BARINGO, Kenya (Reuters) &#8211; The fresh waters of Kenya’s Lake Baringo teem with birds, fish, hippopotamuses and crocodiles and sustain tens of thousands of people. But none of them can survive in the alkaline Lake Bogoria nearby.



Now heavy rainfall and ecological destruction means the two lakes are rising and may merge.



“It will be an ecological disaster if the two lakes meet &#8230; There is only a small gap left,” said Jackson Komen, senior warden for the government-run Kenya Wildlife Service (KWS) for Lake Baringo conservation area.



Baringo, which irrigates land and provides driking water, has expanded 60% to 270 square kilometres (105 square miles) in the last seven years, he said. Lake Bogoria has swollen by a quarter to 43 square kilometres.



Conservationists said the rising waters are due to combination of unusually heavy rains and the silting up of the lakes.



Tor-Gunnar Vanegen, a scientist at the Nairobi-based World Agroforestry centre, said deforestation was causing erosion on nearby Tugen hills and the soil was washing into lake.



“That siltation is causing the shallow lake to rise,” he told Reuters.



The flooding is driving farmers from their land and residents from their homes.



Three generations of Roberts grew up on Baringo’s shores but the thatched roofs of their safari camp are now forlorn islands surrounded by water. The distance between the two lakes has halved.



“It is disheartening to watch the work that was done by your father and mother, and the work we have done ourselves, being destroyed by water,” said Murray Roberts, whose father built the camp.



Farmers say their grazing has been destroyed.



“I now have to start all over at new grounds. For now I live with my son close by,” said Lechaki Parsaalach, who has lost nine acres of land and his home.

Op-Ed: Jubilee, Kanu formalise coalition as internal battles rage in Kenya

Kenyans fear ‘ecological disaster’ if two swollen lakes merge

WASHINGTON (Reuters) &#8211; U.S. President Donald Trump has urged residents in the critical political battleground of North Carolina to try to vote twice in the Nov. 3 election, once by mail and once in person, causing a furor for appearing to urge a potential act of voter fraud.



“Let them send it in and let them go vote,” Trump said in an interview on Wednesday with WECT-TV in Wilmington, North Carolina. “And if the system is as good as they say it is then obviously they won’t be able to vote” in person.



Trump has repeatedly asserted, without evidence, that mail-in voting &#8211; expanded by some states because of the coronavirus pandemic &#8211; would increase fraud and disrupt the November election, although experts say voter fraud of any kind is extremely rare in the United States.



Voting more than once in an election is illegal and in some states, including North Carolina, it is a felony not only to vote more than once but also to induce another to do so.



<h4 class="wp-block-heading">RELATED COVERAGE</h4>



<ul class="wp-block-list"><li><a href="https://www.reuters.com/article/us-usa-election-trump-ballots/trump-after-comments-on-voting-twice-says-voters-should-check-mail-in-ballots-at-the-polls-idUSKBN25U2B2">Trump, after comments on voting twice, says voters should check mail-in ballots at the polls</a></li><li><a href="https://www.reuters.com/article/us-usa-election-trump-northcarolina/white-house-says-trump-not-encouraging-illegal-voting-with-north-carolina-remarks-idUSKBN25U23Q">White House says Trump not encouraging illegal voting with North Carolina remarks</a></li></ul>



Ballots are due to be mailed in North Carolina on Friday.



The state’s Attorney General Josh Stein, a Democrat, wrote on Twitter that Trump, a Republican, had “outrageously encouraged” North Carolinians “to break the law in order to help him sow chaos in our election.”



Stein wrote: “Make sure you vote, but do NOT vote twice! I will do everything in my power to make sure the will of the people is upheld in November.”



Trump’s campaign and the White House later denied that he meant to tell people to vote twice.



“The president is not suggesting anyone do anything unlawful,” White House spokeswoman Kayleigh McEnany told Fox News Channel on Thursday. “What he said very clearly there is make sure your vote is tabulated and if it is not, then vote.”



In a series of tweets on Thursday morning, Trump again urged his supporters to vote early by mail and then follow up by attempting to vote in person, however.



“On Election Day, or Early Voting go to your Polling Place to see whether or not your Mail In Vote has been Tabulated (Counted),” Trump wrote. “If it has you will not be able to Vote &amp; the Mail In System worked properly. If it has not been Counted, VOTE.”



<h3 class="wp-block-heading">VOTING TWICE ‘A FELONY’</h3>



The Democratic National Committee accused Trump of encouraging voter fraud and said the president was undermining confidence in the fairness of the election.



“Let’s be clear: Voting by mail is a safe and secure way for Americans to participate in our democracy — and Trump should be working to make it easier to vote, not harder,” Reyna Walters-Morgan, the DNC’s director of voter protection, said in a statement.



Patrick Gannon, a spokesman for North Carolina’s state Board of Elections, said a person would not be able to cast two ballots, regardless of if they voted by mail or in-person first. The first vote that is received and processed is the one that counts, he said.



<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" src="https://www.cnbcafrica.com/wp-content/uploads/2019/12/gettyimages-642093036-594x594-1.jpg" alt="" class="wp-image-352573" width="705" height="521" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2019/12/gettyimages-642093036-594x594-1.jpg 594w, https://cms.cnbcafrica.com/wp-content/uploads/2019/12/gettyimages-642093036-594x594-1-300x221.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2019/12/gettyimages-642093036-594x594-1-80x60.jpg 80w, https://cms.cnbcafrica.com/wp-content/uploads/2019/12/gettyimages-642093036-594x594-1-570x420.jpg 570w" sizes="(max-width: 705px) 100vw, 705px" /><figcaption>WASHINGTON, DC &#8211; FEBRUARY 16: U.S. President Donald Trump stands during a news conference announcing Alexander Acosta as the new Labor Secretary nominee in the East Room at the White House on February 16, 2017 in Washington, DC. The announcement comes a day after Andrew Puzder withdrew his nomination. (Photo by Mario Tama/Getty Images)</figcaption></figure>



“Voting twice in an election is a felony,” Gannon said. “If you put a ballot in the mail, and it hasn’t arrived yet, and then you vote in-person before your absentee ballot has arrived, your in-person vote will count.”



He said if an absentee ballot showed up after a person had voted in-person, it would not be counted.



Many Americans vote by mail because they cannot make it to the polls in person. Nearly one in four voters cast presidential ballots by mail in 2016.



