JOHANNESBURG, May 19 (Reuters) &#8211; The International Finance Corporation (IFC) said on Wednesday it was investing $2 billion to support small businesses in Africa and boost international trade as part of efforts to bolster the continent&#8217;s recovery from the pandemic.



While the pandemic&#8217;s impact has been less acute in Africa than in the United States, Europe and now India, the economic fallout has been severe. Sub-Saharan Africa is set to record the slowest economic growth of any world region this year.



The IFC, investment arm of the World Bank, said it would invest $1 billion in new direct financing for micro, small and medium enterprises, including via mezzanine financing and risk-sharing instruments.



Another $1 billion will support international trade finance &#8220;to facilitate the flow of imports and exports of essential goods, including food and medical products,&#8221; the IFC said in a statement.



&#8220;This is a critical time for people, businesses, and economies across Africa. Long-term recovery will depend on getting funding to the pillars of the economy that need it today,&#8221; said Makhtar Diop, the IFC&#8217;s Managing Director.



The initiatives will be open to public and private partners, the statement said.



The IFC last year announced a global $8 billion fast-track financing facility for help existing clients and their countries&#8217; economies during the pandemic.



More than half has already been deployed, the IFC said, with more than 30% going to IFC clients in Africa.



(Reporting by Joe Bavier; Editing by Andrea Ricci)

IFC World Bank Photo: via Flickr

World Bank’s IFC to invest $2 bln to support Africa’s recovery

JOHANNESBURG, May 20 (Reuters) &#8211; South Africa&#8217;s biggest food producer Tiger Brands said on Thursday half-year profit rose by 21%, supported by strong revenue growth in the first quarter and resumed an interim dividend of 320 cents a share.
Headline earnings per share &#8211; the main profit measure in South Africa &#8211; from continuing operations rose to 741 cents in the six months to March 31, it said, compared with 613 cents a year earlier. (Reporting by Nqobile Dludla; Editing by Jacqueline Wong)
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S.Africa’s Tiger Brands H1 profit rise, resumes interim dividend payout

LONDON, May 19 (Reuters) &#8211; Global stocks slipped and cryptocurrencies sank deeper on Wednesday as a threat of unwanted inflation had investors shy away from assets seen as vulnerable to any removal of monetary stimulus.



Digital coins were also under pressure from new Chinese restrictions on financial institutions providing services related to cryptocurrency transactions.



But as the U.S. dollar edged away from its lowest levels of the year against its rivals, prices of gold, viewed as a hedge against inflation, reversed their recent course to fall from near a four-month peak.



&#8220;The bitcoin flow picture continues to deteriorate and is pointing to continued retrenchment by institutional investors,&#8221; JPMorgan analysts including Nikolaos Panigirtzoglou wrote in a research note.



Institutional investors appeared to be shifting away from the cryptocurrency and back into traditional gold, reversing a trend of the previous two quarters, they added.



The cautious sentiment pervaded in equity markets as focus was locked on the U.S. Federal Reserve&#8217;s release later on Wednesday of the minutes of its April meeting, which will be watched for any indication about monetary policy in the United States.



Europe&#8217;s STOXX 600 index remained 1.3% down, on course for its biggest drop in more than a week, while MSCI&#8217;s gauge of stocks across the globe sank 0.4% lower.



MSCI&#8217;s broadest index of Asia-Pacific shares outside Japan dropped 0.6%, though Hong Kong and South Korea are closed for holidays. Japan&#8217;s Nikkei lost 1.3%.



U.S. S&amp;P futures fell 1% in Europe a day after Wall Street stocks slid in late Tuesday trade, unable to sustain gains made after bumper earnings from Walmart and Home Depot.



While demand is recovering fast as many developed countries have made progress with COVID-19 vaccination, companies are facing obstacles from shortages of chips, containers, and in the United States, workers too, stoking worries of higher prices.



Mirroring a move underway in the United States as the global recovery takes hold, British consumer price inflation more than doubled to 1.5% in April, data showed on Wednesday.



