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<p>The Central Bank of Nigeria has instructed all Bureau De Change applicants with pending licenses to request for a refund of the 35 million naira capital deposit and the one million naira license fee payment immediately. This follows the decision of the apex bank to suspend processing license for BDC operators. Sam Chidoka, the CEO at Kairos Capital joins CNBC Africa for more.</p>


CBN to refund capital deposits & licensing fees of Bureau De Change operators

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<p>About 70 million children at age 10 in the world, are at risk of losing basic literacy skills. This is fuelled by the COVID-19 pandemic which has forced low and middle-income countries to cut their education budget. Today, the Global Partnership for Education replenishment conference commenced, and it aims to raise $5 billion commitment on domestic financing from developing countries to stop this education crisis. Dorine Nininahazwe, Director for AU and East Africa at ONE joins CNBC Africa for more.</p>


How improved investments will help elevate education in Africa


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="740" height="416" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106917267-1627376925447-gettyimages-969639316-SOUTH_AFRICA_PORT-1.jpeg" alt="" class="wp-image-410779" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106917267-1627376925447-gettyimages-969639316-SOUTH_AFRICA_PORT-1.jpeg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106917267-1627376925447-gettyimages-969639316-SOUTH_AFRICA_PORT-1-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106917267-1627376925447-gettyimages-969639316-SOUTH_AFRICA_PORT-1-140x80.jpeg 140w" sizes="(max-width: 740px) 100vw, 740px" /><figcaption>Transnet<br><em>Bloomberg | Bloomberg | Getty Images</em></figcaption></figure>



<p>JOHANNESBURG, July 29 (Reuters) &#8211; South African state logistics firm Transnet has fully restored operations at ports following a cyber attack that forced the firm to declare force majeure at its container terminals, the Ministry of Public Enterprises said.</p>



<p>The department said late on Wednesday that the main system responsible for container operations had been restored and that the force majeure was under review with the intention to lift it in the coming days.</p>



<p><a href="http://South Africa port operations halted and workers reportedly put on leave after major cyberattack">The cyber attack</a>, which hampered container terminals at Transnet&#8217;s key ports of Durban, Ngqura, Port Elizabeth and Cape Town from Thursday, could cause backlogs and hamper exports from the region.</p>



<p>The Ministry of Public Enterprises said Durban&#8217;s container terminals were fully functional while in the Eastern Cape the container operations were still being restored.</p>



<h3 class="wp-block-heading" id="h-read-more-here-s-why-nigeria-is-in-talks-with-south-africa-s-transnet">Read more: <a href="https://www.cnbcafrica.com/2018/heres-why-nigeria-is-in-talks-with-south-africas-transnet/">Here’s why Nigeria is in talks with South Africa’s Transnet</a></h3>



<p>Transnet, which operates major South African ports, as well as railway networks that transport minerals and other commodities for export, said on Tuesday the force majeure for its container terminals would be lifted as soon as it had made significant progress in restoring its IT systems.</p>



<p>The ministry said preliminary assessments showed Transnet and its customer data had not been compromised by the cyber attack. </p>



<p>(Reporting by Tanisha Heiberg; Editing by Edmund Blair)</p>


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Transnet restores operations at ports after cyber attack


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="545" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/15095999693_47ece297d9_k-820x545.jpg" alt="" class="wp-image-410772" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/15095999693_47ece297d9_k-820x545.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/15095999693_47ece297d9_k-300x199.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/15095999693_47ece297d9_k-120x80.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/15095999693_47ece297d9_k-768x510.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/15095999693_47ece297d9_k-1536x1021.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/15095999693_47ece297d9_k.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>A visit to the township.<br>Photo: via Flickr</figcaption></figure>



<p>JOHANNESBURG, July 29 (Reuters) &#8211; Recent unrest in South Africa damaged hundreds of businesses but property developers and retailers say they remain committed to the fast-growing consumer markets of its predominantly Black townships.</p>



<p>Riots broke out this month after former President Jacob Zuma handed himself in to start a 15-month jail term for contempt of court.</p>



<p>More than 300 people died and about 3,000 stores were looted, over half of them belonging to major retailers and fast food brands.</p>



<p>At least 161 shopping malls, 11 warehouses and eight factories suffered heavy damage, sites that include tenants such as grocery chain Shoprite and Walmart majority-owned Massmart.</p>



<p>The hardest hit areas included Durban&#8217;s uMlazi and Johannesburg&#8217;s Soweto and Alexandra townships in KwaZulu-Natal and the economic heartland of Gauteng.</p>



