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<p>Kenya&#8217;s coffee sector received close to $14 million from World Bank, to boost the production of speciality coffee and link farmers to direct markets in order to eliminate the issue of cartels. Moreover, the Capital Markets Authority announced that it will allow listed companies on the Nairobi Securities Exchange to pay dividends without holding annual general meetings. Rodney Omukhulu, Assistant investments Analyst joins CNBC Africa for more.</p>


Kenya receives $14mn World Bank support to boost coffee production

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<p>By tomorrow, the 24th of April, in response to the financial burden of the repercussions of COVID-19 pandemic, the Rwanda Revenue Authority will have disbursed FRw13 billion , around $13.5 million in V.A.T refunds to businesses. The move is one of several measures taken by the Government to protect businesses and SMEs from feeling the full brunt of the crisis, but what else can be done to soften the blow of these unprecedented times to Rwanda&#8217;s economy? CNBC Africa spoke to Economist, Professor Alfred Bizoza for more.</p>


Rwanda moves to protect the business community from COVID-19 shocks

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<p>Andy Duplessis, Managing Director, FoodFoward SA spoke to CNBC Africa about Ramaphosa’s R500bn COVID-19 stimulus package and that the aid reaches the intended beneficiaries.</p>


FoodFoward SA feeding South Africa’s hungry amid COVID-19 crisis

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<p>The South African Solidarity Fund was created to address the immediate issues that the country faces in the wake of COVID-19. Individuals, businesses and government have made contributions towards the fund and joining CNBC Africa for more is Nomkhita Nqweni the Interim CEO of the Solidarity Fund.</p>


COVID-19: Nomkhita Nqweni gives update on the Solidarity Fund

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<p>The annual Ubumuntu Arts Festival would’ve this year been celebrating its 5th year in production. In response to the current COVID-19 crisis, it’s shifted from its usual home at the Kigali Genocide Memorial Amphitheatre, to an online live experience, to take place in mid-July. But the organisers of this event felt that there was a more immediate response needed to reach out to those who may be troubled or frightened in the face of an uncertain future. Founder, Hope Azeda joins CNBC Africa for more.</p>


Annual Arts Festival goes digital amid the COVID-19 crisis

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<p>With news on the markets being dominated by the fall of oil prices, we take a look at what kind of impact this will have on East Africa&#8217;s biggest economy, Kenya. George Bodo, Director at Callstreet Research and Analytics Ltd joins CNBC Africa for more.</p>


COVID-19: How the oil price crash impacts Kenya’s economy

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<p>As we approach the fourth industrial revolution, Blockchain has been identified to have the potential to disrupt existing economic and business models. Despite this, unexpected patterns among the cryptocurrency traders have been sparked by the COVID-19 pandemic. Norbert Haguma, CEO AfricaGen spoke to CNBC Africa on how the pandemic is reshaping the crypto industry.</p>


How COVID-19 is reshaping the crypto industry

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<p>With 782 confirmed cases in Nigeria, the COVID-19 induced-lock-down is taking a toll on economic activity and particularly the Small and Medium Enterprises in Nigeria. Muda Yusuf, Managing Director of the Lagos Chamber of Commerce and Industry joins CNBC Africa to discuss possible options to mitigate the impact.</p>


COVID-19: How small businesses in Nigeria can mitigate the impact

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<p>In his seventh address to the nation, Ghana’s President Nana Akufo-Addo announced the suspension of the 3-week partial lockdown citing the country’s better understanding of the dynamism of the coronavirus, an expansion in the number of treatment and isolation centre among others as reasons for the suspension. Kojo Oppong Nkrumah, Ghana’s Information Minister joins CNBC Africa for more.</p>


Here’s what Ghana is doing to strengthen measures against COVID-19 pandemic


<p>Report by Riley de Leon</p>



<p><strong>Key Points:</strong></p>



<ul><li>Zipline has begun delivering Covid-19 test samples via drone in Ghana’s two largest cities, Accra and Kumasi.</li></ul>



<ul><li>It is the first time in history that autonomous drones have been used to make regular long-range deliveries into densely populated urban areas.</li></ul>



<ul><li>The start-up also has been working with the FAA to accelerate their launch of U.S. operations so it can distribute test kits and personal protective equipment via drone.</li></ul>



