The COVID-19 pandemic and its health and economic impacts has forced a global rethink of the current multilateral framework and what it means for the future. For Africa, COVID-19 has served as a wake-up call in many ways. The mitigation measures that were put in place by most countries, globally, to contain the spread of the pandemic, and particularly border closures and lockdowns, resulted in reduced economic activity and supply chain disruptions across the whole world, Africa included. Reduced economic activity has meant demand contraction in Africa’s key markets, who were worse affected by the pandemic, thus depressing export revenues as commodity prices have continued to plummet.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="800" height="600" src="https://www.cnbcafrica.com/wp-content/uploads/2020/02/shutterstock_110973782.jpg" alt="International travel for South Africans is now allowed, this is how it will work" class="wp-image-360865" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/02/shutterstock_110973782.jpg 800w, https://cms.cnbcafrica.com/wp-content/uploads/2020/02/shutterstock_110973782-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/02/shutterstock_110973782-768x576.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2020/02/shutterstock_110973782-80x60.jpg 80w, https://cms.cnbcafrica.com/wp-content/uploads/2020/02/shutterstock_110973782-265x198.jpg 265w, https://cms.cnbcafrica.com/wp-content/uploads/2020/02/shutterstock_110973782-696x522.jpg 696w, https://cms.cnbcafrica.com/wp-content/uploads/2020/02/shutterstock_110973782-560x420.jpg 560w" sizes="auto, (max-width: 800px) 100vw, 800px" /><figcaption>International travel for South Africans is now allowed, this is how it will work</figcaption></figure>



 Several African manufacturers have successfully reoriented operations to begin production of Protective Personal Equipment (PPE) and ventilators to meet local demand. However, for the most part, pandemic-related disruptions have exposed African economies’ overdependence on high commodity prices and exports of raw materials to fund basic government services. Together, disrupted international supply chains and domestic lockdowns created a perfect storm in which income, goods or services stopped circulating as economies came to a standstill. No money, no movement, and a realization that most African countries lack economic diversity and resilience.



 So, what is to be done? Simply put, there is a need to focus on fundamentals: producing more of what Africa consumes, and consuming more of what Africa produces. This does not mean cutting Africa off from the outside world. However, it does mean focusing first and foremost on the African market, and other markets secondarily. It means the need to think about Africa more as a single common market to facilitate scaling up. Producing and consuming locally will facilitate the development of supply chains that will offer small companies, and countries, opportunities to leverage their strengths and specializations and feed into large value chain networks that create more value through production, processing and distribution. And it means raising the standards within African supply chains to enable African firms to produce world class industrial products.



 To achieve this, there needs to be a concerted effort to shore up manufacturing in Africa. The demand for manufactured goods is already there, as evidenced by the figures on the import of manufactures. Key to enhancing manufacturing in Africa is improving intra-African trade through the effective operationalization of the Africa Continental Free Trade Area (AfCFTA), which would spur industrialization. The COVID-19 crisis has shown that enhanced industrial production in Africa is entirely achievable, especially as countries have struggled to source inputs and products from overseas. African industries do have the potential to respond to demand and in fact, there is potential to leap-frog into advanced manufacturing and create the required capacity to produce quality world class goods. 



By extension, the pandemic has also exposed the vital importance of economic capacity not only for socioeconomic development and industrialization but to enhance resilience against crises and exogenous shocks that often occur without warning. Building on existing regional strategies for disaster risk reduction, there is also a need to factor in how pandemics present a multidimensional set of risks that require integrated responses to mitigate systemic risks. 



The capacity to locally manufacture the basics that are critical during emergencies—foodstuffs,clothing, shelter—and building the markets and supply chains needed to ensure a good supply of these, would contribute significantly to GDP, income and job creation. The question becomes how to build the markets and supply chains needed to ensure Africa can provide for itself, including during emergencies. For example, Africa has several agricultural commodities on which regional value chains can be constructed. These alone would contribute significantly to GDP, incomes and job creation while also paving a shift into the manufacture of light intermediate goods (e.g., wood products, textiles and leather) adds to the range of possibilities. As Africa builds more critical mass, the continent would increasingly move investment into distribution, data transmission and services to ensure these goods make it to market. Financing and insurance are needed across the spectrum, as are all the skills of the youth and specialists who can help manage the IT and logistics that leverage digital capabilities. This will create high paying, skilled jobs for Africa’s youth. In other words, there is a need to take a horizontal view of value creation and maximize opportunities to generate these in Africa, for African economies, African businesses, African workers and African consumers.



 So how can this be achieved? Fulfilling the African Development Bank’s High 5s priorities: Light Up and Power Africa; Feed Africa; Industrialise Africa; Integrate Africa; and, Improve the Qualityof Life for the People of Africa, would address these challenges on multiple fronts andinstrumentalize a tightly interconnected African market. The High 5s address the continent’s demonstrated need for power generation to electrify households and industries; enhanced transport links to connect African countries by land, sea and air; ICT for communication and digital management of logistics; financial markets to integrate for more and better financial flows for business enterprises to flourish and to meet household needs; and agribusinesses that rely on the latest seed and other technology to produce the crop yields needed to sustain Africa’s fast growing populations.



