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Manufacturers in the country have stepped forward to bridge the demand gap and improve access to personal protection equipment under the on-going COVID-19 pandemic.

How Rwanda is finding home grown solutions to the COVID-19 crisis

Report by Sam Meredith



Key Points:



<ul class="wp-block-list"><li>In its closely-watched monthly report, the IEA’s outlook for oil demand showed a fall of 8.6 million barrels per day (b/d) to 91.2 million b/d this year. That’s 0.7 million b/d more than the group anticipated in its previous report.</li></ul>



<ul class="wp-block-list"><li>The IEA stressed a resurgence of Covid-19 cases would constitute a “major risk factor” to oil demand.</li></ul>



<ul class="wp-block-list"><li>On the supply side, it expected a “spectacular” fall of 12 million b/d this month, falling to a nine-year low of 88 million b/d.</li></ul>



The International Energy Agency (IEA) said on Thursday that market forces had “demonstrated their power” on the supply side of the <a href="https://www.cnbcafrica.com/videos/2020/05/06/access-bank-bond-market-activity-to-pick-up-on-improved-oil-prices/">oil market</a> in recent weeks, but concerns remain over the potential for a second wave of Covid-19 infections.



International benchmark Brent crude traded at $29.72 a barrel on Thursday morning, up around 1.8%, while U.S. West Texas Intermediate stood at $25.84, more than 2% higher.



It comes after what the IEA Executive Director Fatih Birol described as “Black April,” when the price of U.S. crude futures tumbled to around negative $40 a barrel.



Since then, the outlook has somewhat improved in energy markets and <a href="https://www.cnbcafrica.com/videos/2020/05/05/could-ugandas-oil-producing-ambitions-be-boosted-by-covid-19-pandemic/">oil prices</a> have rebounded from their April lows.



“Oil production is reacting in a big way to market forces and economic activity is beginning a gradual-but-fragile recovery,” the IEA said. “However, major uncertainties remain.”



“The biggest is whether governments can ease the <a href="https://www.cnbcafrica.com/videos/2020/05/13/how-african-economies-will-reawaken-from-the-covid-19-nightmare/">lockdown measures</a> without sparking a resurgence of <a href="https://www.cnbcafrica.com/east-africa/2020/05/13/covid-19-how-the-pandemic-is-affecting-africas-free-trade-plans/">Covid-19</a> outbreaks,” the Paris-based energy agency added.



Another risk, the group said, was whether oil producers OPEC and its non-OPEC allies, sometimes referred to as OPEC+, would achieve a high level of compliance with its agreed output cuts.



“These are big questions — and the answers we get in the coming weeks will have major consequences for the oil market,” the IEA said.



<h2 class="wp-block-heading">Demand forecast</h2>



In its closely-watched monthly report, the IEA’s outlook for oil demand showed a fall of 8.6 million barrels per day (b/d) to 91.2 million b/d this year. That’s&nbsp;0.7 million b/d more than the group anticipated in its previous report.



This projected fall of oil consumption would be the biggest demand drop in history, the IEA said.



On the supply side, it expected a “spectacular” fall of 12 million b/d this month, falling to a nine-year low of 88 million b/d.



It comes after OPEC+ agreed to curb production by a record 9.7 million b/d in May and June. OPEC kingpin Saudi Arabia has since said it plans to cut output by an additional 1 million b/d to 7.5 million b/d in June.



“It is on the supply side where market forces have demonstrated their power and shown that the pain of lower prices affects all producers,” the IEA said.



“We are seeing massive cuts in output from countries outside the OPEC+ agreement and faster than expected,” it added.



The IEA said output cuts from countries outside the OPEC+ agreement, such as the U.S. and Canada, meant output was 3 million b/d lower in April than at the start of the year. The group said it could be 4 million b/d lower in June, “with perhaps more to come.”



