NEW YORK/WASHINGTON (Reuters) &#8211; President Donald Trump’s executive order banning China’s TikTok could prevent U.S. app stores from offering the popular short-video app and make advertising on the platform illegal, according to a White House document seen by Reuters.



Trump signed an order last week prohibiting transactions with TikTok if its parent ByteDance does not reach a deal to divest it in 45 days. It did not specify the scope of the ban, stating only that the U.S. Department of Commerce would define which transactions would be barred at the end of the 45-day period.



The White House document, sent out to supporters last week, provides insight into the Trump administration’s thinking. It shows the U.S. government is considering disrupting key aspects of TikTok’s operations and funding, amid concerns over the safety of personal data that the app handles.



“Prohibited transactions may include, for example, agreements to make the TikTok app available on app stores &#8230; purchasing advertising on TikTok, and accepting terms of service to download the TikTok app onto a user device,” the document states.



A source familiar with the White House document verified its authenticity. TikTok did not immediately respond to a request for comment.



Some technology industry experts said eliminating TikTok’s ability to be offered on Apple Inc (<a href="https://www.reuters.com/companies/AAPL.O">AAPL.O</a>) and Google owner Alphabet Inc’s (<a href="https://www.reuters.com/companies/GOOGL.O">GOOGL.O</a>) app stores, which in turn allow it to be downloaded on iPhone and Android smartphones, could cripple the app’s growth.“That kills TikTok in the U.S,” said James Lewis, a cyber security expert with the Washington-based Center for Strategic and International Studies. “If they want to grow, these rules are a huge obstacle.”



He added, though, that the U.S. government may not be able to prevent Americans from downloading TikTok from foreign websites.



Apple and Alphabet did not immediately respond to requests for comment.



Following Trump’s executive order last week, TikTok told advertisers it would continue to honor planned ad campaigns, refund any that it cannot fulfill, and work with major influencers to migrate to other platforms in the event of a ban. Some advertisers told Reuters they were drafting contingency plans and considering other apps for their marketing.



It is not clear whether Trump’s order will be implemented. Microsoft Corp (<a href="https://www.reuters.com/companies/MSFT.O">MSFT.O</a>) has been leading negotiations to acquire the North America, Australia and New Zealand operations of TikTok under the supervision of the Trump administration. A successful deal would make banning transactions with TikTok moot.



The White House document seen by Reuters is not clear on whether the United States would implement a similar crackdown on WeChat, the social media app owned by China’s Tencent Holdings Ltd (<a href="https://www.reuters.com/companies/0700.HK">0700.HK</a>) that Trump also sought to ban in an executive order on last week.



TikTok, which has said is exploring legal challenges to Trump’s order, has 100 million active users in the United States, and is especially popular with teenagers. It has said U.S. user data is safely stored in the United States and Singapore, and that it would not hand over such information to the Chinese government.

The Rise Of TikTok

Exclusive: U.S. ban on TikTok could cut it off from app stores, advertisers – White House document

JOHANNESBURG (Reuters) &#8211; South Africa’s rand edged weaker on Wednesday, ending a brief recovery rally as intensifying tensions between Washington and Beijing prompted investors to stay on the sidelines.



At 0645 GMT the rand was 0.13% weaker at 17.5175 per dollar compared to Tuesday’s peak of 17.4200.



The currency has suffered sharp losses in the past two weeks, losing more than 7% of its value against the dollar as sentiment towards emerging market currencies soured with a pickup in the global economy seeming to be slower than initially hoped.



In early trade the dollar was a touch higher against a basket of major currencies.



Sentiment toward risk was soured by still simmering tensions between the United States and China, which were ratcheted higher with U.S. President Donald Trump’s ban on TikTok and WeChat.



The rand has been weighed down by poor economic data pointing to a deep recession in South Africa in 2020 due to the impact of the pandemic and a slow recovery in 2021. On Tuesday manufacturing figures for June showed a 16.3% year on year contraction after activity shrunk 32.4% in May.



Business confidence and retail sales figures due later in the session are also set to show a strained economy.



“Due to the fragile economy, the currency remains vulnerable, especially if risk aversion rises again,” said Commerzbank’s emerging market analyst Elisabeth Andreae in a note.



“The downside risks to (the) rand include not only an unfavourable course of the pandemic with further (major) waves of infection, but also renewed fears of an emerging market crisis or an escalation in US-Chinese relations.”

money-bill-note-south-africa

South African rand on backfoot as U.S.-China tensions prompt caution

ACCRA (Reuters) &#8211; Ghana expects cocoa output of around 900,000 tonnes in the 2020/2021 season, up 5.8% from the forecast for 2019/2020, the country’s Cocoa Board (COCOBOD) said, according to a parliamentary report published on Wednesday.



