria (CBN) as said that its staff in Jos Branch, on Tuesday averted what would have been another major fire disaster in the country.

MPC slashes interest rate to 12.5 percent

The Monetary Policy Committee (MPC) of Central Bank of Nigeria has reduced Monetary Policy Rate (MPR), to 12.5 per cent.
President Muhammadu Buhari on Monday signed into law the Finance Bill 2019 (now Finance Act), which among other objectives, seeks to increase government revenue while supporting struggling small businesses in Africa’s largest economy.

Nigeria’s economy grow by nearly 2 percent in Q1 despite lockdown

Nigeria’s Gross Domestic Product (GDP) grew by 1.87% on a year-on-year basis in the first quarter of 2020 despite many economic contractions around the world, a new by National Bureau of Statistics report has shown.
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed on Saturday met with the leadership of the National Assembly to intimate it with an Executive proposal to establish a N500 billion COVID-19 Crisis Intervention Fund.

Minister: Nigeria is heading towards recession

Nigeria’s Finance Minister, Zainab Ahmed, has revealed that the coronavirus pandemic and falling oil prices are set to force the county’s economy into recession.
Speaker of the House of Representatives, Rep. Femi Gbajabiamila on the floor, moving a bill on the Repeal of Quarantine Act, 2004 at plenary yesterday at National Assembly Abuja. . Photo by Gbemiga Olamikan. 2

Probe into $10 million bribery allegation against Reps begins

The Special Ad-hoc Committee probing the $10 million bribery allegation against members of the House of Representatives, to pass the Control Infectious disease bill has commenced its sitting.
Tokyo Olympics organisers are eyeing next July as a start date for the postponed Games, Japanese media reported Sunday, following the historic decision to delay the event due to the coronavirus.

John Coates: Tokyo Olympics could be ‘greatest ever’

Senior international Olympics official John Coates said on Saturday the delayed Tokyo Olympics could end up being the greatest Games ever, coming next year as the world emerges from COVID-19 crisis.
A Mr D Food delivery worker delivers grocery items from a local food market to a customer, during a nationwide lockdown aimed at limiting the spread of the coronavirus disease (COVID-19), in Midrand, South Africa April 26,2020 .REUTERS-Nqobile Dludla

South Africa takes painful first steps towards reopening battered economy

South Africa took its first shaky steps towards rolling back one of the world’s strictest COVID-19 lockdowns on Friday as it sought to strike a delicate balance between containing the disease and reviving its battered economy.
The Kayode Fayemi administration in Ekiti State says it has defrayed inherited debts to the tune of 31 billion naira since assumption of office.

Governor Fayemi: Why Ekiti senior civil servants are yet to get minimum wage

Gov. Kayode Fayemi of Ekiti has attributed the delay in implementation of the new minimum wage for senior civil servants to the spread of the COVID-19 to the state and its negative consequences.
Akwa Ibom State Governor, Udom Emmanuel, says the idea of random testing for COVID-19 in the state is a waste of government resources.

Akwa Ibom slashes 2020 budget from N597.7 billion to N195 billion

Akwa Ibom State House of Assembly on Wednesday passed into law the amended 2020 appropriation law from initial N597.74billion outlay to N195billion, to meet up with the economic challenges due to COVID-19 pandemic.
South African President Cyril Ramaphosa visits the coronavirus disease (COVID-19) treatment facilities at the NASREC Expo Centre in Johannesburg, South Africa April 24, 2020. Jerome Delay-Pool via REUTERS-File Photo

Coronavirus stirs rancour in South Africa on democracy anniversary

South Africa’s divisions over race and wealth inequality, which the COVID-19 crisis had briefly sidelined, returned to the fore on Monday’s 26th anniversary of the end of apartheid.
People wearing face masks as a preventive measure against the COVID-19 novel coronavirus walk to a train, one of the stops being Wuhan, at a station in Shanghai on March 28, 2020. – The Chinese city of 11 million people that was Ground Zero for what became the global coronavirus pandemic partly reopened on March 28, after more than two months of almost total isolation. (Photo by Hector RETAMAL / AFP)

Back to school in China as lockdowns start to ease worldwide

Children in China’s two most important cities went back to school Monday after more than three months at home, as coronavirus restrictions eased and governments around the world began charting a path out of the pandemic lockdown.
British Prime Minister Boris Johnson on Friday became the latest celebrity to test positive for COVID-19, joining heir to the throne Prince Charles.

