JOHANNESBURG (Reuters) &#8211; South Africa’s net foreign reserves rose to $43.091 billion by the end of December from $42.577 billion a month earlier, the country’s central bank said on Tuesday.



Gross reserves rose to $51.641 billion from $50.672 billion over the same period.



The forward position, which represents the central bank’s unsettled or swap transactions, shrunk to $145 million by the end of last month from $1.073 billion at the end of November.



Reporting by Alexander Winning; Editing by Sunil Nair

South Africa’s net foreign reserves rose to $43.09 billion in December

By <a href="https://www.cnbc.com/emmie-martin/">Emmie Martin</a>



You don’t have to be an expert to handle your money well. Even a few easy tweaks to how you save, spend and invest can help you build wealth.



To get you started, CNBC Make It rounded up five simple facts about money, all of which have been vetted and endorsed by experts, that can help you manage your finances like a pro in 2019.





Start investing in your 20s if you can



The earlier you begin saving and investing,&nbsp;<a href="https://www.cnbc.com/2018/10/18/suze-orman-invest-more-in-your-20s-than-your-30s.html" class="">the better off you’ll be</a>. “The truth of the matter is, you should be investing more in your 20s than you do in your 30s if you can,” personal finance expert Suze Orman tells&nbsp;<a href="https://www.cnbc.com/make-it/" class="">CNBC Make It</a>. That’s because the younger you are, the more time your money has to compound.



<a href="https://www.cnbc.com/2017/09/27/nerdwallet-charts-show-the-power-of-compound-interest.html" class="">Compounding</a>&nbsp;means that, in addition to earning money on your contributions, you also earn on returns on those returns over time. Because of this, your money grows exponentially. So if you invest a small amount and let it grow for decades, it will generally amount to much more than if you had invested a larger amount later.



Orman gives the example of a 25-year-old who invests&nbsp;<a href="https://www.bankrate.com/calculators/retirement/roth-ira-plan-calculator.aspx" class="">$100 a month in a Roth IRA</a>&nbsp;for 40 years and earns a 12 percent annual return. When that person retires at age 65, their investment will be worth just over $1 million. If the same person were to start investing $100 per month at age 35, they’d only have around $300,000 by the time they reached 65. “Those 10 years cost you $700,000,” Orman points out.



All investments carry some risk, and you’re never guaranteed to earn a 12 percent rate of return. But even at lower rates, the difference between starting at 25 and 35 is significant.





Don’t focus too much on saving



If you’re just saving and not investing, you’re setting yourself up to lose money in the long run, says Danielle Town, author of&nbsp;<a href="https://www.harpercollins.com/9780062672650/invested" class="">“Invested: How Warren Buffett and Charlie Munger Taught Me to Master My Mind, My Emotions, and My Money (with a Little Help from My Dad).”</a>&nbsp;That’s because inflation&nbsp;<a href="https://www.cnbc.com/2017/06/21/life-is-much-more-expensive-for-you-than-it-was-for-your-parents.html" class="">causes prices to rise</a>, which makes money less powerful over time. While a $20 bill will always be worth $20, what you’re able to buy for that amount dwindles.



If you had stuffed $1,000 in cash under your mattress 50 years ago, today it would have the&nbsp;<a href="https://data.bls.gov/cgi-bin/cpicalc.pl?cost1=1,000.00&amp;amp;amp;year1=201803&amp;amp;amp;year2=196803" class="">same buying power</a>&nbsp;as only $137.45 did in 1968. However, that same amount&nbsp;<a href="https://www.investor.gov/additional-resources/free-financial-planning-tools/compound-interest-calculator" class="">invested with compound interest</a>&nbsp;would have grown to about $20,000, assuming a 6 percent rate of return. Even if you only earn a 4 percent rate of return, it still grows to around $7,000.



Although experts advise having three to six months’ worth of living expenses stashed away in a liquid savings account, it’s&nbsp;<a href="https://www.cnbc.com/2017/07/20/americans-are-wrong-about-the-best-way-to-invest-money.html" class="">smart to put any extra cash to work</a>. “The antidote to losing money on inflation is investing,” Town says. “You’ve got to do something with your money.”When the market tanks, stay calm



The stock market has had a volatile year. But for the average person,&nbsp;<a href="https://www.cnbc.com/2018/02/27/betterment-cfp-explains-why-stock-prices-rise-and-fall.html" class="">shifts in the market</a>, even dramatic ones, shouldn’t be cause for panic. In fact, legendary investor Warren Buffett says that the&nbsp;<a href="https://www.cnbc.com/2018/04/06/warren-buffett-and-ray-dalio-agree-on-what-to-do-when-the-market-tanks.html" class="">best thing you can do when the market tanks is to ignore it</a>.



“The money is made in investments by investing and by owning good companies for long periods of time,” the Berkshire Hathaway CEO&nbsp;<a href="https://www.cnbc.com/2016/03/04/warren-buffett-buy-hold-and-dont-watch-too-closely.html" class="">told CNBC</a>&nbsp;in 2016 amid wild market fluctuations. “If they buy good companies, buy them over time, they’re going to do fine 10, 20, 30 years from now.”



Billionaire Ray Dalio agrees. Though it might be tempting to sell when the market drops, he says, you shouldn’t base your investing decisions on fear or emotion.



“You can not possibly succeed that way,” Dalio said at the <a class="" href="http://www.iop.harvard.edu/forum/pursuing-truth-global-economy">Harvard Kennedy School’s Institute of Politics</a>. “You’ve got to do the opposite. It’s when you’re not scared you probably want to sell, and when you are scared, you probably want to buy.”





Realize you don’t need a perfect credit score



If you want to get the best rates on mortgages, car payments and other types of loans, you need a solid credit score. But you&nbsp;<a href="https://www.cnbc.com/2018/10/09/going-higher-than-this-credit-score-is-a-waste-of-time-expert-says.html" class="">don’t need to worry about earning a perfect 850</a>.



“Once you’re above 760 you’re getting the best rates,” says Greg McBride, chief analyst at&nbsp;<a href="https://www.bankrate.com/" class="">Bankrate</a>. “That’s why obsessing over a score of 800 versus 820 is largely a waste of time.”



For John Ganotis, founder of&nbsp;<a href="http://creditcardinsider.com/" class="">CreditCardInsider.com</a>, the number to aim for is 750. Anything above that will “likely qualify you for some of the best rates and offers.”



