CAIRO (Reuters) &#8211; Egypt’s General Authority for Supply Commodities (GASC) said on Saturday it was seeking soyoil and sunflower oil in an international tender with a deadline for offers on Tuesday.



GASC said it wants at least 30,000 tonnes of soyoil and 10,000 tonnes of sunflower oil, and is seeking the oil for arrival from Oct. 25-Nov. 20.



Traders should submit two separate price offers, one for at sight payment terms and another for a 180-day credit facility payment, GASC said.

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Egypt’s GASC issues tender for vegetable oils for Oct. 25-Nov. 20 arrival

(Reuters) &#8211; India has sent technical equipment and a team of specialists to Mauritius to help local authorities deal with an environmental crisis after an oil spill from a Japanese ship, a government official said on Sunday.



A Japanese bulk carrier struck a coral reef off the Indian Ocean island nation on July 25, spilling about 1,000 tonnes of fuel oil and triggering a state of “environmental emergency”.



The carrier split on Saturday, and the oil spill spread over a vast area of endangered corals, fish and other marine life in what some scientists called the country’s worst ecological disaster.



On Sunday, Mauritian authorities said the stern section of the vessel had been completely detached, with the remainder of the ship slowly being towed by two tugs towards high seas.



The country’s National Crisis Committee said that rough weather conditions had made the removal of the remaining oil on the ship risky.



“There is still approximately 30 cubic meter of mixed type of oil in the engine room,” it said in the statement. “In view of the rough sea condition, the salvage company&#8230;has informed that it cannot carry on with the pumping of the remaining oil.”



Authorities said that they have cordoned-off Blue Bay Marine Park, with three layers of booms.



“Deflection booms have been placed to further protect Ile aux Aigrettes from any oil spill. Furthermore, 2 kms of booms have been placed along the shoreline of Pointe d’Esny. Additional booms are being placed this afternoon,” the Crisis Committee said.



Scientists say the full impact of the spill is still unfolding, but the damage could affect Mauritius and its tourism-dependent economy for decades. Removing the ship is likely to take months.



Following a government request for assistance, India dispatched over 30 tonnes of technical equipment and material by aircraft to supplement the country’s salvage operations, the foreign affairs ministry said in a statement said.



Mauritius said that some of these materials are being deployed at Riviere La Chaux, Riviere des Creoles, Riviere Ferney and Grand River South East.



A 10-member team of Indian coast guard personnel trained in oil spill containment measures has also been deployed to Mauritius to provide technical and operational assistance, it said.

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

India sends team to Mauritius to tackle oil spill

I was privileged to join the Hogan Lovell conference on Championing Africa in July. An important discussion was around creating a positive environment during crisis and some very inspirational ideas were exchanged. True leadership is continuing to do exceptional things even during challenging times.



Everyone is dealing with similar challenges today; what makes a prodigious leader who is able to manage through fear unknown to our times? There are some countries that have walked the talk and none better than the UAE that has been our home for the last 31 years. The region has seen the worst crisis with oil prices flirting at the lowest in a decade,tourism coming to a standstill, EXPO 2020 and a host of other conferences being postponed, the airline industry being annihilated and a massive exodus of expatriates resulting from job losses.



 The initial response caused by uncertainty was no different than in all other parts of the world; the fear of the unknown was evident in the decision making. The gloom from Europe and the US gave cause to get into a huddle to find short term solutions mainly to slow down the spread of the pandemic. 



The initial shut downs followed by the easing of restrictions, brought back a sense of relief and confidence but more than anything there were several factors that gave citizens comforted. The first was the visibility of the leaders. From time immemorial, soldiers on the battlefield fought relentlessly as long as saw their flag flying; it gave them hope. In today’s context, this confidence comes from leaders who have the fortitude to stand before their people and give them an accurate picture of the crisis; the good and the bad.



The UAE leadership kept everyone updated regarding the healthcare facilities and challenges, causes for the spread but more importantly the tangible steps being taken to address the pandemic.



 The second was the integrity of the community in general. The UAE is the unprejudiced home to 150 nationalities and a melting pot of cultures. It was overwhelming to see people help each other in small but meaningful ways. The governance in the country was strengthened to a point where predatory or mercenary conduct was completely nonexistent; there have been no examples of covidpreneurs or carpetbaggers during this period. There is nothing worse than witnessing the soulless profiteering from the misfortune of others.



