<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="540" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/13383716683_f88451543d_k-820x540.jpg" alt="" class="wp-image-408816" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/13383716683_f88451543d_k-820x540.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/13383716683_f88451543d_k-300x198.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/13383716683_f88451543d_k-121x80.jpg 121w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/13383716683_f88451543d_k-768x506.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/13383716683_f88451543d_k-1536x1012.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/13383716683_f88451543d_k.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>Photo: via Flickr</figcaption></figure>



NAIROBI, July 22 (Reuters) &#8211; Global pharmaceutical firms should license production of COVID-19 vaccines in Africa rather than just do piecemeal contract deals, an African Union special envoy said on Thursday.



AU coronavirus envoy Strive Masiyiwa was speaking a day after <a href="https://www.cnbcafrica.com/2021/pfizer-biontech-strike-south-africa-covid-19-manufacturing-deal-with-biovac/">Pfizer and BioNTech announced a &#8220;fill and finish&#8221; deal with South Africa&#8217;s Biovac Institute</a> under which it will carry out the final stages of vaccine manufacturing where the product is processed and put into vials.



Pfizer and BioNTech will handle drug substance production at their facilities in Europe. Medecins Sans Frontieres (MSF) has called the arrangement &#8220;restrictive&#8221; and said much more is needed to support vaccine independence in Africa.



&#8220;We want to make clear to all suppliers &#8230; if you want a long-term future with us now, you produce from Africa,&#8221; Masiyiwa said.



Africa, which is battling a third wave of infections, has administered just 60 million vaccine doses in a population of 1.3 billion due to restrictions on shipments from vaccine producing nations like India.



Many African nations rely on global vaccine sharing scheme COVAX or donations from countries like China and India.



&#8220;For regions left behind in the vaccine race to be self- sufficient, they need access to all of the components of vaccine production,&#8221; said Lara Dovifat, manager at MSF&#8217;s access campaign, which is seeking equitable vaccine access.



Matshidiso Moeti, the head of the World Health Organization in Africa, called for local production of vaccines so Africa can tackle future outbreaks.



&#8220;We are looking beyond this crisis,&#8221; she told a news conference.



Johnson &amp; Johnson, whose vaccine is administered through a single shot, also has a &#8220;fill and finish&#8221; deal with South Africa&#8217;s Aspen Pharmacare.



<a href="https://www.cnbcafrica.com/2021/africa-to-start-receiving-400-mln-jj-covid-19-vaccine-doses-next-week/">J&amp;J is on track to supply members of the African Union with 400 million vaccine doses </a>by September next year, Masiyiwa said.



Around 6 million doses will be delivered to 27 nations that have paid their share through the end of August, Masiyiwa said, with another 18 finalising loans from the World Bank and other global lenders before they make payment.



Deliveries will rise to an average of 10 million a month from September, increasing to 20 million in January until the order is fulfilled by September next year.



The balance of Africa&#8217;s vaccine requirements will come from donors including COVAX, Masiyiwa said, adding that local production is the real answer.



&#8220;If you want land we will give you. If you want to own everything 100%, we don&#8217;t mind, just produce from the African continent,&#8221; he told the firms.



(Writing by Duncan Miriri Editing by Giles Elgood)

vaccine

Africa demands local production of COVID vaccines

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Stanchart Kenya is the latest bank to make an announcement in the reduction of mortgage rates as the finance service provider looks at tapping into a growing demand for housing. Head of Wealth, Deposits and Mortgages at Stanchart, Paul Njoki joins CNBC Africa for more.

Kenyan banks to reduce mortgage rates to tap into growing demand for housing

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After its Article IV Consultations with Ghana, the IMF says Ghana&#8217;s economic outlook is improving, even though risks remain.

Gana100

IMF: Ghana’s economy improving, but risks remain

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PowerGen has secured long-term project financing and plans to connect about 55,000 people to electricity in rural parts of Nigeria from CrossBoundary Energy Access with constriction financing from other partners. Humphrey Wireko, Associate Principal at CrossBoundry Energy Access joins CNBC Africa for more.

How mini-grids can spur energy access in Nigeria

JOHANNESBURG, July 22 (Reuters) &#8211; South African state-owned logistics firm Transnet was hit by a suspected cyber attack, three sources with direct knowledge of the matter told Reuters on Thursday, affecting some of its container terminal operations.



