HARARE, June 7 (Reuters) &#8211; Zimbabwe must have a new currency by the end of the year, President Emmerson Mnangagwa said on Friday, arguing this would help stabilise prices after inflation hit a 10-year high.



The southern African nation in February removed an unrealistic peg for its electronic dollars and surrogate bond notes and merged them into a transitional currency called the Real Time Gross Settlement (RTGS) dollar.



The unit, which started trading at 2.5 to the dollar on the official interbank market when it was introduced on Feb. 22, was pegged at 5.9 on Friday, bringing its devaluation to 57.6 % to date. The currency has devalued by 49.4 % on the black market during the same time.



Most businesses are now pegging their prices in U.S. dollars and use black market rates to calcuate RTGS dollar prices.



“As a country we must have our currency by the end of this year, we have started that journey,” Mnangagwa said at a gathering south of the capital Harare.



Prices of basic goods from sugar to maize meal have spiked in the last month as the RTGS dollar has lost value.



Mnangagwa said price hikes were unjustified.



Finance Minister Mthuli Ncube said in January that Zimbabwe, in the grip of a severe dollar crunch that has caused shortages of fuel and medicines, would have a new currency in the next 12 months.



Zimbabwe abandoned its own currency in 2009 after it was wrecked by hyperinflation and adopted the greenback and other currencies, such as sterling and the South African rand.



As physical dollar supplies started dwindling, the central bank introduced the bond note in 2016 at par to the dollar while the amount of electronic dollars increased, plunging the financial system into disarray. (Reporting by MacDonald Dzirutwe, Editing by William Maclean and Gareth Jones)

Zimbabwe to have new currency by end of 2019 – Mnangagwa

<figure class="wp-block-image"><img decoding="async" src="https://www.cnbcafrica.com/wp-content/uploads/2019/06/AABLA.jpg" alt="" class="wp-image-337822"/></figure>



JOHANNESBURG,
22 May 2019: Africa’s leading business
awards, the All Africa Business Leaders Awards (AABLA™) in Partnership with
CNBC Africa, make a return for a 9th year, with their commitment to
recognizing remarkable business leadership on the continent.



Organisations
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<ul class="wp-block-list"><li>Young
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 Woman of the Year</li><li>Industrialist
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 of the Year</li><li>Company
 of the Year</li><li>Business
 Leader of the Year</li><li>Philanthropist
 of the Year</li></ul>



The
2019 AABLA™ will see an additional category join an already distinguished
line-up of recognitions, namely ‘CFO of the Year’.



The categories
‘African of the Year’ and the celebrated ‘Lifetime Achievement Award’ will be
selected by the 2019 AABLA™ Judging Committee.



As so many who have gone before can attest, an AABLA recognition is truly the pinnacle of any business leaders career, as the award embodies accomplishment, triumph of the odds and a first among peers, characteristic of the marque.



<figure class="wp-block-image"><img decoding="async" src="https://www.cnbcafrica.com/wp-content/uploads/2019/06/AABLA-2.jpg" alt="" class="wp-image-337825"/></figure>



“I’m
just delighted and I appreciate this award so much,” said an emotional Sol
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The
full list of 2018 AABLA™ All Africa Winners include:



All
Africa Business Leader of the Year 



Peter
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Super
Group, CEO



All
Africa Business Woman of the Year&nbsp; 



Nomkhita
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ABSA
Wealth, Investment Management and Insurance, CEO 



All
Africa Entrepreneur of the Year 



Thembalihle
Baloyi 



Discovery
Insure, Founder and Executive Director



All
Africa Industrialist of the Year 



Quinton
Uren Jendamark Automation, Managing Director



All
Africa Company of the Year 



Ethiopian
Airlines 



All
Africa Young Business Leader of the Year&nbsp; 



Dr.
Elikem Tamaklo 



Nyaho
Medical Centre, Managing Director



All
Africa Innovator of the Year 



James
Paterson &amp; Benjamin Meltzer



Aerobotics,
Co-Founders



All
Africa Philanthropist of the Year&nbsp; 



Sir
Donald Gordon&nbsp; 



Donald
Gordon Foundation, Founder



All
Africa Lifetime Achievement Award 



Solomon
Kerzner 



All
Africa African of the Year



His
Excellency Paul Kagame 



President
of the Republic of Rwanda



The
2019 AABLA™ Grand Finale on December 5 will embody true luxury and epicurean
pleasure for those wanting to indulge in an extravagant gala dinner, whilst
networking with some of Africa’s most notable business pioneers, celebrities
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#AABLA2019: Nominations open for the 2019 All Africa Business Leaders Awards

SAA has appointed Zuks Ramasia acting CEO to replace outgoing CEO Vuyani Jarana. She is the current General Manager of operations. The embattled airline has begun a domestic and global search for an new CEO, it said during a press conference. It is also looking to strengthen its board and has appointed Adam Voss to SAA technical.

SAA appoints Zuks Ramasia as acting CEO

HARARE (Reuters) &#8211; Zimbabwe and the European Union began political talks on Wednesday aimed at turning the page on hostile relations during Robert Mugabe’s rule, a step that could enable a resumption of direct financial aid for the ailing economy.



During Mugabe’s four-decade rule until 2017, he would routinely blame European “colonialists” for Zimbabwe’s problems, and snarled at EU and U.S. sanctions for rights and vote abuses.



The EU has only kept sanctions on Mugabe, his wife and the state arms manufacturer, but is yet to resume direct funding to the new government of President Emmerson Mnangagwa, preferring to channel money through local charities and U.N. agencies.



With the economy afflicted by dollar shortages, fuel queues, power-cuts, and soaring prices, Mnangagwa has said restoring ties with the West and multilateral lenders like International Monetary Fund is one of his major priorities.



At the start of the open-ended talks between diplomats and officials in Harare, EU Zimbabwe delegation head Timo Olkkonen said they would discuss issues including economic development, trade, investment, rights, rule of law and good governance.