Ghana is the world’s second-biggest cocoa producer. Its growing season runs from October to September.



The report also said the COCOBOD planned to raise $1.3 billion in syndicated loans to fund cocoa purchases during 2020/21 from a consortium of banks and financial institutions, with the government as guarantor.



The loan will carry annual interest of one month Libor plus 1.75%, a commitment fee of 0.62% per year and an upfront flat fee of 1.25%.

cocoa

Ghana expects 5.8% increase in cocoa output in 2020/2021

TOKYO (Reuters) &#8211; Oil prices moved higher on Wednesday after an industry report showed that U.S. inventories of crude fell more than analysts expected, bolstering hopes that fuel demand in the world’s biggest economy can weather the coronavirus pandemic.



Brent crude LCOc1 was up 52 cents, or 1.2%, at $45.02 a barrel by 0648 GMT, after falling around 1% on Tuesday.



West Texas Intermediate CLc1 oil was up 49 cents, or 1.2%, at $42.10 a barrel, having dropped 0.8% in the previous session.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="910" height="683" src="https://www.cnbcafrica.com/wp-content/uploads/2020/08/rig-drilling-drilling-rig-oil.jpg" alt="" class="wp-image-378230" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/08/rig-drilling-drilling-rig-oil.jpg 910w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/rig-drilling-drilling-rig-oil-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/rig-drilling-drilling-rig-oil-820x615.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/rig-drilling-drilling-rig-oil-768x576.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/rig-drilling-drilling-rig-oil-696x522.jpg 696w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/rig-drilling-drilling-rig-oil-600x450.jpg 600w" sizes="auto, (max-width: 910px) 100vw, 910px" /></figure>



The American Petroleum Institute [API] said on Tuesday that crude stocks fell by 4 million barrels last week, more than analysts’ expectations of draw of 2.9 million barrels. Official government data is due later on Wednesday. [EIA/S] [API/S]



The “fall in U.S. API crude inventories &#8230; the third sizeable weekly fall in a row, has supported prices today,” said Jeffrey Halley, senior market analyst at OANDA.



Still, growing uncertainty over a stalemate in Washington in talks for a stimulus package to support recovery from the deepest impact of the pandemic may weigh on prices looking ahead.



In India, demand for fuel in July dropped 10.8% from a year earlier, the fifth month of year-on-year declines, government data showed on Tuesday as a rise in coronavirus cases and floods in many parts of the country restricted economic activity.

oil-oil-production-oil-pump-heating-oil-crude-oil-thumbnail

Oil rises after bigger-than-expected drop in inventories

NEW YORK (Reuters) &#8211; Crude prices rose on Tuesday, underpinned by expectations of U.S. economic stimulus to support the world’s biggest oil consumer as well as a rebound in Asian demand as economies pick up



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="338" height="253" src="https://www.cnbcafrica.com/wp-content/uploads/2020/07/oil-oil-production-oil-pump-heating-oil-crude-oil-thumbnail.jpg" alt="" class="wp-image-376014" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/07/oil-oil-production-oil-pump-heating-oil-crude-oil-thumbnail.jpg 338w, https://cms.cnbcafrica.com/wp-content/uploads/2020/07/oil-oil-production-oil-pump-heating-oil-crude-oil-thumbnail-300x225.jpg 300w" sizes="auto, (max-width: 338px) 100vw, 338px" /></figure>



Brent crude LCOc1 futures rose 22 cents to $45.21 a barrel by (1543 GMT). U.S. West Texas Intermediate (WTI) crude CLc1 futures rose 32 cents to $42.26 a barrel.



On Monday, U.S. President Donald Trump tweeted that top congressional Democrats want to meet him to discuss coronavirus-related economic relief after talks broke down last week.



<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-642093036-594x594-2.jpg" alt="" class="wp-image-352574" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2019/12/gettyimages-642093036-594x594-2.jpg 594w, https://cms.cnbcafrica.com/wp-content/uploads/2019/12/gettyimages-642093036-594x594-2-300x221.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2019/12/gettyimages-642093036-594x594-2-80x60.jpg 80w, https://cms.cnbcafrica.com/wp-content/uploads/2019/12/gettyimages-642093036-594x594-2-570x420.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>



“Talks of coronavirus-related economic relief in the U.S. help boost confidence among oil and gas firms, that have so far lacked the funds to invest this year, or were simply avoiding the risk in a depressed market,” said Bjornar Tonhaugen, head of oil markets at Rystad Energy.



Signs of recovering Asian oil demand also boosted prices.



