By <a href="https://www.cnbc.com/grant-cardone/">Grant Cardone</a>



It’s been more than 40 years since I graduated high school — and a lot has changed since then. I’m older, wiser, wealthier and much more successful.



I’ve built a&nbsp;<a href="https://www.cnbc.com/2018/09/06/grant-cardone-10-tips-to-become-a-self-made-multimillionaire.html" class="">multimillion-dollar business</a>&nbsp;and am the CEO of seven privately held companies. But there’s always room for improvement — even at age 61. In order to do that, it’s important to acknowledge past failures and learn from them.



Looking back at my 20s, there was so much I didn’t know about <a class="" href="https://www.cnbc.com/2018/01/05/self-made-millionaire-grant-cardone-2-things-to-spend-on-in-2018.html">money</a>. With what little I earned, I wasted on useless things that didn’t benefit me at all. Here are the top four things I regret spending my time and money on:



1. Drugs and alcohol



If I could go back in time, I’d tell my younger self: “Your education doesn’t stop after college.”



After graduating high school, I became obsessed with all the wrong things. I spent money on drugs and alcohol — and even developed an addiction problem. I should have been spending that money on things that would help me develop new skills, gain knowledge and make powerful connections.



In the real world, your high school diploma is useless, and your college degree won’t get you very far if you don’t have the right skills to keep up with the marketplace. Investing in yourself will only make you more valuable and increase your earning potential.



I didn’t realize any of this until much later. At 25, I spent my last $3,000 on an audio program that taught me about sales and how to close deals. I can honestly say that the investment and commitment to go “all in” are the reasons for my success today.



2. Traveling



<a href="https://www.cnbc.com/2019/05/29/shark-tanks-kevin-oleary-on-taking-a-gap-year-are-you-kidding.html" class="">Kevin O’Leary</a>&nbsp;says that taking a gap year to travel is a bad idea — and I couldn’t agree more. I took so much time off early in my entrepreneurial career that it almost derailed me. I was also spending money I didn’t have on airfare, hotels and food.



<a href="https://www.cnbc.com/2017/01/18/self-made-millionaire-heres-how-millennials-can-catch-up-to-boomers.html" class="">A lot of millennials today</a>&nbsp;find themselves in a similar position. They have the urge to travel because they have no purpose at work. They believe time off will help them find that “something” that’s missing in their careers. When you don’t know what you should be doing, it’s easy to put life on hold, go backpacking, stay in hostels and eat ramen.



I’m not saying you can’t ever take any time off. I can travel the world in my own plane today because I ultimately decided to put in the hard work. Get obsessed with your purpose, and you’ll find that your travel plans can wait. <a class="" href="https://www.cnbc.com/2016/11/04/self-made-millionaire-dont-buy-a-home.html">Comfort is the enemy of abundance</a>. Don’t let an $800 ticket to Europe get in the way of your freedom.



 3. Sleeping in



When you’re young, it’s easy to be lazy and not feel guilty about it. But guess what? The rich and successful get a good night’s rest, but they don’t sleep in.



One of my biggest regrets was not taking advantage of all the hours in a day. I allowed myself to feel content when I should have been mapping out my goals and figuring out how to achieve them. Had I realized my full potential in my 20s, I would reached my first million a lot sooner.



Let everyone else in their 20s sleep like they’re rich. You should be up at the crack of dawn. Speed is power, and when you’re young, patience is not a virtue. Today’s marketplace is changing at the speed of light, so you need to be nimble to get ahead.



4. Being too comfortable in my jobs



I wasted half of my 20s working low-paying jobs that didn’t challenge me to grow and develop valuable skills. I’m not saying low-paying jobs are bad; sometimes you have to start a lower salary. But being content and without any drive won’t make you successful in life.



I used to&nbsp;<a href="https://grantcardonetv.com/one-of-the-first-jobs-i-ever-had-was-at-mcdonalds/" class="">work at McDonald’s</a>&nbsp;making $7 an hour. For me, it was simply a way to make money. But for the guy working next to me, it was a way to learn the business and one day open 100 franchises. The “why” is important. I didn’t know my “why,” so I was essentially wasting my time. My co-worker wasn’t.



You should constantly be asking yourself,&nbsp;How can I earn more money?&nbsp;It might mean asking for a raise, switching to a new job with a higher salary or taking on a side hustle. Be a money fanatic.



The acceptance of the idea that eight hours invested in your job is enough regardless of your financial position is a misunderstanding of epic proportions.



<a class="" href="https://grantcardone.com/">Grant Cardone</a> is the best-selling author of <a class="" href="https://www.amazon.com/10X-Rule-Difference-Between-Success/dp/0470627603">“The 10X Rule”</a> and CEO of seven privately held companies. He also travels the world consulting Fortune 500 companies, small business owners, startups and governments on business expansion. In 2017, he was included in Forbes’ list of 25 Marketing Influencers to Watch. Follow him on LinkedIn <a class="" href="https://www.linkedin.com/in/grantcardone/">here</a>. 



This article first appeared on CNBC  <a href="https://www.cnbc.com/2019/06/04/waking-up-super-early-wont-make-you-more-successful-but-science-says-these-5-things-will.html">https://www.cnbc.com/2019/06/04/waking-up-super-early-wont-make-you-more-successful-but-science-says-these-5-things-will.html</a> and is republished with its permission.

South Africa's Quantum Foods warns of 38% drop in first-half profit

South Africa’s Quantum Foods warns of 38% drop in first-half profit. budget_shutterstock_249974521

61-year-old self-made millionaire: 4 things I regret wasting money and time on in my 20s

JOHANNESBURG (Reuters) &#8211; Ratings agency Moody’s said on Monday that it had lowered its forecast for South Africa’s 2019 economic growth to 1.0% from 1.3% after it said a first-quarter contraction had dented the government’s revenue and policy options.



