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<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="774" height="545" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/download-39.jpg" alt="" class="wp-image-416169" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/download-39.jpg 774w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/download-39-300x211.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/download-39-128x90.jpg 128w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/download-39-768x541.jpg 768w" sizes="auto, (max-width: 774px) 100vw, 774px" /><figcaption>Photo: via Reuters</figcaption></figure>



PERTH, March 30 (Reuters)&nbsp;&#8211;&nbsp;Much of the iron ore debate focuses on the outlook for demand in China but bubbling in the background are two factors likely to cause a structural shift in the market for the steel raw material &#8211; the lack of new supply and decarbonisation.



What happens in China is the main driver of short- and medium-term iron ore prices, which isn&#8217;t surprising given that it buys almost two-thirds of all sea-borne volumes and produces about half of the world&#8217;s steel.



What receives less attention is the state of supply, and this is perhaps because it has been largely stable in recent years, and only really becomes a market issue when there is a significant disruption, such as cyclones in top producer Australia or coronavirus-related production and transport difficulties in number two shipper Brazil.



But dig a little deeper and it becomes clear that at best iron ore supply is likely to remain steady in coming years, with the major miners only investing enough to replace depleting mines and junior producers not aiming to add much more than relatively small volumes.



This hasn&#8217;t been much of an issue so far but the question is what happens if global steel demand continues to increase at more or less the same pace it has done in recent decades?



Steel demand grows at roughly the same pace as the global economy, and if a compound annual growth rate of 2.5% is assumed, steel consumption will have more than doubled by 2050.



There are always caveats to this type of long-range forecast, and there are also other factors that could have an impact on how much iron ore will be needed.



These include the likelihood that China will reach peak steel demand some time this decade, and the increasing use of scrap in China and elsewhere in Asia.



But it&#8217;s worth noting that in other countries that have industrialised, peak steel was followed by a gentle decline in demand, rather than a sharp drop.



A further factor is that there are still some two billion people living in countries in Asia that are well behind China on the industrialisation scale, and these are likely to want to boost steel demand in coming decades.



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2022/iron-ore-outlook-is-more-bullish-than-lower-china-growth-target-suggests-russell/">Iron ore outlook is more bullish than lower China growth target suggests: Russell</a></h3>



The lack of investment in additional iron ore capacity was one of the themes at the Global Iron Ore and Steel Forecast Conference in Perth this week.



The iron ore industry needs to add 100 million tonnes of new capacity every year just to replace mines that are depleting, Paul McTaggart, lead metal and mining analyst at Citi, told the conference.



While the major miners in Australia, such as Rio Tinto&nbsp;RIO.AX, BHP Group&nbsp;BHP.AX&nbsp;and Fortescue Metals Group&nbsp;FMG.AX, all have substantial investment plans and are developing new mines, in effect their capacity will remain more of less steady over the coming years.



It is possible that these iron ore giants are responding to shareholder demands for greater dividends from the current high prices, or perhaps they are still smarting from memories of the period from around 2011 to 2017, when too much capacity came online and the spot price of iron ore traded at low levels for an extended period.



They may also be sceptical of just how much steel is likely to be needed to build out renewable energy solutions in the drive to decarbonise the global economy.



Whatever the reason, it would appear that there may not be enough iron ore to meet rising demand among developing Asian countries as well as for steel-intensive renewable technologies such as wind turbines and electricity grids to handle intermittent renewable generation.



<h2 class="wp-block-heading" id="h-carbon-constraints">CARBON CONSTRAINTS</h2>



The impact of decarbonisation is a further uncertainty for iron ore producers.



The current process of turning ore into crude steel is energy intensive and largely powered by coking coal.



One way of reducing the amount of coal needed per tonne of crude steel is to use higher grade iron ore, and this is likely to drive a two-speed iron ore market, where high-grade material commands a widening premium over lower-quality ore.



If there is a looming supply shortfall, it&#8217;s likely that lower-grade iron ore will still be needed, but it may have to be priced at a substantial discount in order to justify the higher energy cost of turning it into steel, and possibly the price of carbon emissions, assuming China and others extend carbon pricing to industrial processes.



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2022/iron-ore-rallies-on-australia-supply-fears-china-demand-hopes-russell/">Iron ore rallies on Australia supply fears, China demand hopes: Russell</a></h3>



Decarbonisation may also alter the way in which iron ore is turned into steel, with the possibility of using hydrogen to produce direct reduced iron, also called sponge iron, which is then turned into steel in an electric arc furnace.



This wouldn&#8217;t eliminate carbon emissions from producing steel but it would lower them substantially.



Once again, this method favours higher-grade iron ore, meaning that miners may have to invest in facilities to beneficiate lower grades in order to make them more suited to a carbon-constrained world.



The issue is that investments in additional iron ore capacity and upgrading have long lead times, and even if they were made today, the products may not reach the market in time.



