The African Export-Import Bank (Afreximbank) has identified intra-African trade as a critical factor for unlocking Africa’s trade potential. Ms. Kanayo Awani, Managing Director of the Bank’s Intra-African Trade Initiative, says a lack of access to trade and market information is one of the key reasons for the low level of intra-African trade. Although the share of intra-African trade as a percentage of total African trade has increased from 10% in 1995 to around 15% currently, it remains low compared to the levels in Europe (59%), Asia (51%), and North America (37%). Historically, African countries are more familiar with markets in Europe and America than they are with those in neighbouring countries, resulting in the all too common phenomenon of manufacturers sourcing materials from outside the continent when they could access the same materials more cheaply from within.
The inaugural Intra-African Trade Fair 2018 is a key intervention aimed at boosting regional trade in Africa and will be the biggest gathering of buyers and sellers on the continent, with 1,000 exhibitors and more than 70,000 visitors expected. One of the key objectives of the IATF is to provide a platform for exchange of trade information. To facilitate this, a Trade Finance Conference will run parallel to the trade fair. Experts from across the continent and beyond will be speaking at the conference, which will bring stakeholders from industry and government agencies together to find solutions to the obstacles hampering regional trade. The Conference will also provide a platform for networking and setting up of strategic partnerships.
The IATF is, essentially, a gateway into the African Continental Free Trade Area (AfCFTA), which heralds what will be the biggest free trade area in the world. The first ever Intra-African Trade Fair, will provide direct access to the lucrative market created by the AfCFTA, which boasts over 1 billion people and a combined GDP of over US $3.4 trillion, making it an unprecedented platform for businesses to grow their interests exponentially into Africa. The trade fair will also provide opportunity for the presentation of bankable proposals for funding, and access to US$25 billion in trade finance for deals concluded at the event. Business-to-Business Exchanges will also be facilitated at the trade fair. According to Ms. Awani, Afreximbank is working actively with the African Union(AU) to implement the AfCFTA.
The IATF 2018 is being organized by Afreximbank in partnership with the AU and will be hosted by the Egypt’s Export Development Authority. Themed “Intra-African Trade for a Transformative Africa”, the IATF will take place from 11 to 17 December 2018 at the Egypt International Exhibition Centre in Cairo. The trade fair will be convened biennially. You can register as a visitor/delegate on our website at: www.intrafricantradefair.com. We look forward to seeing you in Cairo.

How IATF aims to boost regional trade in Africa

By Francois Conradie, Head of Research at NKC African Economics
As President Ali Bongo remains incommunicado, there are signs that the top figures in his Gabonese Democratic Party (PDG) are preparing to reveal the seriousness of his condition, and then trigger the process that will lead to a fresh presidential election.
Mr Bongo has not been seen since he suffered a stroke on October 24 while on a visit to Saudi Arabia. The very first reports from the government’s spokespeople were that the president needed some rest for exhaustion, although rumours of a stroke quickly reached the international media.
On November 11, Ike Ngouoni, the government’s spokesman, spoke of “bleeding” but tried reassuring Gabonese that the president “continues to exercise his functions”. On Tuesday, November 27, his wife confirmed that he would continue his treatment in Morocco; he and King Mohammed VI are childhood friends.
Article 13 of the 1991 constitution provides that, in case there is a “definitive obstacle” to the elected president exercising his functions, as determined by the Constitutional Council, then a fresh election must be held within 45 days from the date that the definitive obstacle has been decided.
This is a short period of time and, given the highly centralised nature of rule in Gabon under both Mr Bongo and his late father Omar, there is no obvious successor to the president.
We think key figures in the PDG, including the Bongo family, want to be certain who the party’s candidate will be in that election before they let the Constitutional Council make the declaration that will trigger the election process. (Marie-Madeleine Mborantsuo, who has presided the Council since 1991, had a long romantic relationship with Omar Bongo and is close to Ali Bongo.)
The Council has already made a constitutional pronouncement of some weight, which allows Vice-President Pierre-Claver Maganga Moussavou to chair a cabinet meeting (which happened for the first time on November 16).
On Saturday, November 24, the High Communication Authority (HAC), which regulates broadcasting, announced that the opposition National Union (UN) was banned from access to state-owned media for three months in relation to UN leaders’ failure to explain to the government’s satisfaction what they meant when they said that the government’s communication in relation to the state of Mr Bongo’s health was a “state lie”.
Meanwhile the African Union (AU) is reportedly considering sending an observer mission to Gabon, and the National Organisation of Petroleum Employees (Onep) is growing more combative in a labour dispute that opposes it to Total Gabon.
The state has not communicated anything about Mr Bongo’s health since November 8 – not even something like the meticulously staged video appearances by means of which the Algerian power structure reassures its citizens of the state of President Abdelaziz Bouteflika’s health.
We think Mr Bongo’s condition is extremely serious and that he plays no role in the government of Gabon. If the PDG has been able to agree on a broadly acceptable replacement, then we think the definitive obstacle will shortly be declared and an extremely fluid and unpredictable pre-election period will commence, in which the PDG will be advantaged by the state media muzzle imposed on the UN.
But until that consensus is reached (and the arguments might last for some time) the current embargo on information will apply, while stability in Gabon slowly trends negative.

