
<p>Tabling South Africa’s 2021 Budget, Minister Tito Mboweni said that government will stabilise debt at 88.9 per cent of GDP in 2025 and 2026. The Minister reported that South Africa’s economy is expected to rebound by 3.3 per cent this year, following a 7.2 per cent contraction in 2020.</p>



<p>Download the ministers <a href="http://www.treasury.gov.za/documents/national%20budget/2021/speech/speech.pdf">full speech here.</a></p>



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<iframe loading="lazy" title="#BudgetSpeech2021: Expert Analysis of finmin Mboweni’s 2021 Budget Speech" width="500" height="281" src="https://www.youtube.com/embed/fbVrcZ_Gpk0?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div><figcaption>Watch this CNBC Africa panel of experts as they unpack the much anticipated 2021 budget speech by Finance Minister, Tito Mboweni.<br></figcaption></figure>



<h2 class="wp-block-heading" id="h-budget-highlights">Budget Highlights</h2>



<h3 class="wp-block-heading" id="h-budget-framework">Budget Framework</h3>



<ul class="wp-block-list"><li>The budget deficit has been revised to 14 per cent of GDP in 2020/21 in response to the spending and economic pressures of the COVID-19 pandemic.</li><li>Gross debt has increased from 65.6 per cent to 80.3 per cent of GDP for the year 2020/21.</li><li>The 2021 Budget proposes measures to narrow the main budget primary deficit from 7.5 per cent of GDP in the current year to 0.8 per cent in 2023/24.</li><li>The proposed fiscal framework will stabilise debt at 88.9 per cent of GDP in 2025/26.</li><li>Government will roll out a free mass COVID-19 vaccination campaign for which R9 billion has been allocated in the medium term.</li><li>Over the medium term, debt-service costs are expected to average 20.9 per cent of gross tax revenue.</li></ul>



<h3 class="wp-block-heading" id="h-spending-programs">Spending Programs</h3>



<ul class="wp-block-list"><li>Total consolidated spending amounts to R2 trillion each year over the medium term.</li><li>The bulk of the spending is allocated to learning and culture (R402.9 billion), social development (R335.2 billion) and health (R248.8 billion) in 2021/22.</li><li>The fastest-growing functions over the medium term are economic development, community development and general public services.</li><li>The majority of funding for new and urgent priorities is provided through reprioritisation and reallocation of existing baselines.</li></ul>



<h3 class="wp-block-heading" id="h-tax-proposals">Tax Proposals</h3>



<ul class="wp-block-list"><li>To support economic recovery, government will not raise any additional tax revenue in this budget.</li><li>The personal income tax brackets and rebates will increase above the inflation rate of 4 per cent.</li><li>Government will increase excise duties on alcohol and tobacco by 8 per cent for 2021/22.</li><li>Inflation-related increases of 15c/litre and 11c/litre will be implemented for the general fuel levy and the RAF levy, respectively, with effect from 7 April 2021.</li><li>The UIF contribution ceiling will be set at R17 711.58 per month from 1 March 2021.</li></ul>



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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><p lang="en" dir="ltr">&quot;Main budget revenue is projected to be R1.35 trillion&quot; says Minster <a href="https://twitter.com/tito_mboweni?ref_src=twsrc%5Etfw">@tito_mboweni</a> <a href="https://twitter.com/hashtag/BudgetSpeech2021?src=hash&amp;ref_src=twsrc%5Etfw">#BudgetSpeech2021</a></p>&mdash; CNBC Africa (@cnbcafrica) <a href="https://twitter.com/cnbcafrica/status/1364548301870272518?ref_src=twsrc%5Etfw">February 24, 2021</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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South Africa’s Finance Minister Mboweni’s Tough South African Budget Task

South Africa Budget: economy expected to grow by 3.3% in 2021 – Finance Minister

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<p>Nigeria’s Tier-one lender, Zenith Bank recorded a 10 per cent rise in its full-year profit after tax for 2020. The Group Managing Director and CEO of Zenith Bank, Ebenezer Onyeagwu says 2020 was a difficult year and also stressed that the earnings reflect the resilience of the team. He breaks down the numbers with CNBC Africa’s Wole Famurewa.</p>


Zenith Bank CEO: 2020 was a difficult year

Zenith Bank CEO: 2020 was a difficult year, earnings reflect team’s resilience

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<p>Nigeria’s manufacturing sector contracted by 2.75 per cent in 2020 according to the National Bureau of Statistics. In its fourth quarter CEO’s Confidence Index report, the Manufacturers Association of Nigeria stressed difficulty in accessing forex, gridlock at the ports as well as the COVID-19 pandemic as some of the factors impacting manufacturers. Mansur Ahmed, President of the Manufacturers Association of Nigeria joins CNBC Africa for more.</p>