(Editing by Robert Birsel)

download-39

Iron ore may see structural shift on lack of new supply, decarbonisation: Russell

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="540" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/HQTINHRREJJEFL2NLDS4IMQVZM-820x540.jpg" alt="" class="wp-image-416165" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/HQTINHRREJJEFL2NLDS4IMQVZM-820x540.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/HQTINHRREJJEFL2NLDS4IMQVZM-300x198.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/HQTINHRREJJEFL2NLDS4IMQVZM-137x90.jpg 137w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/HQTINHRREJJEFL2NLDS4IMQVZM-768x506.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/HQTINHRREJJEFL2NLDS4IMQVZM-1536x1012.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/HQTINHRREJJEFL2NLDS4IMQVZM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>FILE PHOTO: Soccer Football &#8211; World Cup &#8211; African Qualifiers &#8211; Egypt v Senegal &#8211; Cairo International Stadium, Cairo, Egypt &#8211; March 25, 2022 Egypt&#8217;s Mohamed Salah in action with Senegal&#8217;s Nampalys Mendy REUTERS/Amr Abdallah Dalsh/File Photo</figcaption></figure>



CAPE TOWN, March 30 (Reuters)&nbsp;&#8211;&nbsp;The final night of African qualifying for the World Cup produced high drama and upsets on Tuesday, though the continent&#8217;s line-up in Qatar will have a familiar look about it.



Morocco, Senegal and Tunisia participated at the last finals in Russia in 2018, while Cameroon and Ghana were at the finals four years before that.



Both Cameroon and Ghana produced unexpected away success to qualify, eliminating the more fancied Algeria and Nigeria.



Cameroon secured their place with the last kick of the match, deep in extra time in Blida, as Karl Toko Ekambi swept home a speculative cross.



It left Algeria, who were African champions in 2019 and had breezed through the earlier stages of the World Cup preliminaries, crestfallen.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N2VW2XS&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



“We were only 10 seconds away from the World Cup. We collapsed,” Algeria coach Djamel Belmadi said after the 2-1 home loss.



“We put our lives on hold for this match and this success and we only had qualification on our minds. It is going to be hard to get through the next days.”



<h3 class="wp-block-heading" id="h-read-more-doubts-hang-over-cameroon-cup-of-nations-finals-as-caf-head-flies-in">Read more: <a href="https://www.cnbcafrica.com/2021/doubts-hang-over-cameroon-cup-of-nations-finals-as-caf-head-flies-in/">Doubts hang over Cameroon Cup of Nations finals as CAF head flies in</a></h3>



Ghana profited from a goalkeeping error to also advance on the away goals rule, their 1-1 draw in Nigeria setting off rioting by home fans in Abuja.



“We had a bit of luck in a really tough match and had to fight our way through. But our defensive line was excellent,” said former international Otto Addo, appointed coach just one month ago.



Nigeria’s failure to qualify is likely to see wholesale changes to their football leadership. The team dominated possession but lacked a cutting edge and looked a spent force before the final whistle.



Senegal repeated their penalty shootout success over Egypt as Sadio Mane again got the better of his Liverpool team mate Mohamed Salah.



Dakar’s new stadium was filled to capacity hours before the clash which saw Senegal beat Egypt 1-0 for a 1-1 draw on aggregate after extra time.



That set up another shootout between the teams, some six weeks after Mane had netted the decisive kick to win the Africa Cup of Nations finals in Cameroon.



He was again the talisman as he fired home to give Senegal a 3-1 shootout victory. Salah had put Egypt’s first effort well wide of goal.



Tunisia denied Mali a first World Cup finals appearance with a 1-0 aggregate triumph while Morocco enjoyed an emphatic 4-1 win over the Democratic Republic of Congo in Casablanca after a 1-1 draw in the first leg.



(Reporting by Mark Gleeson; Editing by Peter Rutherford)

FILE PHOTO: World Cup – African Qualifiers – Egypt v Senegal

Familiar look about Africa’s World Cup line-up

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/106999424-1641903525497-gettyimages-1237650594-CALIFORNIA_VIRUS-820x547.jpeg" alt="" class="wp-image-416161" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/106999424-1641903525497-gettyimages-1237650594-CALIFORNIA_VIRUS-820x547.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/106999424-1641903525497-gettyimages-1237650594-CALIFORNIA_VIRUS-300x200.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/106999424-1641903525497-gettyimages-1237650594-CALIFORNIA_VIRUS-135x90.jpeg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/106999424-1641903525497-gettyimages-1237650594-CALIFORNIA_VIRUS-768x512.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/106999424-1641903525497-gettyimages-1237650594-CALIFORNIA_VIRUS-1536x1024.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/106999424-1641903525497-gettyimages-1237650594-CALIFORNIA_VIRUS-scaled.jpeg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Photo: via CNBC</figcaption></figure>



The top U.S. health regulators on Tuesday cleared fourth Covid vaccine doses for older adults, amid uncertainty over whether an even more contagious version of omicron will cause another wave of infections in the U.S. as it has in Europe and China.



The FDA authorized Pfizer and Moderna fourth doses for everyone age 50 and older, as well as a fifth dose for certain younger people with compromised immune systems. People age 12 and older with weakened immune systems are eligible for a Pfizer fifth dose, and those 18 and older with the same condition are eligible for Moderna.



The Centers for Disease Control and Prevention quickly signed off on the decision, paving the way for those eligible to get a new round of boosters. The CDC also recommended that all adults who received two doses of Johnson &amp; Johnson’s vaccine get third shots using Pfizer or Moderna. Adults who received the J&amp;J vaccine and a second shot of Pfizer or Moderna are not yet eligible for a third dose, unless they are age 50 and older or have compromised immune systems.



All of the new boosters are to be administered at least four months after the last shot.