Op-Ed: Here’s what could trigger an early presidential election in Gabon

NAIROBI (Reuters) &#8211; Rwanda’s Bank of Kigali will spend more than half of the $67.5 million it raised from a cash call this month to boost lending to local firms, its chief executive said.
The economy of the East African nation, one of the fastest growing in the region, is expected to expand by 6-7 percent this year on the back of rising exports, driving demand for borrowing by firms to fund expansion, said the CEO.
“Around $40 million of the capital we have raised is going to go into our banking business. This will allows us to lend more and increase our single (borrower) limit,” Diane Karusisi told Reuters after some of the bank’s shares were listed on the Nairobi bourse.
“To the blue chip companies in our country this is very good news because we will be able to support the growth opportunities.”
MTN Rwanda, the biggest mobile operator, closed a syndicated loan deal for 50 billion francs ($56 million) with eight local lenders this week, showing the potential for corporate lending, Karusisi said.
“We have many similar opportunities in Rwanda,” she said.
A portion of the balance of the funds raised by the bank, which is the biggest lender in the country, would go towards setting up a life insurance business. About $10 million will go towards bolstering its IT systems to support digital banking.
“We believe that just like the Kenyan market has done, we are going to be able to provide all financial services at the fingertips of our clients on mobile,” Karusisi said.
Bank of Kigali is the first Rwandan company to list on the Nairobi Securities Exchange and the second in East Africa after Ugandan power firm Umeme, which listed shares in 2012.
Bank of Kigali shares came at a reference price of 30 shillings ($0.29) and bidders were offering 32.50 shillings after trading started.
($1 = 889.8493 Rwandan francs)
($1 = 102.5000 Kenyan shillings)
Reporting by Duncan Miriri; Editing by Robin Pomeroy

Here’s what Rwanda’s Bank of Kigali is setting aside $40m for…

CAPE TOWN (Reuters) &#8211; South Africa’s cash-strapped state airline will need a total of 7.5 billion rand ($540 million) from next month to fund day-to-day operations into 2019, a presentation to a parliamentary committee by the airline showed on Tuesday.
SAA, which has not generated a profit since 2011, survives on state guarantees and is regularly cited by credit ratings agencies as a drain on the government purse.
It has drawn up an austere turnaround plan that includes cutting jobs and routes in effort to turn a profit by 2021 and convince lenders to restore credit lines.
The airline said lenders have refused to lend the company 3.5 billion rand to plug a liquidity hole from December unless they received additional commitments from the government, the presentation showed.
In addition, the national carrier will need 4 billion rand ($288 million) from March next year, the presentation showed.
“Currently we don’t have an optimal capital structure and as a result of that we are dependent on debt which is not good&#8230; the banks are pushing now for much more better support from the shareholder to put in place for us,” said Deon Fredericks, SAA’s interim chief financial officer.
SAA is expected to make a 5.2 billion rand loss in the 2019 financial year and another 1.9 billion in 2020 before swinging into profit a year later, the presentation showed.
($1 = 13.8763 rand)
Reporting by Wendell Roelf; Editing by James Macharia

SAA needs $540 million from next month to fund day-to-day operations

ADDIS ABABA (Reuters) &#8211; Ethiopia’s prime minister met members of 81 opposition parties on Tuesday to discuss ways of reforming the electoral system, his office said, as he pressed on with promises to open up a political arena dominated by his coalition.
Abiy Ahmed has turned national politics on its head since coming to power in April by welcoming back exiled opposition and separatist groups, releasing prisoners and appointing a formerly jailed dissident as head of the election board.
The meeting focused “on highlighting the reforms required to ensure the upcoming election is free &amp; fair, and the shared responsibilities of all,” his office said on Twitter. There was no immediate comment from any of the opposition groups.
Abiy’s ruling EPRDF coalition has been in power in Ethiopia &#8211; a major Western ally in an unstable region &#8211; since 1991. The grouping and its affiliated parties currently hold all the seats in parliament.
Last week he appointed Birtukan Mideksa as head of the board preparing for the next national elections, scheduled for 2020.
Birtukan was one of dozens of opposition figures arrested in the violent aftermath of a 2005 vote &#8211; when an opposition coalition stood against the government across the country, then challenged the EPRDF’s victory.
Security forces opened fire on crowds who took to the streets accusing the government and the election board of rigging the 2005 vote. Dozens died.
Abiy &#8211; the first member of Ethiopia’s majority Oromo group to lead a coalition long dominated by ethnic Tigrayans &#8211; has promised to rein in the powerful security services and started consultations to rework an anti-terrorism law that critics said had criminalised dissent.
Writing by George Obulutsa; Editing by Andrew Heavens

Ethiopia’s Prime Minister Abiy Ahmed held a meeting with opposition parties, here’s what was discussed