Transnet, which operates major South African ports, including Durban and Cape Town, and a huge railway network that transports minerals and other commodities for export, confirmed it was experiencing disruptions to its IT applications and was identifying the source.



Two of the sources said the attack occurred early on Thursday.



Transnet said its container terminals were impacted by the disruption while its freight rail, pipelines, engineering and property divisions were reporting normal activity.



&#8220;We were told it&#8217;s a cyber attack,&#8221; said a source at <a href="https://www.cnbcafrica.com/2021/south-africas-durban-port-suffers-major-disruption-over-violence/">Durban port</a>, one of the busiest ports in Africa.



Durban is a hub for exports including agricultural commodities, minerals and imports such as crude oil and petroleum products.



Transnet&#8217;s official website was also down on Thursday showing an error message. (Reporting by Zandi Shabalala and Tanisha Heiberg; editing by Jason Neely and Susan Fenton)



(c) Copyright Thomson Reuters 2021. Click For Restrictions &#8211; https://agency.reuters.com/en/copyright.html

Thelo_Transnet 3605

South Africa’s Transnet hit by cyber attack, affecting some container terminal operations -sources

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/04acjohnson22-820x547.jpg" alt="" class="wp-image-401605" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/04acjohnson22-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/04acjohnson22-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/04acjohnson22-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/04acjohnson22.jpg 1000w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>Toronto,,Ontario,,Canada,-,February,14,,2021,:,A,Health</figcaption></figure>



NAIROBI, July 22 (Reuters) &#8211; Africa, battling a severe third wave of COVID-19 infections, will start to receive the first batch of 400 million doses of vaccines from Johnson &amp; Johnson next week, the African Union&#8217;s special envoy on COVID said on Thursday.



Only about 60 million doses have been administered among a total population of 1.3 billion so far on the 55-nation continent.





J&amp;J doses will be used to immunise half of the estimated 800 million people in need of the vaccine on the continent, <a href="https://www.cnbcafrica.com/2018/strive-masiyiwa-optimistic-about-mnangagwa-calls-for-removal-of-sanctions/">Strive Masiyiwa</a>, who is also coordinator of the AU task force on vaccine acquisition, told an online news conference.



Around 6 million doses will be delivered to 27 nations that have paid their share through the end of August, Masiyiwa said, with another 18 finalising loans from the World Bank and other global lenders before they make payment.



Deliveries will rise to an average of 10 million a month from September, increasing to 20 million in January until the order is fulfilled by September next year, he added.



Read more: <a href="https://www.cnbcafrica.com/2021/jj-in-deal-to-supply-covid-19-vaccine-to-african-union-member-states/">J&amp;J in deal to supply COVID-19 vaccine to African Union member states</a>



The balance of the vaccine requirements for the continent will come from COVAX, the global vaccine-sharing scheme for poorer nations, as well as bilateral donations from developed nations like the United States, Masiyiwa said.



J&amp;J, whose vaccine is administered through a single shot, will ship the doses from a facility in South Africa through its partnership with Aspen Pharmacare, the special envoy said.



Masiyiwa called on pharmaceutical companies to produce vaccines in Africa under licensing arrangements, not under contract manufacturing, which critics say prevents countries having vaccine independence.



&#8220;We want to be treated the same way as they produce in India,&#8221; he said. 



(Reporting by Duncan Miriri; Editing by Mark Heinrich)

Toronto,,Ontario,,Canada,-,February,14,,2021,:,A,Health

Africa to start receiving 400 mln J&J COVID-19 vaccine doses next week

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No doubt the Covid-19 pandemic made a huge impact on Nigeria&#8217;s hospitality industry last year. So how are hoteliers adjusting to the new normal to stay ahead of the curve? Executive Director of Anchorage Leisures, Moyo Ogunseinde joins CNBC Africa for more.

How  Nigeria can revive its hospitality industry heavily impacted by COVID-19

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="740" height="416" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106914581-1626892622787-bit.jpg" alt="" class="wp-image-410308" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106914581-1626892622787-bit.jpg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106914581-1626892622787-bit-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106914581-1626892622787-bit-140x80.jpg 140w" sizes="(max-width: 740px) 100vw, 740px" /><figcaption>A still from The B Word showing Elon Musk. Source: The B Word</figcaption></figure>



The price of ethereum rose Wednesday afternoon after&nbsp;Tesla&nbsp;and SpaceX CEO Elon Musk said he owns the cryptocurrency at&nbsp;The B Word conference, an event hosted by the Crypto Council for Innovation.



