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At a bitcoin conference on Thursday, billionaire venture capitalist Peter Thiel said Warren Buffett tops an “enemies list” of people who are trying to stop the cryptocurrency.



“Enemy number one,” Thiel said to a booing Miami crowd, is “the sociopathic grandpa from Omaha.” Buffett’s Berkshire Hathaway is based in Omaha, Neb.



Thiel, who by 2018 had reportedly amassed hundreds of millions of dollars worth of bitcoin through venture firm Founders Fund, also called out JPMorgan CEO Jamie Dimon and BlackRock CEO Larry Fink. Thiel presented large graphics with images of the two financial executives and their bearish comments about bitcoin.



The images all contained the word “gerontocracy.” About Dimon, Thiel said his views are part of “the New York City banker bias.” 



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="405" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/104352405-GettyImages-464620582.jpg" alt="" class="wp-image-416367" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/104352405-GettyImages-464620582.jpg 720w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/104352405-GettyImages-464620582-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/104352405-GettyImages-464620582-160x90.jpg 160w" sizes="auto, (max-width: 720px) 100vw, 720px" /><figcaption>Peter Thiel VCG/VCG | Getty Images</figcaption></figure>



Thiel held up a headshot of Buffett with the words “rat poison” on it, referring to the time the Berkshire CEO dismissed bitcoin using that phrase. Another quote from Buffett read, “I don’t own any and I never will.” Earlier this year, Berkshire invested $1 billion in Brazil’s Nubank, an online bank that’s popular among crypto investors.



The Miami tirade is Thiel’s latest and boldest public attack on the people he sees as standing in the way of bitcoin’s progress.



“This is what we have to fight for bitcoin to go 10x or 100x from here,” Thiel said.



underpinning the cryptocurrency, but feel the need to take down bitcoin and its legitimacy.



<h3 class="wp-block-heading" id="h-read-more-cryptocurrencies-tumble-with-bitcoin-falling-8-and-ether-down-9-in-the-last-24-hours">Read more: <a href="https://www.cnbcafrica.com/2022/cryptocurrencies-tumble-with-bitcoin-falling-8-and-ether-down-9-in-the-last-24-hours/">Cryptocurrencies tumble, with bitcoin falling 8% and ether down 9% in the last 24 hours</a></h3>



“When they choose not to allocate to bitcoin, that’s a deeply political choice,” said Thiel, a prominent backer of Republican politicians, most notably former President Donald Trump. Buffett, Thiel said, invests in a “list of woke companies.”



At one point, Thiel presented a colorful photo of Miami next to the word “youth.”



“We need to say, you know, you have to get on board with this,” he said.



A representative from Berkshire Hathaway didn’t immediately respond to a request for comment, and a JPMorgan spokesperson declined to comment for this story.



A BlackRock spokesperson pointed CNBC to comments Fink made in his letter to shareholders last month. He wrote that Russia’s invasion of Ukraine could accelerate adoption of digital currencies, and said “a global digital payment system, thoughtfully designed, can enhance the settlement of international transactions while reducing the risk of money laundering and corruption.”

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Peter Thiel calls Warren Buffett a ‘sociopathic grandpa from Omaha’ and bitcoin’s ‘enemy number one’

Harnessing Africa’s Spirit of Innovation for Growth

Market liquidity up by ₦115bn

<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/Visa-Innovation-SSA-1-820x547.jpg" alt="" class="wp-image-416361" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/Visa-Innovation-SSA-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/Visa-Innovation-SSA-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/Visa-Innovation-SSA-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/Visa-Innovation-SSA-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/Visa-Innovation-SSA-1-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/Visa-Innovation-SSA-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>L-R &nbsp;Corine Mbiaketcha, Vice President and General Manager, East Africa; DR. Patrick Njoroge, Governor, Central Bank of Kenya; Andrew Torre, Regional President, CEMEA, Visa; Aida Diarra, Senior Vice President and Head of Sub-Saharan Africa, Visa and Otto Williams, Senior Vice President, Head of Digital Partnerships &amp; Solutions, CEMEA Visa, at the launch of Visa’s Innovation Studio for Sub-Saharan Africa in Nairobi on Wednesday.</figcaption></figure>



Over the last decade, Visa has had &nbsp;a strong focus in collaborating with key players across the payments landscape to enable access to digital payments. Visa has also continued to partner with leading players in Sub-Saharan Africa including fintechs, neo banks and wallets to enable new payment experiences across the region.