INVESTORS REMAIN CAUTIOUS



Euro zone inflation picked up the same month, with consumer prices rising 0.6% month-on-month for a 1.6% year-on-year increase. Canada inflation data is due later.



In the United States, the Fed has stuck to the narrative that a recent rise in inflation would be transient and that it therefore should keep its easy monetary policy settings.



The minutes from April&#8217;s meeting are expected to repeat that message.



&#8220;Inflation remains the biggest theme, whether it is real and whether the Fed may need to change its policy because of that,&#8221; said Kazushige Kaida, head of forex sales at State Street Bank&#8217;s Tokyo branch. &#8220;At the moment, markets are putting faith, after a fashion, in the Fed&#8217;s narrative.&#8221;



Investors remain cautious following an unexpected pickup in U.S. consumer inflation shown earlier this month.



Any further flare-up could hit assets whose prices have been bolstered by monetary easing, including cryptocurrencies, which rose sharply over the past year and are seen by some as exemplifying an excess created by a &#8220;wall of money&#8221; from central banks.



Bitcoin extended an earlier slump to fall 13%, to its lowest level since early February, bringing its loss from a peak of $64,895 hit just over a month ago to more than 40%. It was last at $37,104.



Ether, the second largest cryptocurrency, shed 28%, and is off more than 42% from record highs last week. It last changed hands at $2,579.



While cryptocurrencies were bruised by China&#8217;s fresh ban on their transactions, they were not alone in facing pressure.



Some commodities that have benefited from reflation trade have also lost steam, with U.S. lumber futures losing around 20% in the last three sessions.



China will strengthen management from both supply and demand sides to curb &#8220;unreasonable&#8221; increases in commodity prices, and prevent the pass-through to the consumer, the cabinet said.



Oil prices pulled back for a second day on simmering demand concerns as coronavirus cases in Asia rise and on fears of rising U.S. interest rates, which could limit economic growth.



U.S. crude futures dropped 2.0% to $64.21 per barrel while Brent futures lost 1.9% to $67.44 per barrel.



U.S. Treasuries were relatively calm, with the 10-year yield trading within the month&#8217;s ranges.



In Europe, the benchmark German Bund yield climbed to a two-year high as investors increasingly priced in the possibility of the European Central Bank slowing its bond-buying. Germany&#8217;s 10-year bond yield was up 2 bps at -0.089%. Italy&#8217;s 10-year yield was up 3 bps at 1.123%, having earlier hit its highest since September 2020.



In currency markets, the dollar firmed, moving away from its lowest levels of the year against major currencies.



The euro pulled back from a near three-month high of $1.2244 .



The dollar stood at 109.23 yen after four straight sessions of decline.



After gold hit its highest level since late January on Tuesday, it was last down 0.8% at $1,853.16 per ounce.



(Reporting by Tom Arnold in London and Hideyuki Sano in Tokyo; Editing by Sam Holmes, Toby Chopra, William Maclean)

Trading Board Is Showing A Crash In Stok Exchange Market

Crypto crash deepens, stocks slip

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Discovery is setting up several vaccination sites to support the Mass Covid-19 Vaccination Campaign in South Africa, Discovery Health CEO, Ryan Noach spoke to CNBC Africa for more.

Discovery Health CEO gives update on the company’s vaccination programme

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South Africa’s March retail sales surprised to the downside, sliding 2.5 per cent year-on-year. Market expectations were that retail sales would jump 2.8 per cent. Joining CNBC Africa to paint a clear picture of those numbers is Chris Gilmour, Analyst at Mour Media.

SA retail sales slide 2.5% y/y

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France has announced cancellation of $5 billion debt owed by Sudan and pledged a $1.5 billion bridge loan to help the country pay its arrears to the International Monetary Fund. Other countries and organisations such as the African Development Bank have done the same. Ahmed Soliman, Research Fellow at Chatham House spoke to CNBC Africa’s Julius Bizimungu for more.

Sudan’s debt cancelled by France

Sudan’s debt cancelled by France, AfDB & others

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The idea of the so-called vaccine passports to prove inoculation against Covid-19 is now gaining momentum across the world. Could the Covid passport be the ticket to a full recovery for the airline industry? CNBC Africa spoke to the Chief Economist at International Air Travel Association, Brian Pearce for more.

