<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="599" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/4GHXRPYZUNNKPAB6O64ZIWBJHM-820x599.jpg" alt="" class="wp-image-416466" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/4GHXRPYZUNNKPAB6O64ZIWBJHM-820x599.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/4GHXRPYZUNNKPAB6O64ZIWBJHM-300x219.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/4GHXRPYZUNNKPAB6O64ZIWBJHM-123x90.jpg 123w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/4GHXRPYZUNNKPAB6O64ZIWBJHM-768x561.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/4GHXRPYZUNNKPAB6O64ZIWBJHM-1536x1123.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/4GHXRPYZUNNKPAB6O64ZIWBJHM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>FILE PHOTO: South Africa&#8217;s Ambassador to the UN Mathu Joyini speaks during the 11th emergency special session of the 193-member U.N. General Assembly on Russia&#8217;s invasion of Ukraine, at the United Nations Headquarters in Manhattan, New York City, U.S., March 1, 2022. REUTERS/Carlo Allegri/File Photo</figcaption></figure>



JOHANNESBURG, April 13 (Reuters)&nbsp;&#8211;&nbsp;Western powers seeking to isolate Russia over Ukraine are disappointed at what they see as lukewarm support from African nations at the U.N. general assembly &#8211; where their 54 votes form a bloc large enough to swing resolutions.



The Ukraine war comes at a time of heightened rivalry between the West, China and Russia over Africa&#8217;s natural resources, trade and security ties.



Below are some reasons for the continent&#8217;s divided stance:



<h2 class="wp-block-heading" id="h-hearts-and-minds">HEARTS AND MINDS</h2>



On the day of the invasion, Feb. 24, the African Union unequivocally called on Russia to respect &#8220;the territorial integrity and national sovereignty of Ukraine&#8221;, while Kenya&#8217;s U.N. ambassador, Martin Kimani, spoke for many when he compared Russian aggression to that of Africa&#8217;s former colonial masters.



However, African votes on U.N. resolutions have been mixed, for example on the suspension of Russia from the Human Rights Council: nine African nations voted against, 23 abstained, 11 didn&#8217;t vote and only 11 backed it.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N2W5129&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



While an abstention might look &#8216;pro-Russian&#8217;, Russia has also threatened countries that abstain, underscoring how squeezed would-be neutral parties are.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N2W413B&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



The West has meanwhile stepped up its efforts to vie for African hearts and minds. That could serve the continent well.



&#8220;It makes sense for (the West) to maintain those relationships (with African countries),&#8221; said Cayley Clifford, researcher at the South African Institute of International Affairs. &#8220;This whole conflict &#8230; almost gives Africa the upper hand.&#8221;



<h2 class="wp-block-heading">AFRICA&#8217;S NOT A COUNTRY</h2>



Analysts note that African countries have varying motives when it comes to Russia, so talk of an &#8216;African position&#8217; makes little sense.



&#8220;You can&#8217;t just brush it with one paint. There is no &#8216;African view&#8217;. There are various views based on various historical reasons,&#8221; Comfort Ero, President of the International Crisis Group, said.



Kenya is pursuing a security partnership with the United States against Somalia-based Islamist militants; Nigeria seeks support against Islamic state and Boko Haram; Ghana has sought to deepen U.S. cultural ties by becoming Africa&#8217;s premiere slave heritage tourism destination.



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2022/afreximbank-sets-up-4-bln-trade-fund-to-cushion-against-ukraine-related-shocks/">Afreximbank sets up $4 bln trade fund to cushion against Ukraine-related shocks</a></h3>



Many that do not back the West&#8217;s stance &#8211; like South Africa, Eritrea and Central African Republic &#8211; have close trade and security ties with Russia they don&#8217;t want to jeopardise.



The diplomatic heavyweight least inclined to back the West is South Africa, which went so far as proposing an alternative resolution that didn&#8217;t mention Russia&#8217;s invasion of Ukraine.



South Africa&#8217;s close trade and historical ties with Russia are often invoked, but analysts say it&#8217;s less to do with this &#8211; South Africa trades many times more with NATO countries &#8211; than with its non-aligned ideology, as outlined by Foreign Minister Naledi Pandor in a speech last week.



<h2 class="wp-block-heading">DISILLUSIONMENT</h2>



African countries have long resented being a theatre for distant power struggles happening in faraway capitals.



&#8220;It&#8217;s a feeling that we are where superpowers practise their games,&#8221; said a senior African diplomat. &#8220;How we experience it doesn&#8217;t matter to them. What they care about is their power.&#8221;



On COVID-19, African leaders&#8217; calls for vaccines have fallen on the deaf ears of rich nations with more than enough to spare. Ditto for Africa&#8217;s plea for funds to deal with climate change.



&#8220;When we have a problem, we&#8217;re on our own; when there&#8217;s an &#8216;international problem&#8217;, as defined by the West, then it&#8217;s a global problem&#8230; Everybody treats us like pawns,&#8221; Chris Ogunmodede, associate editor at World Politics Review, said.