 By producing what it consumes and consuming what it produces as its countries and businesses progress up the value chain, Africa can build wealth, opportunity and resilience and ensure the successful realisation of Agenda 2063.



Khaled Sherif is the Vice-President, Regional Development, Integration and Business Delivery at the African Development Bank

VP Sherif Khaled (1)

OPINION: Regional Integration as a Tool for Wealth Creation in Africa

JOHANNESBURG (Reuters) &#8211; South Africa’s Nedbank Group Ltd said on Thursday that its headline earnings per share (HEPS) for the half year that ended June would fall between 67% and 72% from the same period last year.



HEPS &#8211; the main profit measure for South African companies &#8211; would be between 402 cents and 472 cents, it said.



Nedbank, which is among the top four lenders in the country, will be announcing its half yearly results on Aug. 26.

hgfjfjdj

S.Africa’s Nedbank says half year profit will fall by over two-thirds

JOHANNESBURG (Reuters) &#8211; South Africa’s rand extended its recent gains on Friday as the dollar was on the defensive on worries about the health of the U.S. economy.



At 0625 GMT, the rand was trading at 17.2200 to the dollar, more than 0.2% stronger than its previous close and on course for gains of around 1% this week.



In the absence of major domestic data releases the rand has moved mainly on global factors this week.



A further easing of the country’s coronavirus lockdown and three days of planned power cuts by ailing state utility Eskom had relatively little market impact.



A Reuters poll released on Friday predicted that Africa’s most industrialised economy would contract by 8.0% this year, a slightly more pessimistic view than official projections.



With the outlook bleak, the South African Reserve Bank is seen keeping interest rates at their current level of 3.50% for much longer than previously thought.



Government bonds were a shade weaker in early deals on Friday, with the yield on the 2030 instrument up 2.5 basis points to 9.30%.

money-bill-note-south-africa

South African rand extends gains versus weak dollar

LAGOS (Reuters) &#8211; Nigeria will blocks flights from countries that do not allow Nigerian flights to land due to coronavirus restrictions, Aviation Minister Hadi Sirika said on Thursday.



“The principle of reciprocity will be applied,” Sirika told reporters. “If you ban us from coming to your country, the same will apply the other way.”



A spokesman for the minister said Sirika was referring to landing rights for aircraft, and not the nationals of the countries.



The director general of the Nigerian Civil Aviation Authority said that authorities were still drafting the list, but added that the European Union was among those barring Nigerians.



Nigeria earlier this week announced plans to resume international flights on Aug. 29. All but essential international flights were halted in late March in an attempt to stem the spread of the virus.



The resumption will begin with four flights daily coming in to both Lagos and Abuja, but Sirika said that initially the number of passengers would be limited to 1,280 a day.



Nigeria has 50,488 confirmed cases of COVID-19 and has recorded 985 deaths.

President Buhari to AfDB President Adesina: “I’ll stand by you”

Nigeria to bar flights from countries that block Nigerians: minister

(Reuters) &#8211; TikTok has removed more than 380,000 videos in the United States for violating its hate speech policy so far this year, the short-form video app said on Thursday.



The app, owned by China’s ByteDance, also said it banned more than 1,300 accounts for posting hateful content.



TikTok said in a blog post that it had acted on content such as race-based harassment and that it also had a zero-tolerance policy on organized hate groups and on content that denied “violent tragedies” like the Holocaust or slavery.



The app, which is hugely popular among teenagers, is best known for dance and lip-syncing routines and viral challenges, but a review by the Anti-Defamation League earlier this month said that the platform was being used to spread white supremacist and anti-Semitic hate speech.



TikTok, which has been under scrutiny over its content moderation practices, in March named the initial members of a content advisory council, to give advice on its policies and evaluate the company’s actions.



<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="auto, (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>



U.S. President Donald Trump also ordered ByteDance last week to divest TikTok’s U.S. operations within 90 days, in the latest effort to ramp up pressure on the Chinese company over concerns about the safety of the personal data it handles. U.S. officials have expressed concerns that information on users could be passed on to China’s government.



TikTok has said that it has never provided user data to China and that it would not do so if asked.

The Rise Of TikTok

TikTok removes 380,000 videos in U.S. for violating hate speech policy

WASHINGTON (Reuters) &#8211; President Donald Trump said on Thursday he feels “very badly” about the arrest of his former close adviser Steve Bannon but knows nothing about the fundraising organization involved in the federal criminal case.



“I do think it’s a sad event,” Trump told reporters in the Oval Office. “I haven’t dealt with him at all now for years, literally years.”