Earning an “excellent” score that’s higher than 750 or 760 makes a difference. You could score a lower interest rate on your mortgage or qualify for the best credit cards. But stressing over a score of 780 versus 800 isn’t worth the effort.Understand how debt holds you back



Debt doesn’t just cost you money. The side effects of being in the red can affect other important parts of your life,&nbsp;<a href="https://www.cnbc.com/2018/10/03/suze-orman-pay-off-debt-asap-and-not-because-it-costs-you-money.html" class="">keeping you from earning more and getting what you want</a>&nbsp;professionally, says Suze Orman.



“When you are in debt, you feel it,” she says, and “your boss can feel that,” too. In essence, “you render yourself powerless.” Carrying debt can make you feel out of control and dependent on other people: “You walk into an interview and you need that job because you have to pay for your debt.”



That’s why Orman advocates making debt repayment a top financial priority. Once you’re out of debt, you exude confidence, she says: “You attract people to you. And guess what? Then you attract money. So get yourself out of debt and stay out of debt, the sooner the better, if you ask me.”



This article was first published by CNBC https://www.cnbc.com/2018/12/14/5-ways-to-be-smarter-with-money-in-2019.html and is republished with its permission.

5 simple ways to be smarter about money in 2019

HARARE (Reuters) &#8211; Zimbabwean teachers will strike from Tuesday to press for U.S. dollar salaries as talks with the government failed to bring a breakthrough, a union said, adding pressure on President Emmerson Mnangagwa to contain a runaway currency crisis.



Cash shortages have plunged Zimbabwe’s financial system into disarray, threatening social unrest and undermining Mnangagwa’s efforts to win back foreign investors sidelined under his predecessor Robert Mugabe.



With not enough hard currency to back up funds showing in bank accounts, the value of electronic money has plummeted, prompting businesses and civil servants to demand payment in U.S. dollars they can withdraw.



Just over four months into Mnangagwa’s contested presidency, the Zimbabwe Teachers’ Union (ZIMTA) said its members would strike as spiralling inflation has left them unable to buy basic goods and fuel that are in short supply. Government doctors have been on strike for more than a month over the same issue.



ZIMTA president Richard Gundani told Reuters a meeting between public sector unions and acting Labour Minister July Moyo only resolved to re-start talks, but teachers would not report for duty from Tuesday.



“We were very frank to each other and all the unions agreed that workers are incapacitated and we provided sufficient justification that they are unable to work,” Gundani said.



“ZIMTA’s declaration of incapacitation stands and teachers will not go to work.”



Moyo did not immediately answer calls to his mobile phone.



The government employs more than 100,000 teachers and ZIMTA has 44,000 members.



On Monday police arrested and later released 9 members of the smaller Amalgamated Rural Teachers Union of Zimbabwe who were picketing at a park in central Harare, their lawyer said.



There was a heavy presence of police with water cannon elsewhere in the capital.



As doctors continue their strike, Zimbabwe’s public hospitals have been left short of drugs and reliant on patients to buy them. Pharmacies have stopped accepting insurance policies for purchases and demand payment in dollars.



Zimbabwe is also struggling with acute shortages of fuel, forcing motorists to queue for hours.



Civil servant salaries accounted for 90 percent of the budget last year but Mnangagwa’s government has made an ambitious pledge to cut this to 70 percent in 2019 as part of reforms aimed at boosting growth and investment.



Mnangagwa came to power in November 2017 after Mugabe was forced to resign following an army coup. He was declared president in August 2018 after a presidential vote that his main opponent says he won fraudulently.



Reporting by MacDonald Dzirutwe; Editing by Joe Brock and Andrew Heavens and Andrew Cawthorne

Here’s why Zimbabwean teachers are planning to strike

By Abigail Hess



The United States is currently experiencing <a class="" href="https://www.cnbc.com/2018/10/18/alan-greenspan-this-is-the-tightest-labor-market-ive-ever-seen.html">one of the tightest labor markets in</a> history and many say that <a class="" href="https://www.cnbc.com/2018/02/13/the-10-cities-with-the-largest-skills-gaps.html">the country is currently facing a skills gap</a>. According to the <a class="" href="https://www.bls.gov/news.release/jolts.nr0.htm">Bureau of Labor Statistics</a>, the U.S. currently has over 7 million unfilled jobs.



This tight labor market has led many companies to become more open-minded when considering candidates. Companies including&nbsp;<a href="https://www.cnbc.com/2018/08/16/15-companies-that-no-longer-require-employees-to-have-a-college-degree.html" class="">Google, Apple, IBM and Bank of America</a>&nbsp;no longer require applicants to have a college degree.



Instead of emphasizing the need for specific titles and experience, organizations are shifting towards a focus on the skills that a potential employee may bring. At tech companies like Facebook, this is especially true.



“Skills really matter the most,“<a href="https://www.linkedin.com/in/janelle-gale-b205341/" class="">Janelle Gale</a>,&nbsp;<a href="https://www.cnbc.com/2018/02/27/how-to-land-a-job-at-facebook.html" class="">Facebook’s</a>&nbsp;vice president of human resources, tells&nbsp;<a href="https://www.cnbc.com/make-it/" class="">CNBC Make It</a>.



Her advice for workers interested in landing a job at an organization like Facebook is to focus on skills and apply — even if your resume does not exactly match the job description.



“We actually value skills over experience in the grand scheme of things,” she says. “Apply if you have the relevant skills even if you don’t have the right experience, because we’re looking underneath the surface for what’s really going to matter here and that’s what skills you can bring to the table.”



<a class="" href="https://learning.linkedin.com/blog/top-skills/the-skills-companies-need-most-in-2019--and-how-to-learn-them">LinkedIn</a> recently analyzed hundreds of thousands of job postings in order to determine which skills companies need most in 2019. They found that employers are looking for workers with both soft skills and hard technical skills and matched these skills with <a class="" href="https://www.linkedin.com/learning?trk=lilblog_01-01-19_skills-companies-need-most_tl&amp;cid=70132000001AyziAAC">LinkedIn Learning</a>courses that are free for the month of January.