The FDA and CDC made the decision without calling meetings of their vaccine advisory committees, a rare move the agencies have made more frequently over the course of the pandemic to expand uses of already-approved Covid vaccines. The drug regulator’s authorization comes just two weeks after Pfizer and Moderna asked the FDA to permit a second booster shot based on data from Israel.



The FDA’s advisory committee on vaccines is scheduled to meet on April 6 to discuss the future of booster shots in the U.S. The vaccine experts are expected to hold a broad discussion about boosters and will not vote on a specific recommendation.



Dr. Peter Marks, head of the FDA office responsible for vaccine safety and efficacy, said the drug regulator did not call an advisory meeting because the decision was “relatively straightforward.”



“This fourth booster dose is something that evidence that we have now from Israel suggests that by getting this, one can reduce the risk of hospitalization and death in this population of older individuals,” Marks said during a call with reporters after the decision.



Dr. Paul Offit, a committee member, criticized the drug regulator for moving forward without holding an open meeting where the American public can hear experts weigh the data and make a recommendation to the FDA about the best path forward. The vaccine advisory committee’s recommendations are nonbinding, but they help provide transparency for the public.



“It’s just sort of fait accompli,” Offit said of the FDA authorization. “So is this the way it works? We talk endlessly about how we follow the science — it doesn’t seem to work out that way.”



The FDA has not called on the committee members to make a recommendation on booster shots since last fall when they voted in favor of a third Pfizer or Moderna dose for people age 65 and older and younger people at risk of severe Covid.



Health experts disagree on whether a fourth vaccine dose is needed right now, though the debate is nuanced. There is broader agreement that the elderly or people with compromised immune systems may benefit from additional protection. Another booster shot for young, healthy adults is more controversial, as they are less susceptible to severe illness from Covid.



Dr. Peter Hotez, a vaccine expert at the Baylor College of Medicine in Houston, said some scientists believe the only purpose of the shots is to keep people out of the hospital. However, Hotez said vaccine policy should also seek to prevent infection and long Covid. The effectiveness of the third dose against hospitalization from omicron has also declined over time, he said.



Read more: 



The CDC published a study in February that showed the effectiveness of the third dose against emergency room visits declined from 87% to 66% against emergency room visits, and from 91% to 78% against hospitalization at four months after receiving the shot.



“That gives me pause for concern that the boosters are not necessarily holding up as well as we’d like,” said Hotez, who strongly supports a fourth dose based on Israeli data showing another booster increases protection for people older than 60.



Israeli scientists, in a study published last week, found the death rate from omicron was 78% lower in senior citizens 60- to 100-years-old who received a fourth Pfizer dose compared with those who received just three shots. The study, which has not undergone peer review, examined the medical records of more than 500,000 people from January through February at Clalit Health Services, Israel’s largest health-care provider.



The FDA decision to authorize fourth doses for those age 50 and older was broader than Pfizer’s request and narrower than Moderna’s. Pfizer had asked the FDA to clear fourth doses for those age 65 and older, while Moderna asked the drug regulator to permit them for all adults age 18 and older. Moderna CEO Stephane Bancel told CNBC last week that the biotech company filed a broader request in order to give the FDA flexibility to decide which age group needs a fourth dose right now.



John Moore, a professor of microbiology and immunology at Weill Cornell Medical College, criticized Moderna’s request for a fourth dose for all adults as an aggressive, blanket application that doesn’t distinguish between the different needs that older and younger people have.



“The old and frail person has much more need of an additional vaccine dose than a young healthy athlete,” Moore said.



The authorization of fourth shots comes as a more contagious omicron subvariant, BA.2, has caused new waves of infection in major European nations and China, which is battling its worst outbreak since 2020. BA.2 has gained ground in the U.S. since February and is expected to become the dominant variant here in the coming weeks. White House chief medical advisor Dr. Anthony Fauci has said infections might increase in the U.S. due to BA.2, though he doesn’t expect another wave.



“We’re hoping that by taking this action, we will help allow people to take steps to protect themselves should we have another wave that comes through this country,” Marks said.



BA.2 generally does not make people sicker than the earlier version of omicron, BA.1, and the vaccines have the same level of effectiveness against both types of the variant, according to studies from South Africa and Qatar among others. Neither study has undergone peer review.



It’s unclear if the FDA will also approve fourth doses for younger adults at some point, as there’s less data to support such a decision right now. Marks said the U.S. might need a more general booster campaign for people under 50 years old in the fall, when Covid will likely pick up again and immunity will have waned. He also said the U.S. might have to switch to a vaccine that targets a specific variant such as omicron. The current vaccines were developed against the Wuhan strain.



An Israeli study from February among health-care workers ages 18 and older indicated that a fourth dose does not boost immunity but restores it to the peak strength of the third dose. Many people in the study who received a fourth dose still got infected, though they were either asymptomatic or had mild symptoms.



“A fourth vaccination of healthy young health-care workers may have only marginal benefits,” Dr. Gili Regev-Yochay and a team of scientists from Sheba Medical Center and Israel’s Ministry of Health who conducted the study wrote in a letter to the New England Journal of Medicine this month.



The FDA advisory committee voted overwhelmingly against a third dose for everyone age 16 and older in September last year because the experts felt there wasn’t enough data to support such a decision. Two months later, the FDA authorized Moderna and Pfizer boosters for all adults without holding an advisory committee meeting, and then lowered eligibility in December and January to include everyone 12 and older.

