As soon as the first cases of COVID-19 were announced on the continent, The Jack Ma Foundation was one of the first responders in providing PPE aid support to all African countries. Jason Pau a Senior Advisor for International Programs at Jack Ma Foundation spoke to CNBC Africa&#8217;s Armold Kwizera on the philanthropic decisions of the foundation.

Jack Ma Foundation on how the COVID-19 crisis is driving innovation in Africa

While hosting <a href="https://www.cnbcafrica.com/videos/2020/04/09/afdb-announces-10bn-war-chest-to-fight-covid-19/">African Development Bank</a> (AfDB) President Akinwumi Adesina on a courtesy visit at State House on Tuesday, Nigerian President <a href="https://www.cnbcafrica.com/videos/2020/06/01/grading-buharis-economic-performance-over-the-past-5-years/">Muhammadu Buhari</a> said the country will support Adesina in his bid to get re-elected as President of the multilateral bank.



This follows several <a href="https://www.cnbcafrica.com/west-africa/2020/06/01/stop-this-culture-of-frivolous-allegations-former-world-bank-treasurer-arunma-oteh-defends-african-development-bank-president/">allegations of misconduct</a> against Adesina at the financial institution, of which he has denied.



The following statement provides further details:



PRESIDENT BUHARI TO AfDB PRESIDENT, ADESINA: I’LL STAND BY YOU



President Muhammadu Buhari says Nigeria will stand solidly behind Dr Akinwumi Adesina in his bid to get re-elected as President of the African Development Bank (AfDB)



The President spoke at State House, Abuja, Tuesday, while hosting Dr Adesina on a courtesy visit.



“In 2015, when you were to be elected for the first term, I wrote to all African leaders, recommending you for the position. I didn’t say because you were a People’s Democratic Party (PDP) Minister, and I belonged to the All Progressives Congress (APC), so I would withhold my support. I’ll remain consistent with you, because no one has faulted the step I took on behalf of Nigeria,” said President Buhari.



The President pledged that Nigeria would work with all other leaders and stakeholders in AfDB to ensure that Dr Adesina was elected for a second term built on the record of his achievements during his first term.



The African Union had already endorsed the incumbent AfDB President as sole candidate for the continent, but some other stakeholders are trying to ensure that Dr Adesina is re-investigated on some allegations, and rendered ineligible to run.



Giving a background to what was happening in the bank, Dr Adesina, a former Nigerian Minister for Agriculture, said the 16 allegations raised against him were trumped up, “and without facts, evidence, and documents, as required by the rules and regulations of the bank.”



He added that the Ethics Committee of the bank cleared him of all the allegations, and calls for fresh investigation by the United States of America, were against the rules.



“My defense ran into 250 pages, and not a single line was faulted or questioned. The law says that report of the Ethics Committee should be transmitted to the Chairman of Governors of the bank. It was done, and the governors upheld the recommendations. That was the end of the matter, according to the rules. It was only if I was culpable that a fresh investigation could be launched. I was exonerated, and any other investigation would amount to bending the rules of the bank, to arrive at a predetermined conclusion,” Dr Adesina said.



Stressing that the motive was to soil his name, and that of the bank, the AfDB President said he was proud to be Nigerian, and thanked President Buhari for his unflinching support.



“You helped me to get elected in the first place, and you have supported me robustly all along, and the African Union unanimously endorsed my re-election” he declared.



While commiserating with President Buhari on the death of the former Chief of Staff, Mallam Abba Kyari, Dr Adesina described Professor Ibrahim Gambari, new Chief of Staff as “a man of integrity, and of global standing.”

President Buhari to AfDB President Adesina: “I’ll stand by you”

HARARE (Reuters) &#8211; <a href="https://www.cnbcafrica.com/videos/2020/05/27/this-african-fintech-is-helping-zimbabweans-in-sa-send-groceries-home-during-covid-19-lock-down/">Zimbabwean</a> troops and police on Tuesday tightened the <a href="https://www.cnbcafrica.com/videos/2020/05/28/how-to-address-africas-ventilator-shortage/">coronavirus</a> lockdown in the capital Harare, blocking many cars and buses from entering the central business district as cases of infections increased.



But the main opposition Movement for Democratic Change (MDC) said President Emmerson Mnangagwa’s government was trying to suppress protests over a worsening economy and to stop MDC supporters from gathering at the courts where the lawyer for its leader was due to appear after being arrested on Monday.



Coronavirus infections have more than tripled to 203 in the last few days. Mnangagwa had eased the lockdown since it was first imposed at the end of March.