On Sunday, Saudi Aramco CEO Amin Nasser said he expects oil demand to rebound in Asia as economies open up.



China’s factory deflation eased in July, driven by a rise in global oil prices and as industrial activity climbed back towards pre-coronavirus levels, adding to signs of recovery in the world’s second-largest economy.



Prices also found support from a rally in European stocks, which rose for a third straight session on Tuesday as automakers gained on firm Chinese sales data.



Meanwhile, European refinery crude intake in July rose 3.3% from June, Euroilstock data showed on Tuesday.



U.S. passenger airline traffic, which was slammed by the pandemic, was down 80% year on year in June, official figures showed, but was still nearly twice the levels in May.



Energy companies have begun taking back millions of barrels of oil from the U.S. government’s emergency stockpile after renting storage to manage a glut of crude this spring after energy demand collapsed during coronavirus lockdowns, a Department of Energy website showed on Monday.

rig-drilling-drilling-rig-oil

Oil gains on U.S. stimulus hopes and demand recovery

NAIROBI (Reuters) &#8211; Mauritian volunteers fished dead eels from oily waters on Tuesday as they tried to clean up damage to the Indian Ocean island’s most pristine beaches after a Japanese bulk carrier leaked an estimated 1,000 tonnes of oil.



The ship, MV Wakashio, owned by Nagashiki Shipping and operated by Mitsui OSK Lines Ltd, struck a coral reef on Mauritius’ southeast coast on July 25, and began leaking oil last week, raising fears of a major ecological crisis.



Activists told Reuters that dead eels were floating in the water and dead starfish washed in the sticky black liquid. Crabs and seabirds are also dying.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="960" height="540" src="https://www.cnbcafrica.com/wp-content/uploads/2020/08/1571595826001_6180184254001_6180184697001-vs.jpg" alt="" class="wp-image-378691" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/08/1571595826001_6180184254001_6180184697001-vs.jpg 960w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/1571595826001_6180184254001_6180184697001-vs-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/1571595826001_6180184254001_6180184697001-vs-820x461.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/1571595826001_6180184254001_6180184697001-vs-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/1571595826001_6180184254001_6180184697001-vs-696x392.jpg 696w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/1571595826001_6180184254001_6180184697001-vs-600x338.jpg 600w" sizes="auto, (max-width: 960px) 100vw, 960px" /><figcaption>Ameenah Gurib-Fakim on how the oil spill will impact the Mauritian economy</figcaption></figure>



“We don’t know what may happen further with the boat, it may crack more,” said clean up volunteer Yvan Luckhun.



The MV Wakashio is still holding some 2,000 tonnes of oil and it is expected to eventually break up, Prime Minister Pravind Jugnauth said late on Monday, warning that the country must brace for the worst.



Tourism is a key part of the Mauritius economy and the government, which has declared a state of emergency due to the spill, is working with former colonial ruler France to try to remove the oil.



The spill has set back two decades worth of restoring the natural wildlife and plants in the lagoon, which started after the government banned sand harvesting in the area back in 2000, said Vikash Tatayah, conservation director at Mauritius Wildlife Foundation, a non-governmental organisation.Slideshow&nbsp;(5 Images)



The fragmentation of the oil in the sea is expected to damage corals when the heavier particles in the oil settle on them, he said, adding that the steps taken by the government to prevent the disaster are also being scrutinised.



“There is some anger and some criticism from the civil society that the government may have taken too much time to respond,” he said. The ship was grounded for nearly two weeks before it started leaking oil.



There was no immediate comment from Mauritian government officials.



Mitsui OSK Lines said in statement: “We will do our utmost towards resolving the situation quickly.” It did not provide any details.

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

Sea life around Mauritius dying as Japanese tanker oil spill spreads

JOHANNESBURG (Reuters) &#8211; South Africa’s manufacturing output fell 16.3% year on year in June after contracting by 32.4% in May, the statistics agency said on Tuesday.



Factory production however was up 16.8% in June month on month, but declined 30.2% in the three months to the end of June, Statistics South Africa said.

Local SA manufacturer turns to face masks amid COVID-19 crisis

South Africa’s manufacturing output falls 16.3% year on year in June

JOHANNESBURG (Reuters) &#8211; Exxaro Resources Ltd expects a fall of between 18% and 34% in first-half headline earnings per share (HEPS), the South African coal miner said on Tuesday.



Exxaro said it expects 1,142-1,420 cents in HEPS, the main profit measure for companies in South Africa.



Earnings before interest, tax, depreciation and amortisation (EBITDA) will increase by 12% to 28%, it said.