 The third was in catalyzing community activities and fund raisers to help the needy. Campaigns requesting contributions of US$ 2 per meal were initiated to provide millions of food packets to the needy. These not only helped people that were suffering, but the orders were placed with small business owners who could provide the food packets at a time when restaurants were closed. The government does not have the resources to meet every need of its constituents but act as a catalyst to bring stakeholders together and achieve multidimensional results.



 The fourth was the celebration of stories of personal sacrifice and selflessness, initiatives of the public and private sector and the announcement of new initiatives and projects. At every opportunity, the government recognized citizens who had helped others, the sacrifice of healthcare workers, the police department and many other stakeholders. It regularly announced the infrastructure and healthcare plans that were being prepared and the resources being deployed in dealing with the pandemic. Being an economically developed nation, the UAE has also assisted countries as far away as Brazil and has received the appreciation from global leaders. Additionally, as some projects and activities (EXPO 2020) were being delayed, the country announced and celebrated the launch of Orbiter Hope, its Mars Mission, on 19th July 2020 and its nuclear energy project that would supplement the energy needs of the country.



 The fifth example was in finding opportunities in the crisis. Other than ensuring that the services including judicial and immigration remained uninterrupted there was an effort from the government to ensure that it stayed alert to the changing environment and adapted to the needs of the present. The situation in March was very different and armed with the knowledge of what worked and what didn’t the government took bold decisions to manage some of its crisis sectors.



 The badly hit Emirates and Etihad airlines remained open for business by taking stranded passengers from different parts of the world and rather than focus on the crisis and layoffs, the only messaging was on the various initiatives that were being taken and the routes being opened. Similarly, the country will now play host to the annual Indian Premier League (IPL) cricket tournament which is a star studded tournament usually held every year in India. This will turn around the complete hospitality industry from September to November this year. Additionally, as the Chinese government is facing difficulties finding friends, the UAE will play host to scores of companies that are setting up to take advantage of the geographic location and connectivity of the country.



 Finally, the government recognized the value and proactively engaged media to ensure that the messaging was accurate, timely and balanced. Nothing is more damaging than misinformed or irresponsible media at a time of crisis and it is in the hands of the government to ensure that proper touch points are established to provide information so that there is no speculation on critical matters. This element of external communications is so important to provide comfort not only to your own people but also to the international community that is engaging at different levels; tourism, investments, trade, commerce,sports etc. We need to learn from what people around us are doing right and stay positive. Roy T. Bennett said it aptly in his book, The Light in the Heart, “Instead of worrying about what you cannot control, shift your energy to what you can create.” The only way to span a crisis is to stay positive and innovate.

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OPINION:Remaining Positive in Crisis

WASHINGTON (Reuters) &#8211; U.S. President Donald Trump said on Saturday he is considering a pardon for Edward Snowden, the former U.S. National Security Agency contractor &#8211; now living in Russia &#8211; whose spectacular leaks shook the U.S. intelligence community in 2013.



The Republican president&#8217;s comments followed an interview&nbsp;<a href="https://nypost.com/2020/08/13/trump-a-lot-of-people-think-edward-snowden-not-being-treated-fairly">here</a>&nbsp;Trump gave to the New York Post this week in which he said of Snowden that &#8220;there are a lot of people that think that he is not being treated fairly&#8221; by U.S. law enforcement.



“I’m going to start looking at it,” Trump told reporters about a possible pardon, speaking at a news conference at his Bedminster, New Jersey golf club.



U.S. authorities for years have wanted Snowden returned to the United States to face a criminal trial on espionage charges brought in 2013.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="594" height="438" src="https://www.cnbcafrica.com/wp-content/uploads/2019/12/gettyimages-642093036-594x594-1.jpg" alt="" class="wp-image-352573" 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: 594px) 100vw, 594px" /><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>



Snowden fled the United States and was given asylum in Russia after he leaked a trove of secret files in 2013 to news organizations that revealed vast domestic and international surveillance operations carried out by the NSA.



Snowden’s Russian lawyer, Anatoly Kucherena, told RIA news agency the United States should not simply pardon him, but should drop all possible prosecutions against Snowden as he had not commited any crimes.