For others, a superpower invading a weaker nation on a false pretext has echoes of 2003.



&#8220;They deceived us on Iraq, they told us there are weapons of mass destruction and we &#8230; supported them,&#8221; Uganda&#8217;s Foreign Minister of State Okello Oryem told Reuters, referring to the false claim that Saddam Hussein was developing nuclear weapons to explain why Uganda was being more cautious this time.



Uganda was among just four African states backing the U.S.-led invasion, when President Yoweri Museveni was a close ally.



Relations have since soured. Museveni bristles at Western criticism that he&#8217;s an autocrat, and defence of gay rights &#8211; the kind of moralising that China and Russia don&#8217;t do.



(Additional reporting by Michelle Nichols at the United Nations, Elias Biryabarema in Kampala and Giulia Paravicini; Editing by James Macharia Chege, Kirsten Donovan)

FILE PHOTO: 11th emergency special session of the U.N. General Assembly on Russia’s invasion of Ukraine, in New York City

Why African nations’ support for UN action on Russia/Ukraine is so mixed

DMO to offer ₦141.3bn in T-Bills auction

<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Captains of Industry: Global Hotel Alliance CEO on how COVID has impacted the hospitality industry" width="500" height="281" src="https://www.youtube.com/embed/UtDYjmNJ_r8?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
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Marketer, hotelier and CEO of the world&#8217;s largest alliance of hotel brands speaks about the impact Covid had on the hotel industry, what the new trends are in the tourism sector and his plans to gain more members from the Africa continent. Captains of Industry with Chris Hartley, CEO of the Global Hotel Alliance .

Captains of Industry: Global Alliance Group CEO on how COVID has impacted the hospitality industry

Captains of Industry: Global Hotel Alliance  CEO on how COVID has impacted the hospitality industry

T-Bills market flat ahead of tomorrow’s auction

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="563" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/Z63TKZLGTFLOXPFQ45DXM3R5TE-820x563.jpg" alt="" class="wp-image-416462" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/Z63TKZLGTFLOXPFQ45DXM3R5TE-820x563.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/Z63TKZLGTFLOXPFQ45DXM3R5TE-300x206.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/Z63TKZLGTFLOXPFQ45DXM3R5TE-131x90.jpg 131w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/Z63TKZLGTFLOXPFQ45DXM3R5TE-768x527.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/Z63TKZLGTFLOXPFQ45DXM3R5TE.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Service members of pro-Russian troops ride an armoured vehicle during fighting in Ukraine-Russia conflict near a plant of Azovstal Iron and Steel Works company in the southern port city of Mariupol, Ukraine April 12, 2022. REUTERS/Alexander Ermochenko</figcaption></figure>



LVIV, Ukraine, April 13 (Reuters)&nbsp;&#8211;&nbsp;U.S. President Joe Biden said for the first time that Moscow&#8217;s invasion of Ukraine amounts to genocide, as President Vladimir Putin said Russia would &#8220;rhythmically and calmly&#8221; continue its operation and achieve its goals.



&#8220;Yes, I called it genocide because it has become clearer and clearer that Putin is just trying to wipe out the idea of being able to be Ukrainian and the evidence is mounting,&#8221; Biden told reporters as he prepared to board Air Force One on Tuesday.



Biden has repeatedly called Putin a war criminal, but delivering a speech at an ethanol plant in Iowa earlier on Tuesday the U.S. president escalated his rhetoric to accuse Russia of genocide.



&#8220;We&#8217;ll let the lawyers decide internationally whether or not it qualifies, but it sure seems that way to me.&#8221;



Russia has denied targeting civilians and has said Ukrainian and Western allegations of war crimes are fabricated.



Many towns Russia has retreated from in northern Ukraine were littered with the bodies of civilians killed in what Kyiv says was a campaign of murder, torture and rape.



Interfax Ukraine news agency on Wednesday quoted the Kyiv district police chief saying 720 bodies have been found in the region around the capital, with more than 200 people missing.



The General Headquarters of the Armed Forces of Ukraine said in a Wednesday briefing that Russian forces were maintaining rocket and bomb attacks on civilian infrastructure in the Kharkiv region in the northeast and the Zaporizhzhia region in central Ukraine. Reuters could not verify the reports.



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Moscow&#8217;s nearly seven-week long incursion, the biggest attack on a European state since 1945, has seen more than 4.6 million people flee abroad, killed or injured thousands and left Russia increasingly isolated on the world stage.



The Kremlin says it launched a &#8220;special military operation&#8221; on Feb. 24 to demilitarise and &#8220;denazify&#8221; Ukraine. Kyiv and its Western allies reject that as a false pretext for the invasion.



Putin on Tuesday used his first public comments on the conflict in more than a week to say Russia would &#8220;rhythmically and calmly&#8221; continue its operation, and expressed confidence his goals, including on security, would be achieved.