Ethereum, which was already rallying on the day, touched its high of the session after Musk’s mention. It was last up more than 12% and near the highs of the day.



Musk also repeated his support for cryptocurrency in general, despite potential environmental risks, saying, “One thing you do need to watch out for with crypto, especially <a href="https://www.cnbcafrica.com/quotes/btc=x/">bitcoin</a>, using proof of work, using energy that’s a bit too much and not necessarily good for the environment.”



<h3 class="wp-block-heading" id="h-read-more-ethereum-hits-new-record-high-above-3-400-extending-its-more-than-300-rally-this-year">Read more: <a href="https://www.cnbcafrica.com/2021/ethereum-hits-new-record-high-above-3400-extending-its-more-than-300-rally-this-year/">Ethereum hits new record high above $3,400, extending its more than 300% rally this year</a></h3>



As bitcoin mining is increasingly powered by renewable energy,&nbsp;Musk said, Tesla will likely move to accept bitcoin for transactions once again.



Musk also said that at this time, the only publicly traded stock he owns is Tesla’s, and that he personally owns some bitcoin, dogecoin and ethereum. “The only significant thing I own outside of&nbsp;Tesla&nbsp;is SpaceX,” he noted, having helped create both companies.



He also said he has been holding his bitcoin long term.



“If the price of bitcoin goes down I lose money. I might pump but I don’t dump,” Musk said. “I definitely do not believe in getting the price high and selling or anything like that. I would like to see bitcoin succeed.”



<h3 class="wp-block-heading">Read more: <a href="Ethereum: What is it and how is it different to bitcoin?">Ethereum: What is it and how is it different to bitcoin?</a></h3>



Musk also confirmed that both Tesla and SpaceX own bitcoin, and no other cryptocurrency at this time.



The B Word conference was established to “demystify,” “de-stigmatize” and “correct the mainstream narrative” around the cryptocurrency bitcoin and promote its institutional acceptance and use.



Musk spoke on a panel alongside Jack Dorsey, CEO of payments company Square and Musk’s favorite social media platform Twitter, along with Ark Invest founder and CEO Cathie Wood, who answered questions from moderator and&nbsp;Square&nbsp;Crypto lead Steve Lee.

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Ethereum price rises after Elon Musk confirms he owns the cryptocurrency

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Working from home, we’ve all needed great cloud resources to keep up. Well SAP’s second quarter results have shown this. The multinational software company has recorded an 11per cent increase in cloud revenue and a 16 per cent growth in customers. Here to talk about these results and the direction that digitalization is taking is Scott Russell, Executive Board Member of SAP.

SAP: Why digitization is no longer an option for companies

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2020/12/GettyImages-1229877394-820x547.jpg" alt="" class="wp-image-392963" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/12/GettyImages-1229877394-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2020/12/GettyImages-1229877394-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/12/GettyImages-1229877394-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2020/12/GettyImages-1229877394-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2020/12/GettyImages-1229877394-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2020/12/GettyImages-1229877394-1110x740.jpg 1110w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>NETHERLANDS &#8211; 2020/11/29: In this photo illustration, a man holds a syringe with a fake Covid-19 vaccine with the Pfizer logo in the background. (Photo Illustration by Robin Utrecht/SOPA Images/LightRocket via Getty Images)</figcaption></figure>



July 21 (Reuters) – Pfizer Inc and BioNTech SE on Wednesday said they had struck a deal for South Africa’s Biovac Institute to<a href="https://www.cnbcafrica.com/2021/pfizer-biontech-strike-south-africa-covid-19-manufacturing-deal-with-biovac/"> process and distribute over 100 million</a> doses a year of their COVID-19 vaccine for the African Union beginning in 2022.



The deal is to &#8220;fill and finish&#8221; the vaccine, the final stages of manufacturing where the product is processed and put into vials. It does not cover the complicated processes of mRNA drug substance production, which Pfizer and BioNTech will do at their own facilities in Europe.



The agreement comes as Pfizer and BioNTech try to sway World Trade Organization (WTO) members from supporting a waiver on some intellectual property rights for COVID-19 vaccines.



It will make Biovac &#8211; a joint venture between the South African government and private sector partners &#8211; one of the few companies in Africa processing and distributing COVID-19 shots, and the first to do so using the mRNA technology.



