JOHANNESBURG (Reuters) &#8211; South African state power utility Eskom said on Monday that it would implement controlled power cuts for a second day in a row because of a shortage of generating capacity.



Eskom said it would cut 2,000 megawatts from the national grid from 0700 GMT, likely until 2000 GMT.



Reporting by Alexander Winning; Editing by Kim Coghill

South Africa’s power utility Eskom to implement #LoadShedding for a second day in a row

JOHANNESBURG (Reuters) &#8211; South Africa’s National Union of Mineworkers (NUM) on Friday urged President Cyril Ramaphosa to reconsider his plan to split state power firm Eskom into three separate entities, saying it would lead to large-scale job losses.



“The NUM is going to fight tooth and nail against the unbundling of Eskom,” the union, which says it has more than 15,000 members at Eskom, said in a statement. “It is the privatisation of Eskom to enrich the elites.”



Reporting by Alexander Winning; Editing by Joe Brock

Should South Africa’s president Ramaphosa scrap Eskom split plan ? NUM thinks he should, here’s why

By <a href="https://theconversation.com/profiles/theo-neethling-393531">Theo Neethling</a>, <a href="http://theconversation.com/institutions/university-of-the-free-state-1944">University of the Free State</a>


Much has been made about China’s role and profile in Africa and the factors <a href="https://www.brookings.edu/research/africa-in-chinas-foreign-policy/">underlying its activities</a> on the continent. Less debated is the spread and depth of Russia’s contemporary presence and profile in Africa.

There was a strong Russian influence in Africa during the heyday of the <a href="https://www.sahistory.org.za/topic/union-soviet-socialist-republic-ussr-and-anti-apartheid-struggle">Soviet Union</a>. The post-independence governments of Angola, Mozambique, Guinea-Bissau, Democratic Republic of Congo, Egypt, Somalia, Ethiopia, Uganda and Benin at some point all received diplomatic or <a href="https://www.tandfonline.com/doi/pdf/10.1080/02589008108729373">military support</a> from the Soviet Union. 

But this began to change after the superpower started to collapse in <a href="https://www.britannica.com/event/the-collapse-of-the-Soviet-Union">December 1991</a>. More than a quarter of a century later Russia’s President Vladimir Putin seems to have new aspirations in Africa. This is in line with his desire to <a href="https://journals.sagepub.com/doi/pdf/10.1177/1478929915623967">restore Russia to great power status</a>.

Putin places a high premium on geopolitical relations and the pursuit of Russian assertiveness in the <a href="https://journals.sagepub.com/doi/pdf/10.1177/1478929915623967">global arena</a>. This includes reestablishing Russia’s sphere of influence, which extends to the <a href="https://www.washingtonpost.com/news/monkey-cage/wp/2014/03/06/how-putins-desire-to-restore-russia-to-great-power-status-matters/?utm_term=.766a992f312e">African continent</a>.

Like Beijing, Moscow’s method of trade and investment in Africa is without the prescriptions or <a href="https://www.diva-portal.org/smash/get/diva2:277664/FULLTEXT01.pdf">conditionalities</a> of actors like the International Monetary Fund and the World Bank. 

Russia is gradually increasing its <a href="https://issafrica.org/iss-today/russia-and-africa-meet-again">influence in Africa</a> through strategic investment in energy and minerals. It’s also using military muscle and soft power. 

Increasingly, the pressing question is: is the relationship between China and Africa as good for Africa as it is for China? The same question applies to <a href="https://www.forbes.com/sites/panosmourdoukoutas/2018/08/04/china-is-treating-africa-the-same-way-european-colonists-did/#729c3b72298b">Russia-Africa relations</a>.

<h2>Energy and minerals</h2>

Interaction between Russia and Africa has grown exponentially this century, with trade and investment growing by 185% <a href="https://issafrica.org/iss-today/russia-and-africa-meet-again">between 2005 and 2015</a>.

Economically, much of Russia’s focus in Africa centres on <a href="https://issafrica.org/iss-today/russia-and-africa-meet-again">energy</a>. Key Russian investments in Africa are in the <a href="http://www.nbs.ntu.edu.sg/NewsnEvents/Pages/Inthemedia-Details.aspx?news=2f0e3381-39a8-4c98-92f1-d54e19799c6e">oil, gas and nuclear power sectors</a>. 

The fact that 620 million people in Africa <a href="https://www.weforum.org/agenda/2016/09/africa-s-energy-poverty-is-keeping-its-people-poor">don’t have electricity</a> provides Russia’s nuclear power industry with potential markets. Several Russian companies, such as Gazprom, Lukoil, Rostec and Rosatom are active in Africa. Most activity is in Algeria, Angola, Egypt, Nigeria and Uganda. In Egypt, negotiations have already been finalised with Moscow for the building of <a href="https://www.power-technology.com/projects/el-dabaa-nuclear-power-plant/">the country’s first nuclear plant </a>.

