Content provided by APO Group. CNBC Africa provides content from APO Group as a service to its readers and does not edit the articles it publishes. CNBC Africa is not responsible for the content provided by APO Group.

Jumeirah Group (www.Jumeirah.com), the global luxury hospitality company, will welcome guests for a much-needed change of scenery from May 27th until October 17th 2021 to its exquisite Italian hotel, Capri Palace Jumeirah.

Having enjoyed a successful summer last year for the first time as a Jumeirah hotel, guests are invited once again to this idyllic coastal sanctuary where contemporary art and design are surrounded by nature on the glamorous island of Capri, which was recently declared ‘COVID-free’.
Ideally placed in the bustling town of Anacapri – one of the most exclusive and unspoiled parts of the island – the hotel stands high up on a hill overlooking the Gulf of Naples. A perfect embodiment of the Italian Dolce Vita, Capri Palace Jumeirah is designed in the style of an eighteenth-century Neapolitan palazzo. The elegantly appointed 68 hotel rooms feature white, blue and neutral tones, while ceramic tiles and bespoke furniture evoke the sense of an Italian family home, exuding a sense of familiarity with the surrounding locale.
In line with Jumeirah’s commitment to offering exceptional culinary experiences, Capri Palace Jumeirah is home to renowned restaurants including two of the island’s Michelin stars, guided by Executive Chef Andrea Migliaccio. The hotel’s signature restaurant L’Olivo, awarded with two Michelin stars, serves up exceptional Mediterranean gourmet dishes with an extensive beverage list. Meanwhile, Il Riccio Restaurant &#038; Beach Club offers some of the best local seafood on the island and is set against sweeping views of the rocky coastline. Named after the sea urchins that the restaurant is renowned for, the coveted venue will be open for lunch and dinner, led by returning Resident Chef Salvatore Elefante.
Ermanno Zanini, Jumeirah Group Regional Vice President for Italy and Spain, said: “It is with great pride that we welcome guests back to our stunning island to experience the unparalleled hospitality at Capri Palace Jumeirah. From luxury dining destinations to pristine views and exquisite spaces, guests are in for a one-of-a-kind stay that is underscored by Jumeirah’s renowned personalised guest experiences and service beyond expectations.
Capri Palace Jumeirah is more than just a hotel,” he added. “It’s a transformative experience where guests can immerse themselves in the breathtaking natural beauty of Capri, delight in the unique contemporary art installations dotted throughout the hotel and disconnect from the stress of daily life at the renowned Capri Beauty Farm, a world-class medical spa facility. There are also a number of special activations that we’re particularly excited for our guests to experience.”
Continuing with the hotel’s exclusive partnership, yet another exciting Dior pop-up will take centre stage this season, in the form of an exclusive store at Il Riccio Restaurant &#038; Beach Club, launching May 28th, 2021.
Health and safety remain Jumeirah’s top priority. All its hotels and restaurants are implementing the highest safety and hygiene standards and following local Government directives to ensure that guests and colleagues are in safe hands. As a result of these measures, 12 of Jumeirah’s properties, including Capri Palace Jumeirah, have been awarded the Safeguard Label from Bureau Veritas, a world leader in testing and inspection services. Furthermore, the island of Capri has been declared COVID-free, with 80% of residents and all tourism sector employees having received, as a minimum, the first dose of the vaccine. The island is also organising PCR tests for any guests who need one, with results provided in time for their departure. Travellers from Europe, UK and Israel are now able to enter Italy without justification and will not be required to quarantine, while passengers from USA and Canada also need not quarantine when entering via Covid-tested flights.
Prices start from €653 Euros per night for a classic sea view room. Please visit https://bit.ly/3wEF8SM for more information and bookings, or visit https://bit.ly/3bW7lMI for details on the Jumeirah Summer Escapes package.
The hotel team is looking forward to welcoming guests this summer and will gladly assist with private transfers by speedboat or helicopter, leaving from Naples or Sorrento. In the meantime, stay connected via our social media channels and don’t forget to tag us in your posts.
 Distributed by APO Group on behalf of Jumeirah Group.
Images can be viewed here (https://bit.ly/3uskSCb).
For more information, please contact: Marita Rivas &#8211; Director of Sales &#038; Marketing rivas@capripalace.com
Follow us on Instagram: @jumeirahgroup @capripalace
About Capri Palace Jumeirah: Located at the heart of the Mediterranean, Capri Palace Jumeirah is a stunning luxury property where guests immerse themselves in the breathtaking natural beauty of Capri and imaginative artwork from contemporary artists. Nestled in a secluded corner of the island with panoramic views of the sea, the resort features 68 immaculately designed guestrooms, a two Michelin-starred restaurant offering exquisite cuisine, the exclusive Capri Medical Spa &#8211; a world-class spa facility – a private beach club and large outdoor pool set within beautiful, manicured gardens.
About Jumeirah Group: Jumeirah Group, a member of Dubai Holding and a global luxury hotel company, operates a world-class 6,500+-key portfolio of 23 properties across the Middle East (including the flagship Burj Al Arab Jumeirah) Europe and Asia, with more properties currently under construction around the globe.
The health and safety of guests and colleagues is Jumeirah Group’s utmost priority. It has implemented a series of protective measures across all of its hotels, while strictly adhering to each market’s respective Government directives. Demonstrating Jumeirah’s commitment to operating its hotels to the highest global standards, 12 of its hotels hold the Bureau Veritas Safeguard Label, with Jumeirah Al Naseem being the first hotel in the world to receive the prestigious certification. The Group is working closely with Bureau Veritas to certify its wider portfolio.
Media files

CORRECTION: Capri Palace Jumeirah to entice guests to the iconic Mediterranean Island from May 27 for the summer season

Content provided by APO Group. CNBC Africa provides content from APO Group as a service to its readers and does not edit the articles it publishes. CNBC Africa is not responsible for the content provided by APO Group.