<h2 class="wp-block-heading">Global confinement measures to fall from a recent peak</h2>



A global public health crisis has meant countries across the globe have effectively had to shut down, with many governments imposing draconian restrictions on the daily lives of billions of people.



The restrictions, which have created an unprecedented demand shock in energy markets, are expected to result in the worst economic downturn since the Great Depression in the 1930s.



To date, more than 4.3 million people have contracted the coronavirus, with 297,226 deaths worldwide, according to data compiled by Johns Hopkins University.



Some countries have sought to slowly ease lockdown measures, allowing some shops and factories to reopen.



The IEA said the gradual relaxation of restrictions was helping demand in energy markets. It estimated that the number of people living under some form of confinement measures at the end of May would drop to 2.8 billion worldwide, down from a recent peak of 4 billion.



However, the group stressed a resurgence of Covid-19 cases would constitute a “major risk factor” to oil demand.



This article was first published on CNBC <a href="https://www.cnbc.com/2020/05/14/oil-iea-warns-of-demand-risk-from-second-wave-of-coronavirus-cases.html">https://www.cnbc.com/2020/05/14/oil-iea-warns-of-demand-risk-from-second-wave-of-coronavirus-cases.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>

COVID-19: South Africa eases lockdown to revive battered economy

A second wave of COVID-19 will have ‘major consequences’ for the oil market, IEA warns

How Rwanda is preparing its students for the jobs of tomorrow

JOHANNESBURG (Reuters) &#8211; Administrators at state-owned South African Airways (SAA) will not sell assets for an interim period without involving the government, a memorandum signed by one of the administrators and the public enterprises ministry showed.



The memorandum, which was seen by Reuters, also said the administrators and the ministry had agreed that the objective of SAA’s bankruptcy protection process was to have a restructured SAA or a new company with no reliance on public finances.



A public enterprises ministry spokesman confirmed the memorandum was an authentic document.



The administrators were not immediately available for comment.



SAA’s administrators, appointed in December to try to rescue the firm, have said previously that a wind-down or liquidation of the loss-making airline were likely outcomes.



Senior officials at the public enterprises ministry have criticised the administrators for not coming up with a “business rescue plan” for SAA sooner and recently hired an aviation consultancy to advise them.



The “interim period” during which the administrators will not sell assets without consulting the ministry lasts until June 30 at the latest, the memorandum said.



SAA has not made a profit since 2011 and has received bailouts worth more than 20 billion rand ($1.1 billion) over the past three years. It is running low on cash after the coronavirus pandemic forced it to halt all commercial passenger flights and the government told the administrators it would not provide further funding.



($1 = 18.4902 rand)



(Reporting by Alexander Winning; Editing by Chris Reese and Leslie Adler)



This article was first published on Reuters Africa <a href="https://af.reuters.com/article/investingNews/idAFKBN22Q0W6-OZABS">https://af.reuters.com/article/investingNews/idAFKBN22Q0W6-OZABS</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>

ArcelorMittal South Africa fined R3.64 million over hydrogen sulfide emissions

Memorandum shows SAA administrators will not sell assets without involving govt

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Africa recorded its first case of COVID-19 exactly three months ago today, when Egypt recorded its index case on the 14th of February. So how have African leaders responded to the pandemic? Oulie Keita, Francophone West Africa Director at One Campaign joins CNBC Africa for more.

COVID-19 in Africa: How have African leaders responded to the pandemic?

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Altron has seen an increase of 6 per cent and 2 per cent in its group revenue and headline earnings respectively for its year ended results. The company is committed to preserve cash during the uncertain COVID-19 economic climate and has declared a dividend that is 40 per cent less than what they would have declared, its 24 per cent decrease at 55 cents per share. Joining CNBC Africa for more is Mteto Nyati, CEO of Altron.

Altron slashes dividend

Altron slashes dividend, freezes salaries in response to COVID-19

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According to the World Bank 40 to 60 million people worldwide will experience extreme poverty in 2020 due to the Covid-19 pandemic. The estimates show that 23 million people that will be hit by poverty will be in Sub-Saharan Africa and 16 million in South Asia. Joining CNBC Africa to unpack Zimbabwe’s Covid-19 response is Batanai Matsika, Head of Research at Morgan &#038; Co.

