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<p>South Africa is slowly returning to normal after the upheaval of the past week with the only remnants of last week’s unrest being a lot more police than normal on the roads and army presence. So how does the president get his reform agenda back on the table? Joining CNBC Africa for this conversation is Political Economist, Nic Borain.</p>


SA post unrest: Ramaphosa looks to get reform agenda back on track

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<p>South African President Cyril Ramaphosa outlined measures to stabilize the country amid  violent protests and looting in the trade hubs of KwaZulu-Natal and Gauteng. He called on South Africans to unite in defense of the nation’s constitutional democracy&#8230;.</p>


SA Unrest: ‘We will extinguish the fires that are raging’ – Ramaphosa


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="545" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/38503507032_ae4eda913f_b-2-820x545.jpg" alt="" class="wp-image-408925" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/38503507032_ae4eda913f_b-2-820x545.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/38503507032_ae4eda913f_b-2-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/38503507032_ae4eda913f_b-2-120x80.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/38503507032_ae4eda913f_b-2-768x511.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/38503507032_ae4eda913f_b-2.jpg 1024w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>President Jacob Zuma attends launch of the KwaZulu-Natal InvestSA One Stop Shop in Durban, 18 November 2017 President Jacob Zuma addresses the KwaZulu-Natal InvestSA One Stop Shop launch in Durban. The primary objective of the provincial one stop shops is to co-ordinate and incorporate special economic zones, provincial investment agencies, local authorities and the relevant government departments involved in regulatory, registration, permits and licensing matters. Other provinces will open one stop shops over a period of three years supporting also the Special Economic Zones programme. (Photos: GCIS)</figcaption></figure>



<p>JOHANNESBURG, July 19 (Reuters) &#8211; South African former president Jacob Zuma, whose jailing earlier this month triggered some of the worst unrest of the post-apartheid era, appeared by video link in court on Monday to seek a further delay in his arms deal corruption trial.</p>



<p>While the government has largely restored order in the streets, there are fears Zuma&#8217;s latest court appearance could again trigger protests from his support base.</p>



<p>Efforts to prosecute the ex-president for allegedly receiving kickbacks over a $2 billion weapons deal in the late 1990s are seen as a test of South Africa&#8217;s ability to hold powerful politicians to account.</p>



<p>Zuma has pleaded not guilty to charges including corruption, fraud and money laundering. He has cast himself as the victim of a politically motivated witch-hunt in his attempts to evade prosecution over more than a decade.</p>



<p>Wearing a dark suit and red tie, Zuma said nothing while his lawyer Dali Mpofu argued that the trial in the Pietermaritzburg High Court should be postponed for Zuma to appear in person as opposed to virtually.</p>



<p>Mpofu said Zuma had not been able to properly consult his legal team after handing himself over in the early hours of July 8 to start a 15-month prison sentence for contempt of court.</p>



<p>Zuma was given the jail term by the constitutional court late last month for defying an order to appear at an inquiry into high-level corruption during his nine years in power until 2018.</p>



<p>That inquiry is investigating graft allegations different from the arms deal trial that Zuma also denies.</p>



<p>At a hearing in May on the arms deal case, Zuma&#8217;s legal team argued that the state prosecutor in the case was biased against him.</p>



<p>Lawyers for the state on Monday opposed Zuma&#8217;s application for a postponement, arguing it was &#8220;another delaying tactic&#8221;, according to court papers they filed.</p>



<p>More than 200 people have been killed and hundreds of businesses destroyed in the riots that followed Zuma&#8217;s imprisonment.</p>



<p>Protests initially flared in Zuma&#8217;s home province KwaZulu-Natal before escalating into arson and looting in other provinces, fuelled by anger over the poverty and inequality that persist nearly three decades after the end of white minority rule in 1994.</p>



<p>(Additional reporting by Promit Mukherjee Editing by Angus MacSwan and Mark Heinrich)</p>


President Jacob Zuma attends launch of the KwaZulu-Natal InvestSA One Stop Shop in Durban, 18 November 2017 President Jacob Zuma addresses the KwaZulu-Natal InvestSA One Stop Shop launch in Durban. The primary objective of the provincial one stop shops is to co-ordinate and incorporate special economic zones, provincial investment agencies, local authorities and the relevant government departments involved in regulatory, registration, permits and licensing matters. Other provinces will open one stop shops over a period of three years supporting also the Special Economic Zones programme. (Photos: GCIS)

South Africa’s ex-leader Zuma seeks further delay in corruption trial


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="740" height="416" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106905973-1625223614118-gettyimages-1232575215-OIL_DEMAND.jpeg" alt="" class="wp-image-409992" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106905973-1625223614118-gettyimages-1232575215-OIL_DEMAND.jpeg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106905973-1625223614118-gettyimages-1232575215-OIL_DEMAND-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106905973-1625223614118-gettyimages-1232575215-OIL_DEMAND-140x80.jpeg 140w" sizes="(max-width: 740px) 100vw, 740px" /><figcaption>Oil well pump jacks operated by Chevron Corp. in San Ardo, California, U.S., on Tuesday, April 27, 2021.<br>David Paul Morris | Bloomberg | Getty Images</figcaption></figure>



<p>Oil prices fell nearly 1% on Monday morning during Asia hours after&nbsp;<a href="https://www.cnbc.com/2021/07/18/opec-allies-agree-to-fully-end-oil-production-cuts-by-september-2022.html">OPEC and its allies agreed to end oil production cuts</a>.</p>



<p><a href="https://www.cnbc.com/quotes/@LCO.1">Brent crude futures</a>&nbsp;fell 0.88% to $72.94 a barrel, while&nbsp;<a href="https://www.cnbc.com/quotes/@CL.1">U.S. crude futures</a>&nbsp;fell 0.97% to around $71.11 a barrel.</p>