<h2 class="wp-block-heading">Here are the 5 most in-demand soft skills in 2019:</h2>



5. Time Management



Recommended courses:&nbsp;<a href="https://www.linkedin.com/learning/tony-schwartz-on-managing-your-energy-for-sustainable-high-performance/spiritual?trk=lilblog_01-01-19_skills-companies-need-most_tl&amp;amp;cid=70132000001AyziAAC" class="">Tony Schwartz on Managing Your Energy for Sustainable High Performance</a>,&nbsp;<a href="https://www.linkedin.com/learning/finding-your-time-management-style/find-your-time-management-style?trk=lilblog_01-01-19_skills-companies-need-most_tl&amp;amp;cid=70132000001AyziAAC" class="">Finding Your Time Management Style</a>,&nbsp;<a href="https://www.linkedin.com/learning/time-management-for-managers?trk=lilblog_01-01-19_skills-companies-need-most_tl&amp;amp;cid=70132000001AyziAAC" class="">Time Management for Managers</a>



4. Adaptability



Recommended courses:&nbsp;<a href="https://www.linkedin.com/learning/strategic-agility/welcome?trk=lilblog_01-01-19_skills-companies-need-most_tl&amp;amp;cid=70132000001AyziAAC" class="">Strategic Agility</a>,&nbsp;<a href="https://www.linkedin.com/learning/developing-adaptable-employees/welcome?trk=lilblog_01-01-19_skills-companies-need-most_tl&amp;amp;cid=70132000001AyziAAC" class="">Developing Adaptable Employees</a>,&nbsp;<a href="https://www.linkedin.com/learning/developing-adaptability-as-a-manager/adapt-to-change?trk=lilblog_01-01-19_skills-companies-need-most_tl&amp;amp;cid=70132000001AyziAAC" class="">Developing Adaptability as a Manager</a>



3. Collaboration



Recommended courses:&nbsp;<a href="https://www.linkedin.com/learning/collaboration-principles-and-process?trk=lilblog_01-01-19_skills-companies-need-most_tl&amp;amp;cid=70132000001AyziAAC" class="">Collaboration Principles and Process</a>,&nbsp;<a href="https://www.linkedin.com/learning/being-an-effective-team-member/be-a-strong-teammate?trk=lilblog_01-01-19_skills-companies-need-most_tl&amp;amp;cid=70132000001AyziAAC" class="">Being an effective team member</a>,&nbsp;<a href="https://www.linkedin.com/learning/business-collaboration-in-the-modern-workplace?trk=lilblog_01-01-19_skills-companies-need-most_tl&amp;amp;cid=70132000001AyziAAC" class="">Business Collaboration in the Modern Workplace</a>



2. Persuasion



Recommended courses:&nbsp;<a href="https://www.linkedin.com/learning/persuading-others?trk=lilblog_01-01-19_skills-companies-need-most_tl&amp;amp;cid=70132000001AyziAAC" class="">Persuading Others</a>,&nbsp;<a href="https://www.linkedin.com/learning/becoming-a-thought-leader-2?trk=lilblog_01-01-19_skills-companies-need-most_tl&amp;amp;cid=70132000001AyziAAC" class="">Becoming A Thought Leader</a>,&nbsp;<a href="https://www.linkedin.com/learning/advanced-consumer-behavior?trk=lilblog_01-01-19_skills-companies-need-most_tl&amp;amp;cid=70132000001AyziAAC" class="">Advanced Consumer Behavior</a>



1. Creativity



Recommended courses: <a class="" href="https://www.linkedin.com/learning/creativity-bootcamp/defining-creativity?trk=lilblog_01-01-19_skills-companies-need-most_tl&amp;cid=70132000001AyziAAC">Creativity Bootcamp</a>, <a class="" href="https://www.linkedin.com/learning/the-five-step-creative-process?trk=lilblog_01-01-19_skills-companies-need-most_tl&amp;cid=70132000001AyziAAC">The Five-Step Creative Process</a>, <a class="" href="https://www.linkedin.com/learning/creativity-generate-ideas-in-greater-quantity-and-quality/introduction?trk=lilblog_01-01-19_skills-companies-need-most_tl&amp;cid=70132000001AyziAAC">Creativity: Generate Ideas in Greater Quantity and Quality</a>







<h2 class="wp-block-heading">Here are the 5 most in-demand hard skills in 2019:</h2>



5. UX Design



Recommended courses:&nbsp;<a href="https://www.linkedin.com/learning/ux-foundations-multidevice-design-2/welcome?trk=lilblog_01-01-19_skills-companies-need-most_tl&amp;amp;cid=70132000001AyziAAC" class="">UX Foundations: Multidevice Design</a>,&nbsp;<a href="https://www.linkedin.com/learning/ux-design-1-overview-2/understanding-the-benefits-of-user-centered-design?trk=lilblog_01-01-19_skills-companies-need-most_tl&amp;amp;cid=70132000001AyziAAC" class="">UX Design: 01 Overview</a>,&nbsp;<a href="https://www.linkedin.com/learning/ux-research-for-agile-teams/welcome?trk=lilblog_01-01-19_skills-companies-need-most_tl&amp;amp;cid=70132000001AyziAAC" class="">UX Research for Agile Teams</a>



4. People Management



Recommended courses:&nbsp;<a href="https://www.linkedin.com/learning/motivating-and-engaging-employees-2/welcome?trk=lilblog_01-01-19_skills-companies-need-most_tl&amp;amp;cid=70132000001AyziAAC" class="">Motivating and Engaging Employees</a>,&nbsp;<a href="https://www.linkedin.com/learning/managing-team-conflict/how-to-be-both-assertive-and-cooperative-in-team-conflict?trk=lilblog_01-01-19_skills-companies-need-most_tl&amp;amp;cid=70132000001AyziAAC" class="">Managing Team Conflict</a>,&nbsp;<a href="https://www.linkedin.com/learning/leading-with-purpose/next-steps?trk=lilblog_01-01-19_skills-companies-need-most_tl&amp;amp;cid=70132000001AyziAAC" class="">Leading with Purpose</a>



3. Analytical Reasoning



Recommended courses:&nbsp;<a href="https://www.linkedin.com/learning/making-decisions/conclusion?trk=lilblog_01-01-19_skills-companies-need-most_tl&amp;amp;cid=70132000001AyziAAC" class="">Making Decisions</a>,&nbsp;<a href="https://www.linkedin.com/learning/decision-making-strategies/choosing-a-decision-making-style?trk=lilblog_01-01-19_skills-companies-need-most_tl&amp;amp;cid=70132000001AyziAAC" class="">Decision Making Strategies</a>,&nbsp;<a href="https://www.linkedin.com/learning/executive-decision-making/welcome?trk=lilblog_01-01-19_skills-companies-need-most_tl&amp;amp;cid=70132000001AyziAAC" class="">Executive Decision Making</a>



2. Artificial Intelligence



Recommended courses:&nbsp;<a href="https://www.linkedin.com/learning/artificial-intelligence-foundations-neural-networks/next-steps?trk=lilblog_01-01-19_skills-companies-need-most_tl&amp;amp;cid=70132000001AyziAAC" class="">Artificial Intelligence Foundations: Neural Networks</a>,&nbsp;<a href="https://www.linkedin.com/learning/artificial-intelligence-foundations-machine-learning?trk=lilblog_01-01-19_skills-companies-need-most_tl&amp;amp;cid=70132000001AyziAAC" class="">Artificial Intelligence Foundations: Machine Learning</a>,&nbsp;<a href="https://www.linkedin.com/learning/machine-learning-and-ai-foundations-classification-modeling/classification-problems-in-machine-learning?trk=lilblog_01-01-19_skills-companies-need-most_tl&amp;amp;cid=70132000001AyziAAC" class="">Machine Learning and AI Foundations: Classification Modeling</a>