106999424-1641903525497-gettyimages-1237650594-CALIFORNIA_VIRUS

CDC recommends fourth Pfizer and Moderna Covid vaccine doses for people age 50 and older

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="800" height="546" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/2022-03-29T131743Z_1_LYNXNPEI2S0OL_RTROPTP_3_GHANA-TAX.jpg" alt="" class="wp-image-416150" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/2022-03-29T131743Z_1_LYNXNPEI2S0OL_RTROPTP_3_GHANA-TAX.jpg 800w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/2022-03-29T131743Z_1_LYNXNPEI2S0OL_RTROPTP_3_GHANA-TAX-300x205.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/2022-03-29T131743Z_1_LYNXNPEI2S0OL_RTROPTP_3_GHANA-TAX-132x90.jpg 132w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/2022-03-29T131743Z_1_LYNXNPEI2S0OL_RTROPTP_3_GHANA-TAX-768x524.jpg 768w" sizes="auto, (max-width: 800px) 100vw, 800px" /><figcaption>A customer holds his mobile phone as he prepares to pay for mosquito sprays at Makola market, one of the country&#8217;s largest trading centres in Accra, Ghana March 26, 2022. REUTERS/Francis Kokoroko</figcaption></figure>



ACCRA, March 29 (Reuters)&nbsp;&#8211;&nbsp;Ghana&#8217;s parliament approved a new 1.5% tax on electronic payments, known as the &#8220;e-levy&#8221;, on Tuesday after the opposition walked out in protest.



Finance Minister Ken Ofori-Atta proposed the e-levy in November to widen the tax net, but opposition was so fierce that it caused a brawl in parliament a month later.



Critics believe the e-levy will price lower income people and small business owners out of the digital economy.



Ruling MPs re-introduced the bill as a surprise on Tuesday, when many opposition MPs were not present, a move analysts have previously said would be one of the only ways for the tax to pass. <a href="https://www.reutersconnect.com/all?search=all%3AKCN2LQ0TC&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



<h3 class="wp-block-heading" id="h-read-more-after-moody-s-cut-ghana-finance-ministry-says-ratings-agencies-biased-against-africa">Read more: <a href="https://www.cnbcafrica.com/2022/after-moodys-cut-ghana-finance-ministry-says-ratings-agencies-biased-against-africa/">After Moody’s cut, Ghana finance ministry says ratings agencies biased against Africa</a></h3>



It was expected to be re-submitted next week, but parliament speaker Alban Bagbin said it should be treated as urgent business and fast-tracked it.



The move sparked outrage among opposition parties, who refused to take part in the vote.



The tax, which would cover mobile money payments, bank transfers, merchant payments, and inward remittances, could raise up to 6.9 billion Ghanaian cedi ($926 million) in 2022, according to official estimates.



Ruling party officials see it as the panacea for a raft of financial woes that could spark an economic crisis.



Consumer inflation reached 15.7% year-on-year in February, the highest since 2016. The cedi depreciated some 20% against the dollar this year, second only to the Russian rouble, and public debt hovers around 80% of gross domestic product.



(Reporting by Cooper Inveen; Writing by Nellie Peyton and Sofia Christensen; editing by David Evans)

People make trade in Accra

Ghana parliament approves e-tax of 1.5% after opposition protest

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="459" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/D2QJG35CFJKZBIP4BJKWJG4LEE-820x459.jpg" alt="" class="wp-image-416146" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/D2QJG35CFJKZBIP4BJKWJG4LEE-820x459.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/D2QJG35CFJKZBIP4BJKWJG4LEE-300x168.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/D2QJG35CFJKZBIP4BJKWJG4LEE-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/D2QJG35CFJKZBIP4BJKWJG4LEE-768x430.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/D2QJG35CFJKZBIP4BJKWJG4LEE-1536x860.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/D2QJG35CFJKZBIP4BJKWJG4LEE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>FILE PHOTO: The logo of the Organisation of the Petroleum Exporting Countries (OPEC) sits outside its headquarters ahead of the OPEC and NON-OPEC meeting, Austria December 6, 2019. REUTERS/Leonhard Foeger/File Photo</figcaption></figure>



DUBAI, March 29 (Reuters)&nbsp;&#8211;&nbsp;The energy ministers of Saudia Arabia and the United Arab Emirates, key members of OPEC+, said on Tuesday the producers&#8217; group should not engage in politics as pressure mounted on them to take action against Russia over its invasion of Ukraine.



Asked by the moderator at an industry event about whether OPEC+ has a moral responsibility to expel Russia from the group, Saudi Energy Minister Prince Abdulaziz bin Salman said &#8220;everybody leaves his politics at the door&#8221; when they hold meetings.



&#8220;If we don&#8217;t do that we would not have dealt with so many countries at different times. It could have been with Iraq at one point, it could have been with Iran at one point.&#8221;



OPEC+ has come under increasing pressure to pump more crude since Russia, the largest producer in the OPEC+ group, invaded Ukraine on Feb. 24, and Western nations enacted sanctions in response that have curtailed Russian oil exports.



Both Prince Abdulaziz and UAE energy minister Suhail al-Mazrouei said the focus was on balancing crude oil markets and satisfying consumers.



&#8220;We have one mission and only one mission which is stabilizing the market. So we cannot be politicizing, or bringing politics to the organization having that debate &#8230; our aim is to calm the market,&#8221; said Mazrouei.