The company was deemed an essential service during South Africa’s lockdown, which lasted from late March to the end of May.

gettyimages-493425692-594×594

S.African coal miner Exxaro warns HEPS could fall as much as 34%

(Reuters) &#8211; Leaders from major U.S. companies, including banks and tech giants, have formed a group aimed at increasing the hiring of individuals from minority communities in New York.



The New York Jobs CEO Council, which counts chief executives from 27 firms among its members, aims to hire 100,000 people from low-income Black, Latino and Asian communities by 2030.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1110" height="624" src="https://www.cnbcafrica.com/wp-content/uploads/2020/08/076-1110x624.jpg" alt="" class="wp-image-378627" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/08/076-1110x624.jpg 1110w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/076-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/076-820x461.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/076-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/076-1536x864.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/076-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/076-696x392.jpg 696w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/076-1068x601.jpg 1068w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/076-1920x1080.jpg 1920w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/076-600x338.jpg 600w" sizes="auto, (max-width: 1110px) 100vw, 1110px" /></figure>



Jamie Dimon, chief executive of JPMorgan Chase &amp; Co (<a href="https://www.reuters.com/companies/JPM.N">JPM.N</a>), IBM (<a href="https://www.reuters.com/companies/IBM.N">IBM.N</a>) CEO Arvind Krishna and Accenture (<a href="https://www.reuters.com/companies/ACN.N">ACN.N</a>) CEO Julie Sweet will co-chair the group.



Other companies in the group include Amazon.com Inc (<a href="https://www.reuters.com/companies/AMZN.O">AMZN.O</a>), Google, Microsoft Corp (<a href="https://www.reuters.com/companies/MSFT.O">MSFT.O</a>) and Goldman Sachs (<a href="https://www.reuters.com/companies/GS.N">GS.N</a>), according to a press statement.



U.S. companies have been under increasing pressure to do more to provide minority groups with access to opportunities in the wake of anti-racism protests sparked by the death of a 46-year-old African-American man, George Floyd. Floyd died in May after a white police officer knelt on his neck for nearly nine minutes.



The protests also came as minorities were disproportionately represented in coronavirus deaths, and lower-income communities in the United States were hit hard economically.



“Today’s economic crisis is exacerbating economic and racial divides and exposing systemic barriers to opportunity”, Dimon said in an opinion piece in the Wall Street Journal on Monday, adding that often high-achieving people across New York were not given opportunities at the city’s top employers.



“Young people in low-income and minority communities feel this failure the most. Unless we actively work to close the gap, COVID-19 will make matters worse,” said the opinion piece which was co-authored with Félix V. Matos Rodríguez, the chancellor of the City University of New York.

Big U.S. companies form group to boost hiring of minorities in New York

JOHANNESBURG (Reuters) &#8211; South Africa’s rand weakened early on Tuesday, remaining on the back foot after a national holiday that kept liquidity low and investors tentative ahead of local manufacturing data.



At 0700 GMT the rand was 0.07% weaker at 17.7000 per dollar, having touched 17.7800 overnight, its weakest level in close to 12 weeks.



The currency has suffered sharp losses in the past two weeks, losing around 8% of its value against the dollar as sentiment towards emerging market currencies soured with a pickup in the global economy seeming to be slower than initially hoped.



In the past session, stalled talks in the U.S. Congress over a stimulus deal kept investors cautious, leaving the rand with little forward momentum.

101416618-rand

South African rand weakens in cautious trade

(Reuters) &#8211; Goods made in Hong Kong for export to the United States will need to be labelled as made in China after Sept. 25, according to a U.S. government notice posted on Tuesday.



The move follows China’s imposition of a national security law on Hong Kong and a U.S. decision to end the former British colony’s special status under U.S. law, escalating bilateral tensions that were already rising over trade war tariffs and the handling of the coronavirus outbreak.



The latest step will see Hong Kong companies subject to the same trade war tariffs levied on mainland Chinese exporters, should they make products subject to these duties, said the U.S. Customs and Border Protection notice.



It said that 45 days after its publication, goods “must be marked to indicate that their origin is ‘China’”.



The step was taken after the United States determined that Hong Kong is “no longer sufficiently autonomous to justify differential treatment in relation to China”.



Trump has made tough talk against China a feature of his campaign for re-election in November.



The United States on Friday imposed sanctions on Hong Kong Chief Executive Carrie Lam and the city’s current and former police chiefs accused of curtailing political freedoms in the former British colony.



In retaliation, China imposed sanctions on 11 U.S. citizens including lawmakers from Trump’s Republican Party on Monday.