1. Cloud Computing



Recommended courses: <a class="" href="https://www.linkedin.com/learning/learning-cloud-computing-networking-2?trk=lilblog_01-01-19_skills-companies-need-most_tl&amp;cid=70132000001AyziAAC">Learning Cloud Computing: Networking</a>, <a class="" href="https://www.linkedin.com/learning/learning-amazon-web-services-aws-for-developers/how-to-get-started-developing-on-aws?trk=lilblog_01-01-19_skills-companies-need-most_tl&amp;cid=70132000001AyziAAC">Learning Amazon Web Services (AWS) for Developers</a>, <a class="" href="https://www.linkedin.com/learning/aws-for-architects-advanced-security?trk=lilblog_01-01-19_skills-companies-need-most_tl&amp;cid=70132000001AyziAAC">AWS for Architects: Advanced Security  </a>



Creativity and cloud computing came in first as the most in-demand soft and hard skills in 2019, according to LinkedIn.



According to Paul Petrone, editor of LinkedIn Learning, this year’s list reflects a change in employers’ priorities.



“Interestingly, the newcomers to our list were uniquely human traits: Among soft skills, creativity and adaptability joined the list for the first time, and among hard skills, people management was a new addition,” he tells&nbsp;<a href="https://www.cnbc.com/make-it/" class="">CNBC Make It</a>&nbsp;via email.



“While digital skills like cloud computing and artificial intelligence topped the list of hard skills companies need most, the emergence of these three new skills suggests that employers recognize the importance of embracing modern technologies as well as recognizing those things technology can’t do: connect with other people, engage in out-of-the-box thinking and quickly adapt to new priorities or problems.”



By paying attention to in-demand skills like these, workers can make sure they remain in-demand among employers.



This article was first published by CNBC https://www.cnbc.com/2019/01/04/the-30-most-in-demand-skills-in-2019-according-to-linkedin-.html and is republished with its permission.

The 10 most in-demand skills of 2019, according to LinkedIn

JOHANNESBURG, Jan 4 (Reuters) &#8211; South Africa’s private sector activity contracted for the sixth month in a row in December as both output and new orders fell further while purchases also dropped, though the overall rate of decline eased, a survey showed on Friday.



The Purchasing Managers’ Index (PMI), compiled by IHS Markit, rose to 49.0 from 48.2 in November, still below the 50 mark separating expansion from contraction that was last reached in June.



Three of the five sub-indices were contracted, but all showed slower rates of decline, signalling a recovery from October’s four-year low.



“Reports of a turnaround in the economy helped ease the decline,” said IHS Markit economist David Owen.



“The headline PMI was at its highest since July when conditions first deteriorated. Firms reported movement in a number of sectors, with the jobs market also elevated into expansionary territory,” Owen said.



Africa’s most industrialised economy went into recession in the first half of 2018 but grew by an unexpected 2.2 percent in the third as manufacturing and agricultural production accelerated.



South Africa’s growth outlook however remains uncertain, with a widening budget deficit and ballooning debt as well as trade wrangles between China and the United States posing big risks to an already modest growth forecast of 1.7 percent for 2019.



Detailed PMI data are only available under licence from



IHS Markit and customers need to apply for a licence. To subscribe to the full data, click on the link below: <a href="https://www.ihsmarkit.com/about/contact-us.html">here</a>



For further information, please phone IHS Markit on +8006275 4800 or email economics@ihsmarkit.com



(Reporting by Mfuneko Toyana; Editing by John Stonestreet)

Decline in this Southern African country’s private sector eases

LUSAKA (Reuters) &#8211; The Zambia Revenue Authority (ZRA) said on Friday an audit shows mining companies owe the government more than the state is due to pay them in tax refunds.



Mining companies have been demanding Zambia pay the $550-$600 million due to them in Value Added Tax (VAT) refunds.



“When we put together what we owe the mining companies compared with what they are owing, you find that on the balance of numbers they are actually owing more,” ZRA Commissioner-General Kingsley Chanda said at a media briefing.



Chanda did not say how much mining companies owed the state but said it included penalties and interest. Mining companies pay government royalties and tax.



Reporting by Chris Mfula; Editing by Joe Brock

Zambia is refusing to pay mining companies their tax refunds, here’s why

JOHANNESBURG (Reuters) – South Africa’s rand firmed to a two-week best on Friday as emerging markets were boosted by increased expectations of the United States central bank cutting lending rates this year.



At 0810 GMT the rand was 1.1 percent firmer at 14.1500 after an overnight close of 14.3075.



With little on the local data front in the first week of the new year, the rand looked to offshore events for direction, and has seen volatile trade with swings in the dollar setting the tone.



Survey data on Thursday showed U.S. factory activity slowed more than expected, the latest sign the world’s largest economy was losing steam, igniting bets the Federal Reserve could switch from raising to cutting rates before the end of the year.



That aided the rand recovery from Wednesday’s “flash crash” that saw the unit plunge to a three-month low in a global selloff.



Progress in trade talks between Washington and Beijing also soothed sentiment. The two superpowers are due to hold trade talks in China next week.



Bonds opened firmer, with yield on the benchmark paper due in 2026 down 5.5 basis points to 8.795 percent, its lowest since mid-August.



Stocks edged up, with the Johannesburg Stock Exchange’s Top-40 index up 0.24 percent at 45,734 points.



Reporting by Mfuneko Toyana; Editing by Joe Brock&nbsp;

South Africa’s rand firms to a two-week best

By <a href="https://theconversation.com/profiles/folashade-soule-649516">Folashade Soule</a>, <a href="http://theconversation.com/institutions/university-of-oxford-1260">University of Oxford</a>

“You don’t negotiate with China !” I was quickly told when I started interviewing African public servants about their infrastructure deals with Beijing. There is a widespread view in Africa that you accept whatever terms are offered, for fear that the money might go somewhere else instead. 

