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One of the key issues highlighted by Premier David Makhura’s State of the Province Address were bulk infrastructure provision of water, sewage and electrification. CNBC Africa spoke with Tasneem Motara, MEC for Infrastructure Development about the challenges that this vision presents to her department.

#GPSOPA2020: MEC Motara on how Gauteng is cutting red tape on bulk infrastructure projects

#GPSOPA2020: MEC Motara on how Gauteng is cutting red tape on bulk infrastructure projects, creating jobs

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The coronavirus continues to cause havoc with supply chains in Africa and around the world. The sweet business of honey – South Africa imports over 85 per cent of its honey from China by the way &#8211; is suffering the bitterness of this disruption. A bit of home grown skulduggery is making matters worse in Africa. John Purchase CEO of Agbiz joins CNBC Africa for more.

COVID-19 disrupts honey imports from China

COVID-19 disrupts honey imports from China, here’s why this could be an opportunity for local African producers

LUSAKA (Reuters) &#8211; Zambia’s African Green Resources (AGR) on Sunday launched an $81 million financing programme under which the company and its partners will provide farm supplies and technology to farmers in exchange for grain.



As part of broader plans by AGR to invest $150 million in Zambia for projects including a 50 megawatt solar farm and irrigation dam, AGR will target 120 commercial farmers and 250,000 small and middle farmers with the new programme to boost food security in Zambia and the surrounding region, chairman Zuneid Yousuf said in a statement.



It will cover 60,000 tonnes of fertiliser for wheat and soya farming &#8211; worth $55 million &#8211; and $26 million for projects such as the expansion of grain storage silos. It will be financed through regional and global banks, with the money repaid from the produce the programme yields.



“We expect to receive 44,000 tonnes of wheat per season,” Yousuf said, some of which will be processed before being sold on local and international markets.



“We will repay the loan from sales of wheat flour, soya processing plant products and silo revenue.”



Some of the money is also guaranteed by the African Development Bank, the African Union, Sace Italy and Agriculture Grain International.



The farmers, meanwhile, would benefit from the ability to grow their businesses with the help of access to markets and credit finance, Yousuf added.



World Food Programme (WFP) estimates indicate that a record 45 million people in 16 nations in southern Africa face growing hunger after repeated drought, low yields, widespread flooding and sluggish economic growth.



Reporting by Chis Mfula; Editing by Emma Rumney and David Goodman

What you need to know about this Zambian agriculture business launching an $81 million farmer financing scheme

JOHANNESBURG (Reuters) &#8211; South Africa’s largest trade union federation COSATU said on Wednesday that it would not allow workers’ wages to be slashed, after Finance Minister Tito Mboweni used a budget speech to promise cuts to the public sector wage bill.



COSATU said in a statement that it was deeply angered by Mboweni’s budget, calling it “provocative” and “reckless”.



Reporting by Alexander Winning; Editing by Catherine Evans

Empty Wallet

SA trade union COSATU says it won’t allow workers’ wages to be slashed

By Chris Bishop



It is a bitter irony in South Africa’s Budget week that one of the most robust, homegrown, retailers ever built in South Africa is in its death throes.



Whatever Finance Minister Tito Mboweni has to offer small
business in his budget this week, it is too late for Bakos Brothers a family
furniture firm built on fraternal hard work and sweat. 



Bakos Brothers has closed all of its stores, retrenched 288 staff, and hopes to tie up all loose ends by the end of February. It has been a slow death for the store chain – one of the few left in South Africa that makes its own furniture – which made retrenchments every few months for the last two years. Costs were cut to the bone, in vain, as revenue tumbled. Everything from cheap Chinese imports to government tightening its purse strings – meaning fewer so-called tenderpreneurs –meant the numbers fell.



It saw a dramatic plunge in turnover that even the company itself
finds hard to explain. In the year to the end of February 2017 the stores
turned over R158 million; figures for the year to the end of this February show
a mere R55 million turnover.



“Not in the 48 years of this business have we ever seen a
downward cycle of retail like this,” says Ryan Bakos the CEO of the company.



“In recent years we have waited for changes under the new
president, but little happened. We have decided to go and sleep for two or
three years and then we might come back.”



It is a sad end to a business that began with bright optimism and elbow grease. The Bakos brothers bootstrapped the company into a household name in the 1970s by doing everything including sales and making the furniture. In the evening, the brothers would take off their suits and put on overalls. They would make deliveries to their growing market among the up-and-coming high rise residents of Hillbrow in Johannesburg. Often they would have to haul on ropes to lift lounge furniture to the upper floors.



The next morning, back in their suits, the brothers would
deposit the cash collected the night before to keep the young business going.



Bootstrapping that sadly came to naught nearly half a
century on.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

shutterstock_155347391

Bootstrapping Bakos Brothers broken

By <a href="https://theconversation.com/profiles/muazu-ibrahim-966673">Muazu Ibrahim</a>, <a href="https://theconversation.com/institutions/university-for-development-studies-3706">University for Development Studies</a>

Economic growth is driven by a number of factors. These include foreign direct investment, national savings, household spending, fiscal and monetary policies. Since the late 1980s African governments have fully embraced foreign direct investment as a major driver of growth. 

