<p><iframe loading="lazy" src="https://www.youtube.com/embed/vsTE2Tfwkjc" width="640" height="360" frameborder="0" allowfullscreen=""></iframe></p>
<p>According to Bankole Odusanya, a fixed income trader at UBA, activities in Nigeria&#8217;s treasury bills and bond markets this week have been largely driven by Foreign Portfolio Investor sales and asset switching by  Pension Fund Administrators. He joins us for a fixed income and FX update.<br />
http://cnbc.africa/videos/</p>


Nigeria fixed income & FX market watch

<p>By Lusanda Raphulu, partner at Pan-African law firm Bowmans</p>
<p>Labour broking, working hours and minimum wages are hot potatoes in South Africa but the country is not alone in grappling with them. From Angola, Kenya and Nigeria to Tanzania, the United Arab Emirates (UAE) and Israel, employers are dealing with many of the same employment challenges as in South Africa – along with some twists unique to the jurisdictions they operate in. This is the view of Lusanda Raphulu, partner at Pan-African law firm Bowmans, after moderating one of the sessions at the 2018 Africa/ Middle East Client Conference of the Employment Law Alliance (ELA).</p>
<p>When it comes to the latest employment law trends, there are striking similarities across much of Africa and the Middle East.</p>
<p>Take the question of working hours which, it turns out, is highly topical in Israel and the UAE at the moment.</p>
<p>&nbsp;</p>
<p><strong>Laws cast in stone stand in the way of flexible hours</strong></p>
<p>In the UAE, a major challenge for many employers is the extremely low oil price, which is hitting business hard. One obvious cost-cutting method is for employers to implement more flexible working arrangements. This is easier said than done as the labour laws that were written in 1980 are far from flexible.</p>
<p>Many employers who can no longer afford to have all their employees working full time would like to introduce part-time work or shifts. However, the law in the UAE prohibits anyone from working more than eight hours a day, and part-time work is not an option for foreign workers (making up the majority of the workforce) who must have the sponsorship of one, full-time employer. There is no easy way around this, with penalties for breaching the employment regulations including fines, imprisonment or deportation. The only way to introduce flexible working arrangements is to obtain direct approval from the Ministry of Labour, a difficult and lengthy process that can take eight or nine months to complete.<br />
The situation is similar in some ways in Israel (whose labour laws were written in 1951), where the working week was recently reduced from 43 hours to 42 hours, without any cuts in pay, under a collective agreement between unions and employers.</p>
<p>One of the difficulties with this change is that numerous employees in Israel are paid by the hour and the complexities of adapting reduced working hours for hourly paid workers were not fully taken into account. This is a practical consideration that has had perplexed employers knocking on the door of law firms, seeking advice.<br />
Still, in a country whose employees work significantly longer hours than their counterparts in Europe and the United States, a shorter working week is considered a welcome step towards better work-life balance.</p>
<p>&nbsp;</p>
<p><strong>Time off for breastfeeding stirs controversy in Kenya</strong></p>
<p>Kenya is also grappling with the practical consequences of a change in employment laws, this time requiring employers to give nursing mother’s time off during the working day to breastfeed their babies. This has generated a discussion among politicians, lawyers, the media and celebrities with some commentators praising the government for its commitment to maternal and infant health and others expressing grave reservations about the practicalities and added burden on employers.</p>
<p>Another controversial labour issue in Kenya currently is the minimum wage, which differs in urban and rural areas and recently increased by about 5%. Commentators feel that the increase could have serious implications for certain industries, especially the private security industry. It has become the norm in Kenya for homes and businesses, especially those of national and international companies, to be guarded 24 hours a day but this is only possible while wages are low – a dilemma that highlights the tension between protecting workers’ rights and minimising job losses caused by cost cutting.</p>
<p>&nbsp;</p>
<p><strong>The risks and costs of using labour brokers</strong></p>
<p>Meanwhile, in Nigeria and Tanzania, a labour law issue preoccupying many employers, not to mention the labour courts, is labour broking and specifically the issue of who the employer is.</p>
<p>In Nigeria, this used to be a straightforward matter. For many years, the broker was the employer. That has no longer been the case since the National Industrial Court of Nigeria ruled that a sacked worker who went to court had two employers, the labour broker and the end-user.</p>
<p>Since there is a significant gap between what employers and labour brokers pay, this could have expensive implications for employers. Experts suggest a rule of thumb for employers trying to keep their costs down in Nigeria is to keep their distance from day-to-day matters affecting labour-broking employees. This way labour brokers, and not employers, are the ones managing the employees, which reduces the risks for employers.<br />
Although Tanzania does not yet have labour-broking regulations, the position is similar: the entity that has day-to-day control of the employees is considered to be the employer. The risk of the same employee receiving benefits from two employers has prompted some of Tanzania’s largest institutions to move away from labour broking and to start hiring people themselves, even though this is complicated and could virtually double their employee costs.</p>
<p>One country where the law is cut and dried on labour broking is Angola. Employers in that country are discouraged from using the services of labour brokers unless this is temporary and strictly for short periods. Since 2016, the maximum period for hiring temporary workers has been two years. After two years, the employer must hire the person directly and cannot get around this by replacing him or her with someone else as the law prohibits such replacement.</p>
<p>All in all, the discussions at the ELA conference showed that South Africa is far from alone in dealing with employment law challenges such as labour broking, minimum wages and the like. Other countries are in much the same boat and perhaps even navigating more challenging waters than South Africa’s currents.</p>