COVID-19: How to drive growth in Nigeria’s manufacturing sector

<p><iframe loading="lazy" src="https://www.youtube.com/embed/59LUtBHZPAE" width="640" height="360" frameborder="0" allowfullscreen="allowfullscreen"></iframe></p>
<p>Join this CNBC Africa panel of experts as they preview the much anticipated 2021 budget speech by Finance Minister, Tito Mboweni&#8230;.</p>


#BudgetSpeech2021: Here’s what business & markets expect from Finmin Mboweni’s 2021 budget speech


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="740" height="416" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/02/104747396-Wood.jpg" alt="" class="wp-image-398133" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/02/104747396-Wood.jpg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/104747396-Wood-300x169.jpg 300w" sizes="(max-width: 740px) 100vw, 740px" /></figure>



<p>Some called it the “Cathie Wood sell-off.”&nbsp;&nbsp;</p>



<p>At the open Tuesday, the top names owned by Ark Investment Management were the biggest decliners in the market.&nbsp;</p>



<p>Shares of&nbsp;<a href="https://www.cnbc.com/quotes/PLTR" target="_blank" rel="noreferrer noopener">Palantir</a>,&nbsp;<a href="https://www.cnbc.com/quotes/TSLA" target="_blank" rel="noreferrer noopener">Tesla</a>,&nbsp;<a href="https://www.cnbc.com/quotes/ROKU" target="_blank" rel="noreferrer noopener">Roku</a>,&nbsp;<a href="https://www.cnbc.com/quotes/SQ" target="_blank" rel="noreferrer noopener">Square</a>,&nbsp;<a href="https://www.cnbc.com/quotes/PYPL" target="_blank" rel="noreferrer noopener">Paypal</a>,&nbsp;<a href="https://www.cnbc.com/quotes/TDOC" target="_blank" rel="noreferrer noopener">Teladoc</a>,&nbsp;<a href="https://www.cnbc.com/quotes/BIDU" target="_blank" rel="noreferrer noopener">Baidu</a>,&nbsp;<a href="https://www.cnbc.com/quotes/ZG" target="_blank" rel="noreferrer noopener">Zillow</a>,&nbsp;<a href="https://www.cnbc.com/quotes/SHOP-CA" target="_blank" rel="noreferrer noopener">Shopify</a>&nbsp;and&nbsp;<a href="https://www.cnbc.com/quotes/SPOT" target="_blank" rel="noreferrer noopener">Spotify</a>&nbsp;were all down big, in many cases by double-digits.&nbsp; All were major holdings in funds like her flagship&nbsp;<a href="https://www.cnbc.com/quotes/?symbol=ARKK">Ark Innovation ETF (ARKK)</a>&nbsp;and&nbsp;<a href="https://www.cnbc.com/quotes/?symbol=ARKW">Next Generation Internet ETF (ARKW)</a>.</p>



<p>Shortly after the open, her flagship Ark Innovation Fund was down 11%.&nbsp;By 10 a.m. ET, a half-hour after opening, it had already traded more than 8 million shares, a full day’s volume.&nbsp; By midday, it had traded 30 million shares.</p>



<p>And then, a half hour after opening, the selling let up. The fund closed down by 3.3% and was down about 10% for the week.</p>



<p><a href="https://www.cnbc.com/2021/02/23/cathie-woods-funds-take-big-hits-as-tesla-and-the-tech-trade-show-signs-of-unwinding.html#"></a></p>



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<p>“It was like a mini-panic,” Alec Young from Tactical Alpha told me.&nbsp; “The market is getting concerned that the Fed is risking getting behind the curve on inflation.&nbsp; The market is pricing in more inflation, which means lower prices for tech stocks.”</p>



<p>The market stopped dropping as Federal Reserve Chair Jay Powell’s congressional testimony was released.&nbsp; Powell repeatedly emphasized he does not expect inflation to rise to troublesome levels:&nbsp; “Monetary policy is accommodative and needs to continue to be accommodative,” he said.</p>



<h2 class="wp-block-heading">Too many people on the boat?</h2>



<p>Still, the damage had already been done.&nbsp; Fear of higher rates may have been an initial catalyst, but now, as Peter Tchir from Academy Securities told me, “People are very aware they are long a lot of stocks at very high valuations.”</p>



<p>“The frothiness is now the catalyst, not rates,” he told me.&nbsp;As for the current mania with everything Cathie Wood and Ark Investments, Tchir on Tuesday penned a piece called “Noah’s Arkk?” for clients, telling me, “Too many people are on that boat.&nbsp; A lot of people, I think, have bet more than their risk appetite is comfortable with.”</p>