One of the avenues through which countries have sought to attract more foreign direct investment has been investment summits. These are hosted jointly with developed countries. They include the <a href="https://www.odi.org/blogs/10674-focac-2018-what-expect-next-weeks-china-africa-summit">Africa-China Investment Summit</a>, <a href="https://www.un.org/africarenewal/news/first-uk-africa-investment-summit-signals-post-brexit-plans-continent">Africa-UK Investment Summit</a> and the <a href="https://www.businessghana.com/site/news/business/199915/2020-U-S-Africa-Business-Summit-to-be-Hosted-in-Morocco">Africa-US Investment Summit</a>.

Despite these efforts, <a href="https://unctad.org/en/PublicationsLibrary/wir2019_en.pdf">data</a> shows that Africa has not been a major <a href="https://data.worldbank.org/indicator/BX.KLT.DINV.WD.GD.ZS?locations=ZG">recipient</a> of these flows. In fact, it attracts a lot less than other developing countries. 

There’s a bigger problem too – the impact on economic growth of the foreign direct investment the continent attracts is lower than other comparable parts of the world. In <a href="https://www.tandfonline.com/doi/full/10.1080/20430795.2019.1683504">our research</a> we set out to understand why. To do this, we looked at the financial services sector which is underdeveloped in most African countries.

<h2>The search</h2>

We examined <a href="https://www.tandfonline.com/doi/full/10.1080/20430795.2019.1683504">data</a> from 45 countries between 1980 and 2016. The variables we looked at included economic growth, foreign direct investment, financial sector development, human capital, government expenditure and gross fixed capital formation. 

The countries were selected based on data availability. They comprised several countries from all the regional blocs, including six countries from Northern Africa.

Overall, the countinent’s financial sector is under-developed compared to other emerging economies, with the exception of South Africa which is relatively well-developed. The countries’ financial sectors are bank-based, thus providing limited space for the equity (capital) markets. 

We sought to examine the relationship among three factors: foreign direct investment, economic growth, and financial sector development. Financial sector development measures a country’s financial institutions to make financial services available to citizens. It also includes the provision of finance to businesses.

There has been a lot of economic literature on the impact of foreign direct investment on economic growth. And there have been many <a href="https://www.researchgate.net/publication/266079304_FOREIGN_DIRECT_INVESTMENT_FINANCIAL_SECTOR_DEVELOPMENT_ECONOMIC_GROWTH_EMPIRICAL_EVIDENCE_ON_LINKS_FROM_GHANA_INTRODUCTION">studies</a> on the linkages between foreign direct investment, financial sectors and economic growth. But less has been done on the extent to which Africa’s financial sector is a conduit through which foreign direct investment drives economic growth.

<a href="https://www.mdpi.com/1911-8074/12/4/176/pdf">Research</a> findings on the impact of foreign direct investment on a country’s economic growth are mixed. This implies that the extent of the impact is determined by other <a href="https://www.researchgate.net/publication/325657823_The_Impact_of_Foreign_Direct_Investment_on_Economic_Growth_a_Causal_Study_in_the_United_States">factors</a> and characteristics of a country’s economy. 

That’s why we chose to look at how the financial sector, in particular its stage of development, can moderate the impact of foreign direct investment on economic growth.

<h2>What attracts foreign direct investment</h2>

For the most part, foreign direct investment inflows to Africa have generally been attributed to five factors. These are regulations (ease of doing business), the general investment climate, broader economic reforms, information communication and technology development, and improvements in infrastructure.

Foreign direct investment plays an important role in economic development. It provides financial resources, technological spillovers and improvement in human capital. These are all critical factors that can spur Africa’s economic development by addressing infrastructural deficits and reducing unemployment. 

The effect of foreign direct investment on economic growth is well documented globally. Funds from foreign investors are channelled through a country’s financial system before being allocated to the targeted beneficiary of the investment. 

In Africa’s case we <a href="https://www.tandfonline.com/doi/full/10.1080/20430795.2019.1683504">found</a> that the continent’s underdeveloped financial sector has dampened the impact of foreign direct investment on economic growth. 

To measure financial sector development we calculated credit provided by the financial sector to the private sector as a percentage of GDP. On this measure, Africa’s financial sector fails to allocate financial resources effectively and efficiently to the productive sectors of the economy. 

When the financial sector does allocate resources, it invests in risky projects. The net effect is that it hurts economic growth and therefore fails to support foreign direct investment.

<h2>What’s to be done</h2>

Foreign direct investment inflows to Africa are increasing, albeit marginally. What our study shows is that African governments need to spend more effort on maximising the impact of foreign direct investment on economic growth. This is over and above current efforts to gain a bigger share of global foreign direct investment flows. Failure to raise the impact of foreign direct investment on economic growth will mean that African countries will not fully benefit from higher inflows.