Ukrainian President Volodymyr Zelenskiy mocked Putin in an early morning address on Wednesday: &#8220;How could a plan that provides for the death of tens of thousands of their own soldiers in a little more than a month of war come about?&#8221;



Putin said that on-off peace negotiations &#8220;have again returned to a dead-end situation for us.&#8221;



The Russian leader frequently seemed to ramble or stammer. Only occasionally did he adopt the icy, confident demeanour that has been his trademark fopr 22 years in power.



Putin, who had been ubiquitous on Russian television in the early days of the war, had largely retreated from public view since Russia&#8217;s withdrawal from northern Ukraine two weeks ago.



Russian forces have failed to capture one major city and have suffered heavy losses since launching an invasion in late February.



Russia&#8217;s appointment of Army General Alexander Dvornikov as commander of the Ukraine war shows how Ukrainian resistance and Russia&#8217;s ineffective pre-war planning is forcing it to reassess its operations, British military intelligence said on Wednesday.



<h2 class="wp-block-heading" id="h-battle-for-donbas-critical">BATTLE FOR DONBAS CRITICAL</h2>



Russia says it now aims to capture more territory on behalf of separatists in two eastern provinces, known as the Donbas, which includes the besieged port of Mariupol.



The assault on the industrial heartland of Donbas sets the stage for a protracted battle that is certain to inflict heavy losses on both sides and will ultimately define the course of the war, analysts said.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N2WA4VA&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Ukraine says tens of thousands of civilians have been trapped inside Mariupol with no way to bring in food or water, and accuses Russia of blocking aid convoys.



As Russia redoubles efforts in the east, Luhansk regional Governor Serhiy Gaidai urged residents to evacuate.



&#8220;It&#8217;s far more scary to remain and burn in your sleep from a Russian shell,&#8221; he wrote on social media.



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2022/ukraine-war-unleashes-battle-for-global-south-hearts-and-minds/">Ukraine war unleashes battle for Global South hearts and minds</a></h3>



Pavlo Kyrylenko, governor of the eastern Donetsk region, said he had seen incident reports on possible chemical weapons use in Mariupol but could not confirm them.



The United States and Britain have said they were trying to verify the reports. The Organisation for the Prohibition of Chemical Weapons (OPCW) said it was closely monitoring the situation.



Chemical weapons production, use and stockpiling is banned under the 1997 Chemical Weapons Convention.



Russia&#8217;s defence ministry has not responded to a Reuters request for comment. Russian-backed separatist forces in the east denied using chemical weapons in Mariupol, the Interfax news agency reported.



The United States is expected to announce $750 million more in military assistance, two officials told Reuters, likely including heavy ground artillery systems to Ukraine, including howitzers, in a sign the war is expected to drag on.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N2WA2AH&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



(Reporting by Steve Holland, DES MOINES, Iowa, Jeff Mason, WASHINGTON and Reuters bureaus; Writing by Michael Perry; Editing by Stephen Coates &amp; Simon Cameron-Moore)

Z63TKZLGTFLOXPFQ45DXM3R5TE

Biden says Russia committing genocide in Ukraine

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="740" height="416" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/01/107005371-1643039437930-gettyimages-1237649604-AFP_9VX32Q.jpeg" alt="" class="wp-image-414841" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/01/107005371-1643039437930-gettyimages-1237649604-AFP_9VX32Q.jpeg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2022/01/107005371-1643039437930-gettyimages-1237649604-AFP_9VX32Q-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/01/107005371-1643039437930-gettyimages-1237649604-AFP_9VX32Q-160x90.jpeg 160w" sizes="auto, (max-width: 740px) 100vw, 740px" /><figcaption>The seal for the International Monetary Fund is seen near the World Bank headquarters (R) in Washington, DC on January 10, 2022.
Stefani Reynolds | AFP | Getty Images</figcaption></figure>



DAKAR, April 12 (Reuters)&nbsp;&#8211;&nbsp;The World Bank said on Tuesday it has signed deals to finance four projects in Senegal worth a total of $495 million to help improve education, electricity, economic development and road access to rural areas.



The West African nation of around 16.7 million, considered lower-middle-income by the World Bank, was hit hard by border closures during the pandemic that affected tourism and delayed oil and gas extractions.



Most of the coastal country was struggling with unemployment even before the coronavirus hit, with jobs and industries concentrated in the capital Dakar and a few other cities.



The World Bank director for Senegal and neighbouring countries, Nathan Belete, announced what he described as a &#8220;record&#8221; funding in a statement.



A project to improve the quality of the education system will be awarded $100 million and benefit over 600,000 students, the bank said.



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Another $45 million will fund a project to help develop the economy of the impoverished southern Casamance region, focusing on rural areas and including the construction infrastructure resistant to the impact of climate change.



The Bank also said that $150 million will be disbursed to improve electricity access across the country, connecting 200,000 households to the grid and improving power services in schools, health facilities, and small and medium enterprises.