China is <a href="https://www.theeastafrican.co.ke/business/New-US-fund-to-rival-Chinese-push-into-Africa/2560-4840700-l6y8e4z/index.html">the leading</a> infrastructure finance provider on the continent – as demonstrated by a recent <a href="http://www.xinhuanet.com/english/2018-09/03/c_137441596.htm">pledge</a> of US$60 billion (£47 billion), most of which is for infrastructure projects. Big <a href="https://www.thebusinessyear.com/top-10-china-infrastructure-projects-in-africa-2018/focus">projects</a> on the slate <a href="https://www.businessinsider.co.za/here-are-150-million-rand-projects-in-africa-funded-by-china-2018-9">include</a> hydropower plants in Angola and Guinea, an oil refinery in Nigeria, and a new city in Egypt. 

Yet, when you look closely at what happens on the ground, some African countries are much better at negotiating with the Chinese than others. Railway projects in East Africa appear to be a good example. In Kenya, the Standard Gauge Railway is the largest infrastructure project since independence from Britain in 1963. China Eximbank <a href="https://www.bbc.com/news/world-africa-40171095">provided</a> most of the finance for the first phase – 472 kilometres of track between Nairobi and Mombasa – at a cost of US$3.2 billion. 

In neighbouring Ethiopia, an electric train line from Addis Ababa to Djibouti, which is also <a href="https://www.bbc.co.uk/news/world-africa-37562177">Chinese-financed</a>, opened two years ago. The cost for this more expensive type of railway was US$3.4 billion – for 756 kilometres. Kenya <a href="https://www.bbc.co.uk/news/world-africa-40171095">claims</a> that its railway cost more for reasons like the terrain and the need to carry higher volumes of cargo. At the same time, however, many believe other issues to have been at play – including failures around the negotiation process. 



My <a href="http://www.lse.ac.uk/international-relations/assets/documents/global-south-unit/WPS2.pdf">ongoing</a> research into China funded infrastructure projects <a href="https://www.routledge.com/New-Directions-in-AfricaChina-Studies/Alden-Large/p/book/9781138714670">is confirming</a> that African governments can learn from best practice in this area. The best deals depend on the following four conditions being met. 

<h2>1. Involve everyone</h2>

The process in Chinese deal-making tends to go like this: Beijing will begin by making financial pledges, often aimed at a number of countries; these are followed by meetings at state level between a Chinese delegation and the African head of state and their senior officials. Infrastructure projects under discussion have often already been passed over by Western donors.

Once a project is broadly agreed, the relevant Chinese contractors, mostly state owned enterprises, will typically contact African civil servants in the relevant branches of government to get detailed negotiations underway – with support from the Chinese trade mission and local embassy. Topics to be discussed will include costs, but also the use of materials and workers; technology transfer; and the effect of national regulations in areas like labour, construction and the environment. 

<hr>

 
 
 Read more:
 <a href="http://theconversation.com/trumps-africa-strategy-should-have-cast-china-as-a-regional-partner-not-a-global-adversary-108901">Trump&#8217;s Africa strategy should have cast China as a regional partner, not a global adversary</a>
 
 

<hr>


In countries like Togo and Cameroon, key ministries like finance, planning or even the cabinet will lead the negotiation. In the likes of Benin and Senegal, the relevant technical ministry, such as transport or housing, will lead instead or take over. They are supposed to consult with departments like finance and planning, but <a href="http://www.lse.ac.uk/international-relations/assets/documents/global-south-unit/WPS2.pdf">they often</a> press ahead on their own to speed up the process – sometimes without any experience of dealing with China. 

In practice, such deals can be less beneficial to the country in question. Where one arm of government is not clear about what another is doing, it increases the potential for corruption – there has been a <a href="https://www.reuters.com/article/us-kenya-corruption-railway/kenya-arrests-two-top-officials-for-suspected-corruption-over-new-3-billion-railway-idUSKBN1KW07L">corruption investigation</a> in the case of the new Kenyan railway, for example, and I have been told during my research that this was also linked to coordination failures during the negotiations. 

When all relevant government departments are involved in a negotiation, it does take longer. The process is more coherent, however, and the resulting project is less likely to breach national regulations. 

<h2>2. Empower the negotiators</h2>

The president or his senior advisors also frequently intervene during negotiations. This is likely to be politically motivated – a need to fulfil electoral promises around infrastructure development, perhaps, or pressure from the Chinese authorities. 

Where civil servant negotiators are being pressed to hurry up, it can mean that national regulations get ignored. In Benin, for example, during negotiations over road projects several years ago, the Chinese contractors were unhappy about certain conditions being imposed. Then president Yayi Boni agreed to intervene on their behalf to bypass national regulations in areas including labour and construction. Such situations are best avoided. 



On the other hand, some outside interventions can be positive. In Togo, Senegal and Tunisia, and the current government in Benin, I’ve seen examples of the cabinet hiring international law firms with experts who have worked in the Chinese government and its development banks. This can bridge the differences in Chinese and African negotiating styles. 

The Chinese often adopt a take-it-or-leave-it approach. In many cases, Africans are not confrontational enough in return. They don’t appreciate that China <a href="https://www.press.uchicago.edu/ucp/books/book/chicago/S/bo22657847.html">has a surplus</a> of domestically produced materials they are seeking to offload, for example. Wiser negotiators will play China off against other countries seeking to finance infrastructure projects on the continent, such as South Korea or the United Arab Emirates. 

<h2>3. Keep the public onside</h2>

China <a href="http://afrobarometer.org/sites/default/files/publications/Dispatches/ab_r6_dispatchno122_perceptions_of_china_in_africa1.pdf">tends to be</a> popular in Africa – more so than the US in around 60% of countries on the continent. Yet the public also see negatives: many think Chinese products are poor quality, while there is a growing perception that dealing with China tends to favour Chinese labourers.

African governments need to bear these concerns in mind. If not, they risk being denounced by the media or civil society organisations – as <a href="https://www.standardmedia.co.ke/business/article/2000229994/why-kenya-may-have-got-short-end-of-the-stick-in-sgr-locomotives-deal">has happened</a> in Kenya over the railway, for instance. 

<h2>4. Increase knowledge</h2>

African governments are still relatively new to dealing with China; they should take every opportunity to share lessons with one another. There is a role for African universities here. They should set up more centres of Asian studies to close the gap in information and knowledge.

Some have argued in the past that many African governments fail to negotiate successfully with the Chinese because they <a href="https://www.cnbc.com/2018/04/25/africa-needs-to-know-what-it-wants-from-china-expert-says.html">lack a strategy</a>. I actually see plenty stratagems and tactics on the African side. What is required is a more coordinated and coherent approach – something China has <a href="https://www.die-gdi.de/en/the-current-column/article/next-steps-for-chinas-new-development-agency-1/">been working on</a> from its own perspective. It is better for African governments to have no deal than a bad deal. With the right approach, they can achieve much more than is often thought to be the case.<img loading="lazy" decoding="async" src="https://counter.theconversation.com/content/109116/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/folashade-soule-649516">Folashade Soule</a>, Senior Research Associate, <a href="http://theconversation.com/institutions/university-of-oxford-1260">University of Oxford</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-to-negotiate-infrastructure-deals-with-china-four-things-african-governments-need-to-get-right-109116">original article</a>.