&#8220;If we are asking anyone to leave, then we are raising the prices, then we are doing something that is against what consumers want.&#8221;



The Gulf states, close U.S. allies, are members of the Organization of the Petroleum Exporting Countries as well as OPEC+, which includes OPEC and other large oil producers such as Russia and Mexico.



<h3 class="wp-block-heading" id="h-read-more-opec-meets-quickly-sticks-to-script-dodges-debate-on-geopolitics">Read more: <a href="https://www.cnbcafrica.com/2022/opec-meets-quickly-sticks-to-script-dodges-debate-on-geopolitics/">OPEC+ meets quickly, sticks to script, dodges debate on geopolitics</a></h3>



Prince Abdulaziz said Russia produces enough oil every day equal to about 10% of the world&#8217;s consumption.



If the security of oil supplies is threatened the world economy will suffer. That security is a priority now and some countries are forgetting about the affordability of energy, he said.



Yemen&#8217;s Iran-aligned Houthis have escalated attacks on Saudi Arabia&#8217;s oil facilities in recent weeks and ahead of a temporary truce for the Muslim holy month of Ramadan. The movement have also launched attacks on the UAE.



Houthis said they launched recent attacks on Saudi energy facilities and the Saudi-led coalition said oil giant Aramco&#8217;s petroleum products distribution station in Jeddah was hit, causing a fire in two storage tanks but no casualties.



Prince Abdulaziz drew attention to the politics at play inside OPEC that members have to accept.



&#8220;I ask you, who has been throwing these rockets and missiles at us and at Abu Dhabi? Who is financing? Who&#8217;s training?,&#8221; he said at the industry event, referring to Saudi Arabia&#8217;s rival Iran, also a key player in OPEC.



&#8220;Who&#8217;s supplying these weapons? It is a member of OPEC. I leave it for your imagination &#8230; A cynical mind sometimes helps.&#8221;



(Reporting by Maha El-Dahan, Riham Alkousaa and Yousef Saba; Writing by Michael Georgy; Editing by Kirsten Donovan, Christian Schmollinger and David Evans)

FILE PHOTO: The logo of the Organisation of the Petroleum Exporting Countries (OPEC) sits outside its headquarters in Vienna

UAE, Saudi say OPEC+ should not play politics

By September of 1969 when I was born, Makerere University in my home country of Uganda was the most prestigious African university any young person with the rare means to access an education could aspire to. But the college, then affiliated with University College London, had less than 3000 students. This was out of a population of 9 million, some 96 percent of whom were subsistence farmers – simply growing food for survival with nothing left to sell – a typical pre-industrial society.



Like many African nations, Uganda had gained its independence just a few years earlier. Across the continent then was an opportunity for us to grow our countries. However, those few who could access university went not with an aspiration to enter the hustle and grind of enterprise; rather, in the hope of filling the coveted positions left by departing colonial offers. Families sacrificed much and risked everything to keep their children in school. Even of those who enjoyed access to education, many struggled to pay the fees and students would often have to cover long distances on foot every day. A government job at the end of all this promised security and comfort. Our nascent enterprise and innovation sectors seemed to offer just risk and uncertainty in comparison.



As a result, enterprise and creativity weren’t well promoted at school and at family levels – a problem that persists to this day. Moreover, with graduates then few, the government sector could easily absorb them all. Milton Obote, then President of Uganda, sought to encourage more indigenous Ugandans into the economy and enterprise building, but those who could understand the management of a business were rushing into government instead. Manufacturing, critical innovation and trade craft were instead dominated by Uganda’s small Asian community that had been extracted from their homeland by the British to build the Uganda railway line a century earlier. The resulting success of Asians in the Ugandan economy coupled with their limited intermarriage with local Ugandan communities angered Obote’s successor, the dictator Idi Amin, who driving a wave of populist, anti-Asian sentiment oversaw a mass expulsion of some 50,000 members of Uganda’s Asian community in 1972.



50 years later and happily the Asian community has long since been welcomed back, and continue to play an important role in growing the Ugandan economy. Uganda now has a population of some 44 million and a USD 44 billion economy. There are now more than 50 universities and the old Makerere has well over 40,000 students 10 percent of which are postgraduates studying more than 139 post graduate courses. But it seems old habits die hard. The number of registered enterprises – about 600,000, are just twice that of all public servants combined. Enterprises are still few and so are the tax payers: some 1.8m in an adult population of more than 25 million.



Though the shift to enterprise is slowly gaining pace, a secure government job remains for many young Africans a more attractive prospect than fighting to create their own businesses and take risks – the very risks needed to innovate and set the stage for a new economy for their country. One exception is Hillary Nuwamanya, an orphan whose guardian pushed him into studying law. Hillary skipped classes to run his own fish and chips restaurant in the very downtown dormitory he was renting just below the university.&nbsp;“I knew that if I don’t innovate around food and food products with the student market around my residence, I would struggle to get a placement in government after my law degree”&nbsp;he told me yesterday at the Tomosi Foundation offices in Kampala. Tomosi foundation is our business charity arm that offers small seed capital to young innovators – one of the few emerging in this sector in Uganda.



Hillary’s small, rented one-room restaurant he calls&nbsp;‘The Tasty Dine’makes just over USD 50 a day which he uses to pay to study business instead of law. He doesn’t need a financial guardian anymore, but wants more financial management knowledge. He is seeking a USD 1500 capital injection to buy a new glass refrigerator so his customers can see his array of fresh juices, as well as a table and a used cooker to expand his operation. The foundation will support this growth by offering him the money at 5% interest for a year – the lowest rates on the market but still out of reach to hundreds of young people turning away from the traditional search for a presumed secure government job to start their own businesses and support their families in the current period of post- COVID lockdown economic recovery.