<p>But having a deal is “better than no deal” for the Organization of the Petroleum Exporting Countries&nbsp;and its allies — known collectively as OPEC+, according to an oil analyst who said a continued stalemate could mean rising production and plunging prices.</p>



<p>“I think they decided that having a deal was better than no deal,” Andy Lipow, president of Lipow Oil Associates, told CNBC.</p>



<p>The group agreed to increase production by 400,000 barrels per day on a monthly basis from August, as it moves to phase out production cuts of about 5.8 million barrels per day by September 2022.&nbsp;It comes as oil prices hover close to their highest levels in more than two years.</p>



<p><a href="https://www.cnbc.com/2021/07/05/oil-explainer-energy-prices-rise-after-opec-fails-to-reach-deal.html">Negotiations to increase production previously stalled</a>, after the United Arab Emirates rejected the group’s proposal for the rollback of the oil cuts. It left the industry as well as investors in limbo as <a href="https://www.cnbc.com/2021/07/06/oil-prices-could-top-100-former-us-energy-secretary-on-failed-opec-talks.html">experts warned that prices could either hit the roof or collapse</a> without an agreement.</p>



<p>“If they didn’t have a deal, they would be left to their own devices and we could really see a free for all on increasing production from all of them, at a time when the return of demand still remains in question, due to the delta variant,” Lipow told CNBC’s “<a href="https://www.cnbc.com/street-signs-asia/">Street Signs Asia</a>” on Monday.</p>



<p>He was referring to the highly transmissible Covid variant that’s spread to more than 100 countries, pushing cases to record highs in several countries.</p>



<p>“This agreement should give market participants comfort that the group is not headed for a messy breakup and will not be opening up the production floodgates anytime soon,” said Helima Croft, head of global commodity strategy at RBC Capital Markets.</p>



<p>Last year, to cope with lower demand as the Covid crisis hurt economies and people could not travel much, OPEC and its allies agreed to curb output by almost 10 million barrels a day from May 2020 to April 2022.&nbsp;</p>



<p>“So the one thing that we do know is that OPEC+ did not want to see a return to prices last year in the $10 to $20 a barrel range,” Lipow said.</p>



<p><a href="https://www.cnbc.com/2020/04/21/negative-oil-prices-can-go-even-lower-as-coronavirus-and-storage-limits-ravage-crude.html">Prices fell to historical lows</a>&nbsp;last year, as the impact of the pandemic wiped out oil demand. The&nbsp;<a href="https://www.cnbc.com/2020/04/20/oil-markets-us-crude-futures-in-focus-as-coronavirus-dents-demand.html">West Texas Intermediate crude fell below zero for the first time</a>, before recovering to over $10 a barrel at one point. Brent oil fell to a nearly two-decade low of nearly $20 per barrel.</p>



<h2 class="wp-block-heading" id="h-time-to-buy">Time to buy</h2>



<p>This could be a buying opportunity for investors, says Lipow.</p>



<p>The “silver lining” is that the pace that OPEC+ is restoring oil production is still slower than the increase in global demand for oil, he said. That will support prices ahead.</p>



<p>“Really, this is a buying opportunity for well over the next six months, as those inventories around the world continue to decline. Here in the United States, we’ve reduced our crude oil inventories by 75 million barrels since April 1, and that’s indicative of what’s happening around the rest of the world.”</p>



<p>Lipow said oil prices could go up to $78 a barrel for international benchmark Brent.</p>



<p>“I still think that the world has to wrestle with a return of demand and this delta variant that we’re seeing spreading around the world. And that, of course, is keeping a dampener on prices,” he said.</p>



<p>Croft, too, cautioned that uncertainty could still lie ahead, as OPEC might reverse the 400,000 barrels a day increase.</p>



<p>“As the Saudi oil minister stated, the group can pause, reverse or continue with the 400 kb/d monthly increase based on key contingencies such as Iran&#8230; and global COVID case counts,” she wrote in a note on Sunday.</p>



<p>The U.S. and Iran are re-negotiating a 2015 nuclear deal, which could mean a return of Iranian oil to the market.</p>


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OPEC+ oil deal sends prices lower — and this could be a buying opportunity

<p>LAGOS, July 18 (Reuters) &#8211; Nigeria has put six states on red alert after seeing a &#8220;worrisome&#8221; rise in COVID-19 infections, a government official said, urging people to curb gatherings and hold prayers outside mosques during this week&#8217;s Muslim festival Eid-el-Kabir.</p>
<p>Nigeria, Africa&#8217;s most populous nation, is like most parts of the continent now facing a COVID-19 third wave after detecting the more transmissible Delta variant.</p>
<p>The head of the presidential steering committee on COVID-19, Boss Mustapha, said Lagos, Oyo, Rivers, Kaduna, Kano, Plateau and the Federal Capital Territory had been placed on red alert as part of preventive measures against the pandemic.</p>
<p>A red alert allows authorities in the states to restrict celebrations and gatherings to a minimum.</p>
<p>&#8220;These steps are critical as we begin to see worrisome early signs of increasing cases in Nigeria,&#8221; Mustapha said in a statement.</p>
<p>Mustapha said there was potential for wider spread of the virus during the Eid-el-Kabir gatherings and said Friday prayers should be held outside local mosques.</p>
<p>He also suspended Durbar, an annual Muslim festival in northern Nigeria, which is marked by colourful horse riding events watched by large gatherings.</p>
<p>Last week, Nigeria, which has recorded 169,329 cases and 2,126 deaths said it expected to receive nearly 8 million additional doses of COVID-19 vaccines by the end of August, including from a U.S. government donation. (Reporting by Felix Onuah, Writing by MacDonald Dzirutwe)</p>
<p>(c) Copyright Thomson Reuters 2021. Click For Restrictions &#8211; https://agency.reuters.com/en/copyright.html</p>
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Nigeria puts six states on COVID-19 red alert, curbs gatherings