The fourth project, worth $200 million, will focus on developing better road links to rural food producing areas in northern and central regions.



Agriculture is Senegal&#8217;s main driver of economic growth, while services remain the biggest contributor to gross domestic product (GDP), the World Bank says.



The pandemic caused its real GDP growth to slow to 1.5% in 2020 from 4.4% a year earlier.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N2SM6P2&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



The economy bounced back to 5% growth in 2021. It is forecast by the International Monetary Fund to accelerate to 5.5% in 2022 and peak at about 10% in 2023-24 with the start of oil and gas production.



(Reporting by Bate Felix; Writing by Sofia Christensen; Editing by James Macharia Chege and Bill Berkrot)

107005371-1643039437930-gettyimages-1237649604-AFP_9VX32Q

World Bank to finance four projects worth $495 million in Senegal

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/64ZH7HNPQNPYPHJMSDJW55C7GA-820x429.jpg" alt="" class="wp-image-416437" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/64ZH7HNPQNPYPHJMSDJW55C7GA-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/64ZH7HNPQNPYPHJMSDJW55C7GA-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/64ZH7HNPQNPYPHJMSDJW55C7GA-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/64ZH7HNPQNPYPHJMSDJW55C7GA-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/64ZH7HNPQNPYPHJMSDJW55C7GA.jpg 1200w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>South African bank notes featuring images of former South African President Nelson Mandela (R) are displayed next to the American dollar notes in this photo illustration in Johannesburg August 13 2014. REUTERS/Siphiwe Sibeko</figcaption></figure>



April 12 (Reuters) – Rand Merchant Bank (RMB) has raised $3 billion in South African sovereign bonds on behalf of the National Treasury, the corporate and investment unit of FirstRand banking group said on Tuesday.



The issuance comes on the heels of Moody’s revising South Africa’s outlook to “stable” from “negative”, saying the country’s improved fiscal outlook would help the government to stabilise its debt burden over the medium term.



The transaction was 2.3 times oversubscribed, issued in two tranches, raising $1.4 billion from 10-year notes with a 5.875% coupon, and $1.6 billion from 30-year notes with a 7.30% coupon, RMB, a joint lead manager in the transaction said.



“The capital raise was particularly successful against a global backdrop of heightened market volatility, falling emerging market bond prices and rising short term interest rates,” Lwandile Nene, senior transactor in RMB’s International Debt Capital Markets team, said in a statement.



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The dollar denominated bonds are rated at investment grade by rating agency Moody’s, while S&amp;P and Fitch place them on junk status and are to be listed on the Luxembourg Stock Exchange.



The bank said it worked with Absa Bank/HSBC and Deutsche Bank/Nedbank consortiums as lead managers.



The National Treasury did not immediately respond to a request for a comment. 



(Reporting by Bhargav Acharya Editing by James Macharia Chege)

64ZH7HNPQNPYPHJMSDJW55C7GA

RMB raises $3 BLN on behalf of Treasury in South African Sovereign Bonds

Why Medical Bills In The U.S. Are Out Of Control

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="740" height="416" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/02/104893268-GettyImages-818871806.jpg" alt="" class="wp-image-415449" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/02/104893268-GettyImages-818871806.jpg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2022/02/104893268-GettyImages-818871806-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/02/104893268-GettyImages-818871806-160x90.jpg 160w" sizes="auto, (max-width: 740px) 100vw, 740px" /><figcaption>Bitcoin on a mound of gold.
bodnarchuk | iStock Editorial | Getty Images</figcaption></figure>



The price of bitcoin stumbled on Monday as investors assessed the risks from rising rates and the potential for more tightening by the Federal Reserve.



Bitcoin last fell 7% to $40,009.78, according to Coin Metrics. Earlier in the day it fell to $39,785.68, falling below the key $40,000 support level for the first time since Mar. 16.



The decline came after the 10-year Treasury yield hit a three-year high of 2.78% Monday. Riskier assets tend to fall when yields rise. On Monday the tech-heavy Nasdaq Composite was down by more than 1%. Though bitcoin should trade independently of the stock market, a correlation between the two has been particularly high in recent months.



<h3 class="wp-block-heading" id="h-read-more-bitcoin-spikes-8-after-apparent-release-of-yellen-statement-on-biden-s-crypto-executive-order">Read more: <a href="https://www.cnbcafrica.com/2022/bitcoin-spikes-8-after-apparent-release-of-yellen-statement-on-bidens-crypto-executive-order/">Bitcoin spikes 8% after apparent release of Yellen statement on Biden’s crypto executive order</a></h3>



“Bitcoin and traditional markets have continued to respond negatively to expectations that the U.S. Fed will tighten its monetary policy to fight inflation, and Tuesday’s CPI release seems to be weighing heavily,” said Riyad Carey, a research analyst at Kaiko. “Globally, the continuing war in Ukraine and increasing shutdowns in China are dragging on markets.”