<p>Exemplar REITail had five of its 27 malls damaged, including three which are expected to take up to four months to return to normal operations, CEO Jason McCormick told Reuters.</p>



<h3 class="wp-block-heading" id="h-read-more-op-ed-time-to-change-s-a-s-apartheid-townships">Read more: <a href="Op-Ed: Time to change S.A's apartheid townships">Op-Ed: Time to change S.A&#8217;s apartheid townships</a></h3>



<p>Yet McCormick said the company remained committed to not only repairs, but the development of another 30 malls in the pipeline.</p>



<p>&#8220;What happened was tantamount to a black swan event. I don&#8217;t think anyone ever foresaw the extent of this ever happening,&#8221; McCormick said at one of the group&#8217;s malls in Johannesburg.</p>



<p>McCormick&#8217;s views reflected those expressed by six other CEOs and executives of listed property companies and two retailers interviewed by Reuters.</p>



<p>Vukile Property Fund, for example, will repair its damaged Daveyton Mall in Johannesburg, one of the first township malls, and will forge ahead with a 90 million rand ($6.1 million) upgrade of the site, CEO Laurence Rapp said.</p>



<p>&#8220;It&#8217;s one of our most successful malls in the portfolio in terms of all its trading densities and trading statistics,&#8221; Rapp said, adding that the current book value of the six damaged properties is around 2.8-3 billion rand.</p>



<p>Real estate developers and retailers have spent the last two decades targeting rising consumer spending by the Black middle class in areas that were disadvantaged for decades under white minority rule.</p>



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2021/scale-of-cash-economy-in-south-african-townships-stuns-firstrand-2/">Scale of cash economy in South African townships stuns FirstRand</a></h3>



<p>For such communities, the benefits include jobs and the convenience of having shops nearby, eliminating the cost of travelling to other towns, and these developments in turn attract other retailers and services such as banks.</p>



<p>Fraym, a U.S.-based company which analyses data on communities across the world, in 2019 identified South Africa&#8217;s townships as the biggest and fastest-growing retail market over the previous 10 years.</p>



<p>Leon Kok, chief operating officer at Redefine Properties , the second-biggest listed property firm in South Africa, said the company was committed to maintaining its presence but opening new shopping centres at this point was unlikely, not due to the unrest but rather to the pandemic&#8217;s impact on the economy.</p>



<p>The companies said where security and risk mitigation measures are not strong enough to fight lawlessness, they ensure that they have adequate insurance cover to manage the risk.</p>



<h2 class="wp-block-heading">COST OF DOING BUSINESS</h2>



<p>Dipula Income Fund&#8217;s damaged malls will take about four to eight months to rebuild at an estimated cost of 250-300 million rand, CEO Izak Petersen told Reuters.</p>



<p>Arrowhead Properties&#8217; Montclair Mall in the port city of Durban will take three to six months to be up and running, with the damage estimated at 30-50 million rand, Chief Investment Officer Alon Kirkel told Reuters.</p>



<p>Although the scale of the looting and damage was unexpected, Ninety One Portfolio Manager Ann-Maree Tippoo said this type of unrest was already priced in and the risk return profile of these investments were reasonably well understood by property firms.</p>



<p>&#8220;So the commitment to these types of assets and areas will remain because the return profile is quite astounding compared to other retail assets,&#8221; Tippoo told Reuters.</p>



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2021/south-africa-plans-2-4-bln-relief-measures-over-covid-19-unrest/">South Africa plans $2.4 bln relief measures over COVID-19 unrest</a></h3>



<p>She noted the total return on township retail (including capital valuation changes) was 5.7% in 2020 versus minus 6.7% for suburban retail, citing data from the South African Property Owners Association.</p>



<p>Vukile&#8217;s Rapp said: &#8220;For us it&#8217;s a cost of doing business in these areas but the returns are really, really good. So therefore you accept the cost, the risk, for the return.&#8221;</p>



<p>Still, some players may delay further investment beyond repairing damage pending economic growth, cautioned Sasfin senior equity analyst Alec Abraham.</p>



<p>Many are still assessing the extent of the damage from the violence which began on July 9 and lasted until July 15.</p>



<p>($1 = 14.7808 rand)</p>



<p>(Reporting by Nqobile Dludla; editing by MacDonald Dzirutwe and Jason Neely)</p>


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South Africa property, retail firms bet on townships despite unrest