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="549" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/2770193028_68edc662a9_b-820x549.jpg" alt="" class="wp-image-403037" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/2770193028_68edc662a9_b-820x549.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/2770193028_68edc662a9_b-300x201.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/2770193028_68edc662a9_b-768x514.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/2770193028_68edc662a9_b.jpg 1023w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>Photo: via Flickr</figcaption></figure>



<p>ABUJA/LAGOS, July 16 (Reuters) &#8211; Nigeria&#8217;s parliament on Friday cleared a historic petroleum overhaul that seeks to attract waning investment to its ageing oil sector and sent the measure to the president for signature.</p>



<p>The overhaul, in the works for 20 years, is the first sweeping update to the laws that govern everything from oil drilling to fuel sales in Africa&#8217;s largest oil exporter in decades. Experts said the package is crucial to enable Nigeria to develop its oil and gas before they effectively become stranded assets as the world moves towards cleaner energy.</p>



<p>The Senate had approved the package on Thursday, but the house postponed its vote amid rancorous debate over the amount of money directed to oil-producing communities.</p>



<p>Both parliamentary chambers had passed the bill this month, but approved different amendments, which required harmonisation between lawmakers from the two chambers.</p>



<p>The reconciled bill sent to the president would send a 3% share of the annual operating expenditure of oil companies to communities where petroleum is produced. The house had approved a 5% share, and the difference had been a sticking point in the reconciliation process.</p>



<p>The final package also included clauses that would require licences to import fuel, and direct the regulator issuing the licences to give preference to those with domestic refining capacity.</p>



<p>Those clauses are widely viewed as an effort to boost the Dangote Group, whose billionaire founder Aliko Dangote is building a 650,000 barrel per day (bpd) refinery on the outskirts of Lagos.</p>



<p>Only 23 other companies have refining licences, and most of them produce less than 12,000 bpd, leaving Nigeria to import nearly all of the fuel it consumes.</p>



<p>Revisions to the original language would allow international traders to seek import licences. But unions and groups representing fuel marketers decried the import licences as anti-competitive. </p>



<p>(Reporting by Camillus Eboh in Abuja and Libby George in Lagos Writing by Chijioke Ohuocha; Editing by Kevin Liffey, William Maclean)</p>


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Chasing dwindling investment, Nigeria revamps oil sector law

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<p>Africa continues to lag behind in vaccination of its citizens, a situation largely attributed to the lack of access to vaccines. For the less than 10 per cent vaccinated so far on the continent majority have received the Astrazeneca jab and CNBC Africa spoke to the Africa Region Head of Astrazeneca, Barbara Nel for more.</p>


Astrazeneca Africa Head

Astrazeneca Africa Head, Barbara Nel on vaccines manufacturing and distribution

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<p>In the wake of the COVID-19 pandemic, funding of SMEs has been one of the major agendas in conversations regarding jump-starting economies on the continent. But is there if any a sustainable funding module for MSMEs? Fabrizio Cometto, Investment Specialist with UNCDF joins CNBC Africa for more.</p>


UNCDF on how to bridge the credit gap for MSME growth


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/32608304695_0cbfb49814_b-820x547.jpg" alt="" class="wp-image-409847" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/32608304695_0cbfb49814_b-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/32608304695_0cbfb49814_b-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/32608304695_0cbfb49814_b-120x80.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/32608304695_0cbfb49814_b-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/32608304695_0cbfb49814_b.jpg 1024w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>Khartoum, Sudan<br>Photo: via Flickr</figcaption></figure>



<p>PARIS, July 16 (Reuters) &#8211; The Paris Club of official creditors has agreed to cancel $14 billion owed by Sudan and restructure the rest of the more than $23 billion it owes, Paris Club chairman Emmanuel Moulin said on Friday.</p>



<p>Speaking after the deal was reached on Thursday, Moulin urged Sudan&#8217;s other private and public creditors to grant the country debt relief on the same terms.</p>



<p>Sudan became eligible for relief after the International Monetary Fund accepted it last month into the Highly Indebted Poor Countries (HIPC) initiative based on a commitment to macroeconomic reforms.</p>



<p>The Paris Club agreement cancels $14.1 billion outright and reschedules $9.4 billion with grace periods long enough that Sudan does not have to make payments before 2024, Moulin said.</p>



<p>&#8220;This significant effort demonstrates the international community&#8217;s support to Sudan&#8217;s democratic transition and will help Sudan to re-engage with the international financial community, pursue its reform policies and fight poverty,&#8221; Moulin said.</p>



<p>At $23.5 billion, Sudan&#8217;s Paris Club debt &#8211; more than 99% of which consists of arrears and late interest built up since the 1980s &#8211; makes up a large chunk of the more than $56 billion the country owes to foreign creditors overall.</p>



<p>&#8220;We will seek similar or better results with creditor countries outside the Paris Club. This is a successful start,&#8221; Finance Minister Gebreil Ibrahim said on Twitter.</p>



<p>Sudan owes another $20.3 billion to non-Paris Club countries, including Kuwait, Sudan&#8217;s largest creditor at $9.8 billion, Saudi Arabia and China. It owes commercial lenders at least $6.5 billion as well.</p>