“He was acting not only in the interest of the American citizens, but in the interest of all the humankind,” Kucherena said.



Trump’s softening stance toward Snowden represents a sharp reversal. Shortly after the leaks, Trump expressed hostility toward Snowden, calling him “a spy who should be executed.”



Trump said on Saturday he thinks Americans on both the political left and the right are divided on Snowden.



“It seems to be a split decision,” Trump told reporters. “Many people think he should be somehow treated differently. And other people think he did very bad things.”



<h3 class="wp-block-heading">DOMESTIC SPYING</h3>



Some civil libertarians have praised Snowden for revealing the extraordinary scope of America’s digital espionage operations including domestic spying programs that senior U.S. officials had publicly insisted did not exist.



But such a move would horrify many in the U.S. intelligence community, some of whose most important secrets were exposed. Trump has harshly criticized past leaders of the U.S. intelligence community and FBI, and on Thursday took aim at the bureau’s current director Christopher Wray, his own appointee.



The U.S. Justice Department filed a lawsuit last September against Snowden, arguing that the memoir he published last year, “Permanent Record,” violated non-disclosure agreements.



The Justice Department said Snowden published the book without submitting it to intelligence agencies for review, adding that speeches given by Snowden also violated nondisclosure agreements.



Trump’s use of his executive clemency powers including pardons has often benefited allies and well-connected political figures.



Last month he commuted the sentence of his longtime friend and adviser Roger Stone, sparing him from prison after he was convicted of lying under oath to lawmakers investigating Russian interference in the 2016 U.S. election to boost Trump’s candidacy.

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Trump  considers pardon for leaker Edward Snowden

Hoteliers and people who make and sell alcohol celebrated tonight as South African president Cyril Ramaphosa eased the COVID-19 lockdown to level two as the number of cases slows down in the country that has borne the brunt of the continent&#8217;s cases.



From midnight on Monday South Africans will be able to visit the next province, drink,smoke, and sleep in a hotel bed.



&#8221; 



&#8220;To say we are delighted by this news would be an understatement,&#8221;says Graham Wood the chief operating officer of hospitality of Sun International one of Africa&#8217;s biggest hospitality groups.



With interprovincial travel restrictions lifted our tourist hotels and resorts such as Sun City will finally be able to reopen.  We will advise of Sun City’s re-opening date in due course.&#8221;



Wood felt that the government could have gone further in easing the restrictions that have shut down large parts of the economy since March.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="636" height="370" src="https://www.cnbcafrica.com/wp-content/uploads/2020/04/ramaphosa.jpg" alt="" class="wp-image-368728" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/04/ramaphosa.jpg 636w, https://cms.cnbcafrica.com/wp-content/uploads/2020/04/ramaphosa-300x175.jpg 300w" sizes="auto, (max-width: 636px) 100vw, 636px" /></figure>



&#8220;It is unfortunate that the curfew could not be further relaxed, but we are grateful and relieved that our restaurants can again serve alcohol. But lifting the onerous ban on alcohol will boost footfall to our properties,&#8221; he said.







 Lucky Ntimane, Convener of the National Liquor Traders Council, said:“Our network of some 34 000 taverners across the country is ready to get back to business. We will continue to roll out innovations such as the “click-and-collect” apps to help reduce queues, improve social distancing, and make it safer for consumers to order and collect their purchases.”



President Ramaphosa said bars would only be allowed to operate if they practised sanitizing, social distancing and respected the 10 PM curfew. Bar owners say they will help meet the cost.



“The liquor industry confirmed it is willing to ensure enhanced resources, including funds, people and time, are available to assist the Government in dealing with the burden on the public healthcare system. It will also help ease the pressure on healthcare facilities and to assist with the distribution of personal protective equipment (PPE), leveraging our extensive distribution and retail networks nationwide in support of efforts to combat the spread of COVID-19,” said Kurt Moore, the CEO of the South African Liquor Brandowners Association



Yet the opposition Democratic Alliance thought the easing of the lockdown was too little, too late, for the economy.

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“To say we are delighted by this news would be an understatement” alcohol and hotel industry cheers the easing of lockdown

President Cyril Ramaphosa has announced a major relaxation of the COVID-19 restrictions as the number of cases in South Africa recede. 