<figure><img decoding="async" src="https://images.theconversation.com/files/242751/original/file-20181029-76384-1torm2j.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="File 20181029 76384 1torm2j.jpg?ixlib=rb 1.1" /><figcaption>High magnification view of mosquito pupae and larvae underwater. 
<a class="source" href="https://www.shutterstock.com/image-photo/close-mosquito-pupae-larvae-underwater-134180195?src=FIzxvIwFKsqKs5Wq0P2SbQ-1-51">7th Son Studio/shutterstock</a></figcaption></figure>
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<a href="https://theconversation.com/profiles/wei-chiao-huang-580146">By Wei-Chiao Huang</a>, <a href="http://theconversation.com/institutions/university-at-buffalo-the-state-university-of-new-york-925">University at Buffalo, The State University of New York</a> and <a href="https://theconversation.com/profiles/jonathan-lovell-588898">Jonathan Lovell</a>, <a href="http://theconversation.com/institutions/university-at-buffalo-the-state-university-of-new-york-925">University at Buffalo, The State University of New York</a>
Is it possible to eradicate malaria?
It is a question with which many researchers have grappled, and many ideas have been proposed. The reason malaria has garnered so much attention is that it is one of the deadliest diseases, infecting 200 million people and killing <a href="https://www.cdc.gov/parasites/malaria/index.html">more than 500,000 annually</a>, with infants in Africa suffering the majority of fatalities.
The disease is a huge burden for humanity, damaging economies and social development. <a href="https://www.cdc.gov/parasites/malaria/index.html">According to the Centers for Disease Control and Prevention</a>, malaria treatments cost Africa nearly US$12 billion per year. Reports have shown that nearly <a href="https://www.cdc.gov/parasites/malaria/index.html">1,700 cases</a> are diagnosed annually in the United States, usually in people who have recently traveled to regions of Asia and Africa where the disease is endemic.
For some decades, researchers have being working on a novel idea called a “transmission-blocking vaccine.” This vaccine is different from traditional vaccines that protect the recipient from getting the disease. Here, the vaccine blocks the transmission of the parasite that causes malaria from an infected human host to mosquitoes.
When a human receives such a vaccine, specific antibodies are generated in the blood. When a mosquito bites and ingests the blood of an infected human, both the parasite and antibody are taken up into the mosquito’s stomach. Once inside the mosquito, the antibody attaches to the parasite and inhibits its development. This prevents the mosquito from transmitting the disease to another person.
The concept is bold but has not yet been tested in large-scale trials.
<figure class="align-center zoomable"><a href="https://images.theconversation.com/files/243740/original/file-20181103-83626-1g5m9ao.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img decoding="async" src="https://images.theconversation.com/files/243740/original/file-20181103-83626-1g5m9ao.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" sizes="(min-width: 1466px) 754px, (max-width: 599px) 100vw, (min-width: 600px) 600px, 237px" srcset="https://images.theconversation.com/files/243740/original/file-20181103-83626-1g5m9ao.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=600&amp;h=460&amp;fit=crop&amp;dpr=1 600w, https://images.theconversation.com/files/243740/original/file-20181103-83626-1g5m9ao.png?ixlib=rb-1.1.0&amp;q=30&amp;auto=format&amp;w=600&amp;h=460&amp;fit=crop&amp;dpr=2 1200w, https://images.theconversation.com/files/243740/original/file-20181103-83626-1g5m9ao.png?ixlib=rb-1.1.0&amp;q=15&amp;auto=format&amp;w=600&amp;h=460&amp;fit=crop&amp;dpr=3 1800w, https://images.theconversation.com/files/243740/original/file-20181103-83626-1g5m9ao.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;h=578&amp;fit=crop&amp;dpr=1 754w, https://images.theconversation.com/files/243740/original/file-20181103-83626-1g5m9ao.png?ixlib=rb-1.1.0&amp;q=30&amp;auto=format&amp;w=754&amp;h=578&amp;fit=crop&amp;dpr=2 1508w, https://images.theconversation.com/files/243740/original/file-20181103-83626-1g5m9ao.png?ixlib=rb-1.1.0&amp;q=15&amp;auto=format&amp;w=754&amp;h=578&amp;fit=crop&amp;dpr=3 2262w" alt="" /></a><figcaption>How the transmission blocking vaccine works. The cycle of disease begins when a mosquito carrying the malaria parasite bites the first individual, infecting him with the disease. The paracite then replicates in the liver and spreads into the blood. When the vaccine is injected into the infected person, it stimulates the body to produce antibodies that then attach to the new parasites. When another mosquito feeds on the infected individual, it slurps up the malaria parasite and the antibody. The antibody prevents the immature parasite from developing, which means that this mosquito is unable to transmit the disease. 
Wei-Chiao Huang, <a class="license" href="http://creativecommons.org/licenses/by-sa/4.0/">CC BY-SA</a></figcaption></figure>
<h2>Liposomes: A vaccine carrier</h2>
A vaccine works by showing the body a piece of the disease-causing microbe. The part itself doesn’t cause disease but gives the body a preview of the invader so that it can prepare antibodies that will tag the microbe and label it for destruction.
To develop a potent vaccine that induces a strong antibody response, the choice of protein from the disease-causing organism is critical. Scientists home in on particular proteins that the microbes produce to spike the vaccine. For our work, we chose a well-studied protein called Pfs25, which is found on the surface of the malaria parasite.
The parasite displays this protein on its surface when it is developing in the midgut of the mosquito. Pfs25 as target protein for transmission-blocking vaccine has been clinically <a href="https://clinicaltrials.gov/ct2/show/NCT02013687">tested</a> <a href="https://clinicaltrials.gov/ct2/show/NCT02532049">in</a> <a href="https://clinicaltrials.gov/ct2/show/NCT01867463">Phase</a> <a href="https://www.clinicaltrials.gov/ct2/show/NCT02334462">I</a> <a href="https://clinicaltrials.gov/ct2/show/NCT02942277">trials</a>; however, progress has been limited. That’s because, by itself, the Pfs25 protein triggers only weak production of specific antibodies.
In other approaches, researchers have taken steps to genetically engineer a modified and more potent Pfs25 for <a href="https://clinicaltrials.gov/ct2/show/NCT02013687">other</a> <a href="https://clinicaltrials.gov/ct2/show/results/NCT02532049?view=results">clinical</a> trials. In general, such approaches are promising, but there is some potential risk that the target protein does not exactly mimic the natural protein on the parasite.
We believe that a new type of vaccine that incorporates liposomes may be a promising candidate for a transmission-blocking vaccine adjuvant. An adjuvant is another vaccine component that potentiates the immune response. Liposomes are hollow spheres made from fat molecules.