On Tuesday, however, police and soldiers turned away many commuters and cars, including those with work letters, at check points leading into town except critical staff like health workers as well as state employees, witnesses said.



“Please note that it is not everyone who should be in the CBD (central business district),” the police said in a statement.



A Reuters witness saw a group of soldiers and police in downtown Harare ordering people to leave the city centre and shops to close.



By lunchtime <a href="https://www.cnbcafrica.com/east-africa/2020/05/28/how-covid-19-is-impacting-funding-for-african-start-ups/">businesses</a> in downtown had shut, but in another part of town, where government offices are located, some businesses, including supermarkets and banks, were open.



The state-owned Herald newspaper, which reflects government thinking, published pictures on its website of people walking back home on foot.



There were no similar reports from other cities.



The MDC has accused the government of using curbs on movements to persecute its members and sees a political motive behind Monday intensifications of the lockdown.



“So if this is about Covid-19 why is it only happening in Harare? This appears to be more about politics than medicine or health,” MDC senator David Coltart wrote on Twitter.



(Reporting by MacDonald Dzirutwe; Editing by Angus MacSwan)



This article was first published on Reuters Africa <a href="https://af.reuters.com/article/topNews/idAFKBN2391O3-OZATP">https://af.reuters.com/article/topNews/idAFKBN2391O3-OZATP</a> and is republished with its permission.



For more coverage on COVID-19 visit: <a href="https://www.cnbcafrica.com/covid-19/">https://www.cnbcafrica.com/covid-19/</a>

Zimbabwe tightens coronavirus lockdown in capital Harare as cases hit 203

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Some former African presidents have shown their support for the president of the African Development Bank, Akinwunmi Adesina. This was in a letter over the 16 count allegations levelled against him to which Adesina had stated his innocence. Although the ethics committee of the board of directors of the continental bank has cleared Adesina of these charges, the United States which is one of the major shareholders of the bank has called for an independent probe into the allegations.

Arunma Oteh on Adesina’s probe & why COVID-19 represents an opportunity for Africa

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The effects of the COVID-19 pandemic are being seen across almost all sectors and with various lockdowns, the agriculture supply, and value chains haven&#8217;t been spared either. WWFP estimates more than 20 million people are food insecure in the region and might need some form of help but how big of an issue could they be facing in the future? Nathanial Peterson, VP Partnerships, Busara Center for Behavioral Economics joins CNBC Africa for more.

COVID-19: Is food security and nutrition a priority?

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Moody’s has changed Botswana’s A2 sovereign ratings from stable to Negative due to the Covid-19 shock to growth and revenue on the economy and its diamond sector. Joining CNBC Africa more is Ridle Markus, Africa Strategist at Absa Corporate and Investment Banking.

COVID-19: Moody’s downgrades Botswana’s A2 sovereign ratings from stable to negative

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On this day 13 years ago, a dream turned to reality. On June the 1st 2007 CNBC Africa was born after many months of preparations, hard work and research. It was destined to become the largest aggregator of business news in Africa, going to 16 million households in 48 countries in Africa. It has interviewed presidents, world leaders, economists, bankers and billionaires. Two men worked tirelessly to launch CNBC Africa entrepreneurs Rakesh Wahi and Zafar Siddiqi and Zafar Siddiqi the Co-Founder and Chairman of ABN Group speaks about the channel he created.

CNBC Africa turns 13!

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JSE-listed RH-Bophelo has made a secondary listing on the Rwanda Stock Exchange. This is the first ever listing of a South African company on the RSE, in a move that is expected to help the company diversify its investor base and spread its wings beyond South Africa. CNBC Africa spoke to Quinton Zunga, CEO RH Bophelo for more.

RH Bophelo CEO: What the RSE listing means for the company

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The government of Rwanda announced a climate action agenda worth about $11 billion which features a 38 per cent reduction of greenhouse gas emissions by 2030. CNBC Africa spoke to Juliet Kabera, Director General of Rwanda Environment Management Authority for more.

Rwanda unveils $11bn climate action plan

The South African manufacturing negative supply shocks will cause demand shortages, while South Africa will be expected to be dependent on imports for the next half a decade.



South Africa&#8217;s manufacturing production fell 2.1% from a year ago in February of 2020, following a downwardly revised 1.8% decrease and almost in line with market expectations of a 2.2% slump. Covid19 has made it worse. Demand and supply is disrupted and raw materials are expected to be too expensive in the future, while backlogs caused by the lockdown are starting to hurt manufacturers.



&nbsp;Manufacturing is very prone to COVID-19, with many small businesses closing without &nbsp;credit to sustain them. Many had problems as far back as 2015 as they faced changing in markets and also disruptions from electricity and less investment confidence in the South African economy.