Here’s what African governments need to do to negotiate better infrastructure deals with China

HARARE (Reuters) &#8211; Zimbabwe’s largest brewing company Delta Beverages, 40 percent owned by Anheuser-Busch Inbev, said it has abandoned the plan to only accept hard currency payments due to crippling shortage of U.S. dollars after talks with the government and central bank.



Zimbabwe’s reserve bank will try to provide the foreign exchange required by Delta to continue trading at current levels, the bank and Delta said in a joint statement late Thursday.



Earlier this week, Delta Corp said its beverages subsidiary will accept hard currency only from Jan. 4 to protect itself from a shortage of U.S. dollars in the country.



The African country adopted the use of foreign currencies, mainly the U.S. dollar, in 2009 in an effort to tame inflation, but a severe shortage of physical notes has left Zimbabweans watching the dollars in their bank accounts lose value compared with cash.



Reporting by Alfonce Mbizwo; Writing by Joe Brock, Editing by Sherry Jacob-Phillips

Why AB Inbev’s Zimbabwe unit is abandoning plan to only accept hard currency payments

LUSAKA, Jan 3 (Reuters) &#8211; Mining companies operating in Zambia have failed to show how higher taxes introduced this year will affect their profitability despite objecting to the new framework, a senior government official said on Thursday.



The country, Africa’s second-largest 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.



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



The Chamber of Mines said last month that as a result of the changes, more than 58 percent of Zambia’s copper producers would be loss-making at current prices.



Paul Chanda, permanent secretary for mines, said his ministry had asked individual mining companies to provide financial models by Friday last week on how the new taxes would impact them, but none had done so.



“We wanted them to show how the new taxes will affect production and profitability but so far we haven’t received anything,” Chanda told Reuters.



“Two mining companies have written to us asking us to give them more time but we haven’t heard anything from the others.”



Mining companies may lay off more than 21,000 workers because of reduced capital expenditure over the next three years resulting from the higher taxes, the Chamber of Mines said last month.



Mining accounts for more than 70 percent of Zambia’s foreign-exchange earnings. Companies operating in the southern African nation include First Quantum, Glencore, Barrick Gold Corp and Vedanta Resources. (Reporting by Chris Mfula; Editing by Dale Hudson)

As mines warn of job losses as higher taxes implemented, Zambia says they’ve failed to show impact, here’s why

KINSHASA (Reuters) &#8211; Election monitors from the Southern African Development Community (SADC) said on Wednesday that Democratic Republic of Congo’s presidential election “went relatively well” despite chaotic scenes that prevented many from voting.



READ: <a href="http://cnbc.africa/news/international/2019/01/02/drc-elections-felix-tshisekedi/">DRC elections: Downpours,no internet drudgery and a fisherman’s find on the way to a Mandela- inspired tomorrow?</a>



The SADC’s qualified endorsement countered allegations by opposition candidates that the Dec. 30 vote was marred by widespread irregularities and criticism by a senior U.S. lawmaker that the election was “neither free nor fair”.



Approval of the election’s results by SADC powers like South Africa and Angola will be critical for the legitimacy of the administration of the next president, who will succeed veteran incumbent Joseph Kabila on Jan. 18.



Angola and South Africa have been important allies of Kabila over the years, but relations were strained by his refusal to step down when his mandate officially expired in 2016.



Pre-election polling showed Kabila’s preferred candidate, ex-interior minister Emmanuel Ramazani Shadary, trailing the main opposition candidates, Martin Fayulu and Felix Tshisekedi, but both sides say they expect to win. Provisional results are expected on Jan. 6, with the final outcome on Jan. 15.



Sunday’s vote is meant to lead to Congo’s first democratic transfer of power in 59 years of independence. But more than a million Congolese in opposition strongholds were prevented from voting due to an Ebola outbreak, local factional conflict and various logistical problems.



“Taking into account the range of challenges posed by these elections, the (mission) observed that the elections &#8230; were relatively well-managed,” the SADC mission said in a statement.



The election allowed “the majority of the Congolese population to exercise its right to vote”.



The statement said that 59 percent of polling places it observed opened on time, vote counting was transparent and police securing the polls behaved professionally.



An African Union observer mission said in a separate statement on Wednesday that election day, which also included votes for national and provincial assembly members, was peaceful yet blighted by a number of logistical problems.



“The holding of these elections constitutes, in itself, a first great victory for the Congolese people,” it said. “The mission strongly wishes that the results that will be declared are true to the vote of the Congolese people.”



Kabila’s government refused to accredit election monitors from the European Union and the U.S.-based Carter Center, which said there were widespread irregularities in the 2011 election.



Contested election results in 2006 and 2011 led to violent street protests, and a disputed outcome this time could also destabilise Congo’s volatile eastern borderlands with Rwanda, Uganda and Burundi, where dozens of militia groups are active.



Writing by Aaron Ross; Editing by Edward McAllister and Mark Heinrich

SADC observers endorse DRC’s election – with caveats

JOHANNESBURG (Reuters) &#8211; Zimbabwe’s largest brewing company Delta Corporation said on Wednesday that its beverages subsidiary will accept hard currency only from Jan. 4 to protect itself from a crippling shortage of U.S. dollars in the country.



The African country adopted the use of foreign currencies, mainly the U.S. dollar, in 2009 in an effort to tame inflation, but a severe shortage of physical notes has left Zimbabweans watching the dollars in their bank accounts lose value compared with cash.



The move by Delta is the latest evidence of the strain the shortage of is having on businesses, with some shutting up shop and the government taking steps to ensure others remain viable.



The decision means Delta, which is 40 percent owned by Anheuser-Busch Inbev, will no longer accept electronic dollars known as “Zollars” or a quasi-currency known as “bond notes” at its Delta Beverages subsidiary.



In a letter to customers of Delta Beverages posted on Twitter, the company said it did not have enough foreign currency, prompting foreign suppliers, some of which have not been paid for long periods, to cut off credit and new orders.



“Our business has been adversely affected by the prevailing shortages in hard currency, resulting in the company failing to meet your orders,” it said, adding that soft drinks had been out of stock for prolonged periods.



“To sustain its operations, the company advises wholesale and retail customers that its products will be charged in hard currency.”



The so-called bond notes had been introduced by Zimbabwe’s central bank to address the currency shortage, but the value of these has collapsed.