The coronavirus pandemic is expected to result in a record number of mail-in ballots this year as voters seek to avoid the risk of infection. Experts have cautioned the expected surge means a winner may not be clear on election night given the time it will take to count and verify all the ballots.



Trump campaigned on Wednesday in North Carolina, known as a battleground state because its population can swing either to Republicans or Democrats and play a decisive role in presidential elections.



National opinion polls show Trump, 74, trailing his Democratic rival Joe Biden, 77, the vice president under then-President Barack Obama. Democrats accuse Republicans of trying to suppress the vote to help their side.

396×276(5)

Trump encourages supporters to try to vote twice, sparking uproar

Sudan’s transitional government has signed a long-awaited peace agreement with the Sudanese Revolutionary Front (SRF) – a coalition of rebel groups from the states of Darfur, South Kordofan, and the Blue Nile – ending the 17-year conflict in the region.



Mediation efforts started in December 2019 in Juba, the capital of neighbouring South Sudan, between representatives of the transitional government and members of the different armed groups.



The new peace agreement was penned on Monday, August 31, in Juba in the presence of Sudan’s President Abdel Fattah Al-Burhan, Prime Minister Abdalla Hamdok, and South Sudan’s President Salva Kiir.



Mr Hamdok remarked that “today is the beginning of the long road to peace”, and that the new peace agreement serves as “the promise of return, the promise of justice, the promise of development and the promise of safety”.



Five representatives of the rebel groups signed the agreement after nearly 10 months of negotiations. Two of the largest rebel groups, the Popular Movement for the Liberation of Northern Sudan (SPLA-N) and the Sudan Liberation Movement (SLM), refused to participate in the peace discussions; however, both groups signalled that they do not oppose the agreement, which has been years in the making.



Deputy President Muhammad Hamdan Dagalo stated that “throughout the decades of [this] war, no one has won, and no one will win”.



The conflict in Darfur started in 2003, during former President Omar Al-Bashir’s reign, and roughly 300,000 people have been killed and millions displaced, according to the UN.



Mr Bashir is currently in jail and is wanted by the International Criminal Court (ICC) for war crimes and crimes against humanity committed in Darfur.



While the transitional government signalled its willingness to hand Mr Bashir over to the ICC in February, no further actions have been taken, and he is currently facing trial domestically for the 1989 coup which saw him rise to power.



Since Mr Bashir’s overthrow in April 2019, the transitional government has made huge strides in unifying the country and moving it forward after years of conflict, corruption, and economic deterioration.



The peace agreement has been hailed as a big success in bringing peace to Sudan, receiving high acclaim from the African Union (AU), European Union (EU), the UN, and the US.



UN Secretary General Antonio Guterres “congratulates the people of the Sudan for this historic achievement and commends the parties to the negotiations for their political will and determination in working towards the common objective of peace”.



Mr Guterres stated that he fully supports the implementation of the peace agreement, which “marks the start of a new era for the people of the Sudan”.



The agreement includes various protocols which cover security, justice, refugee return, wealth distribution, power distribution, and land ownership.



It also grants the states of Darfur, South Kordofan, and the Blue Nile semi-autonomy from the federal government. In return, 40% of local revenues collected will be paid to the federal government.



According to the agreement, members of the armed movements will be integrated into the military over a period of 15 months, and 12,000 security and rebel forces will be tasked with ensuring security in the region.



While the exact details regarding the representation of the rebel groups in the transitional government have not been confirmed, in terms of the preliminary peace agreement, the rebel groups will be allocated 25% of the seats in government and three seats on the Sovereign Council, increasing the Council’s size to 14 members. In addition, the agreement allocated 25% of the seats in the Transitional Legislative Council (TLC).



If implemented, the Darfur rebel groups will occupy 75 seats of the 300-member legislature, with the civilian Forces of Freedom and Change (FFC) retaining their 200-seat majority.



The agreement has been criticised for failing to provide a clear separation between the state and religion: The Islamism of Mr Bashir’s government and previous ones was a key driver not only of the Darfur conflict but of the longer and wider war between Khartoum and southern movements.



Moreover, the peace agreement has also been blamed for delaying the country’s transition towards democracy, as the negotiation process halted the establishment of the TLC, or Parliament, which was supposed to be appointed by December 2019.



More details regarding the peace agreement and changes to the government are expected in the coming weeks.



The long-awaited peace agreement signals an end to nearly 17 years of conflict in Darfur, marking another milestone in Sudan’s post-Bashir era, and moving the country closer towards democracy and civilian rule.



While the government still needs to release more details, the peace agreement is broadly accepted by the rebel groups, the transitional government, and the citizens of Sudan at large.



Mr Burhan has announced that the Sovereign Council and Cabinet are busy making the necessary amendments to the interim constitution to allow for the inclusion of the rebel groups into the government, and we expect big changes to government structures towards the end of the year.



Pieter Scribante – Economist &amp; political analyst

1280px-Flag_of_Sudan_(3-2).svg

Sudan – Peace agreement signals end of the conflict in Darfur

(Reuters) &#8211; Tesla Inc shares fell for a third straight day on Thursday, as investors who have been betting on the electric-car maker’s growth prospects cashed in on the meteoric rally in the stock price this year.



Market analysts and traders called it a near-term profit-taking, triggered by the company’s plan to raise $5 billion from the market and the stake sale by the second largest shareholder Baillie Gifford, in a stock that has surged fivefold in 2020.



They expect it to be short-lived. “It’s just a poster child for the growth trade and there’s a bit of general rotation,” a London-based trader told Reuters.



Meanwhile, Edinburgh-based Baillie Gifford told Herald Scotland the investment firm remains a “strong supporter” of Tesla, but had to sell its passive stake due to norms that limit the weight of a stock in clients’ portfolios.



Gifford cut its stake to 4.25% compared to 7.67% as of Dec. 31, making it now the fourth largest stakeholder, according to Refinitiv data.



“I know Baillie Gifford were a kind of forced seller to stay within the mandates, but (an) evidence of core investor profit-taking as the company start a sell off of $5 billion stock,” the trader said.



Ever since Tesla surprised Wall Street by delivering on Chief Executive Elon Musk’s promise of a profit in its third quarter in October last year, its shares have risen nearly nine-fold.



The world’s most valuable carmaker has gone on to register three more profitable quarters, clearing a hurdle that could lead to its inclusion in the benchmark S&amp;P 500 index.



The index rebalances every quarter, but a stock can be added to the index at any point once a company becomes eligible for consideration.



