Why is Scandinavia so expensive? | CNBC Explains

Justina Crabtree
Source: <a href="http://https://www.cnbc.com/2018/05/24/zimbabwe-mugabe-misses-diamond-loss-parliament-hearing.html">Mugabe misses Zimbabwean parliamentary hearing on $15 billion diamond loss</a>
<ul>
<li>Former Zimbabwean President Robert Mugabe did not attend a parliamentary hearing on Wednesday investigating a claim that he made in 2016 that the country had lost $15 billion in diamond revenue.</li>
<li>At the time, Mugabe blamed corruption and foreign involvement for the missing billions, but has since dismissed the figure as &#8220;urban legend.&#8221;</li>
<li>The lawmaker leading the inquiry tweeted that Mugabe has now been summoned to appear on May 28.</li>
</ul>
<img loading="lazy" decoding="async" src="https://cdn.cnbcafrica.com/wp-content/uploads/2018/05/24220230/105228529-GettyImages-141692761.1910x1000.jpg" alt="" height="1000" width="1910" data-licensor-name="Jekesai Njikizana | AFP | Getty Images"/>
Former Zimbabwean President Robert Mugabe failed to attend a parliamentary hearing on Wednesday that is investigating his claim that $15 billion of the country&#8217;s diamond wealth is missing.
Temba Mliswa, the Zimbabwean lawmaker leading the inquiry, tweeted later on Wednesday that, &#8220;We&#8217;ve considered that 9 a.m. may be rather early for Mr. Mugabe to appear,&#8221; adding that the investigatory body had written to the former leader asking him to appear on May 28 at 2 p.m. instead.
Mugabe&#8217;s appearance in front of lawmakers has been postponed multiple times, and would mark his first public appearance since losing power in a coup in November last year. His then-deputy Emmerson Mnangagwa has since become president of Zimbabwe. Mugabe, 94, is understood to be in frail health.
&#8220;This isn&#8217;t a witch hunt or to seek to cause embarrassment,&#8221; Mlisawa wrote. He described the summons as a &#8220;quest for answers,&#8221; adding that &#8220;We remain respectful whilst we exhaust all options.&#8221;
The inquiry reflects a claim made by Mugabe in 2016 that Zimbabwe has lost $15 billion in diamond revenue. Mugabe blamed corruption and foreign involvement for this. But, he has since dismissed the figure as &#8220;urban legend.&#8221;
<img loading="lazy" decoding="async" src="https://cdn.cnbcafrica.com/wp-content/uploads/2018/05/24220235/105228564-GettyImages-954653724.1910x1000.jpg" alt="" height="1000" width="1910" data-licensor-name="Jekesai Njikizana | AFP | Getty Images"/>
In March 2016, Mugabe announced that the Zimbabwean state would take control of all diamond operations in the country. &#8220;Companies that have been mining diamonds have robbed us of our wealth. That is why we have now said the state must have a monopoly,&#8221; Mugabe said at the time, as reported by Reuters.
<h4>Mnangagwa&#8217;s &#8216;no-brainer populist strategy&#8217;</h4>
The investigation is part of Mnangagwa&#8217;s broader political strategy, Charles Laurie, director and head of politics at consultancy Verisk Maplecroft, told CNBC via email.
&#8220;Mnangagwa&#8217;s efforts to reign in off-the-books practices are another strong signal to Western governments that he is serious about engendering a credible and plausible investment environment,&#8221; Laurie said. &#8220;The move is also a risk-free political objective supported by all Zimbabweans and international observers, a no-brainer populist strategy in the run-up to the election.&#8221;
Laurie also noted that Mnangagwa stood to gain should Mugabe&#8217;s authority be further discredited. This important for the current president, &#8220;who wants to snuff out lingering claims by Mugabe that he was removed from power improperly.&#8221;
Zimbabwe&#8217;s Marange diamond fields, located in the east of the country, are thought to be among the biggest reserves in the world. But their discovery has served as a poisoned chalice for the nation.
In 2006, upwards of 20,000 illegal diamond diggers descended on the Marange fields. Reports have since surfaced of atrocities committed by the army and police in their crackdown on the smuggling.
Ahead of elections expected in July or August of this year, Mugabe has backed a splinter group of his original ZANU PF party. The New Patriotic Front was formed in March, and represents lawmakers and voters &#8220;outraged by the unconstitutional and humiliating manner in which President Mugabe was criminally ousted from leadership.&#8221;
Mnangagwa&#8217;s tenure so far has been characterized by his promotion of a pro-business agenda in an attempt to resurrect Zimbabwe&#8217;s basket case economy.
Following months of speculation, it was announced earlier this week that Zimbabwe had applied to rejoin the Commonwealth, a 53-nation bloc comprising of the U.K. and its former colonies. Mugabe withdrew Zimbabwe from the group in 2003 in a row over sanctions.
At the ZANU PF manifesto launch on May 4, Mnangagwa said that Zimbabwe had secured $11 billion in investment commitments. &#8220;We need FDI (foreign direct investment) to catapult our economy. We will continue to create a conducive environment for investors in our country,&#8221; he said.

