ABUJA (Reuters) &#8211; Nigeria’s government has approved auditors led by Ernst &amp; Young to examine the finances of a government organisation set up in 2000 to develop the oil-rich but poor Niger Delta region, the minister for Niger Delta Affairs said on Wednesday.



Nigerian lawmakers this year launched an investigation into alleged financial mismanagement at the Niger Delta Development Commission (NDDC) over the last 20 years.



An audit of the body was ordered by President Muhammadu Buhari in October.



Godswill Akpabio, the minister for Niger Delta Affairs, said the appointment of a team of auditors was approved at a meeting of the ministerial cabinet on Wednesday. He said the auditors would examine projects approved by NDDC over the last 19 years.



“Through this exercise, we will know the amount of monies that have gone into the region in the last 19 years and whether the value we have received so far are commensurate with the monies that have entered into NDDC,” he told reporters after the meeting.



Asked about the cost of the audit, Akpabio said Buhari last year approved around 2.5 billion naira ($6.57 million) to cover the cost of the exercise.



A spokesman for NDDC did not immediately respond to a phone call and text messages requesting a comment.



The Niger Delta remains impoverished despite providing most of the oil, the mainstay of the economy, produced in Africa’s biggest crude exporter. Locals have for decades complained of poverty, with anger at times spilling over into attacks on energy facilities.

shutterstock_306272309

Nigeria approves auditors for Delta region development agency probe

(Reuters) &#8211; TikTok said on Monday that “we simply have no choice” but to sue the Trump administration over U.S. President Donald Trump’s executive order banning transactions in the United States with the popular short-form video-sharing app.



In a blog post, TikTok said it strongly disagreed with the White House’s position that the company was a national security threat, saying it had “taken extraordinary measures to protect the privacy and security of TikTok’s U.S. user data.”



It also said the administration has ignored its “extensive efforts” to address its concerns, and accused Trump of politicizing the dispute by calling for a ban on TikTok in an Aug. 6 executive order.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="594" height="427" src="https://www.cnbcafrica.com/wp-content/uploads/2019/12/gettyimages-1071817812-594x594-1.jpg" alt="" class="wp-image-352564" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2019/12/gettyimages-1071817812-594x594-1.jpg 594w, https://cms.cnbcafrica.com/wp-content/uploads/2019/12/gettyimages-1071817812-594x594-1-300x216.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2019/12/gettyimages-1071817812-594x594-1-584x420.jpg 584w" sizes="auto, (max-width: 594px) 100vw, 594px" /><figcaption>WASHINGTON, DC &#8211; DECEMBER 11: U.S. President Donald Trump (2R) argues about border security with Senate Minority Leader Chuck Schumer (D-NY) (R) and House Minority Leader Nancy Pelosi (D-CA) as Vice President Mike Pence sits nearby in the Oval Office on December 11, 2018 in Washington, DC. (Photo by Mark Wilson/Getty Images)</figcaption></figure>



“We do not take suing the government lightly,” TikTok said. “But with the Executive Order threatening to bring a ban on our U.S. operations &#8230; we simply have no choice.”



The White House was not immediately available to comment.



TikTok’s complaint is expected to be filed later on Monday.



(Reuters) &#8211; TikTok said on Monday that “we simply have no choice” but to sue the Trump administration over U.S. President Donald Trump’s executive order banning transactions in the United States with the popular short-form video-sharing app



In a blog post, TikTok said it strongly disagreed with the White House’s position that the company was a national security threat, saying it had “taken extraordinary measures to protect the privacy and security of TikTok’s U.S. user data.”



It also said the administration has ignored its “extensive efforts” to address its concerns, and accused Trump of politicizing the dispute by calling for a ban on TikTok in an Aug. 6 executive order.



“We do not take suing the government lightly,” TikTok said. “But with the Executive Order threatening to bring a ban on our U.S. operations &#8230; we simply have no choice.”



The White House was not immediately available to comment.



TikTok’s complaint is expected to be filed later on Monday.



Amid growing distrust between Washington and Beijing, Trump has for weeks complained that TikTok, owned by Chinese internet company ByteDance Ltd, was a national security threat and might share information about users with the Chinese government.



His Aug. 6 executive order called for banning transactions with the app after 45 days.



Trump issued a separate executive order on Aug. 14 giving ByteDance 90 days to divest TikTok’s U.S. operations and any data TikTok had gathered in the United States.



Reuters reported last week that TikTok was preparing to mount a legal challenge as early as Monday to Trump’s Aug. 6 order.



ByteDance had acquired Shanghai-based video app Musical.ly in a $1 billion transaction in 2017, and relaunched it as TikTok the following year.



In its blog post, TikTok said the Trump administration violated its constitutional right to due process by banning the company without notice.



It accused Trump of misusing the International Emergency Economic Powers Act, which lets the president regulate international commerce during a national emergency.



Trump had in May 2019 invoked that law to stop alleged efforts by foreign telecommunications companies to conduct economic and industrial espionage against the United States.



But TikTok said the Aug. 6 executive order was not supported by the emergency Trump declared a year earlier, and that the company did not provide the types of technology and services contemplated at that time.



It also said the executive order was not rooted in genuine national security concerns, adding: “We believe the Administration’s decisions were heavily politicized, and industry experts have said the same.”



ByteDance has been in talks to sell TikTok’s North American, Australian and New Zealand operations to companies including Microsoft Corp and Oracle Corp.



Those assets could be worth $25 billion to $30 billion, people familiar with the matter have said.



Before buying TikTok, ByteDance had not sought advance approval from the Committee on Foreign Investment in the United States, which reviews acquisitions for potential national security risks.



CFIUS later opened an investigation, and according to TikTok “repeatedly refused” to engage with ByteDance before saying it had found national security risks associated with the purchase.







His Aug. 6 executive order called for banning transactions with the app after 45 days.



Trump issued a separate executive order on Aug. 14 giving ByteDance 90 days to divest TikTok’s U.S. operations and any data TikTok had gathered in the United States.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="594" height="427" src="https://www.cnbcafrica.com/wp-content/uploads/2019/12/gettyimages-1071817812-594x594-1.jpg" alt="" class="wp-image-352564" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2019/12/gettyimages-1071817812-594x594-1.jpg 594w, https://cms.cnbcafrica.com/wp-content/uploads/2019/12/gettyimages-1071817812-594x594-1-300x216.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2019/12/gettyimages-1071817812-594x594-1-584x420.jpg 584w" sizes="auto, (max-width: 594px) 100vw, 594px" /><figcaption>WASHINGTON, DC &#8211; DECEMBER 11: U.S. President Donald Trump (2R) argues about border security with Senate Minority Leader Chuck Schumer (D-NY) (R) and House Minority Leader Nancy Pelosi (D-CA) as Vice President Mike Pence sits nearby in the Oval Office on December 11, 2018 in Washington, DC. (Photo by Mark Wilson/Getty Images)</figcaption></figure>



Reuters reported last week that TikTok was preparing to mount a legal challenge as early as Monday to Trump’s Aug. 6 order.