U.S. Treasury Secretary Steven Mnuchin said on Monday that companies from China and other countries that do not comply with U.S. accounting standards will be delisted from U.S. stock exchanges from the end of 2021.

Trump’s Renewed Fight With China Explained

Hong Kong goods for export to U.S. to be labelled made in China

JOHANNESBURG (Reuters) &#8211; South Africa’s Sasol warned on Tuesday it will report an annual loss after a drop in oil and chemical prices and the impact of the coronavirus pandemic hit earnings.



The world’s top producer of motor fuel from coal said its headline loss per share is expected to be between 8.72 rand ($0.4949) and 14.86 rand in the year to June 30, compared with headline earnings of 30.72 rand per share during the same period a year ago.



Sasol said lower global chemical and refining margins and a 18% decrease in the rand per barrel price of Brent crude oil had hurts earnings.



Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) is also expected to fall by as much as 37% to between 30 billion rand to 39.5 billion rand.



The company said it had recorded impairments in some of its cash generating units after a weakening economy and the fair value impact of starting discussions to find a partner for its U.S. Base Chemicals assets.



Sasol has embarked on a review of its assets and set out to find a partner at its U.S. Base Chemicals operations in an effort to avoid a potential $2 billion rights issue after a slump in the oil price and the impact of the new coronavirus weighed on the company’s ability to pay its debt.



Investors have been concerned by the company’s debt, largely due to delays and cost overruns at its Lake Charles Chemicals project (LCCP) in Louisiana, that forced its former joint-CEOs to resign in a bid to restore shareholder confidence.



Sasol is expected to release its full-year results on Aug. 17.



($1 = 17.6200 rand)

Sasol_Garage_in_Boksburg

Sasol warns of annual loss as lower oil price and pandemic weigh

HONG KONG (Reuters) &#8211; Shares of media group Next Digital Ltd (<a href="https://www.reuters.com/companies/0282.HK">0282.HK</a>) hit their highest since Sept. 2008 on Tuesday, spurred by an online campaign to show support for its detained owner, Hong Kong media tycoon Jimmy Lai.



At their height, shares rose 668.6% to HK$1.96 on Tuesday. They retreated to around HK$1.50, but still led gains on the Hong Kong bourse as the third most actively traded stock. Since the close on Friday, they have gained more 2,078%.



Police on Monday detained Lai, along with other executives of his media company in the highest-profile arrest under a national security law imposed by Beijing, which critics say crushes freedoms in Hong Kong.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="678" height="381" src="https://www.cnbcafrica.com/wp-content/uploads/2020/08/101953190-Jimmy_Lai-1.jpg" alt="" class="wp-image-378613" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/08/101953190-Jimmy_Lai-1.jpg 678w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/101953190-Jimmy_Lai-1-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/101953190-Jimmy_Lai-1-600x337.jpg 600w" sizes="auto, (max-width: 678px) 100vw, 678px" /></figure>



Pro-democracy activists have started a campaign to encourage buyers for Next Digital shares and for the Apple Daily anti-government tabloid it publishes.



More than half a million copies of the paper were published on Tuesday, up from the usual 100,000. Buyers queued in the early hours and vendors had to re-order issues before the morning commute time.



One post on a local forum used by pro-democracy supporters said: “Freedom is priceless, use $$ to support Jimmy Lai.”



Next Digital’s market value has risen from HK$197.7 million ($25.42 million) early on Monday to HK$5.17 billion ($666.71 million).



The media group said in a bourse filing its operations have continued normally and it did not expect the arrests to impact its financial position.



Brokers said the surge was also driven by speculation Lai may sell the business.



“Speculation of sale of control and its low price level provided day traders a convenient excuse to bet on the stock,” a strategist from a local brokerage said, asking not to be named.



Another local media stock, Most Kwai Chung Ltd (<a href="https://www.reuters.com/companies/1716.HK">1716.HK</a>) has also jumped 292% so far this week.

101953190-Jimmy_Lai

HK’s Next Digital hits 12-year high after campaign to support arrested owner

NAIROBI (Thomson Reuters Foundation) &#8211; In the last three months, teacher Faith Njeri has been a regular customer at a courier service office in Nairobi, collecting parcels sent from her village three hours drive north of the capital.



When the coronavirus pandemic closed the private school where she taught, “I was left jobless,” she said. Efforts to feed her family by washing clothes failed “as people avoided any intrusions in their homes for fear of getting infected with the virus.”



With three hungry children and no alternatives, she called her parents in her home village, asking them to send food to keep the family afloat.



“We did not have any money, and we needed to survive,” she said. “When it became apparent that hunger would kill us instead of the virus, we turned to our people back in the village.”