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-820x547.jpg" alt="" class="wp-image-408693" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-120x80.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>A sign stands at the entrance to the offices of Anglo American Plc in the Marshalltown district of Johannesburg, South Africa, on Friday, Oct. 26, 2012. Anglo American Plc Chief Executive Officer Cynthia Carroll , the first woman, external hire and non-South African to hold the job, will quit after Anglo lost $14 billion in value in the more than five years she was in charge. Photographer: Chris Ratcliffe/Bloomberg via Getty Images</figcaption></figure>



<p>LONDON, July 29 (Reuters) &#8211; Global miner Anglo American on Thursday boosted its shareholder payout to a record $4.1 billion, sending its stock up almost 5% after bumper commodity prices lifted first-half profits to their best ever.</p>



<p>London-listed shares in Anglo, which hit their highest since 2008 in May, were up 4.6% by 0740 GMT. This was their loftiest since June.</p>



<p>Soaring prices for most of Anglo&#8217;s products, including copper, iron ore and platinum group metals, helped the miner, which was hardest hit among its peers by COVID-19 lockdowns in many African countries, lift first-half profits to a record.</p>



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2016/mining-companies-spend-on-infrastructure/">Anglo American Platinum contributes 3.5mln dollars to Limpopo Road Agency</a></h3>



<p>Underlying earnings before interest, tax, depreciation and amortisation (EBITDA) rose to $12.1 billion for the six months to June 30, up from $3.4 billion in the same period last year, beating the $10.9 billion expected by 12 analysts compiled by Vuma.</p>



<p>Rising costs hurt underlying EBITDA by $200 million, it said.</p>



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<h3 class="wp-block-heading" id="h-anglo-american-platinum-h1-earnings-surge-on-higher-metal-prices"><strong>Anglo American Platinum H1 earnings surge on higher metal prices</strong></h3>


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<p>Anglo declared an interim dividend of 1.71 cents per share, up from 0.28 cents last year, totalling $2 billion, and a special dividend of 0.8 cents per share, or $1 billion. It also announced a $1 billion share buyback programme.</p>



<p>&#8220;I still don&#8217;t think it&#8217;s our finest hour, that is yet to come &#8230; From our point of view it&#8217;s a good milestone,&#8221; Chief Executive Officer Mark Cutifani told reporters after the results.</p>



<p>Net debt fell by 74% to $2 billion in the first half compared to a year earlier, reflecting high prices.</p>



<p>&#8220;The underlying investment case at Anglo American remains strong, with differentiated high quality growth, better diversification vs. peers and increasing shareholder returns adds to this compelling mix,&#8221; RBC Capital analysts said.</p>



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2018/anglo-american-sells-eskom-tied-coal-assets-71-million/">Anglo American sells Eskom-tied coal assets for $71 million</a></h3>



<p>&#8220;Today&#8217;s cost increases are likely to weigh (as they are doing across the industry albeit Anglo appears more exposed due to its more emerging markets-weighted asset base) but shares remain inexpensive,&#8221; they said in a note.</p>



<p>Surging commodity prices have emboldened miners to dish out high shareholder payouts, with Rio Tinto on Wednesday being the first of the global miners to announce a record dividend after a blockbuster first half.</p>



<p>Anglo American in June spun off its South African thermal coal business into a new company and agreed to sell its stake in Colombia&#8217;s Cerrejon, moving to complete its transition out of assets that mine the most polluting fossil fuel.</p>



<p>(Reporting by Clara Denina and Zandi Shabalala; Editing by Edmund Blair, Emelia Sithole-Matarise and Sonali Paul)</p>


Anglo American Plc’s South African Headquarters As CEO Cynthia Carroll Quits

Anglo American pays out record $4.1 bln to shareholders for first half

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<p>MIC Khulisani Ventures, a R150 million early-stage investment vehicle targeting black-owned innovative, high growth businesses in South Africa. Mary Bomela, CEO of the Mineworkers Investment Company joins CNBC Africa for more.</p>


This investment vehicle aims to empower innovative black businesses in SA

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<p>The Bank of Tanzania has injected $431.2 million to financial institutions for lending in the private sector in an effort to mitigate macroeconomic impacts of Covid-19 pandemic in the country.</p>


Bank of Tanzania pumps $431.2mn into economy to boost private sector growth

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<p>The African Growth and Opportunity Act is set to expire in 2025 and preparations for the post- AGOA trade relations need to begin now. Since the Act began in 2000, the trade landscape on the continent has shifted significantly. Charles Robertson, Global Chief Economist at Renaissance Capital  joins CNBC Africa for more.</p>