ByteDance had acquired Shanghai-based video app Musical.ly in a $1 billion transaction in 2017, and relaunched it as TikTok the following year.



In its blog post, TikTok said the Trump administration violated its constitutional right to due process by banning the company without notice.



It accused Trump of misusing the International Emergency Economic Powers Act, which lets the president regulate international commerce during a national emergency.



Trump had in May 2019 invoked that law to stop alleged efforts by foreign telecommunications companies to conduct economic and industrial espionage against the United States.



But TikTok said the Aug. 6 executive order was not supported by the emergency Trump declared a year earlier, and that the company did not provide the types of technology and services contemplated at that time.



It also said the executive order was not rooted in genuine national security concerns, adding: “We believe the Administration’s decisions were heavily politicized, and industry experts have said the same.”



ByteDance has been in talks to sell TikTok’s North American, Australian and New Zealand operations to companies including Microsoft Corp and Oracle Corp.



Those assets could be worth $25 billion to $30 billion, people familiar with the matter have said.



Before buying TikTok, ByteDance had not sought advance approval from the Committee on Foreign Investment in the United States, which reviews acquisitions for potential national security risks.



CFIUS later opened an investigation, and according to TikTok “repeatedly refused” to engage with ByteDance before saying it had found national security risks associated with the purchase.

The Rise Of TikTok

TikTok says it has ‘no choice’ but to sue Trump administration over threatened U.S. ban

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LONDON (Reuters) &#8211; When the death of George Floyd forced companies to reflect on why there were so few Black people in their senior ranks, top banks and private equity firms pledged to do better.



But one corner of the finance world &#8211; the hedge fund industry &#8211; made fewer public statements.



Hedge funds are mostly small firms employing people who first made their names in banking. They say their relatively small size and the talent pool they usually hire from makes rapid progress increasing ethnic diversity challenging.



“Those who land in hedge funds are those who have been successful within the banking system in general, so the onus is really on banks creating&nbsp;the talent that will become hedge fund managers,” said Alain Nkontchou, co-founder of Enko Capital who worked on JPMorgan’s proprietary trading desk and at BlueCrest.



Black staff in the industry said there has been little progress in hiring and promoting Black people in 20 years.



A report in 2018 by think tank New Financial found the asset management industry in London as a whole had just 12 Black fund managers. &nbsp;



“I hoped we’d be further on today than we are,” said Marcus Gibbs, head of operations for Europe at an American hedge fund platform, who began working in the industry in 2001 and said he is regularly the only Black person in the room at industry events.



In the United States, 2019 regulatory data showed 8.9% of hedge fund firms were owned by ethnic minorities, including Hispanic, Black, Asian and Native Americans, and they hold just 2.7% of assets.



“I don’t see any Black money managers, people making investment decisions, or Black salespeople,” said Ansumana Bai-Marrow, chief compliance officer at Cairn Capital.



Hedge fund industry consultants said that since Floyd’s killing some hedge fund investors &nbsp;&#8211; particularly among&nbsp;U.S. pension funds &#8211; are asking about diversity.



“In the past, maybe 5% of our clients would engage us on this, now it’s more like a quarter,” said Chris Redmond, head of manager research at consultancy Willis Towers Watson, which advises investors on hedge funds.



“Investors are asking who is on our list of hedge funds who have had good racial and gender diversity.”



Albourne Partners, another adviser to hedge fund investors, also said more clients wanted to know about diversity.



Albourne launched a survey on Aug. 17 asking hedge funds for data on employee and ownership composition, including ethnicity, gender and sexuality, which the consultancy can use to provide information for investors.



“We have seen increased concern and awareness from our clients on this issue over the last few months,” Albourne CEO John Claisse said.



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



Reuters asked 30 London-based hedge funds for data on the number of Black staff they employ.



Some funds said they did not disclose diversity data while 11 funds declined to comment, including Lansdowne Partners, Winton Group and Brevan Howard.



TT International Asset Management said that of 89 TT employees, four were Black and one of the four was involved in managing money. The firm also said it plans to start unconscious bias training.



A spokeswoman for Man Group, Europe’s largest hedge fund, said the company does not disclose diversity data but runs a Black employees network and supports #talkaboutblack, a campaign to improve diversity in the City of London.



Black people working at hedge funds told Reuters they have faced an array of negative experiences in the industry.



“I’m going to a lunch, I’m wearing a suit like everyone else and someone comes to me and asks me where the cloakroom is,” said one employee at a fund who did not allow him to speak publicly.



Another senior Black person at a hedge fund who did not wish to be named remembered being repeatedly asked by a colleague to fix his computer problems.



“The guys of my generation are broadly tired. We’ve seen all of this stuff &#8230; when you’re in a conference with your peers and some guy comes up to you and says how do I get to x and y,”.



Daryl Wright, executive board member and head of product &amp; investment management at Lumyna Investments, a platform for hedge funds and asset managers, said the problem was an unconscious association between Black people and negativity.&nbsp;



“I think that’s really what comes into some of the issues we see in the hiring processes, promotions and the way people get treated day to day in the industry.”



Senior hedge fund industry figures said while change has to be led from the top, it needs to start at the bottom.



“It’s quite difficult to address that underrepresentation when there is no middle layer or senior layer to start with,” said Jonathan Sorrell, president of Capstone Investment Advisors.



Sorrell helped to launch a programme this week where eight hedge funds, including CQS, Man Group, Brevan Howard and TT International, joined more than 80 firms in the asset management industry in committing to each hire at least one Black intern. It aims to boost the number of Black portfolio managers in the long-term.



Hedge fund industry group AIMA said it is engaging with Black professionals and with hedge fund leaders who want to take action specifically on Black representation.



For Gibbs, the hope is that change will unfold much faster than it has done since he started out.



“Now is the time to act,” he said

How Police Track Protesters With High-Tech Surveillance Tools

Hedge funds in long haul to tackle lack of Black money managers

WASHINGTON (Reuters) &#8211; President Donald Trump said on Thursday he feels “very badly” about the arrest of his former close adviser Steve Bannon but knows nothing about the fundraising organization involved in the federal criminal case.



“I do think it’s a sad event,” Trump told reporters in the Oval Office. “I haven’t dealt with him at all now for years, literally years.”