Mugabe misses Zimbabwean parliamentary hearing on $15 billion diamond loss

GDPR: Why everyone is freaking out over four letters | CNBC Reports

Justina Crabtree
Source: <a href="http://https://www.cnbc.com/2018/05/21/china-state-led-growth-wont-work-in-africa-former-nigeria-finance-minister.html">China-style state-led growth won&#8217;t work in Africa, former Nigeria finance minister warns</a>
<ul>
<li>As ties between China and African countries continue to strengthen, former Nigerian Finance Minister Ngozi Okonjo-Iweala has warned that Beijing-style economic governance will not work for Africa.</li>
<li>Corruption could result from increased government intervention in business, she said.</li>
<li>In her view, Nigeria&#8217;s &#8220;vibrant private sector&#8221; does not lend itself to state-led development.</li>
<li>But Ethiopia, an East African country with high percentage economic growth, has echoed Beijing&#8217;s state-led approach.</li>
</ul>
<img loading="lazy" decoding="async" src="https://cdn.cnbcafrica.com/wp-content/uploads/2018/05/14170224/105205401-GettyImages-511145528.1910x1000.jpg" alt="" height="1000" width="1910" data-licensor-name="George Osodi | Bloomberg"/>
China has funneled billions of dollars into aid, loans and business deals on the African continent in recent years.
But as ties continue to strengthen, a former Nigerian finance minister has warned that Beijing-style economic governance will not work for Africa.
&#8220;China has been very helpful,&#8221; particularly with building much-needed infrastructure in Africa, Ngozi Okonjo-Iweala, a two-time former finance minister in Nigeria, told CNBC on Wednesday.
But while less economically advanced countries may wish to emulate China&#8217;s economic success, the Chinese approach of state-led development would prove unsuccessful for the majority of Africa, she said.
&#8220;In most African countries, it has been shown that state-led growth — pure state-led growth — has really not worked,&#8221; Okonjo-Iweala said, citing the example of Nigeria&#8217;s &#8220;vibrant private sector.&#8221;
<img loading="lazy" decoding="async" src="https://cdn.cnbcafrica.com/wp-content/uploads/2018/05/21210213/105217648-GettyImages-607950242.1910x1000.jpg" alt="" height="1000" width="1910" data-licensor-name="Michael Nagle | Bloomberg | Getty Images"/>
In her view, the Nigerian government, through state-owned enterprises, has not shown itself capable of managing its manufacturing and heavier industries, for example.
Corruption could result from increased government intervention in business, Okonjo-Iweala said. &#8220;Some of our governments, when they get into direct provision of jobs and services — that&#8217;s where corruption creeps in because it&#8217;s not well-handled, the institutions of state are not strong enough, the checks and balances are not strong.&#8221;
Okonjo-Iweala served as Nigeria&#8217;s finance minister twice, from 2003-2006 and most recently during 2011-2015 under previous President Goodluck Jonathan. She is a former director at the <a href="http://www.cnbc.com/id/10000939?__source=cnbcafrica|inline|story|&amp;par=cnbcafrica &amp;doc="> 
World Bank 
</a> and is currently an adviser at the Asian Infrastructure Development Bank.
<h4>Where China-style economic management has worked</h4>
Nonetheless, one African country known for its economic partnership with China is <a href="http://www.cnbc.com/id/105025472?__source=cnbcafrica|inline|story|&amp;par=cnbcafrica &amp;doc="> 
Ethiopia 
</a>. Infrastructure, as well as industrial parks to boost the manufacturing sector, have been built as part of Beijing&#8217;s Belt and Road Initiative, a multi-billion dollar spending plan to resurrect ancient trading routes centered on China.
<img loading="lazy" decoding="async" src="https://cdn.cnbcafrica.com/wp-content/uploads/2018/05/21210218/105114303-GettyImages-144865686.1910x1000.jpg" alt="" height="1000" width="1910" data-licensor-name="Jenny Vaughan | AFP | Getty Images"/>
Ethiopia, an East African country that has seen double-digit gross domestic product (GDP) growth as recently as 2017, has echoed China&#8217;s state-led development style.
This approach &#8220;will only work in countries where the power is highly centralized,&#8221; Anna Rosenberg, research director at emerging market advisory firm Frontier Strategy Group, told CNBC on Friday. Besides Ethiopia, she cited Mozambique and Rwanda as suitable examples. Nigeria&#8217;s entrepreneurial society was less conducive to China-style economic management, she said.
History could also play a role, Rosenberg suggested. While Cold War allegiances to the Soviet Union may be present in some African countries, Nigeria, by contrast, is a former British colony and therefore more espoused to a free market system.
<h4>China&#8217;s strategic partner</h4>
&#8220;I think China sees Africa as a strategic continent that it wants to be a partner with,&#8221; Okonjo-Iweala said. &#8220;Africa does have the natural resources that China lacks in many ways.&#8221;
But, she added that in her view, this partnership extends beyond pure economic deals. &#8220;I believe strongly there is overarching political and soft power that is involved.&#8221;
For Okonjo-Iweala, it is important to demonstrate the fruits of African business deals with China to the public. She described Beijing-funded new airport terminals in the Nigerian capital Abuja as an example of this because &#8220;people will be able to see them, and witness them, and know that the money went into something concrete.&#8221;
Last week, China&#8217;s state-run news agency Xinhua reported that <a href="http://www.xinhuanet.com/english/2018-05/16/c_137181714.htm">Nigeria had signed a deal with the China Civil Engineering Construction Corporation</a> to build a railway from its economic hub Lagos to Kano, a commercial hotspot in the north of the country.
African countries must enter business deals with China &#8220;with our eyes open,&#8221; Okonjo-Iweala said, to capitalize on its manufacturing expertise and technological development.
Africa is in the process of expanding its manufacturing sector in an attempt to bolster economic development. Nigeria, as part of an attempt to wean itself off oil dependence, has grown its manufacturing base from just 2.5 percent of value added to GDP in 2009 to 8.8 percent in 2016, according to the World Bank.
But with regards to regulating Africa-China business deals, &#8220;we are absolutely not there,&#8221; Okonjo-Iweala said, although she added that this varied between African countries. Providing that fair and transparent agreements are drawn up, &#8220;we can work with China – why not?&#8221;
<img loading="lazy" decoding="async" src="https://cdn.cnbcafrica.com/wp-content/uploads/2018/05/21210223/103003792-GettyImages-466898688.1910x1000.jpg" alt="" height="1000" width="1910" data-licensor-name="Pius Utomi Ekpei | AFP | Getty Images"/>