Throughout the challenges of the last two years, the importance of the right innovations at the right time has never been clearer. Today’s opening of Visa’s Innovation Studio in Nairobi, Kenya, marks the continuation of Visa’s effort to empower fintechs, clients and partners develop the right innovations for them now and in the coming decades.



The Innovation Studio will &nbsp;also help Visa to accelerate the co-creation process and fast track the market readiness of innovation payment solutions.&nbsp; Businesses in Sub-Saharan Africa have been leading the way in introducing new methods of paying, and being paid, by harnessing innovative technologies. Ideas to expand the growth of popular functions such as Tap to Phone and Pay on Delivery will be explored at the Innovation Studio alongside the ongoing development of cutting-edge smarter payment solutions that leverage the blockchain, IoT, VR and biometrics.



Visa started with only a couple of innovation centres. One of the first was in San Francisco. Now, there are six innovation centres around the Visa network and it really shows the power of this model. Each centre has highly specialized teams of designers, developers, product managers and technical experts who are building the future of payments with our partners.



”Sub-Saharan Africa is home to a thriving community of start-ups, incubators and accelerators. The Innovation Studio in Nairobi is a realization of our vision to be an engine of commerce and to provide individuals, businesses and economies access to the financial services they need to thrive,” says Aida Diarra, Senior Vice President and Head of Sub-Saharan Africa at Visa.



The Centre opened its doors on the 6th of April 2022 and has already welcomed clients and partners with a unique human-centric design based around the principles of shared knowledge to help Visa’s network of businesses overcome some of the biggest challenges while uncovering new commercial avenues of opportunity.



To commemorate this historic millstone, Kenya’s Central Bank Governor attend the opening event and shared his excitement over the new SSA Innovation Studio. He spoke about his passion for innovation and the role of co-creation in developing solutions to suit the development of nations across Sub-Saharan Africa. The Governor also signed a plaque to commemorate the official opening of the innovation studio. For more information about SSA Innovation Studio, please connect with <a href="mailto:oetyang@visa.com">Olivia Etyang</a>, Head of Innovation Studio, SSA.

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Visa’s Innovation Studio in Nairobi set to Incubate the Next Generation of Commerce Experiences in Africa

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="484" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/BYYJJINYJBOSTHPHXYL6KBXAQ4-820x484.jpg" alt="" class="wp-image-415655" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/BYYJJINYJBOSTHPHXYL6KBXAQ4-820x484.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/BYYJJINYJBOSTHPHXYL6KBXAQ4-300x177.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/BYYJJINYJBOSTHPHXYL6KBXAQ4-153x90.jpg 153w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/BYYJJINYJBOSTHPHXYL6KBXAQ4-768x453.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/BYYJJINYJBOSTHPHXYL6KBXAQ4-1536x906.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/BYYJJINYJBOSTHPHXYL6KBXAQ4-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>FILE PHOTO: Russian Rouble and U.S. Dollar banknotes are seen in this illustration taken, February 24, 2022. REUTERS/Dado Ruvic/Illustration</figcaption></figure>



JOHANNESBURG/BENGALURU, April 8 (Reuters) &#8211; Most emerging market currencies will continue to struggle against the mighty dollar over the coming year as the U.S. Federal Reserve finally delivers expected aggressive policy tightening, according to a Reuters poll of FX strategists.



Central banks in emerging market economies have been bracing for this for months by hiking their benchmark interest rates. But the actual moment when the Fed delivers half-point rate increases and rapid balance sheet reduction still matters.



Minutes from the Fed&#8217;s March meeting showed officials had generally agreed to trim the central bank&#8217;s balance sheet by $95 billion a month, providing a major boost to the greenback which was already riding high.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N2W41S3&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



The latest Reuters poll of over 50 currency strategists showed nearly all developing market currencies would weaken over the coming 12 months.



Even currencies which have been dragged higher by the ongoing commodity cycle and their respective central banks&#8217; policy tightening, like the Brazilian real&nbsp;BRL=&nbsp;and the South African rand&nbsp;ZAR=D3, were forecast to give up about half of those gains in a year.



These currencies have gained about 18% and 9% respectively so far in 2022.



The Mexican peso &#8211; a classic emerging market foreign exchange hedge — is expected to lose more than three times its gains for this year in 12 months.



