
Sadiq Khan says his mission to Africa will boost London business
The trip started in Nigeria's biggest city, Lagos - and provided a chance to catch up with a number of firms from the city's growing tech sector. The message from Sir Sadiq was a clear one: partner up with London's tech firms - come and do business with us.Echoes perhaps of the drive during Covid when we were constantly told - "London is open".It was a message he repeated as he moved on to Accra in Ghana. Talking to students there he chose to fire a barbed message to his Labour colleagues in government - criticising proposals that could see universities having to pay a levy on international students' fees.Sir Sadiq talked of "the immense value international students bring to London and the UK" - and warned that "closing our country to global talent would be a pointless act of immense economic self-harm".
The mayor followed that up with the promise of the first business summit between Africa and London - to be held in the capital next year.John Dickie, the CEO of BusinessLDN, welcomed this pledge and backed the mayor's trip to Africa, saying: "London is a melting pot of communities, workers and businesses from across the globe."The mayor is absolutely right to bang the drum for closer ties with key high-growth markets. Boosting trade and investment links with the likes of Nigeria, Ghana and South Africa will benefit Londoners."As the tour started, the Conservative MP and shadow chancellor Mel Stride had suggested that the mayor should be back in London with "his hand on the tiller", addressing issues like shoplifting that affect small businesses.
While BBC London is not on the current mayor's tour of Africa, I have been on similar ventures with Sir Sadiq and his predecessors Boris Johnson and Ken Livingstone.What is interesting is the way they are generally greeted - the fact that being mayor of London is seen as a prestigious role - that London is regarded as a genuinely global city.It can often be at odds with how they are viewed by the people in their own city. There have, of course, been mishaps along the way. Livingstone's trip to Venezuela to meet president Hugo Chavez only made it as far as Cuba. And when he was mayor Johnson had to cancel a planned visit to the West Bank after fears of protests.Despite that, the visits will continue whoever is mayor - as will the rows over whether such trade missions bring real value to London.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Reuters
24 minutes ago
- Reuters
Indian shares inch lower as Kotak earnings drag financials, trade deal delay weighs
July 28 (Reuters) - Indian shares inched lower on Monday as weak results from Kotak Mahindra Bank weighed on sentiment, while uncertainty over trade talks with the U.S. added to overall caution. The Nifty 50 (.NSEI), opens new tab fell 0.16% to 24,798.9 points and the BSE Sensex (.BSESN), opens new tab lost 0.2% to 81,325.4 as of 10:03 a.m. IST. The broader small-caps (.NIFSMCP100), opens new tab and mid-caps (.NIFMDCP100), opens new tab lost 0.3% and 0.2%, respectively. Negotiations between India and the United States remained deadlocked over tariff cuts on agriculture and dairy products, dimming hopes of an interim deal ahead of U.S. President Donald Trump's August 1 deadline. This is in contrast to a framework trade agreement struck between the U.S. and European Union over the weekend, easing fears of a bigger trade war between the two allies, which account for almost a third of global trade. High-weightage financials (.NIFTYFIN), opens new tab and private banks (.NIFPVTBNK), opens new tab lost 0.2% and 1%, respectively, dragged by a 7% fall in Kotak Mahindra Bank ( opens new tab after it posted a drop in quarterly profit. The IT index (.NIFTYIT), opens new tab lost 0.5%, with Tata Consultancy Services ( opens new tab shedding 1.6% after it announced plans to reduce its workforce by 2% in fiscal year 2026. The Nifty 50 and 30-stock Sensex (.BSESN), opens new tab have logged four consecutive weekly losses due to weak earnings, foreign outflows and uncertainty over the U.S.-India trade deal. "A dull earnings season and the lingering delay in the India-U.S. trade deal have clearly cast a shadow on market sentiment. With valuations still stretched across the board, investors are understandably treading with heightened caution," said G Chokkalingam, founder and head of research at Equinomics Research. Among individual stocks, Mphasis ( opens new tab gained 2.4% on posting quarterly results in-line with estimates and on strong deal bookings, which has boosted the IT company's revenue growth outlook. SBI Cards and Payment Services ( opens new tab lost 3.7% after missing profit estimates in the June quarter.