These companies are mostly state-run, with investments often linked to military and diplomatic interests. 

Moscow’s second area of interest is Africa’s mineral riches. This is particularly evident in Zimbabwe, Angola, the Democratic Republic of Congo, Namibia and the Central African Republic.

In Zimbabwe, Russia is developing one of the world’s largest deposits of <a href="https://www.reuters.com/article/us-zimbabwe-mining-platinum/russian-zimbabwean-firm-to-invest-400-million-in-zimbabwe-platinum-idUSKCN1GR222">platinum group metals</a>.

Russia has also been reestablishing links with Angola, where Alrosa, the Russian giant, <a href="http://eng.alrosa.ru/the-deal-to-increase-alrosas-participation-in-catoca-is-approved-by-the-president-of-angola/">mines diamonds</a>. Discussions between Russia and Angola have also focused on hydrocarbon production.<a href="https://www.observer.com.na/index.php/national/item/8142-russians-rekindle-interest-in-nuclear-plant">Uranium in Namibia</a> is another example.

Russia’s current controversial involvement in the Central African Republic (CAR) began in 2017, when a team of Russian military instructors and <a href="https://www.rferl.org/a/explainer-what-russian-military-contractors-are-doing-in-central-african-republic/29405290.html">170 “civilian advisers”</a> were sent by Moscow to Bangui to train the country’s army and presidential guard. Shortly after that, nine <a href="https://www.ozy.com/fast-forward/russias-new-african-launch-pad-the-central-african-republic/89176">weapons shipments</a> arrived in the CAR.

Interest in the country has focused on exploring its natural resources on a concession basis. The murder of <a href="https://www.theguardian.com/world/2018/aug/01/russian-journalists-killed-central-african-republic-investigating-military-firm-kremlin-links">three Russian journalists</a> in a remote area of the country last year focused the world’s attention on what looked like a Kremlin drive for influence and resources. 

<h2>Military influence and diplomacy</h2>

Russia is the second largest exporter of arms globally, and a <a href="https://issafrica.org/iss-today/russia-and-africa-meet-again">major supplier to African states</a>. Over the past two decades it has pursued military ties with various African countries, such as Ethiopia, Nigeria and Zimbabwe. 

Military ties are linked to <a href="https://www.ozy.com/fast-forward/russias-new-african-launch-pad-the-central-african-republic/89176">bilateral military agreements</a> as well as providing boots on the ground in <a href="https://www.businesslive.co.za/bd/opinion/2018-08-06-death-diamonds-and-russias-push-into-africa/">UN peacekeeping operations</a>. Combined, China and Russia outnumber the other <a href="http://ask.un.org/faq/14518">permanent members of the UN Security Council</a> in contributing troop to UN peacekeeping efforts. 

Russia has also been actively supporting Zimbabwe. Shortly after it was reported in 2018 that China had placed new generation surface-to-air <a href="https://bulawayo24.com/index-id-news-sc-national-byo-143959.html">missiles in Zimbabwe</a>, Russian Foreign Minister Sergey Lavrov announced that his country was pursuing <a href="https://www.reuters.com/article/us-zimbabwe-russia/russia-seeks-military-cooperation-diamond-platinum-projects-in-zimbabwe-idUSKCN1GK2JK">military cooperation</a>. 

Significantly, Zimbabwe’s President Emmerson Mnangagwa has said that his country may need Russia’s help with the modernisation of its defence force during a recent <a href="https://www.reuters.com/article/us-russia-zimbabwe-military/zimbabwe-says-it-may-need-russia-to-help-modernize-its-army-ria-idUSKCN1P90QV">visit to Moscow</a>. 

<h2>Russia, Africa and the future</h2>

Both Russia and China are keen to play a future role in Africa. The difference between these two major powers is that China forms part of the Asian regional economy. This will surpass North America and Europe combined, in terms of global power &#8211; based on GDP, population size, military spending and <a href="https://www.dni.gov/files/documents/GlobalTrends_2030.pdf">technological investment</a>.

China and India have sustained impressive economic growth over many years. And, their enormous populations make them two world powers of extraordinary importance. Growth prospects for the Russian economy, on the other hand, remain modest &#8211; between <a href="http://www.worldbank.org/en/country/russia/publication/rer">1.5% and 1.8%</a> a year for 2018-2010, against the current global average rate of 3.5% a year. 

