<a href="https://www.cnbc.com/megan-leonhardt/">By Megan Leonhardt</a>



Online banks are leaving local banks in the dust when it comes to the interest rates offered on savings accounts. Yet many Americans have no idea.



A full 62 percent of people&nbsp;<a href="https://wallethub.com/blog/banking-survey/51819/" class="">surveyed by WalletHub last year</a>&nbsp;did not realize online-only banks tend to offer higher rates and lower fees. Currently, online banks offer an interest rate that is roughly six times higher, on average, than local banks and credit unions nationwide, according to an analysis by DepositAccounts.com.



Depending on what state you’re in, the difference can be even more dramatic. Oklahoma offers the highest average interest on a savings account, with 0.39 percent, according to DepositAccounts. Arkansas brick-and-mortar banks offers the lowest average: 0.13 percent.



Meanwhile, online banks offer an average APY of 1.47 percent as of January 1, 2019, the site’s analysis finds. And some offer even higher interest rates. Industry leaders like <a class="" href="https://www.marcus.com/us/en/savings/high-yield-savings">Marcus by Goldman Sachs offers 2.25 percent APY</a>. <a class="" href="https://www.ally.com/bank/online-savings-account/">Ally pays out 2.2 percent</a>, as does <a class="" href="https://www.synchronybank.com/banking/high-yield-savings/?UISCode=0000000">Synchrony</a>. That’s about 17 times higher than the Arkansas average.



<a rel="noreferrer noopener" href="https://infogram.com/_/kTkZBjqC4OGNwYbdTN2s" target="_blank">Average local 1-year savings account yields</a>



<div class="infogram-embed" data-id="_/kTkZBjqC4OGNwYbdTN2s" data-type="interactive" data-title="Copy: DAStates - Average savings"></div><script>!function(e,t,s,i){var n="InfogramEmbeds",o=e.getElementsByTagName("script")[0],d=/^http:/.test(e.location)?"http:":"https:";if(/^\/{2}/.test(i)&&(i=d+i),window[n]&&window[n].initialized)window[n].process&&window[n].process();else if(!e.getElementById(s)){var r=e.createElement("script");r.async=1,r.id=s,r.src=i,o.parentNode.insertBefore(r,o)}}(document,0,"infogram-async","https://e.infogram.com/js/dist/embed-loader-min.js");</script>



No state’s local brick-and-mortar banks have an average interest rate that came close to even 1 percent, according to DepositAccounts. Overall, it finds, banks and credit unions nationwide pay an average of 0.24 percent interest on savings accounts.



It makes sense that online banks are able to pay higher rates: They don’t have the expenses associated with running and staffing branches. But it doesn’t change the math.How to bank online



“People are still a little worried about online banking or Internet-only banks,” Ken Tumin, founder of DepositAccounts.com, tells CNBC Make It.



The safety and security of these banks is one concern people have, he says, and the other, perhaps more common, worry is how much access you have to your money. “That really discourages people from trying an online bank or trying these online savings accounts,” Tumin says.



About two-thirds of Americans, 65 percent, consider it important for a bank to have a branch, according to&nbsp;<a href="https://www.pwc.com/us/en/financial-services/publications/assets/pwc-fsi-whitepaper-digital-banking-consumer-survey.pdf" class="">PricewaterhouseCoopers’s 2018 Digital Banking Consumer Survey</a>. It can be a real sticking point: One in four people say they wouldn’t open an account with a bank that doesn’t have at least one physical branch near by.



Online banks offer workarounds. You may not be able to have conversations with a teller, but you can pick up the phone and call in with questions. And Marcus, for example, offers a <a class="" href="https://www.marcus.com/us/en/banking-with-us/contact-marcus">live chat feature</a> that connects you with a savings specialist seven days a week.



To deposit money, generally, you can set up a direct deposit from your paycheck into the online savings account, or you can transfer money to it from another bank account.



Some online banks offer remote access. Ally, for example, gives you the ability to snap a photo or scan in a check to&nbsp;<a href="https://www.ally.com/do-it-right/trends/ally-echeck-deposit-frequently-asked-questions/" class="">deposit your money</a>. It doesn’t allow cash deposits but, if you have another checking or savings account at a bank with a branch, you can always deposit the money there and transfer it electronically.



And while you likely won’t have to use an ATM much with your savings account, several online banks have robust ATM networks, too. Synchrony, for example, allows customers to use&nbsp;<a href="https://www.synchronybank.com/banking-resources/faq/" class="">any ATM without a fee</a>&nbsp;and even reimburses up to $5 in fees charged by the operator.



Overall, Tumin says, “Opening a savings account at an online bank is often the easiest and best way to take advantage of higher rates.”



This article was first published by CNBC https://www.cnbc.com/2019/01/23/you-can-make-17-times-as-much-interest-on-savings-with-an-online-bank.html and is republished with its permission.

You could earn 17 times as much interest on your savings if you make one simple banking change

KAMPALA (Reuters) &#8211; Ugandan President Yoweri Museveni said telecom firm MTN Uganda needs to sell shares on the local stock exchange to facilitate domestic ownership of the company and ensure more of the money it earns stays in the country. 



A unit of South Africa’s MTN Group, the company is the East African country’s largest telecommunications firm, controlling a subscriber base of more than 10 million.



However, relations between MTN Uganda and authorities have become strained after the country this week deported two of its executives after accusations they were compromising national security.



Museveni made the comments while meeting MTN Group’s President and CEO Rob Shuter on the sidelines of the World Economic Forum in Davos.



“It is important that you float shares on the local stock exchange to allow for local ownership,” Museveni was quoted as telling Shuter, according to a statement from his office on Thursday.



Museveni accused some unnamed telecoms companies of dodging taxes by under-declaring the volume of calls and that his government had bought machines that helped detect such activity.



Museveni also said telecommunication firms in Africa, which are often foreign owned, repatriate profits back home to the detriment of local economies.



“You should foresee these trade deficits. More locally owned companies should be allowed to earn money so that most of it remains here,” he said.



MTN Uganda did not immediately respond to an emailed request for comment.



The statement from the president’s office quoted Shuter as saying the firm was in negotiations with a Ugandan state-controlled National Social Security Fund (NSSF) for a possible sale of shares to the fund.



There was no confirmation from MTN.



MTN is in negotiations with Ugandan authorities for a ten-year extension of its operating license after it expired in October last year but there has been disagreements over the amount of licence fees to be paid.



