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<p>The chief regulator of consumer-business interaction in South Africa, National Consumer Commission has released a report into investigations of owning timeshare or vocational ownership. The inquiry conducted during 2017 looked into the industry which contributes about 3.5 billion rands in South Africa&#8217;s GDP. Nationwide public hearings had testimonies from owners of timeshares, club developers and resort owners among many. Commissioner Ebrahim Mohamed joins CNBC Africa for more.</p>


Timeshare inquiry report released

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<p>Last night the long anticipated brawl between minority shareholders in search of value and GPI management took place. Mohsin Tajbhai, Chief Operating officer of GPI joins CNBC Africa to discuss how events unfolded.</p>


GPI admits Dunkin’ Donuts & Baskin-Robbins was a mistake, looking to exit

<p>Ruth Umoh</p>
<p>Source: <a href="https://www.cnbc.com/2018/12/05/how-nigerian-aliko-dangote-became-the-worlds-richest-black-person.html">How this Nigerian became the richest black person in the world</a><br />
<img loading="lazy" decoding="async" src="https://cdn.cnbcafrica.com/wp-content/uploads/2018/12/07130219/105608495-1543947913488aliko.1910x1000.jpg" alt="" height="1000" width="1910" data-licensor-name=""/></p>
<p>
Nigerians take the lead on lists of black billionaires, and one, Aliko Dangote, takes the top spots.  </p>
<p>With an estimated net worth of $10.3 billion, according to Bloomberg, the Dangote Group founder is the richest man in Africa. According to Forbes, he&#8217;s also the richest black person in the world. Most of the entrepreneur&#8217;s wealth derives from his 85.2 percent majority stake in Dangote Cement, which is the largest cement producer in sub-Saharan Africa.</p>
<p>First launched in 1981, the Dangote Group now owns and operates more than 18 subsidiaries across a range of industries, including Dangote Cement, Dangote Flour and Dangote Sugar.</p>
<p>The 61-year-old billionaire credits much of his success to his maternal grandfather, who instilled a business mindset into Dangote at a young age. At just eight years old, Dangote would buy sweets with his allowance, which he&#8217;d give people to sell for a profit.</p>
<p>&#8220;When you are raised by an entrepreneurial parent or grandparent you pick that aspiration,&#8221; he told Forbes in 2015. &#8220;It makes you be much more aggressive — to think anything is possible.&#8221;</p>
<p>Dangote&#8217;s entrepreneurial interests followed him into adulthood. In 1977, he graduated with a business degree from Egypt&#8217;s Al-Azhar University. When he returned to Nigeria, Dangote moved to Lagos, one of Africa&#8217;s wealthiest cities and the country&#8217;s largest financial center.</p>
<p>Using a $500,000 loan from his uncle, Dangote began trading in commodities such as bagged cement and agricultural goods like rice and sugar. These business ventures became so successful that he was able to repay his uncle within three months of starting the operation.</p>
<p>In 1999, Dangote shifted to manufacturing, building sugar refineries and a flour mill. When Dangote Sugar first debuted on the Nigerian Stock Exchange in 2010, sales had quadrupled to $450 million, according to Forbes, making it the largest sugar refinery in Africa and by some estimates, the second largest in the world. Similarly, Dangote Flour tripled revenue to $270 million.</p>
<p>Dangote describes his professional journey as &#8220;exciting,&#8221; but notes that he&#8217;s also encountered obstacles along the way. Overcoming these challenges, he told Forbes Africa, required big thinking and an innovative approach. &#8220;You have to dream big to be able to be big and that&#8217;s what we&#8217;re doing,&#8221; said Dangote, who&#8217;s now building an oil refinery that&#8217;s projected to cost around $14 billion.</p>
<p>For his part, Dangote says he&#8217;s driven by the impact he can have on humanity. In fact, he&#8217;s also one of Africa&#8217;s top philanthropists. &#8220;You&#8217;d like to be remembered for things that you&#8217;ve actually done,&#8221; he told Forbes. &#8220;We Africans are the only ones that can make Africa great.&#8221;</p>
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<p>Don&#8217;t miss: </p>
<p>This royal family&#8217;s wealth could be more than $1 trillion</p>
<p/>