Moody’s is the last of the big three international credit firms to rate South Africa at investment grade.



President Cyril Ramaphosa’s efforts to revive Africa’s most advanced economy were dealt a blow last week when data showed gross domestic product had contracted by a quarterly 3.2% in the first three months of 2019, the largest contraction in a decade.



Ramaphosa’s African National Congress (ANC) is also in the midst of a row over the central bank’s role, which has rattled financial markets.



“The quarterly decline, the largest in 10 years, is credit negative for the Government of South Africa’s (Baa3 stable) revenue and policy options,” Lucie Villa, Moody’s lead sovereign analyst for South Africa, wrote in a research report.



“The first-quarter contraction presages low growth in the year as a whole,” Villa added.



If Moody’s were to relegate South African debt to “junk” status, billions of dollars could leave the economy, analysts say.



Reporting by Alexander Winning; editing by John Stonestreet

Moody’s lowers South Africa’s growth forecast after Q1 GDP contraction, what you need to know…

By <a href="https://www.cnbc.com/gary-burnison/">Gary Burnison</a>



Years ago, I came across&nbsp;<a href="https://www.wsj.com/articles/why-4-a-m-is-the-most-productive-hour-1471971861" class="">an article</a>&nbsp;about why 4 a.m. is the most productive hour. According to psychologist Josh Davis, who was interviewed in the piece, it allows you to dodge distractions like email, text notifications and phone calls.



That’s not surprising. Who would even be awake at that obscene hour to bother you? A few people were courageous enough to give it a try, but the results were mostly negative.



It was “miserable,” one person&nbsp;<a href="https://www.cnbc.com/2016/10/10/i-tried-waking-up-at-4-am-for-2-weeks-to-boost-my-productivity-and-it-was-miserable.html" class="">wrote</a>. Another&nbsp;<a href="https://www.fastcompany.com/3067784/what-happened-when-i-forced-myself-to-wake-up-at-5-am-every-day-for-a-month" class="">said</a>&nbsp;they “fell asleep in their chair” that day. And my&nbsp;<a href="https://www.inc.com/chris-matyszczyk/i-tried-getting-up-at-4-am-to-be-more-successful-this-is-what-happened.html" class="">favorite</a>: “I felt like my head had an unhappy sheep inside it.”



No thanks. Not doing it, I thought to myself.





Let’s not kid ourselves



Fast forward to 2019, and the&nbsp;<a href="https://www.youtube.com/watch?v=CaLhhWim41s" class="">Internet</a>&nbsp;is still trying to convince me that waking up super early will make me more productive and successful.



In the modern world of entrepreneurship and high achievers, the cult of early risers only seems to be getting bigger. Ellevest co-founder Sallie Krawcheck and former Pepsi CEO Indra Nooyi&nbsp; both&nbsp;<a href="https://www.cnbc.com/2016/08/29/why-tim-cook-sallie-krawcheck-and-other-successful-people-wake-up-at-4-am.html" class="">wake up at 4 a.m</a>. Apple CEO&nbsp;<a href="https://www.cnbc.com/2019/05/04/steve-jobs-was-legendary-and-tim-cook-is-a-genius-says-author.html" class="">Tim Cook</a>&nbsp;is up a&nbsp;<a href="https://www.cnbc.com/2016/08/29/why-tim-cook-sallie-krawcheck-and-other-successful-people-wake-up-at-4-am.html" class="">bit earlier</a>, at around 3:45 a.m.



I get the hype: Early risers have the benefit of more hours in the day. But waking up the same time as Cook won’t make you successful any more than wearing black turtlenecks like Steve Jobs will make you a disruptive genius.



What most people fail to realize is that waking up at 4 a.m. only works if you’re naturally an early riser. Keep in mind that this only applies to a very, very small population and, for the most part, is <a class="" href="https://www.the-scientist.com/news-opinion/the-human-genetics-of-night-owls-and-early-birds-65414">dependent on genomes</a>.





It’s not about how early you get up



If 4 a.m. sounds shockingly early to you, then attempting to adjust your schedule doesn’t make sense because you’ll probably just end up losing sleep and, as a result, be&nbsp;less&nbsp;productive.



Science has made it clear that&nbsp;<a href="https://hbr.org/2006/10/sleep-deficit-the-performance-killer" class="">sleep deficiency</a>&nbsp;is one of the biggest productivity killers. Not getting enough sleep interferes with&nbsp;<a href="https://www.psychologytoday.com/us/blog/sleep-newzzz/201811/why-you-can-t-think-straight-when-you-re-sleep-deprived" class="">cognitive performance</a>, increases the risk of&nbsp;<a href="https://www.nih.gov/news-events/nih-research-matters/sleep-deprivation-increases-alzheimers-protein" class="">Alzheimer’s disease</a>&nbsp;and can&nbsp;<a href="https://www.theguardian.com/lifeandstyle/2017/sep/24/why-lack-of-sleep-health-worst-enemy-matthew-walker-why-we-sleep" class="">even shave years off</a>&nbsp;your life.



Instead, here are five ways to sleep for success:



1. Get at least eight and a half hours of sleep



Sleep scientist Daniel Gartenberg&nbsp;<a href="https://qz.com/1301123/why-eight-hours-a-night-isnt-enough-according-to-a-leading-sleep-scientist/" class="">suggests</a>&nbsp;getting eight and a half hours of sleep in order to maximize your productivity throughout the day.



So if you plan on setting your alarm clock to a few hours earlier, you’d need to be fast asleep by 7:30 p.m. Maybe that’s doable for you, but it’s unrealistic for any parent with a nine-to-five job. And even if you don’t have kids, you can kiss your social life goodbye.



Simply put, if you focus more on being well-rested, you’ll wake up with a clear brain and have a better advantage than the person who stayed at the office until 9 p.m., went to bed at 11 p.m. and woke up at 4 a.m.