Howard Silverblatt, senior index analyst at S&amp;P Dow Jones Indices, declined to comment on potential index membership changes.



The surge in shares during the COVID-19 pandemic have also led Tesla and Apple Inc to split their richly priced stock.



The iPhone maker’s shares, which have jumped more than 35% since it announced its split, fell for the second session, down 5.2%, while Tesla shares were down 6.5% in early trading on Thursday.

How Elon Musk Took Tesla To Hell And Back With The Model 3

Tesla retreats for third day as investors cash in on gains

LONDON (Reuters) &#8211; The former first-daughter of Angola Irene Neto has denied any wrongdoing by her husband, a top figure in the oil industry who is the focus of a Swiss money-laundering probe and subject to one of the largest personal asset freezes in Swiss history.



Prosecutors say Carlos Manuel de São Vicente’s monopoly over insurance and re-insurance for state oil giant Sonangol from 2000 to 2016 culminated in huge bank transfers into accounts in his own name, his companies, wife and family members, according to court documents seen by Reuters.



The Geneva-based law firm representing De São Vicente has told Reuters he refutes the charges and had always acted according to the law.



<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" src="https://www.cnbcafrica.com/wp-content/uploads/2020/09/aghostino-neto.jpeg" alt="" class="wp-image-380835" width="450" height="575"/><figcaption>Agostinho Neto</figcaption></figure>



His wife, Neto, reinforced that denial in a statement to Reuters via the political foundation she heads.



Neto is the daughter of the Angola’s first president from 1975 to 1979, Agostinho Neto, and was herself a former deputy minister from Angola’s ruling MPLA party. She is not accused of any wrongdoing as part of the probe.







“Any allegation of a possible link between her late father’s position and her husband’s activities is defamatory,” the statement said.



“Mrs. Neto stresses that her husband at all times and in any circumstances conducted his business according to the law and has no doubt that justice will prove so.”



Angola is seeking to tackle a legacy of alleged corruption which has dogged the nation as it seeks to attract foreign investment into its struggling economy.

angola-162225_1280

Ex-first daughter of Angola Neto says no wrongdoing by husband in Swiss corruption probe

LAKE NAKURU, Kenya (Reuters) &#8211; Eight years ago, rising water levels in Kenya’s Lake Nakuru drove away the clouds of pink coloured flamingos that were the park’s biggest draw. Rangers say their disappearance triggered a drop in visitor numbers by for the Nakuru National Park.



Now they’re back.



The return has rekindled hopes of a gradual rebound in an area heavily reliant on tourists for employment and revenues.



<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" src="https://www.cnbcafrica.com/wp-content/uploads/2020/09/pink-flamingoes.jpeg" alt="" class="wp-image-380826" width="691" height="466"/></figure>



On a recent visit, flocks of flamingos foraged for food in the lake’s turquoise waters, while others flapped in a sine-wave formation above. A rhinoceros grazed nearby.



“With the increase now of the number of flamingos we have started seeing visitors also increasing,” Caroline Mwebia, the park’s tourism warden, told Reuters.



She declined to give visitor numbers and the Kenya Wildlife Service did not return calls seeking comment. But nearly a quarter of a million visitors came in 2011, the last year figures are publicly available for.



Flamingos eat insect larvae and algae that gives them their pink hue. High water levels shrink the birds’ ideal breeding and feeding grounds.



When Nakuru lake first rose, Mwebia said, flamingos left for nearby lakes like Bogoria and Baringo whose waters were shallower.



But heavy rains in recent years have also flooded those lakes, forcing the birds to return to Nakuru, where they are such an intrinsic attraction that the street leading up to the park is decorated with flamingo-shaped lampposts.



The global pandemic has battered Kenya’s tourism industry, but Nakuru at least sees a bright spot on the horizon.

pink-flamingoes

Long-missed pink flamingos return to Kenya’s Lake Nakuru

NAIROBI (Reuters) &#8211; The World Health Organization wants to secure an initial 230 million doses of any COVID-19 vaccine for Africa, officials said Thursday, while emphasising that any vaccine in development should also be tested on the continent.



The global vaccine allocation plan, called COVAX, aims to help buy and fairly distribute deliver 2 billion doses of approved vaccines by the end of 2021.



“This &#8230; (initial batch) will cover 20% of the African population, initially prioritising those who are the front line, health care workers, then expanding to cover vulnerable groups,” Richard Mihigo, the programme area manager for WHO Africa, told an online news conference.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="800" height="600" src="https://www.cnbcafrica.com/wp-content/uploads/2020/04/shutterstock_94083223-1.jpg" alt="IMF approves immediate debt relief for 25 countries amid COVID-19 crisis" class="wp-image-367551" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/04/shutterstock_94083223-1.jpg 800w, https://cms.cnbcafrica.com/wp-content/uploads/2020/04/shutterstock_94083223-1-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/04/shutterstock_94083223-1-768x576.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2020/04/shutterstock_94083223-1-696x522.jpg 696w" sizes="(max-width: 800px) 100vw, 800px" /><figcaption>IMF approves immediate debt relief for 25 countries amid COVID-19 crisis</figcaption></figure>



The scheme has nine COVID-19 vaccine candidates covering a range of technologies and scientific approaches. Some are in late-stage clinical trials and could have data available by year-end.



Only two of the potential COVID-19 vaccines are being tested in Africa, said Richard Hatchett, chief executive officer of the Coalition for Epidemic Preparedness Innovations (CEPI), which co-leads the COVAX project with the WHO and the Gavi vaccines alliance.



“Testing vaccines on the continent ensures that sufficient data is generated on the safety and efficacy of the most promising vaccine candidates for the African population so they can be confidently rolled out in Africa,” he said.



John Nkengasong, the head of the Africa Centres for Disease Control and Prevention, told an online news conference that talks with COVAX would supplement other negotiations with nations such as China, Canada and the United States over securing access to shots.



The continent has fared better than expected, health experts say. The number of new cases fell 11% in the past four weeks, Nkengasong said.



“We are seeing an epidemiological curve that is either stabilising or decreasing, representing a sign of hope,” he said, adding that inadequate testing still means the picture is incomplete.