Jumeirah Group (www.Jumeirah.com), the global luxury hospitality company, will welcome guests for a much-needed change of scenery from May 27th until October 17th 2021 to its exquisite Italian hotel, Capri Palace Jumeirah.

Having enjoyed a successful summer last year for the first time as a Jumeirah hotel, guests are invited once again to this idyllic coastal sanctuary where contemporary art and design are surrounded by nature on the glamorous island of Capri, which was recently declared ‘COVID-free’.
Ideally placed in the bustling town of Anacapri – one of the most exclusive and unspoiled parts of the island – the hotel stands high up on a hill overlooking the Gulf of Naples. A perfect embodiment of the Italian Dolce Vita, Capri Palace Jumeirah is designed in the style of an eighteenth-century Neapolitan palazzo. The elegantly appointed 68 hotel rooms feature white, blue and neutral tones, while ceramic tiles and bespoke furniture evoke the sense of an Italian family home, exuding a sense of familiarity with the surrounding locale.
In line with Jumeirah’s commitment to offering exceptional culinary experiences, Capri Palace Jumeirah is home to renowned restaurants including two of the island’s Michelin stars, guided by Executive Chef Andrea Migliaccio. The hotel’s signature restaurant L’Olivo, awarded with two Michelin stars, serves up exceptional Mediterranean gourmet dishes with an extensive beverage list. Meanwhile, Il Riccio Restaurant &#038; Beach Club offers some of the best local seafood on the island and is set against sweeping views of the rocky coastline. Named after the sea urchins that the restaurant is renowned for, the coveted venue will be open for lunch and dinner, led by returning Resident Chef Salvatore Elefante.
Ermanno Zanini, General Manager of Capri Palace Jumeirah and Regional Vice President for Italy and Spain, said: “It is with great pride that we welcome guests back to our stunning island to experience the unparalleled hospitality at Capri Palace Jumeirah. From luxury dining destinations to pristine views and exquisite spaces, guests are in for a one-of-a-kind stay that is underscored by Jumeirah’s renowned personalised guest experiences and service beyond expectations.
Capri Palace Jumeirah is more than just a hotel,” he added. “It’s a transformative experience where guests can immerse themselves in the breathtaking natural beauty of Capri, delight in the unique contemporary art installations dotted throughout the hotel and disconnect from the stress of daily life at the renowned Capri Beauty Farm, a world-class medical spa facility. There are also a number of special activations that we’re particularly excited for our guests to experience.”
Continuing with the hotel’s exclusive partnership, yet another exciting Dior pop-up will take centre stage this season, in the form of an exclusive store at Il Riccio Restaurant &#038; Beach Club, launching May 28th, 2021.
Health and safety remain Jumeirah’s top priority. All its hotels and restaurants are implementing the highest safety and hygiene standards and following local Government directives to ensure that guests and colleagues are in safe hands. As a result of these measures, 12 of Jumeirah’s properties, including Capri Palace Jumeirah, have been awarded the Safeguard Label from Bureau Veritas, a world leader in testing and inspection services. Furthermore, the island of Capri has been declared COVID-free, with 80% of residents and all tourism sector employees having received, as a minimum, the first dose of the vaccine. The island is also organising PCR tests for any guests who need one, with results provided in time for their departure. Travellers from Europe, UK and Israel are now able to enter Italy without justification and will not be required to quarantine, while passengers from USA and Canada also need not quarantine when entering via Covid-tested flights.
Prices start from €653 Euros per night for a classic sea view room. Please visit Jumeirah.com/CapriPalace for more information and bookings, or visit Jumeirah.com/cpj/summerescapes for details on the Jumeirah Summer Escapes package.
The hotel team is looking forward to welcoming guests this summer and will gladly assist with private transfers by speedboat or helicopter, leaving from Naples or Sorrento. In the meantime, stay connected via our social media channels and don’t forget to tag us in your posts.
Images can be viewed here (https://bit.ly/3bVnylw)
Distributed by APO Group on behalf of Jumeirah Group.
For more information, please contact: Marita Rivas &#8211; Director of Sales &#038; Marketing rivas@capripalace.com
Instagram: @jumeirahgroup @capripalace
About Capri Palace Jumeirah: Located at the heart of the Mediterranean, Capri Palace Jumeirah is a stunning luxury property where guests immerse themselves in the breathtaking natural beauty of Capri and imaginative artwork from contemporary artists. Nestled in a secluded corner of the island with panoramic views of the sea, the resort features 68 immaculately designed guestrooms, a two Michelin-starred restaurant offering exquisite cuisine, the exclusive Capri Medical Spa &#8211; a world-class spa facility – a private beach club and large outdoor pool set within beautiful, manicured gardens.
About Jumeirah Group: Jumeirah Group, a member of Dubai Holding and a global luxury hotel company, operates a world-class 6,500+-key portfolio of 23 properties across the Middle East (including the flagship Burj Al Arab Jumeirah) Europe and Asia, with more properties currently under construction around the globe.
The health and safety of guests and colleagues is Jumeirah Group’s utmost priority. It has implemented a series of protective measures across all of its hotels, while strictly adhering to each market’s respective Government directives. Demonstrating Jumeirah’s commitment to operating its hotels to the highest global standards, 12 of its hotels hold the Bureau Veritas Safeguard Label, with Jumeirah Al Naseem being the first hotel in the world to receive the prestigious certification. The Group is working closely with Bureau Veritas to certify its wider portfolio.
Media files

Capri Palace Jumeirah to Entice Guests to the Iconic Mediterranean Island from May 27 for the Summer Season

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As the world continues to grapple with the rapid spread of the coronavirus pandemic, the travel industry has been one of the sectors that have been heavily hit. Many Africa airlines have cancelled flights to mainland China, Italy, South Korea and other countries where the pandemic has spread very fast. But what kind of effect will this have on the aviation sector? Derek Nseko, MD of iFly Aviation joins CNBC Africa for more.