Still, Russia remains a major power in global politics. For African leaders, the key word is agency and the question is how to play the renewed Russian attention to their countries’ advantage, and not to fall victim to the contemporary <a href="https://issafrica.org/iss-today/russia-and-africa-meet-again">“geopolitical chess”</a> game played by the major powers on the continent.<img loading="lazy" decoding="async" src="https://counter.theconversation.com/content/110930/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/theo-neethling-393531">Theo Neethling</a>, Professor and Head: Political Studies and Governance in the Humanities Faculty, <a href="http://theconversation.com/institutions/university-of-the-free-state-1944">University of the Free State</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/how-russia-is-growing-its-strategic-influence-in-africa-110930">original article</a>.

Russia is growing its strategic influence in Africa, here’s how the country is doing this

By Gary Van Staden, Senior Political Analyst at NKC African Economics



With
an election around the corner, it was always a little unrealistic to expect the
State of the Nation Address (Sona) given by the South African president in Cape
Town on Thursday, February 7, to be an era-defining speech. 



President
Cyril Ramaphosa delivered a talk more tilted toward the African National
Congress (ANC) than the country, but what politician would have done anything
different? Under sweltering heat-wave conditions there was nothing unexpected –
apart from the rather sudden announcement of May 8 as the date for this year’s
general election – but the tone was positive and left listeners with the
feeling that, certainly in terms of the economy, there was some prospect of an
improvement. 



Mr
Ramaphosa covered all the bases he had been expected to cover, including
announcing that power utility Eskom would be split into three entities,
responsible respectively for generation, transmission and distribution. 



There
was also, however, a lot of repetition. Mr Ramaphosa spoke about dealing with
corruption, strengthening state institutions, establishing strategic
partnerships in state-owned enterprises (SOEs), better education, more
investment, and more economic development plans – all familiar themes a year
into his presidency. 



To
our mind there was still too big a role for the state in his plans, and too
much superficial mention of “reform” without the major policy shifts that
reform will require. But then again… a May date looms for the ANC to try to
retain power. 



There
was a good dose of calling back the past with plans to reintroduce technical
high schools and formal pre-school learning. Business and investors would not
have found anything disagreeable in the presentation, and enough to be publicly
encouraging. 



That
will help sentiment, but positive sentiment will last only if implementation
and delivery follow the talk, and implementation has been and remains an ANC
weakness. 



Our
understanding from sources close to the Economic Freedom Fighters (EFF) was that
the leftist opposition party would allow its members to make only minor
interjections and not to be altogether disruptive of Sona. Also, there is clear
evidence to suggest that the apparently accidental meetings between Mr
Ramaphosa and opposition leaders, including Julius Malema of the EFF and Mmusi
Maimane of the Democratic Alliance (DA), were no accident. 



So,
Mr Ramaphosa was allowed to proceed with a speech that was a little too much of
all things to all people to provide any real insight into what we can expect
when he delivers his next Sona once the ANC has comfortably won the election
(if the result turns out to be in line with our expectations). 



Some
news channels searching bravely for breaking news in Sona got excited about the
formal announcement of the breakup of Eskom, a policy which had been pushed by
Public Enterprises Minister Pravin Gordhan and expected for some time to be
announced in the speech. We find it disappointing, however, that the three
operations – generation, transmission and distribution – will remain under the
SOE Eskom Holdings when only the natural monopoly of transmission should remain
a state function. 



We
expect that this will mean the companies will remain less efficient than they
could have been if they were sold at least partly to private operators, but it
does provide an opportunity to deal with Eskom’s massive surplus labour
problem. 



The
company is estimated to be overstaffed by between 40% and 60%, and the
restructuring provides a reason for retrenchments, but that is not a topic the
president was willing to tackle in this pre-polls speech. 



Mr
Ramaphosa also mentioned that the utility “will need more revenue through an
affordable tariff increase” and said that more detail about the state’s support
for Eskom would be included in the budget speech that Finance Minister Tito
Mboweni will deliver later this month.



The
plans to deal with Eskom and its financial problems are illustrative of the
whole speech: it was largely anticipated and covered all the bases. It was
somehow underwhelming without being overtly negative. The elections do loom
very large so perhaps we got the best Mr Ramaphosa was prepared to offer
without supplying his opponents – both within and outside of his own party –
with any political ammunition. 



In general, we are encouraged but hold back on too much hope given the ANC’s poor record of translating words into deeds, a weakness that Mr Ramaphosa has not entirely dispelled. Perhaps the main point, given the political tightrope Mr Ramaphosa must walk, is that unlike almost all previous Sonas of the past decade this one was a notch better than neutral rather than downright negative.