<p>The Paris Club said in a statement that Kuwait, Saudi Arabia, Abu Dhabi Fund for Development and the Czech Republic, all non-members of the Club, had indicated they would provide Sudan debt relief on terms comparable to those agreed with the Paris Club.</p>



<p>Sudan&#8217;s main creditors in the Paris Club are Austria, France and the United States. </p>



<p>(Reporting by Leigh Thomas; additional reporting by Mahmoud Mourad in Cairo Editing by Alison Williams, John Stonestreet and Nick Macfie)</p>


32608304695_0cbfb49814_b

Paris Club creditors to cancel $14 bln owed by Sudan


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="474" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-123988774-820x474.jpg" alt="" class="wp-image-409826" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-123988774-820x474.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-123988774-300x173.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-123988774-138x80.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-123988774-768x444.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-123988774-1536x888.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-123988774-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>Swazi riot police cordon off on September 7, 2011 streets of Manzini, Swaziland&#8217;s main city, to stop about 1,000 protesters from marching through the center. Protesters, brandishing sticks and branches tried, several times, to storm the police cordon, without success. Clashes erupted on the third consecutive day of protests against King Mswati III, Africa&#8217;s last absolute monarch, who is accused of bankrupting the impoverished nation&#8217;s treasury while enjoying a lavish life with his 13 wives. Swaziland fell into crisis when revenues from a regional customs union, the kingdom&#8217;s main source of income, plunged 60 percent and left the government battling to keep schools and clinics running.                 AFP PHOTO / JINTY JACKSON (Photo credit should read Jinty Jackson/AFP via Getty Images)</figcaption></figure>



<p>MBABANE, July 16 (Reuters) &#8211; Eswatini police fired teargas and water cannon at anti-monarchy protesters on Friday, the head of a teachers&#8217; union said, while videos on social media showed demonstrators running away as shots rang out in the background.</p>



<p>Campaigners organised the latest round of demonstrations after government forces quashed days of violent protests at the end of June against King Mswati III, Africa&#8217;s last absolute monarch.</p>



<p>The king denies critics&#8217; accusations of autocratic rule and of using public money in an impoverished country to fund a lavish lifestyle spread across several palaces housing him and his 15 wives.</p>



<p>&#8220;Police have dispersed us &#8230; at the moment they are driving us out of the town&#8217;s outskirts,&#8221; Swaziland National Association of Teachers (SNAT) Secretary General Sikelela Dlamini said from Manzini, Eswatini&#8217;s second-largest city.</p>



<p>He said they had fired tear gas and used water cannon on the protesters, and that shops and offices were closed.</p>



<p>A video posted to Facebook by the Swaziland Democratic Front, a pro-democracy coalition including political parties, churches and unions, showed protesters singing and dancing in the street before fleeing as shots rang out behind them.</p>



<p>It was not clear who was firing or what they were shooting at.</p>



<p>Government forces fired gunshots and teargas to disperse the previous round of protests, when some demonstrations calling for reforms to Eswatini&#8217;s absolute monarchy descended into rioting and looting. On July 1, the army was called in.</p>



<p>King Mswati called an open public meeting known as a Sibaya, usually only held once a year, for Friday, and pro-democracy campaigners called demonstrations to coincide with it.</p>



<p>Mswati is expected to use the Sibaya to make his first public comments on the recent violence, and the meeting may provide a gauge of his popularity after the crackdown.</p>



<p>Unverified pictures on social media showed buses that were supposed to be ferrying citizens to the Sibaya standing empty. An online livestream of the meeting, which was due to start at 10 a.m. (0800 GMT), was pushed back.</p>



<p>State radio was still running normal programming, but said people were arriving at the Sibaya.</p>



<p>National Police Commissioner William Dlamini told the state broadcaster that the police would use maximum force against demonstrators if needed. </p>



<p>(Reporting by Lunga Masuku; Writing by Emma Rumney; Editing by Kevin Liffey)</p>


Swazi riot police cordon off on Septembe

Eswatini anti-monarchy rally dispersed by force as forum due to meet


<p>Protests erupted in South Africa last week after former President Jacob Zuma handed himself in to police to serve a 15-month jail term for contempt of court.<br><br>The government is now preparing to deploy more troops to tackle widespread riots and looting concentrated in the densely-populated Gauteng and KwaZulu-Natal provinces, with <a href="https://www.cnbc.com/2021/07/13/deaths-climb-to-72-in-south-africa-riots-after-zuma-jailed.html">117 people now dead and more </a><a href="https://www.cnbcafrica.com/2021/south-africa-violence-looting-ebbs-but-death-toll-up-to-117/">than </a><a href="https://www.cnbc.com/2021/07/13/deaths-climb-to-72-in-south-africa-riots-after-zuma-jailed.html">1,200 arrested</a>, according to a police statement.</p>



<p><a href="https://www.cnbc.com/2021/07/15/south-africas-rand-slides-amid-fatal-riots-following-zuma-arrest.html">Experts have suggested</a>&nbsp;that while the former leader’s arrest was the trigger for civil unrest, underlying issues such as “rampant unemployment, widespread inequality and discontent with Covid-19 related restrictions are the powder keg.”</p>



<h2 class="wp-block-heading" id="h-a-man-carries-a-fridge-on-his-head-that-was-looted-from-the-lotsoho-mall-in-katlehong-township">A man carries a fridge on his head that was looted from the Lotsoho Mall in Katlehong township</h2>