Reporting by Elias Biryabarema; Editing by Omar Mohammed/Keith Weir

Uganda’s Museveni wants MTN Uganda to sell shares on the local stock exchange, what you need to know…

#WEF19: Emerging Markets Outlook at Davos

#WEF19: A Conversation with Abiy Ahmed, Prime Minister of Ethiopia

#WEF19: South Africa’s Ramaphosa speaks at Davos

#WEF19: More than GDP

#WEF19: Achieving a Single Market in Africa

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



If you’re <a class="" href="https://www.cnbc.com/2017/05/30/heres-exactly-when-youll-become-a-millionaire-if-you-save-500-per-month.html">putting away $500 per month</a>, you’re on track to become a millionaire in 33 years. Bump those monthly contributions <a class="" href="https://www.cnbc.com/2017/05/31/when-youll-become-a-millionaire-if-you-save-1000-per-month.html">up to $1,000 per month</a> and it will only take you 25 years to reach seven figures.



While experts recommend&nbsp;<a href="https://www.cnbc.com/2017/08/01/how-much-of-your-paycheck-you-have-to-save-to-be-a-millionaire.html" class="">saving up $1 million by the time you retire</a>, typically around age 67, you might be on track to hit that milestone at a much earlier age.



How close are you?



Personal finance blogger Zach of&nbsp;<a href="http://www.fourpillarfreedom.com/" class="">Four Pillar Freedom</a>&nbsp;created a simple chart that breaks down at&nbsp;<a href="http://www.fourpillarfreedom.com/the-million-dollar-age-grid/" class="">exactly which age you’ll become a millionaire</a>, based on your current age and annual savings rate.



<a class="" href="http://www.fourpillarfreedom.com/the-million-dollar-age-grid/">Check it out</a> below. Keep in mind that the chart assumes you’re starting with zero savings and earning a seven percent rate of return.



<figure class="wp-block-image"><img decoding="async" src="http://cnbc.africa/wp-content/uploads/2019/01/104724456-millionDollarAgeGrid-1110x916.png" alt="" class="wp-image-326206"/></figure>



Zach points out that, with diligent saving habits, it’s possible for anyone to become a millionaire in 30 years if they’re able to save and invest $10,000 a year. That’s about $833 per month, which isn’t outright impossible, but is still a far cry from the total amount most Americans have in savings:&nbsp;<a href="https://www.cnbc.com/2017/09/13/how-much-americans-at-have-in-their-savings-accounts.html" class="">less than $1,000</a>.



The chart also speaks to the&nbsp;<a href="https://www.cnbc.com/2017/05/24/how-much-you-need-to-save-to-become-a-millionaire-in-20-years.html" class="">power of compound interest</a>.



“Anyone can become a millionaire before the traditional retirement age of 65 by saving only $4,000 per year starting at age 20,” Zach writes. That averages out to around $333 per month, which is still a substantial sum for many, but doable if you get started early.



No matter how close you are to becoming a millionaire, the key takeaway is to save whatever you can as soon as you can. The financial consequences of mismanaging your money only become more pressing as you get older, so it’s important to&nbsp;<a href="https://www.cnbc.com/2017/09/20/most-important-thing-to-do-with-money-in-your-20s.html" class="">develop good savings habits early</a>.



If you’re ready to put your money to work, the simplest starting point is to invest in your employer’s&nbsp;<a href="https://www.cnbc.com/2016/07/20/five-401k-tips-for-recent-grads.html" class="">401(k) plan</a>, a tax-advantaged retirement savings account. Next, consider alternate retirement savings accounts as well, such as a&nbsp;<a href="https://www.cnbc.com/2016/11/14/heres-how-young-people-should-invest-their-first-10000.html" class="">Roth IRA</a>, traditional IRA and/or a&nbsp;<a href="https://www.cnbc.com/2016/11/02/how-health-savings-accounts-can-help-you-save-for-retirement.html" class="">health savings account</a>.



You can also research low-cost <a class="" href="https://www.cnbc.com/2016/10/04/passive-investing-is-on-a-tear-and-for-very-good-reason.html">index funds</a>, which <a class="" href="https://www.cnbc.com/2017/02/26/3-ways-to-invest-like-warren-buffett.html">Warren Buffett recommends</a>, and online investment platforms known as robo-advisers.



This article was first published by CNBC https://www.cnbc.com/2017/09/22/simple-chart-shows-at-what-age-youll-become-a-millionaire.html and is republished with its permission.

This chart shows you at what age you’ll become a millionaire

<a href="https://www.cnbc.com/andrea-kramar/">By Andrea Kramar</a>



In 2018, U.S. consumers ate roughly 13 billion burgers, according to data from consumer trends market research company NPD Group. And burgers are consistently one of the <a class="" href="https://www.npd.com/wps/portal/npd/us/news/latest-reports/2015/the-burger-dichotomy/">most popular</a> items on menus across the country.



Yet eating too much red meat can increase your risk of everything from&nbsp;<a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC3712342/" class="">heart disease to certain cancers</a>,&nbsp;and the beef industry has a&nbsp;<a href="https://www.theguardian.com/environment/2018/may/31/avoiding-meat-and-dairy-is-single-biggest-way-to-reduce-your-impact-on-earth" class="">huge impact on the environment</a>.



Still, people love it.



So what is it about burgers? Maybe it’s the juiciness people can’t resist, or that distinctive savory umami flavor. Maybe it’s the American-ness of it all.



Plant-based “meat” producer&nbsp;<a href="https://www.beyondmeat.com/" class="">Beyond Meat</a>&nbsp;is betting on it: The company is taking on the beef burger with Beyond Burger, a vegan veggie-based patty that is meant to look, cook, taste and even “bleed” like red meat, but that is healthier and more sustainable.



“The burger is something people love,” Ethan Brown, founder of Beyond Meat, tells <a class="" href="https://www.cnbc.com/make-it/">CNBC Make It</a>. “And so we went after that core part of the American diet.”



It’s working in a big way.



The company has famous investors like Bill Gates, Leonardo DiCaprio and even former McDonald’s CEO Don Thompson and America’s largest meat processor, Tyson Foods.



And since their debut at Whole Foods in May 2016, Beyond Burger patties have made their way into tens of thousands of supermarkets (from Kroger and Safeway to Whole Foods), restaurants (from TGI Friday to Carl’s Jr.), hotels (like The Ritz Carlton, Hong Kong) and even sports stadiums (like Yankee Stadium).



Beyond Meat says it has sold 25 million Beyond Burgers worldwide. The company recently filed for an IPO and is reportedly worth more than half a billion dollars.A vegan burger that ‘bleeds?’



Just don’t call Beyond Burger a veggie burger. It may be 100 percent plant-based (and&nbsp;<a href="https://www.beyondmeat.com/products/view/beyond-burger" class="">GMO-, soy- and gluten-free</a>), but this vegan patty is meant for meat-eaters too.



”[W]e’re reaching mainstream consumers that are interested in healthier forms of meat,” Brown tells CNBC Make It.