China-style state-led growth won’t work in Africa, former Nigeria finance minister warns

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Audiences across the world watching Meghan Markle marry Prince Harry on Saturday are expecting romance and pageantry, including <a class="inline_asset" title="http://www.tv3.ie/xpose/article/weddings/266644/From-overthetop-opulence-to-trendsetting-styles-memorable-royal-wedding-dresses-through-the-ages" href="http://www.tv3.ie/xpose/article/weddings/266644/From-overthetop-opulence-to-trendsetting-styles-memorable-royal-wedding-dresses-through-the-ages">diamond-studded tiaras and 21-foot-long dress trains</a>. But such memorable opulence doesn&#8217;t come cheap.
While the <a class="inline_asset" title="https://www.independent.co.uk/life-style/average-british-wedding-cost-uk-27000-hitched-venue-honeymoon-food-london-midlands-a7937551.html" href="https://www.independent.co.uk/life-style/average-british-wedding-cost-uk-27000-hitched-venue-honeymoon-food-london-midlands-a7937551.html">average U.K. wedding costs</a> about $37,000 (£27,000), a considerable figure in and of itself, England-based luxury wedding planner <a class="inline_asset" title="http://aimeedunne.com/" href="http://aimeedunne.com/">Aimee Dunne</a> tells <a href="https://www.cnbc.com/make-it/">CNBC Make It</a> she estimates that, before security, the wedding of Prince Harry and Meghan Markle will cost $2.7 million (£2 million). A whopping $40.1 million (£30 million) more will be dished out on keeping the betrothed and their guests safe, reports U.K. wedding site <a class="inline_asset" title="https://bridebook.co.uk/article/harry-and-meghan-royal-wedding-cost" href="https://bridebook.co.uk/article/harry-and-meghan-royal-wedding-cost">Bridebook</a>.
Here&#8217;s how the expenses break down.
<div id="inline_movable_ad">Food and beverage: $680,000</div>
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<a class="inline_asset" title="https://www.royal.uk/inside-royal-kitchens-windsor-castle" href="https://www.royal.uk/inside-royal-kitchens-windsor-castle">Head chef Mark Flanagan</a> probably won&#8217;t be serving <a href="https://www.cnbc.com/2018/05/04/real-story-about-the-illegal-ortolan-delicacy-eaten-on-billions.html">ortolans</a> on the big day, but there will be no shortage of classy hors d&#8217;œuvre and desserts, including a much-anticipated <a class="inline_asset" title="https://www.townandcountrymag.com/leisure/dining/a14533020/prince-harry-meghan-markle-wedding-menu-food/" href="https://www.townandcountrymag.com/leisure/dining/a14533020/prince-harry-meghan-markle-wedding-menu-food/">lemon elderflower cake</a>.
With 600 guests attending both the lunch and dinner receptions, plus 2,640 guests from the public who will be provided with tea and a hot snack on the grounds of Windsor Castle, Dunne expects the food and beverage to amount to a quarter of the total budget.
&#8220;There will be lots of champagne and whiskey, I&#8217;m sure, for Harry,&#8221; she says.
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<h4 class="subtitle">Glass marquee: $400,000</h4>
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While the prince and soon-to-be duchess don&#8217;t have to pay to rent out St. George&#8217;s Chapel or the Great Hall, there are rumors that the royals are building a glass marquee for the reception. The construction and delivery could cost as much as $400,000, according to Dunne.
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<h4 class="subtitle">Dress: $270,000</h4>
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The latest front-runner in the question of what Markle will wear on Saturday is a dress from <a class="inline_asset" title="https://www.telegraph.co.uk/fashion/people/meghan-markles-wedding-dress-ralph-russo-everything-know-far/" href="https://www.telegraph.co.uk/fashion/people/meghan-markles-wedding-dress-ralph-russo-everything-know-far/">Ralph &amp; Russo</a>, London haute couture designers which have previously prepared outfits for stars such as <a class="inline_asset" title="http://www.businessinsider.com/meghan-markle-ralph-and-russo-wedding-gowns-2018-5#model-shanina-shaik-recently-wore-a-ralph-and-russo-wedding-gown-at-her-wedding-2" href="http://www.businessinsider.com/meghan-markle-ralph-and-russo-wedding-gowns-2018-5#model-shanina-shaik-recently-wore-a-ralph-and-russo-wedding-gown-at-her-wedding-2">Gwyneth Paltrow, Angelina Jolie and Beyonce</a>. Ralph &amp; Russo supplied Markle with the dress she wore during her official engagement photo shoot.
<blockquote class="twitter-tweet" data-lang="en">
Prince Harry and Ms. Meghan Markle have chosen to release official photographs to mark their engagement.
— Kensington Palace (@KensingtonRoyal) <a href="https://twitter.com/KensingtonRoyal/status/943812985650167808?ref_src=twsrc%5Etfw">December 21, 2017</a></blockquote>
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<div id="bx-group-775624-Oz51CS3" class="bx-group bx-group-default bx-group-775624-Oz51CS3 bx-group-Oz51CS3">The <a class="inline_asset" title="https://www.telegraph.co.uk/fashion/people/meghan-markles-wedding-dress-ralph-russo-everything-know-far/" href="https://www.telegraph.co.uk/fashion/people/meghan-markles-wedding-dress-ralph-russo-everything-know-far/">Telegraph</a> reports that the dress will cost in the ballpark of $135,000, but Dunne expects it to be as much as $270,000. That&#8217;s <a href="https://www.cnbc.com/2018/05/15/meghan-markles-wedding-dress-may-cost-3-times-an-average-us-salary.html">standard for royal weddings</a>. It is rumored that Harry will wear something more &#8220;<a class="inline_asset" href="https://www.washingtonpost.com/graphics/2018/lifestyle/amp-stories/the-royal-wedding-and-what-to-expect/?tid=sm_tw">low-key</a>.&#8221;</div>
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Markle is also expected to change her outfit in the evening. Kate Middleton, the Duchess of Cambridge, wore an ivory satin gown with a diamante belt and matching bolero after her reception, reports <a class="inline_asset" title="Middleton" href="http://middleton/">The New York Times.</a>
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<h4 class="subtitle">Flowers: $130,000</h4>
