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G7 countries reached a historic deal on global tax reform this week. Under the agreement, G7 nations will back a global minimum corporate tax of at least 15 per cent. The reforms will affect the largest companies in the world with profit margins of at least 10 per cent. But what does this mean for Africa. Anthony Munanda, Technical Expert: International Taxation at the African Tax Administration Forum (ATAF) joins CNBC Africa for more.

G7 tax deal: Here’s what it means for Africa

JOHANNESBURG, June 7 (Reuters) &#8211; South African Breweries (SAB), part of Anheuser-Busch InBev, has reinstated its investment programme that was cancelled last year, allocating 2 billion rand ($148.12 million)for its home operations, the company said on Monday.
The maker of Carling Black Label and Castle Lager beer had cancelled 2.5 billion rand for the 2020 financial year and in January cancelled a further 2.5 billion rand of investment earmarked for 2021 due to a challenging operating environment, regulatory uncertainty and a third local ban on alcohol sales in the country.
South Africa had banned alcohol sales as part of efforts to free up space in hospitals burdened with alcohol-related injuries for COVID-19 patients. In its latest move to curb the third-wave of infections, alcohol sales were not banned but gatherings have been reduced.
The capital injection is earmarked for projects to be completed in the financial year 2022. Projects include upgrades to operating facilities, installation of new equipment at selected plants, product innovations and other necessary operating systems, SAB said in a statement.
&#8220;The move to implement reasonable measures, as we continue to navigate the pandemic, is a welcomed signal that we can expect to see more consultation in the future and that blanket bans will be a thing of the past,&#8221; SAB VP Finance and Legal, Richard Rivett-Carnac said.
&#8220;Further collaboration will provide the required confidence boost needed in order to attract further investment to the country.&#8221; ($1 = 13.5028 rand) (Reporting by Nqobile Dludla. Editing by Jane Merriman)
(c) Copyright Thomson Reuters 2021. Click For Restrictions &#8211; https://agency.reuters.com/en/copyright.html
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South African Breweries turns investment taps back on for home market

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/06/GettyImages-1228110291-820x547.jpg" alt="" class="wp-image-406088" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/06/GettyImages-1228110291-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/06/GettyImages-1228110291-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/06/GettyImages-1228110291-120x80.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2021/06/GettyImages-1228110291-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/06/GettyImages-1228110291-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/06/GettyImages-1228110291-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>TOPSHOT &#8211; Colonel Assimi Goita speaks to the press at the Malian Ministry of Defence in Bamako, Mali, on August 19, 2020 after confirming his position as the president of the National Committee for the Salvation of the People (CNSP). &#8211; The military junta that took power in Mali on August 19, 2020, asked that the population resume &#8220;its activities&#8221; and cease &#8220;vandalism&#8221; the day after the coup that ousted President Ibrahim Boubacar Keita and his government. (Photo by MALIK KONATE / AFP) (Photo by MALIK KONATE/AFP via Getty Images)</figcaption></figure>



He said he was committed to implementing &#8220;the actions necessary for the success of the transition, notably the organisation of credible, fair and transparent elections that are held as scheduled.&#8221;



BAMAKO, June 7 (Reuters) &#8211; Assimi Goita, the Malian colonel who has overthrown two presidents in the past nine months, said he would oversee a transition toward democratic elections as he was sworn in as interim president on Monday.



Goita, a 38-year-old special forces commander, had already been declared president by the constitutional court last month after ousting Bah Ndaw, but was formally sworn in on Monday during a ceremony in the capital Bamako.



He is under pressure from regional and international powers to ensure elections go ahead next February as scheduled, who worry the political upheaval could jeopardise gains made against Islamist insurgents based in the country&#8217;s desert north.



Goita&#8217;s advisers have suggested that the initial timetable for elections could change.



&#8220;The situation offers us the opportunity to put the process of transition back in the direction desired by the people,&#8221; said Goita, who had traded his camouflage fatigues for a dark gray officer&#8217;s uniform and a yellow sash.



Goita was one of several colonels who overthrew President Ibrahim Boubacar Keita last August.



A transitional government that would oversee an 18-month transition to democratic elections was then put in place with Ndaw as president and Goita as his vice.



Goita last month ordered the arrests of both Ndaw and the prime minister for not informing him about the details of a cabinet reshuffle, which he alleged violated the transitional charter. Both later resigned while in custody.



West African regional bloc ECOWAS and the African Union last week suspended Mali from their organisations, although they declined to impose further sanctions. The World Bank said on Friday it had temporarily paused payments to the country.