&#8220;In the face of imminent sharp Fed hikes and with U.S. yields moving rapidly higher, the resilience of EMFX remains somewhat surprising,&#8221; noted Paul Meggyesi, head of FX strategy at JPMorgan.



&#8220;A particular risk to EMFX is that as the Fed starts to deliver rate hikes, further upside in U.S. yields could be primarily driven more by real yields than breakeven inflation&#8221;



Meggyesi added this has historically been negative for emerging market currencies.



<h3 class="wp-block-heading" id="h-read-more-fx-markets-in-for-bumpy-ride-over-next-three-months">Read more: <a href="https://www.cnbcafrica.com/2022/fx-markets-in-for-bumpy-ride-over-next-three-months/">FX markets in for bumpy ride over next three months</a></h3>



While most emerging market currencies have managed to escape the onslaught of the Fed&#8217;s policy tightening relatively unscathed, the Russian rouble and the Turkish lira were notable exceptions.



The rouble, which fell by half in the past month and hit an all-time low of 150 per dollar after Russia&#8217;s invasion of Ukraine, was expected to weaken over 15% to 94.2 per dollar in a year from 78.5 presently.



The Russian currency is driven by export-focused companies selling foreign currency and low activity of importers. But analysts warned the recent rouble rally won&#8217;t last.



&#8220;(The recent gain) is not the true reflection of the fundamental situation in Russia. The economy is expected to contract very sharply and inflation is going to become more elevated, which over the longer term should be more consistent with a weaker rouble,&#8221; said Lee Hardman, currency analyst at MUFG.



Hardman said the situation for the Turkish lira wasn&#8217;t very different.



&#8220;They (the government) are intervening to support the lira but they&#8217;re not going down the kind of draconian measures like capital controls we see in Russia.&#8221;



The lira, which weakened 44% last year, was forecast to plunge another 15% to 17.27 per dollar in a year as it grapples with rampant inflation that hit a 20-year high of 61.14% in March.



China&#8217;s tightly controlled yuan was predicted to depreciate 1.4% to 6.45 per dollar in a year as analysts warned that a shrinking yield gap between Chinese and U.S. 10-year government bonds could trigger capital outflows.



Elsewhere in Asia, the Philippine peso and the Indian rupee were set to weaken between 1%-3%.



(For other stories from the April Reuters foreign exchange poll:&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL3N2W420F&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>)



(Reporting by Vuyani Ndaba in JOHANNESBURG and Vivek Mishra in BENGALURU; Polling by Devayani Sathyan and Md Manzer Hussain; Editing by Ross Finley and Bernadette Baum)

FILE PHOTO: Illustration shows Russian Rouble and U.S. Dollar banknotes

No peace for emerging market currencies as mighty U.S. dollar reigns

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/26020842807_c49de5f57b_o-820x547.jpg" alt="" class="wp-image-416351" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/26020842807_c49de5f57b_o-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/26020842807_c49de5f57b_o-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/26020842807_c49de5f57b_o-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/26020842807_c49de5f57b_o-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/26020842807_c49de5f57b_o-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/26020842807_c49de5f57b_o-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Photo: via IWMI/CGIAR on Flickr</figcaption></figure>



As Africa enters a critical decade, with the clock ticking on the UN’s Sustainable Development Goals for 2030, the multiple threats to the continent’s food, land and water systems are undermining efforts to reduce hunger, malnutrition and poverty.



The challenges Africa faces are increasingly connected to the rest of the world. History tells us that increased food insecurity can start and prolong&nbsp;<a href="https://www.nationalgeographic.org/article/hunger-and-war/" target="_blank" rel="noreferrer noopener">wars</a>,&nbsp;spark&nbsp;<a href="https://oxford.universitypressscholarship.com/view/10.1093/acprof:oso/9780199679362.001.0001/acprof-9780199679362-chapter-14" target="_blank" rel="noreferrer noopener">revolution</a>&nbsp;and reverse economic development, all of which is made more likely by the impact of the pandemic, climate change and civil strife. Africa urgently needs a path forward that meets major threats to food, land and water systems with commensurate science, technology and innovation.



In a mutually beneficial manner, Africa is as important to&nbsp;<a href="https://www.cgiar.org/" target="_blank" rel="noreferrer noopener">CGIAR</a>,&nbsp;the world’s largest publicly funded agricultural research partnership,&nbsp;as CGIAR is to Africa. For more than five decades,&nbsp;CGIAR has made huge contributions to shaping the science behind Africa’s agricultural development. The institutional reforms and the strengthening of Africa’s research capacities over the same timeframe have been phenomenal.