To accomplish a juicy, meat-tasting product that carnivores will crave, Beyond Meat biophysicists figure out, at a molecular level, what it is that makes meat taste and behave like meat. They then identify plant materials that behave the same way, to replicate it.



So “we like to think of meat, not from its origin — say from a chicken or a cow — but in terms of &#8230; the proteins, the carbohydrates, the lipids, the minerals and vitamins, all of which are available — except for cholesterol — in the plant kingdom,” says Beyond Meat biophysicist Rebecca Miller.



The lab technicians at Beyond Meat’s research and development lab in El Segundo, California, are even trained meat sommeliers, and they are constantly innovating on the product.



The main ingredients in the original Beyond Burger are pea protein, beet coloring and beet juice to make it “bloody,” and potato starch and coconut oil to create juiciness. Beyond recently launched its 2.0 burger (available only at Carl’s Jr. and A&amp;W restaurants for now), which also includes brown rice and mung bean proteins, for a meatier taste and texture, according to the company’s website. Each 4-ounce Beyond Burger patty has 20 grams of protein and about 20 grams of fat, which is comparable to a beef patty.



Many are huge fans of Beyond Burger, which like a beef burger, can take grill marks, cooks slightly pink in the middle and releases juices when you bite in.



“It’s so meaty, it’s almost kind of freaky,” says vegan mom Erin Landry on her @mrs.modernvegan Instagram, after trying Beyond Burger at a Carl’s Jr. drive through.



“I’m not vegan &#8230; but I promise, this is actually really good,” says meat-eating music producer That Orko after taste-testing Carl’s Jr. Beyond Burger on pop singer Miss Krystle’s YouTube channel.



Two CNBC Make It staffers who tried Beyond Meat products also liked the burger but were even more impressed with its Beyond Sausage. “The burger is very tasty,” but the sausages, “they could be real,” says producer Mary Stevens.



Still, Beyond Burger is processed (the plant ingredients are put through heating, cooling and pressure to turn them into a meaty substance), no more than&nbsp;<a href="https://www.vox.com/the-goods/2018/12/25/18127863/vegan-beyond-impossible-burger" class="">vegan junk food</a>, say some critics. ( “It’s a process we’re proud of, and one we feel consumers are more comfortable with vs. the process of traditional livestock production,” says Allison Aronoff, Beyond Meat’s senior communications manager.)



And although eating a plant-based “meat” is healthier than read meat in many ways, it can be higher in sodium than beef, says dietitian Jen Bruning. (One Beyond Burger patty has 380 milligrams of sodium according to the company website; for comparison, Wegmans 80/20 ground beef patties have&nbsp;<a href="https://www.wegmans.com/products/meat/ground-beef-and-poultry/burgers/8020-ground-beef-patties.html" class="">90 milligrams</a>&nbsp;per patty; the average fast food single patty burger has&nbsp;<a href="https://healthyeating.sfgate.com/much-sodium-average-hamburger-7064.html" class="">378 milligrams of sodium</a>.)Beyond big business



Whatever your burger pleasure, targeting meat-eaters is a smart move — there are way more of them than there are vegans and vegetarians. Only 5 percent of Americans identify as vegetarian and 3 percent vegan,&nbsp;<a href="https://www.washingtonpost.com/news/food/wp/2018/08/03/you-might-think-there-are-more-vegetarians-than-ever-youd-be-wrong/?utm_term=.44d2209f07cf" class="">according to a 2017 Gallup poll</a>. Those numbers haven’t changed much in the last decade or so.



Brown says the company found that 93 percent of the consumers in conventional grocery stores that are buying a Beyond Meat product are also putting animal meat their basket. “So they’re buying not only plant based meat, but they’re buying animal meat and that’s a really important breakthrough for us,” Brown tells CNBC Make It.



One tipping point in bringing plant-based “meat” to the masses has been the increase in product quality thanks to brands like Beyond Meat,&nbsp;<a href="http://www.kenjilopezalt.com/" class="">James Kenji López-Alt</a>, chef/partner at&nbsp;<a href="http://www.wursthall.com/" class="">Wursthall</a>&nbsp;restaurant in San Mateo, California, tells CNBC Make It.



“Tens of millions of dollars have been invested into researching this product and making it better and making it more real meat-like. And I think we are &#8230; 99 percent of the way there,” he tells CNBC Make It. “It’s close enough that people eating it enjoy it the same way that they enjoy actual ground beef.”



Plus, he says, prices have “reduced drastically” to about the same amount as meat. (At Bareburger restaurant in the Hell’s Kitchen neighborhood of New York City, a Beyond Burger costs $12.95 and a comparable beef burger is $11.99. At the grocer, Beyond retails for about $5.99 for two patties, while four Wegmans patties retail for about $5.44 online.)



All this has made Beyond Meat big business.



Beyond Meat products are in more than 32,000 grocery stores, including Kroger, Safeway, Publix, Target and Wegmans. And Beyond Burger has menus from Fridays and Del Taco to Hamburger Mary’s Bar and Grill to upscale Brasserie Ruhlmann in New York City; they’re served at universities from Ohio State to Harvard and even theme parks like Legoland.



While TGI Fridays declines to share sales data, its senior director of food and beverage innovation David Spirito tells CNBC Make It that Fridays has guests saying they came to Fridays specifically for the Beyond Burger.



And burgers are not the only plant-based “meat” Beyond Meat sells. It also sells&nbsp;<a href="https://www.beyondmeat.com/products" class="">sausage, chicken strips and beef crumbles</a>, and has other products in the works.



“We want to make bacon, we want to make steak, we want to make the most intricate and beautiful pieces of meat,” says Brown.



In November, Beyond Meat filed for a $100 million initial public offering, reporting a 167 percent increase increase in revenue (to $56.4 million) for the first nine months of 2018 from the same period in 2017.



The company has grown from a $4.8 million valuation in 2011 to $550 million in November 2017, when Beyond Meat closed its latest ($55 million) round of funding, according to private market data company PitchBook. In addition to Gates, DiCaprio and Tyson, <a class="" href="https://drive.google.com/drive/folders/1Rv2ZjFIYmfCo4OfN71MHLaLdOc0MGhZx">notable investors</a>include Twitter co-founders Biz Stone and Evan Williams, Honest Tea founder Seth Goldman, venture capital firm Kleiner Perkins and the Humane Society of the United States.



Patties with a purpose



But plant-based meat is not only lucrative, it’s good for the environment.



Beyond Meat was started in 2009 by Brown, who was once a carnivore, but growing up around his family’s farm in Western Maryland had an impact.



“I spent a lot of time there with dairy cows, so I was very close to animals growing up, loved them and was fascinated by them.”



Passionate about the environment, Brown pursued a career in clean energy to help mitigate the effects of climate change. “But I began to realize that livestock had a larger contribution to the climate than many other things that I was working on in terms of the emissions,” he tells CNBC Make It.