The government has already signed up to an IMF monitoring programme where it has committed to political and economic reforms in a bid to set a track record of fiscal discipline that could earn it debt forgiveness and future financing.



At a separate event in a Harare hotel, Mnangagwa signed a new bill creating a tripartite negotiating forum intended to bring labour, business and government together to shape policy.



The 76-year-old leader is under pressure to deliver on pre-election promises and wants to avert a repeat of violent protests over a steep fuel price hike in January.



Later on Wednesday, the government is expected to start wage negotiations with public sector unions, who say a pay rise of up to 29% they received in April had already been eroded by inflation, now at a 10-year high of 75.86 %.



Mnangagwa has promised to break with his predecessor and says his “open for business” mantra will woo foreign investors. But critics say under his rule the economy shows no signs of improving while security forces have continued to crush dissent.



Reporting by MacDonald Dzirutwe; Editing by Andrew Cawthorne

What you need to know about Zimbabwe and EU’s political talks to ease tensions created in Mugabe-era

JOHANNESBURG (Reuters) &#8211; South Africa’s governing African National Congress (ANC) has not decided to expand the central bank’s mandate, the head of the party’s economic transformation committee told Reuters, rebutting comments by another senior party official which hurt the rand.



ANC Secretary General Ace Magashule told a news conference earlier on Tuesday that the party’s executive had “agreed to expand the mandate of the South African Reserve Bank beyond price stability to include growth and employment.”



But senior ANC economic official Enoch Godongwana said there was “no decision” to expand the bank’s mandate.



Magashule’s statement that the ANC executive also wanted to set up a team to explore the possibility of quantitative easing was also inaccurate, Godongwana said.



Reporting by Alexander Winning, Editing by Olivia Kumwenda-Mtambo, William Maclean

South Africa’s ANC has not taken a decision to expand central bank mandate, what you need to know…

KEY POINTS
<ul>
<li>Naspers, a South African consumer internet company, owns a 31% stake valued at roughly $126 billion in Chinese tech giant Tencent.</li>
<li>In an interview at the Money20/20 Europe conference on Monday, Naspers CEO Bob van Dijk said China’s tech scene has been a “bloodbath” in recent months.</li>
<li>Van Dijk blamed trade tensions between the U.S. and China but said he’s not worried about Tencent.</li>
</ul>
<div class="Author-authorNameAndSocial"><a class="Author-authorName" tabindex="" title="" role="" href="https://www.cnbc.com/elizabeth-schulze/" target="" rel="noopener noreferrer" data-type="" aria-label="">Elizabeth Schulze</a> 
<a class="Author-authorTwitter" tabindex="" title="" role="" href="https://twitter.com/eschulze9" target="" rel="noopener noreferrer" data-type="" aria-label="">@ESCHULZE9</a></div>
Chinese tech stocks have been in a ‘bloodbath’ but the future is bright: Naspers CEO 
Tencent’s biggest shareholder is bullish on Chinese tech stocks despite the trade war between the U.S. and China. 
<iframe loading="lazy" width="560" height="349" src="https://player.cnbc.com/p/gZWlPC/cnbc_global?playertype=synd&amp;byGuid=7000082606" frameborder="0" scrolling="no" allowfullscreen="" webkitallowfullscreen="" mozallowfullscreen="" oallowfullscreen="" msallowfullscreen=""></iframe> 
Naspers, a South African consumer internet company, owns a 31% stake in Chinese tech giant Tencent. In an interview at the Money20/20 Europe conference on Monday, Naspers CEO Bob van Dijk said tech stocks in China, including Tencent, have fallen victim to the trade war between the world’s two biggest economies.
But, he added, the fundamentals of China’s economy remain “very, very strong.”
“The China tech stock scene has been a bloodbath in the last few months,” he said. “I think it has everything to do with trade tensions and that affects everybody. It’s not good, it’s not good for anybody, but in the end if you take a 10-year view, which is what we typically do, the market is there, the innovation is there, so I think the long-term future is bright.”
The KraneShares CSI China Internet exchange-traded fund, which tracks Chinese tech stocks including Baidu, Tencent and Alibaba, has tumbled 14% in the past three months as the U.S and China have ratcheted up tariffs on each others’ goods. Technology has emerged as a heated battleground in the trade conflict as both countries seek to dominate new areas like 5G and artificial intelligence.
Shares of Tencent have fared better this year than in 2018 after Chinese regulators restarted approving video games, a key source of the company’s revenue. In addition to gaming and messaging, Tencent is also growing its payments and cloud services.
Naspers’ van Dijk said he expects tech companies will continue to be targeted in the trade war but added he was “not so worried about Tencent” thanks to its domestic business model.
Naspers made a $32 million investment in Tencent in 2001, betting on what was then a little-known company. That stake is now worth roughly $126 billion as of Tencent’s market close Monday.
“It’s been probably the best investment ever done by a company so we’re quite lucky to be associated with them, but if I look forward, the best is yet to come,” van Dijk said.

Chinese tech stocks have been in a ‘bloodbath’ but the future is bright: Naspers CEO

PRETORIA (Reuters) &#8211; South Africa’s economy nosedived 3.2% in the first quarter from the previous one as its manufacturing sector suffered, according to data that significantly lagged the 1.7% decline economists had expected and sent the rand sharply lower.



Year-on-year growth in Africa’s most industrialised economy was zero compared with forecasts of growth of 0.7%.



“This was the largest economic contraction in almost a decade, &#8230; It was largely driven by manufacturing, then mining,” Statistician General Risenga Maluleke told a news conference.



At 0950 GMT, the rand was around 1.2 percent weaker against the dollar at 14.61.



The data will come as a shock to President Cyril Ramaphosa, returned to office after national elections in May with a pledge to revive growth and attract foreign investment.



Ramaphosa’s reform drive faces formidable obstacles, including factional fighting within his governing African National Congress party, struggling state firms and weak consumer demand.