Former colonial power France, which maintains more than 5,000 troops in Mali to combat Islamist militants, said it would temporarily suspend joint military operations with Malian troops but would continue to operate in the country separately.



Choguel Maiga, an opposition leader and former prime minister, is expected to be appointed prime minister in the coming days, which could be enough to satisfy some of the calls for a civilian-led government. 



(Reporting by Tiemoko Diallo; Writing by Cooper Inveen and Aaron Ross; Editing by Edmund Blair and Angus MacSwan)

TOPSHOT-MALI-UNREST-CONFLICT

Mali coup leader Assimi Goita sworn in as transitional president

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The port of Djibouti handles close to 95 per cent of Ethiopia&#8217;s maritime trade with 25 per cent of this being transported from Addis Ababa by rail. Over the years the state of the railway has deteriorated affecting Ethiopia&#8217;s port access for more on this we are joined by Stephen Hayes from the Corporate Council on Africa.

Corporate Council on Africa: Why rail line remains essential to the future of Africa

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The lack of infrastructure in Africa&#8217;s IT ecosystem has been exposed by the COVID-19 pandemic. One global player in the sector that has previously made commitments in bridging this gap is Microsoft but has the tech software giant done enough in this regard? CNBC Africa spoke to the Executive Director for Software Partnerships, Chris Lwanga for more.

How Microsoft plans to bridge the infrastructure gap in Africa’s IT sector

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The government of Tanzania has approved the exportation of mineral concentrates after establishing a proper revenue collection system. The government had suspended export concentrate since 2017/18 due to allegations of theft and fraud. Gabriel Mwang&#8217;onda, Economic Analyst joins CNBC Africa for more.

Tanzania resumes export of mineral concentrates

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="740" height="416" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/06/106892855-1623029647380-gettyimages-1233290194-DSC_5640.jpeg" alt="" class="wp-image-406080" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/06/106892855-1623029647380-gettyimages-1233290194-DSC_5640.jpeg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2021/06/106892855-1623029647380-gettyimages-1233290194-DSC_5640-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/06/106892855-1623029647380-gettyimages-1233290194-DSC_5640-140x80.jpeg 140w" sizes="(max-width: 740px) 100vw, 740px" /><figcaption>Indian women wait in a queue for food in New Delhi. SOPA Images | LightRocket | Getty Images</figcaption></figure>



The World Bank has warned that critical measures need to be taken during the pandemic recovery to get women back to work and on the path to gender equality.



The pandemic has exacerbated existing gender gaps, and now more than ever, additional efforts are needed to move women forward, Caren Grown, global director of the World Bank Group, told CNBC on Friday.



“While everyone has faced the same storm, it has really differentially impacted men and women,” Grown told “<a href="https://www.cnbc.com/asia-squawk-box/">Squawk Box Asia</a>.”



For instance, though the death rate from Covid-19 has generally been higher among men, women have been more adversely impacted socially and economically, she said.



That’s due in part to women’s disproportionate representation in hard-hit industries, such as hospitality and tourism, ut also because of the additional caregiving duties they typically face.



Even before the pandemic, the World Bank estimated it could take 150 years for women to achieve gender equality with men. The health crisis has likely extended that timeline.



To help overcome those disparities, Grown said ensuring equitable access to vaccines would be critical. That includes making sure women have the time and means to make their appointments.



Beyond that, further financial and caregiving support is needed to get the hardest-hit women back on their feet and into work.



Finally, more safeguards need to be put in place against gender-based abuse, she said.



“Something that has been exposed during this pandemic is the increases in gender-based violence,” said Grown. “It was always called the shadow pandemic, but as we think about recovery we actually have to put in place stronger responses and preventative measures.”

106892855-1623029647380-gettyimages-1233290194-DSC_5640

World Bank says critical measures are needed to return women to the workforce after the pandemic

Nigeria&#8217;s Minister of Foreign Affairs, Geoffrey Onyeama was scheduled to meet with envoys from the U.S and U.K today to discuss Nigeria&#8217;s decision to suspend Twitter.

twitter-1795652_1280

How Nigeria’s Twitter ban impacts investor sentiment

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The Covid-19 global epidemic will continue to take a heavy toll on African airlines with revenue losses expected to reach more than $8 billion in 2021 from $10 billion in 2020.