<p>Ark Innovation is off about 13% from its recent high.</p>



<p>“I don’t think this is over, I think this may be the start of an unwind.&nbsp; Everyone assumed these are super-safe companies.&nbsp; Her management style has been to double-down on her bets, and a lot of this is starting to feel a little evangelical.&nbsp; People now view those funds as can’t lose, and that’s where you get into trouble,” said Tchir.</p>



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<h5 class="wp-block-heading">ARKK’S TOP 10 HOLDINGS</h5>



<figure class="wp-block-table"><table><tbody><tr><th>TICKER&nbsp;</th><th>COMPANY&nbsp;</th><th>NAME&nbsp;</th><th>CHANGE&nbsp;</th><th>PRICE&nbsp;</th><th>%CHANGE&nbsp;</th></tr><tr><td><a href="https://www.cnbc.com/quotes/BIDU">BIDU</a></td><td>Baidu Inc</td><td>BIDU</td><td>-13.18</td><td>322.61</td><td>-3.9251</td></tr><tr><td><a href="https://www.cnbc.com/quotes/CRSP">CRSP</a></td><td>CRISPR Therapeutics AG</td><td>CRSP</td><td>-3.26</td><td>135.30</td><td>-2.3528</td></tr><tr><td><a href="https://www.cnbc.com/quotes/NVTA">NVTA</a></td><td>Invitae Corp</td><td>NVTA</td><td>-2.09</td><td>42.72</td><td>-4.6641</td></tr><tr><td><a href="https://www.cnbc.com/quotes/ROKU">ROKU</a></td><td>Roku Inc</td><td>ROKU</td><td>-21.41</td><td>415.87</td><td>-4.8962</td></tr><tr><td><a href="https://www.cnbc.com/quotes/SHOP">SHOP</a></td><td>Shopify Inc</td><td>SHOP</td><td>-81.0601</td><td>1300.24</td><td>-5.8684</td></tr><tr><td><a href="https://www.cnbc.com/quotes/SPOT">SPOT</a></td><td>Spotify Technology SA</td><td>SPOT</td><td>-13.60</td><td>336.31</td><td>-3.8867</td></tr><tr><td><a href="https://www.cnbc.com/quotes/SQ">SQ</a></td><td>Square Inc</td><td>SQ</td><td>-11.49</td><td>256.59</td><td>-4.286</td></tr><tr><td><a href="https://www.cnbc.com/quotes/TDOC">TDOC</a></td><td>Teladoc Health Inc</td><td>TDOC</td><td>-12.76</td><td>256.00</td><td>-4.7477</td></tr><tr><td><a href="https://www.cnbc.com/quotes/TSLA">TSLA</a></td><td>Tesla Inc</td><td>TSLA</td><td>-15.66</td><td>698.84</td><td>-2.1917</td></tr><tr><td><a href="https://www.cnbc.com/quotes/ZG">ZG</a></td><td>Zillow Group Inc</td><td>ZG</td><td>1.35</td><td>175.08</td><td>0.78</td></tr></tbody></table></figure>
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<p>Most of the ten top holdings in Ark Innovation were underperforming the Nasdaq on Tuesday, before they rebounded.</p>



<p>Wood did not respond to a request for comments on Tuesday’s trading, but in an interview on CNBC last week, she made it clear that on days or weeks when her favorite stocks were down notably, she was often a buyer: “We are considered a liquidity&nbsp; provider, which means when people are selling, we will be buying and when people are buying, and these are investors in retail and institutional, we are likely to be taking profits,” she said.</p>



<p>As for the worries about interest rates, she also made it clear that a sharp upturn would undoubtedly hurt her portfolio: “I do believe that if the rate were to take a sharp turn up that we would, we would see a valuation reset, and our portfolios would be prime candidates for that valuation reset.”</p>


104747396-Wood

Cathie Wood’s funds take big morning hit before rebounding as the tech trade stumbles

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<p>When a stock rises, all of its investors turn a profit, right? That’s not the case for short-sellers, who look for profit by betting against the success of a company or the market. The recent events surrounding Tesla, Reddit, Robinhood and Gamestop’s short squeeze have put short selling under the limelight. So how did the practice of betting against the U.S. market become such a common, legal practice? Watch the video to find out.</p>
<p>The recent events surrounding meme stocks and GameStop’s short squeeze have put short selling, one of the oldest practices in the stock market, directly under the limelight.</p>
<p>“Short selling has always existed,” said Ihor Dusaniwsky, managing director at S3 Partners, a firm that specializes in analyzing short selling data. “It’s been a part of the normal trading process on the exchanges since exchanges started. We’ve seen short selling increase recently in a broader spectrum of names.”</p>
<p>Short selling has always been a controversial practice,&#8230;</p>


Why Is Short Selling Legal?