Renaissance Capital: Why the AfCFTA

Renaissance Capital: Why the AfCFTA, AGOA won’t work without manufacturing on the continent


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-1127605847-820x547.jpg" alt="" class="wp-image-410750" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-1127605847-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-1127605847-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-1127605847-120x80.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-1127605847-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-1127605847-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-1127605847-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>Albert Bourla, chief operating officer and chief executive officer of Pfizer Inc., listens during a Senate Finance Committee hearing on drug pricing on Capitol Hill in Washington, D.C., U.S., on Tuesday, Feb. 26, 2019. Top executives from seven of the world&#8217;s biggest drug companies are testifying before Congress to talk about drug costs, a long-awaited session that could kickstart legislation to rein in prices.&nbsp;Photographer: Zach Gibson/Bloomberg via Getty Images</figcaption></figure>



<p>The effectiveness of Pfizer’s COVID-19 vaccine steadily declines over time, dropping to about 84% for vaccinated people about four to six months after getting their second dose, according to CEO Albert Bourla.</p>



<p>The comments, made on Wednesday on CNBC’s “The Exchange,” are based on the findings of a&nbsp;new company-funded study&nbsp;that has yet to be peer reviewed. It comes as the drugmaker clashes with U.S. health officials over the need for a third COVID vaccine dose to boost immunity protection.</p>



<p>The study found the vaccine’s effectiveness was strongest, at 96.2%, between one week and two months after receiving the second dose. It declined an average of 6% every two months, according to the study, which signed up more than 44,000 people across the U.S. and other countries. The efficacy after “four to six months was approximately 84%,” Bourla said.</p>



<p>“We have seen also data from Israel that there is a waning of immunity and that starts impacting what used to be what was 100% against hospitalization. Now, after the six month period, is becoming low 90s and mid-to-high 80s,” Bourla said.</p>



<h3 class="wp-block-heading" id="h-read-more-pfizer-biontech-strike-south-africa-covid-19-manufacturing-deal-with-biovac">Read more: <a href="https://www.cnbcafrica.com/2021/pfizer-biontech-strike-south-africa-covid-19-manufacturing-deal-with-biovac/">Pfizer/BioNTech strike South Africa COVID-19 manufacturing deal with Biovac</a></h3>



<p>“The good news is that we are very, very confident that a third dose, a booster, will take up the immune response to levels that will be enough to protect against the delta variant,” the executive added, referring to the highly contagious virus strain that’s dominant in the U.S. and other countries around the globe. It’s not uncommon for vaccines to decline in effectiveness over time, Bourla stressed, adding there’s precedent for three-dose vaccines for other diseases.</p>



<p>Pfizer plans to formally submit data to U.S. regulators about the benefits of a third Covid vaccine dose by mid-August, Bourla said.</p>



<p>Earlier this month, when Pfizer first announced its plans, the Food and Drug Administration and the Centers for Disease Control and Prevention&nbsp;issued a joint statement&nbsp;that pushed back on the company, saying “Americans who have been fully vaccinated do not need a booster shot at this time.” &nbsp;</p>



<p>The CDC and the World Health Organization don’t recommend COVID booster shots at this time.</p>



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2021/pfizer-biontech-vaccine-appears-effective-against-mutation-in-new-coronavirus-variants-study/">Pfizer/BioNTech vaccine appears effective against mutation in new coronavirus variants -study</a></h3>



<p>Dr. Kate O’Brien, WHO’s director of immunization, vaccines and biologicals,&nbsp;said Wednesday&nbsp;the organization is still researching whether a booster shot is needed to increase protection.</p>



<p>“We’re very clear on this, there’s not enough information to provide a recommendation at this point,” O’Brien said in a Q&amp;A interview posted on the organization’s social media accounts. “Again, this is a very hot topic, and there’s a lot of research going on to be able to provide an evidence-based recommendation.”</p>



<p>The results of Pfizer-backed study surfaced a day after the CDC&nbsp;reversed course on its prior guidance&nbsp;and recommended fully vaccinated Americans who&nbsp;live in areas with high COVID infection rates&nbsp;begin to wear face masks indoors again.</p>