Reuters
26 minutes ago
- Reuters
Malaysia's economy projected to grow 4% to 4.8% this year, central bank says
KUALA LUMPUR, July 28 (Reuters) - Malaysia's economy is projected to expand by 4% to 4.8% in 2025, down from a previous forecast of 4.5% to 5.5%, its central bank said on Monday, warning that trade and tariff uncertainties could affect global growth. Headline inflation is expected to average between 1.5% and 2.3% this year, Bank Negara Malaysia said in a statement. The central bank said the global economic growth outlook was affected by shifting trade policies and uncertainties surrounding tariffs. It said Malaysia's "updated growth projections account for various tariff scenarios, ranging from a continued elevation of tariffs to more favourable trade negotiation outcomes." Although Malaysia's economy remains on a "strong footing", the central bank said its growth projection remains subject to uncertainties surrounding the global economy. Malaysia is facing a 25% tariff on its exports to the United States unless it can reach a deal with Washington by August 1. Malaysia's trade minister said several sticking points remained in the talks with the United States, particularly on non-trade barriers, but discussions were progressing well and were on track to meet the August deadline.


Reuters
26 minutes ago
- Reuters
Morning Bid: US and EU avert tariff bust-up
A look at the day ahead in European and global markets from Gregor Stuart Hunter We may be hearing a lot about the art of the deal this week. With the U.S. tariff deadline bearing down on the global economy at the end of this week, it's the EU's turn to announce a trade deal with the White House, albeit one that is skewed in the U.S.'s favour. The agreement lowers the baseline tariff on most European imports to 15% from the Trump administration's earlier threat of a 30% rate, while committing the EU to invest some $600 billion in the United States. Governments around the world are racing to reach trade agreements with the U.S. to avert the imposition of the Liberation Day tariffs that were first announced on April 2. Talks are also taking place between the U.S. and China in Stockholm on Monday, with reports indicating another 90-day extension to the tariff deadline may be in the works. As Vasu Menon, managing director for investment strategy at OCBC in Singapore, puts it: "The 15% tariff is a pleasant surprise as it is half of what the U.S. threatened to impose on the EU, and it offers hope that other major trading partners of the U.S. could also strike deals of this nature soon." The deal appears to mirror the one struck between the U.S. and Japan last week, with a pattern emerging of unilateral investment in exchange for a lower tariff. That could indicate what to expect as talks go down to the wire with other big economies like China, South Korea and Taiwan. The new U.S. tariff rate on the EU extends to medicinal and pharmaceutical products and motor vehicles, which were the bloc's biggest exports to the U.S. last year. Aircraft and their components, the next biggest segment, will have zero-for-zero tariffs, though the U.S. will keep in place a 50% tariff on steel and aluminium. Investors welcomed the trade deal that avoids a trade war and could bring clarity for companies. Pan-region futures climbed 1%, German DAX futures rose 1%, and FTSE futures gained 0.5%. U.S. equity futures rose 0.4% following the deal, putting the S&P 500 on track for a sixth consecutive day of gains and potentially a new peak. Earnings from Heineken ( opens new tab will headline the corporate diary on Monday as the world's second-largest brewer counts the cost of tariffs. However, the firm's shares will likely get a boost from the newly-agreed framework deal along with automakers (.SXAP), opens new tab and drugmakers (.SXDP), opens new tab in the region. Key developments that could influence markets on Monday: Earnings: Heineken NV, Wise PLC, EssilorLuxottica SA UK data: CBI Distributive Trades for July Debt auctions: France 3-month, 7-month, 9-month and 1-year Trying to keep up with the latest tariff news? Our new daily news digest offers a rundown of the top market-moving headlines impacting global trade. Sign up for Tariff Watch here.