﻿Op-Ed: Plenty of heat on the street, but no fire in #SONA2019

JOHANNESBURG (Reuters) &#8211; South Africa’s rand weakened early on Thursday as a bounce-back by the dollar aided by positive economic data put the local currency on the back foot ahead of President Cyril Ramaphosa’s state of the nation address this evening.



At 0640 GMT the rand was 0.17 percent softer at 13.5700 per dollar compared to its close of 13.5475 overnight in New York.



The rand has now retreated around 2.5 percent since last Thursday’s rally to a two-and-a-half year peak, tracking fellow high-yielding emerging market currencies hit by a bout of risk aversion triggered by better U.S. economic data.



On Wednesday the United States reported a narrower trade gap, helping the dollar index to a fifth straight session of gains.



With no top-tier economic data due locally, focus is expected to shift to Ramaphosa’s speech after the market close, with investors looking for clues about the fate of cash-strapped state power firm Eskom.



On Wednesday a monthly measure of business confidence noted concerns about slowing progress in promised reforms to ailing state firms and the broader economy.



Bonds also weakened, with the yield on the benchmark government issue due in 2026 adding 2 basis points to 8.67 percent.



Stocks were set to open lower at 0700 GMT, with the JSE securities exchange’s Top-40 futures index down 0.48 percent.



Reporting by Mfuneko Toyana; Editing by Jan Harvey

South Africa’s rand weakens ahead of President Cyril Ramaphosa’s state of the nation address

PRESS RELEASE



DURBAN, 7 February 2019: Supermodel, Philanthropist, Activist and
Cultural Innovator Naomi Campbell, will headline this year’s FORBES WOMAN
AFRICA Leading Women Summit, hosted by KwaZulu-Natal Provincial Government,
taking place at Durban’s Inkosi Albert Luthuli International Convention Centre
on International Women’s Day &#8211; Friday, 8 March.



“We are truly honoured to be welcoming Naomi Campbell to the fourth
annual FORBES WOMAN AFRICA Leading Women Summit,” commented Methil Renuka,
Managing Editor of FORBES AFRICA and FORBES WOMAN AFRICA, and host of this
year’s event. “Having established herself as a global powerhouse in fashion, Naomi
Campbell has used her fame to benefit vulnerable communities, with much of her
charity work also focused on the African continent. We look forward to engaging
with her at this year’s ‘New Wealth Creators’ summit.”



British-born Naomi Campbell was one of five
original supermodels that revolutionised the fashion industry during the 1990s.
Her work on the runway has seen her grace countless magazine covers, as well as
featuring in numerous television shows, music videos and films. Naomi Campbell has used her unique
position in the spotlight to draw attention to several international charities,
among them the Nelson Mandela Children’s Fund, Made in Africa Foundation,
amfAR, and Breast Health International. 



Her charity work started
alongside Nelson Mandela in 1993, with Madiba bestowing her the title of
‘Honorary Granddaughter’ for her ongoing activism. In 2005, Naomi Campbell established her own charity,
Fashion for Relief which has presented shows in New York, London, Cannes,
Moscow, Mumbai and Dar es Salaam, raising millions of dollars for various worthwhile
causes. 



Sihle Zikalala, the KwaZulu-Natal
Minister for Economic Development, Tourism and Environmental Affairs, said: “We
extend a warm welcome to this year’s headline speaker, Naomi Campbell. We look forward to engaging with her on topics
that will extend the positive impact women in this country, and on the
continent, are having globally. Her involvement in this event indicates the
calibre of this summit, and the strides being taken by African women. We are
proud to have been selected as the host venue for the fourth FORBES WOMAN
AFRICA Leading Women Summit as this gives us an opportunity to showcase the
incredible business opportunities and inviting natural beauty of the place we
call home.”



Attendees to the summit, hosted in association with the IDC, will get
the chance to engage with a selection of the continent’s most influential women
through keynote addresses, panel discussions and personal interviews. In
addition to the daytime networking, attendees to the summit are invited to the
FORBES WOMAN AFRICA Awards’ – a glamorous gala dinner celebrating those who
have made a remarkable impact in the business, sports, science, entertainment
and leadership categories. The gala dinner will take place at Durban’s Inkosi
Albert Luthuli International Convention Centre.



Ticket sales for this dynamic day are now open and includes full access
to the FORBES WOMAN AFRICA Leading Women Summit from 7am to 4pm and the FORBES
WOMAN AFRICA Awards’ Gala Dinner. Tickets are limited so book now!



For more information, visit www.leadingwomensummit.co.za or follow
@LWSummit on various social media platforms (#LWS2019KZN).