Coronavirus sends Africa’s aviation industry into a tailspin

Report by Josiane Kouagheu, Juliette Jabkhiro and Aaron Ross



YAOUNDE/DAKAR (Reuters) &#8211; When a passenger arriving from Brussels at Cameroon’s Yaounde Nsimalen airport on Saturday was found to have a temperature, health officials say he was whisked to a hospital and diagnosed inside four hours as the country’s fourth case of coronavirus.



The central African country was doing more generalised screening for disease long before China revealed the new virus that has killed around 7,000 people globally. Along with other countries on the continent, it hopes its experience guarding against Ebola and other epidemics will help its health system cope with a pandemic that could quickly overwhelm it. 



“We have cases that were not caught by the measures in France and Italy that were caught here,” Georges Alain Etoundi Mballa, who runs the health ministry’s epidemic response, told Reuters, describing the screening as a “spying network”. 



“Epidemics come and go, but we keep on the surveillance.” 



The virus now ravaging Europe has appeared in at least 26 out of 49 countries in sub-Saharan Africa. In most of them the recorded cases are still in single figures and have come in from abroad &#8211; notably Europe &#8211; rather than emerging at home. [nL8N2BA5PT] 



The stakes are high &#8211; if the disease gets into Africa’s poorest areas, squalid, cramped conditions could cause it to spread at lightning speed. 



Hospitals are already overburdened with cases of measles, malaria and other deadly infectious diseases, and conflicts have displaced hundreds of thousands of people and destroyed infrastructure. 



Asking patients to self-quarantine at home is not practical in many areas, where families cram into a single room, share a communal tap or latrine, and survive on daily earnings. 



“Africa should brace itself for a serious challenge,” John Nkengasong, head of the Africa Centres for Disease Control and Prevention (CDC), said on March 11. “I still believe containment is possible, but only with extensive testing and surveillance.”



<h3 class="wp-block-heading">EBOLA EXPERIENCE </h3>



In some places that looks all but impossible. 



In South Sudan, devastated by a five-year civil war, the government has just 24 isolation beds, said Dr. Angok Gordon Kuol,&nbsp;incident manager for the outbreak at the Ministry of Health. 



He said public officials were trying to encourage hand-washing, but many in the impoverished East African nation of 12 million people could not afford soap and did not have running water. 



The health ministry in Burkina Faso, which is under siege from jihadist groups linked to Islamic State and al Qaeda, said in a report last week that the country lacked the resources to deal with the outbreak. 



Its border crossings have no sites to isolate suspected cases, and the West African country does not have enough skilled health workers, the report said. “This can result in high mortality rates and an increased risk of spreading the disease.” 



Ebola killed more than 11,000 people in West Africa between 2013 and 2016, mainly in Guinea, Liberia and Sierra Leone. It devastated communities but provided valuable lessons. 



The Africa CDC, set up by the African Union in 2017, has been working with the World Health Organization (WHO) to strengthen emergency coordination, improve testing and surveillance, and equip treatment centres. 



“We know the fragility of our system, and because of that, when the outbreak was declared, the countries just went into action,” said Mary Stephen, technical officer at the WHO’s Africa office. 



The number of countries with labs able to diagnose COVID-19 in the region increased from two to 39 in just over a month. But that still leaves eight countries without. 



Passengers arriving at major airports have temperatures checked and are asked to fill out travel questionnaires, and in Nigeria, a taskforce meets regularly to evaluate the risks. 



“We will never be caught pants down,” said Bamidele Mutiu, who helped coordinate the West African country’s Ebola response and now runs a biosafety lab in Lagos. 



With three confirmed cases, Africa’s most populous nation is scrambling to increase the number of isolation beds and provide more specialized medical training and equipment at state hospitals. 



“Our health system is not as strong as we’d like it to be,” said Chikwe Ihekweazu, head of the Nigeria Centre for Disease Control. “It is because we are a bit worried about our capacity to deal with a large outbreak that we are focused so intensively on prevention and early detection.” 



Promoting good hygiene is a key part of that effort. But that is easier said than done. Less than half the population in 34 African countries have basic hand-washing facilities in their homes, according to a 2017 United Nations survey. 



<h3 class="wp-block-heading">KEEPING CLEAN </h3>



In Senegal’s capital Dakar, announcements ring out through loudspeakers on passing cars urging people to wash their hands. A group of school children in soccer shirts reels off highlights from a recent lesson &#8211; a crash course in preventing COVID-19. 



But in their suburb, Pikine, where more than a million people live, the water is frequently cut off. 



“Cleanliness is important, but here it’s not easy,” said Marcelle Diatta, a 41-year-old mother of four who lives in a two-bedroom apartment with four extended family members. 



Khary Faye Sougou, head nurse at a local health centre in Pikine, where donkey carts jostle with delivery trucks on sandy alleyways, said she was encouraging residents to stockpile bottles of water; but not everyone could afford to do so. 



In Senegal, a West African country that has recorded 27 cases, medical staff said they had received limited protective equipment beyond extra gloves and masks. 



“If we have a case, maybe I’ll go with a mask and my white coat, and after the visit I’ll throw them away,” Sougou said. 



Ousmane Gueye, head of the crisis unit at Senegal’s health ministry, said the government was deploying protective gear to facilities that need it. 