Clarification on COVID-19 “hotspots” as SA moves to level 3 lockdown

WHO aiming for 20% of Africa to get initial COVID jabs from access plan

LONDON (Reuters) &#8211; Amazon (<a href="https://www.reuters.com/companies/AMZN.O">AMZN.O</a>) brought a little cheer to Britain’s troubled labour market on Thursday, saying it will create a further 7,000 permanent jobs in 2020, taking total new hires this year to 10,000.FILE PHOTO: The logo of Amazon is pictured inside the company&#8217;s office in Bengaluru, India, April 20, 2018. REUTERS/Abhishek N. Chinnappa/File Photo



Last month the number of people in work in Britain suffered the biggest drop since 2009 and the coronavirus is expected to take a much heavier toll on unemployment when the government winds down its huge job-protection scheme.



The one bright spot however has come from online retail and logistics as orders surged during lockdown. Amazon’s latest recruitment will take its total UK workforce to over 40,000 by the end of the year.



The U.S. internet giant said the 7,000 new roles will be for warehouse workers, as well as engineers, HR and IT professionals and health and safety and finance specialists.



The jobs will be in over 50 sites, including two new distribution centres in the north east and central England and at corporate offices.



It said it needed more staff to meet growing customer demand for its services and to enable small and medium sized enterprises selling on Amazon to scale their businesses.



Amazon has also started recruiting for more than 20,000 seasonal positions across the UK for the festive period.



Last month the Confederation of British Industry said British retailers had cut the most jobs since the depths of the financial crisis and expected the pace of losses to accelerate.



Well-known British retailers Marks &amp; Spencer (<a href="https://www.reuters.com/companies/MKS.L">MKS.L</a>), John Lewis, Debenhams DEB.L, WH Smith (<a href="https://www.reuters.com/companies/SMWH.L">SMWH.L</a>) and Dixons Carphone (<a href="https://www.reuters.com/companies/DC.L">DC.L</a>) have all announced job cuts in recent weeks, reflecting the rapid shift in demand to online sales.



Tesco (<a href="https://www.reuters.com/companies/TSCO.L">TSCO.L</a>), Britain’s biggest supermarket, said it would create 16,000 permanent roles to meet the surge in home deliveries.

How Coronavirus Could Slow Down Amazon Deliveries

Amazon bucks UK labour market gloom with 7,000 new jobs

(Reuters) &#8211; TikTok’s prospective buyers are discussing four ways to structure an acquisition from its Chinese owner ByteDance, which include buying the app’s U.S. operations without key software, after Beijing stalled a deal which could be worth $30 billion, sources said.FILE PHOTO: Logos of Bytedance, the China-based company which owns the short video app TikTok, or Douyin, are seen on a strap of an employee card, in Beijing, China August 13, 2020. REUTERS/Tingshu Wang &#8211; RC2YCI9P4067/File Photo



Other options being considered include asking for Chinese approval to pass TikTok’s algorithm on to the acquirer of the short video app’s U.S. assets, licensing the algorithm from ByteDance, or seeking a transition period from a U.S. national security panel overseeing the deal, three sources said.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1110" height="741" src="https://www.cnbcafrica.com/wp-content/uploads/2020/06/shutterstock_440066134-1110x741.jpg" alt="Facebook holds on as TikTok invades Social Media in SA" class="wp-image-373478" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/06/shutterstock_440066134-1110x741.jpg 1110w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/shutterstock_440066134-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/shutterstock_440066134-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/shutterstock_440066134-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/shutterstock_440066134-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/shutterstock_440066134-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/shutterstock_440066134-696x465.jpg 696w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/shutterstock_440066134-1068x713.jpg 1068w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/shutterstock_440066134-1920x1281.jpg 1920w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/shutterstock_440066134-600x400.jpg 600w" sizes="(max-width: 1110px) 100vw, 1110px" /><figcaption>Facebook holds on as TikTok invades Social Media in SA </figcaption></figure>



ByteDance had been looking to pick a buyer for TikTok assets by this week so it can finalize a deal by mid-September and comply with President Donald Trump’s order to divest those assets, after U.S. officials raised concerns over the safety of the personal data of U.S. citizens handled by TikTok.



“TikTok is loved by 100 million Americans because it’s a home for entertainment, self-expression, and connection. We’re committed to continuing to bring joy to families and meaningful careers to those who create on our platform for many years to come,” a TikTok spokeswoman said in a statement.



Beijing last week updated its export control rules to restrict the sale of technology such as the one used by TikTok to recommend videos to users, raising questions over whether it would veto a deal and giving prospective buyers Microsoft and Oracle pause for thought.



ByteDance and the bidders for the TikTok assets are now discussing four ways to structure the deal, the sources, who requested anonymity, told Reuters.



It is not clear which, if any, of the options will be pursued. As days pass, the odds of a deal lengthen as TikTok faces a U.S. ban on Sept. 20 if no sale agreement has been reached. It has challenged the ban in court.



One possibility being discussed is to sell TikTok without the algorithm it uses to make recommendations to users. While that would circumvent China’s export control rules, it would present a significant gamble for Microsoft and Oracle, which would have to quickly come up with a substitute.



Another option is to negotiate a transition period of up to a year with the Committee on Foreign Investment in the United States (CFIUS), which is overseeing the deal talks, the sources said. It is not clear whether China’s new rules would allow this in the time frame required.



A third option is seeking approval from China to pass on TikTok’s algorithm to the buyer of its U.S. assets, the sources said. This would amplify the geopolitical risk, given worsening relations between the world’s two largest economies over trade, cyber security and the spread of the coronavirus.



The fourth scenario involves ByteDance’s licensing the algorithm to the buyer of the TikTok assets, the sources said. However, this could worry CFIUS, which wants ByteDance to forego any relationship it has with TikTok in the United States.



ByteDance, Microsoft and Oracle declined to comment. The White House, CFIUS and China’s Commerce Department did not immediately respond to requests for comment.



TikTok is functionally and technically similar to ByteDance-owned Douyin, which is available only in China, and shares technical resources with it and other ByteDance-owned properties, sources have previously said.



While the code for the app, which determines the look and feel of TikTok, has been separated from Douyin, the server code powering the algorithms for moderating and recommending content and the management of user profiles is partially shared.



<h3 class="wp-block-heading">DANCE TRACKED?</h3>



While TikTok is best known for videos of people dancing that go viral among teenagers, U.S. officials have expressed concern that user information could be passed to Beijing.



TikTok has said it would not comply with any request to share user data with the Chinese authorities.



ByteDance has been in talks to sell TikTok’s North American, Australian and New Zealand operations since last month. And in a sign of founder and CEO Zhang Yiming’s concern, TikTok engineers were told last week to make contingencies should TikTok need to shut down its U.S. operations.