The advantage of the liposomes, compared to just the Pfs25 protein alone, is that they can help deliver more parasite protein to immune cells. These cells uptake the liposomal vaccines and trigger the production of more antibodies which then target the parasite for destruction and block the disease.
<a href="https://www.acsu.buffalo.edu/%7Ejflovell/people.html">Jonathan Lovell’s</a> team has developed a liposome as a vaccine to fight against malaria. In 2015, Dr. Lovell’s team figured out how to anchor proteins to the liposome by attaching them <a href="https://doi.org/10.1038/nchem.2236">to a string of amino acids called a histidine tag</a>. The tag works like an anchor which attaches the protein to the liposome.
Adding a cobalt-containing molecule, with a structure similar to vitamin B12, made the liposome-protein structure stable.
<h2>Eliminating the spread of malaria</h2>
<a href="https://doi.org/10.1038/s41565-018-0271-3">The Lovell lab developed</a> a cobalt-laced liposome-based vaccine that displays the parasite proteins on its surface.
<figure class="align-center "><img decoding="async" src="https://images.theconversation.com/files/243731/original/file-20181102-83635-1rcyw17.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" sizes="(min-width: 1466px) 754px, (max-width: 599px) 100vw, (min-width: 600px) 600px, 237px" srcset="https://images.theconversation.com/files/243731/original/file-20181102-83635-1rcyw17.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=600&amp;h=221&amp;fit=crop&amp;dpr=1 600w, https://images.theconversation.com/files/243731/original/file-20181102-83635-1rcyw17.png?ixlib=rb-1.1.0&amp;q=30&amp;auto=format&amp;w=600&amp;h=221&amp;fit=crop&amp;dpr=2 1200w, https://images.theconversation.com/files/243731/original/file-20181102-83635-1rcyw17.png?ixlib=rb-1.1.0&amp;q=15&amp;auto=format&amp;w=600&amp;h=221&amp;fit=crop&amp;dpr=3 1800w, https://images.theconversation.com/files/243731/original/file-20181102-83635-1rcyw17.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;h=277&amp;fit=crop&amp;dpr=1 754w, https://images.theconversation.com/files/243731/original/file-20181102-83635-1rcyw17.png?ixlib=rb-1.1.0&amp;q=30&amp;auto=format&amp;w=754&amp;h=277&amp;fit=crop&amp;dpr=2 1508w, https://images.theconversation.com/files/243731/original/file-20181102-83635-1rcyw17.png?ixlib=rb-1.1.0&amp;q=15&amp;auto=format&amp;w=754&amp;h=277&amp;fit=crop&amp;dpr=3 2262w" alt="" /><figcaption>Making a liposome vaccine: The Pfs25 protein is tethered to a histidine tag (green) and mixed together with a cobalt-containing liposome. The two parts combine to make a vaccine that is injected into the mouse. The insert shows how the histidine tail interacts with the liposome to keep the proteins firmly attached. 
<a class="license" href="http://creativecommons.org/licenses/by-sa/4.0/">CC BY-SA</a></figcaption></figure>
Making this vaccine is simple. Once we have the cobalt liposomes and the Pfs25-histidine molecules, we simply mix these parts together, and the structures form spontaneously. When this Pfs25 liposome is injected into mice, it triggers high quantities of antibodies.
The antibodies in the mice blocked development of parasites in the gut of the mosquito. So we expect that when an uninfected mosquito bites a person infected with the malaria parasite, the blood it sucks up will carry the parasite and the human antibodies that will prevent the parasite from multiplying in the insect’s gut.
When we tested this vaccine in mice, the animals continued to produce antibodies for more than 250 days. These antibodies produced throughout this period prevented the development of the malaria parasite throughout this period.
<h2>Moving forward</h2>
<figure class="align-center "><img decoding="async" src="https://images.theconversation.com/files/242747/original/file-20181029-76399-1tylcyj.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" sizes="(min-width: 1466px) 754px, (max-width: 599px) 100vw, (min-width: 600px) 600px, 237px" srcset="https://images.theconversation.com/files/242747/original/file-20181029-76399-1tylcyj.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=600&amp;h=294&amp;fit=crop&amp;dpr=1 600w, https://images.theconversation.com/files/242747/original/file-20181029-76399-1tylcyj.jpg?ixlib=rb-1.1.0&amp;q=30&amp;auto=format&amp;w=600&amp;h=294&amp;fit=crop&amp;dpr=2 1200w, https://images.theconversation.com/files/242747/original/file-20181029-76399-1tylcyj.jpg?ixlib=rb-1.1.0&amp;q=15&amp;auto=format&amp;w=600&amp;h=294&amp;fit=crop&amp;dpr=3 1800w, https://images.theconversation.com/files/242747/original/file-20181029-76399-1tylcyj.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;h=369&amp;fit=crop&amp;dpr=1 754w, https://images.theconversation.com/files/242747/original/file-20181029-76399-1tylcyj.jpg?ixlib=rb-1.1.0&amp;q=30&amp;auto=format&amp;w=754&amp;h=369&amp;fit=crop&amp;dpr=2 1508w, https://images.theconversation.com/files/242747/original/file-20181029-76399-1tylcyj.jpg?ixlib=rb-1.1.0&amp;q=15&amp;auto=format&amp;w=754&amp;h=369&amp;fit=crop&amp;dpr=3 2262w" alt="" /><figcaption>Malaria disease around the world, 2014. Warning map for travelers with high risk of contracting malaria. 
<a class="source" href="https://www.shutterstock.com/image-vector/malaria-disease-around-world-2014-warning-235538464">Peteri / Shutterstock.com</a></figcaption></figure>
Another valuable feature of the cobalt liposome is that we can attach a variety of proteins from different stages of parasite development to create a particle that triggers the production of many types of antibodies – each targeting a unique part of the parasite. <a href="https://doi.org/10.1038/s41565-018-0271-3">Our results showed</a> that five distinct malaria proteins could be attached to the liposome surface.
The antibodies from mice immunized with liposomes carrying multiple proteins recognized many stages of parasite development. The results seem promising. In the future we plan to explore the safety of this vaccine and whether it will work for different species of malaria.
Our next step is to test our vaccine in other animals. Eventually the aim is to translate this technology to human clinical trials and assess whether the liposome technology and the transmission blocking vaccine strategy is an effective tool for preventing the spread of malaria.<img loading="lazy" decoding="async" 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;" src="https://counter.theconversation.com/content/105553/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" />
<a href="https://theconversation.com/profiles/wei-chiao-huang-580146">Wei-Chiao Huang</a>, Ph.D. Candidate in the Biomedical Engineering Department, <a href="http://theconversation.com/institutions/university-at-buffalo-the-state-university-of-new-york-925">University at Buffalo, The State University of New York</a> and <a href="https://theconversation.com/profiles/jonathan-lovell-588898">Jonathan Lovell</a>, Associate Professor of Biomedical Engineering, <a href="http://theconversation.com/institutions/university-at-buffalo-the-state-university-of-new-york-925">University at Buffalo, The State University of New York</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/a-vaccine-that-could-block-mosquitoes-from-transmitting-malaria-105553">original article</a>.