COVID-19 worsens Zim’s economic challenges

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In Kenya, the treasury had granted millers permission to import maize at a lower tariff but declined to extend the duration as requested by millers on fears the imports would coincide with the harvesting of short-rain crop from south rift, impacting negatively on local prices. However, millers say they will not be importing maize and warn Kenyans should brace for higher prices of flour in the coming days on the account of expensive raw material. Nick Kwolek, Founder of KwolCo joins CNBC Africa more.

KwolCo’s outlook for East Africa’s commodity markets

According to The Economist, in 2019, 8m or 9% of young people in Sub-Saharan Africa attended tertiary education, including vocational colleges and universities. That is almost double the 4% that did so in 2000 but it is well below the global average of 32%. With the cases of COVID-19 rising on the continent and several countries in lockdown how has and will this change? How will higher education emerge from the depths of COVID-19 and what does the uncertain future hold for it? Find out on this virtual panel discussion.



 Date: 19th May 2020



Time: 2pm CAT



Register at: <a href="https://cvent.me/mqn9mZ">https://cvent.me/mqn9mZ</a>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="649" height="1024" src="https://www.cnbcafrica.com/wp-content/uploads/2020/05/Business-Tomorrow_Invite_Education-649x1024.jpg" alt="" class="wp-image-371110" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/05/Business-Tomorrow_Invite_Education-649x1024.jpg 649w, https://cms.cnbcafrica.com/wp-content/uploads/2020/05/Business-Tomorrow_Invite_Education-190x300.jpg 190w, https://cms.cnbcafrica.com/wp-content/uploads/2020/05/Business-Tomorrow_Invite_Education-768x1212.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2020/05/Business-Tomorrow_Invite_Education-973x1536.jpg 973w, https://cms.cnbcafrica.com/wp-content/uploads/2020/05/Business-Tomorrow_Invite_Education-696x1098.jpg 696w, https://cms.cnbcafrica.com/wp-content/uploads/2020/05/Business-Tomorrow_Invite_Education.jpg 1000w" sizes="auto, (max-width: 649px) 100vw, 649px" /></figure>



Speakers Matthew Opoku Prempeh, Education Minister of Ghana



Dan Adkins CEO of Transnational Academic Group



Jon Foster-Pedley, Dean of Henley Business School Africa Prof Ernest Aryeetey, Secretary-General of African Research Universities Alliance



 TOPICS COVERED



<ul class="wp-block-list"><li>Will online education supersede on campus learning?</li><li>Access &amp; affordability</li><li>Payment holidays</li><li>What measures are in place to help universities &amp; students survive COVID-19 &amp; lockdowns?</li><li>Rebuilding the higher education industry for tomorrow</li></ul>

shutterstock_155347391

How will Africa’s universities emerge from the depths of COVID-19?

Ramaphosa tests negative for coronavirus as South Africa to begin lockdown

CR-lockdown

COVID-19: Most of SA to move to level 3 lockdown by end of May

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Andrew Alli, CEO of SouthBridge Group spoke to CNBC Africa’s Chris Bishop on the impact of Covid-19 on African economies and investment opportunities post the pandemic.

SouthBridge Group CEO on COVID-19 impact on African economies

A multi-billion rand loan guarantee scheme announced by South African President Cyril Ramaphosa last month is now officially in operation, with the assistance of the country’s major banks, including FNB, Investec, Standard Bank and Absa.



Ramaphosa announced the scheme as a measure to soften the blow of the <a href="https://www.cnbcafrica.com/videos/2020/05/13/how-african-economies-will-reawaken-from-the-covid-19-nightmare/">coronavirus pandemic </a>and national lockdown on banks as well as their individual and business clients.