Indeed, 3 percent of U.S. greenhouse gas emissions come from methane emitted from cows. And it takes an average 308 gallons of water to produce just 1 pound of beef, according to the USDA. Raising livestock for meat and dairy also depletes farmland.



In fact, eliminating or reducing consumption of such products “is probably the single biggest way to reduce your impact on planet Earth, not just greenhouse gases, but global acidification, eutrophication, land use and water use,”&nbsp;<a href="https://www.theguardian.com/environment/2018/may/31/avoiding-meat-and-dairy-is-single-biggest-way-to-reduce-your-impact-on-earth" class="">said</a>&nbsp;University of Oxford’s Joseph Poore, co-author of a&nbsp;<a href="https://josephpoore.com/Science%20360%206392%20987%20-%20Accepted%20Manuscript.pdf" class="">recent study</a>&nbsp;analyzing the environmental damage of farming.



Producing Beyond Burgers uses 99 percent less water, 93 percent less land, creates 90 percent fewer greenhouse gas emissions and requires 46 percent less energy than producing beef burgers, according to a September&nbsp;<a href="https://beyondmeat.com/whats-new/view/a-burger-with-benefits" class="">report commissioned by Beyond Meat</a>. The report, which measures the environmental impact of a quarter pound Beyond Burger as compared to a quarter pound U.S. beef burger, was conducted by the Center for Sustainable Systems at University of Michigan.



And of course, plant-based “meat” production does not entail any&nbsp;<a href="https://www.aspca.org/animal-cruelty/farm-animal-welfare/animals-factory-farms#Cattle" class="">inhumane treatment of animals</a>, something that plagues factory farming.



For all these reasons, in 2018, Beyond Meat was a co-winner of the United Nations’&nbsp;<a href="http://web.unep.org/championsofearth/laureates/2018/impossible-foods-and-beyond-meat" class="">Champions of the Earth Award, in the Science and Innovation category</a>. The other winner? Impossible Foods.Battle of the&nbsp;burgers



Beyond Meat isn’t the only plant-based “meat” game in town.&nbsp;<a href="https://impossiblefoods.com/" class="">Impossible Foods</a>, which launched in 2011 and is headquartered in Redwood City, California, also makes its products entirely from plants.



<a href="https://impossiblefoods.com/faq" class="">Impossible Burger</a>&nbsp;uses heme, a genetically engineered iron-containing molecule for the taste and aroma of meat. It is available at White Castle (the $1.99 slider) and at other restaurants in the U.S. and Hong Kong, and the company plans to hit grocery stores this year. Actor Kal Penn (who appropriately starred and “Harold and Kumar go to White Castle” — pre-vegan sliders) and Microsoft co-founder and billionaire Bill Gates have invested in the company. Impossible Foods was valued at $350 million in January 2018,&nbsp;<a href="https://pitchbook.com/news/articles/beyond-meat-files-for-ipo-as-vegan-food-industry-matures" class="">according to Pitchbook</a>.



Another emerging company in the space, San Francisco-based&nbsp;<a href="http://www.memphismeats.com/" class="">Memphis Meats</a>, is growing animal meat in the lab. Launched in August 2015, Memphis Meats has raised money (reportedly over&nbsp;<a href="https://www.crunchbase.com/organization/memphis-meats" class="">$20 million</a>) from the likes of Gates and Richard Branson. Unlike Beyond Meat and Impossible Foods, Memphis Meat uses harvested animal cells to grow its product, which is known as called “clean meat.”



But Brown says Beyond Meat’s biggest competitor “really [is] the meat industry itself.”



U.S. retail sales of plant-based “meats” grew by 24 percent in 2018, while animal meats grew by just 2 percent, according to Nielsen data commissioned by the Plant Based Foods Association. The market for meat substitutes is expected to grow to&nbsp;<a href="https://pitchbook.com/news/articles/beyond-meat-files-for-ipo-as-vegan-food-industry-matures" class="">$6.4 billion</a>&nbsp;worldwide by 2023. And&nbsp;Brown and others believe alternative meats are the future.



“In 30 years or so, &#8230; I think that in the future clean and plant-based meat will become the norm, and in 30 years it is unlikely animals will need to be killed for food anymore,”&nbsp;<a href="https://www.virgin.com/richard-branson/clean-meat-future-meat" class="">Branson wrote in a blog post</a>&nbsp;in February.



<a href="https://www.linkedin.com/in/david-j-lee-570907/" class="">David Lee</a>, Impossible Food’s chief operating officer and chief financial officer agrees. “Pat Brown [Impossible Foods founder and CEO] puts it very nicely,” Lee tells CNBC Make It. “He says, ‘You know, one day children everywhere will look up at their parents and say, “What? You used to eat meat from animals? How strange.”’



Lee says the goal is to give meat-eaters everywhere “something that tastes better but it’s better for them, that is better for the environment.”



It’s the goal of Beyond Meat as well.



“Someday, I think plant-based meat will overtake animal protein as the main source of meat,” Brown tells CNBC Make It. “I do believe it will happen in my lifetime.”



This article was first published by CNBC https://www.cnbc.com/2019/01/21/how-bill-gates-backed-vegan-beyond-meat-is-winning-over-meat-eaters.html and is republished with its permission.

Here’s how this plant-based “meat” producer became a $550 million brand, winning over meat-eaters with a vegan burger that ‘bleeds’

JOHANNESBURG (Reuters) &#8211; South Africa’s Shoprite said on Monday it would appeal against a 20 million rand ($1.4 million) fine handed to its ticket-selling subsidiary by the country’s Competition Tribunal, which found agreements signed by the firm had hit competition. 



The judgment was announced ahead of a similar case that is currently before the tribunal, which relates to a later time period and is more serious because the company is included as a respondent and it carries a recommended fine of 10 percent of the turnover of Shoprite’s retail unit.



The initial case, covering 1999-2012, was referred to the tribunal in 2010 after five rivals of ticket seller Computicket, owned by Shoprite since 2005, complained the business abused its dominance by signing exclusive agreements with clients.



“There is sufficient &#8230; evidence to suggest that the exclusive agreements had resulted in anti-competitive effects,” the tribunal’s judgement said.



“Computicket will appeal the Competition Tribunal’s finding,” Shoprite, South Africa’s biggest retailer, said in response.



In December, Shoprite was named as a respondent to another case brought to the tribunal by South Africa’s Competition Commission, which recommended fining both Computicket and Shoprite’s retail division as much as 10 percent of their annual turnover.



Shoprite doesn’t disclose the turnover of its retail unit, but the division makes up the bulk of the group’s revenue, which stood at 145.3 billion rand in 2018. It is up to the tribunal to decide whether the commission’s charges and proposed fine stand.