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<p>Imperial Logistics reported a 43 per cent plunge in continuing headline earnings per share, year-on-year. During the six months ended December, Imperial’s business was negatively impacted by Covid-19 restrictions in many of its markets. The company has also announced that it will exit its international portfolio. Imperial Logistics CEO, Mohammed Akoojee joins CNBC Africa for more.</p>


Imperial earnings plunge 43% due to COVID-19


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/02/Northern-Cape-SA-International-Logo-820x408.jpg" alt="" class="wp-image-398045" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/02/Northern-Cape-SA-International-Logo-820x408.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/Northern-Cape-SA-International-Logo-300x149.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/Northern-Cape-SA-International-Logo-768x382.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/Northern-Cape-SA-International-Logo-1536x765.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/Northern-Cape-SA-International-Logo-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /></figure>



<p>Majestically reaching over 360 000 sq kilometres from the world-renowned Kalahari Desert to the arid plains of the Karoo, the Northern Cape, South Africa offers visitors a unique Southern Africa holiday experience.  With its open spaces, friendly people, rich history and unique cultural diversity, this land of the extreme, promises an extraordinary tourism destination.  Come and experience personally! Here are ten tantalising reasons to choose The Northern Cape as your Southern Africa leisure destination :</p>



<p></p>



<p></p>



<h1 class="wp-block-heading"></h1>



<p></p>



<h2 class="wp-block-heading"><strong> 1. Unique flavor and flair</strong></h2>



<p>The Northern Cape is a truly remarkable holiday destination. Explore the unique flavor of the province with its unique combination of ancient Africa with an overlay of confident democracy. Walk barefoot on the land of the ancestors, proud of its roots and enthusiastic about the future, creating, solving challenges and greeting the world with a wide, warm smile.</p>



<p></p>



<h2 class="wp-block-heading">2. <strong>Unforgettable, enriching experiences</strong></h2>



<p>Do not miss the opportunity to view night skies ablaze with a million stars at Sutherland, or at&nbsp;!Xaus Lodge, situated in the <a>!Ae!Hai Kalahari World Heritage an</a> international Dark Sky Sanctuary, one of only 10 such sanctuaries world -wide. Go hunting for fossils in the Karoo or searching for San rock art deep in the caves of the Diamond Fields, or experiencing the world’s richest floral offering in Namakwa, camping deep in the bush surrounded by wildlife and the famed black-maned lion of the Green Kalahari, or kyaking down the mighty Orange River, the Northern Cape is more than an adventure, it’s an enriching life experience.</p>



<figure class="wp-block-image alignwide size-large"><img loading="lazy" decoding="async" width="820" height="546" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/02/Tswalu-Tarkuni-people-relax_HW-2-820x546.jpg" alt="" class="wp-image-398047" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/02/Tswalu-Tarkuni-people-relax_HW-2-820x546.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/Tswalu-Tarkuni-people-relax_HW-2-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/Tswalu-Tarkuni-people-relax_HW-2-768x511.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/Tswalu-Tarkuni-people-relax_HW-2-1536x1023.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/Tswalu-Tarkuni-people-relax_HW-2-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /></figure>



<p></p>



<h2 class="wp-block-heading"><strong> 3. Value for luxury</strong></h2>



<p>The inherent warm hospitality of the people of the Northern Cape makes visitors feel like celebrities when they come to this vast province.  They can stay in the luxurious establishments, be pampered with spa treatment, dine on fabulous food and wine and afford all those once-in-a-lifetime experiences they’ve been longing to try. Not only will you have an excellent rate of exchange, but our facilities, activities and service equal outstanding value- so you can do more for your money. We call it value for luxury.</p>



<p></p>



<h2 class="wp-block-heading">4. <strong>Special Occasions, Weddings and Honeymoons</strong></h2>



<p>The Northern Cape’s un-spoilt nature and breathtaking scenery with deserts, rivers, beaches, mountains and forests provide the perfect backdrop for the wedding of your wildest dreams. That is why the province is fast becoming one of the world’s most desirable and sought-after wedding and honeymoon destinations</p>