The currency crunch has also caused shortages of basic goods, medicines and fuel, pushing inflation to a 10-year high in November.



Delta said it had invested $600 million in plant and equipment, vehicles and ancillary services since 2009 and that it needs to protect this investment.



“There is need for wider consultation on policy interventions to build consensus and market confidence among stakeholders to stabilise the macroeconomic environment,” it said in its letter.



Reporting by Emma Rumney; Editing by David Goodman

Zimbabwe’s largest brewing company has just changed its payment terms, here’s why

The South African Reserve Bank&#8217;s (SARB&#8217;s) Deputy Governor of Financial Stability &amp; Currency, Francois Groepe has resigned effective 31 January 2019 to pursue outside opportunities. The bank is currently in the process of finding a replacement. 



Groepe is one of the central bank&#8217;s three deputies.



He has been at SARB for 14 years, seven served as a non-executive director and seven as an executive.



According to a statement from the bank wishing Groepe well, Groepe in his role as deputy governor provided oversight over the Financial Stability Department, the National Payment System Department, Risk Management &amp; Compliance Department, the Currency Cluster and the Security Management Department.

SARB deputy governor resigns

(Thomson Reuters Foundation) &#8211; The giant solar panels mounted on the roof of Budiriro Polyclinic, a public health centre in Harare, bring a smile to the faces of patients, including 40-year-old Alen Tafirei.



The steady power supply from the sun means vaccines can be refrigerated, for example, without disruption from frequent outages as in the past.



“We are now no longer inconvenienced with excuses from nurses of the unavailability of electricity to cater for some services,” said Tafirei, who was suffering from a bad headache. “Solar helps us quite a lot.”



So far, 405 healthcare facilities have been equipped with solar systems across Zimbabwe’s 10 provinces, in a partnership between the United Nations Development Programme (UNDP) and Zimbabwe’s Ministry of Health and Child Care.



The Global Fund to Fight AIDS, Tuberculosis and Malaria is funding the project.



Amid a global trend to equip health facilities in developing countries with solar power systems, Zimbabwe is one of the first to benefit in southern Africa.



Installations under the “solar-for-health” programme started in early 2017.



Then, Zimbabwe had been experiencing power cuts of up to 18 hours a day for about two years as drought shrank water levels for hydro and electricity imports were unable to fill the gap.



The outages were damaging for pharmaceuticals and laboratories that must be kept at certain temperatures, said Emmanuel Boadi, a UNDP programme manager in Zimbabwe.



“It was creating problems, affecting the quality of health products,” he told the Thomson Reuters Foundation.



Barbara Mashonga, a sister-in-charge at Budiriro Polyclinic, said the health centre’s electricity bill had dropped sharply since it started producing its own solar power.



Mothers no longer have to give birth by candlelight, and vaccines do not need to be sent for storage elsewhere during power cuts, she added.



UNDP’s Boadi said other facilities had also experienced similar benefits.



In a letter to UNDP, the Regina Coeli Mission Hospital in Manicaland Province, for example, said its 10-kilowatt solar system had gone “a long way in supporting and enhancing quality service delivery”, as well as saving on electricity costs.



The solar power supply serves as a back-up for the maternity ward, operating theatre, outpatients, women’s and child health departments, and the administration block, it added.



<h3 class="wp-block-heading">SECURITY RISKS</h3>



Despite the benefits of the new clean energy systems, there have been teething troubles, which project officers have sought to address.



Boadi said panel breakdowns and tampering could be detected using remote monitoring systems on rooftops.



Engineer Clive Marimo, director for hospital planning and infrastructure at the Ministry of Health and Child Care, said theft of solar panels was a major issue, as was maintenance. To protect the equipment, metal fences have been provided, and the ministry has also employed security guards at some sites, he added.



Other clinics have hired private guards or are working with local police.



What to do with expired solar batteries, which last for eight to 10 years, is another challenge. UNDP is working with a sustainability consultant to find an environmentally friendly way to dispose of them, said Boadi.



Before the new solar systems were installed, the vast majority of the clinics used grid power, when it was available.



A few without a grid connection had solar systems provided by the Rural Electrification Agency, but those had broken down, forcing them to rely on candles and small petrol generators.



The U.N. children’s agency, UNICEF, is also now planning to install solar systems in clinics and schools, said UNDP Zimbabwe Country Director Georges van Montfort.



An evaluation of the project in 2019 will be used as a basis to seek funding from private-sector companies to expand the initiative, he added.



Data from 2018 is not yet available but initial feedback from sites with solar power is “very positive”, he noted.



<h3 class="wp-block-heading">ONLINE DATA</h3>



For HIV/AIDS activists like 47-year-old Melvin Chinovava, a member of the Mudavanhu support group in Mwenezi district, Masvingo Province, the solar-for-health scheme has made it easier and quicker to get his antiretrovirals.



“With access to solar power, nurses just turn on their computers to see which line of drugs I’m supposed to get as per my medical records,” he said.



In the past, patients had to wait for nurses to go through piles of records manually to find out which treatment regime suited them, he told the Thomson Reuters Foundation.



The online data system enables patients who need to move for their work to continue treatment uninterrupted at a new healthcare centre, said UNDP spokesman Anesu Freddy.



It was while helping the health ministry computerise its data on HIV/AIDS patients that UNDP understood the need for a constant electricity supply, which was a key driver of the solar-for-health initiative, Freddy added.



Besides improving access to high-quality health services, the project also aims to reduce planet-warming carbon emissions from the health sector, said UNDP’s Boadi.



The solar-for-health programme can help Zimbabwe meet its goals under the 2015 Paris Agreement to curb global warming, which include boosting renewable energy, officials said.



Eventually, UNDP hopes solar systems can be installed to power schools, local government offices, farms and homes too.



“Setting up solar mini-grids for clean energy in communities remains an idea which we will implement on getting more funding,” said Freddy. (Reporting by Jeffrey Moyo; editing by Megan Rowling. Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers humanitarian news, climate change, women&#8217;s and LGBT+ rights, human trafficking and property rights. Visit&nbsp;<a href="http://news.trust.org/climate">news.trust.org/climate</a>)

How solar panels are transforming Zimbabwe’s healthcare facilities

JOHANNESBURG (Reuters) &#8211; Shares in South African telecoms giant MTN jumped 8 percent on Thursday after it settled a row with Nigeria’s central bank for a fraction of the $8.1 billion it had threatened to cost.



MTN announced on Monday that it would pay just $52.6 million to end the dispute in Nigeria, its biggest and most lucrative market, but also its most troublesome.



