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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>.
<blockquote class="twitter-tweet" data-lang="en">
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>
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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.
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#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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Asia is now home to more billionaires than North America

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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

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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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By Justina Crabtree
Source: <a href="https://www.cnbc.com/2018/05/03/zimbabwe-opposition-leader-wants-to-give-china-investors-the-boot.html?__source=Facebook">Zimbabwe opposition leader reportedly wants to give Chinese investors the boot</a>
<div class="group-container ">
<div class="group">
Chinese investors are &#8220;busy asset-stripping&#8221; Zimbabwe&#8217;s resources, the country&#8217;s main opposition leader said in a speech this week, according to reports.
&#8220;I have seen the deals that (Zimbabwean President Emmerson Mnangagwa) has entered into with China and others, they are busy asset-stripping the resources of the country,&#8221; Nelson Chamisa said at a May Day rally on Tuesday, as reported by the <a class="inline_asset" title="http://www.bbc.co.uk/news/world-africa-43973908" href="http://www.bbc.co.uk/news/world-africa-43973908">BBC</a> and <a class="inline_asset" title="https://www.herald.co.zw/ill-boot-out-chinese-chamisa/" href="https://www.herald.co.zw/ill-boot-out-chinese-chamisa/">local press</a>.
Chamisa is leader of Zimbabwe&#8217;s main opposition party, the Movement for Democratic Change (MDC).
<div id="inline_movable_ad"></div>
&#8220;I have said (that) beginning September when I assume office I will call the Chinese and tell them the deals they signed are unacceptable and they should return to their country,&#8221; he added.
CNBC was not able to independently translate Chamisa&#8217;s speech.
On Wednesday, the MDC published a <a class="inline_asset" title="http://www.mdc.co.zw/index.php/meda/news/373-correction-of-the-herald-story" href="http://www.mdc.co.zw/index.php/meda/news/373-correction-of-the-herald-story">statement</a> on its website addressed to Zimbabwean state-owned newspaper The Herald. The statement accused the newspaper of publishing &#8220;malicious falsehoods&#8221; about Chamisa, although it did not specify what these were.
The &#8220;gist and essence&#8221; of Chamisa&#8217;s May Day speech was that his party &#8220;will not allow the mortgaging of this country for political expedience,&#8221; it said, attributed to Luke Tamborinyoka, presidential spokesperson and director of communications.
An MDC government &#8220;will audit all business deals and those that fail the national interest will be reviewed,&#8221; it said.
</div>
</div>
<div class="group-container last">
<div class="embed-container image">
<a class="enlargeThisImage" href="https://www.cnbc.com/2018/05/03/zimbabwe-opposition-leader-wants-to-give-china-investors-the-boot.html?__source=Facebook#"><img loading="lazy" decoding="async" src="https://fm.cnbc.com/applications/cnbc.com/resources/img/editorial/2018/04/03/105105656-GettyImages-941323932.530x298.jpg?v=1522762992" alt="Zimbabwe's President Emmerson Mnangagwa (L) shakes hands with Chinese President Xi Jinping at the Great Hall of the People in Beijing, China, on April 3, 2018." width="530" height="298" data-enlarged-image="https://fm.cnbc.com/applications/cnbc.com/resources/img/editorial/2018/04/03/105105656-GettyImages-941323932.1910x1000.jpg?v=1522762992" /></a>
<div class="caption">Zimbabwe&#8217;s President Emmerson Mnangagwa (L) shakes hands with Chinese President Xi Jinping at the Great Hall of the People in Beijing, China, on April 3, 2018.</div>
</div>
<div class="group">
&#8220;Chamisa&#8217;s comments will play well with the MDC&#8217;s political base, who see Chinese loans as being fundamental for helping keep the former Mugabe regime afloat,&#8221; William Attwell, practice leader for Sub-Saharan Africa at emerging markets advisory firm Frontier Strategy Group, told CNBC on Thursday. &#8220;His comments seek to tap into growing frustration in Zimbabwe that Chinese investment has brought very little in terms of material benefits for locals.&#8221;
Mnangagwa&#8217;s nascent presidency has been characterized by his intention to revive the country&#8217;s economic fortunes through building bridges with both the East and the West. He initially came to power after former leader <a href="https://www.cnbc.com/id/105070327">Robert Mugabe</a>, under whom Mnangagwa served as vice president, was ousted in a military coup in November.
Mnangagwa&#8217;s first visit outside the African continent was to China last month, with attracting foreign investment high on the agenda. China has described itself as an &#8220;<a class="inline_asset" title="http://www.xinhuanet.com/english/2017-04/18/c_136217738.htm" href="http://www.xinhuanet.com/english/2017-04/18/c_136217738.htm">all-weather friend</a>&#8221; of Zimbabwe.
Zanu-PF, the party of Mnangagwa and Mugabe, is to release its election manifesto on Friday.
Mnangagwa has pledged &#8220;free and fair&#8221; elections to be held in July of this year, and has said that he will invite international observers.
Attwell said that it was unlikely that Chamisa would be able to deliver on his pledge, should he win the upcoming vote.
&#8220;The raw fact is the Zimbabwe needs Chinese investment,&#8221; he said. &#8220;Whoever wins the July election is going to need as much funding as possible — from China and the West — to rebuild the country&#8217;s decaying infrastructure.&#8221;
</div>
</div>