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="709" height="1024" src="https://www.cnbcafrica.com/wp-content/uploads/2020/08/Steve_Bannon-709x1024.jpg" alt="" class="wp-image-379531" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/08/Steve_Bannon-709x1024.jpg 709w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/Steve_Bannon-208x300.jpg 208w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/Steve_Bannon-768x1109.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/Steve_Bannon-1064x1536.jpg 1064w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/Steve_Bannon-1419x2048.jpg 1419w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/Steve_Bannon-696x1005.jpg 696w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/Steve_Bannon-1068x1542.jpg 1068w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/Steve_Bannon-1920x2771.jpg 1920w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/Steve_Bannon-600x866.jpg 600w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/Steve_Bannon-scaled.jpg 1773w" sizes="auto, (max-width: 709px) 100vw, 709px" /></figure>



Bannon, an architect of the nationalist populism that has defined Trump’s presidency, has been charged with defrauding Trump supporters in a campaign to help build the president’s signature wall along the U.S.-Mexico border.



“I feel very badly. I haven’t been dealing with him for a long period of time,” Trump said.Bannon was among four people arrested on Thursday and charged with conspiracy to commit wire fraud and conspiracy to commit money laundering in an indictment secured by federal prosecutors in Manhattan. Prosecutors accused the defendants of defrauding hundreds of thousands of donors through a $25 million crowdfunding campaign called “We Build the Wall,” the Justice Department said. They each face up to 40 years in prison.



“I know nothing about the project other than I didn’t like, when I read about it, I didn’t like it. I said, ‘This is for government, this isn’t for private people,’ and it sounded to me like showboating,” Trump said.



The Republican president also told reporters that he did not know the three charged along with Bannon and did not believe he had ever met them.

gettyimages-642093036-594×594

Trump laments arrest of former adviser Bannon as a ‘sad event’

(Reuters) &#8211; Fear is ebbing on Wall Street, with stocks on a bull run in the midst of the global coronavirus pandemic.



The Cboe Volatility Index , known as Wall Street’s “fear gauge,” is near its lowest level since late February and options markets are showing diminishing concerns of a near-term drop in equities.



The S&amp;P 500&#8217;s&nbsp;<a href="https://www.reuters.com/finance/markets/index?symbol=.SPX">.SPX</a>&nbsp;run to fresh highs has come as some of Wall Street&#8217;s biggest banks, including Goldman Sachs, UBS Global Wealth Management and Morgan Stanley, turn more bullish on stocks and are urging clients to remain exposed to equities. The index ended at a record high on Tuesday, confirming a bull market, according to one definition.



Investors may well heed their advice: nearly 80% of fund managers surveyed by BofA Global Research, the highest level in more than a decade, expect the global economy to grow over the next year. The survey also showed falling allocations to cash, another sign of increasing bullishness.



The growing optimism is in contrast to the fear and gloom that prevailed on Wall Street only months ago, after the S&amp;P 500 plunged 34% in just 23 trading days and the economy entered a recession that would turn out to be its worst since the Great Depression.



Although financial pain remains acute for many Americans, monetary support from the Federal Reserve and expectations for advances in fighting the coronavirus pandemic have made investors more confident in betting on the future, said Quincy Krosby, chief market strategist at Prudential Financial.



“You have a market that sees that we’re getting closer and closer to a more normal world,” she said.



<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" src="https://www.cnbcafrica.com/wp-content/uploads/2020/07/wall-street-1.jpeg" alt="" class="wp-image-376568" width="661" height="494"/></figure>



Options markets are among the areas reflecting fading investor worries. Demand for protection against drops in U.S. equities of 30% or more has fallen as volatility has eased in recent months, said Paul Sandhu, BNP Paribas Asset Management’s head of multi-assets quant solutions in the Asia-Pacific region.



“The fear has definitely lessened over the (past) couple of months,” he said.



Meanwhile, selling of protective put options in individual stocks is up over the past week, said Christopher Murphy, co-head of derivatives strategy at Susquehanna Financial Group. Put sellers profit if the underlying stock does not drop to a specified level.



The put selling suggests investors are less worried about the downside, Murphy said.



In futures markets, net long equity positioning is now at its highest level since early March, with increases in both large-cap and small-cap stocks, Deutsche Bank data showed.



The increasingly bullish positioning dovetails with the messages coming from big Wall Street banks. Goldman Sachs, for instance, raised its year-end target for the S&amp;P 500 earlier this week to 3,600 from 3,000, citing expectations for outsized growth in U.S. corporate earnings and gross domestic product next year.



Stocks have dipped since Tuesday, but several market strategists said they saw the pullback as routine rather than a sign that equities had been overbought.



Yet there are plenty of reasons for investors to be nervous and some remain skeptical of buying near all-time highs.



One concern is the potential of market volatility stemming from delayed or contested results in November&#8217;s U.S. presidential election. The Dow Jones Industrial Average&nbsp;<a href="https://www.reuters.com/finance/markets/index?symbol=.DJI">.DJI</a>&nbsp;fell 5% in two weeks on the heels of a vote recount in the 2000 presidential election, UBS noted.