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Given the size and scale of the wedding, hiring a team of florists to decorate Windsor Castle will be costly. &#8220;It will be tasteful. I don&#8217;t think it&#8217;s going to be overly kind of glam and wasteful in terms of what they spend,&#8221; says Dunne, &#8220;but even in that case &#8230; they could easily spend £100,000 on flowers.&#8221;
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<h4 class="subtitle">The rest of the budget</h4>
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Other considerable expenses include entertainment. &#8220;The music will be under the direction of James Vivian, director of music, St. George&#8217;s Chapel, including the Choir of St. George&#8217;s Chapel, and a selection of choral groups, soloists and musicians,&#8221; Kensington Palace announced.
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Prince Harry and Ms. Meghan Markle have shared some further details about the music for their wedding service at St George&#8217;s Chapel. <a href="https://t.co/CZ4PQH7wwz">pic.twitter.com/CZ4PQH7wwz</a>
— Kensington Palace (@KensingtonRoyal) <a href="https://twitter.com/KensingtonRoyal/status/988765256058134528?ref_src=twsrc%5Etfw">April 24, 2018</a></blockquote>
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<div>So far Karen Gibson and The Kingdom Choir and <a href="https://www.cnbc.com/2018/05/14/19-year-old-cellist-sheku-kanneh-mason-to-perform-at-the-royal-wedding.html">19-year-old cellist Sheku Kanneh-Mason</a> are confirmed performers for the wedding service. There are also rumors circulating that stars such as Elton John, the Spice Girls, Ed Sheeran and Adele could perform, <a class="inline_asset" title="http://www.gq-magazine.co.uk/gallery/royal-wedding-music" href="http://www.gq-magazine.co.uk/gallery/royal-wedding-music">reports GQ</a>.</div>
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As for the couple&#8217;s wedding rings, the bands are reportedly made out of their Welsh gold, reports Bridebook, and there is a chance that Prince Harry follows in his brother William&#8217;s footsteps and doesn&#8217;t wear one at all.
<a class="inline_asset" title="https://www.telegraph.co.uk/luxury/jewellery/meghan-markle-engagement-ring-designed-prince-harry-dianas-diamonds/" href="https://www.telegraph.co.uk/luxury/jewellery/meghan-markle-engagement-ring-designed-prince-harry-dianas-diamonds/">Markle&#8217;s engagement ring</a> was designed by Harry himself using a central diamond from Botswana and two flanking diamonds that belonged to his late mother, Diana, Princess of Wales. Experts estimate <a href="https://www.cnbc.com/2018/05/15/markles-ring-and-how-much-americans-spend-on-an-engagement-rings.html">the ring could be worth as much as $350,000</a>.
Finally, the cost of logistics can add up, says Dunne, especially for a high-profile wedding where many preparations are made under wraps. &#8220;Keeping things quiet — that has a cost associated with it,&#8221; she says, because secrecy tends to require extra people and more time.
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<h4 class="subtitle">Who&#8217;s paying?</h4>
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The royal family announced that it will pay for the &#8220;core aspects of the wedding,&#8221; which include the &#8220;church service, the associated music, flowers, decorations and the reception afterwards.&#8221;  Markle is reportedly expected to <a class="inline_asset" title="http://www.thisisinsider.com/do-royals-pay-for-meghan-markle-wedding-dress-2018-3" href="http://www.thisisinsider.com/do-royals-pay-for-meghan-markle-wedding-dress-2018-3">pay for her wedding dress herself</a>.
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Full statement from <a href="https://twitter.com/KensingtonRoyal?ref_src=twsrc%5Etfw">@KensingtonRoyal</a> about <a href="https://twitter.com/hashtag/princeharry?src=hash&amp;ref_src=twsrc%5Etfw">#princeharry</a> &amp; <a href="https://twitter.com/hashtag/meghanmarkle?src=hash&amp;ref_src=twsrc%5Etfw">#meghanmarkle</a>’s wedding next May. The Queen &amp; DoE will obviously be there, as will Meghan’s parents. The Royal Family will pay for the wedding. <a href="https://twitter.com/hashtag/RoyalWedding2018?src=hash&amp;ref_src=twsrc%5Etfw">#RoyalWedding2018</a> <a href="https://t.co/wzDh3wx1lx">pic.twitter.com/wzDh3wx1lx</a>
— Emily Andrews (@byEmilyAndrews) <a href="https://twitter.com/byEmilyAndrews/status/935549162157944834?ref_src=twsrc%5Etfw">November 28, 2017</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
The cost of security, including snipers on rooftops and a counter-UAV system, will top $40 million, Bridebook estimates, and is expected to be borne largely by taxpayers. For the 2011 marriage of Prince William and the Duchess of Cambridge, <a class="inline_asset" title="https://www.independent.co.uk/royalwedding/prince-harry-meghan-markle-royal-wedding-petition-taxpayer-money-public-funding-a8257126.html" href="https://www.independent.co.uk/royalwedding/prince-harry-meghan-markle-royal-wedding-petition-taxpayer-money-public-funding-a8257126.html">the English public paid an estimated $27 million</a>, which allowed for thousands of extra police officers at the event.
That&#8217;s why the campaign group Republic, which calls for <a class="inline_asset" title="http://www.bbc.com/news/av/uk-politics-34191354/queen-republic-s-graham-smith-wants-end-of-monarchy" href="http://www.bbc.com/news/av/uk-politics-34191354/queen-republic-s-graham-smith-wants-end-of-monarchy">abolishing the monarchy</a>, garnered over 30,000 signatures for a <a class="inline_asset" title="https://www.republic.org.uk/petition/royal-wedding" href="https://www.republic.org.uk/petition/royal-wedding">petition</a> calling on the government to disclose how much taxpayer money will be spent on the wedding. &#8220;Taxpayers should not be funding a private wedding, no matter who is getting married,&#8221; the petition states.
Others argue that, considering the attention and tourism that the royal wedding attracts, the event will pay for itself. &#8220;I&#8217;ve certainly had more American couples this year who want to get married in castles,&#8221; says Dunne.
In any case, she believes the ceremony is worth its price tag. &#8220;The monarchy for this country is a great thing,&#8221; she says. &#8220;It has an awful lot of positive factors, more so than negative in terms of costs, for sure.&#8221;
The royal family did not respond to CNBC Make It&#8217;s request for comment.
</div>
</div>