For 2019 as a whole the economy is expected to expand around 1%, versus growth of 0.8% last year, according to a Reuters poll.



That level of growth is insufficient to make a meaningful dent in poverty or reduce severe inequality, which persists in South Africa more than two decades after the end of white minority rule.



At 0950 GMT, the rand was around 1.2 percent weaker against the dollar at 14.61.



The data will come as a shock to President Cyril Ramaphosa, returned to office after national elections in May with a pledge to revive growth and attract foreign investment.



Ramaphosa’s reform drive faces formidable obstacles, including factional fighting within his governing African National Congress party, struggling state firms and weak consumer demand.



For 2019 as a whole the economy is expected to expand around 1%, versus growth of 0.8% last year, according to a Reuters poll.



That level of growth is insufficient to make a meaningful dent in poverty or reduce severe inequality, which persists in South Africa more than two decades after the end of white minority rule.



Reporting by Mfuneko Toyana; Editing by Alexander Winning and John Stonestreet

South African rand falls as country’s GDP declines in Q1

JOHANNESBURG (Reuters) &#8211; South Africa’s seasonally adjusted Absa Purchasing Managers’ Index (PMI) for May fell as business activity and new sales orders declined, the survey showed on Monday.



The index, which gauges manufacturing activity in Africa’s most industrialised economy, slipped to 45.4 in May from 47.2 in April, below the 50 mark that separates contraction from expansion.



Reporting by Alexander Winning, editing by Larry King

South Africa’s Absa PMI drops in May, what you need to know

JOHANNESBURG (Reuters) &#8211; South African grocer Shoprite said on Monday it had terminated an agreement to buy back deferred shares held by its chairman Christo Wiese after failing to secure enough support from shareholders to back the move.



The deal, which would have significantly curbed Wiese’s influence in the company he helped turn into an African powerhouse, had aimed to simplify the firm’s voting structure.



“Shoprite Holdings received written notifications from more than 15% of other shareholders indicating that they will not vote in favour of the special resolutions,” the company said in a statement.



Shoprite’s capital structure includes ordinary shares and deferred shares, which carry about 32.3 percent of its voting rights. The deferred shares are held by Weise’s investment vehicle, Thibault Square Financial Services Proprietary Ltd.



Reporting by Tanisha Heiberg; Editing by Edmund Blair

SA retailer Shoprite checks out of Christo Wiese share buyback

By <a href="https://theconversation.com/profiles/janos-besenyo-737388">János Besenyő</a>, <a href="http://theconversation.com/institutions/obuda-university-4010">Óbuda University </a>

Russia has never had an African colony. It stayed out of the scramble for Africa, only engaging with African states in the <a href="http://risingpowersproject.com/quarterly/russias-renewed-interests-in-the-horn-of-africa-as-a-traditional-and-rising-power/">19th Century</a>. In 1869, for instance, the Russians gave Ethiopia military support to threaten the position of the British in their quest to control the Suez Canal. They did this because Britain was one of their main European rivals.

It wasn’t until the <a href="https://digital-commons.usnwc.edu/cgi/viewcontent.cgi?article=7881&amp;context=nwc-review">Cold War</a> started in 1947 that Russia began to <a href="http://www.acarindex.com/dosyalar/makale/acarindex-1423873158.pdf">develop diplomatic relations</a> with several African countries. This was a way to counter the influence of its rivals such as the US. 

The Cold War dictated the former USSR’s relations with many African countries for decades. This was followed by a period of relative inactivity. But more recently, relations have become increasingly important for Russia as well as some African countries. 

The result is that some African countries no longer need to choose between the American and the Chinese way of development.

Ostensibly, China has the most pragmatic engagement with Africa. Its policy is <a href="https://academicjournals.org/journal/AJPSIR/article-full-text-pdf/335D4CC65846">not to interfere</a> with the internal workings of nation states or play geopolitics by pitting countries against each other. But it has become increasingly difficult for the country to resist using its military power to <a href="https://www.policyforum.net/chinas-non-interference-dilemma/">protect its economic interests</a>. 

For its part, the US’s ultimate aim is to <a href="https://www.lawfareblog.com/havent-we-done-lessons-and-recommendations-strategic-competition-sub-saharan-africa">tip the regional balance of power</a> in its favour while also gaining access to Africa’s resources. 

My <a href="https://www.tandfonline.com/doi/full/10.1080/09546553.2018.1555976">research</a> explores Russia’s current relationship with the continent. The research examines Russian President Vladimir Putin’s strategy to redress the global balance of power by countering America’s influence in Africa and trying to match China’s large economic footprint on the continent. 

I conclude that Russia’s primary goal is political influence. This is achieved by gaining control of natural resources and providing military support and intelligence. Yet, despite making massive inroads, the Russian Federation is still less influential than the US and China on the continent. 

From the African point of view, Russia offers a strategic alternative to America’s global hegemony, China’s economic diplomacy, and the lingering influence of Africa’s former colonial masters. 

<h2>The history</h2>

During the Cold War the Russians provided diplomatic, economic, military, and educational support for <a href="https://espionagehistoryarchive.com/2015/08/28/the-kgb-in-africa/">numerous African liberation movements</a>. These included Algeria, Angola, Cape Verde, the Democratic Republic of Congo, Ethiopia, Guinea, Madagascar, Sao Tome &amp; Principe, and Tanzania. As a result many young Africans were <a href="https://www.theguardian.com/global-development/2018/sep/11/russias-scramble-for-influence-in-africa-catches-western-officials-off-guard">educated in Moscow</a>.

Russia began to trade and interact with these states routinely. It sent in <a href="https://csis-prod.s3.amazonaws.com/s3fs-public/legacy_files/files/publication/anotes_0992.pdf">military intelligence officers</a> to establish a strong presence and ensure that Africa was not purely influenced by the West. The Russians developed relations with Africa so intensely that for the 10 years between 1950 and 1960 it <a href="https://www.taylorfrancis.com/books/e/9780203387740/chapters/10.4324/9780203387740-26">surpassed the influence</a> of colonising powers. 