<p>Coronavirus cases have jumped nationwide in recent weeks, a surge public-health officials attribute to the delta variant. While officials say the majority of COVID hospitalizations and deaths are in unvaccinated people, the delta variant is so contagious that vaccinated individuals can transmit the virus as easily as unvaccinated people, even in asymptomatic cases, CDC Director Rochelle Walensky said Tuesday.</p>


Drugmaker CEOs Testify Before Senate Finance Committee On Drug Pricing

Pfizer’s CEO says COVID vaccine effectiveness drops to 84% after six months

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<p>In a virtual briefing today, Finance Minister Tito Mboweni gave details on a suite of relief measures that President Cyril Ramaphosa announced on Sunday. The South African government will be spending R36 billion in support to businesses and individuals affected by the recent unrest and continuing Covid-19 restrictions. Alex Gwala, Tax Director at Deloitte Africa joins CNBC Africa for more.</p>


Aex100

What the reinstatement of social relief grant means for SA’s economy

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<p>Debt sustainability across the ECOWAS region has been a source of concern in recent years. Earlier in June, the President of the ECOWAS Commission cautioned member states of their rising debt profile, which he attributed to the Covid-19 pandemic. Meanwhile, the Nigerian Economic Summit Group and the Open Society Initiative for West Africa have set up the Debt Management Roundtable to help countries in West Africa to keep debt under control. Taiwo Oyedele, Chairman of the Debt Management Roundtable and Afolabi Olowookere, Divisional Head for Economic research and Policy at the Securities and Exchange Commission join CNBC Africa to put this in perspective.</p>


Addressing West Africa’s rising debt profile


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="519" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/50975438123_addbaaf677_k-820x519.jpg" alt="" class="wp-image-410699" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/50975438123_addbaaf677_k-820x519.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/50975438123_addbaaf677_k-300x190.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/50975438123_addbaaf677_k-126x80.jpg 126w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/50975438123_addbaaf677_k-768x486.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/50975438123_addbaaf677_k-1536x972.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/50975438123_addbaaf677_k.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption> Minister Tito Mboweni delivers 2021 Budget Speech in Parliament. [Photo: GCIS]<br>Photo: via Flickr.</figcaption></figure>



<p>JOHANNESBURG, July 28 (Reuters) &#8211; South Africa plans relief measures worth about 36 billion rand ($2.4 billion) to support businesses and individuals affected by COVID-19 restrictions and <a href="https://www.cnbcafrica.com/2021/south-africa-deploys-army-to-quell-unrest-linked-to-zuma-jailing/">recent unrest</a>, the finance ministry said on Wednesday.</p>



<p>The package will be funded by better government revenue collection and by shifting around some spending, senior officials told a news conference, addressing measures announced by President Cyril Ramaphosa on Sunday.</p>



<p>&#8220;We are funding this package within available resources currently. We are not going to be going for borrowing at all,&#8221; National Treasury Director-General Dondo Mogajane said. &#8220;All in all, ladies and gentleman, there is about 36 billion rand worth of support that we are putting on the table.&#8221;</p>



<p>Finance Minister Tito Mboweni said acts of looting and arson following the jailing of former President Jacob Zuma had probably caused around 50 billion rand of damage. He said the government would allocate more money to the police and military.</p>



<p><a href="https://www.cnbcafrica.com/2021/south-africas-jailed-ex-leader-zuma-loses-bid-to-overturn-arrest/">Jacob Zuma turned himself in to police on July 7 to begin 15 months in jail for contempt of court</a> after defying an instruction to give evidence at an inquiry into corruption during his nine years in power until 2018. Zuma denies there was widespread corruption under his leadership.</p>



<p>($1 = 14.7817 rand) </p>



<p>(Reporting by Alexander Winning and Wendell Roelf; writing by Olivia Kumwenda-Mtambo, Editing by Gareth Jones and Timothy Heritage)</p>


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South Africa plans $2.4 bln relief measures over COVID-19 unrest

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<p>At the US – Africa Business Summit, discussions are currently ongoing on ways to foster sustainable partnerships between government and private sector decision-makers across the United States and Africa. So, what will shape the next phase of the economic partnership between Africa and the United States of America? Enoh Ebong, Acting Director of the U.S Trade and Development Agency joins CNBC Africa for more.</p>