The FORBES WOMAN AFRICA Leading Women Summit and the FORBES WOMAN AFRICA
Awards’ Gala Dinner will be produced by ABN Event Productions.

Naomi Campbell announced as headline speaker for the 2019 Forbes Woman Africa Leading Women Summit

By <a href="https://www.cnbc.com/marguerite-ward/">Marguerite Ward</a> and <a href="https://www.cnbc.com/kathryn-dill/">Kathryn Dill</a>



You’ve just landed a coveted job at a new company and the hiring manager presents the organization’s offer for your starting salary.



Do you accept the given number or negotiate for higher pay?



The prevailing wisdom says you should negotiate, but according to bestselling management author and CNBC contributor&nbsp;<a href="https://www.cnbc.com/2017/04/11/suzy-welch-the-career-secret-i-wish-id-known-in-my-20s.html" class="">Suzy Welch</a>, the prevailing wisdom is wrong.



“I know not everyone’s going to agree on my advice on this,” she says, “but here’s the advice I give my own kids: If the salary is within 10 to 15 percent of what you had in your head, say, ‘Yes, thank you. I’m excited. I can’t wait.’”



Waiting, she says, will pay off in the long run.



Data shows women negotiate less often than men, and earn&nbsp;<a href="https://www.cnbc.com/2017/04/04/these-2-simple-language-tricks-could-help-you-get-a-raise.html" class="">less money</a>as a result. But Welch says that asking for a raise at the start could come across as greedy, and&nbsp;<a href="https://www.cfa.harvard.edu/cfawis/bowles.pdf" class="">Harvard research</a>&nbsp;underscores that women are particularly vulnerable to this scrutiny.



“You want to walk in as a team player and be the person who believes that pay comes with performance,” Welch says.



Failing to do so can hurt your career. One woman who Welch describes as “talented” pushed for a 3 percent raise when starting at a new company. But she struggled to settle in and sensed that people were “cold to her in meetings.”



“It wasn’t worth it,” Welch says.&nbsp;Waiting for a raise isn’t just to avoid backlash. It’s also strategic, and “positions you perfectly for asking and getting a significant raise after you’ve done great work.”



Instead of asking for more money to begin with, Welch says you should set up a meeting with your boss six months into the new role. Be sure to&nbsp;<a href="https://www.cnbc.com/2017/04/04/these-2-simple-language-tricks-could-help-you-get-a-raise.html" class="">emphasize your shared goals</a>&nbsp;and how you’ve contributed to the team’s success. Explain how you’ve not only succeeded but over-delivered. Then say, “I hope that will be recognized in my compensation.”



Holding off several months gives you that extra time to show your boss that you recognize pay is performance-driven, as well as build your case for getting a raise. You’ll be more likely to get a larger raise, too.



“Go in with good will, do a great job,” she says, “and in the long run&nbsp;— and usually in the short run too — you’ll see the real reward.”



Suzy Welch is the co-founder of the <a class="" href="http://jwmi.com/?mcv=jdg469">Jack Welch Management Institute</a>and a noted business journalist, TV commentator and public speaker. If you have questions about your own career, email her at gettowork@cnbc.com.



This article was first published by CNBC https://www.cnbc.com/2017/07/18/suzy-welch-the-advice-youve-been-given-about-negotiating-your-salary-is-wrong.html and is republished with its permission.

Improperly appointed boards spell disaster for organisations

Why the advice you’ve been given about negotiating your salary is wrong

LUSAKA (Reuters) &#8211; Zambia’s infrastructure and housing minister has been charged with concealing property believed to have been bought with the proceeds of crime, the Anti-Corruption Commission (ACC) said.



The ACC arrested Ronald Chitotela on Tuesday and released him on bail pending a court hearing. Chitotela did not immediately respond the Reuters’ attempts to contact him for comment.



The main opposition party has often accused President Edgar Lungu’s government of corruption. Chitotela, 47, is the first cabinet minister to be arrested on suspicion of graft since Lungu’s re-election in 2016.



Transparency International Zambia welcomed Chitotela’s arrest.



“We wish to use this occasion to encourage the ACC and all other law enforcement agencies to do their work without any fear or favour,” the anti-corruption campaign group said in a statement.



ACC Assistant Public Relations Manager Dorothy Mwanza said Chitotela had been charged on two counts of concealing property acquired in an upscale residential area in the capital, bought with the proceeds of crime and registered in the name of another person. She gave no further details.



If convicted, Chitotela faces a penalty of up to 5 years in prison.