Could vaccine passports aid air transport recovery?

UBA: Tight liquidity continues to squeeze banks out of holding positions

Nigerian equities down 3.1% YTD

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The Covid-19 pandemic has led to an uptick in digitalization across the globe. For Africa there has also been an increase in data-enabled businesses. Pierre Havenga, Managing Director for Middle East and Africa at Vertiv says they expect the pandemic-motivated investment in IT infrastructure to continue to expand. He joins CNBC Africa to explore some trends that will drive further digital transformation, especially for small businesses.

How the pandemic is accelerating investment in IT infrastructure

Content provided by APO Group. CNBC Africa provides content from APO Group as a service to its readers and does not edit the articles it publishes. CNBC Africa is not responsible for the content provided by APO Group.

The African Energy Chamber (AEC) (www.EnergyChamber.org), on Monday 17 May held a meeting with the Central Bank of Central African States (BEAC) to discuss the effects of BEAC’s in December 2018 adopted FX regulations, which are due to come into effect on the 1 January 2022.

The meeting was in response to concerns by energy companies operating in the CEMAC region, that the new FOREX regulations will stifle investment, lead to a loss of jobs, increase operational cost, lead to additional and unnecessary bureaucracy and eventually render the regions energy industry uncompetitive compared to other regions globally.
These concerns are even more pertinent today, given the added pressures and competition that the industry in the CEMEC region is facing in light of the global move towards energy transition.
The Chamber delegation, which was led by Mr. Leoncio Amada Nze, CEMAC Region President for the African Energy Chamber, thanked BEAC’s Management, under the leadership of its Governor, Abbas Mahamat Tolli for their consistent efforts since the adoption of the regulations to address any concerns and facilitate its implementation. “BEAC has consistently engaged with the oil and gas industry to address any concerns that we have. We believe it is important to be pragmatic and find common sense solutions to a concern of the industry. ” Stated Leoncio Amada Nze. “This region needs attract investors and keep investors, our job at the Energy Chamber is to work with BEAC towards market friendly pro-growth policies and an enabling environment for local and foreign investors” Mr. Amada Nze concluded.
Key tenets and concerns about the new forex regulation include;
 	Any transaction over FCFA 1 million (approximately USD 1,700) per month and per entity or person now attracts significantly more bureaucracy and consequently delays of multiple weeks. 	Companies and individuals must now also receive an authorisation from the BEAC before opening an account outside of the region. There are many viable reasons for companies to own foreign accounts, including for ease of business, ease of payments, tax efficiency and reduction of transaction costs. 	Similar to demanding an authorisation before foreign accounts can be opened, foreign currency accounts domiciled in the region are now also only possible with express authorisation from the BEAC. Local businesses operating in the oil and gas sector for example, which is dollar-dominated, will be unnecessarily exposed to currency fluctuations, eating up margins and leading to poor competitiveness vis-à-vis foreign competitors. 	Finally, the regulation requests that proceeds from exports of FCFA 5 million and above be repatriated within 150 days from the exportation date. Whilst the African Energy Chamber understands the desire to repatriate such export proceeds, we expect many businesses to seek to avoid putting the proceeds of their exports under the very restrictive foreign exchange regime coming into place on January 1st, 2022. 
The Central bank representatives elaborated the reasons for the regulations. At the centre of it, was the desire to shore up the region’s hard currency reserves. The Chamber understands this desire and acknowledges its importance. It will therefore continue to work together with the central bank in industry to find constructive ways to address the legitimate concerns of the industry.
 Distributed by APO Group on behalf of African Energy Chamber.
Media files

Bank of Central African States and the African Energy Chamber to work together on solution for FOREX regulation for energy industry