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="709" height="1024" src="https://www.cnbcafrica.com/wp-content/uploads/2020/08/Steve_Bannon-709x1024.jpg" alt="" class="wp-image-379531" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/08/Steve_Bannon-709x1024.jpg 709w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/Steve_Bannon-208x300.jpg 208w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/Steve_Bannon-768x1109.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/Steve_Bannon-1064x1536.jpg 1064w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/Steve_Bannon-1419x2048.jpg 1419w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/Steve_Bannon-696x1005.jpg 696w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/Steve_Bannon-1068x1542.jpg 1068w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/Steve_Bannon-1920x2771.jpg 1920w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/Steve_Bannon-600x866.jpg 600w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/Steve_Bannon-scaled.jpg 1773w" sizes="auto, (max-width: 709px) 100vw, 709px" /></figure>



Bannon, an architect of the nationalist populism that has defined Trump’s presidency, has been charged with defrauding Trump supporters in a campaign to help build the president’s signature wall along the U.S.-Mexico border.



“I feel very badly. I haven’t been dealing with him for a long period of time,” Trump said.Bannon was among four people arrested on Thursday and charged with conspiracy to commit wire fraud and conspiracy to commit money laundering in an indictment secured by federal prosecutors in Manhattan. Prosecutors accused the defendants of defrauding hundreds of thousands of donors through a $25 million crowdfunding campaign called “We Build the Wall,” the Justice Department said. They each face up to 40 years in prison.



“I know nothing about the project other than I didn’t like, when I read about it, I didn’t like it. I said, ‘This is for government, this isn’t for private people,’ and it sounded to me like showboating,” Trump said.



The Republican president also told reporters that he did not know the three charged along with Bannon and did not believe he had ever met them.

gettyimages-642093036-594×594

Trump laments arrest of former adviser Bannon as a ‘sad event’

By Andrew Pascoe, President of the Commercial Farmers&#8217; Union in Zimbabwe.



President Robert Mugabe’s notorious land reforms in the early 2000s robbed thousands of Zimbabwean farmers of their land, and of their livelihoods. What was presented as an attempt to right the wrongs of colonialization, turned into a politicised, corrupt land grab. It has taken twenty years for the injustices and illegalities to have been recognised.



 On the 29th July 2020, Zimbabwe finally made the headlines for the right reasons. The government, led by President Emmerson Mnangagwa, and the white farmers, represented by the Commercial Farmers Union (CFU), signed a compensation deal worth $3.5 Billion, described by President Mnangagwa as a “new beginning of the land discourse in Zimbabwe”.



 The deal has set many a tongue wagging. It is thus crucial to lay out all the facts on the table. Most importantly perhaps is the democratic nature of this agreement. The CFU conducted a referendum of its members, 60% of whom today live outside Zimbabwe. Out of 2896 votes on the day, there were 2759 ‘Yes’ votes, and only 137 ‘No’ votes. Votes have continued to trickle in since the cut off, and as of the 13th of August, 95% of the 3,191 votes were cast in favour. The agreement itself is a result of long and tough negotiations, based on the Zimbabwean constitution which provides for the payment of compensation for improvements on “compulsorily acquired agricultural lands”.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="972" height="647" src="https://www.cnbcafrica.com/wp-content/uploads/2020/08/Belarus-equipment-reaches-Zimbabwe-1-1.png" alt="Equipment arrives from Belarus as part of training for the farmers of ZImbabwe." class="wp-image-379494" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/08/Belarus-equipment-reaches-Zimbabwe-1-1.png 972w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/Belarus-equipment-reaches-Zimbabwe-1-1-300x200.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/Belarus-equipment-reaches-Zimbabwe-1-1-768x511.png 768w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/Belarus-equipment-reaches-Zimbabwe-1-1-696x463.png 696w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/Belarus-equipment-reaches-Zimbabwe-1-1-600x399.png 600w" sizes="auto, (max-width: 972px) 100vw, 972px" /></figure>



 A database was thus created, known as the ‘Valcon Database’ which has 4,730 farms registered, representing almost 90% of all farms affected by Mugabe’s Fast Track Land Reform Program. The database calculated the value of all registered farms in order to arrive at a fair figure of compensation.



 In this case, the valuation of permanent improvements was carried out in accordance with the requirements of the Zimbabwe Land Acquisition Act. As per the constitution, the land value was to be excluded, and in accordance with International Valuation Standards, the Depreciated Replacement Cost (DRC) method was used to establish the value of improvements was used.



 None of this was done alone. The replacement costs per unit were agreed with Government after consultations with reputable contractors, which took over a year to obtain and agree in full. The figure of $5.2 Billion was established as being the collective valuation of improvements



to the farms as a whole. Considering Zimbabwe’s economic difficulties, this figure was considered to be unaffordable, and after lengthy negotiation the government offered a figure of $3.5 Billion, which was put to farmers for their acceptance or rejection. In light of the economic climate, it was clear that the payment would not be in one lump sum.



 The key was to find a payment schedule that provided swift relief to farmers, many of whom have waited two decades for compensation, while not further increasing the country’s debt burden. The terms of the deal, a 50% down-payment within one year of signing, with the balance to be paid over the next four years, represent a fair compromise. In addition, the government has committed to paying the full sum within 12 months should the funds successfully be mobilised within that time.



 There are of course those that criticise the agreement. For some, the compensation figure and the payment schedule are not what they hoped for. For others, the very concept of an agreement based on improvements to the land, and not its value, is a non-starter.



 Yet we urge those around the world to listen to the voice of those directly affected by the issue, who almost unanimously voted in favour. We are not blind to the limitations, but we recognise that for the first time in two decades, there is a Zimbabwean government prepared to recognise our plight, to treat us with respect and dignity and to compensate us for our suffering. We have put this matter behind us, and call on others to do the same. We hope that the dialogue and willingness to compromise reflected in this agreement represents the beginning of a new era in relations between Zimbabweans of different races and backgrounds, and between Zimbabwe and the nations of the world.



 While the agreement is not perfect, as those who have lived this struggle for two decades, we resolved to move forward, and to not let the perfect be the enemy of the good.

Belarus tractors for Zimbabwe

What do  Zimbabwe’s farmers think of the $3.5 bn deal?

HARARE (Reuters) &#8211; Zimbabwe’s government on Wednesday said it had sought a meeting with the Vatican representative to understand whether Catholic bishops who accused it of human rights abuses and cracking down on critics were speaking on behalf of the Holy See.



Justice Minister Ziyambi Ziyambi described a pastoral letter written by the Zimbabwe Catholic Bishops Conference last weekend as “inappropriately prescriptive and grossly disrespectful”.



The bishops’ strongly worded letter said the country had a multi-layered crisis, including economic collapse, deepening poverty, corruption and human rights abuses.



Inflation running at more than 800% is the clearest sign of the worst economic crisis in over a decade and has evoked memories of hyperinflation under former president Robert Mugabe, whose 37-year rule was ended by an army coup in 2017.



Ziyambi said Harare authorities took offence to the bishop’s description of the government, headed by Mugabe’s replacement, President Emmerson Mnangagwa, as lacking the knowledge, skill or emotional stability to resolve Zimbabwe’s political and economic problems.