British premier under pressure to explain UK virus plan on return to work

Prime Minister Boris Johnson is expected to return to work soon after his recovery from COVID-19, as pressure mounts on his government to explain how to get Britain out of lockdown.
European Union (EU) leaders will hold a video summit on Thursday in a bid to agree on a shared fiscal response to a recession looming as a result of the coronavirus pandemic, though there is little hope of a breakthrough.

EU leaders to hold summit on recovery plan

European Union (EU) leaders will hold a video summit on Thursday in a bid to agree on a shared fiscal response to a recession looming as a result of the coronavirus pandemic, though there is little hope of a breakthrough.
A man is silhouetted against the logo of the World Bank at the main venue for the International Monetary Fund (IMF) and World Bank annual meeting in Tokyo. REUTERS-Kim Kyung-Hoon

World Bank: Sub-Saharan Africa to fall into recession in 2020

The rapidly-spreading coronavirus outbreak is expected to push sub-Saharan Africa into recession in 2020 for the first time in 25 years, the World Bank said in a new forecast on Thursday.
The French economy shrank by six per cent in the first quarter of 2020, according to initial Banque de France estimates published on Wednesday.

Coronavirus: France moves into recession – national bank

The French economy shrank by six per cent in the first quarter of 2020, according to initial Banque de France estimates published on Wednesday.
Kemi Adepoju, a dressmaker, sews a dress with a sewing machine in her shop amid the spread of the coronavirus disease (COVID-19) in Lagos, Nigeria April 5, 2020. REUTERS-Seun Sanni

Lockdowns: Saving lives, but ruining livelihoods in Africa

In a dark ground-floor room in Lagos, dressmaker Kemi Adepoju gazes at a pile of dresses she has made but which cannot be collected due to the lockdown in force to slow the spread of the new coronavirus.
(FILES) In this file photo taken on November 7, 2019 French Economy and Finance Minister Bruno Le Maire leaves the Elysee palace in Paris after the weekly cabinet meeting. – France could see its deepest recession this year since the end of World War II, due to the coronavirus crisis, Finance Minister Bruno Le Maire warned on April 6, 2020. “The worst growth figure in France since 1945 was -2.2 percent in 2009, after the financial crisis of 2008. We will probably be very far beyond -2.2 percent” this year, Le Maire told a Senate panel. (Photo by Alain JOCARD / AFP)

France heading for worst recession since WWII – minister

France is likely to see its deepest recession since the end of World War II this year because of the coronavirus crisis, Finance Minister Bruno Le Maire warned Monday.

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Odion Jude Ighalo has hinted he is set to stay at Manchester United for another seven months.

Odion Ighalo raises hope as Manchester United loan deal expires

The Nigerian forward has been an instant success since his January move to Old Trafford but saw his future at the club in doubt with his original loan deal at the club expiring last Sunday.
Reddit and Twitter have filed supporting evidence in a lawsuit against the US government, which challenges the requirement that nearly all visa applicants submit their social media handles for scrutiny.

Reddit and Twitter join the fight against US demands for visa applicants’ online handles

Reddit and Twitter have filed supporting evidence in a lawsuit against the US government, which challenges the requirement that nearly all visa applicants submit their social media handles for scrutiny.
Sword-wielding militants killed an Indonesian policeman and critically injured another on Monday in what authorities described as a terror attack by suspected Islamic State-linked extremists.

Indonesian policeman killed by sword-wielding militants

Sword-wielding militants killed an Indonesian policeman and critically injured another on Monday in what authorities described as a terror attack by suspected Islamic State-linked extremists.
“Dr. Sirous Asgari’s case has been closed in America and he will probably return to the country in the next two or three days,” ministry spokesman Abbas Mousavi was quoted as saying by ISNA news agency.

Iran says scientist jailed in US to return in days

Iran’s foreign ministry said Monday that Sirous Asgari, a scientist jailed in the United States, is set to return to the Islamic republic within days.
Real Madrid's Karim Benzema celebrates scoring their first goal REUTERS-Marcelo Del Pozo-File Photo

La Liga announces fixtures as season re-start looms large

Barcelona will recommence their bid to defend the Spanish title on Saturday June 13 away to Real Mallorca after a three-month pause due to the COVID-19 pandemic, while Real Madrid will host Eibar on June 14, organisers La Liga announced on Sunday.