By Giulia Paravicini
ADDIS ABABA, May 18 (Reuters) &#8211; An extended halt to exports of COVID-19 vaccines from India, where authorities are battling a wave of domestic infections, risks derailing vaccination efforts already underway in Africa, one of the continent&#8217;s top health officials said on Tuesday.
India stopped vaccine exports a month ago and, according to a Reuters report earlier on Tuesday, is now unlikely to resume major exports before October, dealing a major setback to the global COVAX initiative on which many poor countries rely.
Africa has lagged far behind other regions due to supply issues and meagre financial resources but had planned to vaccinate 30-35% of its population by the end of the year and 60% within the next two to three years.
&#8220;This is very problematic as it means unpredictability of our vaccination programmes and a serious risk of not achieving our stated target&#8230; on time,&#8221; the director of the Africa Centers for Disease Control and Prevention, John Nkengasong, wrote to Reuters.
Those targets primarily relied on supplies from the global COVAX vaccine-sharing facility, which has depended heavily on AstraZeneca shots produced by the Serum Institute of India (SII).
&#8220;Given India&#8217;s huge challenges, it will be impossible to expect anything soon,&#8221; Nkengasong said.
There have been at least 4,742,000 reported infections and 126,000 reported deaths caused by the novel coronavirus in Africa so far, according to a Reuters tally.
And while the pandemic&#8217;s impact has been less acute than in the United States, Europe and now India, Africa&#8217;s largely unvaccinated population of over 1 billion remains vulnerable, experts say.
COVAX had already begun distributing millions of doses of the two-shot AstraZeneca vaccine to countries across Africa. But those initial shipments have now been largely exhausted, with around 80% having been administered as a first dose, according to the World Health Organization (WHO).
Most countries using COVAX will now surpass the 12-week maximum interval recommended between the first and second dose of AstraZeneca unless 20 million doses are delivered by the end of June and another 5 million in July, the WHO said.
&#8220;The supply gap could be closed if countries with adequate supplies set aside a percentage of vaccines for COVAX,&#8221; said Richard Mihigo, coordinator of the WHO&#8217;s Immunization and Vaccines Development Programme in Africa.
A deal negotiated with Johnson &amp; Johnson by the African Union should supply Africa with 400 million vaccine doses beginning in the third quarter of this year.
Several countries&#8217; health officials told Reuters they had yet to receive updated information on expected arrival dates for COVAX shots. Some are now weighing their options.
Ethiopia, for example, has received just 2.2 million of the 7.6 million AstraZeneca shots it was due to get through COVAX by the end of April.
&#8220;We were expecting some delays, but not to this scale. As a country we must search other options,&#8221; Muluken Yohannes, a senior adviser to Ethiopia&#8217;s health ministry, told Reuters. (Additional reporting by Omar Mohammed in Nairobi, Christophe Van Der Perre in Dakar and Camillus Eboh and Felix Onuah in Abuja Editing by Joe Bavier and Alexandra Hudson)
(c) Copyright Thomson Reuters 2021. Click For Restrictions &#8211; https://agency.reuters.com/en/copyright.html
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India’s halt to vaccine exports ‘very problematic’ for Africa

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="549" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/16628699446_7ea7f90086_k-820x549.jpg" alt="" class="wp-image-404232" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/16628699446_7ea7f90086_k-820x549.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/16628699446_7ea7f90086_k-300x201.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/16628699446_7ea7f90086_k-768x514.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/16628699446_7ea7f90086_k-1536x1028.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/16628699446_7ea7f90086_k.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>Nigerian President Muhammadu Buhari Photo: via Flickr</figcaption></figure>



ABUJA, May 18 (Reuters) &#8211; Nigeria plans to issue $3 billion or more in Eurobonds as international capital markets (ICM) open up and interest rates decline, the government said on Tuesday, after the coronavirus pandemic disrupted markets last year.



The West African country had planned a Eurobond issue early last year after its sixth sale in 2018, but it decided to defer the 2020 sale due to market turmoil caused by the COVID-19 pandemic.



In April, the head of the debt office told Reuters the government was looking to pick advisers.



&#8220;The plan is to raise the sum of $6.183 billion from a combination of sources,&#8221; President Muhammadu Buhari said in a letter to parliament seeking approval for the debt raise.