Walmart Inc said last week it was joining Microsoft in its bid for TikTok’s U.S. assets, hours after the app’s recently named chief executive, Kevin Mayer, said he would step down. Walmart declined to comment.



Oracle, whose Chairman Larry Ellison is one of the technology world’s few supporters of Trump, has partnered with some of ByteDance’s investors, including General Atlantic and Sequoia, on its bid for the TikTok assets

The Rise Of TikTok

Exclusive: Aspiring TikTok buyers pursue four options in effort to revive talks

CHICAGO (Reuters) &#8211; United Airlines (<a href="https://www.reuters.com/companies/UAL.O">UAL.O</a>) said on Wednesday it is preparing to furlough 16,370 workers when federal aid expires on Oct. 1 as the coronavirus pandemic continues to devastate the airline industry, though one union said many more people will be without pay.



United’s cuts include 6,920 flight attendants, but the union representing them said 14,000 will not have a paycheck in October unless Congress acts to extend $25 billion in aid.



This is because many have opted for leaves that will provide healthcare but no money, Association of Flight Attendants-CWA International President Sara Nelson said.



“United’s furlough announcement does not tell the full story,” she said.



Airlines have been lobbying Washington for a second stimulus package to protect jobs through March while the industry awaits a recovery. The first $25 billion, which covered airline payrolls, expires this month, but talks have stalled as Congress has struggled to reach agreement on a broader coronavirus assistance package.



Chicago-based United had over 90,000 employees before the pandemic brought the industry to a near standstill in March. It warned in July that 36,000 jobs were at risk of involuntary furloughs as demand remained weak.



U.S. passenger airlines are still collectively losing more than $5 billion a month as 30% of planes remain parked. Passenger travel demand is down about 70% and, on average, planes that are flying are half-full.



Some 7,400 United employees have opted to take early retirement or departure packages and the company is working through several other voluntary temporary leave programs to further reduce the number of furloughs, United officials said, without providing specific numbers.



The leaves would give the company flexibility to call back staff once travel returns, they said.



United’s furloughs will also affect around 2,850 pilots, 2,010 mechanics and 1,400 management and administrative positions, among others, though negotiations continue with pilots to reduce the final number.



Rival American Airlines (<a href="https://www.reuters.com/companies/AAL.O">AAL.O</a>) last week said it would lay off 19,000 workers without federal aid. Including voluntary departures or leaves, its 140,000 pre-pandemic workforce will shrink by 30%.



Delta Air Lines (<a href="https://www.reuters.com/companies/DAL.N">DAL.N</a>) plans to lay off nearly 2,000 pilots, but has not yet numbered potential cuts for its other workers.



President Donald Trump has said his administration would help U.S. airlines but has not given any details.



Congress also approved another $25 billion in loans for airlines under the first stimulus package, but not all of them are tapping the funds.

How Airlines Park Thousands Of Planes

United Airlines to cut 16,370 workers, many more going without pay

JOHANNESBURG (Reuters) &#8211; South Africa is ready to help insurgency-hit Mozambique with support from its intelligence services or military, but its neighbour would first need to request that help, South Africa’s foreign minister said on Wednesday.



Insurgents with links to Islamic State have stepped up attacks in Mozambique this year, alarming energy majors developing huge natural gas deposits there and governments elsewhere in southern Africa.



<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" src="https://www.cnbcafrica.com/wp-content/uploads/2020/03/1571595826001_6138968958001_6138971439001-vs-1110x624.jpg" alt="" class="wp-image-362159" width="728" height="410" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/03/1571595826001_6138968958001_6138971439001-vs-1110x624.jpg 1110w, https://cms.cnbcafrica.com/wp-content/uploads/2020/03/1571595826001_6138968958001_6138971439001-vs-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/03/1571595826001_6138968958001_6138971439001-vs-820x461.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2020/03/1571595826001_6138968958001_6138971439001-vs-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2020/03/1571595826001_6138968958001_6138971439001-vs-696x392.jpg 696w, https://cms.cnbcafrica.com/wp-content/uploads/2020/03/1571595826001_6138968958001_6138971439001-vs-1068x601.jpg 1068w, https://cms.cnbcafrica.com/wp-content/uploads/2020/03/1571595826001_6138968958001_6138971439001-vs-747x420.jpg 747w, https://cms.cnbcafrica.com/wp-content/uploads/2020/03/1571595826001_6138968958001_6138971439001-vs.jpg 1280w" sizes="(max-width: 728px) 100vw, 728px" /><figcaption>#LWS2020KZN: Naledi Pandor on the importance to female empowerment in the workplace</figcaption></figure>



South African Foreign Minister Naledi Pandor told a parliamentary committee that southern African regional body SADC had asked Mozambique to provide a roadmap on the assistance it might need, which would then be deliberated upon before a course of action was chosen.



“If it is more intelligence support, if it is the South African navy patrolling the coast, if it is assistance from our defence force, we as South Africa stand ready, but we must have that indication from the government of Mozambique,” Pandor said.



“Mozambique is a sovereign country, if it needs assistance from any of us it would ask for it. &#8230; But should South Africa be jumping into Mozambique without any request from the country, without any indication as to where it needs help? I’m not sure that we can do that,” she added.



Attacks began in the northern Mozambican province of Cabo Delgado in 2017 but have gathered pace this year, with insurgents seizing key towns for brief periods and increasingly hitting military or strategic targets.



“The emergence of conflict in Mozambique is a worrying reversal of the peace that has characterised SADC for many years,” Pandor said. “Mozambique has been engaging with our various countries, and we are all looking at how we might assist them.”

Mozambique records first COVID-19 death

South Africa ready to help insurgency-hit Mozambique, if asked

HARARE (Reuters) &#8211; Zimbabwe’s wildlife agency said on Wednesday it had discovered more elephant carcasses near a major game park, bringing the number of dead animals suspected to have been killed by a bacterial infection to 22, double the initial figure.



The Zimbabwe Parks and Wildlife Management Authority (Zimparks) has already ruled out poaching and cyanide poisoning for the death of elephants in Pandamasuwe Forest in western Zimbabwe, between the largest wildlife sanctuary Hwange National Park and Victoria Falls.



Zimparks spokesman Tinashe Farawo said the latest elephant carcasses were found on Tuesday and Wednesday. Most of the animals were young, with the oldest being 18 years.



The elephants, which had their tusks intact, had died in similar circumstances to those first discovered last week.