2. Listen to your body



I was raised in Kansas where people follow the rhythms of an agricultural economy. It was normal to wake up with the sun (usually around 5:45 a.m.) and have “supper,” not “dinner,” at sunset.



My wake-up time still hasn’t changed much, and I rarely need an alarm clock. I spend the first two hours of my morning reading the news and contemplating my day.



That’s just what works for me. There is no one-size-fits-all. If you’re naturally a night owl, then do the math and adjust your sleep schedule accordingly.



3. Keep your hours consistent



Once you find a sleep schedule that works for you, commit to it. (That’s why testing out this whole “4 a.m. hour” is kind of ludicrous. If it ain’t broke, why fix it?)



A&nbsp;<a href="https://www.nature.com/articles/s41598-017-03171-4" class="">2017 Harvard study</a>&nbsp;found that it doesn’t matter whether you sleep early and wake up early or vice versa. The most important thing is that you’re consistent about your schedule.



Researchers traced the sleeping habits of 61 students for about a month and correlated those habits with their academic performance. Students who had irregular hours ended up with worse grades compared to those who went to bed and woke up at the same time every day.



If your sleep schedule doesn’t align with your work hours, consider having a chat with your boss, as a&nbsp;<a href="https://www.nytimes.com/2018/12/24/well/mind/work-schedule-hours-sleep-productivity-chronotype-night-owls.html" class="">growing number of businesses</a>&nbsp;are adjusting office hours to match their employees’ internal clocks.



4. Don’t press the snooze button



Hit it once, you’re catching up on lost sleep. Hit it twice, this isn’t going anywhere good — and it’s probably a hint that you have a job, not a career. Hit it three times, and it’s game over: You hate your job, you hate your boss and it’s time to get the heck out of there. Might as well go back to sleep!



“By dozing off for those extra minutes, we’re preparing our bodies for another sleep cycle, which is then quickly interrupted — causing us to feel fatigued for the rest of the day that lies ahead,” sleep expert Neil Robinson said in an interview with&nbsp;<a href="https://www.independent.co.uk/life-style/health-and-families/sleep-snooze-button-wake-morning-inertia-body-brain-experts-a8492376.html" class="">The Independent</a>.



Can you imagine any successful CEO pressing the snooze button several times before getting out of bed? Any high achiever will tell you that those 10 extra minutes aren’t worth it.



5. If you need to wake up super early, make sure you still get enough sleep



Back when I worked at an investment banking company, there were a few days when I&nbsp;did&nbsp;have to be in the office by 4:30 a.m. But I never sacrificed my sleep; I’d have lunch at 7:30 a.m., and when my co-workers were eating dinner, I was already fast asleep.



People who work for global companies often end up working odd hours. If that’s the case for you, it’s still important to prioritize those eight and a half hours of sleep.Put your health first, and success will come



The proven formula for success is simple: Put your health first. And if you need a billionaire endorsement, just remember that Warren Buffett, a man worth&nbsp;<a href="https://www.forbes.com/profile/warren-buffett/#7ebb1dc84639" class="">$82 billion</a>, is in favor of getting a lot of sleep. “I will usually sleep eight hours a night,” he&nbsp;<a href="https://www.pbs.org/newshour/show/warren-buffett-says-gop-health-reform-bills-relief-rich" class="">told PBS</a>. “I have no desire to get to work at 4 in the morning.”



Gary Burnison is the CEO of <a class="" href="https://www.kornferry.com/">Korn Ferry</a>, a global consulting firm that helps companies select and hire the best talent. His latest book, a New York Times best-seller, <a class="" href="https://www.amazon.com/Lose-Resume-Land-Gary-Burnison/dp/1119475201">“Lose the Resume, Land the Job,”</a> shares the kind of straight talk that no one will tell you. Follow him on LinkedIn <a class="" href="https://www.linkedin.com/in/gary-burnison-9144957a/">here</a>. 



This article first appeared on CNBC <a href="https://www.cnbc.com/2019/06/04/waking-up-super-early-wont-make-you-more-successful-but-science-says-these-5-things-will.html">https://www.cnbc.com/2019/06/04/waking-up-super-early-wont-make-you-more-successful-but-science-says-these-5-things-will.html</a> and is republished with its permission.

Starting your morning at an obscenely early hour won’t make you more successful—but these 5 things will

NEW YORK (Reuters) &#8211; Ethiopia, Africa’s top coffee producer, is expected to export a record-high 4 million 60-kg bags of coffee in 2019/20, the U.S. Department of Agriculture attache in Addis Ababa said, as yields improve and the area dedicated to coffee farming increase.



Production of coffee is expected to rise to 7.35 million tonnes in 2019/20, an 1.4% increase from the 2018/19 season. Exports account for just over half of overall production, and are forecast to grow 0.5% in 2019/20 from the previous year to reach 4 million bags. Coffee is Ethiopia’s most important export.



Exporters in the country are facing increased regulation, the USDA said, with the government banning several exporters in recent months for defaulting on their contracts and hoarding beans.



While supplies are greater this year thanks to higher yields due to better rains and the reduced prevalence of disease, the USDA’s forecasted yield of 0.82 tonnes per hectare comes in well below the government’s target of 1.1 tonnes per hectare, the report noted.



And production continues to face the broader threat of farmers switching to other crops.



“One of the major challenges the Ethiopian coffee sector is facing is that many coffee producers, mostly from the eastern part of the country are tearing out the coffee bushes and replacing them with khat, a plant with stimulant properties,” the USDA said.



Meanwhile, domestic demand in Africa’s top coffee consumer is expected to remain robust, with the USDA expecting Ethiopian consumption to rise by 2.4% in 2019/20 compared to 2018/19.