Cabinet moved to level two from Midnight on August 17. It means that we can remove nearly all of the restrictions across most of industry. Restrictions on inter-provincial travel shall be lifted along with those on accommodation. Social distancing will carry on, but bars and restaurants be able to operate up to 10 pm; cigarettes can be sold. Family and social visits will also be lifted, but only if people exercise extreme caution.



Curfews will remain in place from 10pm to 4 am and people are encouraged to work from home, especially if they are old or infirm. The national state of disaster was extended to September 15. ,



&#8220;Ï address you tonight in a spirit of hope, there are signs that this pandemic is receding. We were getting 12000 cases a day now it is 5000,&#8221; says President Ramaphosa.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="397" height="594" src="https://www.cnbcafrica.com/wp-content/uploads/2020/06/gettyimages-1006175054-594x594-1.jpg" alt="" class="wp-image-374814" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/06/gettyimages-1006175054-594x594-1.jpg 397w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/gettyimages-1006175054-594x594-1-201x300.jpg 201w" sizes="auto, (max-width: 397px) 100vw, 397px" /><figcaption>South African President Cyril Ramaphosa addresses a media conference at the end of the BRICS Summit in Johannesburg on July 27, 2018, as the heads of the BRICS group &#8212; Brazil, Russia, India, China and South Africa &#8212; met in Johannesburg for an annual summit dominated by the risk of a US-led trade war. &#8211; Five of the biggest emerging economies on July 26, stood by the multilateral system and vowed to strengthen economic cooperation in the face of US tariff threats and unilateralism. (Photo by Themba Hadebe / POOL / AFP) (Photo credit should read THEMBA HADEBE/AFP via Getty Images)</figcaption></figure>



&#8220;The number of hospital cases have dropped from 10000 to 4000&#8230;South Africa has reached the peak and moved beyond the inflection point of the curve,&#8221; says the president.



President Ramaphosa said this improvement in the COVID-19 figures was due to swift action by the government in the early days of the pandemic. He also praised the medical staff of South Africa for their work and the people for wearing masks. 



But Ramaphosa also warned that relaxation of the restrictions could lead to a resurgence in the pandemic. He said people should continue to wear masks, social distance and restrict travelling.



Ï could be infected as you could each of us should see ourselves as potentially infected with the virus nd act accordingly,&#8221; he said. 



Sports and political gatherings will can go ahead, but with no crowds. No more than 50 people will be allowed at funerals and religious events.



President Ramaphosa said the government was going to take decisive action against those who had tried to profit from the efforts to contain the pandemic with a view to bringing them to book.



In the next few weeks, President Ramaphosa said that the government would announce a plan to revive the economy with employment at its centre. 



&#8220;Ëven as we open up economic activity it will take business and industry a long time to recover and there is a lot of work to be done,&#8221; he said.

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COVID-19: Ramaphosa allows beer,  cigarettes and inter-provincial travel.

(Reuters) &#8211; A Japanese bulk carrier that ran aground on a reef in Mauritius last month threatening a marine ecological disaster around the Indian Ocean island has broken apart, authorities said on Saturday.



The condition of the MV Wakashio was worsening early on Saturday and it split by the afternoon, the Mauritius National Crisis Committee said.



“At around 4.30pm, a major detachment of the vessel’s forward section was observed,” it said in a statement. “On the basis of the experts’ advice, the towing plan is being implemented.”



The vessel struck a coral reef on July 25, spilling about 1,000 tonnes of fuel oil and endangering corals, fish and other marine life in what some scientists have called the country’s worst ecological disaster.



On Friday, some residual oil from the ship leaked into the ocean, Mauritius Marine Conservation Society President Jacqueline Sauzier told Reuters on Saturday morning.



Authorities deployed booms on Saturday to help with oil absorption around the vessel.



The Crisis Committee said special attention was being given to sensitive sites such as the Blue Bay Marine Park, Ile aux Aigrettes and the Pointe D’Esny National Ramsar Site.



The weather is expected to deteriorate over the next few days with waves of up to 4.5 metres (15 feet), authorities said.



Most of the oil from the vessels have been pumped out, the Mauritian government said on Thursday, but there was still 166 tonnes of fuel oil inside and authorities were working to remove it.