Other risks include a resurgence of COVID-19 cases, delays in a vaccine or delays by lawmakers in providing more stimulus to the still-ailing economy.



Some of that uncertainty has been reflected in the price of gold, a popular haven that has climbed to record highs this month. Prices recently got an additional boost after Berkshire Hathaway Inc (<a href="https://www.reuters.com/companies/BRKa.N">BRKa.N</a>) disclosed a stake in Barrick Gold Corp (<a href="https://www.reuters.com/companies/ABX.TO">ABX.TO</a>).



Still, some investors believe the prospect of economic recovery now outweighs those risks. Keith Lerner, chief market strategist at Truist/SunTrust Advisory Services, is maintaining an overweight position in U.S. equities.



“We’re not taking anything off the table,” he said. “We’re staying with the primary trend, which is still higher.”

wall street

Fear fading on Wall Street as investors learn to love the new bull market

NAIROBI (Reuters) &#8211; Mauritius said on Thursday it had started to scuttle the Japanese-owned bulk carrier that ran aground off its shores and spilled oil over pristine waters and fragile coral reefs.



The MV Wakashio hit a coral reef off the Indian Ocean island on July 25 and began spilling oil on Aug. 6, prompting the government to announce a state of environmental emergency.



Two of the ship’s officers were arrested on Tuesday on charges of endangering safe navigation.



The government’s National Crisis Committee said in a statement the exercise had started at around 1200 GMT.



“The &#8230; Crisis Committee has taken note of the progress made with regards to the scuttling exercise of the stem section of the casualty which has reached the identified location as confirmed by the Chief Salvage Master,” it said.



On Wednesday, the government said the ship’s sinking would be done in a way that would avoid further pollution or interfere with maritime routes.



Environmental group Greenpeace said the action would lead to more pollution.



Scientists say the full extent of the spill was still unfolding but the damage could affect Mauritius and its tourism-dependent economy for decades.

Op-Ed: Tourism sector in Mauritius devastated by COVID-19

Mauritius starts to scuttle Japanese oil-spill vessel

KAMPALA/NAIROBI (Reuters) &#8211; Africa is beginning to slowly “bend the curve” of COVID-19 infections as measures like mask-wearing and social distancing slow down the spread of the pandemic on the continent, the Africa Centres for Disease Control and Prevention said on Thursday.



Although the spread of the COVID-19 outbreak was slow in Africa in the early stages of the pandemic, the rate of infection gradually accelerated especially in South Africa, which now accounts for more than half of its case load of more than 1.1 million.



On average, there were signs of a decline in new infections across Africa over the last two weeks, said John Nkengasong, head of Africa CDC.



“So I think that is really some sign of hope that we are beginning to bend the curve slowly. We take this news with cautious optimism,” he said.



“It’s very, very early, we’re dealing with a very delicate virus that spreads very quickly but it’s important to recognise those slight tendencies that are positive.”



Last week Africa reported a total of 73,000 new cases compared to 55,000 cases the previous week, with the reduction mostly driven by South Africa, World Health Organisation (WHO)Regional Director, Matshidiso Moeti, told an online press conference on Thursday.



Although pressure was building in some countries to open up schools, Nkengasong said it was proper to delay such a move until infections have declined substantially.



He cautioned a hasty re-opening of schools in Africa could repeat experiences of other countries like Israel where they were re-opened and then shut down again after infections spiked.



Africa’s caseload has remained relatively low compared to other continents, a factor that has been attributed to its relative isolation.



Low levels of testing in many countries also means infection rates are likely to be higher than reported, according to some experts.



Moeti said the slowing infections in Africa was encouraging but that “we cannot be complacent. Cases are continuing to increase in some countries particularly as borders, businesses and schools are opening up.”

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

Africa beginning to ‘bend the curve’ of coronavirus: Africa CDC

By Andrew Pascoe, President of the Commercial Farmers&#8217; Union in Zimbabwe.



President Robert Mugabe’s notorious land reforms in the early 2000s robbed thousands of Zimbabwean farmers of their land, and of their livelihoods. What was presented as an attempt to right the wrongs of colonialization, turned into a politicised, corrupt land grab. It has taken twenty years for the injustices and illegalities to have been recognised.



 On the 29th July 2020, Zimbabwe finally made the headlines for the right reasons. The government, led by President Emmerson Mnangagwa, and the white farmers, represented by the Commercial Farmers Union (CFU), signed a compensation deal worth $3.5 Billion, described by President Mnangagwa as a “new beginning of the land discourse in Zimbabwe”.