African airlines expected to face another tough year

* Africa lags other regions in vaccine coverage
* Deal aims to produce 300 mln doses of COVID vaccine by end 2022
* Potential boon for Africa&#8217;s tiny vaccine industry
By Edward McAllister
DAKAR, June 6 (Reuters) &#8211; Senegal could begin producing COVID-19 vaccines next year under an agreement with Belgian biotech group Univercells aimed at boosting Africa&#8217;s drug-manufacturing ambitions, a source involved in funding the project told Reuters.
As wealthy countries begin to reopen after securing vaccine supplies early, African nations are still struggling to acquire shots. On a continent of 1.3 billion, only about 7 million have been fully vaccinated.
The collaboration highlights the opportunities created by a global push to channel money and technology towards production on a continent that makes only 1% of the vaccines it requires.
Univercells announced the signing of a letter of intent for collaboration with the Institut Pasteur in Senegal&#8217;s capital Dakar in April. The source shared details of the proposal, which were not made public.
Under the agreement, the Institut Pasteur would use vaccine production technology developed by Univercells to supply COVID-19 vaccine shots to countries across West Africa.
The institute would initially begin packaging and distributing vaccines produced by Univercells in Belgium early next year, the source involved in securing financing for the collaboration told Reuters.
Univercells would transfer its full production line to Senegal in the second half of 2022, the source said, adding that the company would train local staff so they could eventually run the operation.
Univercells chief investment officer Kate Antrobus, when asked about the timeframe for the project, confirmed that it could send vaccine doses to Senegal early next year.
She declined to comment on the exact date for a full vaccine production line in Senegal but of the timelines referenced she said: &#8220;I do not think they are unreasonable.&#8221;
Timing depends on Univercells securing regulatory approval for a vaccine production site in Belgium. Antrobus said that was expected &#8220;any day now&#8221;.
Institut Pasteur director Amadou Sall declined to comment on the timeline or size of the project but said the facility was working with donors to secure financial backing.
&#8220;There is a lot of political will, I am optimistic. But it is not about momentum, it is about creating a real opportunity,&#8221; he said.
It is not clear yet what vaccine will be supplied to Senegal, but Antrobus said the site in Belgium would be able to manufacture a class of so-called viral vector COVID-19 vaccine such as those developed by Johnson &amp; Johnson, AstraZeneca, Russia&#8217;s Sputnik V and China&#8217;s Cansino.
&#8220;If COVID amazingly subsides over the next year&#8230;.that same capacity could be used for other viruses,&#8221; Antrobus said.
Univercells also has its own COVID-19 vaccine candidate, being developed with Germany&#8217;s Leukocare and Italian firm ReiThera, which has completed Phase II trials. It is seeking financing to carry out Phase III, which the Italian government said it is ready to fund.

300 MILLION DOSES NEXT YEAR
Senegal&#8217;s Institut Pasteur is the only facility in Africa currently producing a vaccine &#8211; a yellow fever shot &#8211; that is pre-qualified by the World Health Organization, which requires manufacturers to meet strict international standards.
Pre-qualification allows facilities to supply to major buyers like the U.N. children&#8217;s agency UNICEF.
Donors including the United States and the European Union are lining up to help fund an expansion at the institute to incorporate COVID-19 vaccines, the source involved in fundraising said.
A call by the institute for an initial $10 million in funding has been oversubscribed, the source said.
A U.K. government-funded cost analysis conducted for the Institut Pasteur, seen by the same source, said that the project would cost about $200 million, based on its aim to produce 300 million doses of COVID-19 vaccine by the end of next year.
Financing will depend on the institute having committed buyers. According to the cost analysis, the project would be commercially viable if it produced vaccines other than COVID-19, so it can keep functioning after the pandemic.

STRATEGIC PLAN
Africa&#8217;s struggles to secure vaccine supplies exposed its vulnerability to health crises and pushed governments to find ways to boost medicine and vaccine production.
Those efforts are now gaining traction with wealthy countries.
The European Union said last month that it will invest at least 1 billion euros to build manufacturing hubs in Africa, with Senegal, South Africa, Rwanda, Morocco and Egypt among the leading candidates.
South Africa&#8217;s Biovac Institute told Reuters it has been in touch with the French and German governments and pharmaceutical companies with an aim to produce 30 million COVID-19 vaccines annually.
South African company, Aspen Pharmacare, is already producing shots of the J&amp;J vaccine locally.
The EU plan, in coordination with the African Union, aims to bolster drugs regulators in Africa, train Africans in the skills needed to expand the pharmaceuticals industry, and support businesses producing materials and components.
The plan will look at countries that &#8220;can move quickly, and which have the political capital to drag that forward,&#8221; John Nkengasong, director of Africa Centres for Disease Control and Prevention, said.
Africa&#8217;s $1.3 billion vaccine market could rise to as high as $5.4 billion by 2030 because of population growth and the availability of new vaccines, U.S.-based consultancy McKinsey and Company said in an April report.
There is still a long way to go, experts say.
Beyond the need for financing, governments and regulators need to make it easier for technology to be transferred to Africa, and to reduce risk through public-private partnerships.
&#8220;These are really mid to long-term goals, so you&#8217;re looking at one to two years minimum,&#8221; said Chema Triki of the Tony Blair Institute for Global Change. &#8220;It&#8217;s not just about COVID. Africa needs to be ready for the next pandemic.&#8221; (Additional reporting by Promit Mukherjee in Johannesburg, Wendell Roelf in Cape Town, Maggie Fick in Nairobi, Francesco Guerascio in Brussels and Nellie Peyton in Dakar Editing by Joe Bavier and Jane Merriman)
(c) Copyright Thomson Reuters 2021. Click For Restrictions &#8211; https://agency.reuters.com/en/copyright.html
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EXCLUSIVE-In boost for Africa, Senegal aims to make COVID shots next year