The following statement provides more information:



LOAN GUARANTEE SCHEME OPENS



The Covid-19 loan guarantee scheme announced by President Cyril Ramaphosa in April will operate from today, 12 May 2020. The initial set of participating banks (Absa, First National Bank, Investec, Mercantile Bank, Nedbank and Standard Bank) are ready to accept loan applications from eligible businesses which bank with them.



The activation of the loan guarantee scheme follows the finalisation of legal details by National Treasury, the South African Reserve Bank and the Banking Association South Africa.



The loan guarantee scheme is an initiative to provide loans, guaranteed by government, to eligible businesses with an annual turnover of less than R300 million to meet some of their operational expenses. Funds borrowed through this scheme can be used for operational expenses such as salaries, rent and lease agreements, contracts with suppliers, etc.



Government and commercial banks are sharing the risks of these loans. Initially, the National Treasury has provided a guarantee of R100 billion to this scheme, with the option to increase the guarantee to R200 billion if necessary and if the scheme is deemed successful. Eligible businesses should contact their primary or main banker.



More details on the scheme can be found in a Frequently Asked Questions guide posted at <a href="http://www.treasury.gov.za/">http://www.treasury.gov.za/</a>&nbsp; <a href="https://www.resbank.co.za/">https://www.resbank.co.za/</a> Pages/default.aspx and <a href="https://www.banking.org.za/">https://www.banking.org.za/</a>.



Further queries should be directed to the individual banks, which are administering the scheme.



Jointly issued by National Treasury, The South African Reserve Bank and The Banking Association South Africa



Date: 12 May 2020



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

Here’s how to apply for SA’s COVID-19 loan guarantee scheme

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Kenya’s Finance Bill 2020 proposes to introduce a 1.5 per cent tax on the gross transaction value of digital Services as well as levy VAT at 14 per cent on a number of goods that are currently exempt. This is in efforts to boost tax revenue in the country. Edna Gitachu, Tax Policy Lead at PwC Kenya joins CNBC Africa for more.

Here’s what you need to know about Kenya’s proposed digital tax

Report by Taylor Locke



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<a href="https://www.cnbcafrica.com/special-report/2020/03/04/billionaire-elon-musk-calls-this-a-powerful-powerful-way-of-thinking-but-is-hard-to-do-heres-how-it-works/">Elon Musk</a>, CEO of Tesla and SpaceX, is not shy regarding his opinion of legendary investor <a href="https://www.cnbcafrica.com/article/2020/02/05/how-warren-buffetts-advice-to-jlo-inspired-the-name-of-her-fragrance/">Warren Buffett</a>. He once called Buffett’s signature investment strategy “lame” on a Tesla earnings call.



And on Thursday’s episode of “The Joe Rogan Experience” podcast, Musk said he’s not the “biggest fan” of Buffett, whose job is “boring” but “important.”



Buffett came up in conversation as Rogan and Musk discussed various types of billionaires.Some make money by “engineering fantastic products,” while others gain wealth by “investing in companies or moving money around the stock market,” said Rogan.



Presumably Musk is one of the former. And then there is the latter.



“Let me take Warren Buffett for example,” Musk said. “To be totally frank, I’m not his biggest fan, but he does a lot of capital allocation,” referring to the process of distributing a company’s financial resources to better its long-term growth. “He reads a lot of annual reports and accounting, and it’s pretty boring really.”



Musk described Buffett’s job as an investor as trying to “figure out, does Coke or Pepsi deserve more capital?”



(Berkshire Hathaway owns 9.3% of Coca-Cola, and Buffett drinks numerous cans every day.)



“I mean, that’s kind of a boring job if you ask me, but it’s still a thing that’s important to figure out,” Musk said. “Like, which company is deserving of more or less capital? Should that company grow or expand? Is it making products or services that are better than others or worse? If a company is making compelling products or services, it should get more capital. If not, it should get less.”