South African pharmaceutical company Aspen has a &#8220;fill and finish&#8221; deal with Johnson &amp; Johnson for its viral vector COVID-19 vaccine.



African countries have some of the lowest vaccination rates worldwide, and many are dependent on global vaccine sharing scheme COVAX, which has struggled to deliver.



Morena Makhoana, CEO at Cape Town-based Biovac, told Reuters the aim was to start producing shots &#8220;towards the second half of 2022&#8221; and then ramp up to maximum output of around 100 million doses a year by early 2023.



On-site development and equipment installation would begin immediately, Pfizer and BioNTech said.



Makhoana said Biovac would modify its plant by expanding next to the filling line and investing in new freezers, as the vaccine needs to be stored at -70 degrees Celsius.



South African President Cyril Ramaphosa, whom the African Union has named its &#8220;Champion on COVID-19,&#8221; called the agreement a breakthrough in efforts to overcome vaccine inequity.



He added it entailed a shared investment of 200 million rand ($13.6 million) in the coming six months.



WTO members have been in talks for months on waiving drug firms&#8217; intellectual property (IP) rights for COVID-19 vaccines. Many developing countries including South Africa and India support the waiver, but several wealthy countries remain opposed, saying it would deter research that allowed COVID-19 vaccines to be produced so quickly.



&#8220;Weakening IP rules will only discourage the type of unprecedented innovation which brought vaccines forward in record time and make it harder for companies to collaborate,&#8221; Pfizer CEO Albert Bourla said in remarks prepared for a WTO summit later on Wednesday.



The World Health Organization last month chose a consortium including Biovac for a &#8220;tech transfer hub&#8221; in South Africa, part of efforts to give poor and middle-income countries the knowledge and licences to produce COVID-19 vaccines.



Biovac has partnered with Pfizer since 2015 to manufacture and distribute its Prevnar 13 pneumonia vaccine, although it is still awaiting regulatory approval, Makhoana said.



&#8220;Having an existing relationship always helps,&#8221; he said on his company&#8217;s expanded ties with Pfizer.



($1 = 14.6900 rand) 



(Reporting by Michael Erman, Wendell Roelf and Alexander Winning Editing by Richard Pullin and Mark Potter)

In this photo illustration, a man holds a syringe with a

Pfizer/BioNTech strike South Africa COVID-19 manufacturing deal with Biovac

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On top of a fragile economy, small businesses have had many challenges thrown at them in the recent while. We’ve had the Covid-19 pandemic and subsequent restrictions on the economy. And last week businesses were affected by the worst violence in post-Apartheid South Africa. Sonto Pooe, Founder of NativeChild joins CNBC Africa for more.

Small businesses bear the brunt of violent unrest in SA

Naspers has injected 34 million Rand into insuretech company Ctrl. This is the first insuretech investment for Naspers Foundry. Founded in 2017, Ctrl connects consumers, brokers, and insurers in one platform. Joining CNBC Africa to shed more light on this investment is Fabian Whate, the head of Naspers foundry. Full interview transcript follows. 





Fabian Whate Yeah, so firstly, thanks so much bV for having me on the show. Much appreciated something a lot of the you know, like a lot of the the tech sector in South Africa, Ctrl is a mostly a b2b focused business. And so they don&#8217;t, you know, there&#8217;s there&#8217;s not a big sort of consumer-facing presence, which is, which would explain why they&#8217;ve never come up with your potentially why they&#8217;ve never come up on your radar. 



Fifi Peters Because I was looking at the description of what you had bought, and the statement that you issued, and the picture that came to mind about this business was a hippo.co.za So would that be the most accurate description of what you bought here, or the most closest competitor? 







Fabian Whate Yeah, so I think there&#8217;s there&#8217;s definitely a few players in the market who are doing things that that look somewhat similar, and not to take anything away from, from those indirect competitors, we do see Ctrl as, as as quite a unique animal. So I&#8217;ll give you a bit of a bit of a flavor of what it is controlled as. So Ctrl, as you mentioned, this is an insurer tech business. And they basically are a marketplace that connects insurers. On the one side. On the other side, you&#8217;ve got consumers, and and in the middle, you&#8217;ve got traditional insurance brokers, as well as large consumer facing businesses who are looking to cross sell insurance. So I think it&#8217;s it&#8217;s, yeah, it&#8217;s somewhat different to hippo. 







Fifi Peters And then can you give us a sense of how this company has performed since it first opened? its doors physical or virtual? But what kind of growth? Have we seen over the years? What is the existing client or customer base presently? 