There are ample stocks of masks and gloves and enough beds to accommodate dozens more patients, according to health officials. However, there are no reserves of ventilators, which are in short supply across Africa. 



In South Africa, which has recorded 62 cases of the virus, medical services could be “swamped” if it spreads within the country’s vast shanty towns, Susan Cleary, a health economist at the University of Cape Town, said. 



“Transmission in an informal settlement is a disaster, an absolute disaster,” she said. 



(Additional reporting by Christophe Van der Perre in Dakar, Alexis Akwagyiram and Angela Ukomadu in Lagos, Paul Carsten in Abuja, Omar Mohammed in Nairobi, Giulia Paravicini in Addis Ababa, Wendell Roelf in Cape Town, Joe Bavier in Abidjan and Henry Wilkins in Ouagadougou; Writing by Aaron Ross; editing by Edward McAllister, Alexandra Zavis and Philippa Fletcher)



This article was first published on Reuters Africa <a href="https://af.reuters.com/article/topNews/idAFKBN214328-OZATP">https://af.reuters.com/article/topNews/idAFKBN214328-OZATP</a> and is republished with its permission.

Armed with lessons from Ebola, Africa braces for coronavirus surge

NAIROBI/ADDIS ABABA (Reuters) &#8211; More African nations confirmed their first cases of the coronavirus and shut borders amid fears of the disease’s impact on fragile health systems, as Chinese billionaire and Alibaba co-founder Jack Ma pledged to donate over 1 million testing kits to the continent.



Thirty African countries &#8211; more than half the continent &#8211; are now treating nearly 400 patients with coronavirus, after Tanzania, Liberia, Benin and Somalia said they registered their first cases. 



Africa had until recently been spared the rapid spread of COVID-19, which has infected at least 180,000 people worldwide and caused over 7,000 deaths. But health experts are concerned the continent’s often dilapidated health infrastructure will struggle to cope as cases mount. 



“We cannot ignore the potential risk to Africa and assume this continent of 1.3 billion people will blissfully escape the crisis. The world cannot afford the unthinkable consequences of a COVID-19 pandemic in Africa,” Ma’s foundation said in a statement. 



The foundation will send 1.1	million testing kits, 6 million masks and 60,000 protective suits and face shields to Ethiopia for distribution to Africa’s 54 nations, it said. 



Earlier on Monday, the World Bank said it had committed $60 million to Kenya to help the East African nation battle the outbreak. 



Some countries on the continent, such as conflict-hit Somalia, depend on donors to support basic public health facilities. 



Somalian Health Minister Fawziya Abikar Nur said the ministry had quarantined and tested four Somalis who came from China last week, and one had tested positive for the respiratory disease. International flights to Somalia were suspended for two weeks, the aviation minister said. 



In West Africa, the small and impoverished nation of Liberia announced its first case. Liberia was devastated by a 2014 Ebola epidemic that killed 4,000 people, and its healthcare system has remained underfunded despite promises of investment. 



Benin, considered a relatively stable democracy in the turbulent West African region, also announced its first case. The Health Ministry said the Beninois national was being held in an isolation ward in the capital after returning from Belgium and Burkina Faso on March 11. 



The Health Ministry in the East African nation of Tanzania also confirmed its first case, a Tanzanian woman who had travelled to Denmark, Sweden and Belgium. She had her temperature taken at the airport but had no fever and was allowed to pass, but later felt unwell at her hotel, the ministry said. [L8N2B913C] 



Also on Monday, Rwanda, Burkina Faso, Ethiopia, Senegal and Cameroon all reported more cases and South African Finance Minister Tito Mboweni said his nation, which has 62 cases so far, may need to raid other government departments for funds to fight the disease. He did not provide any figures. 



<h3 class="wp-block-heading">CRACKDOWN AS BORDERS CLOSE </h3>



Many African nations, including some without reported cases, have ordered tougher control measures, including bans on public gatherings, halting flights and closing schools and universities. 



In northern Africa, Tunisia said it would suspend international flights and close its land border in an effort to contain the spread of the virus. 



Botswana, in southern Africa, said on Monday it would bar entry to travellers from 18 high-risk countries, including China, Britain, the United States, Iran, France and Italy. 



In West Africa, Senegal said it would suspend flights to and from France, Italy, Spain, Belgium and Portugal, as well as Tunisia and Algeria, for a period of 30 days. 



Ivory Coast said it would bar entry to travellers from countries with over 100 cases, although Ivorian citizens and residents would be allowed to return if they went into quarantine for 14 days. It also closed schools, nightclubs and cinemas and banned gatherings of over 50 people, according to a national security council statement. 



Ethiopia, Africa’s second-largest nation, joined the growing list of countries that closed schools for two weeks, suspended all large gatherings and cancelled all sports events, Prime Minister Abiy Ahmed’s office said. 



Government buses will give people free rides to curb overcrowding in the public transport system, a statement said. 



In Central Africa, Congo Republic said it would suspend all flights from high-risk countries from Thursday. Neighbouring Gabon reduced the number of flights from abroad to one a week per airline and ordered restaurants to close, barring takeout and delivery. 



Nigeria’s Health Ministry said the country, Africa’s most populous, had strengthened contact tracing, stockpiled reagents used in test kits and increased testing capacity. 



Also on Monday, Kenyan police raided a clinic alleged to be selling fake coronavirus testing kits. Police detained staff and locked the facility, witnesses told Reuters journalists at the scene, after it had been advertising testing kits online. 