That influence would remain more or less intact until the <a href="https://www.history.com/topics/russia/boris-yeltsin">Boris Yeltsin era</a>. Between 1990 and 1999 Russia’s impact on the continent was spectacularly lowered. Nine embassies and three consulates were closed. The number of personnel subordinated to the Russian Ministry of Foreign Affairs was drastically reduced. Russian cultural institutions were closed, and economic relations were unilaterally terminated. Previously generous aid programmes were scrapped.

This all changed when Putin came to power in 1999. Under his leadership Russia has started to <a href="https://qz.com/africa/1546037/russia-is-expanding-its-strategic-influence-in-africa/">regain its economic and political clout</a> in Africa. Putin <a href="https://www.up.ac.za/media/shared/85/Strategic%20Review/Vol%2037%20(2)/olivier-suchkov-pp146-167.zp74611.pdf">has jumpstarted</a> Russia’s diplomatic, economic, and military ties with its former African allies.

<h2>Russian interests in Africa</h2>

From my research I can conclude that Russia’s primary intent is to <a href="https://saiia.org.za/research/russias-africa-policy/">build political alliances</a> by supporting nation states economically and militarily while remaining non-judgemental about their internal governance structures. 

Its long-term goal is to become a political, economic and military mediator that can stand behind Africa’s global interests and count on the continent’s support in return. Here are some of the areas where Russia are mainly active:

Economic interests: Russia is now seeking to exploit conventional gas and oil fields in Africa and elsewhere. Part of its <a href="http://www.energystrategy.ru/projects/docs/ES-2030_(Eng).pdf">long term energy strategy</a> is to use Russian companies to create new streams of energy supply. For example, <a href="http://www.atlanticcouncil.org/publications/articles/russia-s-return-to-africa">Russian companies</a> have made significant investments in Algeria’s oil and gas industries. They have <a href="http://www.lukoil.be/pdf/Lukoil_AR_2013_eng.pdf">also invested</a> in Libya, Nigeria, Ghana, Ivory Coast and Egypt.

Russia is also expanding its African interests in <a href="https://www.ispionline.it/sites/default/files/pubblicazioni/analysis_168_2013.pdf">minerals</a>. <a href="https://www.caseyresearch.com/articles/how-putin-conquered-south-africa-2/">Uranium</a> – which is key to the nuclear power industry – is at the top of its list. 

In addition, Russian companies are producing <a href="https://www.up.ac.za/media/shared/85/Strategic%20Review/Vol%2037%20(2)/olivier-suchkov-pp146-167.zp74611.pdf">aluminium in Nigeria</a>, and have <a href="https://www.ispionline.it/sites/default/files/pubblicazioni/analysis_168_2013.pdf">constructed hydropower stations</a> in Angola, Namibia, Botswana. 

Russia is also on track to build nuclear plants in <a href="http://www.nti.org/media/pdfs/egypt_nuclear_1.pdf?_=1316474849">Egypt</a>, <a href="http://www.ibtimes.co.uk/nigeria-signs-pactrussias-rosatom-build-4-nuclear-power-plants-1496292">Nigeria</a> and <a href="https://nbn.media/russia-steps-in-algeria-nuclear-program/">Algeria</a>. These investments are a means to becoming an integral part of Africa’s energy sector.

Russia has also improved its <a href="https://www.atlanticcouncil.org/publications/articles/russia-s-return-to-africa">commercial relations</a> with its African partners. In 2009, it established the Coordinating Committee for Economic Cooperation with sub-Saharan Africa to assist in <a href="http://www.afrocom.ru/en">promoting Russian business interests</a>. 

Defence interests: Russia has traditionally been one of Africa’s main arms suppliers. During the Cold War many armed liberation organisations and African countries – among them Angola, Mozambique, Zimbabwe, Zambia and Guinea –<a href="https://www.tandfonline.com/doi/abs/10.1080/14682740600795469?journalCode=fcwh20">bought military equipment</a> from Russia. More recently Russia has made significant arms deals with <a href="https://csis-prod.s3.amazonaws.com/s3fs-public/legacy_files/files/publication/anotes_0992.pdf">Angola</a> and <a href="https://www.middleeastmonitor.com/20180720-algeria-has-bought-half-of-the-russian-weapons-sold-in-africa/">Algeria</a>. <a href="https://www.themoscowtimes.com/2019/03/18/russia-secures-2bln-fighter-jet-contract-with-egypt-reports-a64842">Egypt</a>, <a href="https://www.jewishpolicycenter.org/2013/12/31/russia-africa/">Tanzania</a>, <a href="https://www.pri.org/stories/2018-10-17/russia-expands-its-military-and-business-ties-africa">Somalia, Mali, Sudan and Libya</a> have also bought arms from Russia. The Russians also provide military training and support.

Aid: Under Putin Russia has made <a href="http://arts.studenttheses.ub.rug.nl/17380/1/MA_1661485_PA_Bannink.pdf">sizeable aid donations</a> to a variety of African countries averaging about $400 million per year. Around 60% of Russian aid is delivered through international organisations; <a href="https://www-cdn.oxfam.org/s3fs-public/file_attachments/dp-russia-humanitarian-donor-150713-en_0.pdf">global humanitarian organisations</a> like the World Food Programme and the UN refugee agency. The remaining 40% gets to Africa in a framework of bilateral cooperation. It also makes donations <a href="https://www.hsfk.de/fileadmin/HSFK/hsfk_downloads/prif123.pdf">to support</a> education, health care, agriculture, environment and energy.

The danger for Moscow is that, the more progress it makes with African governments, the more likely it is that its interests will collide with those of either China or the US – or both.<img loading="lazy" decoding="async" src="https://counter.theconversation.com/content/117764/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/janos-besenyo-737388">János Besenyő</a>, Associate Professor, <a href="http://theconversation.com/institutions/obuda-university-4010">Óbuda University </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/russia-in-africa-can-it-offer-an-alternative-to-the-us-and-china-117764">original article</a>.