Fabian Whate Yeah, so we, I mean, it&#8217;s hard for me to share exact data given the company&#8217;s private and that information is not publicly available. But what I can say is, is that the company&#8217;s customer base, and this comprises, as I said, mostly large sort of enterprises, as well as smaller traditional brokers, that customer base has grown multiples over the last couple of years. 







Fifi Peters Alright, being shown the numbers, so the numbers that you have given is the 34 million Rand that you&#8217;re injecting into the business. Perhaps I was incorrect and calling this an acquisition. What exactly is this? And how does the ownership structure change with this injection?







Fabian Whate Yeah. So Naspers Foundry is a minority equity investor, right? So we don&#8217;t have as you rightly pointed out, we don&#8217;t do acquisitions, but rather, we invest in businesses, and we&#8217;ve back phenomenal founders to continue to run and expand those businesses. And that&#8217;s exactly what we&#8217;ve done in the case of Ctrl. We&#8217;ve injected 34 million Rand into the business and and for that 34 million Rand we will become a a minority, equity holder shareholder within that business, along with other shareholders, which includes the founders, which continue to own the bulk of the business. And then our co shareholder is is Santam in this business. So yeah, and with that 34 million Rand, the core focus is on growing the business and particularly expanding the team in the areas of tech in the areas of customer service, further marketing spend, and also the businesses looking to expand from serving not only consumers, but also commercial SME customers. So those are some of the uses of of the proceeds of the transaction. 







Fifi Peters Okay, interesting. So just in terms of the future and what it does look like with yourselves and some time as you mentioned, as as a partner, so this gross Can you perhaps give us a little more details as to how it will be? achieved and what you&#8217;re hoping to achieve over what timeframe? 







Fabian Whate Yeah, yeah. So in the near term, the business is very much focused on on one, improving product, and continuing to refine the tech platform. Secondly, there&#8217;s a big push in terms of onboarding and new customers, right. So both large consumer-facing businesses who would want to cross-sell insurance. And again, I&#8217;ll add a bit of detail on that for now. And then secondly, you know, continuing to to recruit and onboard insurance brokers. So on on the consumer platform side, what what the business does is it takes a again, I want to mention, I don&#8217;t want to mention names and a giveaway the client base here, but basically what it does is it takes a large consumer-facing business that already has an existing customer base, and it allows that business to cross the insurance into that customer base, and thereby generate incremental revenue from that existing customer base. On the broker side, it allows the broker to digitalize its its existing customer base, therefore making it more efficient and extending the brokers ability, you know, to one serve its customers more efficiently, and also, at the same time provide, you know, better levels of service. So it really is a win-win to everyone involved within you know, within this marketplace ecosystem.

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Naspers invests R34mn in insurtech firm, Ctrl

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It is almost getting close to a year when a war broke out in the Northern Tigray region in Ethiopia. The crisis has taken scores of the lives of people in that region, and several businesses have shut down. Today we ask the fate of Tigray. Joining CNBC Africa for this discussion is Feven Girmay, Researcher at the Harvard University, and Samuel Getachaw, Political and Economic Analyst.

What lies ahead for Ethiopia’s Tigray region?

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="740" height="416" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106914167-1626861873395-gettyimages-1234061399-sindeyev-notitle210719_npeAJ.jpeg" alt="" class="wp-image-410239" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106914167-1626861873395-gettyimages-1234061399-sindeyev-notitle210719_npeAJ.jpeg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106914167-1626861873395-gettyimages-1234061399-sindeyev-notitle210719_npeAJ-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106914167-1626861873395-gettyimages-1234061399-sindeyev-notitle210719_npeAJ-140x80.jpeg 140w" sizes="(max-width: 740px) 100vw, 740px" /><figcaption>A bitcoin sign with a graph pictured in the background. STR | NurPhoto via Getty Images</figcaption></figure>



Bitcoin and other cryptocurrencies recovered on Wednesday after a brutal sell-off, with the world’s biggest digital coin climbing back above $30,000.



The price of bitcoin rose almost 4% in the last 24 hours, to $30,798 at 5:25 a.m. ET, according to Coin Metrics data. Smaller cryptocurrencies ether and XRP also rebounded, up around 7% and 3% respectively.