Japanese Environment Minister Shinjiro Koizumi said on Saturday Tokyo planned to send a team of officials from the ministry and other specialists to assess the damage. The MV Wakashio is owned by Japan’s Nagashiki Shipping and chartered by Mitsui OSK Lines.



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



Removing the ship is likely to take months. Former colonial power France has said it will assist with the cleanup.

Japanese ship involved in Mauritius oil spill breaks apart

HARARE (Reuters) &#8211; Zimbabwe’s inflation was 837.53% year-on-year in July compared to 737.26% the previous month, state statistics body Zimstat said on Saturday.



On a monthly basis, prices increased by 35.53% compared to 31.66% in June.



Zimstat did not give a reason for the increase but the local currency, which was reintroduced in June last year without sufficient reserves to back it, has been relentlessly depreciating against the U.S. dollar.

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Zimbabwe’s July y/y inflation at 837.5%

TUNIS (Reuters) &#8211; Tunisia’s tourism-dependent economy shrank 21.6‮ ‬pct in the second quarter of 2020, compared to the same period last year, due to the coronavirus crisis, the state statistics institute said on Saturday.



Unemployment‮ ‬rose to 18 percent in the second quarter.



The government ended all restrictions on movement and businesses and opened its sea, land and air borders on June 27. However, the pandemic is hammering the tourism sector, which contributes nearly 10% of gross domestic product and is a key source of foreign currency.



Tourism revenue in the first six months of this year fell by more than 50% from the same period of 2019 as western tourists deserted Tunisia’s hotels and resorts.

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Tunisian economy shrank 21.6% in second quarter of 2020

VATICAN CITY (Reuters) &#8211; Pope Francis called for dialogue between Egypt, Ethiopia and Sudan on Saturday, urging them not to let a dispute over a dam on the Nile lead to conflict.



The Grand Ethiopian Renaissance Dam, which is being built some 15 km (9 miles) from Ethiopia’s border with Sudan, has become a major source of discord between the three countries.



“I invite all parties involved to continue on the path of dialogue so that the eternal river will continue to be a source of life, which unites and does not divide, which nurtures friendship, prosperity and fraternity and not enmity, misunderstanding and conflict,” the pontiff said.



He was giving his Angelus message for Assumption Day, the most important Catholic feast dedicated to the Virgin Mary.



Egypt, which fears the dam project could lead to water shortages upstream, has threatened to withdraw from the latest round of discussions. Sudan is concerned about the dam’s safety.

River Nile

Pope calls for dialogue between Egypt, Ethiopia and Sudan over Nile dam

JOHANNESBURG (Reuters) &#8211; South African general merchandise retailer Game re-entered the clothing market on Friday after 15 years with the launch of a new range in 22 stores in hopes of boosting its profit and margins as part of a turnaround plan.



Game, owned by retailer Massmart, has been a drag on group profit as financially constrained customers prioritise spending on non-durables, such as food, over bigger-ticket items like appliances.



Still, Game’s fresh and frozen food category was underperforming, prompting Chief Executive Mitch Slape, who has said the business’s proposition was muddled, to move to replace it with a budget clothing range, dubbed Stylessentials.



“We are expecting a positive result in terms of our revenue streams from Stylessentials in the next year, as the range replaces our fresh and frozen offering,” Neville Hatfield, Game vice president of merchandise, said.



The clothing range will be available in all 122 stores across South Africa by July 2021.



Game Vice President Andrew Stein said the retailer had identified a gap in the market for seasonally relevant casual wear “that is designed with the South African consumer in mind” and has taken market trends into account.



The retailer’s launch of casual discount wear comes at a time when athleisure, t-shirts and sweat pants are the new best sellers across retailers, while suits, ties and formal dresses gather dust as the coronavirus forces people to work from home.



It also stands to benefit the retailer as consumers are cash-strapped and more price-conscious in the current environment.

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South Africa’s Game re-enters budget clothing market after 15 years

NEW YORK (Reuters) &#8211; Investors are girding their portfolios for market moves ahead of the U.S. presidential vote, as election season kicks into higher gear with the Democratic National Convention in the coming week.



Though elections have loomed large on investors’ radar this year, their influence on markets has taken a backseat to the coronavirus pandemic and unprecedented stimulus from U.S. policymakers.