#Royalwedding: Here’s a break down of all the expenses

Ashley Turner
Source: <a href="http://https://www.cnbc.com/2018/05/17/after-us-embassy-move-to-jerusalem-more-countries-follow-its-lead.html">After US embassy makes controversial move to Jerusalem, more countries follow its lead</a>
<ul>
<li>The United States on Monday celebrated the opening of its embassy in Jerusalem, making it the first country to make the &#8220;provocative&#8221; move from Tel Aviv.</li>
<li>On Wednesday, Guatemala moved its embassy to the Israeli city. Other countries including Paraguay and Romania are considering the move as well, in spite of the controversy surrounding such decisions. </li>
</ul>
<img loading="lazy" decoding="async" src="http://cnbc.africa/wp-content/uploads/2018/05/105214617-GettyImages-959051118.1910x1000.jpg" alt="(L to R) Sara Netanyahu and her husband Israeli Prime Minister Benjamin applaud as Guatemalan President Jimmy Morales and his wife Hilda Patricia Marroquin cut the ribbon during the inauguration ceremony of the Guatemalan embassy in Jerusalem on May 16, 20" height="1000" width="1910" data-licensor-name="Ronen Zvulun | AFP | Getty Images"/>
The United States received intense international criticism on Monday when it celebrated the opening of its embassy in Jerusalem. It was the first country to make the <a href="https://news.un.org/en/story/2018/05/1009792">&#8220;provocative&#8221;</a> move from Tel Aviv.
But on Wednesday, Guatemala joined the U.S. in moving its embassy to Jerusalem.
More countries are preparing to make the leap. Paraguay&#8216;s Foreign Ministry announced that its embassy will also <a href="http://www.cnbc.com/id/105211378?__source=cnbcafrica|inline|story|&amp;par=cnbcafrica &amp;doc="> 
relocate to Jerusalem 
</a>, while the Czech Republic, Romania and Honduras reportedly considering the move. 
These smaller countries, especially those in Latin America, may be looking to cement good relations with the U.S. in hopes of preserving foreign aid and trading status. Some are also enhancing relationships with Israel, which has courted some of them with aid and even arms sales.
Jonathan Cristol, a fellow at the World Policy Institute, said that he doesn&#8217;t believe the U.S. pressured countries like Guatemala into moving, but the U.S. embassy opening did make it possible for these countries to do so without &#8220;bearing the political cost.&#8221;
The U.S. took a political hit in December when the <a href="http://www.cnbc.com/id/10000938?__source=cnbcafrica|inline|story|&amp;par=cnbcafrica &amp;doc="> 
United Nations 
</a> voted to condemn President Donald Trump&#8216;s decision to recognize Jerusalem as Israel&#8217;s capital, which <a href="http://www.cnbc.com/id/104884012?__source=cnbcafrica|inline|story|&amp;par=cnbcafrica &amp;doc="> 
angered leaders throughout the Middle East. 
</a>