“We suspect it is the same causes as the first group and we are also looking at taking samples to other independent laboratories so that we can broaden our investigations,” said Farawo.



He said it would be a while before a final report on the causes of the deaths is ready.



Zimparks officials say the biggest threat to Zimbabwe’s elephant herd is overpopulation and that lower rainfall this year could again leave the animals facing starvation after at least 200 died in 2019 from a lack of water and food.



Zimbabwe is home to some 80,000 elephants, around a fifth of Africa’s total, conservationists estimate. Overall numbers have declined sharply in recent years, mostly due to a combination of poaching, illegal hunting and drought.



Earlier this year neighbouring Botswana was hit with hundreds of mysterious elephant deaths. A wildlife official in Botswana said in July preliminary tests pointed to a naturally occurring toxin as a probable cause.

African_Bush_Elephant

Zimbabwe finds more elephant carcasses, death toll at 22

ABUJA (Reuters) &#8211; Nigeria aims to have 50 mines in operation by 2023 and can make up for time lost because of the impact of COVID-19 on development of the nascent sector, the country’s mining minister said in an interview.



Africa’s largest oil producer is banking on mining to diversify its income and revive its finances following a collapse in crude prices, which earlier this year hit two-decade lows.



“The pandemic has slowed things down, but we can still catch up,” Minister of Mines Olamilekan Adegbite said.



Nigeria hopes mining will grow tenfold in five years to account for 3% of the economy and that Nigeria can process as well as mine, which generates increased profits compared with shipping raw minerals.



In particular, he said Nigeria aimed to process barite, used in drilling for oil and gas, and sell it to countries such as Ghana and South Africa, which need the mineral to exploit new oil discoveries.



In common with other African countries, Nigeria is also seeking to formalise artisanal mining, which could generate tax and royalties from gold.



Adegbite said Nigeria was encouraging small-scale miners to form cooperatives and sell at government-buying centres, where prices are closer to global values than those illegal buyers offer.



While oil prices have been weak because of the impact of the pandemic on movement and industry, which has curbed fuel demand, gold in August hit record highs.



A problem for Nigeria is that its gold lies mostly in the northwest, where, humanitarian organisations say it has helped to fuel violence attributed to armed groups.



Adegbite said security had improved and buying centres would stop artisanal miners dealing with criminals: “By weaning them off the illegal people and (making) sure they sell to government-approved centres, you take off that linkage.”



He also expects more commercial gold miners to be attracted once Thor Explorations’s gold mine in Nigeria’s southwest starts producing. Its first gold is expected in the second quarter of 2021.



Malte Liewerscheidt, vice president of London-based risk consultancy Teneo Intelligence, said the plans were likely to be undermined by “structural challenges pertaining to insecurity and infrastructure deficiencies”.

Central Bank of Nigeria cuts benchmark lending rate to 12.5%

Nigeria says can tap mineral wealth despite COVID, unrest

HARARE (Reuters) &#8211; Zimbabwe will reopen primary and secondary schools this month for students preparing to sit their final exams, six months after they were closed due to the COVID-19 outbreak, the government said on Tuesday.



The first students to return, on Sept. 14, will be those taking Cambridge International exams. Those taking locally administered final exams will go back two weeks later.



“The ministry (of education) is working closely with other ministries and stakeholders to guarantee the safety of pupils and staff during the examinations period,” the government said.



<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" src="https://www.cnbcafrica.com/wp-content/uploads/2019/12/gettyimages-899231420-594x594-1.jpg" alt="" class="wp-image-352505" width="705" height="483" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2019/12/gettyimages-899231420-594x594-1.jpg 594w, https://cms.cnbcafrica.com/wp-content/uploads/2019/12/gettyimages-899231420-594x594-1-300x206.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2019/12/gettyimages-899231420-594x594-1-100x70.jpg 100w, https://cms.cnbcafrica.com/wp-content/uploads/2019/12/gettyimages-899231420-594x594-1-218x150.jpg 218w" sizes="(max-width: 705px) 100vw, 705px" /><figcaption>Zimbabwes former army commander and newly appointed vice president General Constantino Chiwenga (L) and Zimbabwe&#8217;s president Emmerson Mnangagwa (R) sit as they attend the swearing-in ceremony in Harare, on December 28, 2017.
Zimbabwes former army commander who led a military takeover that helped end Robert Mugabe&#8217;s 37-year rule sworn in as one of the country&#8217;s two vice presidents. General Constantino Chiwenga, 61, took the oath of office in Harare, pledging to be &#8220;faithful&#8221; to Zimbabwe and to &#8220;obey, uphold and defend the constitution&#8221;.
 / AFP PHOTO / Wilfred Kajese (Photo credit should read WILFRED KAJESE/AFP via Getty Images)</figcaption></figure>



The education ministry had previously said it would give priority to pupils taking final exams and has hinted that other students will not return to school until 2021.



Zimbabwe has recorded about 6,500 cases of COVID-19 and 202 deaths. Despite an increase in infections in the past six weeks, most cases were mild to moderate, with a recovery rate of about 80%, the government said.



Authorities are also looking at reopening airports to support the tourism sector, the government said. The plan is to start with the resumption of domestic flights and then to restart international flights, it added, but did not give a date.

Zimbabwe tightens coronavirus lockdown in capital Harare as cases hit 203

Zimbabwe to reopen schools from September 14 for students taking final exams

WASHINGTON (Reuters) &#8211; President Donald Trump on Tuesday said his administration would help U.S. airlines facing sharp downturns in passenger traffic as a result of the novel coronavirus pandemic, but gave no details.



“We’ll be helping the airlines. You have to help the airlines,” Trump told reporters before departing on a visit to Kenosha, Wisconsin. “Airlines are a tough business in good times.”