(Reporting by Giulia Paraviciniin Addis Ababa, Adbi Sheikh in Mogadishu, Omar Mohammed, Baz Ratner and David Lewis in Nairobi, Juliette Jabkhiro in Dakar, Clement Uwiringiyiman in Kigali; Olivia Kumwenda in Johannesburg and Elias Biryabarema in Kampala; Diadie Ba in Dakar; Christian Elion in Brazzaville; Loucoumane Coulibaly in Abidjan; Gerauds Wilfried Obangome in Libreville; Writing by George Obulutsa, Katharine Houreld and Alessandra Prentice; Editing by William Maclean, Steve Orlofsky and Peter Cooney)



This article was first published on Reuters Africa <a href="https://af.reuters.com/article/topNews/idAFKBN214194-OZATP">https://af.reuters.com/article/topNews/idAFKBN214194-OZATP</a> and is republished with its permission.

More African countries confirm first coronavirus cases as Jack Ma pledges aid

JOHANNESBURG (Reuters) &#8211; South African hotel and casino operator Sun International is already handling cancellation of conference bookings and events by clients, CEO Anthony Leeming said on Monday, as companies rush to contain the spread of the coronavirus. 



Late on Sunday, South African president Cyril Ramaphosa declared a national state of disaster as he announced a range of measures to contain the outbreak that has so far infected 61 and showed the first signs of internal transmission. 



Measures to be taken include travel bans from countries such as Italy, Germany, China and the United States. The government will also prohibit gatherings of more than 100 people and cancel large events and celebrations, Ramaphosa said. 



Even before the declaration, Sun International had started seeing the impact of travel restrictions, Leeming told Reuters over the phone. 



“With travel restrictions we’ve definitely lost all international business and conference group bookings are cancelling left right and centre,” he said. 



“With the President’s announcement, we’re going to have all conferencing cancelled for the next couple of months. So that’s the real impact on the hospitality side.” 



Events such as music concerts that are usually held at its Times Square arena and Sun City resort have also been called off. Leeming said this will not be a huge loss for the operator. 



On the casino side, Sun International has not yet seen a significant slow down in foot traffic but Leeming expects “a little bit of slowdown” as people avoid going out. 



<h3 class="wp-block-heading">ONLINE SPORTS BETTING </h3>



In line with exploring new growth opportunities, Sun International will launch an online sports betting platform in the next month or two in Peru, Leeming told Reuters. 



“Then that will quickly roll-out in Panama where we have an online sports betting license and then we can roll it out quite quickly if we can secure a license in Brazil and Argentina,” he said. 



Sun International reported a 91% jump in adjusted headline earnings per share, the main profit measure in South Africa, for the year ended Dec. 31, to 605 cents per share from 316 cents per share a year ago due to lower interest and depreciation and a significantly lower tax rate. 



Total income rose by 4% to 17.2 billion rand ($1.05 billion), primarily driven by above-market organic growth from key operations in South Africa and the impact of acquisitions made in Latin America during the prior year. 



 ($1 = 16.4071 rand) 



(Reporting by Nqobile Dludla; Editing by Himani Sarkar and Pritha Sarkar)



This article was first published on Reuters Africa <a href="https://af.reuters.com/article/investingNews/idAFKBN2131WX-OZABS">https://af.reuters.com/article/investingNews/idAFKBN2131WX-OZABS</a> and is republished with its permission.

Conferences, events cancelled at Sun International over virus fears

NAIROBI (Reuters) &#8211; Several African governments on Sunday closed borders, canceled flights and imposed strict entry and quarantine requirements to contain the spread of the new coronavirus, which has a foothold in at least 26 countries on the continent as cases keep rising.



South African President Cyril Ramaphosa declared a national state of disaster and warned the outbreak could have a “potentially lasting” impact on the continent’s most-developed economy, which is already in recession. 



Measures to be taken there include barring travel to and from countries such as Italy, Germany, China and the United States. 



“Any foreign national who has visited high-risk countries in the past 20 days will be denied a visa,” he said, adding that South Africans who visited targeted countries would be subjected to testing and quarantine when returning home. 



South Africa, which has recorded 61 cases, will also prohibit gatherings of more than 100 people, Ramaphosa said. [nL8N2B8163] 



Kenyan President Uhuru Kenyatta said his government was suspending travel from any country with reported COVID-19 cases.



“Only Kenyan citizens, and any foreigners with valid residence permits will be allowed to come in, provided they proceed on self-quarantine,” he told the nation in a televised address. 



The ban would take effect within 48 hours and remain in place for at least 30 days, he said. 



Schools should close immediately and universities by the end of the week, he added. Citizens would be encouraged to make cashless transactions to cut the risk of handling contaminated money. 



Kenya and Ethiopia have now recorded three and four cases respectively, authorities in each nation said on Sunday, two days after they both reported their first cases. 



In West Africa, Ghana will ban entry from Tuesday to anyone who has been to a country with more than 200 coronavirus cases in the past 14 days, unless they are an official resident or Ghanaian national. Ghana has recorded six cases. 



President Nana Akufo-Addo said in a televised Sunday evening address that universities and schools will be closed from Monday until further notice. Public gatherings will be banned for four weeks, he said, though private burials are allowed for groups of less than 25 people. 



In southern Africa, Namibia ordered schools to close for a month after recording its first two cases on Saturday. 



Djibouti, which has no confirmed case of COVID-19, said on Sunday it was suspending all international flights. Tanzania, which also has no cases yet, canceled flights to India and suspended school games. 



Other nations have also shuttered schools, canceled religious festivals and sporting events to minimize the risk of transmission. Some 156,500 people worldwide have been infected and almost 6,000 have died. [nL4N2AY3AS] 



(Reporting by Wendell Roelf in Cape Town, Edward McAllister in Dakar, Omar Mohammed and Duncan Miriri in Nairobi, Giulia Paravicini in Addis Ababa, Nyasha Nyaungwa in Windhoek and Christian Akorlie in Accra; Writing by Giulia Paravicini; Editing by Alexandra Hudson, Peter Cooney and Diane Craft)



This article was first published on Reuters Africa <a href="https://af.reuters.com/article/topNews/idAFKBN2130YS-OZATP">https://af.reuters.com/article/topNews/idAFKBN2130YS-OZATP</a> and is republished with its permission.