&#8220;From recent trends in the ICM, it is now possible for Nigeria to raise funds in the ICM. We estimate that Nigeria may be able to raise $3 billion or more, but not more than $6.183 billion in a combination of tenors between five to 30-years.&#8221;



Nigeria emerged from its second recession since 2016 in the fourth quarter, but growth is fragile. The government expects a 2021 budget deficit of 5.60 trillion naira to be financed largely from foreign and local borrowings.



Buhari said it wanted to moderate debt service costs by accessing relatively cheaper funds abroad, especially as global interest rates fall below 2020 levels while local rates begin to rise.



In February, the West African country said it would trim offshore borrowing to 30% of its total loans from 40% currently, in a bid to strengthen domestic markets.



Nigeria has been in talks with the World Bank for a $1.5 billion loan, but approvals have been delayed due to concerns over reforms to its currency.



Last week, the country let its naira weaken on the official market against the dollar in a possible move by the central bank to unify its numerous exchange rates. 



(Reporting by Camillus Eboh and Chijioke Ohuocha; Writing by Paul Carsten; Editing by Catherine Evans and Steve Orlofsky)

16628699446_7ea7f90086_k

Nigeria eyes $3 billion Eurobond sale, seeks approval

TOKYO, May 10 (Reuters) &#8211; Stocks rose on Monday amid speculation that interest rates will remain low due to receding inflationary pressure, while oil and gas prices jumped after a cyber attack on a U.S. pipeline operator unnerved markets.



MSCI&#8217;s broadest index of Asia-Pacific shares outside Japan rose 0.3%, while U.S. stock futures rose 0.14%.



Australian stocks hit their highest in more than a year, boosted by gains in miners, but shares in China fell 0.74%. Japanese shares gained 0.53%.



Euro Stoxx 50 futures were up 0.42%, German DAX futures were up 0.32%, and FTSE futures rose 0.37%, pointing to a strong start to the European session.



U.S. nonfarm payrolls data on Friday showed jobs growth unexpectedly slowed in April, which gave equities a lift but put downward pressure on the dollar and U.S. Treasury yields.



Oil and gasoline futures extended gains after a cyber attack shut down a U.S. pipeline operator that provides nearly half of the U.S. east coast&#8217;s fuel supply.



&#8220;It certainly pushes back the timetable for Fed tapering, perhaps to December from the prior expectations of the Jackson Hole Symposium in late August,&#8221; Chris Weston, head of research at broker Pepperstone in Melbourne, wrote in a memo.



&#8220;A softer payrolls is good for the reflation trade; the dollar weakened across the FX spectrum. We&#8217;ve also seen a solid bid in equity indices and futures are up.&#8221;



On Friday the Dow Jones Industrial Average and the S&amp;P 500 rose to record closing highs after disappointing data on the U.S. jobs market eased concerns about a spike in consumer prices.



In recent weeks, some investors had been placing bets that a robust U.S. economic recovery from the coronavirus pandemic would force the Federal Reserve to raise interest rates earlier than the central bank has outlined.



However, the weak nonfarm payrolls report caused a rapid reversal in some of these trades, which rippled through stocks, bonds, and major currencies.



The focus now shifts to U.S. consumer price data due on Wednesday, which will help investors determine whether they need to scale back their inflation expectations even further.



MSCI&#8217;s broadest index of global stock markets hit a record high on expectations that low rates will continue to spur lending and economic growth.



The dollar index against a basket of six major currencies edged up to 90.237 but was still near its weakest since Feb. 25.



The British pound jumped to the highest in more than two months against the greenback, but worries about Scottish independence could curb sterling&#8217;s gains, traders said.



China&#8217;s onshore spot yuan strengthened to 6.4265 per dollar, the highest since Jan. 29.



In the cryptocurrency market, ether rose to a record above $4,000. Bigger rival bitcoin rose to $58,920.



The yield on benchmark 10-year Treasury notes steadied at 1.5931% in Asia on Monday after having plunged to a two-month low of 1.4690% on Friday.



U.S. crude ticked up 0.51% to $65.23 a barrel. Brent crude rose to 0.53% to $68.64 per barrel in Asian trading as the disruption to U.S. supplies rattled energy markets.