The case had dogged MTN, Africa’s biggest telecoms company, for four months, dragging its share price down 20 percent to hover around its lowest level since 2009 while also sparking pessimism around the ease of doing business in Nigeria.



It centred on allegations that dividends paid by the firm between 2007 and 2015 were based on improperly issued certificates.



The Central Bank of Nigeria (CBN) had initially ordered MTN and its lenders to bring back $8.1 billion it alleged the company had illegally repatriated to South Africa during that time.



But after MTN provided additional documents, the central bank concluded only one 2008 private placement, worth around $1 billion, was irregular. MTN agreed to pay $52.6 million as a “notional reversal” of this transaction.



“MTN Nigeria will pay the notional reversal amount without admission of liability,” it said in a statement on Monday, announcing the settlement.



The central bank’s initial order threatened to wipe out more than half of MTN’s market capitalisation at the time it was issued in August, and spooked investors just as the company was trying to reassure them of its frontier market-focused strategy after a series of costly legal problems.



MTN shares were up 4.34 percent to 89.21 rand at 1055 GMT on Thursday, after rising more than 8 percent to highs of 93 rand in the first trading session since the settlement was announced.



<h3 class="wp-block-heading">DIFFICULT MARKET</h3>



MTN is Nigeria’s biggest operator, with 52.3 million users in 2017, and the country accounts for one third of the firm’s annual core profits. But it has also proven problematic.



While the settlement marks a turning point in MTN’s fortunes in the country, the telecoms heavyweight still has to fight a $2 billion tax bill from Nigeria’s attorney general.



It also comes two years after the firm paid $1 billion for missing the deadline to cut off unregistered SIM cards &#8211; a fine that prompted its first ever annual loss.



MTN was also previously accused of illegally repatriating $14 billion to its parent company, but was cleared of the allegations.



The latest dispute cemented concerns about firms’ ability to effectively operate in Nigeria, where a sluggish economy, strained public finances and upcoming elections have also left some questioning the motives behind such cases.



“Why did it take the CBN several years to ‘discover’ this and confront MTN?” said Dobek Pater, a director at consultancy Africa Analysis, adding this at least suggests negligence or a lack of competence at the central bank.



“Sometimes the government (government organisations’) interpretation of the law/regulations can be speculative to suit their ends,” he told Reuters via email.



Reporting by Emma Rumney; Editing by Louise Heavens and Adrian Croft

MTN shares jump 8 percent as dispute with Nigeria ends, how much does the telecoms group have to pay?

BEIJING (Reuters) &#8211; China’s Zhejiang Huayou Cobalt Co will invest $147.2 million to build a copper project in Democratic Republic of Congo (DRC), as it extends the exploration of its mining assets in the country, the company said in a filing to the Shanghai stock exchange on Tuesday.



The project will be located in the Lukuni region in the south of DRC, and will have annual electro-deposited copper production capacity of 30,000 tonnes.



Electro-deposited copper is a raw material widely used in the electrical equipment and machine manufacturing sectors.



Huayou has built two cobalt refineries in the Luiswishi region of DRC after buying copper-cobalt mineral rights from La Generale des Carrieres et des Mines in 2015.



The new copper project is expected to launch by September 2019, the company said in the filing, but it also warned it still needs approvals from Chinese authorities.



The investment will be made through its subsidiary Congo DongFang International Mining (CDM), which mainly sources copper and cobalt from DRC.



Reporting by Muyu Xu and Ryan Woo; Editing by Kirsten Donovan

China’s Zhejiang Huayou to extend its mining assets in this African country with $147 million investment in copper project

JOHANNESBURG (Reuters) &#8211; South African power utility Eskom will reduce its executive management to 10 from 21, it said internal memo seen by Reuters, part of cash-strapped company to reduce its wage bill.



“It is crucial that we set ourselves up for the future, and I believe that the steps we’ve take so far are already placing us on a path towards stability,” Chief Executive Phakamani Hadebe said in the memo.



Eskom spokesman Khulu Phasiwe confirmed that the company had approved the reorganisation of the top management structure.



Eskom, which has implemented power cuts in recent months due to coal shortages and poor plant performance, is fighting for survival after a decade of financial decline.



It previously stated that it wants to substantiality cut its 48,000 workforce.



Among those leaving the utility is Dave Nicholls, the head of nuclear energy, who was due to retire next year. He is leaving at the end of month as are seven other executives, according to the memo



Reporting by Alexander Winning; Editing by Alison Williams

Southern Africa

South Africa’s net foreign reserves rose to $43.09 billion in December

5 simple ways to be smarter about money in 2019

Here’s why Zimbabwean teachers are planning to strike

The 10 most in-demand skills of 2019, according to LinkedIn

Decline in this Southern African country’s private sector eases

Zambia is refusing to pay mining companies their tax refunds, here’s why

South Africa’s rand firms to a two-week best

Here’s what African governments need to do to negotiate better infrastructure deals with China

Why AB Inbev’s Zimbabwe unit is abandoning plan to only accept hard currency payments

As mines warn of job losses as higher taxes implemented, Zambia says they’ve failed to show impact, here’s why

SADC observers endorse DRC’s election – with caveats

Zimbabwe’s largest brewing company has just changed its payment terms, here’s why

SARB deputy governor resigns

How solar panels are transforming Zimbabwe’s healthcare facilities

MTN shares jump 8 percent as dispute with Nigeria ends, how much does the telecoms group have to pay?

China’s Zhejiang Huayou to extend its mining assets in this African country with $147 million investment in copper project

Why South Africa’s power utility Eskom is planning to cut 10 executive jobs

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Southern Africa

South Africa’s net foreign reserves rose to $43.09 billion in December

5 simple ways to be smarter about money in 2019

Here’s why Zimbabwean teachers are planning to strike

The 10 most in-demand skills of 2019, according to LinkedIn

Decline in this Southern African country’s private sector eases

Zambia is refusing to pay mining companies their tax refunds, here’s why

South Africa’s rand firms to a two-week best

Here’s what African governments need to do to negotiate better infrastructure deals with China

Why AB Inbev’s Zimbabwe unit is abandoning plan to only accept hard currency payments

As mines warn of job losses as higher taxes implemented, Zambia says they’ve failed to show impact, here’s why

SADC observers endorse DRC’s election – with caveats

Zimbabwe’s largest brewing company has just changed its payment terms, here’s why

SARB deputy governor resigns

How solar panels are transforming Zimbabwe’s healthcare facilities

MTN shares jump 8 percent as dispute with Nigeria ends, how much does the telecoms group have to pay?

China’s Zhejiang Huayou to extend its mining assets in this African country with $147 million investment in copper project

Why South Africa’s power utility Eskom is planning to cut 10 executive jobs

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