Improving the performance of the financial sector should be one of the major preoccupations of African policymakers. This should include regulators improving their supervisory roles. And they should strengthen the financial sector’s ability to allocate resources effectively to the productive sectors of the economy. Improvements in corporate governance and risk management strategies would also help.

This article was co-authored with Abraham Mensah Acquah. He holds BA (Integrated Business Studies) and a Master of Commerce degree in Banking and Finance from the School of Business and Law, University for Development Studies, Wa, Ghana.<img loading="lazy" decoding="async" src="https://counter.theconversation.com/content/131856/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important" />

<a href="https://theconversation.com/profiles/muazu-ibrahim-966673">Muazu Ibrahim</a>, Lecturer, Department of Banking and Finance, <a href="https://theconversation.com/institutions/university-for-development-studies-3706">University for Development Studies</a>

This article is republished from <a href="http://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/african-countries-arent-getting-as-much-as-they-should-from-foreign-direct-investment-131856">original article</a>.

Wikimedia Commons_Foreign Direct Investment

Why African countries aren’t getting as much as they should from foreign direct investment

JOHANNESBURG, Feb 24 (Reuters) &#8211; South African petrochemicals group Sasol reported on Monday a 74% drop in interim profit, weighed down by problems at its Lake Charles Chemicals project (LCCP) in the United States and softer chemical and Brent crude oil prices.



Difficulties at the Lake Charles project, which is costing billions of dollars more than initial estimates, have led to the resignation of the company&#8217;s joint chief executives late last year.



&#8220;The financial results were impacted mostly by a weak macroeconomic environment, which resulted in lower margins, and the LCCP being in a ramp-up phase,&#8221; Sasol said.



Headline earnings per share, the main profit measure, for the six months ended Dec. 31 fell to 5.94 rand ($0.40) from 23.25 rand a year earlier.



Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) fell 27% to 19.6 billion rand.



LCCP hurt EBITDA by 1.1 billion rand, and the plant resulted in 1.7 billion rand in depreciation charges.



Sasol said revenue from the Louisiana plant, which converts natural gas into plastics ingredient ethylene, did not yet match its project costs. However, the company expects the facility to generate positive EBITDA in the second half of the year.



The company said LCCP&#8217;s overall project completion was at 99% at the end of December. Investigations into a fire at one of the units at the LCCP plant in January revealed that a piping support structure within the emergency vent system failed during commissioning, causing a pipe to dislodge.



Sasol, the world&#8217;s top manufacturer of motor fuel from coal, said no major equipment was damaged, and the incident was isolated but beneficial operation of the unit would be delayed to the second half of 2020.



The overall cost estimate for LCCP is tracking $12.8 billion, within its previous guidance of $12.6 billion to $12.9 billion.



The LCCP was expected to cost $8.9 billion in a 2014 forecast. ($1 = 14.9945 rand) 



(Reporting by Tanisha Heiberg; Editing by Muralikumar Anantharaman and Maju Samuel)

GettyImages-71007872

South Africa’s Sasol half-year earnings fall 74%, here’s why

By Dr Aradhana Ramnund-Mansingh, an academic at MANCOSA and former Human Resource Executive.



The Queen Bee Syndrome whereby women in power consciously impede the development of other women in the workplace, is slowly gaining ground in South Africa.



Queen Bees of the human kind are undoing the gains
of gender equality in the workplace.



The Queen Bee Syndrome is one in which a woman in a
position of authority views or treats subordinates more critically if they are
female, while favouring males when it comes to promotion.




In
nature the Queen Bee is the only queen in her colony; she is fed royal jelly
and is the largest bee in the colony with the most graceful body. Contrary to
nature, the human Queen Bee is anything but graceful &#8211; she is rude, arrogant
and patronising.



At a time when we should be seeing more women
enabling and empowering each other, there is a progressive rise in the number
of Queen Bees in many corporates. This is concomitant with more women assuming
executive positions than before. 



The
Queen Bee phenomenon has been documented by several studies. In one study,
scientists from the&nbsp;<a href="https://en.wikipedia.org/wiki/University_of_Toronto">University of Toronto</a>&nbsp;speculated that the Queen
Bee Syndrome may be the reason that women find it more stressful to work for
female managers; no difference was found in stress levels for male workers.




Amidst
challenges women face to enter the workplace; to overcome socially constructed
norms; and to gain parity at work, women continue to experience the lethal
sting of a Queen Bee who succeeded in her career, but refuses to help other
women do the same.



Throughout
centuries, women faced the constant subjugation by men in terms of policies,
procedures, laws, harassment, power struggles and gender stereotyping. The
boys’ networks control all the power mandates which prescribe practice and
behaviour. When women report injustices and policy contraventions, the decision-making
panels are often made of men who stand in solidarity to uphold decisions which
discredit the woman in question. 



The
only individuals who understand the innate struggle and challenges women face,
are women themselves. However, this narrative does not translate into the
positive, happy ending that it should. 



Within
the South African labour spaces, the dialogue of the Queen Bee has begun but
has not yet gained adequate momentum. Very limited academic research showcasing
South African examples are available. 