In Musk’s opinion, “we should have fewer people doing law and fewer people doing finance” like Buffett “and more people making stuff.” (Of course, it takes capital to “make stuff,” and Buffett does invest in companies that produce things.)



Musk also told Rogan he thinks being a billionaire “has become a pejorative, like that’s become a bad thing, which I don’t think makes a lot of sense in most cases,” Musk said.



Indeed, as of late, some have questioned whether billionaires should even exist given the widening wealth gap in America and around the world. And since the <a href="https://www.cnbcafrica.com/coronavirus/2020/05/12/covid-19-kick-starting-sas-small-medium-large-tourism-businesses-join-cnbc-africas-virtual-seminar-tuesday-12th-may-register-today/">Covid-19 pandemic</a>, billionaires, including Musk, have been criticized for their lack of action and charity. (According to Musk, he donated masks and ventilators to hospitals, but hospitals contacted by CNN in April reported receiving bilevel positive airway pressure [biPAP] or continuous positive airway pressure [CPAP] machines, not ventilators. Musk has also criticized America’s continued manufacturing shutdown.) 



As for Buffett, though he has said Musk “has room for improvement” (like being more selective about what he posts on Twitter), he has also called Musk “a remarkable guy.”



“He’s trying to do something to improve a product and I salute him for that,” Buffett said, referring to Musk’s electric car company, on CNBC’s “Squawk Box” in 2018. “The American public will decide whether it’s a success, and it’s not easy.”



Berkshire Hathaway and a spokesperson for Buffett did not immediately respond to CNBC Make It’s request for comment.



This article was first published on CNBC Make It <a href="https://www.cnbc.com/2020/05/08/elon-musk-to-joe-rogan-not-the-biggest-fan-of-warren-buffett.html?forYou=true">https://www.cnbc.com/2020/05/08/elon-musk-to-joe-rogan-not-the-biggest-fan-of-warren-buffett.html?forYou=true</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>

Billionaire Elon Musk: I am not Warren Buffett’s biggest fan

Billionaire Elon Musk: I am not Warren Buffett’s biggest fan. gettyimages-1155740300-594×594

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There have been arguments for a postponement of the July Start of Trade under the African Continental Free Trade Area (AfCFTA) due to the Covid-19 pandemic. However, trade experts on the continent say that the AfCFTA will help African economies recover from the impact of the pandemic and should stay on track. CNBC Africa spoke to Edem Adzogenu, Co-Chair of the Afro-Champions Initiative Executive Committee for more.

COVID-19: How the pandemic is affecting Africa’s free trade plans

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The Manufacturers Association of Nigeria says its CEOs Confidence Index for the first quarter of the year fell below the 50 points benchmark indicating that Nigeria’s manufacturing sector requires a lifeline to recover fully from the impact of the COVID-19 outbreak. President of the Association, Mansur Ahmed joins CNBC Africa for more.

M.A.N: How COVID-19 is worsening manufacturing challenges in Nigeria

As the chorus grows among <a href="https://www.cnbcafrica.com/videos/2020/05/11/why-business-is-calling-for-urgent-end-to-sas-lock-down/">investors </a>and <a href="https://www.cnbcafrica.com/videos/2020/05/12/covid-19-cas-coovadia-on-why-govt-should-rethink-its-strategy-on-reopening-the-economy/">business to reopen </a>South Africa&#8217;s economy with a shortlist of exclusions, The Minister of Trade, Industry and Competition, Ebrahim Patel has <a href="https://www.cnbcafrica.com/wp-content/uploads/2020/05/gazette.pdf">gazetted a list of clothing and related products</a> that could be made available for sale in retail stores during stage 4 of the country&#8217;s lockdown, read the full statement below&#8230; 



Minister Patel publishes directions on winter clothing, footwear and&nbsp; bedding



The Minister of Trade, Industry and Competition, Ebrahim Patel has gazetted directions on the sale of winter clothing, footwear and bedding during Alert Level.