To read the full report, click:&nbsp;<a href="https://bit.ly/2EWvzWP">bit.ly/2EWvzWP</a>



Reporting by Ayenat Mersie; editing by Diane Craft

The 2019/20 coffee exports in this East African country to rise to a record high

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



Organisations
and business leaders from across the continent, can now submit their nomination
via the AABLA™ website in one or more of the following categories:



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



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



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



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



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



“I’m
just delighted and I appreciate this award so much,” said an emotional Sol
Kerzner, recipient of the 2018 AABLA™ All Africa Lifetime Achievement Award at
the All Africa Grand Finale. “I am just so happy to be here today to receive
this award. It means just so much to me to receive this, right here in South
Africa, where it began for me,” he concluded.



The
full list of 2018 AABLA™ All Africa Winners include:



All
Africa Business Leader of the Year 



Peter
Mountford&nbsp; 



Super
Group, CEO



All
Africa Business Woman of the Year&nbsp; 



Nomkhita
Nqweni 



ABSA
Wealth, Investment Management and Insurance, CEO 



All
Africa Entrepreneur of the Year 



Thembalihle
Baloyi 



Discovery
Insure, Founder and Executive Director



All
Africa Industrialist of the Year 



Quinton
Uren Jendamark Automation, Managing Director



All
Africa Company of the Year 



Ethiopian
Airlines 



All
Africa Young Business Leader of the Year&nbsp; 



Dr.
Elikem Tamaklo 



Nyaho
Medical Centre, Managing Director



All
Africa Innovator of the Year 



James
Paterson &amp; Benjamin Meltzer



Aerobotics,
Co-Founders



All
Africa Philanthropist of the Year&nbsp; 



Sir
Donald Gordon&nbsp; 



Donald
Gordon Foundation, Founder



All
Africa Lifetime Achievement Award 



Solomon
Kerzner 



All
Africa African of the Year



His
Excellency Paul Kagame 



President
of the Republic of Rwanda



The
2019 AABLA™ Grand Finale on December 5 will embody true luxury and epicurean
pleasure for those wanting to indulge in an extravagant gala dinner, whilst
networking with some of Africa’s most notable business pioneers, celebrities
and public sector leaders.



Nominations
will close on 15 July 2019 at midnight. For more information and to submit a
nomination, visit <a href="http://www.aablawards.com/">www.aablawards.com</a>
and follow the 9th All Africa Business Leaders Awards (AABLA™) in
Partnership with CNBC Africa on Social Media: @aablawards and #AABLA2019. 



Tables
to the main event are available to acquire, with prices starting from R50’000
for seating of 10 guests. Booking details available at&nbsp;<a href="http://www.aablawards.com/">www.aablawards.com</a>



The
AABLA™ are proudly produced and managed by ABN Event Productions.

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

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

SAA appoints Zuks Ramasia as acting CEO

By <a href="https://www.cnbc.com/kathleen-elkins/">Kathleen Elkins</a> 



Pop star Rihanna was first discovered as a teen, when American record producer Evan Rogers was visiting her home country of Barbados. After hearing her sing, Rogers helped her record a demo, which eventually made its way to Jay-Z.



Rihanna, whose full name is Robyn Rihanna Fenty, flew to New York to audition in front of Jay-Z. “She was fierce, like Kobe Bryant,”&nbsp;<a href="https://www.rollingstone.com/music/music-news/rihanna-queen-of-pain-117943/" class="">he recalls in an interview with Rolling Stone</a>. “I knew she was a star.”



The 31-year-old music icon has won nine Grammy awards so far. Her makeup line, Fenty Beauty, generated a&nbsp;<a href="https://www.fastcompany.com/company/fenty-beauty" class="">reported $72 million</a>&nbsp;in sales in just its first full month in 2017 and&nbsp;<a href="https://www.nytimes.com/reuters/2019/05/10/business/10reuters-lvmh-rihanna.html" class="">nearly $562 million in sales</a>&nbsp;by the end of 2018. She’s launching a luxury fashion label, also called Fenty, in May 2019.



Though she has&nbsp;<a href="https://www.forbes.com/sites/natalierobehmed/2018/07/16/rihannas-net-worth-210-million-in-2018/#a3fcb274548c" class="">made millions of dollars,&nbsp;</a>Rihanna doesn’t plan on slowing down. “I never thought I’d make this much money, so a number is not going to stop me from working,” she tells&nbsp;<a href="https://www.nytimes.com/interactive/2019/05/20/t-magazine/rihanna-fenty-louis-vuitton.html" class="">T: The New York Times Style Magazine</a>.



Now “I’m working out of what I love to do, what I’m passionate about,” she says.



Lady Gaga has a similar mindset. Pursuing a career as a pop star has never been about the money,&nbsp;<a href="https://www.ft.com/content/0cca76f0-873a-11e0-b983-00144feabdc0" class="">she told the Financial Times in 2011</a>: “The beauty for me about being an artist is that the dream will never die, because I’m not obsessed with material things and don’t care about the money &#8230; but only the love of my fans, so for me it’s about how much more devoted, how much better an artist can I become.”



In short, she said, “it’s honestly true that money means nothing to me.”



Money may not be driving her career, or Lady Gaga’s, but profit is still “happening along the way,” Rihanna tells T Magazine. And it has opened up opportunities: “The money means that I can take care of my family. The money means that I can facilitate the businesses that I want to.”



It also means that “I can create jobs for other people. My money is not for me; it’s always the thought that I can help someone else,” says Rihanna. She founded the&nbsp;<a href="https://claralionelfoundation.org/" class="">Clara Lionel Foundation</a>&nbsp;in 2012 to help improve the quality of education and health care for children in impoverished communities.



“The world can really make you believe that the wrong things are priority, and it makes you really miss the core of life, what it means to be alive,” she continues. “It could literally be walking outside in the sun. That makes me happy.”