Although
mostly unfamiliar in a South African context, Queen Bee
was a term coined internationally in the 1970s. A Queen Bee may display some
positive feminine leadership values, but she consciously chooses to impede the
development of other women.



The Queen Bee recognizes her struggles
towards success as a lonely journey. The widespread belief is that women have
to emulate men in order to maintain success. Women have to portray male
characteristics and personify men by exhibiting brash, harsh and tough
behaviour, to gain some notion of respect from her male counterparts. 



Queen Bees gain support from the “male
tribe” of the organization if she is seen as part of their group. What female
leaders fail to take cognisance of is the fact that their male colleagues will “allow”
them to climb only up to a certain point and thus the glass ceiling continues
to prevail. 



When support, development, mentorship
or advice is sought, other women will be met by aggression and a clear
condescending tone of the power lines being drawn. 



It is important for women to know and
understand the different types of women who impede their advancement and
success, and act strategically with this knowledge in mind. 



There are different types of women who
will obstruct; those who will agree to be your mentor but exploit you; those
who show you kindness but stand firm with the boys’ network when decisions for
development are put to the fore. It is critical to discern the extent your
fellow sisters will pull you down. 



The Queen Bee will offer no support to
developing women. The Princess Bee will support other women as long as they do
not violate her territory. Hence, she will mentor others only as long as they
stay separate from her domain. The Phantom Bee will not facilitate finding
another woman for a job vacancy &#8211; men are then allocated the job and fewer
women are afforded access to new job. Then there is the Cinderella complex &#8211; the ugly
step-sisters work together to undermine the success of one sister



There is,
however, a spark of light within the darkness. The women who support, encourage
and mentor other women by far exceed the Queen Bees. These women need to
continue the stellar work that they do. 



When faced with the double-edged sword in positions of power, women need to be steadfast in their recognition of challenges that the sisterhood face and not surrender their soul to the boys’ network.



Do not be hypnotised by power and lose sight
of logic and sisterhood. Remember the journey; remember the struggle when more than
20 000 women, crying “we’ve had enough” marched to the Union Buildings on 9
August 1956 to protest against the apartheid pass laws, regarded one of the
largest demonstrations of the time. 



Together we can accomplish and overcome. Be a mentor and give courage and support to as many women as possible. If you encounter the Queen Bee and members of her royal court, make the choice not to be dampened by their crude and cold demeanour.

GettyImages-1132941114

Op-Ed: Queen bees muscle out other women in the workplace

HARARE, Feb 17 (Reuters) &#8211; Zimbabwe&#8217;s central bank left its benchmark interest rate at 35% on Monday, citing moderating inflation, as it looks to print more local currency and limit the use of foreign currencies.



Zimbabwe is struggling through its worst economic crisis in a decade, with prices of basic goods soaring and shortages of medicine, fuel and electricity worsening. Hopes of a quick recovery under President Emmerson Mnangagwa are fading.



The worsening poverty is upsetting the fragile calm that&#8217;s prevailed since the 2017 coup that toppled long-time ruler Robert Mugabe.



After suspending publication of annual inflation data, which economic analysts put at 525% in December, authorities will resume printing the figures next month.



Governor John Mangudya was bullish on inflation, projecting that annual price growth would dip below 50% by the end of the year. Monthly inflation fell in January to 2.23%



&#8220;Our task is we stabilize inflation and stabilize the exchange rate. We expect month-on-month inflation will continue to come down until the end of the year,&#8221; Mangudya said.



&#8220;Most of the inflation is caused by non-monetary factors. That is expectations &#8211; that &#8216;I lost money in 2008&#8217;,&#8221; Mangudya said. &#8220;This is a once-beaten, twice-shy scenario. These are things that shape inflation in Zimbabwe.&#8221;



Zimbabweans have little confidence in monetary policy after pensions and savings were wiped out at the height of hyperinflation, which reached 500 billion% in 2008 and forced the country to dump its local currency.



Last year in June, Zimbabwe ended a decade of dollarisation, which fuelled inflation. Mangudya said it would take up to five years to completely wean Zimbabwe from using the U.S. dollar in local transactions.



Seeking to reassure investors, the governor said foreign currency accounts held by companies, donors and individuals were safe, while businesses like mines would continue to receive a portion of their export earnings in dollars.



To ease shortages of cash, the bank will feed higher- denomination Zimbabwe dollar notes into the economy while increasing transparency on foreign currency trading to stabilise the exchange rate.



The central bank governor said he still saw economic growth at 3% in 2020, citing improved rainfall since mid January. 



(Reporting by MacDonald Dzirutwe, writing by Mfuneko Toyana; editing by William Maclean, Larry King)

Zimbabwe central bank leaves rates unchanged, bullish on inflation, what you need to know…

JOHANNESBURG (Reuters) &#8211; South Africa’s Eskom has offered some managers voluntary severance packages, capping costs at 400 million rand ($26.8 million), a communique sent to staff by the struggling power utility showed.



Eskom does not generate enough cash to cover its mammoth debt servicing costs and expects to make a loss of around 20 billion rand this financial year.