<p></p>



<h2 class="wp-block-heading">5. <strong>Rich, cultural encounters</strong></h2>



<p>The distinct cultural groups that make up the Northern Cape are as rich as the country’s history. Meet the oldest human inhabitants of Africa, the ‡Khomani San Bushmen at Askham or the indigenous Setswana and Nama in Namakwa and the Diamond Fields. Visitors to the Northern Cape have ample chance to immerse themselves in these unique cultures through exploring cultural villages and arts and crafts markets, indulging in local cuisine at township restaurants, watching traditional dances and ceremonies, listening to real stories at interactive museums and talking to our people, who are willing to teach their customs and phrases to our guests. It’s the best way to experience the heartbeat of the province and to take a bit of the Northern Cape with them when you leave.</p>



<figure class="wp-block-image alignwide size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/02/ssimg_689-820x547.jpg" alt="" class="wp-image-398046" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/02/ssimg_689-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/ssimg_689-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/ssimg_689-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/ssimg_689-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/ssimg_689-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /></figure>



<h2 class="wp-block-heading">6. <strong>Leading family adventure destination</strong></h2>



<p>With unexpected adventures around every corner, the Northern Cape is arguably the leading family adventure destination of Southern Africa. It’s all about pushing individual boundaries, personal growth and reconnecting with each other. For some, adventure is going on a walking trail, a hot-air balloon ride or tasting a foreign cuisine.  For others, adventure is captured in an adrenaline rush by traversing the rapids of the mighty Orange River in a kayak or leaping off a mountain or waterfall. Family activities range from game safaris, bird watching and leisure hikes to food tours, museum visits and archaeological discoveries. No matter the skill, inclination or interest, there is an adventure to thrill all. Combined with our beautiful weather and spectacular scenery, it’s a heady mix!</p>



<p></p>



<h2 class="wp-block-heading">7. <strong>Natural beauty and wildlife</strong></h2>



<p>The Northern Cape is unquestionably South Africa’s most beautiful and natural province. For the active, it’s an ideal environment for exploration and adventure. Visitors are hard-pressed to choose between our two UNESCO World Heritage Sites, two Transfrontier Parks, the Kgalagadi and the çAi-çAis Richtersveld with its red and golden sand dunes or any one of the other four national parks, six provincial nature reserves and numerous private game reserves. Share the intimate bush knowledge of a Nama or ‡Khomani San Bushmen guide and tracker. The Northern Cape’s natural beauty is enhanced by it’s an enigmatic wildlife. From the small five to the big five, watching wild animals at dose range is something truly unforgettable. There are walking, horseback, 4&#215;4 routes, little five and many more safaris to incorporate in your trip.  The province is also home to two of the largest rivers in South Africa and three legendary deserts.  Each one of the 5 regions will capture the imaginations of those who dare to explore its rugged mountains, endless flatlands and undulating dunes.</p>



<figure class="wp-block-image alignwide size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/02/Xaus-Lodge-Dark-Sky-Sanctuary-820x547.jpg" alt="" class="wp-image-398048" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/02/Xaus-Lodge-Dark-Sky-Sanctuary-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/Xaus-Lodge-Dark-Sky-Sanctuary-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/Xaus-Lodge-Dark-Sky-Sanctuary-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/Xaus-Lodge-Dark-Sky-Sanctuary-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/Xaus-Lodge-Dark-Sky-Sanctuary-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>Our annual BEYOND EXPEDITIONS Adventure, driven by ISUZU (SA), via five desert regions, including Namaqua West Coast, Richtersveld, Kgalagadi, Namib-Naukluft and Augrabies, in Namibia and South Africa, RSA</figcaption></figure>



<h2 class="wp-block-heading">8. <strong>Great weather</strong></h2>



<p>The Northern Cape weather makes it a perfect year-round destination. The mild temperatures of the months July to October are perfect to visit the Northern Cape and escape the cold winters of the rest of the country and world. In summer the excellent weather invites visitors to enjoy the outdoors, play golf, indulge in massages under open skies, hike, walk, canoe, or have an open fire dinner or go on stargazing safaris.  Visitors can choose from a variety of outdoor adventure activities and seasonal experiences and take advantage of the excellent weather.</p>



<p></p>



<h2 class="wp-block-heading">9. <strong>A firm favorite for incentives</strong></h2>



<p>Due to our great weather, diverse cultures, adventure credentials, historic Freedom Struggle, lively urban rhythms, award-winning food and wine, luxury accommodation, natural wonders, spirit of Ubuntu, fascinating wildlife and welcoming nature, the Northern Cape has become a firm favorite for domestic and international incentive travelers. Build memories to last a lifetime with an unforgettable, life-enriching trip to the Northern Cape.  </p>



<p></p>



<h2 class="wp-block-heading">10. <strong>The Floral Kingdom of the Namakwa</strong></h2>