This article first appeared on CNBC <a href="https://www.cnbc.com/2019/05/22/rihanna-i-never-thought-id-make-this-much-money.html?&amp;qsearchterm=rihanna">https://www.cnbc.com/2019/05/22/rihanna-i-never-thought-id-make-this-much-money.html?&amp;qsearchterm=rihanna</a> and is republished with its permission.

Rihanna: ‘I never thought I’d make this much money’—here’s what it means to her

<a href="https://theconversation.com/profiles/reuben-loffman-344578">Reuben Loffman</a>, <a href="http://theconversation.com/institutions/queen-mary-university-of-london-1745">Queen Mary University of London</a>

Sylvestre Ilunga Ilukamba is the <a href="https://www.jeuneafrique.com/mag/779729/politique/rdc-discret-et-consensuel-sylvestre-ilunga-ilunkamba-descend-dans-larene/">new prime minister</a> of the Democratic Republic of Congo (DRC). He’s <a href="https://www.france24.com/en/20190520-dr-congos-tshisekedi-names-new-prime-minister">an old-timer</a> who has worked for former presidents Mobutu Sese Seko, Laurent Kabila, and his son Joseph Kabila. He now joins President Felix Tshisekedi’s freshly minted administration. 

At the time of Ilunga’s appointment the DRC had been without a premier for more than four months. This was not ideal given the importance of the position. Congolese premiers must <a href="https://www.dw.com/en/dr-congo-ruling-coalition-wins-legislative-majority/a-47057940">countersign presidential orders</a>. Without a prime minister, the president can struggle to exercise full control over the government. 

It’s therefore no surprise that without a prime minister for the first four months of his presidency Tshisekedi has not been able to set out a clear legislative agenda. 

The appointment confirms fears that former president Joseph Kabila <a href="https://www.africanews.com/2019/05/03/kabila-meets-new-drc-governors-rallies-support-for-tshisekedi-alliance//">still wields a lot of power</a> over the Congolese government. Ilunga is one of his <a href="https://www.theeastafrican.co.ke/news/africa/Felix-Tshisekedi-names--ally-of-joseph-kabila-as-prime-minister/4552902-5131058-hwccdlz/index.html">close confidants</a>. 

This might be overblown given that Tshisekedi had no real choice about appointing a Kabila ally. The DRC Constitution requires that the prime minister comes from the largest party in the National Assembly. That party is Kabila’s Peoples’ Party for Reconciliation and Democracy.

Nevertheless, there’s no doubt that Ilunga will face dealing with conflicts between party and president. Kabila’s Peoples’ Party for Reconciliation and Democracy and Tshisekedi’s Union for Democracy and Social Progress are bound to clash from time to time and Ilunga is likely to get caught in the cross-fire. In that position, he will have to choose whether to advance the president’s agenda or to frustrate it. If he chooses to frustrate, Tshisekedi’s time at the helm will be rocky.

Tshisekedi will also have to work with a National Assembly that is dominated by an <a href="https://www.africanews.com/2019/03/16/drc-ruling-party-fails-to-get-senate-seat-kabila-coalition-dominates/">opposing coalition</a>. This means that he will not be able to pass laws without the approval of the Kabila led Common Front for Congo. 

Away from the parliament, Kabila is yet to <a href="https://www.economist.com/middle-east-and-africa/2019/05/25/congos-new-president-felix-tshisekedi-does-not-call-the-shots">move out</a> of the presidential palace. Meanwhile, Tshisekedi is often met with indifference around the country. He will have to work hard to dislodge the status quo. 

Ilunga’s appointment, however, could dent his efforts to prove that he is the man in charge. The new prime minister’s experience and expertise — he was once head of the Congo’s national rail network (SNCC) and is an economics professor at the University of Kinshasa — could potentially help Tshisedi even if his time at the helm of the SNCC was a failure. Whether or not Ilunga’s experience helps Tshisekedi depends on the choices he elects to make. 

<h2>Key challenges to the presidency</h2>

Tshisekedi also needs to set out his agenda. There are a number of challenges he will have to tackle head on. 

The first thing he will have to deal with is the <a href="https://reliefweb.int/report/democratic-republic-congo/eastern-drc-tens-thousands-forcibly-displaced-surge-violence">continued violence</a> in north-eastern Congo. During the campaign he promised to reestablish law and order, but he may not be able to do so given the violence. 

The <a href="https://theconversation.com/radical-ideas-are-needed-to-break-the-drcs-ebola-outbreak-here-are-some-116681">Ebola outbreak</a> in north-eastern Congo poses another challenge. The disease has already claimed hundreds of lives and efforts to control its spread have been compromised by political instability and <a href="https://foreignpolicy.com/2019/04/30/cliches-can-kill-in-congo-grand-nord-north-kivu-tropes-conflict-ebola-response/">attacks</a> on treatment centres. 

While Tshisekedi must appear to be in control of the outbreak it is clear that most of the responsibility to manage the disease will <a href="https://www.who.int/news-room/detail/23-05-2019-united-nations-strengthens-ebola-response-in-democratic-republic-of-the-congo">fall to the UN</a>. This means that he will have to work with the world body despite its <a href="https://unu.edu/publications/articles/why-cuts-to-un-troops-in-congo-could-be-good-thing.html">unpopularity among the locals</a>. The UN is unpopular because it has failed to contain the recent spate of killings in northeastern Congo. 

He will also have to tackle the DRC’s poverty problem. Poverty is widespread in the DRC despite the country having a great deal of mineral wealth. <a href="https://www.bbc.com/news/world-africa-43355678">Foreign miners are heavily taxed</a> but this revenue has done little to raise standards of living for ordinary Congolese. Although the World Bank has stated that <a href="https://data.worldbank.org/country/congo-dem-rep">poverty is decreasing</a> in the vast central African country, it is far from alleviated. It’s claimed that <a href="https://borgenproject.org/facts-about-poverty-in-the-democratic-republic-of-the-congo/">80% of the DRC’s 77 million people</a> live in extreme poverty. 