“The statement constitutes an outright insult on the person of President E.D. Mnangagwa and his entire government, and is couched in language decidedly unbecoming of an institution such as the Catholic Church,” said Ziyambi.



“Government is compelled to engage the Vatican in order to ascertain whether or not such statements reflect the official attitude of the Holy See towards Zimbabwe’s leadership or whether these are merely the views of the various individuals concerned.”



Foreign Minister Sibusiso Moyo would meet the local Vatican representative, said Ziyambi.



Ziyambi denied there was a political crisis in Zimbabwe and said it was all social media hype.



But critics say several activists have been arrested, abducted or tortured for speaking against the government and accuse Mnangagwa of using the COVID-19 pandemic to stifle dissent.

Zimbabwe tightens coronavirus lockdown in capital Harare as cases hit 203

Zimbabwe to meet Vatican envoy over Catholic bishops’ criticism

The so-called “Butterfly” spy case took another turn with the release of a new independent report, in London, pouring cold water on allegations of money laundering to fund terrorism in Botswana. In supporting the report, former Botswana president Ian Khama castigated the people running his country and calling the allegation the “height of stupidity and irresponsibility.”



The “Butterfly” case took its name from the code name of the intelligence officer at the centre of the story that has been the talk of southern Africa for months. It surrounds allegations that 46-year-old Botswana intelligence officer Welheminah Maswabi took part in money laundering of $10 Billion through the Bank of Botswana and string of commercial banks around the world.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="427" height="640" src="https://www.cnbcafrica.com/wp-content/uploads/2020/08/Portrait-2020-July-B-Motsepe0498-1.jpeg" alt="" class="wp-image-379463" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/08/Portrait-2020-July-B-Motsepe0498-1.jpeg 427w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/Portrait-2020-July-B-Motsepe0498-1-200x300.jpeg 200w" sizes="auto, (max-width: 427px) 100vw, 427px" /></figure>



The State alleges that the money was to fund unrest and political opposition in Botswana against President Mokgweetsi Masisi– also linking it to South African businesswoman Bridgette Radebe and former President Khama.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="960" height="540" src="https://www.cnbcafrica.com/wp-content/uploads/2020/01/1571595826001_6125252469001_6125248508001-vs.jpg" alt="" class="wp-image-353966" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/01/1571595826001_6125252469001_6125248508001-vs.jpg 960w, https://cms.cnbcafrica.com/wp-content/uploads/2020/01/1571595826001_6125252469001_6125248508001-vs-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/01/1571595826001_6125252469001_6125248508001-vs-820x461.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2020/01/1571595826001_6125252469001_6125248508001-vs-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2020/01/1571595826001_6125252469001_6125248508001-vs-696x392.jpg 696w, https://cms.cnbcafrica.com/wp-content/uploads/2020/01/1571595826001_6125252469001_6125248508001-vs-747x420.jpg 747w" sizes="auto, (max-width: 960px) 100vw, 960px" /><figcaption>World Economic Forum: Botswana’s Mokgweetsi Masisi on why the youth</figcaption></figure>



“It is unfortunately a day of shame and a sad day for our country. It has damaged our reputation as a clean democracy,” says Khama.



“The regime here has engaged in perjury&#8230;Their clear criminal intent has now been exposed our reputation for clean government has been tarnished…This is the height of stupidity and irresponsibility by falsely accusing people… I fully expect them (the Botswana government) to rubbish it (the report), they have been doing so as this press conference was coming and that shows the mentality of the regime.”



CNBC Africa made numerous attempts to contact the president’s office in Gaborone, to no avail.



The State &nbsp;is building a case against Maswabi around charges of money laundering to finance terrorism in Botswana – a country famed in Africa for its peaceful stability. Her lawyer Uyapo Ndadi told CNBC Africa that the case against Maswabi was based on trumped up charges and she was due back in court in November. &nbsp;



The case is being built around an affidavit from Jako Hubona, an investigator with Botswana’s Directorate of Economic Crime and Corruption Unit. He claimed that Khama and Motsepe took part in money laundering through a flow of illicit funds out of government accounts at the Bank of Botswana , via a number international financial institutions, to a variety of South African and offshore accounts.



The new independent investigation released in London, commissioned by Motsepe and conducted by lawyer Cherie Blair, refutes these allegations.&nbsp; It says that the affidavit does not have a shred of evidence and claims it is based on fabrication. Blair, the wife of former British premier Tony Blair, said the allegations against Motsepe – the sister of billionaire Patrice Motsepe- and Khama &nbsp;were baseless.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="480" height="360" src="https://www.cnbcafrica.com/wp-content/uploads/2020/08/hqdefault-74.jpg" alt="" class="wp-image-379434" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/08/hqdefault-74.jpg 480w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/hqdefault-74-300x225.jpg 300w" sizes="auto, (max-width: 480px) 100vw, 480px" /><figcaption>Report vindicates Bridgette Motsepe and Ian Khama of money laundering allegations</figcaption></figure>



“For a start 10 billion dollars is about half of Botswana’s GDP and we found no evidence that such money had been transferred at all from the Bank of Botswana at all,” Blair told CNBC Africa. &nbsp;&nbsp;&nbsp;

ian khama

Anger from former President Ian Khama as Botswana’s butterfly spy case takes another turn.

HARARE (Reuters) &#8211; Zimbabwe’s Catholic bishops and the law society have criticised the government for alleged human rights abuses and a crackdown on dissent, adding to growing concerns over authorities’ treatment of opponents amid a worsening economic crisis.



President Emmerson Mnangagwa’s government swiftly hit back, saying the “evil” accusations were baseless.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="594" height="407" src="https://www.cnbcafrica.com/wp-content/uploads/2019/12/gettyimages-899231420-594x594-1.jpg" alt="" class="wp-image-352505" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2019/12/gettyimages-899231420-594x594-1.jpg 594w, https://cms.cnbcafrica.com/wp-content/uploads/2019/12/gettyimages-899231420-594x594-1-300x206.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2019/12/gettyimages-899231420-594x594-1-100x70.jpg 100w, https://cms.cnbcafrica.com/wp-content/uploads/2019/12/gettyimages-899231420-594x594-1-218x150.jpg 218w" sizes="auto, (max-width: 594px) 100vw, 594px" /><figcaption>Zimbabwes former army commander and newly appointed vice president General Constantino Chiwenga (L) and Zimbabwe&#8217;s president Emmerson Mnangagwa (R) sit as they attend the swearing-in ceremony in Harare, on December 28, 2017.
Zimbabwes former army commander who led a military takeover that helped end Robert Mugabe&#8217;s 37-year rule sworn in as one of the country&#8217;s two vice presidents. General Constantino Chiwenga, 61, took the oath of office in Harare, pledging to be &#8220;faithful&#8221; to Zimbabwe and to &#8220;obey, uphold and defend the constitution&#8221;.
 / AFP PHOTO / Wilfred Kajese (Photo credit should read WILFRED KAJESE/AFP via Getty Images)</figcaption></figure>



Inflation running at more than 800% is the clearest sign of the worst economic crisis in over a decade and has evoked memories of hyperinflation under Robert Mugabe, whose 37-year rule was ended by an army coup in 2017.