That may change in coming weeks, investors said. Some are beefing up cash positions or making bets on a flare-up in volatility as they eye a range of outcomes, including the possibility that the contest between President Donald Trump and presumptive Democratic nominee Joe Biden may yield a result that is not immediately certain or likely to be disputed.



“There’s plenty of reasons to believe that the election outcome is going to be drawn out,” said Lamar Villere, a portfolio manager at Villere &amp; Co. “That’s going to show the cracks in a market that’s been priced for perfection.”



Villere’s firm has raised its cash levels to as high as 20% of assets as a hedge against election-induced volatility in a stock market some say has become richly valued &#8211; the S&amp;P 500 has rallied more than 50% from its lows of the year and trades at its highest forward price-to-earnings multiple in around two decades.



Some investors believe the market’s performance over the next few months could point to which candidate will triumph in November.



The incumbent president has tended to win the White House when the S&amp;P 500 index has risen in the three months before the election, data from TD Securities going back to 1930 showed.



That may be bad news for Trump. While the index is up about 3% for this month, August kicks off what has historically been the weakest three-month stretch of the year for equities, where the average historic return stands at about 0%, according to data from BofA Global Research.



At the same time, no incumbent has been awarded a second term in the midst of a recession, TD securities wrote.



Biden leads Trump by 8 percentage points, according to a Reuters/Ipsos poll released Wednesday after Biden had selected U.S. Senator Kamala Harris as his running mate.



A Biden victory &#8211; as well as a possible Democratic sweep of the House and Senate &#8211; could threaten policies championed by Trump and generally favored by Wall Street, including lower corporate tax rates and fewer regulations, analysts said.



“The full implications of a future Biden presidency could unsettle markets in the first instance,” analysts at Oxford Economics said in a recent note.



A proposed corporate tax rate increase to 28% could shave about 5.5% off 2021 S&amp;P 500 earnings, lower capital spending by around $50 billion and lead to a $100 billion decline in stock buybacks, according to J.P.Morgan.



At the same time, a Biden administration would likely move away from Trump’s trade tariffs in Europe and China, helping international and emerging market stocks outperform U.S. equities in the year ahead, said Stuart Katz, chief investment officer of Robertson Stephens Wealth Management.



At least one of Biden’s flagship policies &#8211; a $2 trillion increase in infrastructure spending &#8211; could further weigh on the already weakened U.S. dollar, Oxford Economics said.



A Trump re-election, meanwhile, could allay concerns over higher taxes but spark renewed fears of U.S.-China trade tensions, said Stephen Innes, Chief Global Market Strategist at AxiCorp.



A second term for Trump could also be positive for oil and gas companies which may benefit from a further relaxation of Obama-era regulations, Innes said.



Investors should also prepare for the possibility that the president could cast doubt on the veracity of the vote or pull out of the race altogether, wrote Joseph Amato, CIO of equities at Neuberger Berman, said in a recent note.



Trump escalated fears of a contested election in a late July tweet, suggesting the election be delayed until people can “properly, securely and safely vote.”



“The further behind he is in the polls, the more provocative his decision-making could become,” Amato wrote.

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Wall Street Week Ahead: Biden victory? Disputed election? Wall Street prices in November outcomes

The covid-19 pandemic is ravaging the world indiscriminately, but a combination of health and economic factors means the pandemic presents a particular set of challenges in Sub-Saharan Africa. Although the continent is reporting far fewer cases of covid-19 than the rest of the world, the pandemic poses far-reaching economic ramifications, particularly for vulnerable populations such as women.



 A slowdown in economic growth has already been felt among small and medium-size enterprises (SMEs)in hard-hit sectors such as tourism, retail, and services and thus likely to create wide-spread job losses.



 SMEs are critical to Africa’s economic growth across the region and represent about 90 percent of Africa’s businesses and provide about 60 percent of jobs on the continent. Access to finance is one of the main challenges facing SMEs in normal times—with the majority of these firms lacking the finance needed to grow. 