The DRC <a href="https://www.publicfinanceinternational.org/news/2018/10/drc-tax-collection-lags-other-africa-nations">collects less taxes</a> than the majority of African nations. This means that Tshisekedi’s administration will remain reliant on donors to support Congo’s impoverished population for years to come.

In addition, Tshikedi will have to come to terms with the looming spectre of former presidential hopeful Martin Fayulu who <a href="https://africanarguments.org/2019/04/16/one-day-congo-will-explode-what-now-drc-congo-martin-fayulu/">still believes he won</a> the presidential election. 

<h2>Overcoming obstacles</h2>

Soon after his swearing-in Tshisekedi launched a <a href="https://www.africanews.com/2019/03/27/tshisekedi-s-shuttle-diplomacy-heads-to-us-after-visits-to-6-african-nations/">charm offensive</a> to woo world leaders. His aim was to create multilateral partnerships to reinforce his grip on power. He met with several African heads of state including those of the Republic of Congo, Kenya, Uganda, Rwanda, Angola and Namibia.

His most critical meeting was with <a href="https://www.diplomatie.gouv.fr/en/country-files/democratic-republic-of-the-congo/events/article/visit-by-jean-yves-le-drian-to-the-democratic-republic-of-congo-and-chad-20-21">French Foreign Minister Jean-Yves Le Driani</a>. The two men agreed to strengthen bilateral ties between France and the DRC. France agreed to train high-ranking officers in the Congolese army. Military strength is clearly a priority for the new president.

The economy must be too. Tshisekedi must send a clear message that the country is stable and open for business despite <a href="https://www.africanews.com/2019/01/15/drc-election-hub-top-opposition-candidate-calls-for-debate/">initial questions</a> around the conduct of the presidential election. 

<hr>

 
 
 Read more:
 <a href="http://theconversation.com/tshisekedis-victory-in-the-drc-is-historic-but-controversial-109673">Tshisekedi’s victory in the DRC is historic &#8212; but controversial</a>
 
 

<hr>


Despite his shaky start, Tshisekedi has parts of Africa, France and <a href="https://foreignpolicy.com/2019/02/01/how-washington-got-on-board-with-congos-rigged-election-drc-tshisekedi-kabila-great-lakes/">the US</a> on his side. It remains to be seen whether these allies will give him enough support to survive his first term in office.<img loading="lazy" decoding="async" src="https://counter.theconversation.com/content/118247/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/reuben-loffman-344578">Reuben Loffman</a>, Lecturer in African History, <a href="http://theconversation.com/institutions/queen-mary-university-of-london-1745">Queen Mary University of London</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/drcs-new-president-faces-fresh-challenges-with-old-guard-premier-118247">original article</a>.

The key challenges that DRC’s new president faces

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



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



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



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



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



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



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



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



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



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



Reporting by MacDonald Dzirutwe; Editing by Andrew Cawthorne

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

By <a href="https://www.cnbc.com/alicia-adamczyk/">Alicia Adamczyk</a> 



Pour one out for your high school mix tapes: <a class="" href="https://www.apple.com/newsroom/2019/06/apple-previews-macos-catalina/">Apple announced Monday</a> at its annual <a class="" href="https://www.cnbc.com/2019/06/03/apple-mac-pro-look.html">Worldwide Developers Conference</a> (WWDC) that it’s shutting down iTunes, its 18-year-old digital media software. In its place, Mac users will have three individual, dedicated apps for music, podcasts and TV, similar to the current iPhone setup.



The transition will take place when the macOS Catalina, the latest version of Apple’s Mac operating system, debuts in the fall. While the news initially alarmed users, you can rest easy: Apple confirmed to&nbsp;<a href="https://www.cnbc.com/make-it/" class="">CNBC Make It</a>&nbsp;that your iTunes content isn’t going to just disappear into the digital ether.



“Users will have access to their entire music library, whether they downloaded the songs, purchased them or ripped them from a CD,” reads a&nbsp;<a href="https://www.apple.com/newsroom/2019/06/apple-previews-macos-catalina/" class="">press release</a>.



The company confirmed that when Mac users update their software, music currently in your library will transfer to the Apple Music app and TV and movie purchases will migrate to the Apple TV app. Mac users will be able to access the iTunes Music Store within the Music app, and buy movies and TV shows in the TV app. Windows users will see no change in their iTunes experience, and&nbsp;iTunes Store gift cards are still valid.How to ‘own’ your digital files



While the company promises that users won’t lose content, it’s a good reminder that digital files can come with quirky ownership rules.



When you lawfully buy a physical CD, DVD or book, for example, the&nbsp;<a href="https://www.copyright.gov/title17/92chap1.html#109" class="">Copyright Act</a>&nbsp;allows you to sell, lend or give away your copy, because you own it. But that’s not the case for digital copies, as&nbsp;<a href="https://www.apple.com/legal/internet-services/itunes/us/terms.html" class="">Apple’s terms and conditions</a>&nbsp;explicitly states.



So if you buy a movie via the iTunes store or to stream on Amazon, for example, you’re essentially buying a license to watch the film as long as it remains on the platform — you’re not buying ownership of the file itself.



As for music, as Apple states, you “may burn an audio playlist of purchased music to disc for listening purposes up to seven times &#8230; Other Content may not be burned to disc.”



In order to keep your digital files forever, you can download them onto an <a class="" href="https://www.nytimes.com/2017/05/04/technology/personaltech/moving-your-music-out-of-itunes.html">external hard drive or upload them to a cloud service</a>.Of course, you could always go the old-fashioned route and buy physical copies of your favorite books, albums, movies and TV shows.



This article first appeared on CNBC  <a href="https://www.cnbc.com/2019/06/04/apple-is-shutting-down-itunesheres-what-will-happen-to-your-music.html">https://www.cnbc.com/2019/06/04/apple-is-shutting-down-itunesheres-what-will-happen-to-your-music.html</a> and is republished with its permission.