 The deal has set many a tongue wagging. It is thus crucial to lay out all the facts on the table. Most importantly perhaps is the democratic nature of this agreement. The CFU conducted a referendum of its members, 60% of whom today live outside Zimbabwe. Out of 2896 votes on the day, there were 2759 ‘Yes’ votes, and only 137 ‘No’ votes. Votes have continued to trickle in since the cut off, and as of the 13th of August, 95% of the 3,191 votes were cast in favour. The agreement itself is a result of long and tough negotiations, based on the Zimbabwean constitution which provides for the payment of compensation for improvements on “compulsorily acquired agricultural lands”.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="972" height="647" src="https://www.cnbcafrica.com/wp-content/uploads/2020/08/Belarus-equipment-reaches-Zimbabwe-1-1.png" alt="Equipment arrives from Belarus as part of training for the farmers of ZImbabwe." class="wp-image-379494" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/08/Belarus-equipment-reaches-Zimbabwe-1-1.png 972w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/Belarus-equipment-reaches-Zimbabwe-1-1-300x200.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/Belarus-equipment-reaches-Zimbabwe-1-1-768x511.png 768w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/Belarus-equipment-reaches-Zimbabwe-1-1-696x463.png 696w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/Belarus-equipment-reaches-Zimbabwe-1-1-600x399.png 600w" sizes="auto, (max-width: 972px) 100vw, 972px" /></figure>



 A database was thus created, known as the ‘Valcon Database’ which has 4,730 farms registered, representing almost 90% of all farms affected by Mugabe’s Fast Track Land Reform Program. The database calculated the value of all registered farms in order to arrive at a fair figure of compensation.



 In this case, the valuation of permanent improvements was carried out in accordance with the requirements of the Zimbabwe Land Acquisition Act. As per the constitution, the land value was to be excluded, and in accordance with International Valuation Standards, the Depreciated Replacement Cost (DRC) method was used to establish the value of improvements was used.



 None of this was done alone. The replacement costs per unit were agreed with Government after consultations with reputable contractors, which took over a year to obtain and agree in full. The figure of $5.2 Billion was established as being the collective valuation of improvements



to the farms as a whole. Considering Zimbabwe’s economic difficulties, this figure was considered to be unaffordable, and after lengthy negotiation the government offered a figure of $3.5 Billion, which was put to farmers for their acceptance or rejection. In light of the economic climate, it was clear that the payment would not be in one lump sum.



 The key was to find a payment schedule that provided swift relief to farmers, many of whom have waited two decades for compensation, while not further increasing the country’s debt burden. The terms of the deal, a 50% down-payment within one year of signing, with the balance to be paid over the next four years, represent a fair compromise. In addition, the government has committed to paying the full sum within 12 months should the funds successfully be mobilised within that time.



 There are of course those that criticise the agreement. For some, the compensation figure and the payment schedule are not what they hoped for. For others, the very concept of an agreement based on improvements to the land, and not its value, is a non-starter.



 Yet we urge those around the world to listen to the voice of those directly affected by the issue, who almost unanimously voted in favour. We are not blind to the limitations, but we recognise that for the first time in two decades, there is a Zimbabwean government prepared to recognise our plight, to treat us with respect and dignity and to compensate us for our suffering. We have put this matter behind us, and call on others to do the same. We hope that the dialogue and willingness to compromise reflected in this agreement represents the beginning of a new era in relations between Zimbabweans of different races and backgrounds, and between Zimbabwe and the nations of the world.



 While the agreement is not perfect, as those who have lived this struggle for two decades, we resolved to move forward, and to not let the perfect be the enemy of the good.

Belarus tractors for Zimbabwe

What do  Zimbabwe’s farmers think of the $3.5 bn deal?

LISBON (Reuters) &#8211; Portugal’s Sonae has moved to strengthen its position in local telecoms firm NOS by increasing its stake and ditching a partnership with Isabel dos Santos, the daughter of Angola’s long-time former president.



Sonaecom, part of the Sonae conglomerate, said in a filing late Wednesday it had dissolved ZOPT, a 50-50 venture with dos Santos that had held a controlling 52.15% stake in NOS.



Dos Santos was named a suspect in a fraud investigation in Angola in January and her shares in NOS were seized by a Lisbon court in April, depriving ZOPT as a whole of its voting rights.



Dos Santos has repeatedly denied wrongdoing.



ZOPT’s assets, including its shares in NOS, will be equally divided between its shareholders, Sonaecom said in the filing with Portugal’s market regulator CMVM.



Sonae said it in a separate statement it had bought 7.38% of NOS shares from private bank BPI, and was now the telecom operator’s largest shareholder with a 33.45% stake.



Sonaecom had said in April it would contest the decision to deprive ZOPT of its voting rights, saying it was “not liable for the debts of its shareholders”.



Dos Santos has sold or been stripped of nearly all her stakes in major Portuguese firms, with her indirect stake in oil firm Galp now the only one left unscathed by the scandal.



Dos Santos had no immediate comment.



The investigation into her relates to alleged mismanagement and misappropriation of funds during her time as chairwoman of state-owned Angolan oil company Sonangol.



Portugal’s public prosecutor ordered the seizure of her Portuguese bank accounts in February.