A rapid response survey, conducted by Stats SA has the following key findings for the manufacturing industry: About 4% of business turnover was above the normal range, about 88% of business turnover below the normal range and 8% of business turnover was within the normal range; The manufacturing trading status of businesses are, about 10% continuing to trade with full capacity, 26% continues to trade partially, 6% has permanently ceased to trading and about 58% has temporarily closed or paused trading; The majority of responding businesses (85,4%) reported turnover below the normal range.;46,4% indicated temporary closure or paused trading activity; 50,4% expected their workforce size to stay the same in the two weeks after the survey, while 36,8% reported that their workforce size is expected to decrease; 28,3% indicated that their workforce has decreased working hours and 19,6% reported laying off of staff in the short term; 19,1% indicated that prices of materials, goods or services purchased increased more than normal.



There is no doubt large manufacturing companies are in trouble and about &nbsp;50 percent of companies in financial distress, which can lead to South Africa experiencing the highest number of manufacturing business rescue and acquisitions by new shareholders as a result of Covid19 and South African recession..



New technologies are an enabler, not merely a goal in themselves, and more than the reported 10 percent should have continued to operate when adoption to manufacturing technologies was higher than it is currently. We believe that the senior leaders of many manufacturing organizations need to start asking different questions as they think about the investments and changes they will make in the coming years.



It is likely that advanced technologies will be part of the answer to that question, but ensuring that people have the skills, stunning mind-set, and behaviours to use those technologies effectively will be equally important. The South African manufacturing industry needs to improve on the skills development for it to be competitive to the global economy.



The implementation of African Continental Free Trade Area (AfCFTA)&nbsp;&nbsp;are to create a continental market for goods and services that &nbsp;can boost continental trade and inspire growth post Covid19.



&nbsp;What we think is very exciting is not only can you think about utilizing existing assets in a new way—but that goes for the workforce as well. How can we utilize an existing workforce and&nbsp;upskill or reskill&nbsp;them to be successful in the new technologies? What we’re seeing around the world is that some of the most advanced Industry 4.0 plants not only are using brownfield assets but they’re also using their same workforce. The people are learning new skills and working in a new way. The implementation of the South African special economic zones must be aligned with the evolution of the global manufacturing technologies and the human centred approach for its sustainability.



Most businesses (65,0%) anticipate that the COVID-19 pandemic will impact their business substantially worse than the 2008/09 global financial crisis. Revised strategic planning in manufacturing operations management will add value for new affordable solutions to turnaround businesses and deliver the expected needs of the customer’s.



Miyelani Mkhabela is an Executive Director of Antswisa Transaction Advisory Services.

miyelani mkhabela

COVID-19: Economic meltdown the price – skills and trade the answer

<h3 class="wp-block-heading">Key Points:</h3>



<ul class="wp-block-list"><li>Remittance flows to low and middle-income countries (LMICs) are projected to fall by almost 20% in 2020, one of the sharpest declines in history, according to the World Bank.</li></ul>



<ul class="wp-block-list"><li>Sub-Saharan Africa is projected by the World Bank to suffer a 23.1% decline in remittances over the course of 2020. The region has the highest remittance costs, with the average transfer of $200 charged at about 9%.</li></ul>



The <a href="https://www.cnbcafrica.com/east-africa/2020/05/28/how-covid-19-is-impacting-funding-for-african-start-ups/">coronavirus</a> pandemic is leaving migrant workers unable to send money or goods home to families, cutting off a vital lifeline for communities already under siege from a barrage of external shocks.



<a href="https://www.cnbcafrica.com/east-africa/2020/05/21/covid-19-takes-toll-on-ssa-diaspora-remittances/">Remittance</a> flows to low and middle-income countries (LMICs) are projected to fall by almost 20% in 2020, one of the sharpest declines in history, according to the World Bank.



The coronavirus pandemic has led to mass unemployment and hammered wages in the U.S. and Europe, key destinations for migrant workers, leaving many unable to send money home.&nbsp; A number of major European countries have introduced furlough schemes to partially subsidize wages for those unable to work, but many of those in less formal employment have still found themselves without income. For workers in the U.S., there is less of a social safety net, which has led to more than 40 million Americans filing for unemployment since the pandemic was declared in mid-March.



<a href="https://www.cnbcafrica.com/news/2020/04/09/covid-19-drives-sub-saharan-africa-toward-first-recession-in-25-years-world-bank-report/">Sub-Saharan Africa</a> is projected by the <a href="https://www.cnbcafrica.com/east-africa/2020/05/21/world-bank-approves-500mn-to-aid-africas-fight-against-locust-plague-covid-19/">World Bank</a> to suffer a 23.1% decline in remittances over the course of 2020. To compound the tighter financial conditions for African migrant workers, in the first quarter of 2020, the region continued to have the highest average remittance costs, with the average transfer of $200 charged at about 9%.