<figure class="wp-block-image"><img decoding="async" src="https://image.cnbcfm.com/api/v1/image/106911310-1626349631481-gettyimages-1233942878-AFP_9EU4X9.jpeg?v=1626349674&amp;w=929&amp;h=523" alt="A man carries a fridge on his head that was looted from the Lotsoho Mall in Katlehong township, East of Johannesburg, on July 12, 2021."/><figcaption>A man carries a fridge on his head that was looted from the Lotsoho Mall in Katlehong township, East of Johannesburg, on July 12, 2021.Phill Magakoe | AFP | Getty Images</figcaption></figure>



<p></p>



<h2 class="wp-block-heading" id="h-smoke-rises-from-a-makro-building-set-on-fire-overnight-in-umhlanga-north-of-durban">Smoke rises from a Makro building set on fire overnight in Umhlanga, north of Durban</h2>



<figure class="wp-block-image"><img decoding="async" src="https://image.cnbcfm.com/api/v1/image/106910426-1626209902416-gettyimages-1233958442-AFP_9EW9HR.jpeg?v=1626209996&amp;w=929&amp;h=523" alt="Smoke rises from a Makro building set on fire overnight in Umhlanga, north of Durban, on July 13, 2021 as several shops, businesses and infrastructure are damaged in the city, following four nights of continued violence and looting sparked by the jailing "/><figcaption>Smoke rises from a Makro building set on fire overnight in Umhlanga, north of Durban, on July 13, 2021 as several shops, businesses and infrastructure are damaged in the city, following four nights of continued violence and looting sparked by the jailing of ex-president Jacob Zuma.Rajesh Jantilal | AFP | Getty Images</figcaption></figure>



<p></p>



<h2 class="wp-block-heading" id="h-looters-take-away-few-items-left-to-grab-in-a-vandalised-mall-in-vosloorus">Looters take away few items left to grab in a vandalised mall in Vosloorus</h2>



<figure class="wp-block-image"><img decoding="async" src="https://image.cnbcfm.com/api/v1/image/106911304-1626349258145-gettyimages-1233969998-AFP_9EY6M7.jpeg?v=1626349335&amp;w=929&amp;h=523" alt="Looters take away few items left to grab in a vandalised mall in Vosloorus, on July 14, 2021."/><figcaption>Looters take away few items left to grab in a vandalised mall in Vosloorus, on July 14, 2021.Marco Longari | AFP | Getty Images</figcaption></figure>



<p></p>



<h2 class="wp-block-heading" id="h-a-fire-engulfs-campsdrift-park-which-houses-makro-and-china-mall-following-protests-that-have-widened-into-looting-in-pietermaritzburg">A fire engulfs Campsdrift Park, which houses Makro and China Mall, following protests that have widened into looting in Pietermaritzburg</h2>



<figure class="wp-block-image"><img decoding="async" src="https://image.cnbcfm.com/api/v1/image/106911301-16263491062021-07-13t201019z_915695255_rc2wjo9ioubl_rtrmadp_0_safrica-zuma-fire.jpeg?v=1626349156&amp;w=929&amp;h=523" alt="A fire engulfs Campsdrift Park, which houses Makro and China Mall, following protests that have widened into looting in Pietermaritzburg, South Africa July 13, 2021, in this screen grab taken from a video obtained from social media."/><figcaption>A fire engulfs Campsdrift Park, which houses Makro and China Mall, following protests that have widened into looting in Pietermaritzburg, South Africa July 13, 2021, in this screen grab taken from a video obtained from social media.Sibonelo Zungu | Reuters</figcaption></figure>



<p></p>



<h2 class="wp-block-heading" id="h-religious-leaders-carrying-south-african-flags-walk-near-a-looted-shopping-mall">Religious leaders carrying South African flags walk near a looted shopping mall</h2>



<figure class="wp-block-image"><img decoding="async" src="https://image.cnbcfm.com/api/v1/image/106911311-16263497152021-07-14t174537z_2065885000_rc2eko9pqtq8_rtrmadp_0_safrica-zuma.jpeg?v=1626349753&amp;w=929&amp;h=523" alt="Religious leaders carrying South African flags walk near a looted shopping mall as the country deploys army to quell unrest linked to the jailing of former South African President Jacob Zuma, in Vosloorus, South Africa, July 14, 2021."/><figcaption>Religious leaders carrying South African flags walk near a looted shopping mall as the country deploys army to quell unrest linked to the jailing of former South African President Jacob Zuma, in Vosloorus, South Africa, July 14, 2021.Siphiwe Sibeko | Reuters</figcaption></figure>



<p></p>



<h2 class="wp-block-heading" id="h-a-johannesburg-metro-police-department-jmpd-officer-walks-between-burnt-cars">A Johannesburg Metro Police Department (JMPD) officer walks between burnt cars&nbsp;</h2>



<figure class="wp-block-image"><img decoding="async" src="https://image.cnbcfm.com/api/v1/image/106911309-1626349531550-gettyimages-1233921628-AFP_9EL82J.jpeg?v=1626349572&amp;w=929&amp;h=523" alt="A Johannesburg Metro Police Department (JMPD) officer walks between burnt cars at a car showroom in Jeppestown, Johannesburg, on July 11, 2021."/><figcaption>A Johannesburg Metro Police Department (JMPD) officer walks between burnt cars at a car showroom in Jeppestown, Johannesburg, on July 11, 2021.Luca Sola | AFP | Getty Images</figcaption></figure>



<p></p>



<h2 class="wp-block-heading" id="h-south-african-police-services-saps-members-arrest-a-looter-at-the-gold-spot-shopping-centre-in-vosloorus">South African Police Services (SAPS) members arrest a looter at the Gold Spot Shopping Centre in Vosloorus</h2>