<p><a href="https://www.cnbcafrica.com/videos/2020/04/22/african-health-start-up-zipline-on-the-forefront-of-covid-19-fight/">Zipline</a>, the California-based drone-delivery start-up that delivers critical medical supplies in countries like <a href="https://www.cnbcafrica.com/news/2020/04/20/ghana-lifts-lockdown-on-key-regions-as-covid-19-cases-reach-1042/">Ghana</a>, has begun delivering <a href="https://www.cnbcafrica.com/covid-19/">Covid-19</a> test samples in the country’s two largest cities — Accra, the nation’s capital, and Kumasi, the country’s second-largest city.</p>



<p>The service began Friday, when 51 test samples were collected from patients at rural health facilities and transported to the company’s distribution center in Omenako, <a href="https://www.cnbcafrica.com/videos/2020/04/20/moodys-changes-ghanas-outlook-to-negative-b3-rating-affirmed/">Ghana</a>. Over the course of four separate flights, the company delivered those 51 samples to the Noguchi Memorial Institute for Medical Research in Accra for testing and analysis.</p>



<p>The company will also be delivering Covid-19 test samples collected at regional hospitals near its Mapong distribution center to the Kumasi Center for Collaborative Research. The first such delivery took place on Saturday, April 18. The company said it expects to operate this new daily service for the duration of the government’s Covid-19 response efforts, marking the first time in history that autonomous drones have been used to make regular long-range deliveries into densely populated urban areas.</p>



<p>It is also the first time that drones have been used in this way to deliver Covid-19 test samples.&nbsp;The new delivery service allows the government to more closely monitor and respond to the spread of the disease in some of the countries most remote areas.</p>



<p>“Zipline is dedicated to helping Ghana in its fight against the Covid-19 pandemic,” said CEO Keller Rinaudo. “Using contactless drone delivery to transport Covid-19 test samples will allow the government to respond to the pandemic and help save lives more quickly.”</p>



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<p>Since its launch in October 2016, the company’s autonomous drones have flown more than 2 million miles and delivered more than 60,000 vaccines, units of blood and other medical products in Ghana, <a href="https://www.cnbcafrica.com/videos/2020/04/21/rwandas-tech-innovators-quick-to-fill-the-market-demand-gap-amid-covid-19/">Rwanda</a> and India.</p>



<p>Before the Covid-19 outbreak, Zipline planned to launch U.S. operations in the fall of 2020, delivering to health facilities and homes. As the outbreak has worsened, the company has been working with the FAA on the necessary approvals needed to operate commercially, and says that they could do so within weeks of receiving said approval. According to a company statement, their emergency efforts in the U.S. would focus on the distribution of scarce resources like test kits and personal protective equipment (PPE), such as gloves and masks, as well as Covid-19 vaccines once they become available.</p>



<p>Zipline ranked No. 39 on the 2019 Disruptor 50 list. The 2020 Disruptor 50 list will be revealed this June.</p>



<p>This article was first published on CNBC <a href="https://www.cnbc.com/2020/04/20/zipline-begins-drone-delivery-of-covid-19-test-samples-in-ghana.html">https://www.cnbc.com/2020/04/20/zipline-begins-drone-delivery-of-covid-19-test-samples-in-ghana.html</a> and is republished with its permission.</p>



<p>For more coverage on COVID-19 visit: <a href="https://www.cnbcafrica.com/covid-19/">https://www.cnbcafrica.com/covid-19/</a></p>


Zipline launches drone delivery of COVID-19 test samples in Ghana

Zipline begins drone delivery of COVID-19 test samples in Ghana


<p>Report by Tanvir Gill</p>



<p><strong>Key Points:</strong></p>



<ul><li>While a plunge in U.S. crude oil prices this week reverberated across global financial markets and fueled renewed worries over the beleaguered shale oil industry, billionaire investor Howard Marks told CNBC that the price action “is completely rational.”</li></ul>



<ul><li>Marks said the weakness in prices was steeped in fundamentals as energy demand has cratered due to the coronavirus pandemic and buyers are struggling to stockpile crude.</li></ul>



<ul><li>“Right now storage is scarce and thus expensive, so it’s not worth it to buy oil today and store it. The cost of storing exceeds the value today; thus the price is negative,” Marks said.</li></ul>



<p>A <a href="https://www.cnbcafrica.com/east-africa/2020/04/21/covid-19-what-the-oil-price-crash-means-for-african-economies/">plunge in U.S. crude oil prices</a> this week reverberated across global financial markets and fueled renewed worries over the beleaguered shale oil industry. Yet billionaire investor Howard Marks isn’t panicking.</p>