Reporting by Chris Mfula; Editing by Robin Pomeroy

Zambia’s infrastructure minister has been arrested, what you need to know

HARARE (Reuters) &#8211; Zimbabwe’s President Emmerson Mnangagwa invited opposition leaders to a meeting on Wednesday to draw up terms for a national dialogue, they said, following a brutal crackdown on anti-government protests. 



More than 20 politicians who contested July’s presidential election were invited, two of whom &#8211; Lovemore Madhuku and Noah Manyika &#8211; said they would attend. It would be the first meeting between Mnangagwa and opponents since he took power from Robert Mugabe in November 2017.



Manyika however said he believed conditions were not yet right for meaningful dialogue, which could only happen if hundreds of people detained during the crackdown were released and soldiers withdrawn from streets and checkpoints.



“It can only take place if, as the president promised upon his return from his overseas trip, the heads of those who have been responsible for brutalising citizens roll,” Manyika said.



On Tuesday, a nationwide strike by public sector teachers for better pay got off to a patchy start, as some stayed at home while others attended school but did not teach amid fears of further intimidation.



The president hiked fuel costs by 150 percent last month and immediately travelled abroad, triggering unrest that drew a violent response from security forces and eventually persuaded him to cut short his foreign tour.



On his return home, Mnangagwa promised action against brutality by police and troops and called for a national dialogue.



There was no immediate comment on Tuesday’s invitation from Mnangagwa or his spokesman.



Nelson Chamisa, who heads the main opposition Movement for Democratic Change party and who counts Manyika among his allies, could not be reached for comment.



The MDC believes Zimbabwe is reverting to the authoritarian rule that characterised the regime of long-time leader Mugabe, and says the election that confirmed Mnangagwa as president in July was rigged, an allegation the judiciary rejected.



<h3 class="wp-block-heading">‘REPORT ALL INTIMIDATION’</h3>



The southern African nation is mired in an economic crisis marked by soaring inflation and shortages of cash, fuel and medicines.



Many government workers are demanding wage rises and payments in dollars to compensate.



On Tuesday the striking Zimbabwe Teachers Association (ZIMTA), the biggest teaching union, said most of its members had stayed at home but that security agents had gone to some schools taking details of absent teachers.



The union accused authorities of spreading fake news to discourage teachers from going on strike after state media reported that the stoppage had been called off.



“Report all forms of intimidation, we are building a dossier of such,” ZIMTA said in a notice to members.



Cabinet ministers declined to answer questions on the strike at a media briefing in Harare.



In schools around the centre of the capital, most teachers appeared to have turned up for work, but some were not taking lessons, witnesses said.



In a classroom at a primary school in Harare’s Mbare township, a Reuters photographer saw one teacher eating from her lunch box in class while pupils sat quietly.



Zimbabwe has more than 100,000 public-sector teachers.



Additional reporting by Philemon Bulawayo; Editing by James Macharia and John Stonestreet

Zimbabwe’s President Mnangagwa invites opposition leaders for talks, here’s what was discussed

JOHANNESBURG (Reuters) &#8211; South African telecoms giant MTN said on Monday it expected to see a 20 percent improvement in earnings per share last year compared with 2017.



Headline earnings per share is a key profit measure in South Africa that strips out one-off items.



Africa’s biggest mobile phone operator reported headline earnings per share of 182 cents and attributable earnings per share of 246 cents for the prior financial year.



Following the announcement, MTN shares recovered some earlier losses to stand at 87.60 rand per share, down 0.57 percent, at 0924 GMT.



Reporting by Emma Rumney; Editing by James Macharia

Here’s why South Africa’s MTN expects to see a 20 percent improvement in 2018 earnings per share

CAPE TOWN (Reuters) &#8211; South African mining industry body group, the Mineral Council, said on Monday 84 miners were killed last year in mining-related accidents compared with 89 a year earlier.



The mining industry in South Africa produced a third of the bullion mined in history and is home to the world’s deepest mines.



Reporting by Tanisha Heiberg; Editing by Kim Coghill

Death toll in South African mines decreases, what you need to know

Group Five’s share price fell almost 29 per cent on Friday to 76c, it is unclear if the market had information on the news that its CEO, Solomon Themba Mosai, had resigned with effect from January 31, 2019 before it was announced at 3pm CAR. He will be replaced by Dr Thabo C Kgogo until a replacement is found.



Dr Kgogo is the former CEO of SacOil and current head of Efora. He also held several positions at PetroSA. He has been a sitting non-executive director at Group Five and has good knowledge of the group, the company says in a Sens statement.



Mosai has been with the company for
15 years. He started at the company as the Managing Director for Intertoll
Africa.