As coronavirus-related restrictions and economic downturns make bringing in an income harder, many urban families in Kenya &#8211; and in other countries around the world &#8211; are looking to their rural families for help.



In some cases, the calls for help represent an abrupt turnaround in relations, as city dwellers with jobs, who once sent regular cash to support their families at home, now find themselves the ones in need of help.



The added burden on rural families &#8211; some of them struggling to feed themselves as more extreme weather linked to climate change hurts harvests &#8211; has been substantial, they and farm experts say.



“Most (rural) families have been constrained as the little they had was sent to Nairobi to sustain their relatives,” said Phillip Oketch, a dairy expert with the Kenya Climate Smart Agriculture Project.



Njeri’s mother, who farms in Gathuthi, in Nyeri County, said 30% or more of her earnings have gone to sustain her jobless children and grandchildren in Nairobi through the pandemic.



Previously, her four children sent home about $500 each year, she said &#8211; but this year they have instead sent four of her grandchildren to live with her in the village, to try to ease costs in the city.



Joseph Kimathi, another farmer from the village of Katheri in Meru County who has sent food to his children in Nairobi, said the pandemic had created a substantial financial burden for farmers.



“I had to forego profits and ensure the survival of my three children in the city, whose forms of livelihoods were suddenly cut by the pandemic,” he said.



Kenya’s lockdown eased in early July but an economic downturn linked to the COVID-19 pandemic means many urban residents are still receiving a reduced paycheck or struggling to find work, Oketch said.



Doreen Akinyi, who lost her job as a hotel waitress, said she continues to rely on a weekly pack of fish and maize flour sent by her aging mother in Mambo Leo, a village in Kisumu County.



<h3 class="wp-block-heading">PRESSURE ON HARVESTS</h3>



Zaverio Chabari, executive director of the non-profit Strategies for Agro-Pastoralists’ Development Kenya, said the need for rural families to send food to city relatives has been particularly difficult as the country grapples with harvest losses to flooding and locust swarms this year.



“By the time the COVID pandemic struck, much of the food at the farms was already ruined,” Chabari said.



Transportation also for a period was a challenge thanks to coronavirus-linked movement restrictions and road flooding &#8211; though Kenya’s Ministry of Agriculture quickly classified food transport as an essential service.



Gladys Miriti, head of the Grassroots Development Initiative Foundation-Kenya and one of those receiving food from her home village during the pandemic, said the situation had provoked substantial psychological stress for many urban families.



At the height of the lockdown, “they did not have money as most of them lost their jobs, they had children to feed, movements were restricted, the virus cases kept on surging and so a mix of fear, hopelessness, and uncertainty engulfed the people,” she said.

shutterstock_227423392

As coronavirus steals jobs, urban Kenyans look to their rural families

LONDON (Reuters) &#8211; The number of people in work in Britain fell by the most since 2009 in the three months through June as the coronavirus crisis took a heavy toll on the labour market, even with the government’s huge jobs protection scheme still in place.



Led by a record plunge in self-employed workers, there were 220,000 less people employed in the second quarter, the Office for National Statistics said.



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Separate tax data for July showed that the number of staff on company payrolls had fallen by 730,000 since March, sounding the alarm about a potentially much bigger rise in joblessness.



Mounting job losses are expected as Britain winds down its job retention scheme which protects employees. It is due to close at the end of October.



“The cracks evident in the latest batch of labour market data are likely to soon turn into a chasm,” said Ruth Gregory, senior economist at Capital Economics.



British finance minister Rishi Sunak said the figures showed the government’s support programmes were working but job losses were inevitable.



“I’ve always been clear that we can’t protect every job, but &#8230; we have a clear plan to protect, support and create jobs to ensure that nobody is left without hope,” he said.



The unemployment rate unexpectedly held at 3.9% but that reflected an increase in people who had given up looking for work and who were therefore not considered to be unemployed, and people who said they were in work but were getting no pay.



Economists polled by Reuters had expected the unemployment rate to rise to 4.2%. Last week the Bank of England forecast the jobless rate would hit 7.5% at the end of this year.



“Government needs to step in and help those who are likely to lose their job retrain for new openings in different sectors,” KPMG economist Yael Selfin said.



The number of self-employed people fell by a record amount in the three months to June, led by older workers, while the number of employees rose &#8211; something the ONS said was partly accounted for by workers reclassifying themselves as employed.



The number of people claiming universal credit &#8211; a benefit for the unemployed and those on low pay &#8211; rose to 2.689 million in July, leaping by 117% from March.



Pay fell by the most in more than 10 years in the April-June period, down 1.2%, reflecting how workers on the job retention scheme receive 80% of their pay. Excluding bonuses, pay fell for the first time since records began in 2001.