The Zimbabwe Catholic Bishops Conference said in a pastoral letter that the country had a multi-layered crisis, including economic collapse, deepening poverty, corruption and human rights abuses.



“Fear runs down the spine of many of our people today. The crackdown on dissent is unprecedented,” the bishops said in the letter, read out at Catholic churches on Sunday.



“Is this the Zimbabwe we want? To have a different opinion does not mean to be an enemy.”



In response, information minister Monica Mutsvangwa criticised the head of the bishops conference, Archbishop Robert Ndlovu, and described the pastoral letter as an “evil message” meant to stoke a “Rwanda-type genocide”.



“His (Ndlovu’s) transgressions acquire a geopolitical dimension as the chief priest of the agenda of regime change that is the hallmark of the post-imperial major Western powers for the last two decades,” Mutsvangwa said in a statement.



Critics accuse Mnangagwa, Mugabe’s former deputy, of resorting to authoritarian tactics like those seen under his predecessor. Like Mugabe, Mnangagwa says Western countries are funding the opposition to topple his government.



The Law Society of Zimbabwe said in a statement that the human rights situation was deteriorating and that lawyers were also under attack from government agents.



“The law society further condemns the abduction and torture of citizens across the country by state security agents and individuals allegedly unknown but aligned to the state,” it said.

Emmerson_Mnangagwa_(2019-01-15)

Zimbabwe Catholic bishops, lawyers criticise alleged government abuses

WASHINGTON (Reuters) &#8211; U.S. President Donald Trump said on Saturday he is considering a pardon for Edward Snowden, the former U.S. National Security Agency contractor &#8211; now living in Russia &#8211; whose spectacular leaks shook the U.S. intelligence community in 2013.



The Republican president&#8217;s comments followed an interview&nbsp;<a href="https://nypost.com/2020/08/13/trump-a-lot-of-people-think-edward-snowden-not-being-treated-fairly">here</a>&nbsp;Trump gave to the New York Post this week in which he said of Snowden that &#8220;there are a lot of people that think that he is not being treated fairly&#8221; by U.S. law enforcement.



“I’m going to start looking at it,” Trump told reporters about a possible pardon, speaking at a news conference at his Bedminster, New Jersey golf club.



U.S. authorities for years have wanted Snowden returned to the United States to face a criminal trial on espionage charges brought in 2013.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="594" height="438" src="https://www.cnbcafrica.com/wp-content/uploads/2019/12/gettyimages-642093036-594x594-1.jpg" alt="" class="wp-image-352573" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2019/12/gettyimages-642093036-594x594-1.jpg 594w, https://cms.cnbcafrica.com/wp-content/uploads/2019/12/gettyimages-642093036-594x594-1-300x221.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2019/12/gettyimages-642093036-594x594-1-80x60.jpg 80w, https://cms.cnbcafrica.com/wp-content/uploads/2019/12/gettyimages-642093036-594x594-1-570x420.jpg 570w" sizes="auto, (max-width: 594px) 100vw, 594px" /><figcaption>WASHINGTON, DC &#8211; FEBRUARY 16: U.S. President Donald Trump stands during a news conference announcing Alexander Acosta as the new Labor Secretary nominee in the East Room at the White House on February 16, 2017 in Washington, DC. The announcement comes a day after Andrew Puzder withdrew his nomination. (Photo by Mario Tama/Getty Images)</figcaption></figure>



Snowden fled the United States and was given asylum in Russia after he leaked a trove of secret files in 2013 to news organizations that revealed vast domestic and international surveillance operations carried out by the NSA.



Snowden’s Russian lawyer, Anatoly Kucherena, told RIA news agency the United States should not simply pardon him, but should drop all possible prosecutions against Snowden as he had not commited any crimes.



“He was acting not only in the interest of the American citizens, but in the interest of all the humankind,” Kucherena said.



Trump’s softening stance toward Snowden represents a sharp reversal. Shortly after the leaks, Trump expressed hostility toward Snowden, calling him “a spy who should be executed.”



Trump said on Saturday he thinks Americans on both the political left and the right are divided on Snowden.



“It seems to be a split decision,” Trump told reporters. “Many people think he should be somehow treated differently. And other people think he did very bad things.”



<h3 class="wp-block-heading">DOMESTIC SPYING</h3>



Some civil libertarians have praised Snowden for revealing the extraordinary scope of America’s digital espionage operations including domestic spying programs that senior U.S. officials had publicly insisted did not exist.



But such a move would horrify many in the U.S. intelligence community, some of whose most important secrets were exposed. Trump has harshly criticized past leaders of the U.S. intelligence community and FBI, and on Thursday took aim at the bureau’s current director Christopher Wray, his own appointee.



The U.S. Justice Department filed a lawsuit last September against Snowden, arguing that the memoir he published last year, “Permanent Record,” violated non-disclosure agreements.



The Justice Department said Snowden published the book without submitting it to intelligence agencies for review, adding that speeches given by Snowden also violated nondisclosure agreements.



Trump’s use of his executive clemency powers including pardons has often benefited allies and well-connected political figures.



Last month he commuted the sentence of his longtime friend and adviser Roger Stone, sparing him from prison after he was convicted of lying under oath to lawmakers investigating Russian interference in the 2016 U.S. election to boost Trump’s candidacy.

gettyimages-642093036-594×594-2

Trump  considers pardon for leaker Edward Snowden

(Reuters) &#8211; Democratic presidential candidate Joe Biden and his new running mate, Senator Kamala Harris, will make their first appearance as a ticket on Wednesday in Wilmington, Delaware, as the campaign for the White House enters a more frenetic phase.



The two are scheduled to deliver remarks just days before Biden formally accepts the Democratic nomination during the party’s national convention, which will take place largely as a virtual event next week due to the coronavirus pandemic.



The Republican convention, where President Donald Trump will be nominated for a second four-year term, follows a week later and kicks off a 10-week sprint to the Nov. 3 election.



<h4 class="wp-block-heading">RELATED COVERAGE</h4>



<ul class="wp-block-list"><li><a href="https://www.reuters.com/article/us-usa-election-biden-harris-analysis/why-kamala-harris-may-prove-an-elusive-target-for-trump-idUSKCN25818T">Why Kamala Harris may prove an elusive target for Trump</a></li></ul>



Harris, 55, the first Black woman and the first Asian American to appear on a major-party presidential ticket, was announced as Biden’s choice on Tuesday after a selection process that drew extra scrutiny thanks to Biden’s age.



The 77-year-old would be the oldest president ever if he wins, raising speculation that he would not seek re-election in 2024.