The severance packages are open to managerial employees in non-core positions as well as managers from 60 to 62 years old, according to the communique, which was dated Feb. 6.



Eskom spokesman Sikonathi Mantshantsha declined to comment.



Analysts have long said that Eskom should cut its bloated workforce of more than 46,000 staff.



Under pressure from trade unions, South African President Cyril Ramaphosa said last year that voluntary severance packages would be the preferred method to cut costs at Eskom, rather than layoffs.



Eskom said in the communique that staff could apply for the severance packages from the third week of February, with employee exits planned for the end of April.



Eskom also offered voluntary severance packages in 2015.



($1 = 14.9245 rand)



Reporting by Alexander Winning; editing by Jason Neely

South Africa’s Eskom plans to spend up to $27 million on severance packages

Zimbabwe’s economy will overcome the numerous hurdles which lay before us on the path towards prosperity.  These obstacles are patent, and in some cases potent. But with hard work, proper planning, and monetary and fiscal discipline, Zimbabwe will get out of the current economic rut.



Some of these challenges are out of our
control. Take Cyclone Idai in March of last year for example. The extreme
weather phenomenon destroyed lives and livelihoods. This meteorological mess was
followed by another, as drought struck across our lands.&nbsp; Food output has thus been severely hampered
by these outside forces; and we have been left with no choice but to subsidise,
import and rely on help from the international community to avoid total crisis.
While there were some real achievements in 2019, including a balanced budget
for the first time in living memory, we have a commitment to subsidise where
necessary to make sure our nation is fed.



As we move into 2020, we will continue to
learn from these “unknown unknowns”. We are already investing in ‘climate
proofing’ our agriculture, including new irrigation techniques, and drought
resistant crops. We must now double up our efforts with our international
partners – new and old – to protect our agriculture and food supply.



As we look forward to growing our economy,
it is incumbent upon us to rein in inflation as quickly as possible. This is
crucial for investment. This is vital for job creation.&nbsp; Month on month inflation is already stabilising,
down to approximately 16%. Of course, annual inflation remains high. We do not
hide this, nor was this unexpected. That is what happens when you liberalise a
currency. But this process of reforms is a long-term necessity for our economy.
&nbsp;&nbsp;



We are taking steps to prop up the
currency, drip-feeding in cash injections in a non-inflationary manner. This
has involved exchanging electronic currency for the physical currency. We will
also be introducing higher denomination notes over the course of 2020 to make
it easier for citizens to transact. We know the current environment is tough.
But Zimbabwe’s economy needs tough reforms, not superficial ones.



In the current environment, both wages and
purchasing power have taken a big hit. Government therefore has a
responsibility to support consumers and the private sector as a whole.&nbsp; As part of the currency reform agenda, we
have had inevitable wage compression. This is part of the liberalisation
process. We have responded by propping up the wages of the civil servants, and
we hope the private sector acts in kind. Dollarisation inertia unfortunately means
that retailers are still pricing in USD and simply translating it to the local
currency.&nbsp; This is squashing the
purchasing power of current wages. We are closing that gap by allowing wages to
rise.



In order to finance these moves and reboot the Zimbabwean economy as a whole, it is crucial to reform state-owned companies.  We have already passed the first hurdle, which was to decide which ones should be partially privatised, which ones should be liquidated, and which ones should be departmentalised, and of course to highlight those which should not be touched.  2020 is now about implementing and enacting these moves. We will advance the partial privatisation of the telecom company (Netone) and motor-vehicle assembly company (Willovale Mazda Motor Industries), capitalise our Silo Foods Industries, privatise banking assets and more. We want to have a private sector-led economy in Zimbabwe. And for the private sector to lead, we must privatise!



Despite all the hurdles and all the
barriers, Zimbabwe in 2019 leapt 15 places in the Global Ease of Doing Business
rankings. As we look to improve this in 2020, privatisation is a big part of
this story.&nbsp; 



For the first time in living memory, Zimbabwe achieved a balanced budget. We have our fiscal and monetary fate in our own hands. We have a talented, educated and devoted workforce, ready to get to work. And we have natural resources a-plenty, ready to drive our economy forward. The Zimbabwean future is, therefore, an exciting one. With patience and discipline, we will overcome all the hurdles that lay in our path and build a better future for all.

Op-Ed: Mthuli Ncube – this is how Zimbabwe’s economy will overcome its hurdles

By Derek Cikes, Commercial Director at Payflex



South Africans are desperate for innovative payment solutions that don’t involve credit traps. In response to a soaring debt crisis due to the miseducation of credit and lending terms and conditions &#8211; both on credit cards and store cards &#8211; philanthropic South Africans in their hundreds have been paying off other people’s store lay-bye debt, according to <a href="https://www.businessinsider.co.za/pep-lay-bye-2020-1">businessinsider</a>. 



It begs the question though, what is available for online
shoppers and is there a way to avoid credit in all its disguises entirely? The
answer is yes and they’re called ‘Buy-Now Pay-Later’&nbsp; solutions (BNPL)
that offer interest-free, zero-fee shopping with no catches, are going to war
with SA’s debt problem on behalf of online consumers.



