South Africa Cuts Back on Interest Rate as Inflation Cools

Amazon CEO Andy Jassy is calling for a full return to office at the start of 2025. For the last 15 months, employees have been expected to work in the office three days per week. Now employees will be expected to be in the office five days a week, with work from home being OK only in extenuating circumstances. Big Tech executives have championed return-to-office mandates, but they have proven unpopular among some tech workers.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

Sri Lanka's new president Anura Kumara Dissanayake has been sworn into office, promising "clean" politics as the country recovers from its worst economic crisis. The left-leaning Dissanayake says they need to establish a new clean political culture and win back the people’s respect and trust in the political system. Dissanayake says the unity of Sinhalese, Tamils, Muslims and all Sri Lankans is the bedrock of this new beginning, Dissanayake also promised voters good governance and tough anti-corruption measures.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

Women's rights advocates are demanding the immediate implementation of a nearly 30-year-old gender equity bill which Ghana’s president signed into law. Ghana's Affirmative Action (Gender Equality) Act 2024 is expected to ensure a critical number of women hold key positions in government, security, commerce and other decision-making spaces. The law promotes the progressive and active participation of women in public life from a minimum of 30% to 50% by 2030, in line with the UN's Sustainable Development Goal of achieving gender equality by 2030. This ends a process which began in 1998, with the bill shuffling between parliaments until the legislature passed it in July this year. Many campaigners faulted Ghana’s law-making body for the long delay. Speaker of Parliament Alban Bagbin says he hoped lawmakers would commit to the reforms and do more to create a free and just society to liberate more women to support and develop mother Ghana.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

The South African Reserve Bank has cut interest rates by 25 basis points, the bank lowered interest rates from 8.25% to 8%. South Africa’s inflation eased to 4.4% after a decrease in transport prices and utility rates. It is the lowest inflation rate since April 2021. SARB governor Lesetja Kganyago says they found 25 to be a prudent stance to take adding that Adventurism is not part of the monetary policy toolkit. He added that both 25 and 50 basis points cuts were on the table but the monetary policy committee unanimously settled on the former.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

Kenya has pledged to send 600 more police officers to Haiti in the coming weeks to help fight gangs controlling much of the capital, Port-au-Prince, and nearby areas. Kenya’s President William Ruto says he supported turning the current Kenya-led security mission into a full United Nations peacekeeping operation. A handful of other countries have together pledged at least 1,900 more troops. Violence in Haiti is still rife and a UN human rights expert has warned that gangs are targeting new areas, causing further displacement. The UN Security Council is due to meet by the end of the month to decide whether to renew Kenya's current mandate for another 12 months, paving the way for a full UN mission in 2025.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

The Federal Government has saved a total sum of N900bn proposed to be spent for state governments’ infrastructural development and security between November 2023 and July 2024. The Federal Accounts Allocation Committee deducts the amount disbursed to a special account before its monthly revenue distribution to the three tiers of government. President Bola Tinubu earlier approved the establishment of the Infrastructure Support Fund for the 36 States of the Federation as part of measures to cushion the effects of the petrol subsidy removal on the people.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

The Independent National Electoral Commission has declared Okpebholo of the All Progressives Congress as the winner of the 2024 governorship election in the South-South state. Okpebholo, 54, secured 291,667 votes to defeat Asue Ighodalo of the Peoples Democratic Party (PDP) who got 247,274 votes and Olumide Akpata of the Labour Party (LP) who came a distant third in the race with 22,763 votes. Fourteen other candidates contested the seat but got less than the three frontline candidates.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

TikTok will start making its case against a law that will see it banned in the US unless Chinese owner ByteDance sells the social media app within nine months. The measure - signed into law by President Biden in April - has been prompted by concerns that US users' data is vulnerable to exploitation by China's government. TikTok and ByteDance have always denied links to the Chinese authorities and have described the law an "extraordinary intrusion on free speech rights. The firm will make its arguments before a three-judge panel at an appeals court in Washington DC. Company representatives will be joined by eight TikTok creators, including a Texas rancher and a Tennessee baker, who say they rely on the platform to market their products and make a living.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

The government of South Sudan is holding an emergency cabinet meeting hours after it announced that long-delayed national elections would be postponed by two years. The polls were due to take place this December. A 2018 peace deal that ended a civil war allowed President Salva Kiir to remain in charge of a transitional government with his former foe Riek Machar serving as his deputy. South Sudan, the world's youngest country, has not held national elections since independence in 2011. This has fuelled suspicion that they are clinging to power in the oil-rich country. President Salva Kiir's office says essential tasks like writing a new constitution must happen before an election. Officials have also cited logistical and security challenges, which could not be overcome by the end of the year.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

The Lagos Waste Management Authority plans to introduce community recycling centres to support businesses in the circular economy. LAWMA CEO, Muyiwa Gbadegesin says the centres are part of upcoming innovations from the waste management agency during the Lagos Recyclers Association Conference held on Friday in Lagos State. Gbadegesin says the community recycling centre will be a drop-off point for people in the community to bring recyclable materials, whether it’s paper, PET bottles, other types of plastic, glass, metals, even textile waste, and then food waste.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.