Malaria treatments cost Africa nearly $12bn per year, this vaccine can help eradicate it…

LONDON (Reuters) &#8211; Rio Tinto will sell its 69 percent stake in a Namibian uranium mine to China National Uranium Corp (CNUC) for up to $106.5 million, it said on Monday, as China seeks to bolster supplies and Rio offloads less-profitable assets.
Analysts said that China, which is targeting nuclear power as an alternative to fossil fuels and already owns stakes in Namibian uranium production, was an obvious buyer of the shares in the Rossing mine.
Rossing is the world’s longest-running open pit uranium mine, operating since 1976, and has produced more uranium than any other mine.
The Iranian Foreign Investment Company holds a legacy 15 percent stake that goes back to the original funding of the mine, which could have been a problem for some potential buyers.
An industry source close to the deal, speaking on condition of anonymity, said there had been interest from private equity and from China.
The other shareholders are the Namibian government (3 percent), the Development Corporation of South Africa (10 percent) and individual shareholders (3 percent).
Rio Tinto Chief Executive Jean-Sebastien Jacques said the company would work closely with CNUC “to ensure a smooth transition and ongoing sustainable operation at Rossing”.
No one from CNUC was immediately available for comment, though an executive at China National Nuclear Corp said in October it was looking to secure supply for an expected ramp-up in China’s nuclear power generation.
The sale is also in line with global miner Rio Tinto’s disposal strategy, following on from its exit from thermal coal this year. It is also trying to sell some of its aluminium assets.
Monday’s binding agreement comprises an initial cash payment of $6.5 million, payable at completion, and a contingent payment of up to $100 million following completion.
The contingent payment is linked to uranium spot prices and Rossing’s net income during the next seven years.
The transaction is subject to merger approval from the Namibian Competition Commission, with expected completion in the first half of 2019.
Rio Tinto’s London share price eased 0.3 pecent on Monday, against a 0.5 percent gain for the sector index.
The mining sector as a whole has weakened this year as the recovery of 2016-17 has faltered and doubts have surfaced about Chinese demand in the face of trade tensions with the United States.
Reporting by Aditya Soni in Bengaluru, Melanie Burton in Melbourne and Barbara Lewis and Clara Denina in London; Editing by David Goodman

China buys Rio Tinto’s stake in Namibia uranium for $107 million

Press release
26 November 2018, Johannesburg: According to data from instant EFT payment provider i-Pay, the Rand value from Black Friday sales this year grew by more than a thousand percent over 2016 figures.
“At face value, e-tailers have experienced the highest volume of sales on record for Black Friday in South Africa. More significantly, the completed transactions on the day increased by close on 700% when compared to last year,” says Thomas Pays, CEO of i-Pay.
However, Pays believes that the uncertain economic environment of the past year has contributed to how much consumers have been willing to spend online.
“Our data shows that the average EFT transaction value decreased by 19% from last year. It highlights the importance of e-tailers being able to process every transaction reliably and securely. Irrespective of the value of the sale, transactions add up and could mean the difference between reporting a profit and having to retrench staff,” says Pays.
He says that while e-tailers invested heavily to ensure their sites stay online, they were frustrated by traditional online payment services being unavailable.
“People could browse online stores but could not checkout and pay for their orders. This resulted in consumer frustration and merchants losing out on sales. However, with alternative payment solutions such as Instant EFT through i-Pay, this was mitigated.”
Thirty-five percent of consumers using i-Pay were using it for the first time. Pays says this is evidence that people are willing to embrace digital payment solutions. At one point during Black Friday, i-Pay was processing 438 concurrent transactions, with the fastest recorded transaction taking a mere 13 seconds.
“Being online is no longer good enough. You must empower merchants and consumers with digital payment solutions that are secure, do not require credit cards or customer registration, and are available no matter the traffic volumes. This year has shown the importance of this and made people aware of the need to use Instant EFT systems for their online purchases,” he concludes.

#BlackFriday sales up, but transaction value down

ACCRA (Reuters) &#8211; Ghana’s central bank kept its benchmark interest rate unchanged at 17 percent on Monday to cushion the West African economy against possible global pressures on emerging economies, governor Ernest Addison said.
The decision, the third hold this year, also helps to stabilise the local currency which has come under marginal pressure in recent weeks, Addison told reporters in Accra.
“The latest assessment shows that there are underlying pressures including risks in the continuing escalation of global trade pressures, steady rise in global inflation, further hike in U.S interest rates and a strong U.S dollar,” Addison said.
Ghana, which exports cocoa, gold and oil, is in its final year of a $918 million aid programme with the International Monetary Fund to narrow fiscal deficit, reduce debt and cut inflation to 8 percent, plus or minus 2 percentage points by the end of year.
The local currency depreciated 7.8 percent since January, above the bank’s end-year projection of less than 5 percent while public debt rose to $35.8 billion or 57.2 percent of gross domestic product at the end of September from $31.6 billion or 54.3 percent.
Addison said majority of commercial banks operating in the country were close to meeting the central bank’s new minimum capital requirement of 400 million cedis before the start of 2019.
Reporting by Kwasi Kpodo; Editing by Toby Chopra and Alison Williams

Ghana’s central bank keeps interest rate unchanged at 17 percent

JOHANNESBURG (Reuters) &#8211; South Africa’s President Cyril Ramaphosa has signed into law the national minimum wage bill, his office said on Monday, part of efforts by the government to tackle wage inequality in Africa’s most industrialised economy.
The National Minimum Wage Act sets South Africa’s minimum wage at 20 rand ($1.45) an hour, equal to 3,500 rand per month. The law will come into force on a date to be determined by Ramaphosa, the presidency said.
Supporters of the minimum wage say it will reduce inequality and stimulate economic growth as workers spend more.
But critics say it could lead to increased unemployment, already at record highs, because some employers won’t be able to afford higher wage bills.
Thousands of union members protested against the proposed minimum wage in April, saying it was too low. [nL8N1S23R9]
Ramaphosa’s office said in a statement that while the national minimum wage will not end income inequality, it was a first step towards adressing the clamour for a living wage.
($1 = 13.8072 rand)
Reporting by Olivia Kumwenda-Mtambo; Editing by James Macharia

South Africa’s minimum wage bill signed into law by Ramaphosa, what you need to know

