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U.S., China Make Contrasting Statements On Trade War Truce

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U.S., China Make Contrasting Statements On Trade War Truce

China and the United States agreed on Saturday to a truce in their trade war following talks between Chinese President Xi Jinping and U.S. President Donald Trump on the sidelines of the G20 summit in Argentina.

However, there are differences in both countries’ official accounts of what was agreed. Here are some of the key differences:

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The White House said Xi said he was open to approving the previously unapproved Qualcomm-NXP deal should it again be presented to him.

Senior Chinese officials did not mention this deal in a news conference. However, at least one major Chinese state media outlet mentioned it on its account on Chinese social media platform WeChat, referring to the White House statement.

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African News

Zimbabwe Central Bank Abandons Quasi Dollar

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Zimbabwe Central Bank Abandons Quasi Dollar

Zimbabwe Central Bank has abandoned the quasi dollar it introduced in 2016.  The peg of one Zimbabwe dollar to one US dollar has not worked as the black market rate has been in the range of three and a half to four Zimbabwe dollars to one U.S. dollar.

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Economists say this move could lead to jitters in countries that hold the peg, including Saudi Arabia and Hong Kong.

Zimbabwe has long been dealing with currency instability that in 2009, it introduced the US dollar, euro, and the South African rand as legal tenders it thought would stem the wild round of hyper-inflation.

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Business News

FIRS Directs Banks To Lift Liens Placed On Tax Defaulters’ Accounts

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FIRS Directs Banks To Lift Liens Placed On Tax Defaulters' Accounts

The Federal Inland Revenue Service (FIRS) has directed banks to lift for 30 days the liens placed on bank accounts of alleged tax defaulters.

FIRS explained that it took the step because large numbers of defaulting taxpayers have besieged its offices in than effort to regularise their tax positions.

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In September, FIRS Boss Babatunde fowler had said the service was going after six thousand defaulters whose bank accounts would be frozen until they pay up.

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KPMG, one of the big four auditors in the world, had accused FIRS of going draconian by directing banks to freeze accounts of suspected tax defaulters.

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African News

Total Discovers Gas Off Southern Coast of South Africa

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Total Discovers Gas Off Southern Coast of South Africa

Patrick Pouyanne, CEO of French energy giant, Total, says his company has made a significant discovery of gas, off the southern coast of South Africa.

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Total says potential quantities could be around one billion barrels of global resources, gas and condensate light oil. The country currently imports fuel from Mozambique.

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South Africa’s Mineral Resources Minister, Gwede Mantashe, says the discovery was a potentially major boost for the economy.

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