However, there was a small increase in job vacancies in the three months to July.



“The increase was driven by small businesses (less than 50 employees), some of which reported taking on staff to meet coronavirus (COVID-19) guidelines,” the ONS said.

london

UK suffers biggest job losses since 2009 as COVID hits

Across Africa hundreds of thousands of people have contracted Covid-19 since the outbreak in late 2019.



 While official statistics are cause for concern the true numbers are undoubtedly much higher.The outbreak has exposed the weak underbelly of our Continent’s health care systems. For too long they have been under-resourced, under-funded and sometimes mismanaged. As Africa braces for a rise in infections it is time to look at what can be done to improve healthcare before it is too late.



 Health is an investment in a nation’s wellbeing and a vehicle for national value creation. Healthy girls and boys go to school, healthy women and men contribute to society, live longer and lead more productive lives. Healthy people are able to save financially, vaccinate their children and do not place added strain on a country’s health infrastructure. There is a direct benefit to investment in healthcare and unlocking economic growth. If only it was that simple.



 Across Africa there is still much work to be done in building our ability to cater to the millions of patients who need vital medicines or hospital care each year. Many pharmaceutical companies, like MSD, have the capacity to be part of the solution. But, one thing is clear: We cannot do it alone. To radically improve access to medicines and vaccines and for improved healthcare, we need partnerships. The investments that have really paid off in terms of exponential increase in health impact have been done with partners. Medicines Save Lives. 



Partnerships Save Nations.For decades, vast parts of West Africa were suffering from deadly outbreaks of Ebola for which there was no cure. The 2014 outbreak was one of the largest, resulting in over 4000 deaths as the virus spread across DRC, Guinea,Liberia, Nigeria, Senegal and Sierra Leone. In 2014, MSD had a vaccine in its portfolio to prevent the damaging consequences of an Ebola outbreak.



 There have been further Ebola outbreaks since 2014, but they have been curtailed. We now have over 300 000 doses of the vaccine saving lives in the region. This breakthrough was only possible due to partnerships with African governments, the World Health Organisation,NGO’s, the scientific community and the local communities. Accelerate towards One African Market I am often caught saying ‘vaccines don’t work, vaccination does’. If you don’t get a vaccine, you are not protected. It is not good enough to just make the product available, we have to ensure it gets to those who need it.



 We want to support the acceleration of ‘One African Market’. Right now patients in sub-saharan Africa are often not getting access to lifesaving products due to regulatory delays. The vision of having one African Medicines Agency,like the European Medicines Agency in Europe, is a great one. If we all focus on patient access as the goal, we should be partnering to make this vision a reality so that patients don’t have to suffer.



 Let’s aim to leapfrog not catch up Big data and the power of digital have the potential to transform health in a fundamental way. Already in many African countries, a whole generation jumped from no internet to accessing internet on their phones – completely leapfrogging dial up on their desktops. Rather than playing catch up, Africans should be using data and digital to enable a fundamental shift in how we seek and provide healthcare. We have an opportunity to reimagine healthcare.



Dr. Priya Agrawal – Managing Director, MSD South Africa and Sub Saharan Africa

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

COMMENT: How Africa should use data and digital to protect itself.

(Reuters) &#8211; The S&amp;P 500 and Dow rose on Monday, as investors rotated into value stocks from heavyweight tech-focused companies while awaiting word on progress in the fiscal support bill for the country’s battered economy.FILE PHOTO: The 11 Wall St. door of the New York Stock Exchange (NYSE) is seen in New York City, New York, U.S., June 26, 2020. REUTERS/Brendan McDermid



The Nasdaq&nbsp;<a href="https://www.reuters.com/finance/markets/index?symbol=.IXIC">.IXIC</a>, which hit a record high every day of last week, was dragged lower by Microsoft Corp (<a href="https://www.reuters.com/companies/MSFT.O">MSFT.O</a>), Amazon.com Inc (<a href="https://www.reuters.com/companies/AMZN.O">AMZN.O</a>) and Facebook Inc (<a href="https://www.reuters.com/companies/FB.O">FB.O</a>). The Dow index touched a more than five-month high, boosted by growth-linked industrial and financials stocks.



Bets on a potential coronavirus vaccine, historic fiscal and monetary support, and more recently, a better-than-expected second quarter earnings season have brought the S&amp;P 500 to within 1% of its February record high.



“Particularly for many people who missed the rally, (cyclicals) is the only place where you can still find value,” said Thomas Hayes, managing member at Great Hill Capital Llc in New York.