Even for those who have maintained the financial capability to transfer money, lockdown measures have impacted access to MTOs (money transfer operators) in receiving countries.



Oxfam and around 90 other NGOs, academics and aid workers recently penned a letter to international bodies documenting the impact of the plunge in remittance payments in Somalia, in particular.



The letter urges the U.S. and European governments to take urgent action to facilitate wiring or other payment settlement mechanisms, and calls on Somali officials, MTOs, international banks and bodies such as the UN to coordinate efforts to boost the accessibility of remittance payments.



<h2 class="wp-block-heading">Somalia: A case study</h2>



Many domestic economies in Sub-Saharan Africa are suffering as a result of shutdowns associated with the coronavirus pandemic, and in some cases dealing with multiple concurrent shocks such as historic <a href="https://www.cnbcafrica.com/east-africa/2020/05/27/locust-plague-covid-19-weigh-on-east-africas-economic-outlook/">locust swarms</a>, droughts, flash flooding or violent insurgencies.



Almost half of all households in Somalia rely on remittances to cover basic needs such as food, water, health care and education. The UN estimates that 4.1 million Somalis are food insecure in 2020, while around 2.6 million are internally displaced and more than a third have insufficient water for their basic day-to-day needs. The country’s total population is just over 15 million, according to World Bank data from 2018.



The above average rainy season anticipated in the coming months is expected to exacerbate the flash flooding which has devastated communities, along with offering ideal breeding conditions for the locust swarms that have affected around 360,000 hectares of land.



Meanwhile, conflict continues to rage between government forces, clan actors and insurgent groups, including notorious terror organization Al Shabaab.



Some MTOs in Somalia have had their bank accounts closed due to bank concerns about exposure to terrorism financing and anti-money laundering regulation, preventing access to their online services, according to the letter. Others have been rendered unable to reach more remote locations of the country, including settlements for internally displaced persons and refugees, the most vulnerable portion of the population.



“MTOs not only provide the only viable mechanism to legally and transparently send money to Somalia/Somaliland, they also serve a dual function in terms of providing letters of credit to Somali traders who come to Dubai, Djibouti and other international hubs to purchase essential food and nonfood items for sale inside Somalia/Somaliland,” the letter explained.



“Across the U.S. and around the globe, Somalis are working hard to support their families back home,” Scott Paul, Oxfam America’s humanitarian policy lead, said in a recent statement.



“Sadly, many have fewer resources to share today, and because of the U.S. government’s irresponsible approach to bank regulation, banks have been scared away from helping Somalis send what they can.”



Paul called on the Treasury Department in the U.S. and governments elsewhere to take urgent action to enable Somali families to cover their “rent, food, medicine and school fees as Covid-19 spreads.”



As of Friday morning, Somalia has 1,828 confirmed cases of Covid-19 with 72 deaths.&nbsp;



Oxfam’s country director in Somalia, Amjad Ali, said the pandemic is “laying bare and exacerbating inequalities” and highlighting that “too many among us are living on the brink.”



“We now need to see leaders step up to support vulnerable communities with the social protection they need and deserve, while also easing the way for families to support each other through hard work and remittance payments.”



This article was first published on CNBC <a href="https://www.cnbc.com/2020/05/29/coronavirus-migrant-workers-struggle-to-send-money-home-during-the-crisis.html">https://www.cnbc.com/2020/05/29/coronavirus-migrant-workers-struggle-to-send-money-home-during-the-crisis.html</a> and is republished with its permission.



For more coverage on COVID-19 visit: <a href="https://www.cnbcafrica.com/covid-19/">https://www.cnbcafrica.com/covid-19/</a>

Sub-Saharan Africa to suffer 23.1% decline in remittances in 2020 – World Bank

<h3 class="wp-block-heading">Key Points:</h3>



<ul class="wp-block-list"><li>The Dubai government announced new measures to lift restrictions on businesses, allowing gyms, movie theaters, leisure venues, educational and training institutes, child learning centers and all retail and wholesale establishments to reopen at varying limited capacities.</li><li>The emirate of 3.3 million, the UAE’s commercial capital, is pushing ahead with reopening its economy after a grueling two months of lockdown that included a three-week stretch in April of some of the strictest measures imposed anywhere in the world</li></ul>