<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/GettyImages-1230282004-820x547.jpg" alt="" class="wp-image-401477" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/GettyImages-1230282004-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/GettyImages-1230282004-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/GettyImages-1230282004-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/GettyImages-1230282004.jpg 1024w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>BRAZIL &#8211; 2020/12/23: In this photo illustration the close-up of the Twitter website seen displayed on a smartphone. (Photo Illustration by Rafael Henrique/SOPA Images/LightRocket via Getty Images)</figcaption></figure>



ABUJA, June 4 (Reuters) &#8211; Nigeria said on Friday it had indefinitely suspended Twitter&#8217;s activities, two days after the social media giant removed a post from President Muhammadu Buhari that threatened to punish regional secessionists.



Information Minister Lai Mohammed said the government had acted because of &#8220;the persistent use of the platform for activities that are capable of undermining Nigeria&#8217;s corporate existence&#8221;.



Mohammed did not spell out what form the suspension would take or give more details on the undermining activities. His ministry also <a href="https://twitter.com/FMICNigeria/status/1400843062641717249">announced</a> Twitter&#8217;s suspension on Twitter.



When asked about the details of the suspension, a ministerial aide told Reuters: &#8220;Wait and see how things will turn out.&#8221;



As of the early hours of Saturday, Twitter&#8217;s website was inaccessible in Nigeria on some mobile carriers, while its app and website worked on others, according to Reuters tests in Lagos and Abuja.



Twitter is investigating its &#8220;deeply concerning&#8221; suspension of operations by the Nigerian government, and &#8220;will provide updates when we know more,&#8221; the company said in a statement.



On Wednesday, the U.S. tech firm said Buhari&#8217;s post threatening to punish groups blamed for attacks on government buildings had violated Twitter&#8217;s &#8220;abusive behaviour&#8221; policy.



In April, the information minister reacted angrily when Twitter chose neighbouring Ghana for its first African office. He said the company had been influenced by media misrepresentations of Nigeria, including reports of crackdowns on protests last year.



Demonstrators calling for police reform had used social media to organise, raise money and share alleged proof of police harassment. Twitter&#8217;s chief executive, Jack Dorsey, <a href="https://twitter.com/jack/status/1316485283777519620?s=20">tweeted</a> to encourage his followers to donate.



In the protests&#8217; wake, Mohammed called for &#8220;some form of regulation&#8221; on social media to combat &#8220;fake news&#8221;.



A spokesperson for Airtel, one of Nigeria&#8217;s largest mobile carriers, on Friday declined to say whether the company had received any government directives about the suspension.



MTN, the largest mobile carrier, did not respond to calls and a message seeking comment. 



(Reporting by Felix Onuah in Abuja; Additional reporting by Sheila Dang in Dallas, Angela Ukomadu, Alexis Akwagyiram, Nneka Chile and Seun Sanni in Lagos, and Paul Carsten in Abuja; Writing by Alexis Akwagyiram; Editing by Andrew Heavens/ Jonathan Oatis and Grant McCool)

In this photo illustration the close-up of the Twitter

Nigeria says it suspends Twitter days after president’s post removed

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The IMF has proposed a USD 650bn increase to its existing Special Drawing Rights (SDR) reserves. This could triple existing SDR reserves, boosting the IMF’s international reserve assets for member countries around the world. Kenya is one country with mounting debt and is set to benefit from the IMF&#8217;s proposal, but what does this mean for Kenya? CNBC Africa spoke with the Principal, Africa Strategy at Standard Chartered Bank, Eva Wanjiku Otieno for more.