USTDA’s Ebong on how to shape the next phase of US – Africa economic partnership


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="740" height="416" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106917759-1627423812530-gettyimages-494579678-GDF_0226.jpeg" alt="" class="wp-image-410691" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106917759-1627423812530-gettyimages-494579678-GDF_0226.jpeg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106917759-1627423812530-gettyimages-494579678-GDF_0226-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106917759-1627423812530-gettyimages-494579678-GDF_0226-140x80.jpeg 140w" sizes="(max-width: 740px) 100vw, 740px" /><figcaption>U.S. President Barack Obama attends the game between the Chicago Bulls and the Cleveland Cavaliers on October 27, 2015 at the United Center in Chicago, Illinois.<br><em>Gary Dineen | National Basketball Association | Getty Images</em></figcaption></figure>



<p>Former President Barack Obama has become a strategic partner and minority owner in the National Basketball Association’s Africa business, which oversees the Basketball Africa League.</p>



<p>The NBA launched its Africa entity in May and values the business as a nearly $1 billion venture. NBA Africa oversees the BAL, which held its inaugural season last May, and has investors including Dikembe Mutombo, Grant Hill and Junior Bridgeman. The league said Obama would use his stake in NBA Africa to fund the Obama Foundation youth and leadership programs across Africa.</p>



<p>Terms of Obama’s equity stake were not disclosed.</p>



<p>Under the leadership of CEO Victor Williams, NBA Africa wants to establish corporate partnerships, expand content and media rights, and support local governments seeking to build new basketball arenas. The BAL includes 12 teams, and league games air in 215 countries and territories, and the NBA envisions basketball being a top sport throughout Africa in 10 years.</p>



<p>Read more: <a href="https://www.cnbcafrica.com/2021/former-president-barack-obama-joins-nba-africa-as-strategic-partner/">Former President Barack Obama Joins NBA Africa as Strategic Partner</a></p>



<p>Currently, 55 players who are either from Africa or whose parents are native Africans play in the NBA. Team owners view the BAL as a way to scout and develop talent throughout the rapidly growing continent and another route to expand its global appeal. Sports betting partners could also test new technologies in the league.</p>



<p>Nigeria-based industrial group Yinka Folawiyo Group and Helios Fairfax Partners Corporation, an investment holding company that trades on the Toronto Stock Exchange under the ticker symbol “HFPC,” are investors in NBA Africa, alongside former NBA players Luol Deng and Joakim Noah are also investors. In addition, NBA commissioner Adam Silver and NBA Chief Operating Officer Mark Tatum have board seats.</p>



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="740" height="416" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106887249-1621862722565-gettyimages-1232959942-SPRWANDA-KIGALI-BASKETBALL_AFRICA_LEAGUE-INAUGURAL_SEASON.jpeg" alt="" class="wp-image-410692" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106887249-1621862722565-gettyimages-1232959942-SPRWANDA-KIGALI-BASKETBALL_AFRICA_LEAGUE-INAUGURAL_SEASON.jpeg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106887249-1621862722565-gettyimages-1232959942-SPRWANDA-KIGALI-BASKETBALL_AFRICA_LEAGUE-INAUGURAL_SEASON-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106887249-1621862722565-gettyimages-1232959942-SPRWANDA-KIGALI-BASKETBALL_AFRICA_LEAGUE-INAUGURAL_SEASON-140x80.jpeg 140w" sizes="(max-width: 740px) 100vw, 740px" /><figcaption>Benjamin Chukwukelo Uzoh 2nd R of Rivers Hoopers of Nigeria vies with Wilson Nshobozwa of Patriots Rwanda during the opening game of the the inaugural Basketball Africa League BAL in Kigali, capital city of Rwanda, May 16, 2021.<br><em>Cyril Ndegeya | Xinhua News Agency | Getty Images</em></figcaption></figure>



<p>“The NBA has always been a great ambassador for the United States—using the game to create deeper connections around the world, and in Africa, basketball has the power to promote opportunity, wellness, equality, and empowerment across the continent,” said Obama in a statement. “By investing in communities, promoting gender equality, and cultivating the love of the game of basketball, I believe that NBA Africa can make a difference for so many of Africa’s young people.”</p>



<p>Read more: <a href="https://www.cnbcafrica.com/2021/nba-lures-players-and-investors-to-form-africa-business-entity-valued-at-nearly-1-billion/">NBA lures players and investors to form Africa business entity valued at nearly $1 billion</a></p>



<p>Obama praised the NBA’s “commitment to Africa, including the leadership shown by so many African players who want to give back to their own countries and communities.”</p>



<p>“We are honored that President Obama has become a strategic partner in NBA Africa and will support our wide-ranging efforts to grow the game of basketball on the continent,” added Silver via statement. “In addition to his well-documented love for basketball, President Obama has a firm belief in Africa’s potential and the enormous growth opportunities that exist through sports. NBA Africa will benefit tremendously from his engagement.”</p>