In the earlier case, the commission recommended a fine of just under 22 million rand, whereas Computicket thought it should be closer to 10 million rand.



Shoprite’s shares were down 0.23 percent at 1134 GMT.



($1 = 13.8751 rand)



Reporting by Emma Rumney and Tanisha Heiberg; Editing by Mark Potter

South Africa’s Shoprite plans to appeal $1.4 million fine

By <a href="https://theconversation.com/profiles/peter-penar-191419">Peter Penar</a>, <a href="http://theconversation.com/institutions/michigan-state-university-1349">Michigan State University</a>



Former Ivorian President Laurent Gbagbo’s <a href="https://www.bbc.com/news/world-africa-46875757">acquittal</a> on charges of crimes against humanity by the International Criminal Court (ICC) opens the way for his return to Côte d’Ivoire once released.

His return after seven years in detention at The Hague and eight years after being discovered in a bunker during the disputed 2010 presidential election, could shape the character of the country’s <a href="https://www.bloomberg.com/news/articles/2018-06-04/ouattara-s-hint-about-extending-ivory-coast-rule-stirs-concern">2020 presidential election</a>. Despite his absence, his influence on Ivorian politics has shaped opposition divisions in the years since he’s been gone. His <a href="https://www.iol.co.za/news/africa/icc-rejects-appeal-to-keep-ex-ivorian-leader-gbagbo-in-jail-18850742">return </a>therefore raises the question of internal opposition party loyalties.

Gbagbo and his co-accused, youth militia leader, Charles Blé Goudé, were arrested for having allegedly orchestrated the murder, rape and persecution of opponents after he lost the election in Côte d’Ivoire in December 2010. At least 3,000 people were <a href="https://edition.cnn.com/2017/05/16/africa/military-mutiny-ivory-coast/index.html">killed in the violence</a>. 

Despite his absence, he has continued to influence internal opposition party loyalties. His return is therefore likely to shape the character of the election. Another reason he’s likely to play a significant role is that the coalition that won presidential elections in 2010 and 2015 – led by President Alassane Ouattara – has, for the time being, fallen apart.

Ouattara has signalled that he may stand for a <a href="https://www.reuters.com/article/us-ivorycoast-politics-ouattara/ivory-coasts-ouattara-says-hes-free-to-run-again-in-2020-jeune-afrique-idUSKCN1IZ0S3">third consecutive term</a>. But Côte d’Ivoire’s <a href="https://www.constituteproject.org/constitution/Cote_DIvoire_2016.pdf?lang=en">new constitution</a> promulgated in 2016, states that a candidate can only be reelected once. 

These signals have not been well received by Ouattara’s now former coalition partners. For example, his entertaining a third term and efforts to lessen the power of coalition partners has led one member of the coalition to <a href="http://www.linfodrome.com/vie-politique/43495-bedie-ouattara-ce-qui-plombe-la-reconciliation">quit the arrangement</a>. Others have also walked away. In response, Ouattara has attempted to solidify his support by morphing his ruling coalition into a new party called the <a href="https://www.voanews.com/a/ivory-coast-president-launches-umbrella-party/4485718.html">Houphouetists Rally for Democracy and Peace</a>. The jury is still out on whether it will be enough to bring back disgruntled coalition partners.

With Ouattara’s coalition weakened and the opposition divided, Gbagbo’s return could shape coalition politics before the elections. Gbagbo continues to hold a bastion of popular support in the country, including his home area in Western Côte d’Ivoire. 

More broadly, it’s likely that Ivorians would support his bid for the presidency. And, his return to Côte d’Ivoire would lend credence to his purported innocence and the image of success in his struggle against Ouattara and <a href="https://www.reuters.com/article/us-ivorycoast-gbagbo/gbagbo-faces-charges-of-crimes-against-humanity-icc-idUSTRE7AS1LO20111130">Western bias</a>.

In short, his return could make him a larger than life figure ahead of elections.

<h2>Gbagbo’s friends and foes</h2>

Early on in his absence, Gbagbo’s party, the Front Populaire Ivoirien, fragmented between those loyal to him and those interested in moving beyond his legacy. In particular, Aboudramane Sangaré, Gbagbo’s friend, <a href="https://www.voanews.com/a/gbagbo-party-faction-fpi-calls-for-ivorian-election-boycott/2922997.html">dismissed attempts to continue the party’s work without him</a>. Sangaré, and like-minded opposition officials, believed that Gbagbo would return to Côte d’Ivoire, ready to contest incumbent President Alassane Ouattara after the ICC proceedings ended.

Sangaré gained the unofficial title of “guardian of the temple”, for his part in maintaining Gbagbo’s place at the centre of the opposition movement. Sangaré died late last year though <a href="http://www.rfi.fr/afrique/20181103-cote-ivoire-deces-abou-drahamane-sangare-laurent-gbagbo-fpi-0">his imprint hasn’t diminished</a>.

Efforts to move beyond Gbagbo’s legacy were led by Affi Pascal N’Guessan, a former prime minister during Gbagbo’s presidency, who took over the presidency of the party before the 2015 election. This sparked vehement protests from <a href="https://af.reuters.com/article/africaTech/idAFKBN1451YP?feedType=RSS&amp;feedName=topNews">Gbagbo loyalists</a>. Although N’Guessan paid homage to Gbagbo, the loyalists felt he wasn’t sincere.

<figure class="align-right ">
 <img decoding="async" alt="" src="https://images.theconversation.com/files/254127/original/file-20190116-163283-1670seh.JPG?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=237&amp;fit=clip" srcset="https://images.theconversation.com/files/254127/original/file-20190116-163283-1670seh.JPG?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=600&amp;h=711&amp;fit=crop&amp;dpr=1 600w, https://images.theconversation.com/files/254127/original/file-20190116-163283-1670seh.JPG?ixlib=rb-1.1.0&amp;q=30&amp;auto=format&amp;w=600&amp;h=711&amp;fit=crop&amp;dpr=2 1200w, https://images.theconversation.com/files/254127/original/file-20190116-163283-1670seh.JPG?ixlib=rb-1.1.0&amp;q=15&amp;auto=format&amp;w=600&amp;h=711&amp;fit=crop&amp;dpr=3 1800w, https://images.theconversation.com/files/254127/original/file-20190116-163283-1670seh.JPG?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;h=893&amp;fit=crop&amp;dpr=1 754w, https://images.theconversation.com/files/254127/original/file-20190116-163283-1670seh.JPG?ixlib=rb-1.1.0&amp;q=30&amp;auto=format&amp;w=754&amp;h=893&amp;fit=crop&amp;dpr=2 1508w, https://images.theconversation.com/files/254127/original/file-20190116-163283-1670seh.JPG?ixlib=rb-1.1.0&amp;q=15&amp;auto=format&amp;w=754&amp;h=893&amp;fit=crop&amp;dpr=3 2262w" sizes="(min-width: 1466px) 754px, (max-width: 599px) 100vw, (min-width: 600px) 600px, 237px">
 <figcaption>
 Former Prime minister Affi Pascal N’Guessan led Gbagbo’s adversaries.
 Peter Penar
 </figcaption>
 </figure>

More controversy followed N’Guessan when he decided to contest the 2015 presidential election. In advance of the election, he <a href="https://www.ivoirebusiness.net/articles/c%C3%B4te-d%E2%80%99ivoire-t%C3%AAte-%C3%A0-t%C3%AAte-hollande-affi-le-sens-d%E2%80%99une-rencontre-in%C3%A9dite">met then French president Francois Hollande</a>. This led to Gbagbo loyalists suggesting he was receiving payment from France to contest the election. The claim has never been verified. 