Johannesburg, 19 November 2018 &#8211; Ethics is not prioritised enough in corporate South Africa. And, according to a wide-ranging survey conducted in both the private and public sectors, the country’s leaders are failing us.
These are just some of the findings of the 2018 AEPF Ethical Practices Survey. The annual survey &#8211; the first was conducted last year &#8211; serves as a barometer and quantitative tool to capture “the perceptions of professionals regarding ethical practices in society, organisations and professional institutions”.
An initiative of the Anti-Intimidation and Ethical Practices Forum (AEPF), the 30-page report reveals how unethical behaviour is perceived by professionals in the governance, auditing, risk management, fraud management and ethical practices domain in South Africa.
The AEPF is a forum of professional bodies and other like-minded organisations formed two years ago following the rising levels of corruption, fraud, ethics failures and lack of corporate governance in the country.
It was established to assist professionals who experience intimidation and whistleblowers keen to expose unethical behaviour in the workplace.
It’s founding members include the Institute of Internal Auditors SA (IIA SA), Corruption Watch, the South African Institute of Chartered Accountants (SAICA), the Institute of Directors Southern Africa, the Ethics Institute, the SA Institute of Professional Accountants (SAIPA), the Association of Certified Fraud Examiners (ACFE) and the Institute of Risk Management SA (IRMSA).
The results of the ethics survey, meanwhile, show a sharp decline in perceptions as compared to the inaugural study. This year 1900 professionals from across corporate South Africa participated with the largest group working at an executive level (28% compared to 10% in 2017) with the second largest coming from middle management level (21% compared to 19% in 2017).
The majority of the responses were from the private sector while at least 32% who participated work in the banking and financial services sector.
Key findings, meanwhile, include: 
* 36% agree that doing the right thing is more important than financial success while 25% disagree. In the public sector 23% of the respondents agree compared to 42% in the private sector; 
* Leaders in the public sector are perceived as a lot less ethical than those in the private sector. Only 10% of respondents in both the public and private sectors agreed that leaders in the public sector are ethical; 
* 17% of respondents in the public sector agree that leaders in the private sector are ethical &#8211; a significant decline from the 60% in 2017; 
* Only 32% of respondents in the private sector agree that leaders in their sector are ethical, representing another sharp decline from 70% the previous year: 
* 32% of those in the public sector agree that ethics is a priority in their organisations compared to 43% previously; 
* Just 39% agree that their organisations encouraged employees to do the right thing compared to 63% in 2017; 
* 44% agree that their organisations encourage them to report unethical behavior compared to 59% previously; 
* This could be why there is also a decline in the percentage of respondents in both sectors who believe it is their personal duty to report unethical behaviour (84% in the public sector compared to 91% and 89% in the private sector compared to 92% in 2017); 
* Professionals in both sectors say they have been intimidated for doing the right thing (26% in the public sector and 17% in the private sector) and that they feared losing their job for doing the right thing (26% in the public sector and 20% in the private sector); and, 
* 24% in the public sector and 15% in the private sector say they were threatened for speaking out about unethical behaviour and that they feared for their lives for reporting unethical behaviour (25% in the public sector and 20% in the private sector).
Chairperson of the AEPF and IIA SA CEO, Dr. Claudelle von Eck, admitted that leaders in both the public and private sectors “have taken a substantial fall from grace” in the past year which explains why the respondents “significantly downgraded their perceptions in the ethical nature of their leaders”.
She said, however, that there were some “heartening” data to emanate from the survey. 
“Despite the negative sentiment around leaders in the private sector, the perception of ethics remains relatively high, with no significant shifts. Of the respondents in the private sector 78% agree that ethics is a priority in their organisation, 80% agree that talking about ethics is encouraged, 80% agree that people are encouraged to do the right thing and 80% agree that people are encouraged to report unethical behaviour.”
Deputy chair of the AEPF and CEO of the ACFE SA, Jaco De Jager, said the results also revealed that the perception of ethics in professional institutions “remain very high”. 
“For example, 83% in the public sector and 87% in the private sector agree that these bodies have ethical leadership &#8211; and 86% in the public sector and 88% in the private sector agree that these bodies are ethical. This is the only dimension where both sectors seem to be in agreement in their positive sentiment.”
De Jager adds that in both sectors there seems to be an increase in trust in professional institutions.
“In the public sector 47% agree that they preferred to report unethical behaviour to their professional body and not to their organisation, as compared to 38% in 2017. In the private sector the percentage that agree is 31% compared to 24% in 2017. It must be noted, however, that while this increase in trust in professional bodies is good for their reputation, it does not signal comfort in the leadership in the respondents organisations.”

Improperly appointed boards spell disaster for organisations

Ethical sentiment among professional South Africans drop sharply following bruising year of corporate scandals 

Media Release
23 November 2018
South Africa blazed the trail by being the first African country to host the World Travel and Tourism Council (WTTC) Africa Leaders Forum since the first WTTC Global Summit hosted by Portugal in 1996.
The Minister of Tourism, Derek Hanekom, expressed his gratitude at the opportunity and confidence given to South Africa to be first host of the forum on African soil, as he delivered the opening address in Stellenbosch on Thursday.
“The growth of this sector will catalyse job creation. We require greater active participation of the continent in the work of WTTC,” said Minister Hanekom.
For 26 years, the WTTC has been the voice of the global tourism industry. This organisation promotes sustainable growth in the sector, works with governments and international institutions to create jobs, to drive exports and to generate prosperity.
South Africa sees the value of the WTTC as being the voice of this industry globally bringing specialist knowledge to guide government policy and decision-making, raising awareness of the importance of the industry as an economic generator of prosperity.
Given the potential of Travel and Tourism in Africa, WTTC gathered the CEOs and regional leaders of the top Travel &amp; Tourism companies from across Africa, along with Tourism Ministers and regional experts at its inaugural Africa Leaders Forum in Stellenbosch to discuss the key issues facing the region’s Travel &amp; Tourism sector. The President and CEO of WTTC, Gloria Guevara Manzo, praised the South African government for recognising the opportunities in this sector and the steps it has taken to realise this potential.
The Africa Leaders Forum promotes further investment in Africa’s tourism sector and supports innovation in tourism. The Forum also provided a unique and exclusive space for networking among industry leaders. Some of the key issues facing the region’s travel and tourism sector were discussed including Tourism’s role in sustainable growth and development, as well as tourism and inclusive job creation.
As an economic lever and a growth pillar, tourism currently supports about 1.5 million jobs directly and indirectly in South Africa. Growing the country’s tourism sector is a key aspect of the country’s Nine-Point Plan and aligned to the National Development Plan that recognises tourism as one of the main drivers in the economy. By achieving the objectives of the National Tourism Sector Strategy (2016-2026), there will be more sustainable jobs and a more inclusive tourism sector. This strategy is a guiding document for the Tourism Sector in South Africa, with particular focus on inclusive growth, job creation and transformation.
“The African Continent has huge growth potential if we harness the tourism sector opportunities”, Minister Hanekom concluded.