The crypto market saw significant selling on Tuesday, with bitcoin <a href="https://www.cnbcafrica.com/2021/90-billion-wiped-off-crypto-market-as-bitcoin-drops-below-30000-for-first-time-in-nearly-a-month/">falling below the $30,000 mark</a> for the first time since June 22.



The plunge came on the back of news that the New Jersey attorney general issued a&nbsp;<a href="https://www.forbes.com/sites/stevenehrlich/2021/07/19/new-jersey-attorney-general-prepares-cease-and-desist-order-against-multi-billion-dollar-bitcoin-financial-services-platform/" target="_blank" rel="noreferrer noopener">cease and desist letter</a>&nbsp;to crypto lending firm BlockFi, ordering it to stop offering interest-bearing accounts.



The reason for the move higher Wednesday wasn’t immediately clear. Cryptocurrencies often undergo severe price swings. Bitcoin, for example, rallied to an all-time high of almost $65,000 in April before halving in value in the months that followed.



<h2 class="wp-block-heading" id="h-dead-cat-bounce"><a></a>‘Dead cat bounce’</h2>



Vijay Ayyar, head of Asia-Pacific at cryptocurrency exchange Luno, said Wednesday’s price move was likely a “dead cat bounce,” where an asset briefly recovers from a prolonged decline before continuing to slide.



Unless bitcoin can climb above $32,000, Ayyar expects more downside, with the top cryptocurrency potentially tumbling as low as $24,000.



“We saw broad market rallies across the board last night as well, and I think crypto is just playing off of that,” Ayyar told CNBC.



“In general, there are lot of macro factors weighing down on risk-on assets at the moment — inflation worries, Covid, and with crypto we’ve got more specific worries such as much more regulatory oversight.”



<h2 class="wp-block-heading"><a></a>Regulatory pressure</h2>



Cryptocurrencies have been on a downward trajectory amid a growing crackdown on the industry from regulators around the world.



In China, authorities have sought to stamp out crypto mining, the process which validates transactions and produces new coins. Meanwhile, Binance, the world’s largest crypto exchange, is facing&nbsp;<a href="https://www.cnbc.com/2021/06/28/cryptocurrency-exchange-binance-banned-by-uk-regulator.html">intensifying pressure</a>&nbsp;from regulators in the U.K., Italy and elsewhere.

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Bitcoin extends gains, touching $32,000 as cryptocurrencies rebound from sell-off

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Kenya&#8217;s public debt is up by as much as Ksh432 billion in the first half of 2021 largely attributed to increased external debt in the wake of the Covid-19 pandemic. But what kind of pressure does this put on the taxpayer? Churchill Ogutu, Head of Research at Genghis Capital joins CNBC Africa for more.

The cost of Kenya’s rising debt

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="740" height="416" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106460708-1585165953635gettyimages-1207933754.jpeg" alt="" class="wp-image-410202" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106460708-1585165953635gettyimages-1207933754.jpeg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106460708-1585165953635gettyimages-1207933754-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106460708-1585165953635gettyimages-1207933754-140x80.jpeg 140w" sizes="(max-width: 740px) 100vw, 740px" /><figcaption>World Health Organization (WHO) Director-General Tedros Adhanom Ghebreyesus attends a daily press briefing on COVID-19, the disease caused by the novel coronavirus, at the WHO headquaters in Geneva on March 11, 2020. Fabrice Coffrini | AFP | Getty Images</figcaption></figure>



The world is in the early stages of another wave of Covid-19 infections and death, World Health Organization Director-General Tedros&nbsp;Adhanom Ghebreyesus said Wednesday.



Speaking to International Olympic Committee members in Tokyo, Tedros said the global failure to share vaccines, tests and treatments is fueling a “two-track pandemic.” Countries that have adequate resources like vaccines are opening up, while others are locking down in a bid to slow the virus’ transmission.



Vaccine discrepancies around the world are masking a “horrifying injustice,” he added.



“This is not just a moral outrage, it’s also epidemiologically and economically self-defeating,” Tedros said, adding that the longer the pandemic drags on, the more socioeconomic turmoil it will bring. “The pandemic is a test and the world is failing.”



He warned that “19 months into the pandemic, and seven months since the first vaccines were approved, we are now in the early stages of another wave of infections and deaths.” Tedros added that the global threat of the pandemic will remain until all countries have a handle on the disease.