Gasoline futures on the New York Mercantile Exchange rose 1.43% to $2.1574 a gallon, near a three-year high.



The White House is working closely with top U.S. fuel pipeline operator Colonial Pipeline on Sunday to help it recover from a ransomware attack that forced the company to shut its main fuel lines.



&#8220;The major takeaway is the bad guys are very adept at finding new ways to penetrate infrastructure,&#8221; Andrew Lipow, president of Lipow Oil Associates told Reuters. &#8220;Infrastructure has not developed defences that can offset all the different ways that malware can infect one&#8217;s system.&#8221;



(Reporting by Stanley White; Editing by Lincoln Feast.)

World map with charts and graphs as symbols of global finance

Shares rise, dollar eases on U.S. rate outlook

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Nigeria’s headline inflation declined marginally for the first time in 20 months to 18.12 per cent in April. The inflation data comes ahead of the expected first quarter report and the May Monetary Policy Committee meeting. Jolomi Odonghanro, Head of Research at Cordros Capital joins CNBC Africa for more.

Nigeria’s inflation declines for the first time in 20 months

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Global Credit Ratings says it expects corporate debt issuance in Nigeria to remain robust all through the year with companies from Financial Services and Industrials as main issuers of the local currency debt. Akintunde Majekodunmi, the CEO of Global Credit Ratings, Nigeria joins CNBC Africa for more.

Global Credit Ratings: Corporate debt issuance in Nigeria to remain robust in 2021

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Ratings agency, Fitch says the outlook for Nigerian banks&#8217; credit fundamentals has stabilised since the initial economic shock from the pandemic but noted that asset quality deterioration remains lingering risks to banks&#8217; credit. Joining CNBC Africa for more on the state of Nigeria’s banking sector is Mahin Dissanayake, Senior Director at Fitch Ratings.

Newsletter

World Bank’s IFC to invest $2 bln to support Africa’s recovery

S.Africa’s Tiger Brands H1 profit rise, resumes interim dividend payout

Crypto crash deepens, stocks slip

Discovery Health CEO gives update on the company’s vaccination programme

SA retail sales slide 2.5% y/y

Sudan’s debt cancelled by France, AfDB & others

Could vaccine passports aid air transport recovery?

UBA: Tight liquidity continues to squeeze banks out of holding positions

Nigerian equities down 3.1% YTD

How the pandemic is accelerating investment in IT infrastructure

Bank of Central African States and the African Energy Chamber to work together on solution for FOREX regulation for energy industry

India’s halt to vaccine exports ‘very problematic’ for Africa

Nigeria eyes $3 billion Eurobond sale, seeks approval

Shares rise, dollar eases on U.S. rate outlook

Nigeria’s inflation declines for the first time in 20 months

Global Credit Ratings: Corporate debt issuance in Nigeria to remain robust in 2021

Fitch: Asset quality deterioration lingering risk to Nigerian banks’ credit

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Newsletter

World Bank’s IFC to invest $2 bln to support Africa’s recovery

S.Africa’s Tiger Brands H1 profit rise, resumes interim dividend payout

Crypto crash deepens, stocks slip

Discovery Health CEO gives update on the company’s vaccination programme

SA retail sales slide 2.5% y/y

Sudan’s debt cancelled by France, AfDB & others

Could vaccine passports aid air transport recovery?

UBA: Tight liquidity continues to squeeze banks out of holding positions

Nigerian equities down 3.1% YTD

How the pandemic is accelerating investment in IT infrastructure

Bank of Central African States and the African Energy Chamber to work together on solution for FOREX regulation for energy industry

India’s halt to vaccine exports ‘very problematic’ for Africa

Nigeria eyes $3 billion Eurobond sale, seeks approval

Shares rise, dollar eases on U.S. rate outlook

Nigeria’s inflation declines for the first time in 20 months

Global Credit Ratings: Corporate debt issuance in Nigeria to remain robust in 2021

Fitch: Asset quality deterioration lingering risk to Nigerian banks’ credit

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