African nations close borders, cancel flights amid coronavirus pandemic

Coronavirus updates: China reports 8 new cases, wife of Canadian PM tests positive

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South Africa has confirmed its first case of the Coronavirus in the city of Durban. This brings the number of cases in Africa to 27 with 7 African countries affected. Joining CNBC Africa to unpack the risk of dealing with employee’s fears and absenteeism and how tread ahead with business in the coming week is Myrna Sachs, Head of Alexander Forbes Health Management Solutions, CGTN Reporter Zhou Jiaxin and CNBC Africa’s Kenneth Igbomor in Nigeria.

Is Africa ready to tackle COVID-19?

By: Dr Victor Oladokun



For weeks, investors and the business community have been rattled by massive disruptions to global supply chains, as factories shut down in China. Everyone from BMW and Mercedes to Apple are feeling the squeeze on account of the coronavirus.



But economies and businesses are not the
only ones dealing with disruption. 



Social conventions are adjusting in
unprecedented ways.



Yesterday, Italy shut down ALL schools and
contemplated banning kissing in an attempt to thwart the spread of the
#coronavirus pandemic.&nbsp; The kissing ban
may not be necessary. Italians are already voting with their feet and keeping
their cheeks at a very safe distance from friends, family members and others.



But Italy is not alone.



In France, where &#8220;La bise&#8221; is an age-old ritual, kissing friends has always been a rather complicated affair, especially for uninitiated foreigners. Rather than shaking hands, waving hello or hugging, you simply lean forward, touch cheeks and kiss the air while making a sound with your lips. 



Friends in France tell me that &#8216;La bise’
could soon go the way of the dodo if the virus known as #COVID19 remains
unrelenting.



&nbsp;Here
in #Abidjan in Côte d&#8217;Ivoire, as in many other parts of the world, social
conventions are rapidly changing. Unlike the French double blise, Ivorienes,
conduct a rapid triple kiss. But they too have become extremely economical with
their cheek and air kisses. 



At the African Development Bank, where we have rapidly put a coronavirus contingency plan in place, kisses and handshakes are quickly giving way to fist and elbow bumps, or to no contact at all. Many understandably prefer an adoring &#8220;keep your hands to yourself&#8221; stance.



Across town, it is not uncommon to see men and women now tap their feet rather than touch cheeks or shake hands. What first started out a few weeks ago as a  comedic viral video in Asia, has since mushroomed into a full-blown practice in some communities. 



I&#8217;ve already been offered the foot of
friendship’ several times, so I can testify.



Last night, I was having dinner with a colleague at India By Nature, a lovely restaurant off of Boulevard de Marseille in the Marcory district that is a favourite hangout for many in the expatriate community.



Three things struck me. 



One, very visible neon yellow alcoholic
hand sanitizers were on full display all around the restaurant. You couldn&#8217;t
miss them.



Second, everyone &#8230; waiters, chefs, and
owners kept their hands and cheeks to themselves. 



And third, it would seem that the
hand-clasped Hindi &#8216;Namaste&#8217; greeting could soon become a globally preferred
and much safer social norm, in a world battling with a pandemic that has
already spooked the media and business world &#8230; for good reason.



Social conventions have always been arcane arbitrary rules and norms that govern behaviours from kissing, hugging, shaking hands, to bowing. In the age of increasing pandemics, it would seem that old conventions are quickly giving way to the new and the not so new.



For now, stay safe and Namaste !



&#8211; Dr Victor Oladokun, is the Director of
Communication and External Relations, African Development Bank

Victor

The End of Social Conventions?

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Johannesburg Mayor Herman Mashaba discusses investment opportunities in the City of Johannesburg and strengthening business ties with Italy.

Mayor Herman Mashaba on how the city of Joburg is attracting investors

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Tseke Nkadimeng, CEO, Africa Oil spoke to CNBC Africa on the expectations from the upcoming South Africa Italy Summit.