<h2 class="wp-block-heading" id="h-a-celebration-of-hope"><a></a>A celebration of hope</h2>



The&nbsp;<a href="https://www.cnbc.com/2021/07/20/tokyo-olympics-covid-still-threatens-event-days-before-it-begins.html">Tokyo Games are set to open Friday</a>&nbsp;after being postponed last year due to the pandemic.



Rising Covid-19 cases in Tokyo have overshadowed the Olympics, which&nbsp;<a href="https://www.cnbc.com/2021/07/08/japan-olympics-committee-bans-spectators-following-state-of-emergency.html">banned all spectators from the games</a>&nbsp;this month after Japan declared a state of emergency.



Cases around the Japanese capital have risen by more than <a href="https://www.japantimes.co.jp/news/2021/07/18/national/japan-coronavirus-july-18/" target="_blank" rel="noreferrer noopener">1,000 new infections daily in recent days</a>. Nationwide, Japan has reported more than 848,000 Covid cases and over 15,000 deaths amid a relatively slow vaccine rollout.



The first&nbsp;<a href="https://www.nbcnews.com/news/olympics/tokyo-2020-first-covid-19-case-reported-olympic-village-days-n1274269" target="_blank" rel="noreferrer noopener">positive Covid-19 case</a>&nbsp;hit the athlete’s village over the weekend and, so far,&nbsp;<a href="https://apnews.com/article/sports-2020-tokyo-olympics-health-tokyo-coronavirus-pandemic-3d7dcb39c13fabdd8cdf9ecd1b2ee3ef" target="_blank" rel="noreferrer noopener">more than 70 cases</a>&nbsp;have been linked to the Tokyo Games.



On Wednesday, Tedros said the games are a celebration of “something that our world needs now, more than ever — a celebration of hope.” While the pandemic may have postponed the games, he said it has not “defeated them.”



<h2 class="wp-block-heading"><a></a>Vaccine discrepancies</h2>



Tedros criticized the vaccine discrepancies between wealthy and low-income countries. He said 75% of all vaccine doses — more than 3.5 billion shots — have been administered in just 10 countries while only 1% of people in poorer nations have received at least one shot.



“Vaccines are powerful and essential tools. But the world has not used them well,” he said, adding that instead of being deployed widely, the shots have been concentrated in the “hands and arms of the lucky few.”



The global health body has called for a massive worldwide push to vaccinate at least 70% of the population in every country by the middle of next year.



“The pandemic will end when the world chooses to end it. It’s in our hands,” Tedros said. “We have all the tools we need: we can prevent this disease, we can test for it, and we can treat it.”



He called on the world’s leading economies to step up by sharing vaccines and funding global efforts to make them more accessible as well as incentivizing companies to scale up vaccine production.



Disclosure: CNBC parent NBCUniversal owns NBC Sports and NBC Olympics. NBC Olympics is the U.S. broadcast rights holder to all Summer and Winter Games through 2032.

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WHO chief warns that the world is going into the ‘early stages of another wave’

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With the volatility we have seen with cryptocurrencies such as Bitcoin and Ethereum, their payments use case has been constrained. This has led to some supporting the case for cryptocurrencies known as stablecoins, which are pegged to have a more stable value. So what are stablecoins and are they the future of virtual payments? Mulondo Daniel, CEO of Nileone Crypto Adacemy, an affiliate of the Binance Trading Platform joins CNBC Africa for more.

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News Tips

Advertise With Us

Newsletter

Africa demands local production of COVID vaccines

Kenyan banks to reduce mortgage rates to tap into growing demand for housing

IMF: Ghana’s economy improving, but risks remain

How mini-grids can spur energy access in Nigeria

South Africa’s Transnet hit by cyber attack, affecting some container terminal operations -sources

Africa to start receiving 400 mln J&J COVID-19 vaccine doses next week

How Nigeria can revive its hospitality industry heavily impacted by COVID-19

Ethereum price rises after Elon Musk confirms he owns the cryptocurrency

SAP: Why digitization is no longer an option for companies

Pfizer/BioNTech strike South Africa COVID-19 manufacturing deal with Biovac

Small businesses bear the brunt of violent unrest in SA

Naspers invests R34mn in insurtech firm, Ctrl

What lies ahead for Ethiopia’s Tigray region?

Bitcoin extends gains, touching $32,000 as cryptocurrencies rebound from sell-off

The cost of Kenya’s rising debt

WHO chief warns that the world is going into the ‘early stages of another wave’

What you need to know about stablecoins

News Tips

Advertise With Us

Newsletters