While Africa may appear to be&nbsp;<a href="https://www.fao.org/publications/sofi/2021/en/" target="_blank" rel="noreferrer noopener">losing ground</a>&nbsp;in meeting its targets for food and nutrition security, the current scenario would be far more desperate without the impact and influence of CGIAR. Breakthroughs in upstream science including genetics, agronomy and environmental and resource management are helping farming communities better cope with today’s extreme conditions and unpredictability.



To build on this life-saving legacy and stay relevant to an Africa facing new and ever more complex challenges, CGIAR must continue to evolve. The transition to One CGIAR is a once-in-a-generation opportunity to transform CGIAR so it can deliver the science and innovations needed to build a food-secure future in Africa and beyond. There is an absolute necessity to continuously counter known and unknown shocks to the agrifood system whenever they are encountered. Farmers and all stakeholders must remain equipped with appropriate technologies and policy instruments to meet these challenges head on. The One CGIAR transition offers such clear benefits in reducing biotic and abiotic stressors.



From an organizational change point of view, integrating CGIAR’s governance into a more unified system provides a single entry-point for engagement and clear mechanisms to respond to locally relevant opportunities, priorities and needs – something long demanded by funders and country partners alike. In this context, while research and innovation work is carried out, as before, in a decentralized way, administration and management become streamlined in a way that engenders efficiency of resource utilization. In addition, the One CGIAR transition also aims to double current funding, unlocking more investment for its work and partners in priority regions, half of which cover Africa. In 2021, close to USD$1 billion was pledged to CGIAR by funders, a major vote of confidence in the reform.



At the same time, the drivers of Africa’s food insecurity are multi-dimensional, which means that understanding the specificities of Africa is crucial for the successful implementation, application and unpacking of the One CGIAR reform in Africa. With&nbsp;around half of the countries in which CGIAR works in Africa and with four One CGIAR research centres headquartered on the continent,&nbsp;One CGIAR can only be a success if it is a success in and for Africa.



Transformational change on the scale needed can only be delivered in the context of transdisciplinary partnerships with national, regional research and donor partners. With this in mind,&nbsp;the African Development Bank (AfDB) and&nbsp;FARA recently brought together the African Union Commission, regional economic communities (RECs) and representatives of agricultural research for development institutes, with CGIAR, at a meeting in Abidjan to ensure that the necessary One CGIAR reforms reflect the needs of African farmers.



In the space between the Abidjan meeting and high-level consultations planned in Dakar in May, there is great hope for the elaboration of a consensus position on the direction for food science and innovation coordinated by the African Union Commission, AfDB and FARA as part of&nbsp;<a href="https://www.cgiar.org/news-events/news/cgiar-to-launch-advisory-panel-and-consultations-to-boost-partner-engagement/" target="_blank" rel="noreferrer noopener">ongoing consultations</a>, CGIAR can move forward in its reforms with confidence.



Transforming Africa’s food systems can only be achieved as a joint effort. That is why&nbsp;CGIAR is embracing the opportunity and invitation to&nbsp;<a href="https://www.cgiar.org/news-events/news/cgiar-to-launch-advisory-panel-and-consultations-to-boost-partner-engagement/" target="_blank" rel="noreferrer noopener">boost its engagement</a>&nbsp;with its country and regional partners.&nbsp;Its&nbsp;<a href="https://storage.googleapis.com/cgiarorg/2022/04/CGIAR-System-Board-Communique-Retreat-26-27-March-202274.pdf" target="_blank" rel="noreferrer noopener">leadership is committed</a>&nbsp;to&nbsp;ensuring that the perspectives of all its partners are meaningfully reflected in the One CGIAR transition and future, leveraging shared history and relationships to respectfully build on the important legacy of the first fifty years.



Ultimately, people do not survive on MoUs or partner agreements, they survive on functioning food systems that provide safe, sustainable and equitable diets and livelihoods. As leading agricultural research organisations, whose success depends on country and regional partnerships, CGIAR and FARA are unwavering in their pursuit of a united and successful way forward for Africa.