All three indexes opened higher after U.S. President Donald Trump signed executive orders that partly restored enhanced unemployment benefits after talks between the White House and top Democrats in Congress about fresh stimulus broke down last week.



U.S. Treasury Secretary Steven Mnuchin, in an interview to CNBC on Monday, said the Trump administration and Congress could reach an agreement as soon as this week if Democrats are “reasonable.”



Value stocks, which tend to outperform growth coming out of a recession, have gotten a lift in recent days. The Russell 1000 value .RLV index rose 0.7% on Monday, while the Russell 1000 growth .RLG index slipped 0.3%.



“It’s going to take a while before we can see some real good growth, but the market seems to be betting otherwise,” said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.



At 13:03 p.m. ET, the Dow Jones Industrial Average&nbsp;<a href="https://www.reuters.com/finance/markets/index?symbol=.DJI">.DJI</a>&nbsp;was up 272.55 points, or 0.99%, at 27,706.03, the S&amp;P 500&nbsp;<a href="https://www.reuters.com/finance/markets/index?symbol=.SPX">.SPX</a>&nbsp;was up 6.08 points, or 0.18%, at 3,357.36. The Nasdaq Composite&nbsp;<a href="https://www.reuters.com/finance/markets/index?symbol=.IXIC">.IXIC</a>&nbsp;was down 41.80 points, or 0.38%, at 10,969.18.



Energy .SPNY and industrials .SPLRCI, among the worst performers this year, led gains among major S&amp;P sectors. Technology .SPLRCT and communication services .SPLRCL fell about 0.8% each.



Among individual movers, Eastman Kodak Co (<a href="https://www.reuters.com/companies/KODK.N">KODK.N</a>) sank 27.5% after its $765-million loan agreement with the U.S. government to produce pharmaceutical ingredients was put on hold due to “recent allegations of wrongdoing.”



Microsoft Corp (<a href="https://www.reuters.com/companies/MSFT.O">MSFT.O</a>) fell 2.2% as sources said its bid to carve out parts of TikTok from its Chinese owner ByteDance will be a technically complex endeavor.



Mall owner Simon Property Group (<a href="https://www.reuters.com/companies/SPG.N">SPG.N</a>) rose 7.3% after a report that it has been in talks with Amazon.com Inc (<a href="https://www.reuters.com/companies/AMZN.O">AMZN.O</a>) about turning some of its department-store sites into Amazon fulfillment centers. The company’s quarterly results are due after markets close on Monday.



Nike (<a href="https://www.reuters.com/companies/NKE.N">NKE.N</a>) surged 4.4% to a record high after footwear retailer Foot Locker (<a href="https://www.reuters.com/companies/FL.N">FL.N</a>), to which Nike supplies, said same-store sales increased about 18% in the second quarter. Foot Locker shares rose 6.3%.



Advancing issues outnumbered decliners by a 2.60-to-1 ratio on the NYSE and by a 1.66-to-1 ratio on the Nasdaq.



The S&amp;P index recorded 36 new 52-week highs and no new low, while the Nasdaq recorded 95 new highs and nine new lows.

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S.African coal miner Exxaro warns HEPS could fall as much as 34%

Big U.S. companies form group to boost hiring of minorities in New York

South African rand weakens in cautious trade

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Sasol warns of annual loss as lower oil price and pandemic weigh

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As coronavirus steals jobs, urban Kenyans look to their rural families

UK suffers biggest job losses since 2009 as COVID hits

COMMENT: How Africa should use data and digital to protect itself.

Wall Street mixed with stimulus in focus; Dow hits over five-month high

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Newsletter

Exclusive: U.S. ban on TikTok could cut it off from app stores, advertisers – White House document

South African rand on backfoot as U.S.-China tensions prompt caution

Ghana expects 5.8% increase in cocoa output in 2020/2021

Oil rises after bigger-than-expected drop in inventories

Oil gains on U.S. stimulus hopes and demand recovery

Sea life around Mauritius dying as Japanese tanker oil spill spreads

South Africa’s manufacturing output falls 16.3% year on year in June

S.African coal miner Exxaro warns HEPS could fall as much as 34%

Big U.S. companies form group to boost hiring of minorities in New York

South African rand weakens in cautious trade

Hong Kong goods for export to U.S. to be labelled made in China

Sasol warns of annual loss as lower oil price and pandemic weigh

HK’s Next Digital hits 12-year high after campaign to support arrested owner

As coronavirus steals jobs, urban Kenyans look to their rural families

UK suffers biggest job losses since 2009 as COVID hits

COMMENT: How Africa should use data and digital to protect itself.

Wall Street mixed with stimulus in focus; Dow hits over five-month high

News Tips

Advertise With Us

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