<p><a href="http://www.travelground.com/accommodation-in/namaqualand" target="_blank" rel="noreferrer noopener">Namaqualand</a>&nbsp;is a stunning section in the Northern Cape, famous for its 6,000 plant species, 250 bird species, 132 reptile and amphibian species, and 78 mammal species. An astonishing 40% of the species found here are endemic – they do not exist anywhere else on earth.</p>



<p>Keep an eye out for the Namaqualand famed flowers from July to early October when the region is transformed into a kaleidoscope of color with the arrival of the flower season! Start in the capital of&nbsp;<a href="http://www.travelground.com/accommodation-in/springbok" target="_blank" rel="noreferrer noopener">Springbok</a> and visit the Goegap Nature Reserve where you can explore the Hester Malan Wildflower Garden in a guided open truck tour. The 103,000 hectare Namaqua National Park is well worth a visit.&nbsp;</p>



<p>Akkerendam Nature Reserve in Calvinia is a proclaimed bird sanctuary with 10 floral species unique to the Hantamberg area with two lovely walking trails. Just outside Nieuwoudtville a must see is the Quiver Tree Forest and the Oorlogskloof Nature Reserve with 533 plant species and extravagant displays of wild flowers during the months of July to September.</p>



<p>For more information do visit <a href="http://www.experiencenortherncape.com">www.experiencenortherncape.com</a> or contact <a href="mailto:marketing@experiencenortherncape.com">marketing@experiencenortherncape.com</a></p>



<p>Social media Platforms</p>



<ul class="wp-block-list"><li>Facebook: <a href="http://www.facebook.com/NorthernCapeTourism">www.facebook.com/NorthernCapeTourism</a></li><li>Twitter: <a href="http://www.twitter.com/NorthernCapeSA">www.twitter.com/NorthernCapeSA</a></li><li>Instagram: <a href="http://www.instagram.com/northerncapetourism">www.instagram.com/northerncapetourism</a></li><li>YouTube: <a href="http://www.youtube.com/northerncapetourism">www.youtube.com/northerncapetourism</a></li><li>Hashtag #ExperienceNorthernCape</li></ul>


Augrabies Falls NP_Landscape_Viewpoint

Leisurely pursuits in the Northern Cape, South Africa

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<p>Bidcorp saw a 46.2 per cent drop in its headline earnings per share from continuing operations, year-on-year. This is for the six months ended December. The group’s performance was in part impacted by a harsh second wave in Europe and the UK. The board has resolved not to declare an interim dividend. Bidcorp Chief Financial Officer, David Cleasby joins CNBC Africa for more.</p>


Covid-19 second wave weighs on Bidcorp’s earnings

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<p>Kumba Iron Ore delivered a record Earnings before Interest, Tax, Depreciation and Amortisation of R45.8 billion year-on-year. This was for the year ended December 2020. The company declared a final dividend of R41.30 per share. The year also marked four years and seven months of fatality-free operations. Kumba Iron Ore CEO, Themba Mkwanazi.</p>


Kumba delivers record EBITDA

Kumba delivers record EBITDA, expects strong Chinese demand for iron ore to continue

<p>By Loucoumane Coulibaly</p>
<p>ABIDJAN, Feb 23 (Reuters) &#8211; Ivory Coast&#8217;s new agricultural commodities exchange will begin operations late next month by listing of raw cashew nuts, kola nuts and corn, its chief executive said on Tuesday.</p>
<p>Housed in the regional securities exchange, the commodities exchange was created to provide a reliable market for products whose sales are now negotiated directly between buyers and sellers.</p>
<p>&#8220;The agricultural commodities exchange will provide a price benchmark that serves as a basis for negotiating national and international commercial contracts,&#8221; Edoh Kossi Amenounve, head of West Africa&#8217;s BRVM bourse, told Reuters.</p>
<p>The exchange also expects to eventually list natural rubber and palm oil, but has not indicated any plans for Ivory Coast&#8217;s top export, cocoa, which is traded on international markets.</p>
<p>Ivory Coast&#8217;s government has also started to build new warehouses in response to a crippling lack of storage facilities that has limited producers&#8217; access to financing, Amenounve said.</p>
<p>(Reporting by Loucoumane Coulibaly; Writing by Nellie Peyton; Editing by Aaron Ross)</p>
<p>(c) Copyright Thomson Reuters 2021. Click For Restrictions &#8211; https://agency.reuters.com/en/copyright.html</p>
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<p>&nbsp;</p>


