Trump Plans ‘100% Tariff’ On All Movies Produced Abroad
US President Donald Trump says he was ordering new tariffs on all films made outside the United States, claiming Hollywood was being devastated by a trend of US filmmakers and studios working abroad. The announcement comes as the White House is coming under mounting criticism over its aggressive trade policies that have seen Trump impose sweeping tariffs on countries around the globe. Trump authorised the Department of Commerce, and the United States Trade Representative, to immediately begin the process of instituting a 100% Tariff on any and all Movies coming into our Country that are produced in Foreign Lands.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.
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Trump Orders Reopening Of Notorious Alcatraz Prison
Donald Trump says he is directing his government to reopen and expand Alcatraz, the infamous former prison on an island near San Francisco's Golden Gate Bridge. President Trump says that for too long America has been plagued by vicious, violent, and repeat criminal offenders". The reopening of Alcatraz - once notorious as one of the US's toughest prisons - would serve as a "symbol of law, order, and justice," he said. Leading Democrats said the proposal was "not a serious one". The maximum security facility, also known as The Rock, was closed in 1963 and it is currently operating as a successful tourist site.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.
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Kenyan Banks Say No To Cbk’s New Loan Pricing System
Kenyan commercial banks have rejected the Central Bank’s proposed loan pricing model, arguing it risks reintroducing interest rate controls through the back door. The Central Bank wants lenders to price credit using the Central Bank Rate plus a regulated premium known as “K”—but banks prefer a market-driven benchmark like the interbank rate. The CBK aims to make interest rates more transparent and better aligned with monetary policy however the banks say the new formula could limit their ability to price risk effectively, especially when lending to small businesses. They argue that strict pricing rules would reduce credit flow to riskier sectors and undermine efforts to support economic growth. Banks also noted the potential disruption to their existing SME loan commitments. The Kenya Bankers Association says lenders have pledged to disburse KES150 billion (annually to SMEs. Imposing a rigid pricing formulacould make those goals harder to meet.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.
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South Africa Sets Up Inquiry Into Apartheid Prosecutions
South African President Cyril Ramaphosa has announced a judicial inquiry into allegations of political interference in the prosecution of apartheid-era crimes. The announcement comes three decades after the end of white-minority rule - and after a group of survivors and victims' relatives sued Ramaphosa's government over a perceived lack of justice. A presidential statement says Ramaphosa is determined that the true facts be established and the matter brought to finality. Plaintiffs include the son of Fort Calata who, among a group of anti-apartheid activists who came to be known as the Cradock Four, was burnt and killed by security forces in 1985. The presidency acknowledged that allegations of improper influence in delaying or hindering the investigation and prosecution of apartheid-era crimes have persisted from previous administrations.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.
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Oil Prices Fall Over 3% After OPEC+ Output Hike
Oil prices slumped on Monday after eight OPEC+ members announced a sharp increase in production, adding to fears of oversupply of crude. OPEC+ member countries announced that they would increase oil production in June. Saudi Arabia, Russia, and six other members of the oil-producing countries will implement a production adjustment of 411,000 barrels a day in June, up from May’s 137,000 barrels. The group says the decision was after the eight OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023 (Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman), met virtually to review global market conditions and outlook.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.
Daily news insights and analysis of the African business Landscape, covering from emerging startups to macroeconomics from across the 55 African Union member states com.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.
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