But what do young African entrepreneurs like Hillary need as critical support? First, technical knowledge to keep working and expand their businesses. Second, small seed capital at very low interest rates and finally – and more importantly – free patents on key soft and hard technologies from developed markets in food, pharmaceuticals, transport and energy so they can infuse their enterprises with new thinking and supply the expanding market on the continent.



If we do not do this, the benefits of creating a free continent-wide trade zone (AFCTA) will pass this generation of youth by as their markets remain flooded with cheap products that could be made here if it were not for patents locked onto them by developed economies. With more than 8000 products that can be traded between AFCTA member countries, our young economies are losing more than USD 5 billion in multiple African currency conversions alone with some large countries like the DRC importing more than 60 percent of all food that could be grown, packed and packaged locally by young people.  This could all be fixed at home.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/odrek-pic-1-820x547.jpeg" alt="" class="wp-image-416142" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/odrek-pic-1-820x547.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/odrek-pic-1-300x200.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/odrek-pic-1-135x90.jpeg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/odrek-pic-1-768x512.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/odrek-pic-1.jpeg 1024w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Odrek Rwabwogo is the senior advisor to the President of Uganda, an entrepreneur and the Director of Tomosi Group</figcaption></figure>



Our mandate is to drive the coordination of export systems for Uganda and help double revenues earned by the country by 2026. We also train and support young entrepreneurs to build their startups in order that they create own jobs along with the teaching of national collective values to them to shape a united and prosperous Uganda we need.

odrek-pic-1

Lack of patents and small cash investments for African youth undermines innovation

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-820x547.jpg" alt="" class="wp-image-404443" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling.jpg 1254w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Macro view of a screen of trading terminal with abstract financial graph and digits. Trading and forex concept. 3D Rendering</figcaption></figure>



March 29 (Reuters) &#8211; Gauges for emerging market stocks and currencies rose on Tuesday, with the rouble hitting a one-month high against the dollar, as investors await progress on peace talks between Ukraine and Russia.



The MSCI&#8217;s index for emerging market stocks&nbsp;.MSCIEF&nbsp;rose 0.6%, as it found its footing after worries sparked by a two-day lockdown in Shanghai. China&#8217;s Shanghai Composite index&nbsp;.SSEC&nbsp;ended the day lower.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N2VW06B&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Currencies in emerging markets&nbsp;.MIEM00000CUS&nbsp;rose 0.4% as the dollar&nbsp;=USD&nbsp;edged lower after Ukrainian and Russian negotiators met in Turkey for the first direct talks between the two sides in nearly three weeks.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N2VV66A&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



&#8220;It is unclear to what extent the negotiations will make any progress, but hopes of an end to the war might be refuelled,&#8221; said You-Na Park-Heger, forex and emerging markets analyst at Commerzbank.



&#8220;If the negotiations were to end without any progress being made disappointment is likely to take hold.&#8221;



The Russian rouble&nbsp;RUBUTSTN=MCX&nbsp;strengthened around 2% in Moscow trading, hitting a session high of 87.40 against the dollar, while dollar-denominated stocks in the region&nbsp;.IRTS&nbsp;gained around 9%.



Financial markets have been roiled since the onset of the war and as the West continues to harden its stance against Moscow in response to its invasion of Ukraine.



Turkey&#8217;s lira&nbsp;TRY=&nbsp;fell 0.2%, while South Africa&#8217;s rand&nbsp;ZAR=&nbsp;climbed 0.6% inching toward the five-month peak it hit last week as gold prices steadied.



The rand has been fairly shielded from the fallout of the war, along with Latin American currencies, as they are commodity exporting nations.



On the other hand, importers of commodities and raw materials from regions such as central and eastern Europe as well as Turkey, have suffered far more.



Latin American currencies&nbsp;.MILA00000CUS&nbsp;have gained 6.5% in March, and are set to post their biggest monthly percentage gain since June 2016, banking on the recent rally in commodity and raw material prices.



Poland&#8217;s zloty&nbsp;EURPLN=&nbsp;and Hungary&#8217;s forint&nbsp;EURHUF=&nbsp;were mixed against the euro ahead of elections over the weekend.



For GRAPHIC on emerging market FX performance in 2022, see&nbsp;<a href="http://tmsnrt.rs/2egbfVh" target="_blank" rel="noreferrer noopener">http://tmsnrt.rs/2egbfVh</a>



For GRAPHIC on MSCI emerging index performance in 2022, see&nbsp;<a href="https://tmsnrt.rs/2OusNdX" target="_blank" rel="noreferrer noopener">https://tmsnrt.rs/2OusNdX</a>



For TOP NEWS across emerging markets&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3ATOPEMRG&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



(Reporting by Shreyashi Sanyal in Bengaluru; Editing by Amy Caren Daniel)

Macro view of a screen of trading terminal with abstract financial graph and digits. Trading and forex concept. 3D Rendering

Stocks, currencies gain with focus on Russia-Ukraine peace talks

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/363560203-820x547.jpg" alt="" class="wp-image-401468" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/363560203-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/363560203-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/363560203-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/363560203-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/363560203-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Shipping containers sit at the Kwai Tsing Container Terminal in Hong Kong, China, on Monday, July 27, 2020. Hong Kong&#8217;s economy may take longer than expected to recover due to the fluidity of the local virus situation and global economic uncertainties, Financial Secretary Paul Chan said. Photographer: Paul Yeung/Bloomberg</figcaption></figure>



The sea carries more than 80 percent of the world’s traded goods, most of which sail inside 40-foot-long steel containers stacked by the thousands atop some of the largest vessels ever built.