Group Five is currently undergoing
significant restructuring and resizing, with its future focus on developments,
investments and concessions.

Group Five CEO Themba Mosai exits

LUSAKA (Reuters) &#8211; Zambia has fired Pius Kasolo, the chief executive of state mining investment arm Zambia Consolidated Copper Mines Investment Holding (ZCCM-IH), Mines Minister Richard Musukwa said on Friday, without giving a reason.



On Monday, Kasolo said the government should quickly resolve its tax row with mining companies to avoid hitting operations and ZCCM-IH dividends.



Zambia, Africa’s No.2 copper producer, increased its sliding scale for royalties of 4 to 6 percent by 1.5 percentage points from Jan. 1 and introduced a new 10 percent tax when the price of copper exceeds $7,500 per tonne.



Musukwa said on Friday the new tax measures were not meant to stifle mining operations and would not adversely affect the operations of ZCCM-IH.



“I am advised by the board of ZCCM-IH that the CEO Dr Pius Kasolo has been relieved of his duties,” Musukwa said at a joint briefing alongside presidential spokesman Amos Chanda.



ZCCM-IH spokeswoman Louisa Mbata-Kakoma told Reuters the company was preparing a statement on Kasolo’s dismissal.



Zambia also plans to replace value-added tax with a sales tax by April to help bring down mounting public debt.



Mining companies said last month they may lay off more than 21,000 workers due to reduced capital expenditure over the next three years as a result of the new tax measures.



Reporting by Chris Mfula; Editing by James Macharia and David Evans

Zambia has fired the CEO state mining investment arm ZCCM-IH, what you need to know

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GABORONE, Jan 31 (Reuters) &#8211; Botswana’s first privately owned coal mine will produce its first saleable coal in March, the chief executive of the company overseeing the project told Reuters.



The Masama Coal Mine aims to produce 1.2 million tonnes per annum of coal and will target the South African market as well as other countries in the region, Minergy Chief Executive Andre Boje said.



“We should ramp up to the nameplate volume of 300,000 tonnes per month by June/July 2019. Our target market is the southern African region at 1.2 million tons per annum, using a combination of road and rail transport,” Boje added.



The open cast mine and associated coal wash plant is located 60 km (37 miles) northwest of Botswana’s capital Gaborone and is being developed at a cost of 400 million pula ($39 million).



The Masama mine is estimated to hold 390 million tonnes of coal reserves. ($1 = 10.3627 pulas) (Reporting by Brian Benza Editing by James Macharia)

As funding dries up for coal projects, Botswana opens first privately owned coal mine

By Dr Adrian Saville, Chief Executive, Cannon Asset Managers 



Many investors ask, “How much money can I make?” before taking an investment position. 



But events like the accounting scandal at Steinhoff or
business fraud at Theranos – and their subsequent share price collapses –
highlight that an investor’s first consideration should rather be “How much
money can I lose?” 



And risk extends well beyond the crass risk of accounting
scandals and fraud: it can also take a veiled form, such as the “slow puncture”
experience by industrial giant General Electric; it can flow from industrial
shifts, seen in the cases of one-time champions Nokia, Xerox and Kodak; and
risk can also flow from hubris, where AOL-Time Warner arguably stands out as
one of the greatest failures in corporate finance in recent decades, which saw
AOL’s value fall from $160bn to $4bn in the space of a few years. 



Thus, while evaluating the likelihood of potential returns
is a fundamental component of any investment decision, evidence suggests that
considering the “upside” in any investment process only makes sense after we
have examined and interrogated the “downside” potential.



And unfortunately, downside risk is far more prevalent than
many realise. We only need to look back over the past few decades to see the
investment landscape littered with defaults on debt instruments, the carcasses
of defunct companies and the debris of failed mergers or acquisitions.



In fact, many studies have been devoted to analysing how
many companies survive and thrive in the longer term. It turns out, it’s not
that many.



Research published in 2016 on the United States market shows
that 80% of the companies that existed before 1980 are no longer around.
Similar studies in South Africa published by Cannon Asset Managers have yielded
comparable results. In the local case, we see this phenomenon in the changing
composition of the Johannesburg Stock Exchange where only 20 companies that
were in the top 100 in the mid-1990s are still in the top 100 today. 



While companies fail for many reasons, we find that once
they have become embroiled in a scandal or a governance lapse, this is usually
followed by a call for greater regulation and better oversight from various
regulatory bodies, based on the belief that if the market is more regulated,
shareholders will be better protected.



This might be a rational thought, but it is not necessarily
a sensible thought.