Apple is shutting down iTunes—here’s what will happen to your music

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



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



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



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



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

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

By <a href="https://www.cnbc.com/courtney-connley/">Courtney Connley</a>



Shawn “Jay-Z” Carter can officially add “billionaire” to his growing list of titles.



According to&nbsp;<a href="https://www.forbes.com/sites/zackomalleygreenburg/2019/06/03/jay-z-billionaire-worth/#78a8b84e3a5f" class="">Forbes</a>, the Brooklyn-born artist-turned-entrepreneur’s business empire is now worth $1 billion, making him “one of only a handful of entertainers to become a billionaire — and the first hip-hop artist to do so.”



Together, he and his wife Beyoncé — who has an estimated net worth of&nbsp;<a href="https://www.forbes.com/self-made-women/list/2/#tab:overall" class="">$355 million</a>&nbsp;— became a&nbsp;<a href="https://www.forbes.com/sites/zackomalleygreenburg/2017/05/17/beyonce-and-jay-z-are-officially-a-billion-dollar-couple/#6e84f639478e" class="">billion-dollar couple</a>&nbsp;in 2017. The short list of other&nbsp;<a href="https://www.forbes.com/sites/natalierobehmed/2018/12/18/americas-wealthiest-celebrities-2018-george-lucas-leads-with-5-4-billion-net-worth/#77d61c421d8e" class="">billionaires in the entertainment</a>&nbsp;industry includes “Star Wars” creator George Lucas, filmmaker Steven Spielberg, Oprah Winfrey and basketball legend Michael Jordan.



In 1996, Jay-Z became a household name when he released his debut album, “Reasonable Doubt,” on his independent label, Roc-A-Fella Records. Since then, the 49-year-old — who has rapped about his unconventional rise from Brooklyn street corners to corporate boardrooms — has continued to expand his portfolio to include smart investments inside and outside of music.



In 1999, he launched clothing line Rocawear, which sold for a reported&nbsp;<a href="https://dealbook.nytimes.com/2007/03/06/jay-z-cashes-in-with-200-million-rocawear-deal/" class="">$204 million</a>&nbsp;in 2007 to apparel company Iconix. A year later, Jay-Z launched entertainment company Roc Nation, which is now worth an estimated $75 million. In 2015, he submitted a bid to purchase the parent company of Scandinavian streaming service Tidal for a little less than $60 million. The service, which he relaunched later that year, is now worth $100 million, according to Forbes.



On his 13th studio album “4:44,”&nbsp;<a href="https://www.cnbc.com/2017/06/30/3-money-lessons-from-jay-zs-444.html" class="">Carter detailed</a>&nbsp;some of his investments, including artwork that he purchased years ago for $1 million. Today, Forbes estimates that his art collection is worth roughly $70 million.



Aside from investments in art and music, the hip-hop mogul has also expanded his empire to include investments in Uber, real estate and liquor. Forbes reports that his stake in Uber is worth an estimated $70 million, his real estate investments are worth an estimated $50 million and his cognac, D’Ussé, sells almost 200,000 cases annually and is worth $100 million. His investment in the champagne company Armand de Brignac is worth an estimated $310 million.



Warren Buffett, who appeared on the cover of Forbes with Jay-Z in&nbsp;<a href="https://www.forbes.com/forbes/2010/1011/rich-list-10-omaha-warren-buffett-jay-z-steve-forbes-summit-interview.html#781c47036480" class="">2010</a>, said that Carter was “teaching in a lot bigger classroom than I’ll ever teach in,” and explained that “for a young person growing up, [Jay-Z] is the guy to learn from.”



“Jay-Z’s journey is the modern-day embodiment of the American dream,” Zack O’Malley Greenburg, Forbes editor and author of ”<a class="" href="https://www.amazon.com/Empire-State-Mind-Street-Corner/dp/B004S8NFW0/ref=sr_1_3?keywords=jay-z&amp;qid=1559320482&amp;s=books&amp;sr=1-3">Empire State of Mind: How Jay-Z Went from Street Corner to Corner Office</a>, ” tells <a class="" href="https://www.vibe.com/2019/06/jay-z-officially-named-hip-hop-first-billionaire?utm_source=t.co&amp;utm_medium=referral">Vibe</a>. “His ascent offers an invaluable blueprint and inspiration to the next generation of entrepreneurs.”



This article first appeared on CNBC <a href="https://www.cnbc.com/2019/06/03/forbes-jay-z-is-now-hip-hops-first-billionaire.html">https://www.cnbc.com/2019/06/03/forbes-jay-z-is-now-hip-hops-first-billionaire.html</a> and is republished with its permission.

Jay-Z is now hip-hop’s first billionaire, here’s how he created his fortune

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



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



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



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



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



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



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



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



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



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



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



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



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



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

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

By <a href="https://www.cnbc.com/kathleen-elkins/">Kathleen Elkins</a> 



Investing is one of the most effective ways&nbsp;<a href="https://www.cnbc.com/2018/12/19/early-retiree-chris-reining-quit-saving-your-money-and-put-it-to-work.html" class="">to build wealth</a>. Some experts even say that&nbsp;<a href="https://www.cnbc.com/2019/02/26/ramit-sethi-saving-isnt-the-key-to-building-wealth.html" class="">the only way to “truly grow” your money</a>&nbsp;is to put it to work.



If you have an extra $500 to $1,000 and are ready to dip your toe into the markets, “you should put your money in just one thing: the S&amp;P 500,” certified financial planner&nbsp;<a href="https://creativeplanning.com/peter-mallouk/" class="">Peter Mallouk</a>&nbsp;tells&nbsp;<a href="https://www.cnbc.com/make-it/" class="">CNBC Make It</a>.