With Russia expanding its interests in Africa, can it serve as an alternative to the US and China?

STATEMENT ON THE APPOINTMENT OF MEMBERS OF THE NATIONAL
EXECUTIVE, 29 MAY 2019



Fellow South Africans,



In the election of the 8th of May, South Africans
provided this administration with a clear mandate to accelerate inclusive
economic growth, act with greater urgency to tackle poverty, improve government
services, fight corruption and end state capture.



If we are to give effect to this mandate, we need a
capable, efficient and ethical government.



Today, we are announcing some of the outcomes of the
reconfiguration of national government.



As I indicated in the State of the Nation Address in
February 2018:



“It is critical that the structure and size of the state
is optimally suited to meet the needs of the people and ensure the most
efficient allocation of public resources.”



In undertaking this review, we have been guided by the
need to build a modern developmental state that has the means to drive economic
and social transformation, to embrace innovation and to direct effort and
resources towards where they will have the greatest impact.



All South Africans are acutely aware of the great
economic difficulties our country has been experiencing and the constraints
this has placed on public finances.



It is therefore imperative that in all areas and spheres
of government, we place priority on revitalising our economy while exercising
the greatest care in the use of public funds.



To promote greater coherence, better coordination and
improved efficiency, we have combined a number of portfolios, thereby reducing
the number of Ministers from 36 to 28.



·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade and
Industry is combined with Economic Development



·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Higher
Education and Training is combined withScience and Technology



·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Environmental Affairs is combined with Forestry and Fisheries



·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Agriculture is combined with Land Reform and Rural Development



·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mineral
Resources is combined with Energy



·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Human
Settlements is combined with Water and Sanitation



·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sports
and Recreation is combined with Arts and Culture



We had already combined the portfolios of Communications
andTelecommunications and Postal Services.



We have also decided to add responsibility for
infrastructure to thePublic Works portfolio and to add responsibility for
employment to the Labour portfolio.



If we are to make effective progress in building the
South Africa that we all want, it is important that we deploy into positions of
responsibility people who are committed, capable and hard-working, and who have
integrity.



In appointing a new national executive, I have taken a
number of considerations into account, including experience, continuity,
competence, generational mix and demographic and regional diversity.



The people who I am appointing today must realise that
the expectations of the South African people have never been greater and that
they will shoulder a great responsibility.



Their performance – individually and collectively – will
be closely monitored against specific outcomes. Where implementation is
unsatisfactory, action will be taken.



I have decided to make the following appointments to the
National Executive:



·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Deputy President is David Mabuza.



·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Minister of Agriculture, Land Reform and Rural Development is Thoko Didiza.



·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Deputy Ministers are Sdumo Dlamini and Mcebisi Skwatsha.



·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Minister of Basic Education is Angie Motshekga.



·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Deputy Minister is Dr Regina Mhaule.



·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Minister of Communications is Stella Ndabeni-Abrahams.



·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Deputy Minister is Pinky Kekana.



·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Minister of Cooperative Governance and Traditional Affairs is Dr Nkosazana
Dlamini-Zuma.



·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Deputy Ministers are Parks Tau and Obed Bapela.



·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Minister of Defence and Military Veterans is Nosiviwe Mapisa-Nqakula.



·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Deputy Minister is Thabang Makwetla.



·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Minister of Environment, Forestry and Fisheriesis Barbara Creecy.



·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Deputy Minister is Maggie Sotyu.



·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Minister of Employment and Labour is Thulas Nxesi.



·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Deputy Minister is Boitumelo Moloi.



·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Minister of Finance is Tito Mboweni.



·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Deputy Minister is Dr David Masondo.



·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Minister of Health is Dr Zwelini Mkhize.



·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Deputy Minister is Dr Joe Phaahla.



·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Minister of Higher Education, Science and Technology is Dr Blade Nzimande.



·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Deputy Minister is Buti Manamela.



·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Minister of Home Affairs is Dr Aaron Motsoaledi.



·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Deputy Minister is Njabulo Nzuza.



·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Minister of Human Settlements, Water and Sanitation is Lindiwe Sisulu.



·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Deputy Ministers are Pam Tshwete and David Mahlobo.



·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Minister of International Relations and Cooperation is Dr Naledi Pandor.



·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Deputy Ministers are Alvin Botes and Candith Mashego-Dlamini.



·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Minister of Justice and Correctional Services is Ronald Lamola.



·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Deputy Ministers are John Jeffery and Inkosi Phathekile Holomisa.



·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Minister of Mineral Resources and Energy is Gwede Mantashe.



·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Deputy Minister is Bavelile Hlongwa.



·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Minister of Police is General Bheki Cele.



·&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Deputy Minister is Cassel Mathale.



·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Minister in the Presidency is Jackson Mthembu.



·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Deputy Minister in the Presidency is Thembi Siweya.



·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Minister in the Presidency for Women, Youth and Persons with Disabilities is
Maite Nkoana-Mashabane.



·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Deputy Minister is Prof Hlengiwe Mkhize.



·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Minister of Public Enterprises is Pravin Gordhan.



·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Deputy Minister is Phumulo Masualle.



·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Minister of Public Service and Administration is Senzo Mchunu.



·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Deputy Minister is Sindy Chikunga.



·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Minister of Public Works and Infrastructure is Patricia De Lille.



·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Deputy Minister is Noxolo Kiviet.



·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Minister of Small Business Development is Khumbudzo Ntshavheni.



·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Deputy Minister is Rosemary Capa.



·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Minister of Social Development is Lindiwe Zulu.



·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Deputy Minister is Henrietta Bogopane-Zulu.



·&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Minister of Sports, Arts and Culture
is Nathi Mthethwa.



·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Deputy Minister is Nocawe Mafu.



·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Minister of State Security is Ayanda Dlodlo.