<p>Marks, who co-founded Oaktree Capital Management, told CNBC in an email interview that the <a href="https://www.cnbcafrica.com/videos/2020/04/21/how-the-oil-market-fall-impacts-angolas-economy/">weakness in crude oil prices</a> was steeped in fundamentals as energy demand has cratered due to the <a href="https://www.cnbcafrica.com/videos/2020/04/16/covid-19-pandemic-presents-an-opportunity-for-african-health-innovations-heres-why/">coronavirus pandemic</a> and buyers are scrambling to stockpile crude oil due to <a href="https://www.cnbcafrica.com/videos/2020/04/21/covid-19-global-oil-markets-collapse-due-to-oversupply/">storage space</a> becoming scarce.</p>



<p>“It’s not a panic. The move is completely rational,” Marks told CNBC in an emailed statement.</p>



<p> “The ultimate complication is that storing oil costs money, and storage facilities aren’t unlimited.  Right now storage is scarce and thus expensive, so it’s not worth it to buy oil today and store it.  The cost of storing exceeds the value today; thus the <a href="https://www.cnbcafrica.com/videos/2020/04/21/behind-the-oil-price-collapse/">price is negative</a>,” Marks said.</p>



<p>The comments from Marks come after West Texas Intermediate crude for May delivery fell more than 100% to settle at negative $37.63 per barrel on Monday, which meant that traders were effectively having to pay to get oil taken off their hands. That marked the first time that the price of an oil futures contract had turned negative.</p>



<p>The May WTI contract, which expired on Tuesday, settled at $10.01 a barrel. Futures contracts trade by the month.&nbsp;</p>



<p>The June contract is currently trading around $11 per barrel. Meanwhile, international benchmark Brent crude stood at $17.01, nearly 12% lower.</p>



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<p>The <a href="https://www.cnbcafrica.com/news/2020/04/15/poor-wealth-forecasts-for-south-africa-due-to-covid-19-sa-wealth-report/">coronavirus pandemic</a> has dealt a severe blow to economic activity around the globe and sapped demand for oil. While OPEC and its oil-producing allies finalized a historic agreement earlier this month to cut production by 9.7 million barrels per day beginning May 1, experts reckon that the reduction in supply won’t be enough to offset the diminution in demand.</p>



<p>The International Energy Agency, for instance, warned in its closely-watched monthly report, that demand in April could be 29 million barrels per day lower than a year ago, hitting a level last seen in 1995.</p>



<p>“Oil production can’t just be turned off, because for production some wells depend on pressure that a shut-off complicates. So, oil is coming out of the ground that exceeds the amount needed for consumption,” Marks said.</p>



<p>The gloominess in the oil market has also put the spotlight on US shale oil producers that are grappling with feeble demand on one hand and a lack of storage on the other, a conundrum that is making desperate oil companies “pay” traders for taking oil off them.</p>



<p>&nbsp;However, there are potential signs of relief. Some far-dated contracts this year are showing average oil prices of $20 a barrel and above while contracts expiring in 2021 are reflecting a modest bounce in demand taking prices to near $30 per barrel. Marks spotted a semblance of rationality in those prices.</p>



<p>&nbsp;“Oil can be bought for delivery by month. The negative price for oil reflects the excess of supply over demand, plus the cost of storage.&nbsp; The price for oil in future months (when consumption may have rebounded) is at more normal levels,” he said.</p>



<p><em>— CNBC’s </em>Sam Meredith, Pippa Stevens and Eustance Huang<em> contributed to this report.</em></p>



<p>This article was first published on CNBC <a href="https://www.cnbc.com/2020/04/22/billionaire-investor-howard-marks-calls-oil-crash-completely-rational.html">https://www.cnbc.com/2020/04/22/billionaire-investor-howard-marks-calls-oil-crash-completely-rational.html</a> and is republished with its permission.</p>



<p>For more coverage on COVID-19 visit: <a href="https://www.cnbcafrica.com/covid-19/">https://www.cnbcafrica.com/covid-19/</a></p>


A second wave of COVID-19 will have ‘major consequences’ for the oil market, IEA warns

Billionaire Howard Marks calls the global oil crash ‘completely rational’

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<p>AFEX Commodities Exchange says the outlook of the impact of the COVID-19 outbreak on the commodities market is two-faced, with a possibility of simultaneous shocks to production and consumption.</p>