<figure class="wp-block-image"><img decoding="async" src="https://image.cnbcfm.com/api/v1/image/106525111-1588843933032gettyimages-1211240246.jpeg?v=1588909311&amp;w=678&amp;h=381" alt="Women wearing masks for protection against the coronavirus, walk in the Mall of Dubai on April 28, 2020, after the shopping center was reopened as part of moves in the Gulf emirate to ease lockdown restrictions imposed last month."/></figure>



Women wearing masks for protection against the coronavirus, walk in the Mall of Dubai on April 28, 2020, after the shopping center was reopened as part of moves in the Gulf emirate to ease lockdown restrictions imposed last month.Karim Sahib | AFP | Getty Images



DUBAI, United Arab Emirates&nbsp;— The Dubai government announced new measures to lift restrictions on businesses, allowing gyms, movie theaters, leisure venues, educational and training institutes, child learning centers and all retail and wholesale establishments to reopen at varying limited capacities.



The emirate of 3.3 million, the UAE’s commercial capital, is pushing ahead with reopening its economy after a grueling two months of lockdown that included a three-week stretch in April of&nbsp;<a href="https://www.cnbc.com/2020/04/07/coronavirus-lockdown-dubai-requires-police-permits-for-leaving-the-house.html">some of the strictest measures imposed anywhere</a>&nbsp;in the world, requiring residents to&nbsp;<a href="https://www.cnbc.com/2020/04/07/coronavirus-lockdown-dubai-requires-police-permits-for-leaving-the-house.html">apply for a police permit</a>&nbsp;in order to leave their homes. Since late April, the restrictions have eased, allowing malls, restaurants and hotels to reopen at reduced capacity and under stringent sanitation and social-distancing rules.&nbsp;



“Under the directives of&nbsp;@HHShkMohd,&nbsp;@HamdanMohammed&nbsp;announces the gradual reopening of business activities in Dubai from Wednesday, 27 May. There will be no restrictions on movement between 6.00 am and 11.00 pm,” the Dubai Media Office tweeted this week, citing Dubai’s ruler and crown prince.&nbsp;



People above the age of 60 and below the age of 12 aren’t allowed to enter malls, sports facilities, educational institutes and movie theaters, and mask-wearing and the maintenance of two meters of social distancing are mandatory.



<iframe width=700 height=349 src=https://player.cnbc.com/p/gZWlPC/cnbc_global?playertype=synd&#038;byGuid=7000137354 frameborder=0 scrolling=no allowfullscreen webkitallowfullscreen mozallowfullscreen oallowfullscreen msallowfullscreen ></iframe>



Curfew across the emirate had expanded from a 10 p.m. start for much of May to an 8 p.m. start during the last week of the Muslim holy month of Ramadan and Eid, the multi-day celebration to commemorate Ramadan’s ending. The two-hour curfew expansion coincided with an uptick in coronavirus infections to around 800 new cases per day, and was believed to be aimed at stopping people from gathering to celebrate what is traditionally one of the most important holidays for the Muslim world.



The UAE has had just over 32,500 confirmed coronavirus cases, with 258 deaths. <a href="https://twitter.com/DXBMediaOffice/status/1265727893470093330"></a>











“IT’S GAME TIME&nbsp;— WE ARE REOPENING!” an email from one popular Dubai gym read on Wednesday. The robust sports community in the emirate,&nbsp; which has attracted celebrity athletes, fitness influencers and high-end gym franchises from around the world, is gearing up to serve customers again, but will be doing so under strict new safety guidelines.&nbsp;



“A physical distance of at least 2 meters must be maintained, and separators/partitions (e.g. acrylic dividers) shall be installed between sports equipment, if the nature of the sports activity requires it, to ensure protection of people,” a memo from the Dubai Sports Council read. It outlined regular sanitization procedures for equipment and workout areas, as well as a no more than 50% capacity in gyms and sports centers. Enclosed areas like locker rooms, showers, changing areas and saunas are to be closed off.&nbsp;



Entertainment and leisure venues like the Dubai Ice Rink and Dolphinarium are able to reopen as well.<a href="https://twitter.com/DXBMediaOffice/status/1265275100955176962"></a>











Dubai’s public beaches remain closed, likely helping boost hotel bookings over the holiday weekend as residents flocked to local resorts for “staycations” as the only legal means of getting beach time.&nbsp;



<h2 class="wp-block-heading">Dubai relaxing measures faster than Abu Dhabi</h2>



It’s worth noting the reopenings so far do not apply across the UAE: neighboring Abu Dhabi, the country’s oil-rich capital, remains largely shut down in terms of business and leisure venues. Some local analysts attribute this to Abu Dhabi having stronger financial means to support its companies, most of which are owned by locals who won’t leave the country in a prolonged downturn.