<figure class="wp-block-image"><img decoding="async" src="https://image.cnbcfm.com/api/v1/image/106911306-1626349393947-gettyimages-1233944021-AFP_9EU6LA.jpeg?v=1626349497&amp;w=929&amp;h=523" alt="South African Police Services (SAPS) members arrest a looter at the Gold Spot Shopping Centre in Vosloorus, southeast of Johannesburg, on July 12, 2021."/><figcaption>South African Police Services (SAPS) members arrest a looter at the Gold Spot Shopping Centre in Vosloorus, southeast of Johannesburg, on July 12, 2021.Guillem Sartorio | AFP | Getty Images</figcaption></figure>



<p></p>



<h2 class="wp-block-heading" id="h-locals-and-family-members-of-15-year-old-vusi-dlamini-stand-next-to-his-body-after-he-has-been-allegedly-shot-outside-a-mall-where-looting-was-taking-place">Locals and family members of 15-year-old Vusi Dlamini stand next to his body after he has been allegedly shot outside a mall where looting was taking place</h2>



<figure class="wp-block-image"><img decoding="async" src="https://image.cnbcfm.com/api/v1/image/106911314-16263498282021-07-14t122955z_474002586_rc2ako9ej19o_rtrmadp_0_safrica-zuma.jpeg?v=1626350434&amp;w=929&amp;h=523" alt="Locals and family members of 15-year-old Vusi Dlamini stand next to his body after he has been allegedly shot outside a mall where looting was taking place, as the country deploys army to quell unrest linked to the jailing of former South African Presiden"/><figcaption>Locals and family members of 15-year-old Vusi Dlamini stand next to his body after he has been allegedly shot outside a mall where looting was taking place, as the country deploys army to quell unrest linked to the jailing of former South African President Jacob Zuma, in Vosloorus, South Africa, July 14, 2021.Siphiwe Sibeko | Reuters</figcaption></figure>



<p></p>


106911310-1626349631481-gettyimages-1233942878-AFP_9EU4X9

Photos show South Africa riots in the wake Jacob Zuma arrest


<p>WASHINGTON, July 15 (Reuters) &#8211; The World Bank said that leaders of 23 African countries on Thursday called for a largest-ever $100 billion replenishment of the International Development Association (IDA), the global lender&#8217;s fund for the world&#8217;s poorest countries.</p>



<p>The leaders set the goal in a joint declaration after a summit meeting in Abidjan, Ivory Coast, the World Bank said in a statement.</p>



<p>World Bank member countries normally replenish IDA every three years, setting its previous financing package at $82 billion to cover the 2021-2023 fiscal years. But in April, the bank launched an early replenishment cycle after massive assistance paid out to help countries deal with the COVID-19 pandemic drew down IDA resources.</p>



<p>The World Bank aims to complete the 20th replenishment of IDA in December, covering the 2023-2025 fiscal years.</p>



<p><a href="https://www.worldbank.org/en/news/statement/2021/07/15/abidjan-s-declaration-african-heads-of-state-calls-for-an-ambitious-replenishment-of-the-resources-of-the-international">The declaration</a> from the African leaders marks the first request for a $100 billion replenishment goal.</p>



<p>The leaders who met in Abidjan are from Angola, Benin, Burkina Faso, Cameroon, Ivory Coast, Democratic Republic of Congo, Ethiopia, Ghana, Guinea, Guinea Bissau, Kenya, Liberia, Madagascar, Mauritania, Mozambique, Niger, Nigeria, Uganda, Rwanda, Senegal, Sudan, Tanzania and Togo. </p>



<p>(Reporting by David Lawder; Editing by Chris Reese and Aurora Ellis)</p>


istockphoto-1250489640-640×640

African countries call for $100 billion for World Bank development fund


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="800" height="533" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/download-11.jpg" alt="" class="wp-image-409645" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/download-11.jpg 800w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/download-11-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/download-11-120x80.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/download-11-768x512.jpg 768w" sizes="(max-width: 800px) 100vw, 800px" /><figcaption>People loot an area near a burning warehouse after violence erupted following the jailing of former South African President Jacob Zuma, in Durban, South Africa, July 14, 2021. REUTERS/Rogan Ward</figcaption></figure>



<p>JOHANNESBURG, July 15 (Reuters) &#8211; South Africans counted the cost on Thursday of arson and looting that has destroyed hundreds of businesses and killed at least 117 people, as the spasm of violence began to ebb and the government doubled its troop deployment to 10,000.</p>



<p>Pockets of unrest remained, notably in the <a href="https://www.cnbcafrica.com/2021/south-africas-durban-port-suffers-major-disruption-over-violence/">port city of Durban</a>, where looters pillaged shops and racial tensions flared.</p>



<p>But in the main commercial city Johannesburg, shopkeepers and other residents sifted through debris, cleared up trash and assessed what remained of their ruined enterprises.</p>



<p>The rioting broke out in response to the <a href="https://www.cnbcafrica.com/2021/south-africas-jailed-ex-leader-zuma-loses-bid-to-overturn-arrest/">jailing of ex-President Jacob Zuma last week</a> for his failure to appear at a corruption inquiry.</p>



<p>It swiftly degenerated into looting and destruction, driven by widespread anger over the hardship and inequality that nearly three decades of democracy since the end of apartheid have failed to address.</p>



<p>The military called up all its reservists to bolster army and police who have struggled to contain the unrest.</p>



<p>The acting minister for the office of President Cyril Ramaphosa, Khumbudzo Ntshavheni, said troop numbers had been doubled since Wednesday to 10,000. This was still fewer than the 25,000 Defence Minister Nosiviwe Mapisa-Nqakula said on Wednesday had been requested.</p>



<p>Ntshavheni also said the death toll had risen to 91 deaths in KwaZulu-Natal, Zuma&#8217;s home province where his support is greatest, and stood at 26 in Gauteng, which includes Johannesburg, making a total of 117 killed so far. A total of 2,203 arrests had been made.</p>



