Daily news insights and analysis of the Africa Business Landscape, covering from emerging startups to macroeconomics from across the 55 Africa Union member states com.
US Lawmakers to Approve $6.3bn Afghan Refugee Resettlement
The US House of Representatives is moving to approve $6.3bn in emergency assistance to help resettle Afghan refugees in the United States after the country’s evacuation operation from Kabul last month.
The funds are part of a larger $28.6bn disaster relief and stopgap government funding bill expected to be passed in the House.
Representative Deborah Ross, a House Democrat says the funding will ensure the government agencies involved in the resettlement process have the capacity necessary to help our Afghan allies build new lives in safety in the United States.
China Stops its Oversea funding of Coal Project
Chinese President Xi Jinping says that China would no longer fund the construction of new coal-fired power projects overseas, surprising the world on climate for the second straight year at the United Nations General Assembly.
China has supported coal projects in developing countries including Indonesia and Bangladesh and has been under heavy diplomatic pressure to put an end to the financing to help the world meet the goals of the Paris climate agreement to reduce carbon emissions.
Xi’s announcement on Tuesday followed similar moves by South Korea and Japan earlier this year.
J&J Discloses Favorable Covid Booster Data
New data released by Johnson & Johnson says the COVID vaccine is more effective when given as a two-dose regime,.
A second shot is given 56 days after the first provided 75 per cent protection against symptomatic Covid in a global clinical trial, with that level rising to 94 per cent in the United States.
It was 94 per cent effective in preventing severe or critical Covid at least 14 days post final vaccination in America.
The data is positive news for the almost 15 million Americans who received one dose of the J&J vaccine but have been left in the dark about if and when they might need a booster.
US President Denies Cold War Allegations
President Joe Biden told the world that the United States is not seeking a new Cold War with China as he vowed to pivot from post-9/11 conflicts and take a global leadership role on crises from climate to Covid.
Biden promised to work to advance democracy and alliances, despite friction with Europe over France’s loss of a mega-contract.
The Biden administration has identified a rising and authoritarian China as the paramount challenge of the 21st century, but in his United Nations debut, he made clear he was not trying to sow divisions.
Britain Advised to Review Energy Law
Reuters reports that Oil and gas firm Neptune Energy has written to Britain’s energy minister asking for a change in regulation to allow it to produce more domestic gas from its North Sea field amid record gas prices.
Neptune says a change in regulations that determine the way gas was blended would allow the company to safely produce 13% more gas at its Cygnus gas field in the North Sea.
Neptune Executive Chairman Sam Laidlaw says enabling the proposed relaxation of the specification immediately under emergency powers would allow the use of gas at a lower calorific value.
Russian Apex Bank Lifts Rates
Russia’s Economy Minister Maxim Reshetnikov says the economy is expected to grow by an average of 3% in the period 2022-24, with the central bank raising interest rates to curb inflation.
The ministry also upgraded its growth forecast for this year to 4.2% from 3.8%, as the economy recovers from the coronavirus pandemic and lower oil prices faster than expected.
The Russian Central Bank this month raised its key rate for the fifth time this year, to 6.75%, as it tries to bring inflation under control, and has signalled that more hikes are possible.
The ministry sees inflation returning to the central bank’s target of 4.0% next year and staying stable around that level through to 2024.