In December, Angola froze her stakes in Angolan firms including Unitel, BFA and ZAP MIDIA.

angola-162225_1280

Sonae ditches partnership with Angola’s dos Santos in Portugal’s NOS

JOHANNESBURG (Reuters) &#8211; The South African rand dipped early on Thursday, as the U.S. dollar was lifted by Federal Reserve minutes that were not as dovish as some traders had expected.



At 0600 GMT, the rand traded at 17.2975 versus the dollar, roughly 0.2% weaker.



South African government bonds were flat, with the yield on the 2030 instrument at 9.33%.



In the absence of major domestic data releases this week, the rand has mainly taken its cue from global factors.



The readout of last month’s Fed meeting gave few clues about whether a more dovish shift in policy is possible in the coming months, helping to ease recent selling pressure on the dollar.



South African state power utility Eskom was due to implement a third straight day of planned power cuts on Thursday after breakdowns at its coal-fired power stations.



Local financial markets have shrugged off the latest bout of power cuts so far, but they highlight the obstacles to growth in Africa’s most industrialised economy.



Official forecasts are for a contraction of at least 7% this year, as a strict lockdown from late March piled pressure on local businesses and the coronavirus pandemic dented global demand for South African exports.

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South African rand dips as dollar lifted by Fed minutes

JOHANNESBURG (Reuters) &#8211; South African miner Gold Fields reported a four-fold jump in half-year earnings on Thursday, benefiting from a surge in the price of the precious metal and lower-than-expected COVID-19 impact on its output.



Headline earnings per share, the main profit measure in South Africa, for the six months ended June 30, rose to $0.20, from $0.05 a year earlier.



Record gold prices and a weaker rand have given the South African gold industry, which has produced a third of the bullion mined in history, a lifeline after the disruption caused by the COVID-19 pandemic.



“A bittersweet respite for gold companies has been the rise in this safe haven metal to record levels,” said Chief Executive Officer Nick Holland.



The company produced 1.087 million ounces of gold during the period, marginally up from 1.083 million ounces a year ago, despite lockdowns and infection control measures.



Output from Gruyere in Australia and an increase in production days offset the impact of COVID-19 stoppages at South Deep in South Africa and the Cerro Corona mine in Peru, the company said.



Gold Fields estimated it lost output of 42,000 ounces due to COVID-19-related stoppages.



The company, which also has operations in Ghana and the Salares Norte project in Chile, lowered its 2020 gold production forecast to between 2.200 million ounces and 2.250 million ounces, from 2.275 million ounces and 2.315 million ounces.



The company declared an interim dividend of 1.60 rand ($0.093) per ordinary share, up from 0.60 rand ($0.03) per ordinary share a year earlier.



($1=17.2787 rand)

Gold_mines

South Africa’s Gold Fields profit soars on surge in bullion prices

HARARE (Reuters) &#8211; Zimbabwe’s government on Wednesday said it had sought a meeting with the Vatican representative to understand whether Catholic bishops who accused it of human rights abuses and cracking down on critics were speaking on behalf of the Holy See.



Justice Minister Ziyambi Ziyambi described a pastoral letter written by the Zimbabwe Catholic Bishops Conference last weekend as “inappropriately prescriptive and grossly disrespectful”.



The bishops’ strongly worded letter said the country had a multi-layered crisis, including economic collapse, deepening poverty, corruption and human rights abuses.



Inflation running at more than 800% is the clearest sign of the worst economic crisis in over a decade and has evoked memories of hyperinflation under former president Robert Mugabe, whose 37-year rule was ended by an army coup in 2017.



Ziyambi said Harare authorities took offence to the bishop’s description of the government, headed by Mugabe’s replacement, President Emmerson Mnangagwa, as lacking the knowledge, skill or emotional stability to resolve Zimbabwe’s political and economic problems.



“The statement constitutes an outright insult on the person of President E.D. Mnangagwa and his entire government, and is couched in language decidedly unbecoming of an institution such as the Catholic Church,” said Ziyambi.



“Government is compelled to engage the Vatican in order to ascertain whether or not such statements reflect the official attitude of the Holy See towards Zimbabwe’s leadership or whether these are merely the views of the various individuals concerned.”



Foreign Minister Sibusiso Moyo would meet the local Vatican representative, said Ziyambi.



Ziyambi denied there was a political crisis in Zimbabwe and said it was all social media hype.



But critics say several activists have been arrested, abducted or tortured for speaking against the government and accuse Mnangagwa of using the COVID-19 pandemic to stifle dissent.

Zimbabwe tightens coronavirus lockdown in capital Harare as cases hit 203

Zimbabwe to meet Vatican envoy over Catholic bishops’ criticism

The so-called “Butterfly” spy case took another turn with the release of a new independent report, in London, pouring cold water on allegations of money laundering to fund terrorism in Botswana. In supporting the report, former Botswana president Ian Khama castigated the people running his country and calling the allegation the “height of stupidity and irresponsibility.”