“There is a way that shoppers can avoid debt all together,
shop responsibly and get ownership of their goods immediately,” explains <a href="https://www.payflex.co.za">Payflex</a>
CEO, Paul Behrmann. Payflex is leading the charge in disrupting the way
shoppers buy online. The company, based in Illovo Johannesburg, already has
thousands of South African customers and over 100 stores signed up for Payflex.




The problem with store Lay-byes is that you never really own
the goods until you’ve paid in full. Online solutions such as Payflex, allow
you to own the goods immediately while they pay the merchant directly and take
on all the risk. 



“This is a solution where everyone wins. The merchant can
boost their sales by 20 to 30% through larger baskets and improved conversion
while the buyer gets to own their goods right away while shopping responsibly
and avoiding any debt whatsoever,” explains Behrmann.



In other countries, millions of people are already using
BNPL solutions like these such as <a href="http://klarna.com">Klarna</a>, <a href="https://www.afterpay.com/">Afterpay </a>(global giant in this industry) and <a href="https://zip.co/nz/">Zip Payments</a>.
Behrmann believes it’s not a question of if but when South Africans will
turn their backs on destructive interest rates and choose more responsible
solutions instead.



Payflex is available on leading online stores across South Africa including South Africa’s largest fashion online retailer, Superbalist.com



Content provided by Talking Point Communications

Fintech innovations offer alternative to credit traps

LISBON (Reuters) &#8211; Portugal’s public prosecutor said on Tuesday it had ordered the seizure of Portuguese bank accounts belonging to Isabel dos Santos, who is a suspect in a fraud investigation in Angola.



Dos Santos, the daughter of former Angolan president Jose Eduardo dos Santos, was not immediately available for comment. She has repeatedly denied any wrongdoing in the past weeks.



“The public prosecutor’s office requested the seizure of bank accounts (belonging to Isabel dos Santos) as part of a request for international judicial cooperation by the Angolan authorities,” a spokeswoman for the prosecutor’s office said.



Portugal’s central bank declined to comment



Last month, Angola named dos Santos a formal suspect over allegations of mismanagement and misappropriation of funds during her time as chairwoman of state oil company Sonangol.



Dos Santos has repeatedly denied any wrongdoing.



Angolan authorities froze her assets in the African country in December.



A banking source familiar with the case told Reuters that accounts held by dos Santos were seized at Millennium bcp, Portugal’s largest listed bank.



Millennium bcp declined to comment on Tuesday.



Another banking source said accounts were seized at small Portuguese bank EuroBic, in which the businesswoman until recently held a 42.5% stake. Spanish bank Abanca said on Monday it had agreed to buy 95% of EuroBic shares.



Eurobic declined to comment.



Dos Santos also sold her controlling stake in Portuguese engineering firm Efacec last month.



Reporting by Sergio Goncalves and Catarina Demony; Editing by Andrei Khalip

Portugal prosecutor orders seizure of Africa’s richest woman Isabel dos Santos’ accounts

PRETORIA (Reuters) &#8211; South Africa’s unemployment rate remained unchanged at 29.1% in the final quarter of 2019 compared with the previous quarter, official data showed on Tuesday.



There were 6.726 million people without jobs in the three months to December 31, from 6.734 million people in the prior quarter, Statistics South Africa said its quarterly labour force survey.



The expanded definition of unemployment, which includes people who have stopped looking for work, was 38.7%, slightly up from 38.5% in the previous quarter.



Reporting by Mfuneko Toyana; Writing by Olivia Kumwenda-Mtambo; Editing by Alex Richardson

South Africa Q4 unemployment rate remains unchanged at 29.1%

Africa’s most dynamic thought-leaders, industry game-changers
and icons of social activism are set to feature at the ex<a>clusive
FORBES WOMAN AFRICA Leading Women Summit </a>presented by Mastercard (#LWS2020KZN)
and hosted by the KwaZulu-Natal government &#8211; taking place at the Inkosi Albert
Luthuli ICC Complex in Durban on Friday, 6 March 2020.



For the 5th edition of this globally-renowned
event, panellists and speakers will engage with the impactful 2020 theme, ‘The
Ceiling Crashers 2.0: Power with Purpose’. The day’s thought-provoking
discussions will be followed by the highly-anticipated <a>FORBES
WOMAN AFRICA Awards Gala Dinner </a>which celebrates the continent’s most
influential female ‘ceiling crashers’ across a number of key categories.&nbsp; 



“The <a>FORBES WOMAN AFRICA Leading
Women Summit </a>has grown to become one of the biggest female-empowerment
events, boasting a high calibre of attendees and unparalleled speaker line-up,”
said Renuka Methil, Managing Editor of FORBES WOMAN AFRICA. 



“This promises to be the biggest instalment yet,
featuring female pioneers and path-breakers across the continent. Audiences will
be exposed to dynamic discussions about the growing the number of women in
leadership &#8211; something government and business really need to factor into their
strategies. We will also get to grips with a new discourse that focuses on dismantling
power structures and the need for truly inclusive cultures in business and
society.”