With low voter turnout at 55% compared to 80% in 2010, N’Guessan’s lack of popular and internal party support saw him garner just over 9% of the vote compared to <a href="https://www.bbc.com/news/world-africa-34655049">Ouattara’s nearly 84%</a>. The opposition boycott and calls to await Gbagbo’s return appeared strong. Since then, N’Guessan has experimented with <a href="https://www.jeuneafrique.com/616598/politique/pascal-affi-nguessan-lalliance-fpi-pdci-cest-un-vieux-souhait-qui-va-bientot-se-realiser/">different political alliances</a> and has seemingly not reconciled with Gbagbo loyalists.

<h2>Gbagbo’s options</h2>

If he returns, one option is that Gbagbo resumes the flag-bearer position of the Front Populaire Ivoirien and contests the 2020 election. Because he sought election in 2010 but lost, he would be able to run. In addition, the removal of a maximum age for candidates (previously age 75) makes him eligible. <a href="https://www.bbc.com/news/world-africa-12933023">He’ll be 74 in May</a>. This scenario assumes that Ouattara doesn’t set up legal roadblocks to Gbagbo’s return. 

Another scenario is that Gbagbo may guide the Front Populaire Ivoirien towards a new political alliance ahead of the election. The alliance may involve some of Ouattara’s unhappy former partners. 

A related scenario is that Gbagbo will be able to unite the Front Populaire Ivoirien and opposition forces, but anoint a new flag-bearer and act as the elder statesman for the party. 

Finally, Gbagbo may decide to stay on the political sidelines but remain vocal on the political scene. 

<h2>What do Ivorians think?</h2>

According to a <a href="http://afrobarometer.org/countries/c%C3%B4te-divoire-0">2017 survey by Afrobarometer</a> &#8211; the independent African research network &#8211; Ivorians strongly support (81%) the maintenance of a two-term limit for a president. They also overwhelming support democracy (77%). But, they have some concerns about the democratic space afforded ahead of elections next year, with 52% suggesting that they are not satisfied with how democracy works in the country.

One of the criticisms that the opposition has levied against Ouattara is his intolerance of dissent. Among Ivorians, 48% feel that they are not at all – or not very – free to criticise the president. 

It’s quite possible that Gbagbo will build on these concerns, and the energy and high levels of participation that characterised Ivorian politics in 2010 could return.

Abel Gbala, who holds an M.A. from the University of Félix Houphouët Boigny and is a Development Monitoring and Evaluation expert, contributed to this article.<img loading="lazy" decoding="async" src="https://counter.theconversation.com/content/109960/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/peter-penar-191419">Peter Penar</a>, Assistant Professor in the Department of Political Science, <a href="http://theconversation.com/institutions/michigan-state-university-1349">Michigan State 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/what-the-return-of-gbagbo-could-mean-for-ivory-coasts-2020-election-109960">original article</a>.

What will the return of former Ivory Coast President Laurent Gbagbo mean for the country’s 2020 elections?

JOHANNESBURG (Reuters) &#8211; South Africa turned down a request from its southern African neighbour Zimbabwe for a $1.2 billion loan in December, a spokesman for the finance ministry said on Monday.



“South Africa doesn’t have that kind of money,” National Treasury spokesman Jabulani Sikhakhane said.



Zimbabwean officials were not immediately available for comment.



Zimbabwe was hit by anti-government protests last week after a hike in fuel prices stoked anger over an economic crisis.



Police say three people died during demonstrations that turned violent in the capital Harare and second city Bulawayo. But human rights groups say evidence suggests at least a dozen were killed. [nL8N1ZK0BA]



Zimbabwean President Emmerson Mnangagwa said on Sunday that he would return home from a European tour and skip the World Economic Forum in Davos to address the crisis.



Reporting by Alexander Winning in Johannesburg and MacDonald Dzirutwe in Harare; Editing by Raissa Kasolowsky

Here’s why South Africa turned down Zimbabwe’s request for $1.2 billion loan in December

By Francois Conradie, Head of Research at NKC African Economics



On
Monday, January 14, the Constitutional Council published the final list of
candidates for the presidential election to be held on February 24. 



Only
five contenders are on it, all men: President Macky Sall, running on the
platform of his coalition Benno Bokk Yaakar (BBY); Issa Sall of the Party of
Unity and Coming Together (PUIR); Ousmane Sonko of the Patriots of Senegal for
Work, Ethics and Brotherhood (Pastef); Madické Niang of the Senegalese
Democratic Party (PDS); and Idrissa Seck of Rewmi. 



Notably
absent are Khalifa Sall of the Socialist Party (PS), a former mayor of Dakar
who is serving a jail sentence for illicit enrichment, and Karim Wade, son of
former President Abdoulaye Wade and the official candidate of the PDS. 



Khalifa
Sall (no relation to the president) is ineligible because of his conviction,
and Mr Wade of the same reason, over a conviction for illicit enrichment in
2015. President Sall subsequently pardoned him and he is currently living in
Qatar; he is liable to pay a huge fine should he return to Senegal.



Issa
Sall and Mr Sonko are somewhat marginal figures, although the latter’s campaign
is interesting for its use of social media and suspicions that he is close to
Islamist currents in Senegal. 



Mr
Niang, a former minister, will pull votes from some PDS supporters, but many
others will follow the party leadership’s injunction to boycott. 



Thus
the strongest challenger to the president is Mr Seck. 



The
two men have much in common: they were born two years apart (Mr Seck is the
elder), both joined former President Wade’s PDS, and both served as his prime
minister. 



Mr
Seck split from the PDS in 2006, two years after being sacked as prime
minister. Both ran against the elder Mr Wade when he insisted in the face of
strong popular opposition to run for a third term in 2012. In the first round
of that election Macky Sall got 26.6% of the vote and Mr Seck 7.9%, so Mr Seck
then backed his rival in the second round, when he won.