Dubai, by contrast, has a higher expatriate population, and economists have forecast a potential population contraction of more than 10% by the end of this year if business fails to sufficiently rebound. During Dubai’s strictest lockdown period in April, a survey of roughly 1,200 businesses found that 70% of them expected to close within six months if the lockdown persisted.<a href="https://twitter.com/DXBMediaOffice/status/1265323692734787584"></a>







<figure class="wp-block-image"><a href="https://twitter.com/DXBMediaOffice/status/1265323692734787584/photo/1"><img decoding="async" src="https://pbs.twimg.com/media/EY9VJKGX0AAaIIA?format=jpg&amp;name=small" alt="View image on Twitter" title="View image on Twitter"/></a><figcaption>During the holy month of Ramadan and Eid Al Fitr, <a href="https://twitter.com/DMunicipality">@DMunicipality</a> conducted 48,299 inspection visits related to various activities, a number of shops were shut down for major violations of the precautionary measures.</figcaption></figure>







Dubai’s leadership also announced that 50% of government employees could work from the office starting Sunday&nbsp;— an increase from the previous 30%. From June 14, 100% of government employees will be able to return to work.

106525111-1588843933032gettyimages-1211240246

Dubai gives the green light to reopen gyms, movie theaters and other non-essential businesses as lockdown lifting continues

<h3 class="wp-block-heading">Key Points</h3>



<ul class="wp-block-list"><li>India is set to report growth numbers for the first three months of this year, and analysts expect Asia’s third largest economy to have expanded at a slower pace.</li><li>According to economists polled by Reuters, gross domestic product for the January to March quarter is expected to have grown at 2.1% from a year ago, marking the&nbsp;weakest growth since comparable records began in early 2012.</li></ul>



<figure class="wp-block-image"><img decoding="async" src="https://image.cnbcfm.com/api/v1/image/106540521-1589624934682gettyimages-1213168171.jpeg?v=1589625036&amp;w=678&amp;h=381" alt="Migrant workers and families wait for transport to go back to their native places after the goverment eased a nationwide lockdown imposed as a preventive measure against the COVID-19 coronavirus, in Ghaziabad on May 16, 2020."/><figcaption>Migrant workers and families wait for transport to go back to their native places after the goverment eased a nationwide lockdown imposed as a preventive measure against the COVID-19 coronavirus, in Ghaziabad on May 16, 2020.Prakash SINGH | AFP</figcaption></figure>







<a href="https://www.cnbc.com/india/">India</a>&nbsp;is set to report growth numbers for the first three months of this year, and analysts expect Asia’s third largest economy to have expanded at a slower pace.



On Friday, India will release data on its gross domestic product for the January to March period.The economy is expected to have expanded by 2.1% compared to a year ago, according to 52 economists&nbsp;<a href="https://www.reuters.com/article/us-india-economy-poll/india-first-quarter-gdp-growth-likely-to-be-weakest-since-2012-reuters-poll-idUSKBN2320AE" target="_blank" rel="noreferrer noopener">polled by Reuters</a>. If so, it would be India’s weakest growth since comparable records began in early 2012, the news wire reported.



Growth momentum in South Asia’s largest economy was already decelerating in previous quarters, before the coronavirus pandemic forced the country into a nation-wide lockdown that was extended multiple times, and grounded most economic activities in the ensuing weeks.



GDP is expected to worsen in the current April to June quarter, according to investment bank Goldman Sachs which recently&nbsp;<a href="https://www.cnbc.com/2020/05/22/coronavirus-goldman-sachs-on-india-growth-gdp-forecast.html">predicted a massive 45% decline</a>&nbsp;during that period, compared to the previous three months.&nbsp;



Some countries have already registered a “notable deceleration” in growth in the first three months of the year, due to the fallout of volatile financial markets, a marked slowdown in China, and weakening flows in tourism and trade sectors, Radhika Rao, an economist at Singapore’s DBS Group, said in a note.&nbsp;



“Households and businesses also likely grew cautious on their spending as it (was) a matter of not ‘if’ but ‘when’ the pandemic would quicken on their shores,” she wrote. “India is likely to witness something similar, not helped by the decelerating momentum in growth even prior to the infection spread.”&nbsp;



<h2 class="wp-block-heading">Performance indicators</h2>



Several high-frequency data pointed to a significant impact in the January-March period, which is also the fourth quarter of India’s fiscal year 2020.&nbsp;



The Index of Industrial Production, a composite indicator used to measure the level of industrial activity in the Indian economy every month, was down 16.65% in March from a year ago — or lower by 10% from February.&nbsp;