How this Nigerian became the richest black person in the world

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<p>Accounting professionals are well equipped to step into the entrepreneurial arena. This is according to Mushambi Mutuma, professional speaker and business leader and he joins CNBC Africa to break down the tools you need to succeed.</p>


Mushambi Mutuma on why accountants should delve into entrepreneurship

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<p>Evelyn Motsatsing, Deputy CEO of a leading defence and security company, Saab Grintek Defence joins CNBC Africa for a look into what drives her career in the South African defence market.</p>


SA women compete in male dominated security & defence market

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<p>Sheila Sisulu shares fond memories of the late struggle icon Nelson Mandela with CNBC Africa&#8217;s Lubabalo Mashiqana.</p>


Sheila Sisulu shares fond memories of the late struggle icon Nelson Mandela

<p>Natasha Turak</p>
<p>Source: <a href="https://www.cnbc.com/2018/12/05/egypts-pound-set-to-weaken-as-banks-deplete-their-foreign-currency-reserves.html">Egypt&#8217;s pound set to weaken as banks deplete their foreign currency reserves</a></p>
<ul>
<li>Egypt’s state banks have reportedly been propping up the Egyptian pound by selling their foreign exchange assets &#8212; a strategy that can only last a few more months, economists warn. </li>
<li>While the pound has performed well versus its emerging market counterparts, capital flight out of Egypt has seen foreign holdings of Egyptian treasury bonds drop by $8 billion and the stock market fall by 30 percent. </li>
<li>Rather than intervening itself &#8212; a move that would draw criticism from the International Monetary Fund &#8212; the central bank has leaned on state-owned banks to sell its foreign currency assets to offset that pressure, bankers in the country say.</li>
</ul>
<p/>
<img loading="lazy" decoding="async" src="https://cdn.cnbcafrica.com/wp-content/uploads/2018/12/07130244/105097713-Egypt_al-Sisi.1910x1000.jpg" alt="" height="1000" width="1910" data-licensor-name="MOHAMED EL-SHAHED | AFP | Getty Images"/></p>
<p>
Egypt  state banks have reportedly been propping up the Egyptian pound by selling their foreign exchange assets &#8212; a strategy that can only last a few more months, economists warn.</p>
<p>The pound has performed notably well compared to its other emerging market counterparts, falling only one percent against the dollar this year amid a wider EM sell-off. It has held between 17.78 and 17.98 to the dollar over the last six months, according to Reuters.</p>
<p>But capital flight out of Egypt has seen foreign holdings of Egyptian treasury bonds drop by $8 billion and the stock market fall by 30 percent, pressuring the currency.</p>
<p>Rather than intervening itself &#8212; a move that would draw swift rebuke from the International Monetary Fund (IMF), which in 2016 provided the country a $12 billion loan package &#8212; the central bank has leaned on state-owned banks to sell its foreign currency assets to offset that pressure, bankers and economists say. But propping up the pound by meeting that demand for hard currency has also meant a sharp and unsustainable drop in banks&#8217; foreign assets, according to economic consultancy Capital Economics.</p>
<p>&#8220;It&#8217;s difficult to know for how long this process could be sustained. At the current rate of depletion, banks would exhaust their FX assets in eight months,&#8221; the consultancy wrote in a note published Tuesday, describing Egypt&#8217;s commercial banks as having &#8220;depleted their own FX assets.&#8221;</p>
<p>Between April and September of this year, banks&#8217; foreign assets nearly halved, falling from $20.61 billion in April to $12.15 billion in September, their lowest level since early 2017. Reports of state-owned banks serving as the main suppliers of foreign currency may indicate backdoor intervention by the government, analysts have said.</p>
<p>Two primary options</p>
<p>This presents two possible scenarios, Capital Economics wrote. One would be to allow the pound to weaken in order to balance foreign exchange supply within the country. This wouldn&#8217;t be a massive shock to the currency thanks to previous austerity measures and that fact that it is not currently overvalued.</p>
<p>The other would be for the authorities to maintain a tight hold over the pound, using the central bank&#8217;s foreign reserves to support the currency &#8211; something Egypt&#8217;s central bank &#8220;is in a strong position to do for a limited period of time,&#8221; according to the consultancy.</p>
<p>But this would send a negative message about the government&#8217;s commitment to a freely floated pound. It would also make Egypt&#8217;s exports less competitive, tilting the balance in favor of imports and thereby widening the current account deficit, the degree to which a country&#8217;s imports exceed its exports.</p>
<p>Given the negative response that controlling the currency would likely garner from the IMF, Egypt is likely to let its currency weaken, the consultancy said. &#8220;Overall, we expect the pound to fall from 17.9/$ at present to 19/$ by the end of next year and to 20/$ by end-2020.&#8221;</p>
<p><img loading="lazy" decoding="async" src="https://cdn.cnbcafrica.com/wp-content/uploads/2018/09/05090235/105076652-GettyImages-924339106.1910x1000.jpg" alt="" height="1000" width="1910" data-licensor-name="Khaled Desouki | AFP | Getty Images"/></p>
<p>Meanwhile, the country of 97 million is targeting a 6.5 percent growth for the 2019/2020 fiscal year, up from 5.3 percent this year, and in 2018 enjoyed its highest economic growth in a decade.</p>
<p>The<br />
lofty macro figures<br />
 stem from a number of IMF-imposed structural reforms implemented by the Egyptian government since late 2016, alongside the international lender&#8217;s $12 billion loan. Egypt floated its currency, began reducing subsidies and raising taxes, and enacted a series of investment reforms.</p>
<p>But the cost of these austerity measures has been steep. Not long after President Abdel Fattah al-Sisi&#8217;s election in 2014 and the subsequent IMF loan — unlocked after Egypt unpegged its currency, the pound, triggering its 50 percent crash against the dollar — basic costs for Egyptians skyrocketed.</p>
<p>Poverty is on the rise, currently at nearly 28 percent, up from 25 percent in 2010 according to the World Bank, and wages have not kept up with the rise in living costs. Crime, corruption and pollution, as well as inadequate social services provision, continue to plague the country&#8217;s surging population. The World Bank cites high inflation and the erosion of real incomes as having &#8220;taken a toll on social and economic conditions.&#8221;</p>