The
exclusion of Khalifa Sall and Mr Wade had been expected since a change to the
electoral law, which was clearly made in order to keep them specifically out of
the race. 



The
former Dakar mayor at one point looked like a serious challenger to the
president, and we think his trial and conviction had a political angle to them.




With
the list of candidates being what it is, and the BBY coalition having a strong
presence across the country, we see very little chance of President Sall losing
the race.

Why Macky Sall’s strongest challengers won’t run for Senegal’s presidential elections

Billionaire fortunes increased by 12
percent last year – or $2.5 billion a day &#8211; while the 3.8 billion people who
make up the poorest half of humanity saw their wealth&nbsp;decline&nbsp;by
11 percent, reveals&nbsp;a new
report from Oxfam today. The report is being launched as political and business
leaders gather for the World Economic Forum in Davos, Switzerland.



‘Public Good or&nbsp;Private
Wealth’&nbsp;shows the growing gap between rich and poor is undermining the
fight against poverty, damaging our economies and fuelling public anger across
the globe.&nbsp; It reveals how governments are exacerbating inequality by
underfunding public services, such as healthcare and education, on the one
hand, while&nbsp;under
taxing&nbsp;corporations and the wealthy, and failing to clamp down on tax
dodging, on the other.&nbsp;&nbsp;It
also finds that women and girls are hardest hit by rising economic inequality.



Winnie Byanyima, Executive Director of Oxfam
International, said:



“The size of your bank account should not dictate how
many years your children spend in school, or how long you live – yet this is
the reality in too many countries across the globe. While corporations and the
super-rich enjoy low tax bills, millions of girls are denied a decent education
and women are dying for lack of maternity care.”



The report reveals that the number of billionaires has
almost doubled since the financial crisis, with a new billionaire created every
two days between 2017 and 2018, yet wealthy individuals and corporations are
paying lower rates of tax than they have in decades.



·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Getting the richest one percent to pay just 0.5
percent extra tax on their wealth could raise more money than it would cost to
educate the 262 million children out of school and provide healthcare that
would save the lives of 3.3 million people.



·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Just four cents in every dollar of tax revenue
collected globally came from taxes on wealth such as inheritance or property in
2015. These types of tax have been reduced or eliminated in many rich countries
and are barely implemented in the developing world.



<a>·</a>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax rates for wealthy individuals and corporations
have also been cut dramatically. For example, the top rate of personal income
tax in rich countries fell from 62 percent in 1970 to just 38 percent in 2013.
The average rate in poor countries is just 28 percent.



·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In some countries, such as Brazil, the poorest 10
percent of society are now paying a higher proportion of their incomes in tax
than the richest 10 percent.



At the same time, public services are
suffering from chronic underfunding or being outsourced to private companies
that exclude the poorest people.&nbsp;&nbsp;In many countries a decent
education or quality healthcare has become a luxury only the rich can afford.
Every day 10,000 people die because they lack access to affordable healthcare.
In developing countries, a child from a poor family is twice as likely to die
before the age of five than a child from a rich family. In countries like Kenya
a child from a rich family will spend twice as long in education as one from a
poor family.



Cutting taxes on wealth predominantly benefits men who
own 50 percent more&nbsp;wealth than women globally, and control over 86
percent of corporations.&nbsp;&nbsp;



Conversely, when public services are neglected poor
women and girlssuffer most. Girls are pulled out of school first when the money
isn’t available to pay fees, and women clock up hours of unpaid work looking
after sick relatives when healthcare systems fail. Oxfam estimates that if all
the unpaid care work carried out by women across the globe was done by a single
company it would have an annual turnover of $10 trillion – 43 times that of
Apple, the world’s biggest company.



“People across the globe are angry and
frustrated.&nbsp; Governments must now deliver real change by ensuring
corporations and wealthy individuals pay their fair share of tax and investing
this money in free healthcare and education that meets the needs of everyone &#8211;
including women and girls whose needs are so often overlooked. Governments can
build a brighter future for everyone – not just a privileged few,”&nbsp;added Byanyima.

Oxfam report reveals billionaire fortunes grew by $2.5 billion a day last year while poorest saw their wealth fall, here’s why…

PRETORIA (Reuters) &#8211; Saudi Arabia plans to build an oil refinery and a petrochemicals plant in South Africa as part of $10 billion of investments in the country, Saudi Energy Minister Khalid Al-Falih said on Friday.



Saudi oil would be used in the planned refinery whose construction would be led by state energy company Saudi Aramco, Al-Falih said in comments following a meeting with South African Energy Minister Jeff Radebe in Pretoria.



“There have been exchanges of talks by Saudi Aramco teams and they have been supported by the South African energy ministry,” Al-Falih said.



The exact location of the refinery and petrochemicals plant will be finalised in the coming weeks, Radebe said.



Saudi Arabia was also interested in using South Africa’s major oil storage facilities, Al-Falih said, adding that Saudi utility developer Acwa Power was looking at investing in South Africa’s revamped renewable energy programme.



He also confirmed that there were discussions about the kingdom investing in South Africa’s state defence company Denel, which was exclusively reported by Reuters in November.



South African President Cyril Ramaphosa is trying to woo foreign investors to help revive a struggling economy as he prepares for a parliamentary election this year.



Saudi Prince Mohammed Bin Salman met with Ramaphosa on the sidelines of the Group of 20 summit in Argentina in November.



Reporting by Alex Winning; Writing by Joe Brock; Editing by Susan Fenton and Emelia Sithole-Matarise

Saudi Arabia is planning to build an oil refinery and a petrochemicals plant in this African country

<a href="https://www.cnbc.com/cat-clifford/ ">By Catherine Clifford</a>



If you want to become your own boss in 2019, coming up with a business idea is the first step. If that feels daunting, billionaire serial entrepreneur <a class="" href="https://www.cnbc.com/richard-branson/">Richard Branson</a> has advice: Start by asking yourself what you could do to make your own life better or easier.



“Entrepreneurship in its truest form is about identifying a gap in the market and creating a product of use to fill that hole and make people’s lives better,”&nbsp;<a href="https://www.virgin.com/richard-branson/opportunities-are-getting-bigger-world-getting-smaller" class="">writes Branson in a blog post on Tuesday</a>.



“Often the best way to find this gap is to look around you — are there services that could be improved or a product that could make something easier?” says Branson, who is currently worth more than $5 billion,<a href="https://www.virgin.com/richard-branson/opportunities-are-getting-bigger-world-getting-smaller" class="">&nbsp;according to Forbes</a>.



You can start by solving a small problem — it doesn’t mean the business itself will be limited.