<h4>Palestinian protests turn violent</h4>
On Tuesday, the UN Security Council held an emergency meeting that rebuked Israel after its forces killed more than 60 Palestine protesters on the Gaza border the same day the U.S. unveiled its new embassy. Monday also marked the 70th anniversary of Israel&#8217;s founding, a day the Palestinians call Nakba, or Day of Catastrophe. 
Palestinians have been protesting at the Gaza border since March, asserting that they also have a claim on Jerusalem, which has deep significance to the Jewish, Muslim and Christian faiths. 
With the U.S. bearing the brunt of the international blowback, smaller countries that have had historically close ties to Israel are able to consider making their moves, but Cristol said this does not signal a mass relocation of embassies to Jerusalem. 
Countries like Guatemala and Paraguay have something to gain by moving their embassies to Jerusalem. Jon Alterman, a senior vice president and director of the Middle East Program at the Center for Strategic and International Studies, said that Israel has long courted smaller countries. 
&#8220;It has conducted extensive outreach in Africa , for example, and it has ties throughout Latin America,&#8221; Alterman said in an email. 
Cristol said these smaller countries have received developmental assistance or arms sales, so &#8220;they&#8217;ll do better with a close relationship with Israel.&#8221; 
Cristol also noted that Latin American countries, including Guatemala, have Evangelical Christian heads of state, so it is a &#8220;natural inclination&#8221; for those countries to move their embassies to Jerusalem. 
<h4>Evangelical connection</h4>
Some evangelicals believe the transfer of the embassy and the recognition of Jerusalem as Israel&#8217;s capital <a href="https://www.independent.co.uk/voices/us-embassy-move-why-trump-jerusalem-tel-aviv-religious-right-christians-jews-evangelicals-rapture-a8352961.html">will help bring about the so-called Rapture</a>, an event in which they believe all Christians, living and dead, will join with God, the Independent wrote.
Evangelical Christians supported Trump&#8217;s decision to relocate the U.S. embassy, <a href="https://www.cnn.com/2017/12/06/politics/american-evangelicals-jerusalem/index.html">according to CNN</a>.
But would larger countries like Russia, China and Netherlands nations make the move? 
&#8220;I would be very surprised,&#8221; Cristol said. &#8220;I would be astounded, frankly, if the major Western European powers, with the possible exception of the United Kingdom, would move their embassies any time soon.&#8221;
Cristol mentioned the UK as a possibility because the current British government is more conservative than other European powers and it &#8220;has a fairly large, but often overlooked, Christian constituency that is highly supportive of Israel,&#8221; he said.
Cristol added that Russia and China are also unlikely candidates. Those countries will continue to do business with Israel regardless of where their embassies are located, he said, &#8220;so why take the risk?&#8221;
If any of them do make future moves to Israel, however, they will need to do what the Trump administration did not do, Alterman said, &#8220;which is to explicitly state that the embassy is located in West Jerusalem and endorse the idea of East Jerusalem becoming the capital of a future Palestinian state.&#8221;
Going forward, Israel will surely encourage more countries to move their embassies, Alterman said.
And for some countries &#8220;on a practical level, Jerusalem is the capitol of Israel,&#8221; Cristol added.
Most Israeli government officials and offices are located in Jerusalem, so countries with embassies in Tel Aviv have to travel to do business.
Relocating to Jerusalem is a smart money move for smaller states, making things more &#8220;effective and efficient,&#8221; Cristol said.
&#8220;Tel Aviv is only about an hour away,&#8221; he added, &#8220;but also sort of a world away.&#8221;
<h4>WATCH: Saudi diplomat on Jerusalem embassy opening</h4>

After US embassy makes controversial move to Jerusalem, more countries follow its lead

Karen Gilchrist
Source: <a href="http://https://www.cnbc.com/2018/05/17/billionaire-population-grows-faster-in-asia-than-us-europe-wealth-x.html">Asia is now home to more billionaires than North America</a>
<img loading="lazy" decoding="async" src="http://cnbc.africa/wp-content/uploads/2018/05/105213585-GettyImages-514475757_1.1910x1000.jpg" alt="" height="1000" width="1910" data-licensor-name="elwynn1130 | Getty"/>