Carey also noted the market reaction to Terraform Labs buying bitcoin in troves for its stablecoin reserves – it holds about 40,000 bitcoin after buying $175 million worth over the weekend – has “largely played out.” Two weeks ago bitcoin climbed over the $48,000 level, turning positive for the year, as the group behind the Terra stablecoin stepped up its bitcoin buying.



Tokens across the crypto market were lower as well. Ether declined by about 9% along with other platform networks, according to Coin Metrics. Algorand’s ALGO lost more than 9%. Solana’s SOL and Cardano’s ADA were each down by 11%.

104893268-GettyImages-818871806

Bitcoin falls below $40,000 for the first time in almost a month as investors assess global macro risks

<figure class="wp-block-image alignwide size-full"><a href="https://www.pps.co.za/reports/highlights-for-2021"><img loading="lazy" decoding="async" width="740" height="416" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/740-x-416.jpg" alt="" class="wp-image-416433" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/740-x-416.jpg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/740-x-416-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/740-x-416-160x90.jpg 160w" sizes="auto, (max-width: 740px) 100vw, 740px" /></a></figure>



Johannesburg, 12 April 2022 – The Professional Provident Society (PPS Insurance Company), the financial services company focused solely on providing financial solutions for graduate professionals, has ended its 2021 financial year in a favourable position amid an increase in life insurance claims payments in the second year of the COVID-19 pandemic, exceeding anything witnessed in its 80-year history.



While claims reduced operating profit, PPS credits its performance to its ability to stay true to its purpose of assisting professionals in protecting their income and assets and enhancing their financial security. This is a testament to the strength of PPS’s unique mutuality model, which continued to provide a high level of stability in a very unpredictable environment. In 2021, PPS was able to return enormous value to members through meeting claims and making special benefit allocations to the members’ Profit-Share Accounts due to its solid business strategy, fiscal management and long-term investment approach.



“Given the extraordinary events of the past two years, our focus was on paying valid claims. We were able to go further than our competitors were able to. This allowed us to assist our members as much and as fairly as possible,” says Izak Smit, PPS Group CEO.



“In 2021, the Group paid R6.1 billion in total benefits to members, up 27% from the R4.8 billion in 2020. With PPS’s strong balance sheet and solvency ratio, we were able to absorb this increase (excluding investment returns) without dipping into negative territory” adds Smit.&nbsp;



Sickness and Life claims amounted to R4.3 billion in 2021, up 36% on the R3.1 billion in 2020. Of this, PPS paid almost 12 000 COVID-19-related claims – or one in 12 members – amounting to R1.4 billion. There were 11&nbsp;587 COVID-19 sickness claims at R424 million in total. COVID-19 death claims at 193 totalled R975 million in 2021.



Commenting on the performance, Smit says: “Although the claims increased, PPS was still able to allocate R5.5 billion as Profit-Share to our members with qualifying products this year (R2.2&nbsp;billion in 2020). Contributing to this was a great year in the investment markets where our assets performed brilliantly. At PPS, we follow a well-diversified and long-term approach in our investment strategy. This long-term view is a competitive investment edge for PPS. Like a good financial adviser would caution, it is important to remember that past performance is no guarantee of future results.”



Smit adds that new business is the lifeblood of a life assurance business, with the annual premium income of new business written in 2021 in South Africa and Namibia increasing by 23%.



The Group’s insurance gross earned premiums was up 4.7% on the R5.1 billion of 2020. The financial impact of the second and third waves of COVID-19 was felt in 2021. The effects of the third wave came through in the claims experience in the third and fourth quarters of 2021.



All the subsidiaries showed good growth. PPS Investments, which reached its 15-year milestone, has grown into a significant business, recording another excellent year. Gross new investment flows to PPS Investments were R7.1 billion. Surplus before interest and tax of R103 million was up 57% in 2021 This growth is due to fiscal discipline in expense management, good new business and individual fund performance.



We believe in innovating according to the evolving needs of graduate professionals to bolster their benefits and savings capabilities across product portfolios. We are passionate about investing in developing the next generation of professionals who will have a profound impact on South Africa’s future.



Through the University Support, Bursary, Graduate Development and the Learned, Engaged, Accelerated Professionals Work-Readiness (LEAP) &nbsp;programmes, the PPS Foundation makes career journeys a reality.



Looking ahead, Smit says:



“PPS remains in a strong financial position to honour future long-term commitments to our members. We continue to be grateful to our employees and members for their loyalty and our financial adviser network for their immense contribution. There can be no doubt that our shared resilience is what has guided our actions and decisions in supporting and returning value to our members”.



Ends



About PPS



PPS boasts in excess of 150 000 members who enjoy access to a comprehensive suite of financial and healthcare products that are specifically tailored to meet the needs of graduate professionals.