<h3 class="wp-block-heading" id="h-read-why-violence-is-engulfing-south-africa"><a href="https://www.cnbcafrica.com/2021/why-violence-is-engulfing-south-africa/">Read: Why violence is engulfing South Africa</a></h3>



<p>&#8220;We should be worried at the nature of violence that we&#8217;ve seen, the nature of criminality,&#8221; Foreign Minister Naledi Pandor said in an audio clip shared by her ministry.</p>



<p>&#8220;South Africa&#8217;s economy was just beginning to recover from the worst effects of the pandemic, this is going to further reverse our economic growth.&#8221;</p>



<h2 class="wp-block-heading" id="h-racial-tensions-stoked">RACIAL TENSIONS STOKED</h2>



<p>In some neighbourhoods, vigilante groups have sprung up to protect their property. But there was also evidence the latest chaos may be exacerbating the racial tensions that are a legacy of the apartheid system.</p>



<p>In Durban&#8217;s Phoenix neighbourhood, home to many South Africans of Indian descent, authorities reported conflict between them and Black citizens.</p>



<p>&#8220;There are ugly scenes playing out on the streets of Phoenix, the racial direction that these unrests are taking must be arrested speedily,&#8221; Police Minister Bheki Cele said.</p>



<p>Twenty people have been killed in Phoenix since the start of the violence last week, he later said on television.</p>



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<h3 class="wp-block-heading" id="h-counting-the-cost-of-violent-looting-to-sa-s-economy">Counting the cost of violent looting to SA&#8217;s economy</h3>


</div></div>



<p>An informal slum housing poor Blacks was burned down in the KwaZulu-Natal city of Pietermaritzburg, the mayor for the municipality that includes it said.</p>



<p>The ransacking of stores has left food and other essentials in short supply, and the closure of many petrol stations has also hit transport supply lines.</p>



<p>At Diepkloof Mall in Soweto, South Africa&#8217;s biggest township, about 50 people swept up broken glass and packed empty shoe boxes into plastic rubbish bags, a Reuters reporter said.</p>



<p>Clothing stores were empty and looted ATM machines lay strewn around.</p>



<p>&#8220;It&#8217;s heartbreaking &#8230; Everything is gone. It&#8217;s going to take months to be back up again,&#8221; said Ricardo Desousa, manager of a ransacked butcher shop in Soweto&#8217;s Bara Mall.</p>



<p>His staff were helping clean up the damage. &#8220;They&#8217;re not going to get paid,&#8221; he said. &#8220;There&#8217;s no money.&#8221;</p>



<p>The destruction of businesses is likely to exacerbate the poverty and desperation that partly fuelled the riots.</p>



<p>Half of South Africans are below the official poverty line and unemployment stood at a record high of 32.6% in the first three months of 2021, due partly to the impact of COVID-19.</p>



<p>Pillaging continued on Thursday in Durban, where a Reuters reporter saw crowds in the Mobeni neighbourhood rolling away trolleys loaded with maize meal and other staples.</p>



<h2 class="wp-block-heading" id="h-political-cost">POLITICAL COST</h2>



<p>Zuma, 79, was sentenced last month for defying an order to give evidence at a judicial inquiry probing high-level graft during his time in office from 2009 to 2018.</p>



<p>He has pleaded not guilty in a separate case on charges including corruption, fraud, racketeering and money laundering, saying he is the victim of a political witch-hunt.</p>



<p>But his downfall has opened up a power struggle within the African National Congress (ANC), in power since the end of apartheid in 1994. Zuma loyalists make up the strongest faction opposed to President Cyril Ramaphosa.</p>



<p>William Gumede, a professor in governance at the University of the Witwatersrand, said the chaos was likely to cost the ANC in lost votes. Local government elections are set for October.</p>



<p>&#8220;Black people lost the most &#8230; businesses were affected, with mainly Black employees without work,&#8221; he said. &#8220;So, you can imagine the anger towards the ANC among many former supporters.&#8221;</p>



<p>The unrest has also disrupted hospitals struggling to cope with a third wave of COVID-19. They are running out of oxygen and drugs, most of which are imported through Durban. Some vaccination centres have been forced to shut.</p>



<p>(Additional reporting by Siyabonga Sishi in Durban, Wendell Roelf in Cape Town, and Shafiek Tassiem, Olivia Kumwenda-Mtambo, Siphiwe Sibeko and Tim Cocks in Johannesburg; Writing by Tim Cocks; Editing by Angus MacSwan and Alex Richardson)</p>




download-11

South Africa violence, looting ebbs but death toll up to 117

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<p>Joining CNBC Africa to paint the picture is Reana Steyn, Ombudsman for Banking Services.</p>


How the closure of bank branches is impacting SA consumers

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<p>The Standard Bank Group announced an offer to buy the rest of Liberty Holdings it doesn&#8217;t already own. Liberty shares jumped more than 30 per cent in early trading today. Standard Bank Group CEO, Sim Tshabalala joins CNBC Africa for more.</p>


Standard Bank CEO: What the full integration of Liberty means for Africa strategy

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<p>The South African Venture Capital &#038; Private Equity Industry Association released the results of its 2020 survey and  CNBC Africa spoke with the CEO Tanya van Lill Africa for more.</p>


SA sees increase in deal activity in the venture capital space despite COVID-19


<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-880072092-820x547.jpg" alt="" class="wp-image-409717" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-880072092-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-880072092-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-880072092-120x80.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-880072092-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-880072092-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-880072092-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>Kenyan shilling banknotes and coins sit arranged at a market stall in Mombasa, Kenya, on Thursday, Nov. 23, 2017. The countrys Treasury has already cut this years growth target to 5 percent from 5.9 percent as the protracted election furor damped investment and a drought curbed farm output. Photographer: Luis Tato/Bloomberg via Getty Images</figcaption></figure>