For example, auditors can offer increasingly tight guidance
on governance, but this cannot be regarded as a guarantee on either governance
or business performance. The investment world is replete with instances of
firms that have failed despite the oversight of audit firms of global standing
– just consider Lehman Brothers, WorldCom, General Motors, Chrysler and Enron.



Then look at the plight of fund manager Harry Markopolos,
who flagged Bernie Madoff’s Ponzi scheme years before its 2008 collapse. His
first submission to the Securities and Exchange Commission (SEC) was in May
2000, which he followed up with several more detailed submissions in 2001, 2002
and 2005 – all of which failed to spark regulatory action as his
whistle-blowing was not taken seriously.



Today there is more regulation than ever. Andy Haldane,
Chief Economist at the Bank of England, summed it up when he pointed out that
the banking industry’s Basel rules grew from 30 pages in Basel I to 616 pages
in Basel III in 2010. The 2016-2017 version of the Basel Accords (also called
Basel IV) runs to thousands of pages. Yet, despite the ramping up of global
banking regulations, the incidence of bank failure has increased.



300 years of capital market history further suggests that,
as much as regulators try to find new mechanisms to protect investors,
scandals, fraud and more “innocent” risk events (such as technological
redundancy) are doomed to be repeated. Systemic risk is more pronounced now
than it has ever been, which underlines the point that investing must start
with risk management before it can turn its attention to reaching for returns. 



In assessing risk, investors must start with macroeconomic
risk and filter through industry risk, firm risk and all the way down to
product risk, client risk and individual “key person” risk. 



Risk is multifaceted and can stretch from the company level
– such as the collapse of Steinhoff which hurt any portfolio that held the
stock; the industry level – for example mobile phone businesses that were left
behind, such as Nokia, Siemens Mobile and Motorola; and even at a currency
level – a large, diversified portfolio of investments held in Zimbabwean dollar
or Venezuelan bolívar would have had disastrous investment outcomes. 



If failure can happen in giant firms with skilled boards,
experienced employees, deep pockets and with global auditors in place, it can
happen anywhere. This puts risk management firmly in the hands of the
investment manager (or investor), which means carefully and diligently
assessing each investment for risks and vulnerabilities before considering
potential returns. 



This part of the investment process requires a wide-ranging,
detailed examination of various business elements, such as the nature and
extent of a company’s disclosures; the independence of its directors; executive
and employee incentives; the rules and regulations that govern different fields
of operation or geographies in which the firm operates; the ability of the firm
to remain competitive in dynamic industries; the risks presented by customer or
product concentration; and more. 



In short, when assessing an investment’s prospects, there is
no substitute for the hard – yet critical – work of understanding and assessing
and establishing the “downside” before it is possible to find the “upside”.

Op-Ed: The key question for successful investing

JOHANNESBURG (Reuters) &#8211; South African retailer Shoprite looked set for its biggest fall in almost 20 years on Wednesday after it warned of a steep drop in half-year headline earnings citing foreign exchange setbacks and other factors.



Shoprite in a trading statement released after the market close on Tuesday said it expects headline earnings per share (HEPS) including an adjustment for hyperinflation to fall by as much as 26 percent to 388.6-441.1 cents for the 26 weeks which ended on Dec. 30.



It reported HEPS of 525.6 cents in the prior comparable period.



Excluding the hyperinflation adjustment, HEPS is expected to fall to 334.9-387.4 cents, the company said.



“The low turnover growth resulting from low food inflation, temporary stock availability challenges and currency devaluations combined with lower non-RSA (non-South Africa) gross margins and inflexible expense growth have adversely affected profitability,” Shoprite said in its trading statement.



The supermarket operator and furniture retailer also recorded numerous once-off costs.



At market open, shares in Shoprite plunged more than 16 percent before paring loses to trade 10.7 percent weaker at 159.47 rand at 0936 GMT. They were on track for their biggest one-day drop since July 1999.



Last Tuesday, Shoprite, which owns more than 2,800 outlets across Africa, reported flat half-year sales, held back by a strike at its largest distribution centre in South Africa and sharp currency devaluations elsewhere. [nL8N1ZM26W]



“Now we are seeing the impact of those poor sales on their earnings numbers. It makes sense, when a company is facing increasing costs but sales are flat, earnings are going to decline,” Vestact equities portfolio manager Byron Lotter said in a note.



In South Africa the retailer has seen cost increases in rent, electricity, security, transport and depreciation, it said.



“January 2019 has seen the improved trading trend continue and we are confident of an improved second half as the impact of various once-offs continues to ease,” Shoprite said.



Reporting by Nqobile Dludla; editing by Jason Neely

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Op-Ed: Plenty of heat on the street, but no fire in #SONA2019