South Africa's Quantum Foods warns of 38% drop in first-half profit

South Africa’s Quantum Foods warns of 38% drop in first-half profit. budget_shutterstock_249974521

Why more African countries are grappling with minimum wage and working hours

<p>Global leaders in the oil and energy industry will highlight Africa Oil &amp; Power 2018 in Cape Town, including H.E. Mohammed Sanusi Barkindo, Secretary General of OPEC, Dr Sun Xiansheng, Secretary General of the International Energy Forum and H.E. Mahaman Laouan Gaya, Secretary General of the African Petroleum Producers’ Organization.</p>
<p>AOP, the continent’s leading platform for energy development and discussion, is returning to Cape Town for the third year, bringing together an elite cadre of government officials, private sector executives and industry experts to address the key issues in Africa’s oil and power sectors.</p>
<p>The theme for the conference — Energy Coalitions — will drive the conversation about the best way to drive Africa’s energy sectors forward. From regional cooperation at the government level and private companies coordinating on development and financing deals to how the private and public sectors can collaborate together, focusing on current and new partnerships will be the focus of AOP 2018.</p>
<p>With the importance of energy coalitions highlighting the conference, H.E. Mohammed Sanusi Barkindo will be bestowed with the “Africa Oil Man of the Year” award during the Energy Coalitions dinner.</p>
<p>The event has confirmed the participation of 15 African energy oil and ministers, including H.E. Jeff Radebe, Minister of Energy of the Republic of South Africa; Hon. Dr. Emmanuel Ibe Kachikwu, Minister of State for Petroleum Resources of Nigeria; H.E. Gabriel M. Obiang Lima, Minister of Mines and Hydrocarbons of Equatorial Guinea; Hon. Ezekiel Lol Gatkuoth, Minister of Petroleum of South Sudan; H.E. Pascal Houangni Ambourouet, Minister of Petroleum and Hydrocarbons of Gabon; Hon. Boakye Kyeremateng Agyarko, Minister of Energy of Ghana; H.E. Abdirashid Mohamed Ahmed, Minister of Petroleum and Mineral Resources, Somalia; H.E. Ernest Gbwaboubou, Minister of Mines, Industry and technological Development of Cameroon; H.E. Foumakoye Gado, Minister of Petroleum, Niger; H.E. Jean Marc Thystere Tchicaya, Minister of Hydrocarbons, Republic of Congo; Hon. Charles Keter, Cabinet Secretary for Energy and Petroleum of Kenya; H.E. Mansour Elimane Kane, Minister of Oil and Energy of Senegal; H.E. Marc Dederiwe Albi-Bidamon, Minister of Mines and Energy of Togo and Hon. Dona Jean-Claude Houssou, Minister of Energy, Water; Mines of Benin and  Hon. Dr. Dhieu Mathok Diing Wol, Minister of Energy and Dams of the Republic of South Sudan.</p>
<p>The third annual AOP flagship conference, held at the Cape Town International Convention Centre, will feature an engaging three-day program with panels on upstream development, the status of mega projects in Africa, trading and finance.</p>
<p>New additions this year will also include a full day dedicated to the power sector, including looking at the role of gas in Africa’s power sector, renewables and the promise of regional power pools; a focus on what national oil companies are doing in Africa; country pavilions and an exhibition hall. For more information and to participate, go to: <a href="https://africaoilandpower.com/event/aop-2018/">https://africaoilandpower.com/event/aop-2018/</a></p>
<p>&nbsp;</p>


Africa Oil & Power returns to Cape Town connecting the continent’s top leaders

<p><iframe loading="lazy" src="https://www.youtube.com/embed/hSEJ3tWaAME" width="640" height="360" frameborder="0" allowfullscreen=""></iframe></p>
<p>The World Bank, African Development Bank, Japan International Cooperation Agency and French Development Agency are among some of the multilateral donor agencies that have raised $1.57 billion for the Transmission Company of Nigeria to expand the country&#8217;s electricity grid to 20,000 megawatts within the next four years. Tunde Gbajumo, Managing Director of Powergen Advisers joins CNBC Africa for more.<br />
http://cnbc.africa/videos/</p>