Egypt’s pound set to weaken as banks deplete their foreign currency reserves

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<p>These were among the starling findings mentioned by renowned economist Dr Roelof Botha discussing the Afrimat Construction Index for the third quarter of 2018 with CNBC Africa’s Godfrey Mutizwa.</p>


Economist Botha: Cost of capital in SA up by 80% since Gill Marcus left the Reserve Bank, here’s why

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<p>The Government Employees Pension Fund which has outsourced the investments of public servants pensions to the Public Investment Corporation and other fund managers has impaired billions of rands in its latest set of results. These include R3.1 billion investment in Steinhoff’s empowerment shareholder, Lancaster, due to the collapse in Steinhoff’s share price and R1 billion of loans investments in Independent Media, the publisher of The Star newspaper. Principal Executive Officer of GEPF Abel Sithole joins CNBC Africa for more.</p>


One of Africa’s largest pension funds GEPF’s Sithole discusses R7bn impairments, Eskom & returns

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<p>Advocate Shamila Batohi is the first female and new National Director of Public Prosecutions. President Cyril Ramaphosa chose her over four other people who were shortlisted for this position. It took Ramaphosa just a few weeks to make his decision announcing Batohi as preferred candidate. She had been senior legal advisor to the prosecutor at International Criminal Court and previously employee at NPA in KZN. Joining CNBC Africa for more on this appointment is Professor Mia Swart Research Director at Human Sciences Research Council.</p>


Advocate Shamila Batohi appointed new National Director of Public Prosecutions

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<p>Today five years ago the global icon, Nelson Mandela passed away. The man synonymous with freedom of South Africa died in hospital after prolonged illness. CNBC Africa has gone out to some centers where his memories and spirit live on like Liliesleaf Farm turned museum in Rivonia. CNBC Africa&#8217;s Chris Bishop spoke to Nic Wolpe, CEO of the Liliesleaf Trust on the history contained by this museum which once housed Madiba.</p>


Liliesleaf Trust CEO Nic Wolpe on preserving the Madiba legacy

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<p>Out of 23 African cities, Johannesburg sits at the top of the visitor attraction list. This is according to the Mastercard Global Destination Cities Index. Joining CNBC Africa to unpack the index further is Mark Elliott, Division President, Mastercard Southern Africa.</p>