Dr. Yemi Akinbamijo, Executive Director of the Forum for Agricultural Research in Africa (FARA) Dr. Claudia Sadoff,&nbsp;Managing Director, Research Delivery and Impact of the&nbsp;CGIAR&nbsp;System Organization (CGIAR)

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Transforming Africa’s food systems is a joint enterprise

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Russia And Ukraine’s Conflict Over Natural Gas Explained

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="549" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/6P3A4A5Y3FPCBIXZTKFUXZLSHM-820x549.jpg" alt="" class="wp-image-416341" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/6P3A4A5Y3FPCBIXZTKFUXZLSHM-820x549.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/6P3A4A5Y3FPCBIXZTKFUXZLSHM-300x201.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/6P3A4A5Y3FPCBIXZTKFUXZLSHM-134x90.jpg 134w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/6P3A4A5Y3FPCBIXZTKFUXZLSHM-768x514.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/6P3A4A5Y3FPCBIXZTKFUXZLSHM.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>The lignite (brown coal) power plant complex of German energy supplier and utility RWE is reflected in a large puddle in Neurath, northwest of Cologne, Germany, February 5, 2020. REUTERS/Wolfgang Rattay/</figcaption></figure>



LONDON, April 6 (Reuters) – European buyers are increasing shipments of coal from across the globe against a backdrop of a proposed European Union ban on Russian imports and the scramble to relieve tight gas supplies, according to data and shipping sources.



The European Commission on Tuesday proposed new sanctions against Moscow over its invasion of Ukraine, including a ban on buying Russian coal and on Russian ships entering EU ports.



The new proposed restrictions come at a time of uncertainty about future gas deliveries from Russia to the EU later this month after the Kremlin’s demand that buyers start paying Russian gas giant Gazprom in roubles.



In March, European countries imported a total of 7.1 million tonnes of thermal coal, which is used in power and heat generation, a 40.5% increase year-on-year and the highest level since March 2019, analysis from shipbroker Braemar ACM, based on ship tracking data, found.



“Despite Russian coal shipments to Europe in March still continuing at pre-war levels, the expected alteration in coal flows into Europe has started to show,” Braemar dry bulk analyst Mark Nugent said.



“Shipments from Colombia and the United States have been strong in response to the conflict with Atlantic suppliers providing the most cost-efficient alternative for European end-users.”



The EU depends on Russia for around 45% of its coal imports, 45% of its gas imports and around 25% of its oil imports, according to the European Commission website.



EU envoys are set to approve on Thursday a ban on Russian coal that would take full effect from mid-August, a month later than initially planned, two EU sources told Reuters, following pressure from Germany to delay the measure.



Braemar data showed 3.5 million tonnes of Russian thermal coal were imported into the EU in March, the highest monthly total since October 2020.



On a weekly basis, March 28-April 1 saw the highest levels of Russian thermal coal imports since the Feb. 24 invasion began, with 887,000 tonnes of Russian thermal coal imported into the EU, according to Braemar.



German coal importers’ group VDKi on Wednesday said the country should be able to find alternatives to Russian hard coal imports by the peak demand winter season, but there will be technical issues and increased costs. “Alternatives to Russian coal do exist but will be costly,” consultancy Eurasia Group said in a note on Wednesday.



Thermal coal imports from Colombia totalled 1.3 million tonnes in March, rising by 47.3% year-on-year, Braemar data showed.



Imports from the U.S. in March totalled 809,000 tonnes, rising by 30.3% year-on-year and at their highest level since October 2019.



Imports from South Africa also picked up with 287,000 tonnes arriving in March versus no shipments in March last year.



<h3 class="wp-block-heading" id="h-read-more-coal-s-rally-thumps-oil-and-gas-brings-pain-to-asian-buyers-russell">Read more: <a href="https://www.cnbcafrica.com/2022/coals-rally-thumps-oil-and-gas-brings-pain-to-asian-buyers-russell/">Coal’s rally thumps oil and gas, brings pain to Asian buyers: Russell</a></h3>



Australia has also found renewed buying interest from Europe, with thermal coal imports totalling 537,000 tonnes in the first quarter of this year, versus no shipments over the same period in 2021, Braemar said.



But Indonesia and Australia, among the world’s top coal exporters, have hit their production limits and are unlikely to meet Europe’s demand for additional supplies if the European Union bans Russian coal imports, mining executives said.



“There is greater concern over the risks with trading Russian coal (due to broader sanctions), so that is already having an impact on shipments,” one shipping source familiar with the trade said.



Europe is also looking for supplies of metallurgical coal, which is used for steelmaking.