Prior to covid-19, SMEs in Sub-Saharan Africa count among the world’s most financially constrained, with the International Finance Corporation estimating that 52 percent of SMEs in the region have an unmet financing need with a credit gap of US $331 billion. It is difficult to grasp the immediate effects of covid-19. SMEs already face challenges in accessing finance and will undoubtedly face unprecedented challenges due to covid-19. Women-led SMEs are the worst affected because they tend to be in the most exposed sectors and receive the fewest amount of support in terms of financing. According to a recent study by the International Trade Centre, 64 percent of women-led firms declared their business operations as strongly affected, compared with 52 percent of men-led companies. 



Policymakers and investors working to address the health and economic challenges posed by covid-19 must go beyond moratoriums and renegotiation of existing loan terms. To better serve women-led SMEs, this will require a concerted effort from multiple stakeholders to include banks, development finance institutions (DFIs), regulators, and government to apply a gender-lens when designing covid-19 related economic recovery efforts.



 First, there is a need for gender-disaggregated data to inform and shape policies and investments. The pandemic presents an unprecedented opportunity to expand gender data collection on women entrepreneurs. Second, there is a need to apply a gender-lens approach when designing Covid-19 responses to support SMEs. This includes designing specific digital solutions and financial instruments that better meets women’s needs. The financial exclusion of women is a global problem, with approximately 1 billion women that do not have formal financial services, due to persistent barriers in access to identification documents, mobile phones, digital skills, financial capability, as well as inappropriate products and more. 



The situation is reflective in Sub-Saharan Africa where according to the World Bank, only 37 percent of women have a bank account, compared with 48 percent of men, a gap that has only widened over the past several years. Therefore, it is critical for DFIs, investors and other financial intermediaries to apply a gender-lens in investment analysis and decision-making, not just as a “nice-to-have,” but core to any strategic action. Furthermore, the pandemic has underscored the need for robust digital infrastructure as a platform to support financial inclusion and women’s economic empowerment. Third, there is a need for technical assistance facilities to provide women-led SMEs with advisory services to help them make more informed decisions and adjust their business models, enabling them to survive the pandemic while setting themselves up for post-pandemic growth.



 The covid-19 pandemic is not only a health crisis but also an economic crisis that could cause Sub-Saharan Africa’s GDP growth rate to drop down to -5.1 percent in 2020. Implementing a targeted gender-lens approach to increase support to women-led SMEs will be critical to bridging the financing gap for women estimated at US $42 billion and for Africa’s covid-19 economic recovery efforts.



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Iftin Fatah is a Senior Investment Officer at the U.S. International Development Finance Corporation. The views expressed herein are her own.

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Opinion: Now is the time for the world to rally behind women in business

JOHANNESBURG (Reuters) &#8211; South Africa sugar producer Tongaat Hulett on Friday reported a narrower annual loss thanks to an improved performance at some of its operations and increased land sales, sending shares higher.



Tongaat, which processes sugarcane and maize, posted a headline loss per share from continuing operations of 211 cents for the year ended March compared with a loss of 1,226 cents per share in the same year-ago period.



Full-year revenue rose 18% to 15.4 billion rand boosted by improved performance in its sugar operations and good outcomes in its starch and glucose business, Tongaat said.



Shares in the company rose 6.4% by 0719 GMT to 5.45 rand.



The overall results, however, were weighed down by hyperinflation and the currency dynamics in Zimbabwe.



The company, which has been battling high debt, said it had sought a six-month extension on its debt repayments after a dispute over the potential 5.35 billion rand ($307 million)disposal of its starch and glucose operations to KLL Group, a wholly owned subsidiary of Barloworld.



Tongaat said there had been a potential risk it would not meet its end September 30 and December debt obligations.



The company said it now has until end September 2021 to achieve an 8.1 billion rand debt reduction commitment.



The agriculture and agri-processing company, which was embroiled in a financial scandal after revealing accounting irregularities in 2019, has been seeking to cut debt through selling assets, cutting jobs, raising equity and other measures aimed at boosting cash flow.



Tongaat, which did not declare an interim dividend, said its focus would be repaying debt before it reinstated dividends.



($1 = 17.4112 rand)

sugar-4085174_960_720

South Africa’s Tongaat Hulett reports a narrower annual loss

JOHANNESBURG (Reuters) &#8211; South African retailer Woolworths said on Friday its profits for the 52-weeks to June 28 could plunge by as much as 70% due to the impact of the coronavirus crisis, high tax rate, and adoption of IFRS 16 accounting standards.