Ivory Coast to launch agricultural commodities exchange in March

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<p>There have been efforts across the East African region to expand electricity access, but the benefits of increased access to modern and cleaner energy services often fail to accrue evenly to men and women. African Development Bank’s Nnenna Lily Nwabufo joins CNBC Africa to unpack this.</p>


AfDB’s Nwabufo on how to close the energy access gap in Africa


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1158055585-820x547.jpeg" alt="" class="wp-image-398109" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1158055585-820x547.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1158055585-300x200.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1158055585-768x512.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1158055585-1536x1024.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1158055585-scaled.jpeg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>African ExportImport Bank&#8217;s (Afreximbank) President Benedict Oramah gestures as he speaks during the Tony Elumelu Foundation&#8217;s African entrepreneurship forum in Abuja, on July 27, 2019. | (Photo by PIUS UTOMI EKPEI/AFP via Getty Images)</figcaption></figure>



<p>ABUJA, Feb 23 (Reuters) &#8211; The African Export-Import Bank (Afrexim) has approved $2 billion to support the acquisition of COVID-19 vaccines for African countries, its president said on Tuesday.</p>



<p>The African Union initially secured 270 million COVID-19 vaccine doses from manufacturers for member states. In January, it was announced that the bloc would receive another 400 million doses of the AstraZeneca vaccine.</p>



<p>President Benedict Oramah told CNBC Africa the <a href="https://www.cnbcafrica.com/2021/covid-19-trade-benedict-oramah-on-how-afreximbank-is-helping-africa-build-back-better/">Afrexim board has approved the funds and that it was seeking to raise more funds for vaccine acquisition</a>.</p>





<p>He said that the 270 million doses will only cover around 15% of Africa&#8217;s population, far short of the 40% to 60% needed for immunity.</p>



<p>Africa&#8217;s reported COVID-19 death toll surpassed 100,000 last week, a fraction of that reported on other continents but rising fast as a second wave of infections overwhelms hospitals.</p>



<p>Faisal Shuaib, who heads Nigeria&#8217;s National Primary Health Care Development Agency, has said the country was &#8220;exploring multiple payment options&#8221; for the doses including through an Afrexim financing plan to make repayments in installments over five to seven years. (Reporting by Chijioke Ohuocha; Editing by Steve Orlofsky)</p>



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


NIGERIA-ECONOMY-ENTREPRENEURSHIP

Afreximbank approves $2 bln for African nations to secure COVID-19 vaccines


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1195621075-820x547.jpeg" alt="" class="wp-image-398112" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1195621075-820x547.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1195621075-300x200.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1195621075-768x512.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1195621075-1536x1024.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1195621075-scaled.jpeg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>Lesetja Kganyago, governor of South Africa&#8217;s reserve bank, pauses during a news conference on the closing day of the World Economic Forum (WEF) in Davos, Switzerland, on Friday, Jan. 24, 2020. | <strong>Gem Atkinson/Bloomberg via Getty Images</strong></figcaption></figure>



<p>By Emma Rumney</p>



<p>JOHANNESBURG, Feb 23 (Reuters) &#8211; At least two of South Africa&#8217;s major banks are likely to declare dividends after the central bank last week eased guidance on payouts, analysts and investors said.</p>



<p>The South African Reserve Bank had in April advised banks not to pay dividends or bonuses to preserve capital during the coronavirus crisis, prompting lenders to put distributions on hold even as some signalled they had adequate resources to pay.</p>



<p>The move will have left bank boards scrambling to make a decision just ahead of their financial results, with lender FirstRand for instance left with just over a week before it is due to report.</p>



<p>But analysts and investors told Reuters that at least two of the country&#8217;s big four lenders, and perhaps all of them, will ultimately opt to pay out.</p>



<p>David Talpert, analyst at Avior Capital Markets, said Standard Bank and FirstRand were the best positioned to declare a dividend because they had more capital.</p>



<p>Standard Bank already said last year it was discussing a possible dividend declaration in March with the SARB. Another lender, Investec , opted to declare a dividend in November despite the guidance.</p>



<p>&#8220;We expect Absa and Nedbank to hold off on dividends until the second half of the year, as while their&#8230; capital levels are well above regulatory minimums, they are at the end of their internal target ranges,&#8221; Talpert added.</p>



<p>A top investor who asked not to be name agreed with his view, but said all four could make a payment.</p>



<p>FirstRand and Nedbank declined to comment. Standard Bank, Absa, and Capitec had no immediate comment or did not immediately respond to requests.</p>



<p>South Africa&#8217;s banks have all suffered as hefty provisions for bad debts carved a chunk out of profits, but their capital levels remained robust and many say the credit situation is improving.</p>