Australia’s Coronado Global Resources, with metallurgical coal operations in the Australia and the United States, has received queries in the past few weeks from Europe for met coal to replace Russian met coal supplies, a spokesperson said, adding that it expected to meet some of that new demand.



Greece will ramp up coal mining in the next two years as a “temporary” measure to help reduce a dependence on gas that has soared since last year and after Russia’s invasion, Greek Prime Minister Kyriakos Mitsotakis said this week.



Although it is still more expensive to burn gas to produce power than coal, the price of thermal – which is for heating and power generation – has reached all-time highs this year.



Alex Stuart-Grumbar, dry bulk analyst with shipping consultancy MSI, said Europe’s need to import more coal from sources further afield would be positive for the larger panamax and capesize shipping segments on long-haul coal trade routes.



“The initial disruption to trade patterns will be positive for dry bulk markets, though ultimately, this will push global coal prices higher, incentivising China and India to produce more coal domestically,” Stuart-Grumbar said.



(Reporting by Jonathan Saul; Additional reporting by Nina Chestney in London and Sonali Paul in Melbourne; Editing by Veronica Brown and David Evans)

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EU countries hunt for global coal stocks as Russian ban looms

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/220406-Dara-Khosrowshahi-al-0919-a92f58-820x547.jpg" alt="" class="wp-image-416336" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/220406-Dara-Khosrowshahi-al-0919-a92f58-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/220406-Dara-Khosrowshahi-al-0919-a92f58-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/220406-Dara-Khosrowshahi-al-0919-a92f58-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/220406-Dara-Khosrowshahi-al-0919-a92f58-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/220406-Dara-Khosrowshahi-al-0919-a92f58-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/220406-Dara-Khosrowshahi-al-0919-a92f58-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Uber CEO Dara Khosrowshahi addresses the audience during the keynote at the start an Uber products launch in San Francisco, Calif., on Sept. 26, 2019.</figcaption></figure>



Uber is driving ahead with its plan to become a travel “superapp”.



The San Francisco-headquartered firm announced Wednesday that it is adding trains, buses, planes and car rentals to its U.K. app this year. The move is part of a pilot that could be expanded to other countries at a later date if it goes well.



While Uber won’t provide these travel services itself, it will allow users to book them through its app following software integrations with platforms that sell tickets.



The tech giant, which may take a cut on each booking, said it plans to announce various partners in the coming months.



Uber said the integrations will help to boost app usage among its users in the U.K, who also have the choice of using apps like Bolt and Free Now. The U.K. is one of Uber’s largest markets outside the U.S.



Jamie Heywood, Uber’s boss in the U.K., said in a statement that Uber hopes to become “a one-stop-shop for all your travel needs.”



“You have been able to book rides, bikes, boat services and scooters on the Uber app for a number of years, so adding trains and coaches is a natural progression,” he said.



<h3 class="wp-block-heading" id="h-read-more-west-africa-faces-historic-food-crisis-driven-by-conflict-price-surge">Read more: <a href="https://www.cnbcafrica.com/2022/west-africa-faces-historic-food-crisis-driven-by-conflict-price-surge/">West Africa faces historic food crisis driven by conflict, price surge</a></h3>



He added: “Later this year we plan to incorporate flights, and in the future hotels, by integrating leading partners into the Uber app to create a seamless door-to-door travel experience.”



Uber also plans to let people buy Eurostar train tickets through the app. Eurostar allows travelers to commute from London to Paris and other cities via the Channel Tunnel.



The announcement comes after a recent win for Uber.



On March 26, Uber secured a 30-month license to continue operating in London, ending a protracted battle with city regulators over whether the ride-hailing app was “fit and proper.”



But the company is behind schedule on its “superapp” plans.



In 2018, Uber CEO Dara Khosrowshahi&nbsp;said he wanted to add more transport options to the app.



“It’s fair to say that Covid made it a little bit hard for us to progress as quickly as we would like,” Heywood reportedly told The Financial Times.



In premarket trading Wednesday, Uber’s share price was down 1.6% to $34.40 at 6:40 a.m. ET.

US-IT-LIFESTYLE-TRANSPORT-UBER

Uber looks to create travel ‘superapp’ by adding planes, trains and rental cars

Treasury Secretary Janet Yellen cautioned Wednesday that Russia’s attack on Ukraine could cause a major hit to the global economy.



“Russia’s actions, including the atrocities committed against innocent Ukrainians in Bucha, are reprehensible, represent an unacceptable affront to the rules-based global order, and will have enormous economic repercussions for the world,” Yellen told a House of Representatives panel in a hearing on the world’s financial system.