The S&amp;P 500 index fund holds 500 of the largest companies in the U.S., from Google to Disney to ExxonMobil. It allows you to take advantage of the success of major corporations without the risks associated with buying individual stocks.



“It’s the lowest cost investment that exists,” says Mallouk, who is the president of wealth management firm Creative Planning. “You can buy it at a discount custodian, like a TD Ameritrade, Fidelity or Charles Schwab, where the trading fees are exceptionally low. And with those 500 stocks, you now own about 80% of the market capitalization of the entire United States.” In other words, an S&amp;P 500 fund covers about 80% of the U.S. stock market, so it’s an easy and affordable way for investors to capture core U.S. stock market performance.



Plus, “you have global exposure,” Mallouk says, “because these companies get a lot of their earnings overseas: McDonald’s has shops in China, and Walmart has locations in Europe. So you wind up with a low cost, diversified portfolio that’s invested in the global economy.”



Chairman and CEO of Berkshire Hathaway Warren Buffett agrees with Mallouk’s recommendation.



“It has been a tough time to beat the S&amp;P,”&nbsp;<a href="https://www.cnbc.com/2019/04/25/buffett-says-investors-would-be-served-equally-well-by-sp-or-berkshire.html" class="">he told CNBC earlier this year</a>, adding: “I think it’s the best investment — because most people don’t know how to pick stocks. And, most of the time I don’t know how to pick stocks.”



<a href="https://www.cnbc.com/2017/11/09/mark-cuban-index-funds-are-the-best-way-to-invest-your-money.html" class="">Mark Cuban also champions index funds</a>: In a 2017 interview with Hayman Capital Management founder Kyle Bass, the business titan&nbsp;<a href="https://www.marketwatch.com/story/mark-cuban-tells-kyle-bass-ai-will-change-everything-weighs-in-on-bitcoin-2017-11-04" class="">said</a>that if you don’t know much about markets, the best way to invest your money is to put it in a cheap S&amp;P 500 fund.



At the end of the day, an extra $1,000, if managed correctly, can go a long way, Mallouk says: “If you put $1,000 in the S&amp;P a little over 10 years ago, today, you’d have more than $3,000. Even if we go back before the 2008 crisis — if we go back 11 years — still, you’d have more than tripled your money.”



This article first appeared on CNBC  <a href="https://www.cnbc.com/2019/06/03/wealth-manager-invest-your-money-in-the-sp-500.html">https://www.cnbc.com/2019/06/03/wealth-manager-invest-your-money-in-the-sp-500.html</a> and is republished with its permission.

The smartest way to invest your first $1,000, according to a wealth manager

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



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



Reporting by Alexander Winning, editing by Larry King

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

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

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

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

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

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

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

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

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

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

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

<h2>The history</h2>

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

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

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

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

<h2>Russian interests in Africa</h2>

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

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

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

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

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

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

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

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

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

The danger for Moscow is that, the more progress it makes with African governments, the more likely it is that its interests will collide with those of either China or the US – or both.<img loading="lazy" decoding="async" src="https://counter.theconversation.com/content/117764/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important" />

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

This article is republished from <a href="http://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/russia-in-africa-can-it-offer-an-alternative-to-the-us-and-china-117764">original article</a>.

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

ABUJA (Reuters) &#8211; MTN Nigeria announced plans to float its stock in Lagos on Thursday in a deal valued at $6 billion, following the South African telecoms group’s agreement with Nigerian regulators to settle a long-running dispute.



Nigeria, MTN’s biggest market with 52.3 million users in 2017, accounts for a third of the Johannesburg-based company’s annual core profit, but it has faced problems in the country in recent years.



In December, MTN agreed to make a $53 million payment to resolve a dispute in Nigeria. The move ended a multi-billion dollar dividend repatriation row, hitting its share prices in Johannesburg.



MTN on Wednesday said the listing price was set 90 naira, determined from private over-the-counter share deal by existing shareholders over the past six months. It has said it would list 20.4 billion shares on the Nigerian bourse. The price values the telecoms company at 1.84 trillion naira ($6 billion).



MTN, owned 78.8% by South Africa’s MTN Group, has been one of the main beneficiaries of Nigeria’s push to liberalise its economy over the past two decades. But it has come under increased pressure from the government to boost local ownership.



MTN Group CFO, Ralph Mupita said the listing was an important step towards increasing local ownership in MTN Nigeria and building the country’s equity capital markets. Nigerian investors own 19.4% of MTN Nigeria.



The company also said it was relying on local funding in naira to mitigate exchange rate volatility, adding it was arranging local naira financing.



MTN Group said the company has received approval from the Nigerian Stock Exchange to list its shares on Thursday, giving its existing shareholders access to trade their shares on the bourse.



The company also said the Nigerian unit will raise debt, adding that the total level rose 44% to 252 billion naira ($823.66 million) in the first quarter.



“This is just the beginning, we still intend to pursue a future public offer giving more Nigerians greater access to the MTN opportunity,” Ferdi Moolman, chief executive of MTN Nigeria, said.



MTN decided to list its local company in Nigeria in 2016 after agreeing to pay a $1.7 billion fine to settle a SIM card dispute with the government. Earlier, the company said it planned to list in the first half of 2019.



The company said capital expenditure in the first quarter, rose to 63 billion naira, the bulk of which went to upgrade its network, up from 18 billion naira same period last year.



Service revenue grew 13.4% to 282 billion naira in the first quarter, driven by a rise in voice and data income and the addition of 2.1 million mobile subscribers.



Earnings before interest, taxes, depreciation and amortization (EBITDA), a measure of operating profit, reached 150.4 billion naira ($492 mln) in the three months to March 2019, up from 123 billion naira a year earlier, MTN said.



MTN said it targets a dividend payout ratio of at least 80% of its net income in the medium term.



($1 = 305.95 naira)



Reporting by Chijioke Ohuocha; Editing by James Emmanuel and Louise Heavens

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