·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Deputy Minister is Zizi Kodwa.



·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Minister of Tourism is Nkhensani Kubayi-Ngubane.



·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Deputy Minister is Fish Mahlalela.



·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Minister of Trade and Industry is Ebrahim Patel.



·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Deputy Ministers are Fikile Majola and Nomalungelo Gina.



·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Minister of Transport is Fikile Mbalula.



·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Deputy Minister is Dikeledi Magadzi.



These men and women we have appointed to the executive
are drawn from all corners of our country.



For the first time in the history of our country, half of
all Ministers are women.



We have also included a significant number of young
people.



This is in fulfillment of our commitment to giving young
people roles of responsibility in all sectors of society.



This is part of a generational transition in which we are
creating a pipeline of leaders to take our country further into the future.



In conclusion, I wish to express my appreciation to all
those outgoing members of the Executive who served the country so ably in the
Fifth Administration.



We continue to value their experience, skills and
contribution, and will give them suitable responsibilities where they will be
able to serve the nation.



Allow me to express my gratitude to all the Members of
the incoming Executive for making themselves available to serve the nation, and
I wish them all the best in the execution of their responsibilities.



We have all been called upon to serve the people of this
country, and we will do so to the utmost of our ability.



I thank you.



ISSUED BY THE PRESIDENCY OF THE REPUBLIC OF SOUTH AFRICA



Sent from my Huawei Mobile

SA’s President Ramaphosa has his cabinet, this is who’s in

Eskom&#8217;s CEO Phakamani Hadebe who is credited with turning around the Land Bank, was a former economics professor at the University of KwaZulu-Natal and served as CEO of Barclays Africa Corporate and Investment Banking division has decided to step down from the power utility. 



Eskom&#8217;s full statement below.



The Eskom Board announced today that Eskom Group Chief Executive Officer, Phakamani Hadebe will step down at the end of July 2019. 



According to the Chairman of the Eskom Board, Mr. Jabu Mabuza, Phakamani has been instrumental in driving stability at Eskom during a very challenging period at the organisation. “We have learnt to depend on his resilience to drive the kind of transformation that South Africa expects of our organisation. Appreciating the toll that this takes on an individual, we have had to, with regret, accept his decision” said Mabuza. 



“It is no secret that this role comes with unimaginable demands which have unfortunately had a negative impact on my health. In the best interests of Eskom and my family, I have therefore decided to step down, said Mr. Hadebe” 



“It has been a privilege to serve South Africans as the Group Chief Executive (GCE) of Eskom,” said Mr. Hadebe. “I am humbled and grateful to have contributed towards the stability for an organisation that is critical for our economy. I am particularly grateful to the Board, the EXCO, and all our employees for their resilience and support during this journey.” 



The Eskom Board is grateful to Phakamani for his commitment to ensuring leadership stability as a critical factor in the successful implementation of our strategy to deliver on both our commercial and developmental mandate and as such will be engaging with him over the coming two weeks to ensure continuity and a steady transition. “On behalf of myself and the Board, I would like to extend my sincere gratitude to Mr Hadebe for his contribution to Eskom’s transition journey. The dedication and passion with which he has taken to fulfilling such a critical mandate is commendable” Mr Mabuza concluded.

Eskom CEO quits

BLANTYRE/LILONGWE, Malawi (Reuters) &#8211; Malawians headed to polling stations on Tuesday for presidential and legislative elections seen as a tough test for President Peter Mutharika, who is facing challenges from the deputy president and a former pastor who heads the opposition.



Malawi is heavily dependent on foreign aid and is frequently beset by droughts which threaten the lives of thousands of people.



Former law professor Mutharika, 78, oversaw infrastructure improvements and a sharp reduction in inflation in his first five-year term, but critics accuse him of corruption and cronyism.



Mutharika refutes those accusations.



Reuters reporters saw voters casting ballots in Blantyre and Lilongwe, two of the largest cities in the southern African country.



“I have a strong feeling that the choice I made will carry the day,” said Tima Nyirongo, a 31-year-old mother of two who voted at Chirimba School in Blantyre.



Polling stations opened at around 0400 GMT. Some 6.8 million registered voters will cast ballots for president, parliament and ward councillors.



Analysts expect a tight presidential race between Mutharika, Deputy President Saulos Chilima and Lazarus Chakwera, who heads opposition group the Malawi Congress Party.



Chilima, a 46-year-old former telecoms executive, quit Mutharika’s Democratic Progressive Party last year and formed his own party to run against Mutharika.



He has targeted the youth vote with a vibrant social media campaign featuring hip-hop videos.



Chilima and Chakwera, 64, have both promised to crack down on corruption.



Chakwera lost out to Mutharika in 2014 elections and has formed an alliance with Mutharika’s predecessor, Joyce Banda, this time.



Writing by Alexander Winning; Editing by Robert Birsel

Malawians head to the polls, analysts expect tight race

LUSAKA, May 20 (Reuters) &#8211; Zambia has started to look for a new investor in Vedanta-controlled Konkola Copper Mines (KCM), President Edgar Lungu said on Monday, in a move likely to stoke international miners’ concerns about rising government intervention in the sector.



Zambia, Africa’s second-biggest copper producer, has also proposed tax changes that Lungu insists he will push through, despite opposition from international miners who say they will deter investment that Zambia desperately needs.



“We are not shaken in our resolve to divorce (from some companies), starting with KCM, and we have filed that notification,” Lungu said on Zambia National Broadcasting Corporation radio, adding he would brief the cabinet on the decision later on Monday.



The decision follows a number of breaches of the terms of KCM’s mining licence, presidential spokesman Amos Chanda told Reuters.



“The government is planning to revoke KCM’s mining licence because of the breaches,” Chanda said.



London-listed Vedanta said it was seeking an urgent meeting with Lungu over the future of KCM and that it had not received formal communication from the government on KCM.



It said in a statement it was the intention of KCM and Vedanta, its primary shareholder, to continue to engage with the government “in a constructive and transparent manner”.