Airline shares jumped on Trump’s comments but then gave up some gains. American Airlines (<a href="https://www.reuters.com/companies/AAL.O">AAL.O</a>) was up 1.5%, while United Airlines (<a href="https://www.reuters.com/companies/UAL.O">UAL.O</a>) was up 0.5% in early afternoon trading.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1110" height="658" src="https://www.cnbcafrica.com/wp-content/uploads/2020/08/British_Airways_Comair_B737-236A_ZS-OKE_14235118085-1110x658.jpg" alt="" class="wp-image-380363" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/08/British_Airways_Comair_B737-236A_ZS-OKE_14235118085-1110x658.jpg 1110w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/British_Airways_Comair_B737-236A_ZS-OKE_14235118085-300x178.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/British_Airways_Comair_B737-236A_ZS-OKE_14235118085-820x486.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/British_Airways_Comair_B737-236A_ZS-OKE_14235118085-768x455.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/British_Airways_Comair_B737-236A_ZS-OKE_14235118085-1536x910.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/British_Airways_Comair_B737-236A_ZS-OKE_14235118085-696x412.jpg 696w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/British_Airways_Comair_B737-236A_ZS-OKE_14235118085-1068x633.jpg 1068w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/British_Airways_Comair_B737-236A_ZS-OKE_14235118085-600x356.jpg 600w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/British_Airways_Comair_B737-236A_ZS-OKE_14235118085.jpg 1600w" sizes="(max-width: 1110px) 100vw, 1110px" /></figure>



White House Chief of Staff Mark Meadows last week said Trump was weighing executive action to avoid massive layoffs at airlines if Congress fails to agree on a fresh economic stimulus package.



U.S. passenger airlines are still collectively losing more than $5 billion a month as 30% of airplanes remain parked. Passenger travel demand remains down about 70% and, on average, planes are half-full.



Last week, American Airlines said its workforce would shrink by 40,000, including 19,000 involuntary cuts, in October unless the government extends aid for airline employee payrolls.



United said Thursday it will need to cut 2,850 pilot jobs between Oct. 1 and Nov. 30 if the government does not extend assistance.



Airlines received $25 billion in U.S. government stimulus funds in March meant to cover payrolls and protect jobs through September. Congress also approved another $25 billion in loans for airlines.



As bailout money runs out without a travel recovery in sight, airlines and unions have lobbied Washington for another $25 billion. However, talks have stalled as Congress has struggled to reach agreement on a broader coronavirus assistance package.



American said last month it would suspend flights to 15 small U.S. cities in October without more federal aid.

Trump says he will help struggling U.S. airlines

(Reuters) &#8211; Tesla Inc (<a href="https://www.reuters.com/companies/TSLA.O">TSLA.O</a>) on Tuesday unveiled its biggest program of new share sales as a public company, seeking to cash in on soaring Wall Street interest in the electric carmaker to raise up to $5 billion that will ease future debt pressures.FILE PHOTO: A Tesla SuperCharger station is seen in Los Angeles, California, U.S., July 9, 2020. REUTERS/Lucy Nicholson



The move comes a day after a 5-for-1 stock split took effect, Tesla’s first since its initial public offering in June 2010, and follows a nearly six-fold increase in the value of its shares this year.



Tuesday’s share sale comes as Tesla seeks to massively expand production of its existing vehicles and build new factories near Berlin, Germany and Austin, Texas. The company also plans to launch new lines of vehicles, including a semi-truck called the Tesla Semi and its futuristic Cybertruck.



Tesla said it plans to use proceeds from the offering to strengthen its balance sheet and for general corporate purposes.



Craig Irwin, a Roth Capital Partners analyst who has the equivalent of a ‘hold’ rating on the stock, on Tuesday said the capital raise did not come as a surprise.



“They will need cash for all the facilities they are building, and new growth initiatives,” Irwin said.



Ten major banks, including Goldman Sachs (<a href="https://www.reuters.com/companies/GS.N">GS.N</a>), Bank of America Securities (<a href="https://www.reuters.com/companies/BAC.N">BAC.N</a>), Citigroup Global Markets (<a href="https://www.reuters.com/companies/C.N">C.N</a>) and Morgan Stanley (<a href="https://www.reuters.com/companies/MS.N">MS.N</a>), will conduct the sale, the electric carmaker said in a filing, giving no deadline for its completion. (<a href="https://bit.ly/3gNy91t">bit.ly/3gNy91t</a>)



David Whiston, an analyst at Morningstar Research, said it remained to be seen how much money Tesla will ultimately raise. The company had $8.6 billion in cash and cash equivalents at the end of June.



“I can understand them taking advantage of the stock’s incredible run, but they don’t need the money right now,” Whiston said.



Tesla in February had announced plans to raise $2 billion in a stock offering.



Tesla shares, which rose about 8% in early premarket trading, retreated to trade about 1% higher on the day after the news.



The company’s high-flying stock has risen another 70% since the split was announced on Aug. 11, and was trading at over $2,000 before the division on Friday.



With a market capitalization now around $465 billion, it became the world’s biggest car company by value in July and has propelled Chief Executive Officer Elon Musk’s personal fortune past $100 billion.



Musk has repeatedly assured investors over the past year that Tesla would not need to raise more money for costly expansion initiatives or to pay down debt.

Tesla launches $5 billion capital raise, tapping in on share surge

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1110" height="740" src="https://www.cnbcafrica.com/wp-content/uploads/2020/09/GettyImages-1214403320-1110x740.jpg" alt="" class="wp-image-380641" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/09/GettyImages-1214403320-1110x740.jpg 1110w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/GettyImages-1214403320-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/GettyImages-1214403320-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/GettyImages-1214403320-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/GettyImages-1214403320-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/GettyImages-1214403320-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/GettyImages-1214403320-696x464.jpg 696w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/GettyImages-1214403320-1068x712.jpg 1068w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/GettyImages-1214403320-1920x1280.jpg 1920w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/GettyImages-1214403320-600x400.jpg 600w" sizes="(max-width: 1110px) 100vw, 1110px" /><figcaption>Stock charts on the background of skyscrapers. Financial system concept &#8211; stock photo</figcaption></figure>



We inherently believe that if we had a chance to change the world we would do something dramatically different. In reality, when people get into positions of power, they get bogged down with the mundane and eventually become conformists; it’s easier to adapt than to change. Having lived through five economic cycles over the last 30 years, I asked myself what I would do differently if I had control of the world at a time when the world economy is gutted by the pandemic and the World Health Organization has stated that the worst is yet to come. With these onerous terms of reference, one is compelled to think of extreme measures to provide relief to the dire and helpless situation that the majority of the people around the world find themselves in.



In any crisis what becomes most critical is the availability and flow of money within our economies particularly to the small and medium-sized enterprises (SME’s). It’s recognized that almost 70% of employment comes from the SME sector. However, in difficult times, the cash-tap dries up and money flows to this all-important sector dries up. Commercial banks are best known for the adage “offer an umbrella when there is no rain” and as entrepreneurs in the SME sector will validate this as banks ask for 100% cash collateral when things get tough.