Unpacking Nigeria’s power expansion plans

<p><iframe loading="lazy" src="https://www.youtube.com/embed/1SyGxUC6Ogw" width="640" height="360" frameborder="0" allowfullscreen=""></iframe></p>
<p>UK Prime Minister Theresa May says more details on Britain&#8217;s vision for a future relationship with the European Union will be released after the June European Council summit later this week. Femi Oladehin, Partner, Investment Banking at Argentil Capital Partners joins CNBC Africa to discuss the wider impact on countries in the West Africa region.<br />
http://cnbc.africa/videos/</p>


How Brexit will impact West African economies

<p><iframe loading="lazy" src="https://www.youtube.com/embed/NsOXAsQjyjA" width="640" height="360" frameborder="0" allowfullscreen=""></iframe></p>
<p>Five witnesses, most of them former South African Revenue Service officials, have been lined up to testify today in the commission of inquiry into tax administration and governance at Sars. Yesterday, Former Finance Minister Pravin Gordhan took the stand to talk about the structure of the revenue services before suspended commissioner Tom Moyane took over in 2014. CNBC Africa&#8217;s Aviwe Mtila spoke to one of the witnesses Tshebeletso Seremane, Former Integrity Executive at Sars.<br />
http://cnbc.africa/videos/</p>


Former executive lays bare governance issues at Sars

<p><iframe loading="lazy" src="https://www.youtube.com/embed/49gZ-pKK1LM" width="640" height="360" frameborder="0" allowfullscreen=""></iframe></p>
<p>Business Unity of South Africa in partnership with the National Business Initiative hosted a business engagement this morning in the Sandton. Trudi Makhaya, Economic Adviser for South Africa&#8217;s presidency spoke to CNBC Africa after the close of proceedings.<br />
http://cnbc.africa/videos/</p>


Trudi Makhaya on developing the SA economy

<p><iframe loading="lazy" src="https://www.youtube.com/embed/2o4RthtzR0I" width="640" height="360" frameborder="0" allowfullscreen=""></iframe></p>
<p>Digital technology solutions provider, Ansys, has reported concerning annual results. Headline earnings per share halved to 7.29c on a slump in revenue. Ansys CEO, Teddy Daka joins CNBC Africa for more.<br />
http://cnbc.africa/videos/</p>


Ansys reports decline in FY revenue

<p><iframe loading="lazy" src="https://www.youtube.com/embed/jVHbUMmoppM" width="640" height="360" frameborder="0" allowfullscreen=""></iframe></p>
<p>The reading and writing culture is widely believed to be poor among Rwandan youth. However, some youth are taking the front in turning things around. Dominique Uwase Alonga is a young writer who authored Rwanda’s first fairytale: Ysolde and her magical shoes. She joins CNBC Africa for more.<br />
http://cnbc.africa/videos/</p>


This young author is out to change Rwanda’s reading, writing culture

<p><iframe loading="lazy" src="https://www.youtube.com/embed/017UltzRCMg" width="640" height="360" frameborder="0" allowfullscreen=""></iframe></p>
<p>Moody’s has assigned first-time ratings to three mid-tier Nigerian banks, First City Monument Bank, Fidelity Bank and Diamond Bank which account for about 12 per cent of Nigeria’s banking assets. Akintunde Majekodunmi, Vice President and Banking Analyst at Moody&#8217;s joins CNBC Africa to discuss the ratings.<br />
http://cnbc.africa/videos/</p>


Moody’s rates Nigeria’s First City Monument Bank, Fidelity Bank & Diamond Bank

<p><iframe loading="lazy" src="https://www.youtube.com/embed/_a4EXe7-uDU" width="640" height="360" frameborder="0" allowfullscreen=""></iframe></p>
<p>Kenya Airways recently launched new routes to Cape Town and Mauritius a strategic intent to expand the airline&#8217;s footprint across Africa. CNBC Africa&#8217;s Charles Gitonga spoke to KQ&#8217;s Chief Executive Officer, Sebastian Mikosz for more.<br />
http://cnbc.africa/videos/</p>


Kenya Airways targets new routes across Africa

<p><iframe loading="lazy" src="https://www.youtube.com/embed/29spO64hvRI" width="640" height="360" frameborder="0" allowfullscreen=""></iframe></p>
<p>The former Head of State of the Federal Republic of Nigeria, Olusegun Obasanjo shares his views on what is holding back Africa’s industrialisation.<br />
http://cnbc.africa/videos/</p>


Nigeria’s former President Olusegun Obasanjo on what Africa needs to do to industrialise