Wednesday’s event in Biden’s hometown will take place on the third anniversary of the “Unite the Right” rally in Charlottesville, Virginia, where violent clashes erupted as white supremacists and neo-Nazis descended on the town.



Biden has said Trump’s comment after the clashes that there were “very fine people on both sides”, which drew widespread criticism, convinced him to run for president.



In choosing Harris, Biden selected a former rival for the nomination whose most memorable campaign moment was when she criticized his past position on using busing to integrate schools during a televised debate.



But Harris was regarded as a relatively safe choice. She is a more dynamic campaigner than Biden and will be relied upon to help energize Black voters, who represent a crucial constituency for Biden in key swing states.



In recent months, as unrest has convulsed U.S. cities following the police killing of George Floyd, a Black man in Minneapolis, Harris has become a prominent voice calling for change. She has marched alongside protesters and pushed legislation to reform policing practices.



Biden, who had vowed to pick a female running mate, had come under increasing pressure to select a Black woman.



As a former prosecutor and attorney general, Harris has shown herself to be a sharp questioner in Senate hearings and appears to be well suited to the traditional “attack dog” role that vice presidential candidates are often asked to assume.



The Trump campaign wasted little time on Tuesday attacking Harris as a “radical” who would drag Biden to the left. But it remains unclear whether the broadsides will be effective.

540px-Senator_Harris_official_senate_portrait-1

Democrat Biden and new running mate Harris to make first campaign appearance

WASHINGTON (Reuters) &#8211; Joe Biden’s selection of Senator Kamala Harris as his running mate provides a brand-new target for President Donald Trump’s re-election campaign that has struggled to find an effective line of attack against his Democratic rival.



But going after Harris comes with its own risks and challenges.



Within minutes of Biden’s announcement on Tuesday, Trump had called Harris “nasty,” “horrible” and “disrespectful,” while his campaign painted her as an extremist who would yank the moderate Biden to the left.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="540" height="720" src="https://www.cnbcafrica.com/wp-content/uploads/2020/08/540px-Senator_Harris_official_senate_portrait-1.jpg" alt="" class="wp-image-378750" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/08/540px-Senator_Harris_official_senate_portrait-1.jpg 540w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/540px-Senator_Harris_official_senate_portrait-1-225x300.jpg 225w" sizes="auto, (max-width: 540px) 100vw, 540px" /></figure>



But there is little evidence at the moment that suggests that the public views Harris, a former California prosecutor and attorney general with strong ties to the Democratic establishment, as a radical.



In fact, she’s more liked by Republicans than Biden, according to a Reuters/Ipsos poll conducted on Aug. 10-11, just before she was announced as Biden’s pick. The poll showed 21% of registered Republican voters have a favorable impression of Harris, compared with 13% who had a similarly favorable view of Biden.



More concerning for Trump: Attacks that could appear sexist or racist against the first Black woman on a major party ticket in U.S. history could complicate his campaign’s effort to shore up his standing among suburban women, a critical voting bloc he must win back in order to get re-elected, strategists on both sides say.



Already, leading Democratic women warned against a replay of Trump’s match-up in 2016 with then Democratic presidential nominee Hillary Clinton, who was subject to gender-based critiques as the first female presidential candidate. Trump has also called Clinton “nasty” and accused her of playing the “woman’s card.”



“If he wants to use misogynistic tropes against Kamala Harris, I think that is deeply challenging for him,” said Neera Tanden, a top aide to Clinton during her presidential bid. “He has no room for error with suburban women.”



According to the latest Reuters/Ipsos poll, Biden had an advantage of 10 percentage points among women and a 6-point lead among those who live in the suburbs. Overall, Biden leads Trump by 11 points, less than three months to go before the Nov. 3 vote.



Sarah Longwell, a Republican pollster, said Trump’s advisers would likely want the president, known for fiery and bombastic rhetoric against his political rivals, to be more cautious about attacking Harris unless they had reason to believe suburban women distrusted or disliked her.



“But there’s no evidence yet that they do dislike or distrust her,” Longwell said. “In fact, my guess is that she’ll play pretty well with suburban women.”



<h3 class="wp-block-heading">LOOKING FOR AN EDGE</h3>



Trump’s standing with the public has faded badly amid the coronavirus pandemic, the economic downturn and nationwide protests over police brutality and racial injustice.



Scrambling for something to alter the trajectory of the race, Trump and his Republican allies quickly launched a fusillade of attacks at Harris moments after the pick was announced.



The campaign hosted a conference call with reporters to assail her early stances during her own White House bid, when she supported progressive policy proposals such as the Green New Deal, a sweeping clean energy plan, and Medicare for All, a single-payer, government sponsored healthcare plan. Biden has not backed either proposal.



Harris shifted several of her policy stances in the course of the campaign in a bid to move toward the center. But the Trump campaign made clear it will attempt to paint her as an unrepentant leftist, while suggesting that the 77-year-old Biden could soon be out of office and replaced by her.



At the same time, the campaign said it will also seek to highlight criticism of Harris from the African-American community over her criminal justice record, hoping to drive a wedge between her and the Democratic Party’s most loyal constituency.



Privately, however, Trump’s aides acknowledged Harris would be a formidable adversary. One senior White House official said that the Harris pick means Vice President Mike Pence would have a tough debate in October.



Trump, in his White House news conference, acknowledged Harris’ aggressive questioning of then-Supreme Court nominee Brett Kavanaugh at his 2018 confirmation hearing.



“She was nasty to a level that was just a horrible thing the way she treated now-Justice Kavanaugh, and I won’t forget that soon,” Trump said.



Harris and Biden’s immediate challenge, in fact, will be to stamp out any brush fires among progressives who had urged Biden to choose a more overtly progressive candidate, such Senator Elizabeth Warren, Democratic activists say. [L1N2FD2IE]



During her presidential bid, Harris was fiercely criticized by progressives who viewed her prosecutorial record as overly supportive of law enforcement. She has since become a vocal supporter of progressive criminal-justice reforms.



Rashad Robinson, executive director of Color of Change, an advocacy group that has worked with Harris on police reform efforts, said the nominee will have to engage her progressive critics to win them over.



“These are questions she has to answer head-on,” Robinson said. “She has to answer questions about her evolution. Talk about the challenges that she has and talk about where she has moved.”