This highly-anticipated event, which is hosted annually
in honour of International Women’s Day, is expected to draw an audience of
around 1 000 leading women. Through hard-hitting talks, fireside chats and
insightful panel sessions centred on ‘ceiling crashers’, attendees will be
inspired to make meaningful changes within their own industries, secure in the
knowledge that they have the support of these innovative allies. This year’s
programme promises an influential mix of leaders in healthcare and business;
advocates of social and environmental activism; award-winning artists and
internationally-renowned stateswomen. 



For the first time, FORBES WOMAN AFRICA will be releasing
its own list of ‘Africa’s Most Powerful Women’, many of whom will be attending
the summit. The list will be published in the March issue of the magazine, outlining
those who have been leading ideas and industries while purposefully
contributing to nation-building and positively impacting the lives around them.



The FORBES WOMAN AFRICA Awards Gala Dinner, which is
hosted the evening of the summit, is an opportunity to recognise the
trailblazers and role models who have created a new narrative within their
industries. By challenging authority and ‘old school’ traditions, they are
enabling future generations to live in a better and more equal world. 



Beatrice Cornacchia, Senior Vice President, Marketing and
Communications, Mastercard Middle East and Africa, said: “African women are a
vital source of innovation, prosperity, and economic growth. Yet inequality and
exclusion still hold women back in many aspects of their everyday lives &#8211; from
growing their businesses to having the financial tools to participate in the
formal economy; from joining the C-Suite to following their passions. We are
proud to partner with FORBES WOMAN AFRICA as we believe that it is only by
bringing diverse perspectives to the table that we can unlock Africa’s
possibilities to women.”



Managing Director of the ABN Group, Roberta Naicker, said
the organisation was excited that the KwaZulu-Natal government would, once
again, play host to this illustrious event, which serves to highlight the
continent’s most influential female leaders while also shining a spotlight on
this beautiful region. “A summit of this calibre showcases that KZN is being
positioned as a world-class events’ destination. We are excited to have
renowned speakers and attendees will get the opportunity to engage on hard-hitting
issues during the summit, while also affording them the chance to enjoy the
many recreational tourism sites and activities for which KZN is renowned.”



Tickets to the exclusive 2020 FORBES WOMAN AFRICA Leading
Women Summit and Gala Dinner are available at a cost of R3499, available
through Webtickets (<a href="https://www.webtickets.co.za/v2/event.aspx?itemid=1496991848">https://www.webtickets.co.za/v2/event.aspx?itemid=1496991848</a>).
Tickets are limited and interested parties are urged to book early to avoid
disappointment. There are also select opportunities to get involved with the event
sponsorship, exhibiting at the on-site marketplace or by sponsoring a mentee. Please
visit website for further details.



The 2020 FORBES WOMAN AFRICA Leading Women Summit is
presented by Mastercard (@MastercardMEA) and hosted by KZN Provincial
Government (@KZNgov). Keep updated on all the latest news and announcements on
Twitter @LWSummit and join the conversation using the hashtags #LWS2020KZN
#DOKZN.



Contact details:



Office: +27 (11) 384 0300



Sponsorship and exhibition opportunities: <a href="mailto:Sales_South_Africa@abn360.com">Sales_South_Africa@abn360.com</a> 



Media partnerships and press accreditation: <a href="mailto:oj@oliviajones.co.za">oj@oliviajones.co.za</a> 



Event-related queries: <a href="mailto:events@abn360.com">events@abn360.com</a>

Website:<a href="http://www.Leadingwomensummit.co.za">www.Leadingwomensummit.co.za</a>

Africa’s most dynamic thought-leaders, industry game-changers and icons of social activism set to feature at the exclusive FORBES WOMAN AFRICA 2020 Leading Women Summit

CAPE TOWN (Reuters) &#8211; South Africa is planning to create a new power generating company separate from struggling state-owned utility Eskom to boost energy security, senior officials said on Thursday.



Eskom, which generates more than 90% of the country’s electricity, is mired in financial crisis and suffers frequent breakdowns at its coal-fired power plants, forcing it to implement power cuts that have dented economic output.



Eskom’s problems have been a major concern among investors at industry conference the Mining Indaba this week.



“There is going to be a separate entity to Eskom, but the issue is not Eskom or no Eskom, the issue is security of energy supply,” Mineral Resources and Energy Minister Gwede Mantashe said on the sidelines of the conference in Cape Town.



Details surrounding the plan for the new generating company are still hazy.



Mantashe said he wanted industry to partner with the government on its formation, but it is not clear what that partnership would entail. It is also not clear which generating technologies it would employ.



Director-general in the Department of Mineral Resources, Thabo Mokoena, echoed Mantashe’s comment that the main aim of the new company would be to improve energy security but did not elaborate further.