Why Zimbabwe’s opposition leader reportedly wants to give Chinese investors the boot

Justina Crabtree
Source: <a href="http://https://www.cnbc.com/2018/05/03/zimbabwe-opposition-leader-wants-to-give-china-investors-the-boot.html">Zimbabwe opposition leader reportedly wants to give Chinese investors the boot</a>
<ul>
<li>Nelson Chamisa, Zimbabwe&#8217;s main opposition leader, has reportedly vowed to tell Chinese investors in Zimbabwe that their deals are &#8220;unacceptable,&#8221; should he win the country&#8217;s July election.</li>
<li>Chamisa&#8217;s Movement for Democratic Change (MDC) said in a statement on Wednesday that it &#8220;will audit all business deals and those that fail the national interest will be reviewed.&#8221;</li>
<li>Anti-China sentiment speaks to the MDC&#8217;s political base, an expert said.</li>
<li>Zimbabwe&#8217;s President Emmerson Mnangagwa has pledged &#8220;free and fair&#8221; elections this summer, the first in decades without ousted former leader Robert Mugabe on the ticket.</li>
</ul>
<img loading="lazy" decoding="async" src="https://media.cnbc.com/i/applications/cnbc.com/resources/img/editorial/2018/05/03/105180673-GettyImages-953359776.1910x1000.jpg" alt="" height="1000" width="1910" data-licensor-name="Jekesai Njikizana | AFP | Getty Images"/>
Chinese investors are &#8220;busy asset-stripping&#8221; Zimbabwe&#8217;s resources, the country&#8217;s main opposition leader said in a speech this week, according to reports.
&#8220;I have seen the deals that (Zimbabwean President Emmerson Mnangagwa) has entered into with China and others, they are busy asset-stripping the resources of the country,&#8221; Nelson Chamisa said at a May Day rally on Tuesday, as reported by the <a href="http://www.bbc.co.uk/news/world-africa-43973908">BBC</a> and <a href="https://www.herald.co.zw/ill-boot-out-chinese-chamisa/">local press</a>.
Chamisa is leader of Zimbabwe&#8217;s main opposition party, the Movement for Democratic Change (MDC).
&#8220;I have said (that) beginning September when I assume office I will call the Chinese and tell them the deals they signed are unacceptable and they should return to their country,&#8221; he added.
CNBC was not able to independently translate Chamisa&#8217;s speech.
On Wednesday, the MDC published a <a href="http://www.mdc.co.zw/index.php/meda/news/373-correction-of-the-herald-story">statement</a> on its website addressed to Zimbabwean state-owned newspaper The Herald. The statement accused the newspaper of publishing &#8220;malicious falsehoods&#8221; about Chamisa, although it did not specify what these were.
The &#8220;gist and essence&#8221; of Chamisa&#8217;s May Day speech was that his party &#8220;will not allow the mortgaging of this country for political expedience,&#8221; it said, attributed to Luke Tamborinyoka, presidential spokesperson and director of communications.
An MDC government &#8220;will audit all business deals and those that fail the national interest will be reviewed,&#8221; it said.
<img loading="lazy" decoding="async" src="https://media.cnbc.com/i/applications/cnbc.com/resources/img/editorial/2018/04/03/105105656-GettyImages-941323932.1910x1000.jpg" alt="" height="1000" width="1910" data-licensor-name=""/>
&#8220;Chamisa&#8217;s comments will play well with the MDC&#8217;s political base, who see Chinese loans as being fundamental for helping keep the former Mugabe regime afloat,&#8221; William Attwell, practice leader for Sub-Saharan Africa at emerging markets advisory firm Frontier Strategy Group, told CNBC on Thursday. &#8220;His comments seek to tap into growing frustration in Zimbabwe that Chinese investment has brought very little in terms of material benefits for locals.&#8221;
Mnangagwa&#8217;s nascent presidency has been characterized by his intention to revive the country&#8217;s economic fortunes through building bridges with both the East and the West. He initially came to power after former leader Robert Mugabe, under whom Mnangagwa served as vice president, was ousted in a military coup in November.
Mnangagwa&#8217;s first visit outside the African continent was to China last month, with attracting foreign investment high on the agenda. China has described itself as an &#8220;<a href="http://www.xinhuanet.com/english/2017-04/18/c_136217738.htm">all-weather friend</a>&#8221; of Zimbabwe.
Zanu-PF, the party of Mnangagwa and Mugabe, is to release its election manifesto on Friday.
Mnangagwa has pledged &#8220;free and fair&#8221; elections to be held in July of this year, and has said that he will invite international observers.
Attwell said that it was unlikely that Chamisa would be able to deliver on his pledge, should he win the upcoming vote.
&#8220;The raw fact is the Zimbabwe needs Chinese investment,&#8221; he said. &#8220;Whoever wins the July election is going to need as much funding as possible — from China and the West — to rebuild the country&#8217;s decaying infrastructure.&#8221;

Zimbabwe opposition leader reportedly wants to give Chinese investors the boot

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