<a href="https://economictimes.indiatimes.com/news/economy/indicators/indias-march-factory-activity-growth-at-4-month-low-amid-coronavirus-spread/articleshow/74942981.cms?from=mdr" target="_blank" rel="noreferrer noopener">Factory activities</a>&nbsp;slipped,&nbsp;<a href="https://www.livemint.com/industry/energy/india-s-fuel-sales-drop-18-in-march-petrol-demand-falls-16-diesel-slips-24-11586444964142.html" target="_blank" rel="noreferrer noopener">diesel consumption</a>&nbsp;was down and&nbsp;<a href="https://economictimes.indiatimes.com/industry/auto/auto-news/auto-sales-in-march-fall-45-due-to-lockdown/articleshow/75120690.cms?from=mdr" target="_blank" rel="noreferrer noopener">passenger vehicle sales</a>&nbsp;almost halved in March.&nbsp;



“High-frequency growth indicators are exhibiting broad-based declines across indicators on both the demand and the supply sides,” Sonal Varma, chief economist for India and Asia ex-Japan&nbsp;at Nomura, said in a note. She explained that data showed declines in the services sector and in the consumption of non-essential goods exceeded the slump in investment and industrial activity.&nbsp;



Varma pointed out that while the April data captured the “most intense period” of the lockdown, March data already showed a slump in consumption.&nbsp;



<h2 class="wp-block-heading">Dismal outlook</h2>



The infection’s spread accelerated in India by March, and it forced the government to implement a national lockdown in the last week that month. As the number of officially reported cases climbed, the shutdown was extended multiple times.



In April, however, some of those restrictions were relaxed, and subsequently, districts were demarcated based on the risk of spreading the infection.&nbsp;Some restrictions are set to be eased first in lower risk zones.&nbsp;



More than 158,000 people are now confirmed to have been infected in India and more than 4,000 have died, according to Johns Hopkins University data.&nbsp;



Nomura’s Varma said that while in theory, the partial relaxation of lockdown measures and the division of regions into low-risk or high-risk zones should open up around 70% of the economy on a sector-by-sector basis, there are other practical challenges to consider.



<figure class="wp-block-image"><img decoding="async" src="https://image.cnbcfm.com/api/v1/image/106538577-1589524033569gettyimages-1209438550.jpeg?v=1590626857&amp;w=678&amp;h=381" alt="A volunteer in Chennai, India holds a placard to raise awareness about the coronavirus on a street during a government-imposed nationwide lockdown to combat the spread of Covid-19."/><figcaption>A volunteer in Chennai, India holds a placard to raise awareness about the coronavirus on a street during a government-imposed nationwide lockdown to combat the spread of Covid-19.Arun Sankar | AFP | Getty Images</figcaption></figure>







“Restrictions on inter-state travel, labour shortages, new social distancing norms and the&nbsp;absence of a homogeneous market for both demand (for goods) and supply (of inputs) suggest that, even as capacity utilization is likely to rise from April lows, it will likely remain ‘sub-optimal’ for much longer,” she said in the note.&nbsp;



Even when businesses are able to open up, they will have to deal with severe cash flow shocks, as they struggle to remain solvent and search for fresh financing, Varma added.



DBS’ Rao said while the current April-June quarter will mark the trough in the current cycle, “consumer discretionary sectors, production and services, are likely to take longer to recover.”&nbsp;



A strong agricultural sector may help to offset some of that weakness, Rao said, adding that risks of a second wave of infection domestically also warrants attention. DBS predicted a 1.3% growth for the January-March period compared to a year ago.&nbsp;

106540521-1589624934682gettyimages-1213168171

India is set to report a sharp slowdown as the pandemic hits its economy — and things could get even worse

LAGOS (Reuters) &#8211; Nigeria’s central bank cut its benchmark lending rate to 12.5% from 13.5%, the central bank governor said on Thursday.



Central Bank Governor Godwin Emefiele said seven of the 10 members of the monetary policy committee backed the cut. It is the first cut since March 2019.



(Reporting by Alexis Akwagyiram; Additional reporting by Chijioke Ohuocha and Paul Carsten in Abuja; Editing by Hugh Lawson)



This article was first published on Reuters Africa <a href="https://af.reuters.com/article/investingNews/idAFKBN2342D3-OZABS">https://af.reuters.com/article/investingNews/idAFKBN2342D3-OZABS</a> and is republished with its permission.

Central Bank of Nigeria cuts benchmark lending rate to 12.5%

By Chris Bishop



Africa has agreed to link the middle of nowhere to God knows where to help NASA in its space race.