<p>The SARB said in its guidance banks should consider a number of factors, including current and projected capital levels, internal targets and future risks, when making dividend decisions to ensure they have enough capital to support the economy amid high uncertainty.</p>



<p>Stuart Theobald, chairman of Intellidex, said he expected all big four banks to declare a payout, with lenders keen to protect the investment case for their shares.</p>



<p>&#8220;I expect, however, that (the payouts) will be less than their historic dividend policies as banks will need to be cautious in the face of the lingering uncertainties over the pandemic.&#8221; (Reporting by Emma Rumney; Editing by Jan Harvey)</p>



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


Closing Day Of The World Economic Forum (WEF) 2020

At least two S.African banks likely to pay dividends after Central Bank eases guidance

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<p>Nigeria is technically out of the recession but not yet out of the woods as the government needs to drive a more inclusive recovery. Nigeria’s Minister of Finance, Budget and National Planning, Zainab Ahmed says the executive arm expects the 2020 Capital Budget implementation to enhance Nigeria’s economic recovery efforts and budget execution. Sam Chidoka, CEO of Kairos Capital joins CNBC Africa to discuss how Nigeria can drive an inclusive recovery.</p>


Kairos Capital CEO on how to drive inclusive recovery in Nigeria

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<p>The rising insecurity in Nigeria has led many to believe that the country is at a precipice and decisive actions and strategies need to be implored by the government to subvert an impending anarchy situation across the country, from Boko Haram attacks to mass abductions of students by bandits. Dennis Amachree, CEO of Zoomlens Security Solutions joins CNBC Africa to assess the new threats and the options for the government.</p>


Insecurity in Nigeria: What’s behind the new wave of mass abductions?

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<p>The Collaborate to Innovate virtual event brings together C-suite business leaders, telcos, fintechs, retailers, airlines, futurists, and motivational speakers shaping the digital business landscape of our region and beyond. Raghu Malhotra, President of the Middle East Africa Region for Mastercard unpacks digital transformation, Mastercard&#8217;s multi-rail approach and the Africa&#8217;s potential&#8230;.</p>


Newsletter

South Africa Budget: economy expected to grow by 3.3% in 2021 – Finance Minister

Zenith Bank CEO: 2020 was a difficult year, earnings reflect team’s resilience

COVID-19: How to drive growth in Nigeria’s manufacturing sector

#BudgetSpeech2021: Here’s what business & markets expect from Finmin Mboweni’s 2021 budget speech

Cathie Wood’s funds take big morning hit before rebounding as the tech trade stumbles

Why Is Short Selling Legal?

Imperial earnings plunge 43% due to COVID-19

Leisurely pursuits in the Northern Cape, South Africa

Covid-19 second wave weighs on Bidcorp’s earnings

Kumba delivers record EBITDA, expects strong Chinese demand for iron ore to continue

Ivory Coast to launch agricultural commodities exchange in March

AfDB’s Nwabufo on how to close the energy access gap in Africa

Afreximbank approves $2 bln for African nations to secure COVID-19 vaccines

At least two S.African banks likely to pay dividends after Central Bank eases guidance

Kairos Capital CEO on how to drive inclusive recovery in Nigeria

Insecurity in Nigeria: What’s behind the new wave of mass abductions?

#CollaboratetoInnovate: How collaboration can help accelerate digital transformation in Africa

News Tips

Advertise With Us

Newsletter

South Africa Budget: economy expected to grow by 3.3% in 2021 – Finance Minister

Zenith Bank CEO: 2020 was a difficult year, earnings reflect team’s resilience

COVID-19: How to drive growth in Nigeria’s manufacturing sector

#BudgetSpeech2021: Here’s what business & markets expect from Finmin Mboweni’s 2021 budget speech

Cathie Wood’s funds take big morning hit before rebounding as the tech trade stumbles

Why Is Short Selling Legal?

Imperial earnings plunge 43% due to COVID-19

Leisurely pursuits in the Northern Cape, South Africa

Covid-19 second wave weighs on Bidcorp’s earnings

Kumba delivers record EBITDA, expects strong Chinese demand for iron ore to continue

Ivory Coast to launch agricultural commodities exchange in March

AfDB’s Nwabufo on how to close the energy access gap in Africa

Afreximbank approves $2 bln for African nations to secure COVID-19 vaccines

At least two S.African banks likely to pay dividends after Central Bank eases guidance

Kairos Capital CEO on how to drive inclusive recovery in Nigeria

Insecurity in Nigeria: What’s behind the new wave of mass abductions?

#CollaboratetoInnovate: How collaboration can help accelerate digital transformation in Africa

News Tips

Advertise With Us

Newsletters