“My advice to aspiring entrepreneurs thinking of starting their own business is:&nbsp;<a href="https://www.cnbc.com/2017/11/22/casper-co-founder-how-to-figure-out-what-to-do-with-your-life.html" class="">start small</a>&nbsp;but always think big, ” says Branson. “Technology also has allowed companies to think bigger than just selling to their local community and puts the world at their fingertips,” Branson says.



Branson follows his own advice: He himself is very active on social media. Branson has 12 million followers on Twitter, for example.



“I’ve always been one to put myself out there in order to drive awareness for Virgin and with the rise of social media it has never been easier.”



But you have to have specific awareness of who you are selling to and what want: “There is never a one-size-fits-all answer to business and being flexible and adaptable is a key skill needed for success,” Branson says.



“In order to succeed in many different regions and across cultures, we have to vary the business model and mould it to fit. For example&nbsp;<a href="https://www.virginactive.co.uk/" class="">Virgin Active</a>&nbsp;has many different health clubs around the world, but they vary in sutble ways in Johannesburg compared to London. The products that work for&nbsp;<a href="https://uk.virginmoney.com/virgin/" class="">Virgin Money</a>&nbsp;customers in Australia are going to be different to the ones customers want in South Africa. Even starting three airlines —&nbsp;<a href="https://www.virginatlantic.com/" class="">Virgin Atlantic</a>, Australia and America — required different touches depending on where they were based and flying to. “ Currently,&nbsp;<a href="https://www.virgin.com/virgingroup/content/about-us" class="">Branson’s Virgin Group</a>&nbsp;includes 60 businesses with 69,000 employees who serve 53 million customers across the globe.



He encourages others to become entrepreneurs. ”[They] are the lifeblood of the economy that drive innovation, create jobs and push humanity forward,” says Branson. “It’s never been a better time to be an entrepreneur — opportunities are getting bigger as the world is getting smaller.”



This article was first published by CNBC https://www.cnbc.com/2018/01/03/richard-branson-how-to-come-up-with-a-successful-business-idea.html?__source=twitter%7Cmain and is republished with its permission.

Want to be your own boss in 2019? Billionaire Richard Branson has advice: This simple trick is the best way to come up with an idea for a successful business

By <a href="https://www.picodi.com/">Picodi.com</a>



<h4 class="wp-block-heading">How much money is left after meeting the basic nutritional needs?</h4>



At the beginning of every year, minimum wages are updated in many countries. However, the concept of a minimum wage is not ubiquitous: we won’t find the lowest legal remuneration in Nordic countries, Italy, Switzerland or Singapore. Although South Africa is not among the countries that ratified the United Nations&nbsp;<a href="http://www.ilo.org/dyn/normlex/en/f?p=NORMLEXPUB:11300:0::NO::P11300_INSTRUMENT_ID:312276">Minimum Wage Convention</a>, this concept is well-known and practised there.



Nevertheless, the question whether a minimum wage is high enough to allow us to meet the basic nutritional needs still remains.&nbsp;Picodi.com Analysis Team decided to take a closer look at prices of the 8 universal food groups in 52 countries and confront them with the current minimum wage in respective countries. It turns out that in some countries the minimum wage is barely high enough to purchase a modest nutritious food basket. How does&nbsp;South Africa&nbsp;look in comparison to other countries?



<h4 class="wp-block-heading">Prices of basic food products</h4>



For the purpose of this report, we created an example of a shopping basket filled with items from&nbsp;the&nbsp;8 universal food groups: bread, milk, rice, eggs, cheese, meat, fruits and vegetables. Even though this list is short and frugal,&nbsp;these products meet the nutritional needs of an adult&nbsp;and the prices are constantly monitored around the world.



In South Africa, for a basket filled with basic items from the list above, you will have to pay around&nbsp;R1,159.15.



Contents of the shopping basket and the average prices:



<ul class="wp-block-list"><li>Milk (10l) — R136.20</li><li>Bread (10 loaves, 500g each) — R125.60</li><li>Rice (2.5kg) — R30.29</li><li>Eggs (20) — R44.53</li><li>Cheese (1kg) — R96.50</li><li>Poultry and beef (6kg) — R482.01</li><li>Fruits (6kg) — R116.20</li><li>Vegetables (8kg) — R127.82</li></ul>



<figure class="wp-block-image is-resized"><img loading="lazy" decoding="async" src="http://cnbc.africa/wp-content/uploads/2019/01/1-can-one-live-off-minimum-wage-in-rsa.png" alt="" class="wp-image-325976" width="701" height="996"/></figure>



<h4 class="wp-block-heading">The ratio of food prices to minimum wage</h4>



Since 1 January 2019, the minimum wage in South Africa has been R3,460.00 (net). Considering the average prices of food in South Africa,&nbsp;expenditure on basic food products makes&nbsp;33.5%&nbsp;of the minimum wage,&nbsp;which places South Africa 36th on the list of 52 countries.



According to our ranking, Australia, Ireland and the United Kingdom are countries where the minimum wages are the most favourable.&nbsp;Taking into account local prices, employees with the lowest possible remuneration will spend 7% of their salary for the very same basket as people from other parts of the world.



Among countries that placed lower than South Africa were Indonesia (38th place), Pakistan (40th), Russia (42nd) and India (50th place).



The Philippines and Nigeria are in the worst situation, though. The minimum wage in Nigeria is so low that it doesn’t cover the costs of even the most basic shopping basket.



<figure class="wp-block-image is-resized"><img loading="lazy" decoding="async" src="http://cnbc.africa/wp-content/uploads/2019/01/2-cost-of-basic-food-products_usd-1-361x1024.png" alt="" class="wp-image-325977" width="594" height="1684"/></figure>



<h4 class="wp-block-heading">Methodology</h4>



This report uses the latest information about minimum wages rates published on official government websites from 52 countries in Europe, Asia, North and South Americas, Africa and Australia. There are a few countries which update their rates on a different date than 1 January. In Greece, the minimum wage hasn’t changed since 2013. The food basket used for this report represents the average prices compiled by thousands of numbeo.com users. For currency conversion, we used the average exchange rate for December 2018. 



This article was first published by Picodi https://www.picodi.com/za/bargain-hunting/surviving-on-minimum-wage and is republished with its permission.

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Here’s why South Africa turned down Zimbabwe’s request for $1.2 billion loan in December

Why Macky Sall’s strongest challengers won’t run for Senegal’s presidential elections

Oxfam report reveals billionaire fortunes grew by $2.5 billion a day last year while poorest saw their wealth fall, here’s why…

Saudi Arabia is planning to build an oil refinery and a petrochemicals plant in this African country

Want to be your own boss in 2019? Billionaire Richard Branson has advice: This simple trick is the best way to come up with an idea for a successful business

How to survive on minimum wage

News Tips

Advertise With Us

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