<p><iframe loading="lazy" src="https://www.youtube.com/embed/kObCbBLieUw" width="640" height="360" frameborder="0" allowfullscreen=""></iframe></p>
<p>Kanayo Awani, Managing Director, IntraAfrican Trade Initiative, Afreximbank discusses how the launch of the South Africa-Africa Trade and Investment Promotion Programme will not only increase intra-Africa trade for South Africa but the rest of the continent.<br />
http://cnbc.africa/videos/</p>


SA has the largest share of intra-Africa trade but it could be more, here’s how

<p><iframe loading="lazy" src="https://www.youtube.com/embed/2A02yjIebUw" width="640" height="360" frameborder="0" allowfullscreen=""></iframe></p>
<p>This weekend bomb blast in Bulawayo has rocked the Zimbabwean political landscape ahead of the elections on July 30th. On this Political Capital, CNBC Africa’s Karabo Letlhatlha discusses Zimbabwe’s political economy with former finance minister and Principal Member of the MDC Alliance, Tendai Biti.<br />
http://cnbc.africa/videos/</p>


Current state of Zimbabwe economy to decide election outcome – Tendai Biti

<p><iframe loading="lazy" src="https://www.youtube.com/embed/dwv33vOmoSk" width="640" height="360" frameborder="0" allowfullscreen=""></iframe></p>
<p>Beyond the feelings of patriotism and nolstalgia when the history of Nigeria is being discussed, our guest says sports have also played a significant role in shaping Nigerian nationality. Wiebe Boer Author of the book, A Story of Heroes and Epics: The Story of Football in Nigeria joined CNBC Africa to discuss how football has been a unifying force in Nigeria since the colonial era.<br />
http://cnbc.africa/videos/</p>


The unifying force of football in Nigeria

<p><iframe loading="lazy" src="https://www.youtube.com/embed/VQyQC4kqKKA" width="640" height="360" frameborder="0" allowfullscreen="allowfullscreen"></iframe></p>
<p>With markets reaching record highs, investors need to seek affordable long term stocks that have capital appreciation potential. Defensive stocks such as those in the Food &amp; Agri sector present such opportunities and are an important component of any investment portfolio. The case for them is enhanced by the move away from genetically-modified (GM) food, towards organic, a growing world population expected to reach 8.5 billion by 2030 and urbanization. CNBC Africa’s Gugulethu Mfuphi’s delved deeper into this sector with Chris Potgieter, CEO Old Mutual Wealth Private Client Securities and Byron Lotter, Portfolio Manager, Vestact.<br />
http://cnbc.africa/videos/</p>


Portfolio Watch EP5: The investment case for the Food & Agri sector

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<p>It never rains but it pours for Steinhoff International and its affiliates as Bernard Mostert, the CEO of Steinhoff Africa Retail’s speciality fashion and footwear division, which includes Tekkie Town, has resigned with immediate effect, along with the division’s chief operating officer, Dawie van Niekerk. Bernard Mostert joins CNBC Africa for more.</p>


CNBC Africa

Nigeria fixed income & FX market watch

Why more African countries are grappling with minimum wage and working hours

Africa Oil & Power returns to Cape Town connecting the continent’s top leaders

Unpacking Nigeria’s power expansion plans

How Brexit will impact West African economies

Former executive lays bare governance issues at Sars

Trudi Makhaya on developing the SA economy

Ansys reports decline in FY revenue

This young author is out to change Rwanda’s reading, writing culture

Moody’s rates Nigeria’s First City Monument Bank, Fidelity Bank & Diamond Bank

Kenya Airways targets new routes across Africa

Nigeria’s former President Olusegun Obasanjo on what Africa needs to do to industrialise

SA has the largest share of intra-Africa trade but it could be more, here’s how

Current state of Zimbabwe economy to decide election outcome – Tendai Biti

The unifying force of football in Nigeria

Portfolio Watch EP5: The investment case for the Food & Agri sector

Ex-boss of Star subsidiary to sue

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Advertise With Us

CNBC Africa

Nigeria fixed income & FX market watch

Why more African countries are grappling with minimum wage and working hours

Africa Oil & Power returns to Cape Town connecting the continent’s top leaders

Unpacking Nigeria’s power expansion plans

How Brexit will impact West African economies

Former executive lays bare governance issues at Sars

Trudi Makhaya on developing the SA economy

Ansys reports decline in FY revenue

This young author is out to change Rwanda’s reading, writing culture

Moody’s rates Nigeria’s First City Monument Bank, Fidelity Bank & Diamond Bank

Kenya Airways targets new routes across Africa

Nigeria’s former President Olusegun Obasanjo on what Africa needs to do to industrialise

SA has the largest share of intra-Africa trade but it could be more, here’s how

Current state of Zimbabwe economy to decide election outcome – Tendai Biti

The unifying force of football in Nigeria

Portfolio Watch EP5: The investment case for the Food & Agri sector

Ex-boss of Star subsidiary to sue

News Tips

Advertise With Us

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