AFEX: COVID-19 could present shocks to production & consumption

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<p>Brent crude futures plummeted further and are currently hovering around $19 a barrel after falling about 10 per cent on increased concerns over a building supply glut and a lack of available storage. Kola Karim, Chairman of Shoreline Group joins CNBC Africa for more.</p>


COVID-19: Why there are no winners in the oil price crash

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<p>Last night South African President Cyril Ramaphosa announced a R500 billion economic recovery stimulus package as a national response to deal with the devastating impact of the Covid-19 pandemic on the country. Joining CNBC Africa to unpack this is Economist, Mike Schüssler.</p>


COVID-19: How will SA fund its R500bn economic stimulus package?

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<p>Old Mutual has announced that it is making R4 billion worth of cover to healthcare workers during COVID-19. The cover will be effective from the 1 April to the end of this year and is intended to provide relief to families of healthcare workers who are of particular vulnerability at the forefront of the fight against COVID-19. Vuyo Lee, Chief Marketing Officer at Old Mutual joins CNBC Africa for more.</p>


How Old Mutual is helping healthcare workers at the forefront of COVID-19 fight

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<p>Sanlam Emerging Markets is stepping up to the fight of curbing the spread and cushioning the impact of the COVID-19 pandemic in Africa and the other international markets that it operates in by Donating R45 million to support COVID-19 initiatives. Heinie Werth, CEO of Sanlam Emerging Markets joins CNBC Africa for more.</p>


Heinie Werth on how Sanlam Emerging Markets is responding to the COVID-19 pandemic

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<p>The COIVD-19 global pandemic is leaving individuals to face the social impact of the pandemic such as unemployment, business closures and pay cuts which are creating huge financial strains on citizens. South Africa is of particular concern with high unemployment rates and a cure needed for economic recovery, CNBC Africa is joined by financial wellness coach Samke Mhlongo, Founder and Chief Executive of The Next Chapter for more on how individuals should be planning in these difficult times.</p>


covid-19

Kenya receives $14mn World Bank support to boost coffee production

Rwanda moves to protect the business community from COVID-19 shocks

FoodFoward SA feeding South Africa’s hungry amid COVID-19 crisis

COVID-19: Nomkhita Nqweni gives update on the Solidarity Fund

Annual Arts Festival goes digital amid the COVID-19 crisis

COVID-19: How the oil price crash impacts Kenya’s economy

How COVID-19 is reshaping the crypto industry

COVID-19: How small businesses in Nigeria can mitigate the impact

Here’s what Ghana is doing to strengthen measures against COVID-19 pandemic

Zipline begins drone delivery of COVID-19 test samples in Ghana

Billionaire Howard Marks calls the global oil crash ‘completely rational’

AFEX: COVID-19 could present shocks to production & consumption

COVID-19: Why there are no winners in the oil price crash

COVID-19: How will SA fund its R500bn economic stimulus package?

How Old Mutual is helping healthcare workers at the forefront of COVID-19 fight

Heinie Werth on how Sanlam Emerging Markets is responding to the COVID-19 pandemic

How should you handle your finances during the COVID-19 crisis?

News Tips

Advertise With Us

covid-19

Kenya receives $14mn World Bank support to boost coffee production

Rwanda moves to protect the business community from COVID-19 shocks

FoodFoward SA feeding South Africa’s hungry amid COVID-19 crisis

COVID-19: Nomkhita Nqweni gives update on the Solidarity Fund

Annual Arts Festival goes digital amid the COVID-19 crisis

COVID-19: How the oil price crash impacts Kenya’s economy

How COVID-19 is reshaping the crypto industry

COVID-19: How small businesses in Nigeria can mitigate the impact

Here’s what Ghana is doing to strengthen measures against COVID-19 pandemic

Zipline begins drone delivery of COVID-19 test samples in Ghana

Billionaire Howard Marks calls the global oil crash ‘completely rational’

AFEX: COVID-19 could present shocks to production & consumption

COVID-19: Why there are no winners in the oil price crash

COVID-19: How will SA fund its R500bn economic stimulus package?

How Old Mutual is helping healthcare workers at the forefront of COVID-19 fight

Heinie Werth on how Sanlam Emerging Markets is responding to the COVID-19 pandemic

How should you handle your finances during the COVID-19 crisis?

News Tips

Advertise With Us

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