PPS is the largest South African company of its kind, exclusively for graduate professionals, that still embraces an ethos of mutuality, which means that it exists solely for the benefit of its members. Thus, PPS members with qualifying products from PPS Insurance, PPS Investments, PPS Short-Term Insurance and Profmed share in the profits of PPS Insurance, PPS Investments, PPS Short-Term Insurance and PPS Healthcare Administrators via annual allocations to the unique PPS Profit-Share Account. PPS membership provides access to the following tried, tested and trusted products and services: PPS Life Insurance, PPS Short-Term Insurance, PPS Financial Advisory, PPS Investments and Profmed Medical Scheme. Visit www.pps.co.za for more information.&nbsp;



PPS is a licensed insurer conducting life insurance business, a licensed controlling company and an authorised FSP.

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PPS ENDS YEAR POSITIVELY DESPITE INCREASED CLAIMS IN YEAR TWO OF PANDEMIC

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/XMLGGTXX2ZMPXGKFLCTUVP6EHA-820x547.jpg" alt="" class="wp-image-416422" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/XMLGGTXX2ZMPXGKFLCTUVP6EHA-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/XMLGGTXX2ZMPXGKFLCTUVP6EHA-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/XMLGGTXX2ZMPXGKFLCTUVP6EHA-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/XMLGGTXX2ZMPXGKFLCTUVP6EHA-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/XMLGGTXX2ZMPXGKFLCTUVP6EHA.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>A protester marches during a rally against military rule following coup in Khartoum, Sudan. February 10, 2022. Reuters/Mohamed Nureldin Abdallah/File Photo</figcaption></figure>



KHARTOUM, April 11 (Reuters)&nbsp;&#8211;&nbsp;Crowds of Sudanese protesters gathered in parts of the capital and other Sudanese cities on Monday, the third anniversary of Omar al-Bashir&#8217;s ouster to protest the prospect of renewed military rule.



Bashir was ousted after three decades in power by a group of his top generals, who later entered into a power-sharing government with the civilian groups that had led months of protests in 2019.



That arrangement ended on Oct. 25 when the same military leaders, led by General Abdel Fattah al-Burhan, staged a coup, which has plunged the country into economic and political turmoil.



&#8220;Bashir&#8217;s downfall did not mean a final victory for the revolution, because Burhan is a continuation of his regime,&#8221; said 38-year-old protester Ahmed Ibrahim. &#8220;We will bring down the military peacefully and democracy is Sudan&#8217;s future,&#8221; he told Reuters at a Khartoum protest.



<h3 class="wp-block-heading" id="h-read-more-sudan-s-burhan-says-army-ousted-government-to-avoid-civil-war">Read more: <a href="https://www.cnbcafrica.com/2021/sudan-internet-cuts-complicate-civil-disobedience-campaign-against-coup/">Sudan’s Burhan says army ousted government to avoid civil war</a></h3>



Protesters blocked main roads, burning tires, banging drums, and chanting revolutionary poems.



Protests against the coup have taken place despite a security crackdown that has claimed the lives of 94 people and injured thousands, as well as climbing temperatures and Ramadan fasts.



Khartoum protesters broke their day-long fasts in the street, as they did in major protests last week, and numbers swelled after sunset.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N2W42JO&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Protests were also seen in other major cities, including Bahri, Omdurman, Port Sudan, Madani, and El Obeid.



The military says the coup was a necessary corrective measure. Reuters reported last week that a deal was under consideration between the military and some political groups to bypass opposition parties and set up a new government.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N2W334F&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



(Reporting by Khalid Abdelaziz, writing by Nafisa Eltahir; Editing by Howard Goller)

XMLGGTXX2ZMPXGKFLCTUVP6EHA

Sudanese protesters mark third anniversary of Bashir’s ouster with fresh protests

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="357" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg" alt="" class="wp-image-400669" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1-300x175.jpg 300w" sizes="auto, (max-width: 612px) 100vw, 612px" /><figcaption>World map with charts and graphs as symbols of global finance</figcaption></figure>



NAIROBI, April 12 (Reuters) – The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday. 



<h2 class="wp-block-heading" id="h-events">EVENTS: </h2>



Uganda’s central bank is due to release its benchmark rate for the next two months. The rate was left unchanged at 6.5% at the last monetary policy committee meeting. 



<h2 class="wp-block-heading">GLOBAL MARKETS </h2>



Asian shares were down while the U.S. dollar held strong on Tuesday, as Treasury yields spiked to a three year high ahead of U.S. inflation data which could foreshadow even more aggressive interest rate hikes from the Federal Reserve. 



<h2 class="wp-block-heading">WORLD OIL PRICES </h2>



Oil futures rose early on Tuesday, reversing sharp losses from the prior day, as the market weighed the potential for more sanctions on Russia’s energy sector and OPEC warned it would be impossible to increase output enough to offset lost supply. 



<h2 class="wp-block-heading">SOUTH AFRICA MARKETS</h2>



The South African rand advanced on Monday, supported by higher precious metals prices and shrugging off weaker-than-expected manufacturing numbers. 