540px-Senator_Harris_official_senate_portrait

Why Kamala Harris may prove an elusive target for Trump

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



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



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



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



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



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



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



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



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



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



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



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

101953190-Jimmy_Lai

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

WASHINGTON (Reuters) &#8211; U.S. President Donald Trump on Thursday unveiled sweeping bans on U.S. transactions with China’s ByteDance, owner of video-sharing app TikTok, and Tencent (<a href="https://www.reuters.com/companies/0700.HK">0700.HK</a>), operator of messenger app WeChat, in a major escalation of tensions with Beijing.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="594" height="438" src="https://www.cnbcafrica.com/wp-content/uploads/2019/12/gettyimages-642093036-594x594-1.jpg" alt="" class="wp-image-352573" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2019/12/gettyimages-642093036-594x594-1.jpg 594w, https://cms.cnbcafrica.com/wp-content/uploads/2019/12/gettyimages-642093036-594x594-1-300x221.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2019/12/gettyimages-642093036-594x594-1-80x60.jpg 80w, https://cms.cnbcafrica.com/wp-content/uploads/2019/12/gettyimages-642093036-594x594-1-570x420.jpg 570w" sizes="auto, (max-width: 594px) 100vw, 594px" /><figcaption>WASHINGTON, DC &#8211; FEBRUARY 16: U.S. President Donald Trump stands during a news conference announcing Alexander Acosta as the new Labor Secretary nominee in the East Room at the White House on February 16, 2017 in Washington, DC. The announcement comes a day after Andrew Puzder withdrew his nomination. (Photo by Mario Tama/Getty Images)</figcaption></figure>



The executive orders, which go into effect in 45 days, come after the Trump administration said this week it was stepping up efforts to purge “untrusted” Chinese apps from U.S. digital networks and called TikTok and WeChat “significant threats.”



The hugely popular Tiktok has come under fire from U.S. lawmakers and the administration over national security concerns surrounding data collection, amid growing distrust between Washington and Beijing.



On Wednesday, U.S. Secretary of State Mike Pompeo expanded efforts on a program dubbed “Clean Network” to prevent various Chinese apps as well as Chinese telecoms firms from accessing sensitive information on U.S. citizens and businesses.



<h4 class="wp-block-heading">RELATED COVERAGE</h4>



<ul class="wp-block-list"><li><a href="https://www.reuters.com/article/us-usa-wechat-trump-factbox/factbox-wechat-owner-tencent-investments-in-the-united-states-and-beyond-idUSKCN2530K8">Factbox: WeChat owner Tencent investments in the United States and beyond</a></li></ul>



James Lewis, a technology expert with Washington-based think tank Center for Strategic and International Studies, said the orders appeared coordinated with Pompeo’s announcement.



“This is the rupture in the digital world between the U.S. and China,” he said. “Absolutely, China will retaliate.”



“On TikTok, Trump is clearly putting pressure on Bytedance to close the deal,” Lewis said.



TikTok has 100 million users in the United States. While WeChat is not popular in the country, the app, which has over 1 billion users, is ubiquitous in China. It is also widely used by expat Chinese as a main platform for communications with family and friends as well as a medium for various other services such as games and e-commerce.



WeChat and TikTok were among 59 mostly Chinese apps outlawed in India in June for threatening the country’s “sovereignty and integrity.”



Operator Tencent is China’s second most-valuable company after Alibaba at $686 billion. It is also China’s biggest video game company and earlier this summer opened California-based studio.



Its shares fell nearly 10% in Hong Kong after Trump&#8217;s order. The yuan&nbsp;<a href="https://www.reuters.com/finance/currencies/quote?srcCurr=CNH&amp;destCurr=USD">CNH=</a>, which is sensitive to Sino-U.S. relations, lost 0.4%.



Tencent and ByteDance declined to comment.

Trump issues bans on China’s TikTok, WeChat, stoking tension with Beijing

JOHANNESBURG (Reuters) &#8211; South African President Cyril Ramaphosa has set up a ministerial committee to investigate alleged corruption in state tenders in the fight against COVID-19, his office said on Thursday, including with businesses supplying protective gear.



Reports of suspect deals between government officials and businesses providing medical equipment, as well as food aid parcels to the poor, have sparked outrage in South Africa, where more than half a million cases of the coronavirus that causes COVID-19 make it the fifth largest outbreak in the world.



South Africa’s anti-corruption watchdog said on Monday it was investigating irregularities in these contracts, the latest in a series of high-profile graft scandals involving politically-connected individuals.



Reports of corruption are embarrassing for Ramaphosa, who took over from Jacob Zuma as president more than two years ago on a promise of stamping out the graft associated with his predecessor.



“The committee will look into corruption in the procurement of goods and services sourced for the purpose of containing and responding to the COVID-19 pandemic,” the statement from Ramaphosa’s office said, adding that this “includes the procurement of personal protective equipment (PPE)”.



Nurses have complained of widespread shortages of PPE that have enabled infections to spread to staff and other patients in hospitals.



The president in a newsletter this week pledged to “finally deal with the entrenched patronage networks that enable government employees to bid for state contracts through their friends and relatives”.



Ramaphosa’s spokeswoman, Khusela Diko, and a top Gauteng health official have taken leaves of absence after a media report said that Diko’s husband won PPE contracts with the Gauteng government. She and her husband deny any wrong-doing.

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South Africa’s Ramaphosa sets up body to probe COVID-19 corruption

JOHANNESBURG (Reuters) &#8211; South Africa’s anti-corruption watchdog said on Monday it was investigating irregularities in coronavirus-related tenders, the latest in a series of scandals that trade unions said showed the government’s failure to tackle graft.



The probes by the Public Protector come soon after investigators launched separate inquiries into the procurement of personal protective equipment (PPE) in Gauteng province, the country’s economic heartland.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="760" height="382" src="https://www.cnbcafrica.com/wp-content/uploads/2020/03/CR-lockdown.png" alt="Ramaphosa tests negative for coronavirus as South Africa to begin lockdown" class="wp-image-365190" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/03/CR-lockdown.png 760w, https://cms.cnbcafrica.com/wp-content/uploads/2020/03/CR-lockdown-300x151.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/03/CR-lockdown-696x350.png 696w" sizes="auto, (max-width: 760px) 100vw, 760px" /><figcaption>Ramaphosa tests negative for coronavirus as South Africa to begin lockdown</figcaption></figure>



President Cyril Ramaphosa staked his reputation on tackling graft when he replaced Jacob Zuma as head of state more than two years ago, but he is on the back foot after news reports alleging that politically connected individuals have milked the state for millions during the coronavirus pandemic.



Ramaphosa used a weekly newsletter to the nation to promise that his government would “finally deal with the entrenched patronage networks that enable government employees to bid for state contracts through their friends and relatives”.



“We will not allow public funds hard-earned by loyal taxpayers or donations by patriotic companies and individuals and the international community to vanish down a black hole of corruption.”



COSATU, the country’s largest trade federation and a key ally of the governing African National Congress (ANC), said in a statement that Ramaphosa’s administration had acted feebly in the face of the recent corruption allegations.



It called corruption the biggest threat to the economy.



The Public Protector said it was investigating tender irregularities at least in three provinces, including over a quarantine site that is believed to be owned by a government official and PPE procurement in the KwaZulu-Natal province.



South Africa has recorded more than a half a million cases of COVID-19, the most in Africa, with the number of infections continuing to rise rapidly.