Along with that dour outlook, Yellen said global organizations such as the International Monetary Fund and World Bank are working together to provide aid to Ukraine and sanction Russia.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/107042716-16492564222022-04-06t144513z_365174978_rc2qht9pqzx5_rtrmadp_0_usa-treasury-house-820x461.jpeg" alt="" class="wp-image-416332" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/107042716-16492564222022-04-06t144513z_365174978_rc2qht9pqzx5_rtrmadp_0_usa-treasury-house-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/107042716-16492564222022-04-06t144513z_365174978_rc2qht9pqzx5_rtrmadp_0_usa-treasury-house-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/107042716-16492564222022-04-06t144513z_365174978_rc2qht9pqzx5_rtrmadp_0_usa-treasury-house-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/107042716-16492564222022-04-06t144513z_365174978_rc2qht9pqzx5_rtrmadp_0_usa-treasury-house-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/107042716-16492564222022-04-06t144513z_365174978_rc2qht9pqzx5_rtrmadp_0_usa-treasury-house-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/107042716-16492564222022-04-06t144513z_365174978_rc2qht9pqzx5_rtrmadp_0_usa-treasury-house.jpeg 1600w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>U.S. Treasury Secretary Janet Yellen testifies before a House Financial Services Committee hearing on “the State of the International Financial System,” on Capitol Hill in Washington, U.S., April 6, 2022. Tom Brenner | Reuters</figcaption></figure>



She added the White House believes Russia should be cut off from the global financial system in retribution for its “brutal and unprovoked invasion of Ukraine.”



“It cannot be business as usual for Russia in any of the financial institutions,” Yellen said.



However, she noted that European nations are still reliant on natural gas from Russia, necessitating the need for licensing of Russia-based companies.



Earlier in the morning, the administration outlined a fresh round of sanctions against Russia, including penalties against President Vladimir Putin’s children and prohibitions on new investment in Russia.



Along with the comments on the war, Yellen reiterated the White House’s commitment to the battle against the Covid-19 pandemic, stressing vaccine availability and readiness to address outbreaks.

107042716-16492564222022-04-06t144513z_365174978_rc2qht9pqzx5_rtrmadp_0_usa-treasury-house

Yellen warns that war in Ukraine will have ‘enormous’ global economic impact

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="452" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/P7D3GU2BGZNHDCNT6DEA6AP3D4-820x452.jpg" alt="" class="wp-image-416317" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/P7D3GU2BGZNHDCNT6DEA6AP3D4-820x452.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/P7D3GU2BGZNHDCNT6DEA6AP3D4-300x165.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/P7D3GU2BGZNHDCNT6DEA6AP3D4-160x88.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/P7D3GU2BGZNHDCNT6DEA6AP3D4-768x423.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/P7D3GU2BGZNHDCNT6DEA6AP3D4.jpg 1080w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>A security guard walks past a montage of old U.S. dollar bills outside a currency exchange in Kenya&#8217;s capital Nairobi July 23, 2015. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



NAIROBI, April 6 (Reuters)&nbsp;&#8211;&nbsp;Afreximbank said on Wednesday it had set up a $4 billion trade finance programme to cushion economies and businesses on the continent against shocks arising from the war in Ukraine, that demand for financing already exceeds the amount.



Cairo-headquartered Afreximbank said its Ukraine Crisis Adjustment Trade Financing Programme for Africa was approved by its board at the end of March.



It said the fund would extend to areas such as oil and metals buy-back financing, commodity export revenue stabilisation and tourism revenue deficit financing.



<h3 class="wp-block-heading" id="h-read-more-new-african-payments-system-for-cross-border-deals-negotiating-with-more-banks">Read more: <a href="https://www.cnbcafrica.com/2022/new-african-payments-system-for-cross-border-deals-negotiating-with-more-banks/">New African payments system for cross-border deals negotiating with more banks</a></h3>



&#8220;Given the importance of both Russia and Ukraine as sources of crude oil and gas, raw materials and grains, the outbreak of the conflict has wider repercussions on a global scale, including adversely affecting African economies, especially those that rely heavily on grain, fertiliser and fuel imports,&#8221; it said in a statement.



The two countries account for around 29% of global wheat exports, 19% of world corn supplies and 80% of world sunflower oil exports.