<h2 class="wp-block-heading">KENYA MARKETS </h2>



The Kenyan shilling was steady on Monday although demand for dollars from firms in manufacturing and energy sectors was likely to cause further depreciation, traders said. 



<h2 class="wp-block-heading">NIGERIA POLITICS </h2>



Nigerian vice president Yemi Osinbajo said on Monday he wanted to run for president next February on the ruling All Progressives Party ticket but faces a challenge from another party stalwart who said he also wanted to join the race. 



<h2 class="wp-block-heading">BURKINA FASO MINING </h2>



Russia’s Nordgold is shutting down its Taparko mine in Burkina Faso and calling force majeure citing the deteriorating security situation in the West African country, according to a company statement seen on Monday. 



<h2 class="wp-block-heading">GHANA BONDS </h2>



Ghana plans to issue 24 billion cedi ($3.24 billion) in bonds in second quarter according to a government debt issuance calendar published by the central bank.

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on April 12

Africa’s Business Heroes EP3:  The Winner is Crowned

EU seeks OPEC oil output increase

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="780" height="511" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/download-36.jpg" alt="" class="wp-image-415843" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/download-36.jpg 780w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/download-36-300x197.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/download-36-137x90.jpg 137w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/download-36-768x503.jpg 768w" sizes="auto, (max-width: 780px) 100vw, 780px" /><figcaption>FILE PHOTO: A serviceman of pro-Russian militia walks nest to a military convoy of armed forces of the separatist self-proclaimed Luhansk People&#8217;s Republic (LNR) on a road in the Luhansk region, Ukraine February 27, 2022. REUTERS/Alexander Ermochenko</figcaption></figure>



LONDON, April 11 (Reuters)&nbsp;&#8211;&nbsp;As Russian troops fought in Ukraine last month and the West sought global support for sanctions against the Kremlin, South African left-wing firebrand Julius Malema told a crowd he and his supporters would never turn on Russia after its support in the fight against apartheid.



Russian President Vladimir Putin’s invasion of Ukraine has intensified a global battle for influence that may prove as important as the fighting. It is a confrontation that has seen the Kremlin look to exploit historic relations with emerging states, while the United States and its allies have sometimes struggled to win over the Global South.



The Kremlin has long worked to cement relations with fellow emerging economies of Brazil, India and China, dubbed the BRICs in 2001 by Goldman Sachs. South Africa was formally invited to join that group in 2010, with current president Cyril Ramaphosa echoing recent Russian talking points in blaming the Ukraine war in part on NATO’s eastward growth.



On March 30, Russian Deputy Foreign Minister Sergei Ryabkov told Russia’s RT television the BRICS would &#8220;be at the centre of a new world order&#8221; after the war was over. Russian media say U.S. attempts to persuade developing nations to join sanctions against Moscow will backfire.



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2022/russias-isolation-intensifies-as-ukraine-fighting-rages/">Russia’s isolation intensifies as Ukraine fighting rages</a></h3>



The reality is more complex – particularly amid growing evidence of casualties in Ukraine and targeting of civilian areas. Balanced against that, however, are years of long-running resentment against Western nations, from the invasion of Iraq to support for repressive regimes and trade policies seen as fuelling hardships.



It is a trend that extends beyond the BRICS across the developing world, with widespread scepticism of the West long a part of China’s game plan as it grows its economic and political power there. Russia is looking to exploit that further.



The realities of the Ukraine war, however, are also having an effect. On Thursday, the UN General Assembly voted to evict Russia from the UN Human Rights Council, a significant victory for Ukraine, the United States and European allies. Brazil, India and South Africa were among those nations to abstain despite Russian pressure for a “no” vote, while China voted against.



<h2 class="wp-block-heading">DIVIDED SOCIAL MEDIA</h2>



According to Mahmoud Pargoo, research fellow at the Alfred Deacon Institute in Melbourne, nearly 12 percent of Arabic language Twitter posts discussing Russia and Ukraine between Feb. 22 and March 15 also mentioned Syria, Yemen, Iraq, Afghanistan or the Palestinian conflict, often alleging some form of Western double standards.



A March poll by the Palestinian Centre for Policy and Survey Research found 43 percent of Palestinians blamed Russia for the war with Ukraine, compared with 40 percent who blamed Ukraine. However, 57 percent said they believed Western states applied different standards to judge a conflict in Europe compared to that between Israel and the Palestinians.



In Pakistan and Sri Lanka, the food and fuel price spike caused by disruptions to grain and energy supplies is already yielding an economic and political crisis. With both countries increasingly aligned to China, that has produced criticism of the West – but also allegations that recent problems are down to Russia’s military actions and mounting debts to Beijing.



Increasingly blocked from Western internet and TV audiences since the invasion, Russian outlets have been keen to access and fuel these conversations, particularly building on an already strong reach in the Americas. RT en Español has 3.5 million followers on Twitter and 18 million on Facebook, more than their English language RT equivalents.