How South Africa is propelling the continent into the forefront of the tourism sector

By Cobus de Hart, Chief Economist West and North Africa, NKC African Economics
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) concluded its most recent meeting on Thursday and decided to keep all policy instruments unchanged, with the Monetary Policy Rate (MPR) at 14%.
In assessing the risks to the inflation outlook, the committee expressed its concern about weak growth expectations and mounting uncertainty in global financial markets. On the domestic front, the economy is forecast to expand by 1.8% in 2018 (in line with our projection), but the CBN highlights that the economic rebound remains especially fragile.
The MPC reiterated its call for the CBN to take the necessary actions to encourage banks to step up lending to the private sector, with a focus on employment-intensive industries. They also urged the apex bank to broaden the scope of the Anchor Borrowers Programme to industries such as fishing and palm oil production “by introducing more stringent measures to curb access to foreign exchange for products that can be produced within Nigeria”.
In terms of the monetary environment, the slight moderation in inflation during October was welcomed. Also, while price pressures are seen mounting somewhat towards year-end, the MPC believes that upside risks to the outlook are largely contained.
The apex bank argues that the proposed increase in the minimum wage would stimulate output growth and will have a negligible impact on inflation given that monetary aggregates have underperformed thus far in 2018. Exchange rate stability, meanwhile, would “continue to moderate pressures on the domestic price level”.
Finally, the MPC acknowledged that it has kept the policy stance stable for some time now but noted that “a hold position is an expression of confidence in the policy regime, given the gradual improvements in both output growth and price stability”.
The decision to hold all policy instruments stable for now was expected. It seems as if the pendulum has now swung away from tightening the policy stance – all 11 MPC members voted for a hold this time around, whereas only seven members voted this way in September with the remainder preferring a tightening of policy.
Unfortunately, the outlook for the monetary environment is very uncertain. Inflationary pressures seem to be contained for now, but fiscal slippage ahead of the election poses some upside risk – as does the proposed minimum wage.
The MPC’s comment that the central bank should apply stricter measures to curb access to FX for goods that can be produced locally suggests that the bank remains committed to using foreign exchange as a tool to drive diversification – economists do not deem this to be a particularly sound strategy as it serves to discourage foreign direct investment and risks the creation of globally uncompetitive industries. The aforementioned comment also suggests that the central bank will continue to utilise reserves in an attempt to keep the exchange rate stable. However, foreign reserves have trended broadly lower in recent months and, apart from external debt accumulation providing temporary reprieve, the pressure on the foreign currency buffer could intensify if domestic demand starts to gain more traction.
The recent slide in global oil prices also represents a risk in this regard.
To cloud the outlook even further, the outcome of the election early next year may also hold significant implications for monetary policy, with the opposition People’s Democratic Party (PDP) candidate, Atiku Abubakar, recently stating that he would prefer a more market-determined exchange rate approach.
Mr Abubakar believes this, along with the implementation of other business-friendly policies, would bolster much needed foreign investment. However, even if Mr Abubakar were to become president, there is no certainty that campaign promises would be followed through with.
All of this said, it now looks as though the monetary policy stance will remain unchanged well into next year.

Op-Ed: Nigeria’s MPC shifts gears to neutral

JUBA (Reuters) &#8211; South Africa will invest $1 billion in South Sudan’s oil sector, including in the construction of a refinery, the South African minister for energy and his South Sudanese counterpart for petroleum said on Friday.
South Sudan’s oil industry is dominated by Asian firms including China National Petroleum Corporation (CNPC), Malaysia’s Petronas and India’s Oil and Natural Gas Corporation (ONGC Videsh).
The two ministers signed a memorandum of understanding which will also involve South Africa taking part in the exploration of several oil blocks, the ministers said.
“When this refinery is complete, it will have the capacity of producing 60,000 barrels of oil per day,” said Jeff Radebe, South Africa’s minister of energy.
Ezekiel Lol Gatkuoth, petroleum minister for South Sudan, said the deal also offers avenues for cooperation in the construction of a pipeline to serve fields located in the south of the country.
South Sudan exports its crude through another pipeline that goes to a port in neighbouring Sudan to the north.
“It is instrumental to have a new a pipeline,” Gatkuoth said.
Reporting by Denis Dumo; writing by Duncan Miriri; Editing bt Mark Potter and Jason Neely

South Africa is investing $1 bln in South Sudan’s oil sector, what you need to know

(Reuters) &#8211; Steinhoff International said on Thursday its Mattress Firm Inc unit, the largest U.S. mattress retailer, emerged out of bankruptcy with access to $525 million in exit financing, within two months of filing for Chapter 11 protection.
Mattress Firm also closed about 660 underperforming stores, said Steinhoff, which has been working on a deal to restructure the debt of some units after revealing multi-billion-euro holes in its balance sheet.
The store closures still leave the Houston-based company with about 2,600 stores across the United States.
“Today’s announcement is a further positive step in the wider Steinhoff restructuring process, which continues to make good progress,” Steinhoff acting CEO Danie van der Merwe said.
Mattress Firm, founded in 1986, had filed for voluntary bankruptcy protection in early October, gaining some breathing room to restructure and shore up its finances.
The retail industry has seen a series of bankruptcies, including Toys “R” Us, over the last couple of years on mounting pressure from e-commerce companies like Amazon.com Inc.
Reporting by Muvija M in Bengaluru; Editing by Gopakumar Warrier

What you need to know about Steinhoff’s US unit Mattress Firm shutting down 660 stores as it emerges out of bankruptcy