The shock of the pandemic underscored just how crucial the maritime container trade is to the global economy. From Shanghai to Rotterdam to Los Angeles, the coronavirus upended supply chains. Ports lacked workers who were home sick. Truck drivers and ship crews couldn’t cross borders because of public health restrictions. Pent-up demand from huge stimulus programs during extended lockdowns overwhelmed the capacity of supply chains. Besides causing delays in getting goods to customers, the cost of getting them there surged.



As the Chart of the Week shows, the result of those challenges was that the cost of shipping a container on the world’s transoceanic trade routes increased seven-fold in the 18 months following March 2020, while the cost of shipping bulk commodities spiked even more. Our new research shows that the inflationary impact of those higher costs is poised to keep building through the end of this year. Our analysis predates the war in Ukraine but isn’t isolated from it: the conflict will likely exacerbate global inflation.



Studying data from 143 countries over the past 30 years, we find that shipping costs are an important driver of inflation around the world: when freight rates double, inflation picks up by about 0.7 percentage point. Most importantly, the effects are quite persistent, peaking after a year and lasting up to 18 months. This implies that the increase in shipping costs observed in 2021 could increase inflation by about 1.5 percentage points in 2022.



While the pass-through to inflation is less than that associated with fuel or food prices—which account for a larger share of consumer purchases—shipping costs are much more volatile. As a result, the contribution in the variation of inflation due to global shipping price changes is quantitatively similar to the variation generated by shocks to global oil and food prices.



Our findings also reveal some of the mechanisms at work. We show that higher shipping costs hit prices of imported goods at the dock within two months, and quickly pass through to producer prices—many of whom rely on imported inputs to manufacture their goods.



But the impact on the prices consumers pay at the cash register builds up more gradually, hitting its peak after 12 months. This is a much slower process than what is seen after a rise in global oil prices, which drivers feel at the pump within a couple of months.



Rising shipping costs affect inflation in some countries more than others. First, our research shows that the structural characteristics of an economy matter. Countries that import more of what they consume see larger increases in inflation, as do those who are more integrated into global supply chains. Similarly, countries that typically pay higher freight costs—landlocked countries, low-income countries, and especially island states—see more inflation when these rise.



Second, a strong and credible monetary policy framework can play a role in mitigating the second-round effects from import prices and inflation. Our analysis shows that keeping inflation expectations well-anchored is key to containing the effect of soaring shipping costs on consumer prices, particularly core measures that exclude fuel and food.



Our results suggest the inflationary impact of shipping costs will continue to build through the end of 2022. This will create complicated trade-offs for many central bankers facing increasing inflation and still ample slack in economic activity. Moreover, the war in Ukraine is likely to cause further disruptions to supply chains, which could keep global shipping costs—and their inflationary effects—higher for longer.

Cargo Ships and Container Terminal Operations as Hong Kong Recovery May Take Longer Than Expected

How Soaring Shipping Costs Raise Prices Around the World

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/KSJCTPD32VO5XPXHEGDADKUJW4-820x429.jpg" alt="" class="wp-image-416127" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/KSJCTPD32VO5XPXHEGDADKUJW4-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/KSJCTPD32VO5XPXHEGDADKUJW4-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/KSJCTPD32VO5XPXHEGDADKUJW4-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/KSJCTPD32VO5XPXHEGDADKUJW4-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/KSJCTPD32VO5XPXHEGDADKUJW4-1536x804.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/KSJCTPD32VO5XPXHEGDADKUJW4.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Akinwumi Adesina, President of African Development Bank (AfDB) Photo: via Reuters</figcaption></figure>



JOHANNESBURG, March 25 (Reuters) – The African Development Bank (AfDB) is aiming to raise $1 billion to rapidly ramp up agricultural production in Africa and stave off a potential food crisis brought on by Russia’s invasion of Ukraine, its president told Reuters on Friday.



But the war, which has sent commodities prices soaring, is also an opportunity for the continent to position itself as a natural gas supplier for Europe and a refuge for investors fleeing Russia.



During the coronavirus pandemic, Africa has not seen infection rates and deaths on the same levels as many more developed regions. Its economies, however, have been battered and its rebound has proven sluggish.



Like much of the world, African nations are staring at rapidly rising consumer prices, with the war in Ukraine endangering global wheat and corn supplies and sending fuel prices soaring.



“Already, coming out of COVID we have 24 million people that are falling further into extreme poverty, and that’s going to worsen the situation,” Akinwumi Adesina said in an interview.



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2022/african-development-bank-secures-32-8-bln-for-projects-in-africa/">African Development Bank secures $32.8 bln for projects in Africa</a></h3>



To avoid a food crisis, he said the AfDB was planning to launch an emergency food production plan that would focus on rapidly boosting wheat, maize, rice and soybean output on the continent.



“The plan is to produce roughly 30 million metric tonnes of food and to get technology into the hands of 20 million farmers. So you’re looking at big scale with small-holder farmers,” he said.