SA to host Italy in a bid to boost trade relations between countries

By Dave Mohr (Chief Investment Strategist) &amp; Izak Odendaal (Investment Strategist), Old Mutual Multi-Managers
&nbsp;
Political concerns have dominated markets in recent months. It has mostly been US President Donald Trump throwing his weight around (tariffs, Iran, North Korea), but in the past week Italy has been the source of market unease. The attempt by Italy’s two populist parties to form a government including an anti-euro finance minister was blocked by the Italian president. The issue is not the instability of Italy’s governments. After all, the country has on average changed government once a year since the end of World War 2. The issue is that Italy is now a key part of the Eurozone (its third largest economy, in fact), and any hint that a new government might pull out of the single currency will cause chaos. Unlike ‘Brexit’, where the UK will continue to use the pound once the UK exits the European Union, an ‘Italeave’ or ‘Quitaly’ event would result in the redenomination of all debts, assets and contracts into a new, probably weaker currency.
We saw this movie with Greece between 2011 and 2014, but Italy is much bigger and systemically more important than Greece. It is too big to fail, but also too big to bail out, as often noted. However, this also means that Italy is much less likely to take the painful choice of leaving the euro (Greece bit the bullet of painful austerity instead of leaving). By Friday, markets breathed a sigh of relief after a second attempt at forming a government succeeded, this time with a less controversial choice of finance minister and a more technocratic cabinet overall. This might not be the last time these concerns bubble to the surface, given that the Italian people are right to feel aggrieved. Italy’s economic performance has been dismal over the past decade, and real per capita incomes never recovered to pre-crisis (2008) levels.
&nbsp;
Returns under pressure
The more pressing issue for investors is that returns from the main asset classes (with the notable exception of local fixed interest) have been disappointing over the past three years. The largest component of a typical Regulation 28 compliant balanced fund is local equities. The annual return including dividends over three years on the FTSE/JSE All Share Index was 5.4% at the end of May. Year-to-date returns are -4.3%, with May itself having been a deeply negative month (-3.5%). The FTSE/JSE Capped SWIX, our preferred local equity benchmark since it limits concentration risk, returned 3.5% per year over three years due to a more realistic and responsible weighting to Naspers, which returned 19% per year over the three years.
If we just focus on more recent returns, the underperformance is fairly widespread across sectors. Financials and Industrials were deeply negative in the first five months of 2018, while Resources have returned 8%. However, within the latter sector, gold and platinum miners have lost in excess of 20% this year while the heavyweight diversified miners have gained 17%. While Naspers enjoyed an incredible run over the past few years, 2018 has not been great, with a 12% decline to end May. British American Tobacco, the other mega-cap Industrial stock, is down 20% year-to-date.
&nbsp;
Local is global
It seems ironic that the local market is struggling so much at a time when optimism about the local economy has increased sharply. But the JSE no longer reflects the local economy, now that its largest constituents are global firms. It is also true that optimism in the local economy has probably increased faster than activity. This week’s first quarter GDP release is likely to be disappointing, but the overall economic outlook is still an improvement on the previous few years.
In fact, it is increasingly the case that major equity markets do not closely reflect their domestic economies anymore, being dominated instead by multinational firms that sell their wares across the globe, instead of focusing on a single market. Therefore, when thinking about investments, we need to take the health of the global economy into account. The OECD (a think-tank representing the world’s most advanced economies) stated in its latest economic outlook that, “trade and financial integration since the mid-1990s has made economies more dependent on developments abroad…Integration is particularly apparent in financial markets, with a common global factor increasingly determining domestic equity and government bond prices.”
What makes it tricky is that the global revenues of multinational firms are translated into their home currencies at prevailing exchange rates. In the case of South Africa, the rand ended May 5% stronger than the 2017 average rand-dollar exchange rate (of R13.30). The stronger currency not only reduces the rand returns from global markets, but also the rand earnings of global companies. With South African balanced funds now allowed up to 30% exposure to offshore assets (more if Africa is included), the typical South African balanced fund probably has direct and indirect global exposure in excess of 50%. If the rand’s strong run since January 2016 is running out of steam, it will be beneficial to local returns.
The OECD’s latest global growth forecast confirms the view that the underlying economic picture remains healthy, despite a sluggish first quarter, especially in Europe. Global growth of close to 4% is expected over the next two years, in line with the long-term average. In other words, not historically strong growth, but the best patch in several years. There are risks to this optimistic outlook – there always are. These include the increased protectionist stance of the US and the risk of a surging dollar if the Federal Reserve (Fed) hikes rates too aggressively. But with inflation still subdued, the Fed need not be in a hurry. The first inflation indication from May, the average hourly wages of workers, increased 2.7% year-on-year. This is still remarkably low given that unemployment declined to 3.8%.
&nbsp;
Valuations reasonable
Global equities (MSCI All Countries Word Index) were marginally positive in May and also year- to-date in US dollar terms. Over the past 12 months, global equity returns are a decent 12% and 8% over three years annualised. Given the recent weakness in price and strong earnings growth, equity markets are reasonably valued based on traditional valuation methods such as forward price: earnings (PE) ratios. These PE ratios across the major markets are somewhat above long-term averages, but not dramatically so, as long as expected earnings growth materialises. While global growth is solid and valuations reasonable, there is no reason to believe that the return outlook from equities has fundamentally deteriorated. One simply has to be patient.
&nbsp;
Fat years and lean years
The valuation of the local market is skewed by the size and rating of Naspers, which trades at a forward PE ratio of 24 due to its exposure to the Chinese internet giant, Tencent. Excluding Naspers, the local market is not expensive.
Chart 1 shows the rolling three-year annualised returns of the local and global equity markets (both in rand and with dividends reinvested) over the past 40 years. Equity returns have been trending lower since 2015, and this is clearly a source of concern for investors. However, the chart clearly shows that returns are cyclical, with fat years followed by lean years. Over time, there are more fat years than lean ones, and the average annual growth over this entire period is 20%. Staying out of the market means betting against this strong upward trend. You might get it right for a while, but over time the odds are stacked against you.
&nbsp;
Diversification helps
The impact of equity volatility can of course be cushioned by diversifying across other classes. Taking the other major asset classes in turn, developed market bonds are not attractive despite recent rate rises (though the knee-jerk sell-off in Italian debt created a terrific opportunity for the brave). Local bonds have stood out, delivering 5% year-to-date, 11% over 12 months and 8% per year over three years. But it remains an attractive asset class given high yields and low inflation. The Reserve Bank’s conservative stance of maintaining positive real interest rates also supports local fixed interest returns. Local property, for so long the darling asset class of local investors, slumped 19% this year, largely due to corporate governance and sustainability concerns over the Resilient stable of companies. It means that listed property is barely positive over three years. This too is a sector that has internationalised dramatically over the past decade, with 40% to 50% of revenue generated outside South Africa (depending on the choice of benchmark). The sell-off has created a much more attractive entry level, but the tough operating environment is likely to put downward pressure on distribution growth.
Unfortunately, nobody can manufacture returns (except through running a Ponzi scheme). We have to work with what the market gives us and then attempt to add some value through valuation-based active asset allocation and selecting the right fund managers within each asset class to do security selection. The market has not been giving us much. However, the return outlook from a diversified portfolio has not dramatically and permanently declined.