The South African government agreed, on May 27, that the South African National Space Agency be allowed to set up an earth station, in partnership with NASA, to help to support human spaceflight to the moon Mars and beyond. It will be called a Deep Earth Station and will assemble a bunch of scientists and experts to support the existing network of similar sites in the United States, Spain and Australia, according to official papers.



“The station will benefit South Africa in, amongst others, the development of scarce skills and the growth of the science, engineering, technology and innovation sector,” says cabinet papers.



The new earth station will be built in a tiny dot on the South African map in the heart of one of the great, remote, wildernesses of Africa – the Karoo. It will be built near Majtiesfontein, in South Africa’s Western Cape, 195 kilometres from Cape Town. Remote areas, with little pollution, apparently make it easier to connect clearly with the stars.



The tiny town nestles into a vast expanse of largely untouched land and has a population just over 400. As yet, it is more famous for mohair farming and the castle turrets of the 120-year-old Lord Milner Hotel, where nearly one-in-five people in Majtiesfontein work , than it is for its future role in the space race.



The hotel, built in 1899 by the town’s Scottish railwayman founder James Logan, once played host to the Sultan of Zanzibar, Lord Randolph Churchill – the father of Winston Churchill – and the author of the Jungle Book, Rudyard Kipling. Two months ago it closed its doors, because of COIVD-19, for the first time since the days of Rudyard and Randolph in the 19th century.



&nbsp;“We don&#8217;t actually see a lot of people, they tend to stay in their houses,” says Werner Smit, the general manager of the Lord Milner Hotel in a recent interview with Cape Talk FM.



Work at the Deep Earth Station is likely to see the biggest influx of people and equipment into Majtiesfontein since the Anglo-Boer War when it was home to British 12,000 troops. By contrast, the scientists and engineers of the Deep Earth Station come in peace and in the hope that the Lord Milner Hotel will be open with enough beds to accommodate them.

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How Africa is hooking up the wilderness with the universe to help NASA in the space race.

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The values of blue chip companies on the Nairobi Securities Exchange has increased despite the COVID-19 pandemic. CNBC Africa’s Arnold Kwizera spoke to the Chief Executive Officer at the Nairobi Securities Exchange, Geoffrey Odundo for more on this.

Geoffrey Odundo on how the NSE is responding to COVID-19 crisis

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In the wake of the COVID-19 pandemic, Ghana has rolled out some palliatives including a 600 million cedis stimulus package for small and medium scale businesses with the aim of minimising the exposure of these businesses to the economic fallout of the pandemic. Joining CNBC Africa to discuss this initiative is Kosi Yankey-Ayeh, Executive Director of the National Board for Small and Medium Scale Industries in Ghana.

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Jack Ma Foundation on how the COVID-19 crisis is driving innovation in Africa

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Arunma Oteh on Adesina’s probe & why COVID-19 represents an opportunity for Africa

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Dubai gives the green light to reopen gyms, movie theaters and other non-essential businesses as lockdown lifting continues

India is set to report a sharp slowdown as the pandemic hits its economy — and things could get even worse

Central Bank of Nigeria cuts benchmark lending rate to 12.5%

How Africa is hooking up the wilderness with the universe to help NASA in the space race.

Geoffrey Odundo on how the NSE is responding to COVID-19 crisis

COVID-19: How is Ghana protecting its small and medium scale businesses?

News Tips

Advertise With Us

Newsletter

Jack Ma Foundation on how the COVID-19 crisis is driving innovation in Africa

President Buhari to AfDB President Adesina: “I’ll stand by you”

Zimbabwe tightens coronavirus lockdown in capital Harare as cases hit 203

Arunma Oteh on Adesina’s probe & why COVID-19 represents an opportunity for Africa

COVID-19: Is food security and nutrition a priority?

COVID-19: Moody’s downgrades Botswana’s A2 sovereign ratings from stable to negative

CNBC Africa turns 13!

RH Bophelo CEO: What the RSE listing means for the company

Rwanda unveils $11bn climate action plan

COVID-19: Economic meltdown the price – skills and trade the answer

Sub-Saharan Africa to suffer 23.1% decline in remittances in 2020 – World Bank

Dubai gives the green light to reopen gyms, movie theaters and other non-essential businesses as lockdown lifting continues

India is set to report a sharp slowdown as the pandemic hits its economy — and things could get even worse

Central Bank of Nigeria cuts benchmark lending rate to 12.5%

How Africa is hooking up the wilderness with the universe to help NASA in the space race.

Geoffrey Odundo on how the NSE is responding to COVID-19 crisis

COVID-19: How is Ghana protecting its small and medium scale businesses?

News Tips

Advertise With Us

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