Central Asia is now home to more billionaires than North America, according to the latest study from ultra high net worth research firm Wealth-X.
The region&#8217;s billionaire population shot up by almost a third last year (29.2 percent) to 784 individuals, <a href="https://www.wealthx.com/report/the-wealth-x-billionaire-census-2018/?utm_campaign=billionaire-census-2018&amp;utm_source=press&amp;utm_medium=referral&amp;utm_term=bc-2018-press&amp;utm_source=press&amp;utm_medium=referral"> Wealth-X&#8217;s Billionaire Census 2018</a> found. North America, meanwhile, experienced more modest gains of 11.2 percent, taking the number of billionaires who reside there to 727.
The uptick marks the first time Asia&#8217;s billionaire population has exceeded that of North America.
To be sure, <a href="http://www.cnbc.com/id/105209356?__source=cnbcafrica|inline|story|&amp;par=cnbcafrica &amp;doc="> 
 the U.S. remains the country with the greatest number of billionaires 
</a> – 680 individuals – but the increase in Asia marks a broader shift in regional wealth trends.
Asia is now home to 28.5 percent of the world&#8217;s 2,754 billionaires, slipping in just behind Europe , which is top with 29.8 percent.
North America now ranks as the world&#8217;s third most populous continent for billionaires — moving down from second place — staking claim to 26.4 percent.
The Middle East is home to the fourth largest proportion, with 6.9 percent, while Latin America and Caribbean house 5.7 percent. The number of billionaires in Africa and the Pacific both fall under 2 percent.
<h4>China leads the way</h4>
In the past year, the <a href="http://www.cnbc.com/id/105164386?__source=cnbcafrica|inline|story|&amp;par=cnbcafrica &amp;doc="> 
total amount of wealth in Asia 
</a> also shot up by a greater degree than any other region in the world.
Wealth in the region grew by 49.4 percent in 2017 to $2.3 trillion, well ahead of the gains of North America&#8217;s 22.8 percent and Europe&#8217;s 14.9 percent.
The sudden surge was led largely by China, which alone saw its billionaire wealth swell by 61 percent to $1.1 trillion.
However, India and Hong Kong, a special administrative region of China, also saw noticeable gains over the period.

 
 
 
 
 
 
 
 
 
 
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Justina Crabtree
Source: <a href="http://https://www.cnbc.com/2018/05/14/nigeria-is-leading-on-pan-african-free-trade-bank-chief-says.html">Nigeria is leading on pan-African trade, despite not even signing up to the deal: Bank chief</a>
<ul>
<li>Nigeria is in a position of leadership on a pan-African trade deal despite not signing up, the managing director of Ecobank Nigeria told CNBC.</li>
<li>The African Union is proposing a continent-wide trading bloc that would result in the largest free trade area in terms of participating countries since the formation of the World Trade Organization.</li>
<li>Kenya and Ghana ratified the agreement last week, while Ethiopia&#8217;s Prime Minister has said that his country is ready to follow suit.</li>
</ul>
<img loading="lazy" decoding="async" src="https://cdn.cnbcafrica.com/wp-content/uploads/2018/05/14170224/105205401-GettyImages-511145528.1910x1000.jpg" alt="" height="1000" width="1910" data-licensor-name="George Osodi | Bloomberg"/>
Nigeria is in a position of leadership on a proposed Africa-wide trading bloc despite not having signed up to the agreement, the managing director of commercial lender Ecobank Nigeria told CNBC.
Nigeria has &#8220;shifted the balance of power,&#8221; and &#8220;put itself in the situation where they now have the call,&#8221; Charles Kie said in an interview Friday.
In March, <a href="http://www.cnbc.com/id/105076688?__source=cnbcafrica|inline|story|&amp;par=cnbcafrica &amp;doc="> 
44 members of the 55-nation African Union signed up to the Continental Free Trade Area 
</a> (CFTA), an agreement which proposes a common market across the African continent. The new bloc would result in the largest free trade area in terms of participating countries since the formation of the <a href="http://www.cnbc.com/id/104412796?__source=cnbcafrica|inline|story|&amp;par=cnbcafrica &amp;doc="> 
World Trade Organization 
</a>.
But Nigeria and South Africa, the region&#8217;s two largest economies, did not get on board, <a href="http://www.cnbc.com/id/105094579?__source=cnbcafrica|inline|story|&amp;par=cnbcafrica &amp;doc="> 
citing concerns over safeguarding jobs and cheap Chinese goods flooding the market 
</a>.
The summit took place in the Rwandan capital of Kigali. Rwanda&#8217;s President Paul Kagame is also chair of the African Union for 2018. Meanwhile, Nigeria&#8217;s President Muhammadu Buhari did not attend the event.
<img loading="lazy" decoding="async" src="https://cdn.cnbcafrica.com/wp-content/uploads/2018/05/14170229/105205415-GettyImages-924096960.1910x1000.jpg" alt="" height="1000" width="1910" data-licensor-name="Stefan Heunis | AFP | Getty Images"/>
&#8220;When you are the largest economy on the continent, and it&#8217;s a tiny, small country like Rwanda who is leading the conversation on the CFTA, there&#8217;s a very simple question that you ask yourself: &#8216;Where is your leadership?'&#8221; Kie said.
By initially turning down the deal, Nigeria has the &#8220;leverage&#8221; to &#8220;get some of the conditions that they think are critical for the economy to now be put on the table,&#8221; Kie explained. &#8220;They (won&#8217;t) just absorb the impact of the decision that was taken, but they&#8217;re also part of the solutions that are going to come.&#8221;
&#8220;I&#8217;m just making a pure and basic analysis of the powers in presence, and I&#8217;m looking at what it entails,&#8221; he said. &#8220;All of this is political, it&#8217;s the heads of state that sign these agreements.&#8221;
Kie was confident that Nigeria would eventually subscribe to the deal.
&#8220;I don&#8217;t have any doubt that Nigeria will join&#8221; the free trade agreement in its own time, he said. &#8220;Nobody will doubt the interests of this for the continent.&#8221;
<img loading="lazy" decoding="async" src="https://cdn.cnbcafrica.com/wp-content/uploads/2018/05/14170234/105205434-GettyImages-648352552.1910x1000.jpg" alt="" height="1000" width="1910" data-licensor-name="Frederic Soltan | Corbis | Getty Images"/>
Kenya and Ghana, both African economies boasting strong fundamentals, ratified the agreement last week. Ethiopia&#8217;s Prime Minister Abiy Ahmed, who leads the east African powerhouse economy which has seen double-digit GDP (gross domestic product) growth as recently as 2017, said on Monday that his country is ready to follow suit.
Intra-African trade currently comprises less than 20 percent of the continent&#8217;s total, with countries often focussed on exporting commodities to former colonial powers instead. It is hoped that the new free trade deal will shift emphasis away from this and towards manufacturing.
The African Union posits the agreement as uniting a market of 1.2 billion people with a combined gross domestic product of $2.5 trillion.
&#8220;We have to make sure that the rules of engagement when it comes to the free trade area are clearly defined,&#8221; both in terms of protecting national economies and establishing their manufacturing capacities, Kie said. &#8220;It&#8217;s not going to come overnight.&#8221;