106917759-1627423812530-gettyimages-494579678-GDF_0226

Former President Barack Obama is now a minority owner in NBA’s Africa business

<p><iframe loading="lazy" src="https://www.youtube.com/embed/tY1EfylGhHA" width="640" height="360" frameborder="0" allowfullscreen="allowfullscreen"></iframe></p>
<p>South Africa’s finance minister Tito Mboweni will any moment now brief media on the relief measures government will undertake to cushion the economic impact of the COVID-19 pandemic and the recent unrest. President Ramaphosa announced the additional measures during his address on Sunday. These include the resumption of the R350 social relief grant and the extension of the  COVID-19 TERS scheme&#8230;.</p>


Finmin Mboweni unpacks relief measures to cushion economy from riots

Finmin Mboweni unpacks relief measures to cushion economy from riots, Covid-19 shocks


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="553" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/VFE4GSQ4ORLO3E35R2ISOGSV3I-820x553.jpg" alt="" class="wp-image-410676" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/VFE4GSQ4ORLO3E35R2ISOGSV3I-820x553.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/VFE4GSQ4ORLO3E35R2ISOGSV3I-300x202.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/VFE4GSQ4ORLO3E35R2ISOGSV3I-119x80.jpg 119w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/VFE4GSQ4ORLO3E35R2ISOGSV3I-768x518.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/VFE4GSQ4ORLO3E35R2ISOGSV3I-1536x1036.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/VFE4GSQ4ORLO3E35R2ISOGSV3I-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>Vials with Pfizer-BioNTech and Moderna coronavirus disease (COVID-19) vaccine labels are seen in this illustration picture taken March 19, 2021. REUTERS/Dado Ruvic/Illustration/File Photo</figcaption></figure>



<p>WASHINGTON, July 28 (Reuters) &#8211; The U.S. government on Wednesday will ship nearly 10 million doses of COVID-19 vaccines to two of the most populous African countries &#8211; Nigeria and South Africa &#8211; as the continent battles a third wave of infections, White House officials said.</p>



<p>Four million doses of the Moderna COVID-19 vaccine will go to Nigeria and 5.66 million doses of the Pfizer vaccine to South Africa, the officials said.</p>



<p>The South Africa shipment is the single largest sent by the United States since it began sending vaccine shots overseas, one of the officials said. The latest shipments bring the total number of U.S. vaccine doses sent to Africa to 16.4 million.</p>



<p>The urgently needed help comes as amid growing concern about <a href="https://www.cnbcafrica.com/2021/key-african-rates-to-hold-steady-as-vaccination-lags-restrain-recovery/">vaccination rates in Africa, which lag</a> far behind those of advanced economies.</p>



<p>As of last week, African countries had administered just 60 million vaccine doses to a population that numbers over 1.3 billion, in part due to restrictions on shipments from vaccine-producing countries like India.</p>



<p>Experts worry that the highly contagious Delta variant could pose another setback, if countries begin requiring booster shots for fully-vaccinated individuals, a move that would slow shipments of urgently needed vaccines to developing countries.</p>



<p>The White House said equitable global access to safe and effective vaccines was essential to ending the pandemic.</p>



<p>&#8220;We are working to get as many safe and effective vaccines to as many people around the world as fast as possible,&#8221; one of the White House officials said.</p>



<p>With the latest shipment to Nigeria and South Africa, the United States will exceed the 80 million vaccine doses that U.S. President Joe Biden had pledged in May to donate to countries around the world, one of the officials said.</p>



<p><a href="https://www.cnbcafrica.com/2021/biden-to-donate-500-million-pfizer-doses-urge-others-to-join-in/">Biden in June also announced plans to buy and donate 500 million Pfizer vaccine doses</a> to 92 low- and lower middle income countries and the African Union, but those shipments will begin next month, the official said. </p>



<p>(Reporting by Andrea Shalal; Editing by Himani Sarkar)</p>


FILE PHOTO: Picture illustration of vials with Pfizer-BioNTech and Moderna coronavirus disease (COVID-19) vaccine labels

U.S. to ship 4 mln COVID-19 vaccine doses to Nigeria, 5.66 mln to South Africa


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/copper-1711056_1920-820x547.jpg" alt="" class="wp-image-403458" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/copper-1711056_1920-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/copper-1711056_1920-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/copper-1711056_1920-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/copper-1711056_1920-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/copper-1711056_1920.jpg 1920w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>Photo: via Pixabay</figcaption></figure>