Reporting by Tanisha Heiberg; Editing by Alexander Winning and Mark Potter

South Africa plans to create new generating firm to boost power security, what you need to know

LILONGWE (Reuters) &#8211; Malawi’s Constitutional Court on Monday annulled the May 2019 presidential vote that declared Peter Mutharika a winner and ordered a re-run after an application from opposition parties citing irregularities.



Mutharika, Malawi president since 2014, won the election with a 38.57% share of the vote, with opposition party leader Lazarus Chakwera getting 35.41% and Deputy President Saulos Chilima, who formed his own party, had 20.24% in the final tally.



The electoral commission declared Mutharika the winner despite complaints of irregularities including results sheets with sections blotted out or altered with correction fluid.



Mutharika had pledged to crack down on corruption and revive the economy in his second five-year term.



But Chakwera, the president’s main rival, and Chilima rejected the results and filed a petition to the High Court asking it to nullify the results.



In a unanimous decision, a panel of five judges ordered that a new presidential vote be held within 150 days.



“It is almost impossible to have an election free of irregularities,” said Justice Healey Potani, who headed the panel. “However, in the present matter our finding is that the anomalies and irregularities have been so widespread, systematic and grave such that the integrity of the result was seriously compromised, and can’t be trusted as the will of voters of the May 21, 2019 election.”



In a landmark ruling for the country, the court describe the conduct of the electoral commission as “very lacking and demonstrated incompetence”.



The status in the presidency would revert to before the elections, Potani said, which meant Chilima would be reinstated as vice president.



The court also directed Parliament to consider recalling the current electoral body, which is headed by Supreme Court of Appeal Judge Jane Ansah, to “ensure smooth conduct of fresh elections.”



The streets in Lilongwe and the commercial capital Blantyre were unusually quiet ahead of the ruling, and many businesses were shut, fearing violence and looting from supporters of the losing side.



Security forces were out on the streets in large numbers, and the judges delivering the verdict were flown in on a military plane and arrived at the venue in armoured vehicles.



Malawi, a lakeside nation on the southern tip of the Great Rift Valley, is dependent on foreign aid and is frequently beset by drought which threatens the lives of thousands of people.



Former law professor Mutharika, 79, oversaw infrastructure improvements and a slowdown in inflation in his first five-year term, but critics accuse him of cronyism and failing to tackle graft.



Reporting by Frank Phiri; Editing by Grant McCool and Lisa Shumaker

Southern Africa

#GPSOPA2020: MEC Motara on how Gauteng is cutting red tape on bulk infrastructure projects, creating jobs

COVID-19 disrupts honey imports from China, here’s why this could be an opportunity for local African producers

What you need to know about this Zambian agriculture business launching an $81 million farmer financing scheme

SA trade union COSATU says it won’t allow workers’ wages to be slashed

Bootstrapping Bakos Brothers broken

Why African countries aren’t getting as much as they should from foreign direct investment

South Africa’s Sasol half-year earnings fall 74%, here’s why

Op-Ed: Queen bees muscle out other women in the workplace

Zimbabwe central bank leaves rates unchanged, bullish on inflation, what you need to know…

South Africa’s Eskom plans to spend up to $27 million on severance packages

Op-Ed: Mthuli Ncube – this is how Zimbabwe’s economy will overcome its hurdles

Fintech innovations offer alternative to credit traps

Portugal prosecutor orders seizure of Africa’s richest woman Isabel dos Santos’ accounts

South Africa Q4 unemployment rate remains unchanged at 29.1%

Africa’s most dynamic thought-leaders, industry game-changers and icons of social activism set to feature at the exclusive FORBES WOMAN AFRICA 2020 Leading Women Summit

South Africa plans to create new generating firm to boost power security, what you need to know

Malawi court annuls President Mutharika’s 2019 election victory, here’s why

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Southern Africa

#GPSOPA2020: MEC Motara on how Gauteng is cutting red tape on bulk infrastructure projects, creating jobs

COVID-19 disrupts honey imports from China, here’s why this could be an opportunity for local African producers

What you need to know about this Zambian agriculture business launching an $81 million farmer financing scheme

SA trade union COSATU says it won’t allow workers’ wages to be slashed

Bootstrapping Bakos Brothers broken

Why African countries aren’t getting as much as they should from foreign direct investment

South Africa’s Sasol half-year earnings fall 74%, here’s why

Op-Ed: Queen bees muscle out other women in the workplace

Zimbabwe central bank leaves rates unchanged, bullish on inflation, what you need to know…

South Africa’s Eskom plans to spend up to $27 million on severance packages

Op-Ed: Mthuli Ncube – this is how Zimbabwe’s economy will overcome its hurdles

Fintech innovations offer alternative to credit traps

Portugal prosecutor orders seizure of Africa’s richest woman Isabel dos Santos’ accounts

South Africa Q4 unemployment rate remains unchanged at 29.1%

Africa’s most dynamic thought-leaders, industry game-changers and icons of social activism set to feature at the exclusive FORBES WOMAN AFRICA 2020 Leading Women Summit

South Africa plans to create new generating firm to boost power security, what you need to know

Malawi court annuls President Mutharika’s 2019 election victory, here’s why

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