The government, which also has a stake in KCM through a state mining company, “(is) fully apprised of and party to the circumstances of the company and major decisions that have been taken,” Vedanta added.



Chanda said a default notice had been issued to KCM in April last year for a number of breaches and that it had not convinced the government that it should keep its licence.



He also said “about three investors” whom he could not name were interested in the asset, but no negotiations had begun.



“Everything will be done within the law and that’s why we cannot name the interested investors until the separation process with KCM is done,” he said. (Reporting by Chris Mfula in Lusaka and Barbara Lewis in Johannesburg; Writing by Alexander Winning; Editing by Louise Heavens and Mark Potter)

Why Zambia is seeking a new investor in Vedanta-controlled copper miner

Wars money and politics have divided families for centuries
– in the economic powerhouse of Singapore there can be another divisive factor
– corruption. There’s a good chance, if you bribe or cheat, your own family
will ostracise you, so says Hwee Hua Lim, and one of the former lieutenants to
Singapore’s guiding spirit in its economic revolution Lee Kuan Yew.



Singapore’s war on corruption, along with tight control of
its just over five million people through what its critics often call draconian
laws, has been part of the transformation of the island from a rundown port,
off the southern tip of Malaysia, into a manufacturing and financial powerhouse
considered one of the most robust and open economies in the world. It holds
lessons for South Africa as it tries to battle corruption on the road to
economic recovery under its re-elected President Cyril Ramaphosa.



“People take a very dim view of corruption; no one wants anything to do with it. It is in our DNA. Even members of your own family won’t talk to you if you are found guilty of corruption,” says Lim, who was in Johannesburg this week to speak at a conference.



<iframe loading="lazy" width="560" height="315" src="https://www.youtube.com/embed/k7g5aNhpq-s" frameborder="0" allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>



Lim cited a common sense example that South Africa and a
score of other nations across the continent could learn from. It concerns
government contracts that are very lucrative and highly prized in Singapore’s
island economy. Each contract is ratified by three separate committees – one
dealing with procurement, one with assessment and the third with awarding the
contract. It is a system designed to make it difficult for one person to hold
sway over the contracts.



There is also the Criminal Breach of Trust Act that covers
business to stop everything from fraud, embezzling and bribery right down to
misrepresenting financial products, says Lim.



“The penalties can be years in prison, depending on the
amount of money involved,” says Lim.



“It is how we maintain our integrity as an economy. We take
the view that no one in the world owes us a living and that no one is forced to
do business with us. So we try to ensure clean fairness to encourage investors
to put money into our economy.”



Lim believes South Africa, with its rich resources, can
gather the political will to fight the corruption that has eaten away at the
economy over the last decade. 



“What it needs is a change of mind-set at the top and it
will percolate down to the people,” she says.



Lim’s life mirrors the rise of Singapore that set its mind
on economic growth following complete independence from Britain in 1965. Her
parents arrived in Singapore, during World War Two, from China and her father
eked out a living as a tea trader. The family of 11 lived in a two-bedroomed
flat, yet with the education, at the heart of Singapore’s economic boom; Lim
studied at Cambridge and became a name in business.



In 1996, she was elected to Parliament and in 2001 became
the first ever woman cabinet member in Singapore. She spent seven years as a
lieutenant to Prime Minister Lee Kuan Yew, who died in 2015, and argues he was
not as forbidding as many thought him to be.



“He was a visionary and used to say ‘fix it now and then we
will find a better way of doing it’ Everyone through he was unapproachable, but
he would always listen to people and learn from what they had to say. He was
like a sponge,” chuckles Lim. &nbsp;&nbsp;

Lessons from Singapore for SA’s newly elected President Cyril Ramaphosa

By Thulani Nzama, CEO: Durban Tourism



This content was supplied to CNBC Africa by Durban Tourism 



With more than 6 500 delegates in the city for the Africa Travel Indaba, that was held between 2 and 4 May 2019 at the Inkosi Albert Luthuli International Conference Centre, we anticipate over R40 million economic contribution direct cash injection to the local economy with an estimate of R80  million towards the city’s GDP.



But, our city’s Indaba story is not just told through the
stats of how many delegates arrived in our city, or the money injected into the
economy.



This year, we embraced the theme for Indaba 2019, which was:
“Africa’s stories, your success”, combined with our city’s theme: “This is
Durban”.



Take for example local entrepreneur Lunga Ntuli and his line
of watches, LN Watches. 



It would have been hard to miss this young man’s stall at
the Indaba’s Sustainability Village.



A colourful array of intricately-beaded straps, he puts a
creative, colourful and distinctly Zulu-inspired watches on the map.



Starting up in 2015 was a brave step for the young man, who
jumped from a love of writing to wanting to create accessories that spoke to
African design. He knew he had a story to tell, and that involved taking his
products internationally, and it was for this reason he was exhibiting at
Indaba.



At his stall, he interacted with buyers from around the
world, steadfast in his goal of taking his products internationally.



Let’s take Phumzile Pugeni as well.



An architect by profession, she embodies the spirit of young
people creating their own opportunities.



While at the tail-end of her studies in 2013, this bubbly
personality began working on a range of home décor pieces, under the name Home
Artists.



She has a range of scatter cushions, vases, coasters that
all embody the South African spirit. Her designer lamp fittings are crafted by
local women, made from natural and sustainable materials.



Her aim at Indaba was to use the platform to showcase her
work, grow her business, expand the number of women working for the fledging
business, and empower them.



Tourism products such as new bed-and-breakfasts, canopy
tours, new cultural and historical routes, all form part of the story we are
telling as residents of this beautiful city, this province and country. 



These are the stories of Durban, of Indaba that make it a
success.



But let’s go back to the stats.



Our city has been awarded the privilege of hosting Indaba
for another four years, cementing the city’s position in playing a leading role
on the African continent’s growing image as a leading tourist destination.