Johannesburg continues 5 year reign as Africa’s most popular city

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<p>World Bank Group President Jim Yong Kim sits down with CNBC Africa’s Head of Programming Chris Bishop to discuss his vision for Africa, its human capital and growth.</p>


In conversation with World Bank President Jim Yong Kim

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<p>The Johannesburg high court has granted the families of listeriosis survivors and their next of kin the opportunity to institute a class action against Tiger Brands. It is expected that more than 1000 claims will be brought forward. Tiger brands responded by saying it will spend R1 million to help the class action process. Joining CNBC Africa for more is Mary Jane, Chief Corporate Affairs Officer, Tiger Brands.</p>


Tiger Brands welcomes high court’s certification of listeriosis class action

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<p>Startup Bootcamp AfriTech is a web and tech incubator company based in Cape Town. They create the necessary relationships between investors and high-growth start-ups across Africa. These efforts won them the Top Accelerator in South Africa award. Joining CNBC Africa for more is Nsovo Nkatingi, Programme Manager at Startupbootcamp AfriTech.</p>


Advancing Africa’s tech and web based start-ups

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<p>Violence has flared up in a bitter strike at the heart of South Africa&#8217;s plastics industry which has dragged on for nearly two months. Striking workers allegedly burnt down millions of rands worth of plastic shipments at plants across Gauteng. CNBC Africa reporter Lubabalo Mashiqana spoke to Johan Pieters from the PCASA.</p>


SA’s plastic industry strike turns violent

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<p>One of South Africa&#8217;s oldest luxury train has decided to reposition its brand to keep up with the demands. Blue Train revealed its Meetings, Incentives, Conferences and Events offerings for businesses. This long distance train will now be operating within Gauteng for such services, making the first shift in its business in the past 20-years. Vincent Monyake, The Blue Train’s Executive Manager joins CNBC Africa for more.</p>


Africa

Timeshare inquiry report released

GPI admits Dunkin’ Donuts & Baskin-Robbins was a mistake, looking to exit

How this Nigerian became the richest black person in the world

Mushambi Mutuma on why accountants should delve into entrepreneurship

SA women compete in male dominated security & defence market

Sheila Sisulu shares fond memories of the late struggle icon Nelson Mandela

Egypt’s pound set to weaken as banks deplete their foreign currency reserves

Economist Botha: Cost of capital in SA up by 80% since Gill Marcus left the Reserve Bank, here’s why

One of Africa’s largest pension funds GEPF’s Sithole discusses R7bn impairments, Eskom & returns

Advocate Shamila Batohi appointed new National Director of Public Prosecutions

Liliesleaf Trust CEO Nic Wolpe on preserving the Madiba legacy

Johannesburg continues 5 year reign as Africa’s most popular city

In conversation with World Bank President Jim Yong Kim

Tiger Brands welcomes high court’s certification of listeriosis class action

Advancing Africa’s tech and web based start-ups

SA’s plastic industry strike turns violent

SA’s oldest luxury train to focus on short distance trips

News Tips

Advertise With Us

Africa

Timeshare inquiry report released

GPI admits Dunkin’ Donuts & Baskin-Robbins was a mistake, looking to exit

How this Nigerian became the richest black person in the world

Mushambi Mutuma on why accountants should delve into entrepreneurship

SA women compete in male dominated security & defence market

Sheila Sisulu shares fond memories of the late struggle icon Nelson Mandela

Egypt’s pound set to weaken as banks deplete their foreign currency reserves

Economist Botha: Cost of capital in SA up by 80% since Gill Marcus left the Reserve Bank, here’s why

One of Africa’s largest pension funds GEPF’s Sithole discusses R7bn impairments, Eskom & returns

Advocate Shamila Batohi appointed new National Director of Public Prosecutions

Liliesleaf Trust CEO Nic Wolpe on preserving the Madiba legacy

Johannesburg continues 5 year reign as Africa’s most popular city

In conversation with World Bank President Jim Yong Kim

Tiger Brands welcomes high court’s certification of listeriosis class action

Advancing Africa’s tech and web based start-ups

SA’s plastic industry strike turns violent

SA’s oldest luxury train to focus on short distance trips

News Tips

Advertise With Us

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