The main opposition party, the Democratic Alliance, over the weekend called for a snap parliamentary debate on what it described as a “feeding frenzy” by ANC-connected individuals after normal procurement rules were suspended because of the coronavirus.



An ANC spokesman did not answer his phone when Reuters sought comment on Monday.



Ramaphosa’s spokeswoman, Khusela Diko, and a top Gauteng health official have taken leaves of absence after a media report said that Diko’s husband won PPE contracts with the Gauteng government.



Diko and her husband have denied wrongdoing and the health official has said he was not involved in provincial procurement processes.



Despite Ramaphosa’s assurances, some analysts are sceptical he will make much headway tackling corruption.



“The ANC sustains itself off state tenders,” political analyst Ralph Mathekga said.



“The only way Ramaphosa can remain president is to act surprised and look the other way. He created an integrity ticket for himself, and now he is failing at living up to it.”

gettyimages-1152457961-594×594

South African corruption watchdog probes COVID-19 tenders

NEW YORK/WASHINGTON (Reuters) &#8211; President Donald Trump said on Friday he would sign an executive order as soon as Saturday to ban TikTok in the United States, ratcheting up the pressure on the popular short-video app’s Chinese owner to sell it.



The move would be the culmination of U.S. national security concerns over the safety of the personal data that TikTok handles. It would represent a major blow for TikTok’s owner, Beijing-based ByteDance, which became one of only a handful of truly global Chinese conglomerates thanks to app’s commercial success.



Trump’s announcement followed frantic negotiations on Friday between the White House, ByteDance and potential buyers of TikTok, including Microsoft Corp. They failed to produce a deal that would result in the Chinese company shedding the app’s U.S. operations, according to people familiar with the matter. The talks are expected to continue in the coming days.



While Microsoft already owns professional social media network LinkedIn, it would face fewer regulatory hurdles in acquiring TikTok than its more direct competitors, such as FaceBook Inc, one of the sources said.



But ByteDance’s valuation expectations for TikTok of more than $50 billion, and its insistence on retaining a minority stake in the app complicated deal talks, another source said.



“Not the deal that you have been hearing about, that they are going to buy and sell&#8230; and Microsoft and another one. We are not an M&amp;A (mergers and acquisitions) country,” Trump said.



It was not immediately clear what authority Trump had to ban TikTok, which has up to 80 million active monthly users in the United States. It was also not clear how the ban would be enforced and what legal challenges it would face.



ByteDance, Microsoft and the U.S. Treasury Department, which chairs the government panel that has been reviewing ByteDance’s ownership of TikTok, declined to comment.



“While we do not comment on rumors or speculation, we are confident in the long-term success of TikTok,” TikTok said in a statement.



As relations between the United States and China deteriorate over trade, Hong Kong’s autonomy, cyber security and the spread of the novel coronavirus, TikTok has emerged as a flashpoint in the dispute between the world’s two largest economies.



Last week, the U.S. Senate Committee on Homeland Security and Governmental Affairs unanimously passed a bill that would bar U.S. federal employees from using TikTok on government-issued devices. It will be taken up by the full Senate for a vote. The House of Representatives has already voted for a similar measure.



ByteDance has been considering a range of options for TikTok amid pressure from the United States to relinquish control of the app, which allows users to create short videos with special effects and has become wildly popular with U.S. teenagers.



ByteDance has received a proposal from some of its investors, including Sequoia and General Atlantic, to transfer majority ownership of TikTok to them, Reuters reported on Wednesday. The proposal values TikTok at about $50 billion, but some ByteDance executives believe the app is worth more than that.



ByteDance has also fielded acquisition interest in TikTok from other companies and investment firms, Reuters has reported.



ByteDance acquired Shanghai-based video app Musical.ly in a $1 billion deal in 2017 and relaunched it as TikTok the following year. ByteDance did not seek approval for the acquisition from CFIUS, which reviews deals for potential national security risks. Reuters reported last year that CFIUS had opened an investigation into TikTok.



The United States has been increasingly scrutinizing app developers over the personal data they handle, especially if some of it involves U.S. military or intelligence personnel. Ordering the divestment of TikTok would not be the first time the White House has taken action over such concerns.



Earlier this year, Chinese gaming company Beijing Kunlun Tech Co Ltd sold Grindr LLC, a popular gay dating app it bought in 2016, for $620 million after being ordered by CFIUS to divest.



In 2018, CFIUS forced China’s Ant Financial to scrap plans to buy MoneyGram International Inc over concerns about the safety of data that could identify U.S. citizens.FILE PHOTO: TikTok logos are seen on smartphones in front of a displayed ByteDance logo in this illustration taken November 27, 2019. REUTERS/Dado Ruvic/Illustration/File Photo



<h3 class="wp-block-heading">VALUABLE STARTUP</h3>



ByteDance was valued at as much as $140 billion earlier this year when one of its shareholders, Cheetah Mobile, sold a small stake in a private deal, Reuters has reported. The startup’s investors include Japan’s SoftBank Group Corp.



The bulk of ByteDance’s revenue comes from advertising on apps under its Chinese operations including Douyin &#8211; a Chinese version of TikTok &#8211; and news aggregator app Jinri Toutiao, as well as video-streaming app Xigua and Pipixia, an app for jokes and humorous videos.



Some of the company’s other overseas apps include work collaboration tool Lark and music streaming app Resso.



TikTok CEO Kevin Mayer, a former Walt Disney Co executive, said in a blog post on Wednesday that the company was committed to following U.S. laws, and was allowing experts to observe its moderation policies and examine the code that drives its algorithms.

Trump says will ban TikTok amid pressure on Chinese owner to sell

JOHANNESBURG (Reuters) &#8211; South Africa’s Deputy Finance Minister David Masondo has been asked to step down by the governing African National Congress party’s integrity commission for involving an elite police unit in a dispute with a former lover.



Masondo has been tasked with driving pro-growth economic reforms and is among potential successors to current Finance Minister Tito Mboweni.



A former leader of the Young Communist League, he is seen as more left-wing than Mboweni. Earlier this year he called for the central bank to print money to fund the government response to the coronavirus pandemic and its economic fallout.



In a letter to Masondo seen by Reuters, the ANC’s integrity commission said his actions had brought the party into disrepute and showed poor judgment.



Masondo’s written response, also seen by Reuters, insists he had acted on the advice of his lawyer when reporting the former partner to the police for harassing him and his family.



He sent WhatsApp messages to the commission that he said corroborated the harassment claim. He asked the commission for further guidance and said he was aware that ANC leaders were expected to subject themselves to “organisational processes”.



Neither Masondo, the ANC nor the chairman of the integrity commission responded to requests for comment.



The integrity commission is expected to deliberate further. If it maintains he must resign, Masondo could appeal the decision, or the matter could be referred to the ANC’s national executive committee.

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