Woolworths said its headline earnings per share (HEPS) &#8211; the main profit measure in South Africa- would fall by between 60% and 70% compared to the 342.9 cents it reported a year earlier.



The owner of David Jones in Australia also impaired the carrying value of certain store assets, which will only negatively impact earnings per share and not HEPS.

Woolworths

S.Africa’s Woolworths warns annual profits could fall by 70%

JOHANNESBURG (Reuters) &#8211; South Africa’s Sibanye-Stillwater expects to swing to a profit in the first half of 2020, boosted by higher precious metals prices and a weaker rand currency, the miner said on Friday, sending its shares up sharply.



Shares in Sibanye, which said it remains positive about its performance in the second half of the year, were up 11.16% at 55.30 rand by 0836 GMT.



The precious metals producer, said headline earnings per share (HEPS) for the six months to June is expected to be 350 cents compared with a loss per share of 54 cents a year earlier when it was hit by strikes.



Sibanye said the inclusion of the Marikana operations, higher metals prices and a weaker rand currency helped partially offset foreign exchange losses and the impact of COVID-19 lockdown regulations on output.



“Supported by a better operational outlook than for H1 2020 and with precious metals prices having recovered close to levels prior to the global COVID-19 economic lockdown, the outlook for H2 2020 is positive,” Sibanye said.



South African gold miners have rallied as investors rushed to buy shares in the export-oriented companies which do well when the Rand depreciates against the dollar.



The company said production from its South African gold operations during the half-year increased by 17% 403,621 ounces, while platinum group metal (PGM) output from South Africa was 5%higher year-on-year at 657,828 ounces.



By the end of July the South African PGM operations had a production run rate of between 70% and 75%, with gold operations at around 90%.



Sibanye expects to release its half-year results on August, 27.

Gold_mines

Sibanye-Stillwater expects first-half profit on higher metals prices

LAGOS (Reuters) &#8211; More than a quarter of Nigeria’s workers were not in the labour force in the second quarter of this year, the National Bureau of Statistics said on Friday, in the country’s first unemployment data published since 2018.



The unemployment rate stood at 27.1% in the second quarter.



It stood at 23.1% in the previous report, which dates back to the third quarter of 2018.



Second-quarter unemployment among young people aged 15-34 was the highest at 34.9%.



Nigeria has been hard-hit by the fallout from the new coronavirus pandemic, grappling not only with its own outbreak, but also from a plunge in oil prices after lockdowns worldwide.



The country had 48,116 confirmed cases and 966 deaths as of Friday.



Nigeria entered the pandemic without having fully recovered from a 2016 recession that left more than 13 million people unemployed.



The World Bank has warned Nigeria faces a recession that will be “much more pronounced” than in 2016 and potentially the nation’s worst financial crisis in four decades.

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South Africa’s Tongaat Hulett reports a narrower annual loss

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Sibanye-Stillwater expects first-half profit on higher metals prices

Nigeria’s unemployment rate 27.1% in Q2 -NBS

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Newsletter

Egypt’s GASC issues tender for vegetable oils for Oct. 25-Nov. 20 arrival

India sends team to Mauritius to tackle oil spill

OPINION:Remaining Positive in Crisis

Trump considers pardon for leaker Edward Snowden

“To say we are delighted by this news would be an understatement” alcohol and hotel industry cheers the easing of lockdown

COVID-19: Ramaphosa allows beer, cigarettes and inter-provincial travel.

Japanese ship involved in Mauritius oil spill breaks apart

Zimbabwe’s July y/y inflation at 837.5%

Tunisian economy shrank 21.6% in second quarter of 2020

Pope calls for dialogue between Egypt, Ethiopia and Sudan over Nile dam

South Africa’s Game re-enters budget clothing market after 15 years

Wall Street Week Ahead: Biden victory? Disputed election? Wall Street prices in November outcomes

Opinion: Now is the time for the world to rally behind women in business

South Africa’s Tongaat Hulett reports a narrower annual loss

S.Africa’s Woolworths warns annual profits could fall by 70%

Sibanye-Stillwater expects first-half profit on higher metals prices

Nigeria’s unemployment rate 27.1% in Q2 -NBS

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