According to the Atlantic Council think tank&#8217;s Digital Forensics Research Lab, RT en Español and the also Russian state-owned Spanish-language Sputnik Mundo were among the 15 most-shared domains for Spanish posts about the invasion on Twitter, often amplifying Russian conspiracy theories such as that recent massacres were faked by Ukraine.



Analysis by British think tank Demos suggests Russia may have deliberately attempted to influence social media conversations in multiple languages across the developing world, tracking hundreds of Twitter accounts whose activity intensified on either Feb. 24 – invasion day – or March 3, with a crucial UN vote. Most delivered a mixture of retweeted anti-Western and anti-colonialist content with pro-Russia and pro-invasion material.



<h2 class="wp-block-heading" id="h-targeting-nationalist-leaders">TARGETING NATIONALIST LEADERS</h2>



Identified feeds were in multiple languages including Urdu, Sindhi and Farsi. Others were embedded in networks supportive of Indian Prime Minister Narendra Modi and his Hindu Nationalist&nbsp;Bharatiya Janata Party&nbsp;and those of former South African President Jacob Zuma, who like his protégé Malema has been an outspoken supporter of Putin throughout the war.



In India, the war has exposed divisions between older and more right-wing Hindu nationalist demographics more likely to have sympathies with Moscow – in part because of its Cold War support for New Delhi – while younger elements are more likely to back Ukraine.



Diplomatic attention on New Delhi has also been intense. Last week, U.S. Deputy National Security Adviser for International Economics Daleep Singh became the latest senior official to visit India, following in the footsteps of Russian Foreign Minister Sergei Lavrov, British Foreign Secretary Liz Truss and U.S. Under Secretary of State for Political Affairs Victoria Nuland.



Normally a major buyer of Russian arms but not crude oil, India has made it clear it wishes to continue trading with Moscow despite Western sanctions, reportedly buying up oil cargoes at a major discount. But it has not been immune to sanctions – Air India last week announced it was stopping flying to Moscow because it could no longer get insurance.



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2022/ukraine-ready-to-discuss-adopting-neutral-status-in-russia-peace-deal-zelenskiy/">Ukraine ready to discuss adopting neutral status in Russia peace deal – Zelenskiy</a></h3>



Brazil’s government has also been under pressure, including from within its political establishment. A week before the invasion, President Jair Bolsonaro visited Putin in Moscow, saying that the two nations stood in “solidarity” and praising the Russian leader.



Days later, Vice President Hamilton Mourao denied Brazil could remain “neutral” and that it would support Ukraine’s sovereignty, angering the president. On April 6, Brazil’s Foreign Ministry said the nations stood “in solidarity” with civilians killed in Bucha on the outskirts of Kyiv, although it stopped short of blaming Russia.



On Friday, U.S. President Joe Biden made his latest call to South Africa’s Ramaphosa, again pressuring him to join a united front on Ukraine. On Sunday, Ramaphosa told a political rally the tone of the call was “warm” – but there was no shift in policy. The battle for international influence is very far from over, and Washington can ill afford to overplay its hand.



*** Peter Apps is a writer on international affairs, globalisation, conflict and other issues. He is the founder and executive director of the Project for Study of the 21st Century; PS21, a non-national, non-partisan, non-ideological think tank. Paralysed by a war-zone car crash in 2006, he also blogs about his disability and other topics. He was previously a reporter for Reuters and continues to be paid by Thomson Reuters. Since 2016, he has been a member of the British Army Reserve and the UK Labour Party.



(Editing by Nick Macfie)

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Ukraine war unleashes battle for Global South hearts and minds

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="426" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/download-41.jpg" alt="" class="wp-image-416399" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/download-41.jpg 640w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/download-41-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/download-41-135x90.jpg 135w" sizes="auto, (max-width: 640px) 100vw, 640px" /><figcaption>Pedestrians walk in front of Ghana&#8217;s central bank building in Accra, Ghana, November 16, 2015. REUTERS/Francis Kokoroko/File Photo</figcaption></figure>



ACCRA, April 11 (Reuters) &#8211; Ghana plans to issue 24 billion cedi ($3.24 billion) in bonds in second quarter according to a government debt issuance calendar published by the central bank.



It said 20 billion cedi would be used to roll over maturing bonds, while the remaining 4.5 billion is fresh issuance to meet the government&#8217;s financing requirements.



Ghana&#8217;s economy is currently facing a raft of financial woes including rampant inflation, a depreciating currency and a heavy debt burden.



Its credit ratings have recently been downgraded for reasons including concerns for the country&#8217;s access to international capital markets.



The calendar showed that the government plans to issue 91-day and 182-day treasury bills weekly, while 364-day treasury bills will be issued every two weeks.



Two- and six-year debt will be issued through the book-building method, it showed.



This is a developing story&#8230;



(Reporting by Christian Akorlie and Cooper InveenEditing by Bate Felix)

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Ghana to issue $3.24 billion in bonds in second quarter, central bank says

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