That is risk mitigation 101. When unemployment is at 30% and when almost 70% of the global population is at risk, there is this select group of institutions that continue to do well. These are a majority of the listed companies and the financial services sector in general. I am quoting from my publishers note in June 2020:“Continuing to look at our magical numbers, global GDP is flirting around $100 trillion and total global debt is around $250 trillion (give or take a few trillion). The market capitalization of the 60 main exchanges in the world is around $70 trillion. In terms of profitability, just the S&amp;P 500 companies were projected to deliver approximately $1.5 trillion in profits in 2020, the global banking sector would deliver profits of $250 billion to $300 billion and the technology sector approximately $356 billion.



These numbers are larger than the GDPs of most countries. The numbers for Africa are not as high but there are thousands of businesses that are doing well and will continue to do so after the pandemic is over. It’s therefore, clear that while we have problems from time to time, we also have the resources to fix them; many times over. Hence, it’s time for us to go back to the drawing board and start from zero by redefining our purpose, the difference we need to make and the legacy we will leave”.



Let’s also put two other terms of reference on the table relating to banks. Banks closures and failures on account of bad debt write-offs, non-performing assets or over leveraged balance sheets seldom come from bad loans to the SME sector or to farmers in the agricultural sector.



History is a witness (as Google can validate) that the majority of causes come from lending to large corporates, poor governance and through fraud. Secondly, even in crisis, as central banks reduce interbank rates, commercial banks seldom pass this on to the SME sector; beneficiaries are once again people who can afford the higher interest rates.



Rather than rearticulate I want to quote from the same note in June: If we are to be truly reincarnated, the script must be rewritten and inequality must be the first value for rehabilitation. In reality, even though resources are abundant, the gaps have continued to widen and the levels of poverty have increased. This is largely because of how we have developed the economic value chain;people that make the most money are the financial engineers who are trading stocks and not those sweating in the field manufacturing products and delivering services.



The cocoa bean, sugar or chicken farmer make 6% of the amount that the retailer makes selling the finished products, who in turn makes 50% less than the equity trader, who makes the most money trading on the stock. Anna, the tea lady in our office in Johannesburg, was charged an annual interest rate of 26% by one of the top banks to pay the college fees for her only son; no recourse. This is exploitation and needs to change through radical reforms of our entire banking system and the capital markets to harbor on making them very efficient but not for profit; the profit needs to be reinvested at the grassroots level. We need more farmers ploughing the fields, as at the end of the day, we cannot eat “paper stock”. Let’s agree that governments cannot be the answer to all the problems. Governments can provide stimulus, change policies and even print money (if that is indeed a solution) but at the end of the day the real cash that is available is in the financial system to include capital markets. Even when the entire world economy has come to a standstill, the people who continue to make profits are those that are feeding off the financial services trough.



My over simplified list of actions, as radical as they may sound are mild in contrast to what is needed today. I would increase the capital of all Multilaterals and Development Finance Institutions (DFI’s) by prorata contributions from the wealthy nations, but ensure that in turn they (including the World Bank and IMF) reduce lending rates significantly and waive interest for 3 years on all national debt for developing countries.



Secondly to shut all capital markets and exchanges for 2 years, stop all exits from private investments for 2 years (rather invest in venture and growth capital), no dividends are paid by listed companies for 2 years, ensure all cash raised in funds goes into growth capital, interest cap on loans to individuals at the lowest income bracket, and 100% of profits from banks, insurance, credit card, listed companies, investment banks, audit firms, consultancies, and property development companies is channeled back to government coffers to support the core sector industries particularly agriculture, healthcare, SME’s and infrastructure (including low-cost housing).



To plug some loopholes no increases in salaries or any bonuses or incentives provided to any employee (other than the lowest income groups) for 2 years. It may put a small percentage of people through minor but endurable inconvenience but 70% of the world will see some measure of improvement. The Greek physician Hippocrates, is known to have said &#8220;For extreme diseases, extreme methods of cure, as to restriction, are most suitable.&#8221; This when translated by many people in history has led to a common phrase “desperate times call for desperate measures”. Well, the time for procrastination is over and it is time to act. If I had the reins of the world, I most certainly would take draconian measures for the greater good.

Newsletter

Kenyans fear ‘ecological disaster’ if two swollen lakes merge

Trump encourages supporters to try to vote twice, sparking uproar

Sudan – Peace agreement signals end of the conflict in Darfur

Tesla retreats for third day as investors cash in on gains

Ex-first daughter of Angola Neto says no wrongdoing by husband in Swiss corruption probe

Long-missed pink flamingos return to Kenya’s Lake Nakuru

WHO aiming for 20% of Africa to get initial COVID jabs from access plan

Amazon bucks UK labour market gloom with 7,000 new jobs

Exclusive: Aspiring TikTok buyers pursue four options in effort to revive talks

United Airlines to cut 16,370 workers, many more going without pay

South Africa ready to help insurgency-hit Mozambique, if asked

Zimbabwe finds more elephant carcasses, death toll at 22

Nigeria says can tap mineral wealth despite COVID, unrest

Zimbabwe to reopen schools from September 14 for students taking final exams

Trump says he will help struggling U.S. airlines

Tesla launches $5 billion capital raise, tapping in on share surge

OPINION: Desperate times call for desperate measures to save our economies

News Tips

Advertise With Us

Newsletter

Kenyans fear ‘ecological disaster’ if two swollen lakes merge

Trump encourages supporters to try to vote twice, sparking uproar

Sudan – Peace agreement signals end of the conflict in Darfur

Tesla retreats for third day as investors cash in on gains

Ex-first daughter of Angola Neto says no wrongdoing by husband in Swiss corruption probe

Long-missed pink flamingos return to Kenya’s Lake Nakuru

WHO aiming for 20% of Africa to get initial COVID jabs from access plan

Amazon bucks UK labour market gloom with 7,000 new jobs

Exclusive: Aspiring TikTok buyers pursue four options in effort to revive talks

United Airlines to cut 16,370 workers, many more going without pay

South Africa ready to help insurgency-hit Mozambique, if asked

Zimbabwe finds more elephant carcasses, death toll at 22

Nigeria says can tap mineral wealth despite COVID, unrest

Zimbabwe to reopen schools from September 14 for students taking final exams

Trump says he will help struggling U.S. airlines

Tesla launches $5 billion capital raise, tapping in on share surge

OPINION: Desperate times call for desperate measures to save our economies

News Tips

Advertise With Us

Newsletters