The “Butterfly” case took its name from the code name of the intelligence officer at the centre of the story that has been the talk of southern Africa for months. It surrounds allegations that 46-year-old Botswana intelligence officer Welheminah Maswabi took part in money laundering of $10 Billion through the Bank of Botswana and string of commercial banks around the world.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="427" height="640" src="https://www.cnbcafrica.com/wp-content/uploads/2020/08/Portrait-2020-July-B-Motsepe0498-1.jpeg" alt="" class="wp-image-379463" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/08/Portrait-2020-July-B-Motsepe0498-1.jpeg 427w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/Portrait-2020-July-B-Motsepe0498-1-200x300.jpeg 200w" sizes="auto, (max-width: 427px) 100vw, 427px" /></figure>



The State alleges that the money was to fund unrest and political opposition in Botswana against President Mokgweetsi Masisi– also linking it to South African businesswoman Bridgette Radebe and former President Khama.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="960" height="540" src="https://www.cnbcafrica.com/wp-content/uploads/2020/01/1571595826001_6125252469001_6125248508001-vs.jpg" alt="" class="wp-image-353966" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/01/1571595826001_6125252469001_6125248508001-vs.jpg 960w, https://cms.cnbcafrica.com/wp-content/uploads/2020/01/1571595826001_6125252469001_6125248508001-vs-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/01/1571595826001_6125252469001_6125248508001-vs-820x461.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2020/01/1571595826001_6125252469001_6125248508001-vs-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2020/01/1571595826001_6125252469001_6125248508001-vs-696x392.jpg 696w, https://cms.cnbcafrica.com/wp-content/uploads/2020/01/1571595826001_6125252469001_6125248508001-vs-747x420.jpg 747w" sizes="auto, (max-width: 960px) 100vw, 960px" /><figcaption>World Economic Forum: Botswana’s Mokgweetsi Masisi on why the youth</figcaption></figure>



“It is unfortunately a day of shame and a sad day for our country. It has damaged our reputation as a clean democracy,” says Khama.



“The regime here has engaged in perjury&#8230;Their clear criminal intent has now been exposed our reputation for clean government has been tarnished…This is the height of stupidity and irresponsibility by falsely accusing people… I fully expect them (the Botswana government) to rubbish it (the report), they have been doing so as this press conference was coming and that shows the mentality of the regime.”



CNBC Africa made numerous attempts to contact the president’s office in Gaborone, to no avail.



The State &nbsp;is building a case against Maswabi around charges of money laundering to finance terrorism in Botswana – a country famed in Africa for its peaceful stability. Her lawyer Uyapo Ndadi told CNBC Africa that the case against Maswabi was based on trumped up charges and she was due back in court in November. &nbsp;



The case is being built around an affidavit from Jako Hubona, an investigator with Botswana’s Directorate of Economic Crime and Corruption Unit. He claimed that Khama and Motsepe took part in money laundering through a flow of illicit funds out of government accounts at the Bank of Botswana , via a number international financial institutions, to a variety of South African and offshore accounts.



The new independent investigation released in London, commissioned by Motsepe and conducted by lawyer Cherie Blair, refutes these allegations.&nbsp; It says that the affidavit does not have a shred of evidence and claims it is based on fabrication. Blair, the wife of former British premier Tony Blair, said the allegations against Motsepe – the sister of billionaire Patrice Motsepe- and Khama &nbsp;were baseless.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="480" height="360" src="https://www.cnbcafrica.com/wp-content/uploads/2020/08/hqdefault-74.jpg" alt="" class="wp-image-379434" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/08/hqdefault-74.jpg 480w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/hqdefault-74-300x225.jpg 300w" sizes="auto, (max-width: 480px) 100vw, 480px" /><figcaption>Report vindicates Bridgette Motsepe and Ian Khama of money laundering allegations</figcaption></figure>



“For a start 10 billion dollars is about half of Botswana’s GDP and we found no evidence that such money had been transferred at all from the Bank of Botswana at all,” Blair told CNBC Africa. &nbsp;&nbsp;&nbsp;

ian khama

Anger from former President Ian Khama as Botswana’s butterfly spy case takes another turn.

JOHANNESBURG (Reuters) &#8211; Canada’s Ivanhoe Mines on Tuesday announced a deal with China Nonferrous Metal Mining (Group) Co. Ltd (CNMC) under which the companies would jointly look for African mining projects to explore, develop or acquire.



Ivanhoe’s co-chairmen Robert Friedland and Yufeng Sun said the strategic partnership would also see the companies, both active in Democratic Republic of Congo, exploring production, smelting, and logistics opportunities.



Friedland hinted at possible mergers arising from the agreement with CNMC, saying the partnership would begin by “examining the synergies between the operations currently owned by our two companies”.



CNMC Chairman Wang Tongzhou said: “I strongly believe that cooperation is the best way to achieving the goals of both companies.”