<p>NAIROBI, July 15 (Reuters) &#8211; Kenya&#8217;s currency is likely to come under pressure against the U.S. dollar next week while Nigeria, Tanzania, Uganda and Zambia&#8217;s units hold steady.</p>



<h2 class="wp-block-heading" id="h-kenya">KENYA</h2>



<p>The Kenyan shilling is expected to come under pressure in the coming week as demand for dollars increases in the market.</p>



<p>Commercial banks quoted the shilling at 108.05/108.25, compared with last Thursday&#8217;s close 107.85/108.05.</p>



<p>&#8220;I expect the demand (for dollars) to go up in the next week,&#8221; said a trader at one of the commercial banks.</p>



<h2 class="wp-block-heading" id="h-nigeria">NIGERIA</h2>



<p>Nigeria&#8217;s naira is seen unchanged on the official and parallel markets next week due to a forthcoming bank holiday and thin liquidity, traders said.</p>



<p>The currency was quoted at 411 naira on the spot market on Thursday, to stay within a range of between 407 naira and 412 naira it has traded at since last month.</p>



<p>It remained unchanged on the black market at the more than 3-1/2-year low of 505 naira hit last week on the informal market.</p>



<h2 class="wp-block-heading" id="h-tanzania">TANZANIA</h2>



<p>Tanzania&#8217;s shilling is expected to hold steady as dollar inflows from daily corporate operations and retail companies match demand.</p>



<p>Commercial banks quoted the shilling at 2,314/2,324 against the dollar, unchanged from last Thursday&#8217;s close.</p>



<p>&#8220;We expect the demand and inflows to come from the daily operations of corporates and retail businesses,&#8221; a trader at one commercial bank in Dar es Salaam said.</p>



<h2 class="wp-block-heading" id="h-uganda">UGANDA</h2>



<p>The Ugandan shilling is expected to be stable, with inflows from exporters of commodities like coffee helping absorb appetite from merchandise importers.</p>



<p>Commercial banks quoted the shilling at 3,545/3,555, compared with last Thursday&#8217;s close of 3,550/3,560.</p>



<p>&#8220;We have healthy inflows from commodities like coffee, they will mop up any importer demand coming through,&#8221; said a trader at one commercial bank, who expected it to trade in the 3,540-3,560 range in the next week.</p>



<h2 class="wp-block-heading" id="h-zambia">ZAMBIA</h2>



<p>The kwacha is likely to hold steady against the dollar next week as the market continues to see some moderate hard currency supply and matching demand.</p>



<p>On Thursday, commercial banks quoted the currency of Africa&#8217;s second largest copper producer at 22.6350 per dollar from 22.6200 at the close of business a week ago.</p>



<p>&#8220;Interim trends suggest that the rate is likely to trade between 22.650 to 22.850 in the short to medium term,&#8221; pan-African commercial bank Access Bank said in a note. </p>



<p>(Reporting by Omar Mohammed, Chijioke Ohuocha, Nuzulack Dausen, Elias Biryabarema and Chris Mfula; Compiled by Chris Mfula)</p>


Newsletter

SA post unrest: Ramaphosa looks to get reform agenda back on track

SA Unrest: ‘We will extinguish the fires that are raging’ – Ramaphosa

South Africa’s ex-leader Zuma seeks further delay in corruption trial

OPEC+ oil deal sends prices lower — and this could be a buying opportunity

Nigeria puts six states on COVID-19 red alert, curbs gatherings

Chasing dwindling investment, Nigeria revamps oil sector law

Astrazeneca Africa Head, Barbara Nel on vaccines manufacturing and distribution

UNCDF on how to bridge the credit gap for MSME growth

Paris Club creditors to cancel $14 bln owed by Sudan

Eswatini anti-monarchy rally dispersed by force as forum due to meet

Photos show South Africa riots in the wake Jacob Zuma arrest

African countries call for $100 billion for World Bank development fund

South Africa violence, looting ebbs but death toll up to 117

How the closure of bank branches is impacting SA consumers

Standard Bank CEO: What the full integration of Liberty means for Africa strategy

SA sees increase in deal activity in the venture capital space despite COVID-19

Kenyan shilling seen softening, other African currencies stable

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Advertise With Us

Newsletter

SA post unrest: Ramaphosa looks to get reform agenda back on track

SA Unrest: ‘We will extinguish the fires that are raging’ – Ramaphosa

South Africa’s ex-leader Zuma seeks further delay in corruption trial

OPEC+ oil deal sends prices lower — and this could be a buying opportunity

Nigeria puts six states on COVID-19 red alert, curbs gatherings

Chasing dwindling investment, Nigeria revamps oil sector law

Astrazeneca Africa Head, Barbara Nel on vaccines manufacturing and distribution

UNCDF on how to bridge the credit gap for MSME growth

Paris Club creditors to cancel $14 bln owed by Sudan

Eswatini anti-monarchy rally dispersed by force as forum due to meet

Photos show South Africa riots in the wake Jacob Zuma arrest

African countries call for $100 billion for World Bank development fund

South Africa violence, looting ebbs but death toll up to 117

How the closure of bank branches is impacting SA consumers

Standard Bank CEO: What the full integration of Liberty means for Africa strategy

SA sees increase in deal activity in the venture capital space despite COVID-19

Kenyan shilling seen softening, other African currencies stable

News Tips

Advertise With Us

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