For the gazetted documents click <a href="https://www.cnbcafrica.com/wp-content/uploads/2020/05/gazette.pdf">here</a>.



These directions clarify the related winter clothing, footwear and home textiles which may be sold during Alert Level 4 in terms of the regulations published by the Minister for COGTA on 29th April.



The publication of these directions results from Minister Patel’s consultative meeting with industry leaders in the Clothing, Textile, Footwear and Leather sector held last Tuesday, 5 May 2020. All members of the Industry Masterplan adopted in November last year.



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



Industry stakeholders had requested that Minister Patel gazette a list of clothing and related products that could be made available for sale in retail stores. A task team of industry representatives and the department worked together to construct a list of essential winter clothing, footwear and home textiles that would be permissible for sale in retail stores across the country during the COVID-19 Alert Level 4.



The list of winter clothing, footwear and home textiles includes all baby and toddler clothing and footwear; children’s wear, including school wear and school shoes; maternity wear; adult sleepwear and gowns; adult underwear; a range of adult footwear categories, including boots, slippers, sneakers and trainers; adult outerwear categories, including active wear, knitwear, jackets and coats; adult accessories; and bedding categories, including baby bedding and blankets, duvets, blankets, and electric blankets.



In a media statement released by the National Clothing Retail Federation (NCRF) on Tuesday, 12 May, CEO of The Foschini Group (TFG) and chair of the NCRF, Anthony Thunstrom welcomed the new directions.



“The federation has participated in a robust engagement with government and stakeholders to construct the list of essential consumer items for winter clothing and textile items. The leadership of Minister Patel has been appreciated throughout the consultations. The NCRF calls on the clothing retail sector to offer retail environments that adhere to strict health protocols to help mitigate the transmission risks of Covid19,” he said in a press release issued by the Federation. (See full release attached).



Minister Ebrahim Patel has expressed his appreciation for the positive tone of the engagement with industry stakeholders.



“Restarting more parts of our economy is important and we are working hard to ensure that industry follow best practice to protect health and safety of all our citizens. The discussions with industry builds on the greater cooperation that arose from the Industry Masterplan for the retail-clothing, textile and footwear industry. I call on consumers to look for South African-made products, made proudly by local workers, so that we can rebuild the economy. The manufacturing and retail sector has been through a very difficult time and the resumption of clothing sales under Level 4 of the new risk-adjusted approach, will assist to provide greater levels of production and commerce in the sector,” said Minister Patel.



Customers are encouraged to limit their trips to retail stores, and to always wear protective face masks and maintain social distance of at least 1.5 metres when around other people.

Newsletter

How Rwanda is finding home grown solutions to the COVID-19 crisis

A second wave of COVID-19 will have ‘major consequences’ for the oil market, IEA warns

How Rwanda is preparing its students for the jobs of tomorrow

Memorandum shows SAA administrators will not sell assets without involving govt

COVID-19 in Africa: How have African leaders responded to the pandemic?

Altron slashes dividend, freezes salaries in response to COVID-19

COVID-19 worsens Zim’s economic challenges

KwolCo’s outlook for East Africa’s commodity markets

How will Africa’s universities emerge from the depths of COVID-19?

COVID-19: Most of SA to move to level 3 lockdown by end of May

SouthBridge Group CEO on COVID-19 impact on African economies

Here’s how to apply for SA’s COVID-19 loan guarantee scheme

Here’s what you need to know about Kenya’s proposed digital tax

Billionaire Elon Musk: I am not Warren Buffett’s biggest fan

COVID-19: How the pandemic is affecting Africa’s free trade plans

M.A.N: How COVID-19 is worsening manufacturing challenges in Nigeria

SA extends essential services clothing list, these are the details…

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COVID-19: How the pandemic is affecting Africa’s free trade plans

M.A.N: How COVID-19 is worsening manufacturing challenges in Nigeria

SA extends essential services clothing list, these are the details…

News Tips

Advertise With Us

Newsletters