Understanding the impact of Italy’s politics and possible departure from the EU on global markets

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The SA Italy summit was motivated by the memorandum of understanding signed by the governments of South Africa and Italy. In the agreement the two countries committed to promoting bi-lateral trade and investment between their countries. Regional Mini

Italy commits to support agri development in SA

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On Money Monday segment we look at bilateral ties between SA and Italy and discuss some investment opportunities companies in both countries can exploit. Nico De Kock, Spokesperson of The European House of Ambrosetti joins CNBC Africa for more.

SA and Italy explore investment opportunities

John Irish | TAORMINA, Italy
Niger President Mahamadou Issoufou called on the leaders of the Group of Seven nations to take urgent measures to end the Libyan crisis and derided them for not keeping to aid promises to fight poverty in West Africa&#8217;s poorest regions.
Niger, which adjoins Libya to the south and has fought Islamists at home, is increasingly concerned about the situation in the North Africa country where rival governments oppose each other leaving a power vacuum that has enabled Islamist groups to establish a foothold in the country.
&#8220;The fight against terrorism in the Sahel countries and the Lale Chad demands that urgent measures be taken to put out the Libyan cauldron,&#8221; Issoufou, one of several Africa leaders attending a G7 summit in Sicily, said in a speech
The former French colony remains one of the poorest countries on earth. More than 60 percent of its 17 million people survive on less than $1 a day and as a result it is also one of the main transit points for African migrants seeking to reach Europe through Libya.
&#8220;Be it Niger, a transit nation, or the countries of origin, it is only through development that we will prevent illegal migration,&#8221; Issoufou said.
French President Emmanuel Macron, whose country has more than 4,000 troops spanning across West Africa as part of a counter-terrorism operation, said on Friday that more needed to be done to support the development of countries like Niger as well as providing military assistance.
Issoufou on Saturday also took a swipe at the leaders of Germany, France, Italy, Japan, Canada, Britain and the United States, saying they had simply not lived up to their promises.
&#8220;In terms of development aid, rare are the donor countries that meet the level of 0.7 percent of GDP promised 50 years ago and the G8 promised in 2005 25 billion euros in extra development. That target promise was never met,&#8221; Issoufou said.
Italy had hoped to make Africa the major focus of the annual G7 gathering, holding the discussions on the island of Sicily that has taken in hundreds of thousands of migrants over the past four years as they flee war and poverty back home.
However, the two-day meeting got overshadowed by a suicide bombing in northern England on Monday that killed 22 people, and also got bogged down by lengthy discussions on the merit of free trade and the 2015 Paris Agreement to tackle climate change.

Niger tells G7 to urgently ‘put out Libyan cauldron’, do more on aid

Italian oil and gas group Eni agreed to sell a 30 percent stake in Egypt&#8217;s offshore Shorouk concession to Russia&#8217;s Rosneft for $1.125 billion, cutting its stake in the Zohr giant gas field to 60 percent.
Eni said Rosneft would reimburse pro-rata investments already carried out by the Italian group totalling around $450 million at present.
Rosneft has also an option to buy a further 5 percent stake at the same conditions. Eni discovered the Zohr field &#8211; the Mediterranean&#8217;s biggest ever gas field &#8211; in the Shorouk concession in August 2015.﻿

Italy

CORRECTION: Capri Palace Jumeirah to entice guests to the iconic Mediterranean Island from May 27 for the summer season

Capri Palace Jumeirah to Entice Guests to the Iconic Mediterranean Island from May 27 for the Summer Season

Coronavirus sends Africa’s aviation industry into a tailspin

Armed with lessons from Ebola, Africa braces for coronavirus surge

More African countries confirm first coronavirus cases as Jack Ma pledges aid

Conferences, events cancelled at Sun International over virus fears

African nations close borders, cancel flights amid coronavirus pandemic

Coronavirus updates: China reports 8 new cases, wife of Canadian PM tests positive

Is Africa ready to tackle COVID-19?

The End of Social Conventions?

Mayor Herman Mashaba on how the city of Joburg is attracting investors

SA to host Italy in a bid to boost trade relations between countries

Understanding the impact of Italy’s politics and possible departure from the EU on global markets

Italy commits to support agri development in SA

SA and Italy explore investment opportunities

Niger tells G7 to urgently ‘put out Libyan cauldron’, do more on aid

Eni sells 30 pct stake in Egypt's Zohr gas field to Rosneft

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Advertise With Us

Italy

CORRECTION: Capri Palace Jumeirah to entice guests to the iconic Mediterranean Island from May 27 for the summer season

Capri Palace Jumeirah to Entice Guests to the Iconic Mediterranean Island from May 27 for the Summer Season

Coronavirus sends Africa’s aviation industry into a tailspin

Armed with lessons from Ebola, Africa braces for coronavirus surge

More African countries confirm first coronavirus cases as Jack Ma pledges aid

Conferences, events cancelled at Sun International over virus fears

African nations close borders, cancel flights amid coronavirus pandemic

Coronavirus updates: China reports 8 new cases, wife of Canadian PM tests positive

Is Africa ready to tackle COVID-19?

The End of Social Conventions?

Mayor Herman Mashaba on how the city of Joburg is attracting investors

SA to host Italy in a bid to boost trade relations between countries

Understanding the impact of Italy’s politics and possible departure from the EU on global markets

Italy commits to support agri development in SA

SA and Italy explore investment opportunities

Niger tells G7 to urgently ‘put out Libyan cauldron’, do more on aid

Eni sells 30 pct stake in Egypt's Zohr gas field to Rosneft

News Tips

Advertise With Us

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