CAPE TOWN (Reuters) &#8211; BP Southern Africa (BPSA) will invest $1 billion in South Africa in the next five years with more than a quarter of that set aside to upgrade the SAPREF refinery to produce lower sulphur diesel, its chief executive said on Thursday.
The 180,00 barrels per day SAPREF refinery, South Africa’s largest, is a 50:50 venture between Royal Dutch Shell and BPSA, a subsidiary of British oil major BP. The plant is located in the east coast city of Durban.
BP would invest 3.5 billion-4 billion rand ($252 million-$288 million) in the refinery upgrade, Chief Executive Priscillah Mabelane told Reuters, adding that about 40 percent of the total $1 billion investment would go on retail activities.
She said the upgrade would make “sure the refinery can meet the new specifications in terms of low sulphur and Marpol regulations.”
The plant would shut for maintenance from May to June 2019, she added.
The upgrade has been driven by new rules demanding a lower fuel sulphur content and changing customer preferences for cleaner diesel, such as D50 and D10.
Refinery operators have been in long-running talks with government on how to recover costs from upgrading work needed to produce cleaner fuel in South Africa, the continent’s most industrialised economy.
“From an industry perspective we are pushing very hard to ensure that there is policy clarity because we have been on this journey very long, almost a decade,” Mabelane said about the ongoing talks.
Industry players estimated in 2009 that the cost to upgrade to cleaner fuels would be about $4 billion.
Other operators in the sector include Total and Sasol.
Besides upgrading the refinery, Mabelane said BPSA would expand its retail activities in South Africa.
“We are aggressively going to grow our footprint in the country,” she said on the sidelines of an event with retailer partner Pick n Pay to launch a new innovation for a loyalty card that will also work at BP fuel stations nationwide.
BP was looking at opportunities to expand its services in Mozambique, where it is the second largest oil company, Mabelane said. “The market is exciting and dynamic,” she said.
($1 = 13.8783 rand)
Reporting by Wendell Roelf; Editing by James Macharia and Edmund Blair

What you need to know about BP’s plans to invest $1 bln in South Africa

HARARE (Reuters) &#8211; Zimbabwean miner RioZim is demanding $92 million from the central bank in a lawsuit brought to force the Reserve Bank to pay for more of its gold purchases from the company in U.S. dollars, court documents showed.
Miners are struggling as Zimbabwe grapples with an acute shortage of dollars.
Producers sell all their gold to the central bank’s subsidiary Fidelity Printers and Refiners, which then exports it. RioZim, however, says that since 2016 the central bank only paid for 15 percent of gold it purchased from the company in dollars, breaching its policy to pay for 30 percent in the U.S. currency.
The central bank has not commented on the lawsuit.
RioZim first announced on Oct. 9 that it would take legal action against the central bank, signalling impatience by miners over the dollar shortages.
In its summons filed with the High Court dated Nov. 14, RioZim says it failed to receive $48 million due in payments from the central bank for its sales in dollars and suffered losses of $44 million due to lost production.
“The plaintiff suffered a direct loss of money and the devaluation of the purchasing power of its earnings &#8230;,” RioZim said in the documents seen by Reuters on Thursday.
The company says failure to receive dollar payments left it unable to import equipment and materials for capital projects, putting its operations in jeopardy.
The gold miner shut its three mines last month due to the dollar crunch until it can find a solution.
RioZim CEO Bekhinkosi Nkosi did not answer calls to his mobile phone for comment, while company attorneys Devittie Rudolph and Timba refused to comment.
The southern African nation adopted the U.S. dollar in 2009 to tame hyperinflation, but it is facing acute dollar shortages and that has sent prices of basic goods spiralling and inflation rising to double digits.
On Monday, in a change of policy, central bank Governor John Mangudya and the deputy minister for mines announced that the government would allow gold, platinum and chrome mining companies to retain up to 55 percent of their earnings in dollars, up from 30 percent. The move is aimed at ensuring operators remain viable.
Mangudya could not be reached for comment on the lawsuit.
Reporting by MacDonald Dzirutwe; Editing by Susan Fenton

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#BlackFriday sales up, but transaction value down

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South Africa’s minimum wage bill signed into law by Ramaphosa, what you need to know

Ethical sentiment among professional South Africans drop sharply following bruising year of corporate scandals

How South Africa is propelling the continent into the forefront of the tourism sector

Op-Ed: Nigeria’s MPC shifts gears to neutral

South Africa is investing $1 bln in South Sudan’s oil sector, what you need to know

What you need to know about Steinhoff’s US unit Mattress Firm shutting down 660 stores as it emerges out of bankruptcy

What you need to know about BP’s plans to invest $1 bln in South Africa

Zimbabwean miner RioZim is demanding $92 million from central bank in lawsuit, what you need to know…

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Special Report

How IATF aims to boost regional trade in Africa

Op-Ed: Here’s what could trigger an early presidential election in Gabon

Here’s what Rwanda’s Bank of Kigali is setting aside $40m for…

SAA needs $540 million from next month to fund day-to-day operations

Ethiopia’s Prime Minister Abiy Ahmed held a meeting with opposition parties, here’s what was discussed

Malaria treatments cost Africa nearly $12bn per year, this vaccine can help eradicate it…

China buys Rio Tinto’s stake in Namibia uranium for $107 million

#BlackFriday sales up, but transaction value down

Ghana’s central bank keeps interest rate unchanged at 17 percent

South Africa’s minimum wage bill signed into law by Ramaphosa, what you need to know

Ethical sentiment among professional South Africans drop sharply following bruising year of corporate scandals

How South Africa is propelling the continent into the forefront of the tourism sector

Op-Ed: Nigeria’s MPC shifts gears to neutral

South Africa is investing $1 bln in South Sudan’s oil sector, what you need to know

What you need to know about Steinhoff’s US unit Mattress Firm shutting down 660 stores as it emerges out of bankruptcy

What you need to know about BP’s plans to invest $1 bln in South Africa

Zimbabwean miner RioZim is demanding $92 million from central bank in lawsuit, what you need to know…

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