Ivanhoe has previously said it is in talks with companies over its Kipushi and Western Forelands projects in the Congo, and its Platreef project in South Africa.



CNMC in January launched Congo’s first large-scale copper smelter, the Lualaba Copper Smelter, 45km from Ivanhoe’s Kamoa-Kakula copper joint venture with Zijin Mining in the country’s southern copperbelt.



CNMC is also the majority owner of Deziwa copper and cobalt mine and processing plant, a joint venture with Congo’s state mining company Gécamines which started producing in January.

Ivanhoe Mines and China’s CNMC announce Africa partnership

NAIROBI (Reuters) &#8211; Dozens of doctors in at least two of Kenya’s 47 counties have gone on strike over delayed salaries, inadequate personal protective equipment (PPE) for handling COVID-19 patients and lack of medical insurance, a union official told Reuters.



Kenya has a total 30,636 confirmed infections, with 487 deaths, according to health ministry data.



Healthcare workers say they have not been given adequate PPE, but the government has said it has distributed enough to go round.



Doctors in western Homa Bay and central Embu had gone on strike over delayed or missing salary payments, lack of promotion, missing medical insurance and no hazard bonus, Allan Ochanji, vice chairman of the Kenya Medical Practitioners, Pharmacists and Dentists Union, told Reuters.



Doctors who contracted COVID-19 had been forced to pay out of pocket for their own treatment, he told Reuters in an interview.



“We have colleagues who have contracted COVID, they have been in isolation, they have had to foot the bills, despite the fact that they contracted COVID while on duty,” Ochanji said.



Doctors in Nairobi, the nation’s capital, warned on Friday they would go on strike within a week if their demands were not met. Nairobi has by far the largest number of coronavirus cases.



Richard Muga, Homa Bay County health executive, confirmed that health workers’ July pay had been delayed due to a dispute on how to allocate revenues to counties. He said the strike was illegal.



“We have tried to engage the health workers,” he said. “They have not heeded our pleas.”



A nurse in one Homa Bay hospital who did not want to be identified said patients were no longer visiting public health facilities due to the strike.



“Many patients are now going to private hospitals, or doing over-the-counter medication,” he said.



Health officials from Nairobi and Embu counties did not return calls seeking to comment. The health ministry said on Friday that Nairobi County officials were in talks with the doctors.



The ministry of health said eight healthcare workers had died from COVID-19. Ochanji said 558 healthcare workers had tested positive.



Nairobi-based Doreen Lugaliki became the first doctor to die of COVID-19 in July. This month nurse Marian Awuor, from Homa Bay, died from COVID-19 days after giving birth.

Op Ed: East African finance ministers to present budgets for new fiscal year

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OPINION: Regional Integration as a Tool for Wealth Creation in Africa

S.Africa’s Nedbank says half year profit will fall by over two-thirds

South African rand extends gains versus weak dollar

Nigeria to bar flights from countries that block Nigerians: minister

TikTok removes 380,000 videos in U.S. for violating hate speech policy

Trump laments arrest of former adviser Bannon as a ‘sad event’

Fear fading on Wall Street as investors learn to love the new bull market

Mauritius starts to scuttle Japanese oil-spill vessel

Africa beginning to ‘bend the curve’ of coronavirus: Africa CDC

What do Zimbabwe’s farmers think of the $3.5 bn deal?

Sonae ditches partnership with Angola’s dos Santos in Portugal’s NOS

South African rand dips as dollar lifted by Fed minutes

South Africa’s Gold Fields profit soars on surge in bullion prices

Zimbabwe to meet Vatican envoy over Catholic bishops’ criticism

Anger from former President Ian Khama as Botswana’s butterfly spy case takes another turn.

Ivanhoe Mines and China’s CNMC announce Africa partnership

Dozens of Kenyan doctors strike over lack of PPE, delayed pay

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Newsletter

OPINION: Regional Integration as a Tool for Wealth Creation in Africa

S.Africa’s Nedbank says half year profit will fall by over two-thirds

South African rand extends gains versus weak dollar

Nigeria to bar flights from countries that block Nigerians: minister

TikTok removes 380,000 videos in U.S. for violating hate speech policy

Trump laments arrest of former adviser Bannon as a ‘sad event’

Fear fading on Wall Street as investors learn to love the new bull market

Mauritius starts to scuttle Japanese oil-spill vessel

Africa beginning to ‘bend the curve’ of coronavirus: Africa CDC

What do Zimbabwe’s farmers think of the $3.5 bn deal?

Sonae ditches partnership with Angola’s dos Santos in Portugal’s NOS

South African rand dips as dollar lifted by Fed minutes

South Africa’s Gold Fields profit soars on surge in bullion prices

Zimbabwe to meet Vatican envoy over Catholic bishops’ criticism

Anger from former President Ian Khama as Botswana’s butterfly spy case takes another turn.

Ivanhoe Mines and China’s CNMC announce Africa partnership

Dozens of Kenyan doctors strike over lack of PPE, delayed pay

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