The International Monetary Fund (IMF) had already voiced its support to help implement the plan, which will produce food staples worth $12 billion, Adesina said.



The bank plans to raise $1 billion needed to fund the initiative from various emergency support facilities, concessional financing and from the IMF’s proposed $50 billion resilient sustainability fund.



“When COVID struck, we were not ready. But this time, we’re fully ready,” he said.



<h2 class="wp-block-heading" id="h-alternative-to-russia">ALTERNATIVE TO RUSSIA</h2>



While Adesina decried the war’s impact on Ukraine and its people, he recognised that the conflict and the geopolitical shifts it has sparked could play to Africa’s favour in some areas.



“The biggest challenge Europe has is securing its energy supply,” he said. “Europe needs to look, and it’s looking, for alternative supplies of gas. Africa can be that place.”



Africa boasts a host of major oil and gas producers, including Algeria, Nigeria and Angola.



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2021/afdb-head-says-gas-remains-key-for-stable-power-supply-in-africa/">AfDB head says gas remains key for stable power supply in Africa</a></h3>



And new offshore gas discoveries – the viability of which had been questioned due to the global shift to renewables – could now become critical to Europe’s energy security as it weans itself off Russian supplies.



France’s TotalEnergies along with US firm Exxon Mobil and Portugal’s Galp are currently developing projects to exploit Mozambique’s estimated 100 trillion cubic feet of gas reserves and make it a major liquefied natural gas player.



Africa is meanwhile ready to welcome investors currently pulling out of Russia, Adesina said.



“There are a lot of investors that are going to be diversifying out of Russia, of course… That’s a real opportunity, I think, for Africa at this point in time.” 



(Reporting by Joe Bavier)

KSJCTPD32VO5XPXHEGDADKUJW4

Ukraine war creates woes, but also an opportunity for Africa – AfDB Pres

How Reddit Made Risky Trades So Popular

Africa’s Business Heroes EP1: Celebrating Entrepreneurial Ingenuity

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="531" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/WOOUOIZQGRNUFLZVX6TQHONPMM-820x531.jpg" alt="" class="wp-image-416123" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/WOOUOIZQGRNUFLZVX6TQHONPMM-820x531.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/WOOUOIZQGRNUFLZVX6TQHONPMM-300x194.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/WOOUOIZQGRNUFLZVX6TQHONPMM-139x90.jpg 139w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/WOOUOIZQGRNUFLZVX6TQHONPMM-768x497.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/WOOUOIZQGRNUFLZVX6TQHONPMM-1536x994.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/WOOUOIZQGRNUFLZVX6TQHONPMM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>A general view shows the Central Bank of Kenya headquarters building along Haile Selassie Avenue in Nairobi, Kenya November 28, 2018. REUTERS/Njeri Mwangi</figcaption></figure>



NAIROBI, March 28 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s central bank has barred Ecobank from foreign exchange trading in the East African nation between March 29 and April 4 as part of regulatory action for unsafe trading practices, the regulator said on Monday.



Under Governor Patrick Njoroge, who was first appointed in 2015, the central bank has taken a hard line against several players in the market over the years, saying that discipline in the market was paramount.



&#8220;Ecobank did not have sufficiently robust risk controls to prevent breaches on its foreign exchange exposure limits, or the inaccurate reporting of its position,&#8221; the central bank said in a statement.



<h3 class="wp-block-heading" id="h-read-more-kenya-s-budget-deficit-to-widen-as-treasury-lays-out-extra-spending">Read more: <a href="https://www.cnbcafrica.com/2022/kenyas-budget-deficit-to-widen-as-treasury-lays-out-extra-spending/">Kenya’s budget deficit to widen as Treasury lays out extra spending</a></h3>



Ecobank Kenya, a unit of Togo-headquartered Ecobank Group, was not immediately available for comment.



Ecobank was required to put in place remedies to the lapses that were identified by an investigation, the central bank said, adding that it would also reverse the extra exposure resulting from the breach. It has up to the end of this month to do so.



&#8220;The remedial plan should also point to specific measures to address the unsafe trading practices that led to the non-compliance,&#8221; the central bank said.



(Reporting by George Obulutsa and Duncan Miriri; Editing by)

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Kenya’s central bank temporarily blocks Ecobank from FX trading

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CBN offers ₦143bn in NTB primary market auction

Investors eye Q1’22 earnings

Entrepreneurial Edge: How this woman is breaking barriers in Ghana’s male-dominated mining industry

Iron ore may see structural shift on lack of new supply, decarbonisation: Russell

Familiar look about Africa’s World Cup line-up

CDC recommends fourth Pfizer and Moderna Covid vaccine doses for people age 50 and older

Ghana parliament approves e-tax of 1.5% after opposition protest

Why The US Can’t Build Houses Fast Enough Anymore

Africa’s Collective Future: Intentional Education for Girls

UAE, Saudi say OPEC+ should not play politics

Lack of patents and small cash investments for African youth undermines innovation

Stocks, currencies gain with focus on Russia-Ukraine peace talks

How Soaring Shipping Costs Raise Prices Around the World

Ukraine war creates woes, but also an opportunity for Africa – AfDB Pres

How Reddit Made Risky Trades So Popular

Africa’s Business Heroes EP1: Celebrating Entrepreneurial Ingenuity

Kenya’s central bank temporarily blocks Ecobank from FX trading

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