Standard Chartered Bank: What the IMF SDR approval means for Kenya

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The Mo Ibrahim Foundation says Africa now has the opportunity to harness lessons from the pandemic to build an African-led recovery that champions good governance, strengthens continental integration, and puts young people at its center. Jay Naidoo, Board Member of the Mo Ibrahim Foundation joins CNBC Africa for more.

Mo Ibrahim Foundation: Pandemic recovery can help Africa reinvent its growth model

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South Africa&#8217;s rand touched a two-year high this week, spurred by stronger commodity prices and a benign US inflation outlook. But is there more in a rally that has made it the best performing currency in the world against the dollar?

Rand drops after touching 2-year high

GABORONE, June 3 (Reuters) &#8211; Botswana&#8217;s Public Officers Pension Fund (BPOF), with 83 billion pula ($7.85 billion) in assets under management, has appointed South African advisory firm NMG Benefits to administrate the fund.



Effective June 2, NMG Botswana, a joint venture between BPOF (51%) and NMG South Africa (49%), will collect contributions, manage payrolls and maintain records for the 156,000-member fund, it said late on Wednesday.



The outsourcing of the fund’s administration is to comply with a 2017 decision by Botswana&#8217;s regulators that all pension funds be managed by an independent administrator unconnected with the fund itself.



The BPOF, one of Africa&#8217;s largest pension funds and the dominant investor in the diamond producer&#8217;s economy with stakes in energy, mining and retail, has been anxious to fall in line with financial regulations and streamline its administration after ending an outsourcing deal with Alexander Forbes in 2015.



Botswana&#8217;s financial industry has been growing in recent years to become a key driver of growth in the services sector, but the industry is still dominated by South African firms.



($1 = 10.5708 pulas) 



(Reporting by Brian Benza; editing by Mfuneko Toyana and Toby Chopra)

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Botswana’s $7.5 billion pension fund appoints South African administrator

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Sudan is undergoing reforms that have seen the international community invite the country back to the global scene. Countries have committed to suspend the country’s debt and expectations are high, but what does this mean for women who inspired the revolution. Sudanese Youth Activist Nisreen Elsaim spoke to CNBC Africa for more.

What Sudan’s renewal means for women who inspired the revolution

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Tomorrow&#8217;s entrepreneurs are key to the growth of the private sector thus in the long run key to job creation on the continent but how do you foster this new generation?

Newsletter

G7 tax deal: Here’s what it means for Africa

South African Breweries turns investment taps back on for home market

Mali coup leader Assimi Goita sworn in as transitional president

Corporate Council on Africa: Why rail line remains essential to the future of Africa

How Microsoft plans to bridge the infrastructure gap in Africa’s IT sector

Tanzania resumes export of mineral concentrates

World Bank says critical measures are needed to return women to the workforce after the pandemic

How Nigeria’s Twitter ban impacts investor sentiment

African airlines expected to face another tough year

EXCLUSIVE-In boost for Africa, Senegal aims to make COVID shots next year

Nigeria says it suspends Twitter days after president’s post removed

Standard Chartered Bank: What the IMF SDR approval means for Kenya

Mo Ibrahim Foundation: Pandemic recovery can help Africa reinvent its growth model

Rand drops after touching 2-year high

Botswana’s $7.5 billion pension fund appoints South African administrator

What Sudan’s renewal means for women who inspired the revolution

This initiative aims to create a new generation of African entrepreneurs

News Tips

Advertise With Us

Newsletter

G7 tax deal: Here’s what it means for Africa

South African Breweries turns investment taps back on for home market

Mali coup leader Assimi Goita sworn in as transitional president

Corporate Council on Africa: Why rail line remains essential to the future of Africa

How Microsoft plans to bridge the infrastructure gap in Africa’s IT sector

Tanzania resumes export of mineral concentrates

World Bank says critical measures are needed to return women to the workforce after the pandemic

How Nigeria’s Twitter ban impacts investor sentiment

African airlines expected to face another tough year

EXCLUSIVE-In boost for Africa, Senegal aims to make COVID shots next year

Nigeria says it suspends Twitter days after president’s post removed

Standard Chartered Bank: What the IMF SDR approval means for Kenya

Mo Ibrahim Foundation: Pandemic recovery can help Africa reinvent its growth model

Rand drops after touching 2-year high

Botswana’s $7.5 billion pension fund appoints South African administrator

What Sudan’s renewal means for women who inspired the revolution

This initiative aims to create a new generation of African entrepreneurs

News Tips

Advertise With Us

Newsletters