The bank said it had already received financing requests exceeding $15 billion.



&#8220;There is some urgency to meet these requests to avoid catastrophic social conditions across Africa and reduce the risk of their morphing into political challenges,&#8221; it said.



(Reporting by George Obulutsa; Editing by Hereward Holland and David Evans)



<a href="https://www.reutersconnect.com/all?categories=BUS_SPO_NEWS&amp;id=tag%3Areuters.com%2C2022%3Anewsml_L5N2W42VD%3A941238763&amp;languages=ENG&amp;media-types=T&amp;regions=AFR&amp;sources=RTRS#"></a>

P7D3GU2BGZNHDCNT6DEA6AP3D4

Afreximbank sets up $4 bln trade fund to cushion against Ukraine-related shocks

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="617" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1074407854-820x617.jpg" alt="" class="wp-image-416313" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1074407854-820x617.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1074407854-300x226.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1074407854-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1074407854-768x578.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1074407854-1536x1156.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1074407854.jpg 2000w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Vicky Ford MP raises a point of order saying that she had heard the words &#8220;stupid woman&#8221; being used about her in the chamber, and requesting an apology from Speaker John Bercow, in the House of Commons, London. (Photo by House of Commons/PA Images via Getty Images)</figcaption></figure>



LUSAKA, April 6 (Reuters)&nbsp;&#8211;&nbsp;Britain&#8217;s Moxico Resources&nbsp;IPO-MOXI.L&nbsp;plans to invest $100 million to expand its majority-owned Mimbula copper mine in Zambia, UK Minister for Africa Vicky Ford said on Wednesday.



The investment will create new jobs and increased tax revenues for Zambia&#8217;s government, Ford said in a statement released by the British High Commission in Zambia while she was on a visit to the country.



Ford was visiting Zambia to launch a new investment model, which she said marked a key moment for Britain&#8217;s financing of private sector growth and infrastructure across Africa.



<h3 class="wp-block-heading" id="h-read-more-zambia-expects-full-agreement-with-imf-on-1-4-bln-support-plan-in-mid-2022-finmin">Read more: <a href="https://www.cnbcafrica.com/2022/zambia-expects-full-agreement-with-imf-on-1-4-bln-support-plan-in-mid-2022-finmin/">Zambia expects full agreement with IMF on $1.4 bln support plan in mid-2022 – finmin</a></h3>



&#8220;We are committed to supporting countries grow their own economies, bolster private sector investment and trade, and deliver the returns that will support wider socio-economic development,&#8221; Ford said.



The Mimbula Copper Project is located in Zambia&#8217;s copper belt on the outskirts of Chingola town, more than 400 km north-west of Lusaka.



The copper-rich deposit is located on a large-scale mining licence held by Moxico Resources through its Zambian subsidiary, Mimbula Minerals Ltd.



Moxico holds an 85% ownership in the licence holding company and 15% is held by Moxico&#8217;s Zambian partners. The mining licence was granted in May 2017, with a validity for 25 years.



(Reporting by Chris Mfula; Editing by Mark Potter)

Prime Minister’s Questions

British firm plans to invest $100 million in Zambia mine expansion

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Afreximbank sets up $4 bln trade fund to cushion against Ukraine-related shocks

British firm plans to invest $100 million in Zambia mine expansion

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home

Top Employer EP4: How Accenture kept its employees happy amid COVID-19

Peter Thiel calls Warren Buffett a ‘sociopathic grandpa from Omaha’ and bitcoin’s ‘enemy number one’

Harnessing Africa’s Spirit of Innovation for Growth

Market liquidity up by ₦115bn

Visa’s Innovation Studio in Nairobi set to Incubate the Next Generation of Commerce Experiences in Africa

No peace for emerging market currencies as mighty U.S. dollar reigns

Transforming Africa’s food systems is a joint enterprise

Rwanda, Zimbabwe foster trade agreements

T-Bills mute on low funding pressure

Russia And Ukraine’s Conflict Over Natural Gas Explained

EU countries hunt for global coal stocks as Russian ban looms

Uber looks to create travel ‘superapp’ by adding planes, trains and rental cars

Yellen warns that war in Ukraine will have ‘enormous’ global economic impact

How To Make The Suburbs More Affordable

Afreximbank sets up $4 bln trade fund to cushion against Ukraine-related shocks

British firm plans to invest $100 million in Zambia mine expansion

NGX All-Share index at 9.5% YTD

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