Nigeria is leading on pan-African trade, despite not even signing up to the deal: Bank chief

How rich is the royal family? | CNBC Explains

Kellie Ell
Source: <a href="http://https://www.cnbc.com/2018/05/09/vodafone-liberty-deal-is-a-total-win-for-consumers-says-liberty-ceo.html">Liberty Global CEO: $21 billion asset sale to Vodafone is start of mobile consolidation in Europe</a>
<ul>
<li>British-based Vodafone will buy some European assets of U.S. cable company Liberty Global for $21.8 billion.</li>
<li>Critics argue that the deal with hinder competition and regulators may not approve. </li>
<li>Fries calls the deal a &#8220;premium valuation,&#8221; with a return rate of 11.5 times the 2017 EBITDA. </li>
</ul>
Liberty Global CEO Mike Fries said his company&#8217;s $21.8 billion asset sale to Vodafone is just the start of mobile consolidation in Europe. 
On Wednesday, British-based VodafoneVOD-GB struck a deal to buy some European assets of U.S. cable company Liberty GlobalLBTYA, a move the CEO said will benefit both investors and mobile users. 
&#8220;It&#8217;s all about scale,&#8221; Fries told CNBC&#8217;s &#8220;<a href="http://www.cnbc.com/id/15838342?__source=cnbcafrica|inline|story|&amp;par=cnbcafrica &amp;doc="> 
Power Lunch 
</a>&#8221; on Wednesday. &#8220;This transaction is about creating a national challenger with converged scale, meaning fixed and mobile scale. It&#8217;s a natural combination. I think you&#8217;re going to see that continue, in Europe in particular, both mobile and mobile.&#8221;
Vodafone, the world&#8217;s second-largest mobile carrier, operates in Europe , <a href="http://www.cnbc.com/id/15917233?__source=cnbcafrica|inline|story|&amp;par=cnbcafrica &amp;doc="> 
Asia 
</a>, Africa and Oceania. In the deal, Vodafone is buying Liberty Global&#8217;s businesses in Germany, Hungary, Romania and the Czech Republic. 
But, critics argue that the deal with hinder competition and regulators may not approve. Deutsche TelekomDTE-DE is the largest competitor in Europe. 
Fries, however, isn&#8217;t worried. 
&#8220;We absolutely anticipate regulatory approval of this deal,&#8221; said Fries, who also serves as vice chairman of Liberty Global. &#8220;It will be approved at the EU level. Not necessarily in Germany or any of the individual markets. That&#8217;s an important distinction.&#8221; 
The CEO pointed out that Deutsche TelekomDTE-DE — &#8220;who we know [in the U.S.] as T-MobileTMUS&#8221; — already dominates the German market, with 50 percent of the country&#8217;s broadband customers. 
And the German market, he said, &#8220;has been screaming for consolidation and a real national challenger. So together, Vodafone and our business, Liberty Global, will present a great opportunity for consumers. They&#8217;re going to see innovation, investment. All kinds of benefits over the long haul.&#8221; 
<img loading="lazy" decoding="async" src="https://cdn.cnbcafrica.com/wp-content/uploads/2018/05/15010224/104515248-GettyImages-683741212.1910x1000.jpg" alt="" height="1000" width="1910" data-licensor-name="Daniel Leal-Olivas | AFP | Getty Images"/>
The strategy will be the same: focus on leveraged equity growth and shareholder return. He calls the deal a &#8220;premium valuation&#8221; with a return rate of 11 ½ times 2017 EBITDA. 
&#8220;Which, when you see the cable stocks trading at 7, is certainly a nice valuation for businesses we&#8217;ve owned and built for a decade or more,&#8221; Fries said. 
He also noted that a move like this is not new for the company. 
&#8220;This is not the first time we&#8217;ve rebalanced or reshaped our platform to sort of optimize growth and optimize shareholder return,&#8221; Fries said. 
&#8220;It&#8217;s a total win for consumers,&#8221; he said.

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