<p>LONDON/JOHANNESBURG, July 27 (Reuters) &#8211; Crime gangs have stolen dozens of truckloads of copper owned by miners and traders including Glencore, Trafigura and Traxys this year as they were heading to ports in southern Africa, three sources with direct knowledge of the matter said.</p>



<p>Record high copper prices have triggered an increase in hijackings in recent months in Botswana, the Democratic Republic of Congo, South Africa, Tanzania and Zambia, said the sources who declined to be named due to the sensitivity of the matter.</p>



<p>The South African Police Service told Reuters that the matter was being investigated, but declined to give further details.</p>



<p>Glencore declined to comment. Trafigura said it did not comment on security issues. Traxys did not respond to requests for comment.</p>



<h3 class="wp-block-heading" id="h-read-more-copper-sprints-to-record-high-as-investors-fear-missing-out">Read more: <a href="https://www.cnbcafrica.com/2021/copper-sprints-to-record-high-as-investors-fear-missing-out/">Copper sprints to record high as investors fear missing out</a></h3>



<p>Copper mined in Zambia and Congo, which accounts for about 10% of global supplies estimated at 24 million tonnes, is transported to ports across southern Africa.</p>



<p>A total of 66 trucks carrying copper were robbed between January and May this year, and 60% of the hijackings occurred in South Africa, one of the sources said.</p>



<p>With the average truck carrying between 32 and 34 tonnes of copper cathode, the thefts would amount to roughly $21 million worth of copper at current prices.</p>



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2021/copper-is-the-new-oil-and-low-inventories-could-push-it-to-20000-per-ton-analysts-say/">Copper is ‘the new oil’ and low inventories could push it to $20,000 per ton, analysts say</a></h3>



<p>More trucks were stolen in June and July, according to the source, who did not provide figures for those months but said one truckload of the copper stolen on July 9 was worth $470,000.</p>



<p>Organised crime gangs melt down copper to remove serial numbers and other marks of ownership, and then resell it locally or transport it by truck to be sold in neighbouring countries, two sources said.</p>



<p>Copper prices hit an all-time high above $10,700 a tonne in May thanks to a rebound in global demand, including in top consumer China, as manufacturing activity ramped up and economies reopened after COVID-19 lockdowns.</p>



<p>Currently at around $9,700, prices of the metals used widely in the power and construction industries have climbed more than 50% over the past 12 months. </p>



<p>(Reporting by Zandi Shabalala and Helen Reid; Editing by Pratima Desai and Pravin Char)</p>


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Addressing West Africa’s rising debt profile

South Africa plans $2.4 bln relief measures over COVID-19 unrest

USTDA’s Ebong on how to shape the next phase of US – Africa economic partnership

Former President Barack Obama is now a minority owner in NBA’s Africa business

Finmin Mboweni unpacks relief measures to cushion economy from riots, Covid-19 shocks

U.S. to ship 4 mln COVID-19 vaccine doses to Nigeria, 5.66 mln to South Africa

Bandits steal truckloads of copper worth millions in southern Africa – sources

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Newsletter

CBN to refund capital deposits & licensing fees of Bureau De Change operators

How improved investments will help elevate education in Africa

Transnet restores operations at ports after cyber attack

South Africa property, retail firms bet on townships despite unrest

Anglo American pays out record $4.1 bln to shareholders for first half

This investment vehicle aims to empower innovative black businesses in SA

Bank of Tanzania pumps $431.2mn into economy to boost private sector growth

Renaissance Capital: Why the AfCFTA, AGOA won’t work without manufacturing on the continent

Pfizer’s CEO says COVID vaccine effectiveness drops to 84% after six months

What the reinstatement of social relief grant means for SA’s economy

Addressing West Africa’s rising debt profile

South Africa plans $2.4 bln relief measures over COVID-19 unrest

USTDA’s Ebong on how to shape the next phase of US – Africa economic partnership

Former President Barack Obama is now a minority owner in NBA’s Africa business

Finmin Mboweni unpacks relief measures to cushion economy from riots, Covid-19 shocks

U.S. to ship 4 mln COVID-19 vaccine doses to Nigeria, 5.66 mln to South Africa

Bandits steal truckloads of copper worth millions in southern Africa – sources

News Tips

Advertise With Us

Newsletters