This year, we played host once again to our fellow brothers
and sisters.



They returned again and again, knowing with certainty that
Indaba gives them a platform unlike any other.



This year, we were graced with the presence of ministers from
Uganda and Lesotho, and we valued their presence as a commitment to grow
tourism on the continent.



As President Cyril Ramaphosa noted in his address, “we are
global citizens and not divided by boundaries and borders, but united in
infinite love for Africa”.



With major international parks that are being actively
packaged and managed across the continent, 135 World Heritage Sites stretching
from Ethiopia to Mali, Zimbabwe and South Africa, the continent has the
opportunity to shine.



As a city, we are telling the story of Durban through
culture and heritage, township and rural tourism, and importantly highlighting
the diverse tourism experiences that are found within our region.



As a city, we have made great strides in hosting Indaba. We
have provided a platform for SMMEs to showcase their products to a large mix of
potential buyers, and connecting them to the world. 



Tourism continues to be one of the fastest growing branches
of our economy that is central to job creation, youth employment and in
creating various economic opportunities.



With more than 6 500 delegates, we reached our projected spend of R40 million direct spend, and R80 million contribution to the City’s gross domestic profit.



<iframe loading="lazy" width="560" height="315" src="https://www.youtube.com/embed/Q6T5-6V7GII" frameborder="0" allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>



The city, through Durban Tourism, had a packed programme
taking hosted buyers and media to some key attractions in our city and the
province during Indaba. 



We do this to ensure that our foreign and domestic tourists
get a taste of Durban culture and heritage while at the same time ensuring the
business-focused delegates were shown the city’s diverse convention and
conferencing options.



If you read some of the content online, you’d be overwhelmed
by the positivity people have about the city, and it encourages us that Indaba
continues to give Durban the thumbs up for our hospitality, the warmth of our
people, and the good infrastructure.



But, our story does not end there. 



Let’s take a leaf out of President Ramaphosa’s speech, as
when telling any story, you need to explore different plots before you find the
final ending.



His list of ten suggestions, which include embracing
technology, uniting as the African continent, and government seeking private
partnerships has been duly noted by our teams, which will translate into an
even bigger and better Indaba in years to come.

African Travel Indaba, telling more than an African travel success story

HARARE, May 15 (Reuters) &#8211; Zimbabwe’s Finance Minister announced the rebasing of the economy on Wednesday, following the adoption of a new currency earlier this year, and said growth would be slowed this year by a drought and a cyclone that hit eastern regions.



The economy grew higher than expected in 2018, Finance Minister Mthuli Ncube told parliament.



The central bank scrapped the peg between its quasi-currency bond note and electronic dollars against the U.S dollar in February and merged them into a single transitional currency called the RTGS dollar.



Rebasing the economy broadly means changing the reference points used to calculate the country’s gross domestic product.



The southern African nation rebased its economy last October boosting it by 40% to $25.8 billion and Ncube said the adoption of the RTGS$ required another rebasing exercise, which put the economy at RTGS$70.1 billion or $21 billion at the official exchange rate.



Ncube said the economy had grown by 6.2 percent in 2018 compared to an initial forecast of 3.1 percent but he saw growth being throttled this year by “severe economic shocks”, including a drought that has wilted crops and a cyclone that hit western parts of Zimbabwe in March.



He said Zimbabwe had 876,000 tonnes of maize in strategic grain reserves, enough to feed the country for seven months.



Ncube said the national treasury’s austerity measures had meant a budget surplus of RTGS$443 million was recorded in the first quarter and added that the target of a budget deficit of 5% of GDP would be achieved this year. $1:RTGS$3.3 (Reporting by MacDonald Dzirutwe Editing by Janet Lawrence and Frances Kerry)

Southern Africa

Zimbabwe to have new currency by end of 2019 – Mnangagwa

#AABLA2019: Nominations open for the 2019 All Africa Business Leaders Awards

SAA appoints Zuks Ramasia as acting CEO

What you need to know about Zimbabwe and EU’s political talks to ease tensions created in Mugabe-era

South Africa’s ANC has not taken a decision to expand central bank mandate, what you need to know…

Chinese tech stocks have been in a ‘bloodbath’ but the future is bright: Naspers CEO

South African rand falls as country’s GDP declines in Q1

South Africa’s Absa PMI drops in May, what you need to know

SA retailer Shoprite checks out of Christo Wiese share buyback

With Russia expanding its interests in Africa, can it serve as an alternative to the US and China?

SA’s President Ramaphosa has his cabinet, this is who’s in

Eskom CEO quits

Malawians head to the polls, analysts expect tight race

Why Zambia is seeking a new investor in Vedanta-controlled copper miner

Lessons from Singapore for SA’s newly elected President Cyril Ramaphosa

African Travel Indaba, telling more than an African travel success story

Zimbabwe to rebase economy

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Southern Africa

Zimbabwe to have new currency by end of 2019 – Mnangagwa

#AABLA2019: Nominations open for the 2019 All Africa Business Leaders Awards

SAA appoints Zuks Ramasia as acting CEO

What you need to know about Zimbabwe and EU’s political talks to ease tensions created in Mugabe-era

South Africa’s ANC has not taken a decision to expand central bank mandate, what you need to know…

Chinese tech stocks have been in a ‘bloodbath’ but the future is bright: Naspers CEO

South African rand falls as country’s GDP declines in Q1

South Africa’s Absa PMI drops in May, what you need to know

SA retailer Shoprite checks out of Christo Wiese share buyback

With Russia expanding its interests in Africa, can it serve as an alternative to the US and China?

SA’s President Ramaphosa has his cabinet, this is who’s in

Eskom CEO quits

Malawians head to the polls, analysts expect tight race

Why Zambia is seeking a new investor in Vedanta-controlled copper miner

Lessons from Singapore for SA’s newly elected President Cyril Ramaphosa

African Travel Indaba, telling more than an African travel success story

Zimbabwe to rebase economy

News Tips

Advertise With Us

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