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Stefanutti Stocks says that over the past two years the group&#8217;s order book has remained relatively constant between R13 billion and R14 billion. But the group says they would not be paying dividends any time soon.

Why Stefanutti Stocks won’t be paying dividends

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Women still make up for the largest portion of informal traders; 70 per cent in Southern Africa and 50 per cent elsewhere on the continent. Kanayo Awani, MD of the Intra-African Trade Initiative at Afrexim Bank joins CNBC Africa for more.

Plan to assist informal traders

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The National Competitiveness Council of Nigeria (NCCN) has launched Nigeria’s first Sub-National Competitive Index a move aimed at spurring growth-friendly policies. The index evaluates the competitiveness of Nigeria’s 36 states.

NCCN launches Nigeria’s first Sub-National Competitive report

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Ugochukwu Irechukwu, Divisional Head of institutional banking, Diamond Bank joins CNBC Africa to discuss the factors hindering private sector investment in Nigeria’s infrastructure development.

Factors hindering infrastructure investments in Nigeria

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Olumide Adeosun, Associate Director of Capital Projects and Infrastructure at PWC Nigeria joins CNBC Africa to discuss what it will take to bridge Nigeria&#8217;s infrastructure gap.

Bridging Nigeria’s infrastructure gap

Nqobile Dludla | JOHANNESBURG
South African cement maker PPC reported a 93 percent decline in full-year earnings on Wednesday due to a liquidity crisis precipitated by the cut in its credit rating to junk status.
PPC, which is still negotiating a possible merger with rival Afrisam, said headline earnings per share fell to 7 cents from 107 cents in the comparable period last year.
S&amp;P Global Ratings (S&amp;P) downgraded the company&#8217;s long- and short-term South African national scale corporate credit ratings to zaBB- and zaB respectively in May 2016.
(Reporting by Nqobile Dludla; Editing by Sunil Nair)
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South Africa’s PPC’s FY profit slumps on S&P downgrade

Uncertainty over government policies and a slowdown in the private sector cut Tanzania&#8217;s gross domestic product growth to an estimated 6.9 percent in 2016 from 7.2 percent the previous year, the World Bank said on Tuesday.
Growth is still supported by substantial government investment in infrastructure, including a standard gauge railway, new roads and expanding the ports.
But investors have been unnerved by unpredictable policies from the government of President John Magufuli, nicknamed &#8220;The Bulldozer&#8221; for his pugnacious governing style. A steep drop in money supply and a spike in non-performing loans have also hampered private sector credit growth.
&#8220;Policy adjustments, if they occur frequently, could cause uncertainty for the private sector, and this uncertainty could dampen private sector investment decisions,&#8221; the World Bank said in its latest economic update for Tanzania.
&#8220;The government should pay more attention to, and be more explicit about, the potential unintended consequences of government policies on the private sector.&#8221;
It said Tanzania&#8217;s economic growth in 2016 probably slowed to 6.9 percent, slightly below the government forecast of 7.2 percent. Government officials were not immediately available for a comment.
Tanzanian banks have tried to shield themselves against a steep rise in non-performing loans by creating a large buffer in the form of high interest rates, increasing the cost of borrowing, it said.
The World Bank said government cost-cutting measures, including restricting travel for officials, could hurt the private sector.
&#8220;Government meetings in tourist resorts have been banned &#8211; an example of how public administration reforms could also impact the private sector, which relies significantly on government demand,&#8221; it said.
After coming into office in November 2015, Magufuli launched a crackdown on tax evasion targeting large companies. Some foreign investors say they could now scale back operations or expansion plans because of tougher demands placed on firms, including higher tax bills.
&#8220;The negative business sentiment indicators point to the need for the government to promptly engage in public-private dialogue on investment climate,&#8221; the bank said.
(editing by Katharine Houreld/Jeremy Gaunt)

Tanzania’s economic growth slowed by policy uncertainty: World Bank

Nigerian oil tanker drivers ended a strike over pay and the poor condition of the roads just hours after it began on Monday, following a government intervention, ending the threat of fuel shortages developing.
The union called off the strike &#8220;because the federal government has intervened and promised to look into the drivers&#8217; demands,&#8221; said Charles Eleto, a regional chairman for Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), one of Nigeria&#8217;s two major oil workers&#8217; unions.
In a meeting in the capital Abuja on Monday, the head of the Nigerian National Petroleum Corporation agreed with NUPENG&#8217;s president to increase transportation fees for the workers, said a spokesman for the firm.
(Reporting by Camillus Eboh and Anamesere Igboeroteonwu; Additional reporting by Alexis Akwagyiram in Lagos; Writing by Paul Carsten; Editing by Greg Mahlich)

Nigeria oil tanker drivers call off strike after government pay deal

Uganda says it has asked China for a $500 million loan to help build almost 600 km (360 miles) of roads in the country&#8217;s oil-rich west, amid criticism over heavy borrowing that has ballooned the country&#8217;s debt.
Uganda has discovered an estimated 6.5 billion barrels of crude reserves on its Albertine rift basin along the border with the Democratic Republic of Congo.
However, lack of infrastructure, such as roads and an export pipeline, as well as disagreements between the government and international oil companies over taxes, have repeatedly delayed production.
The Uganda National Roads Authority needs the money to build 580 kilometres of roads around the area, said Mark Ssali, head of public and corporate affairs at the state-run UNRA.
&#8220;There have been some contacts with Exim Bank (of China) for the loan,&#8221; he told Reuters in an interview on Wednesday. &#8220;But we are currently procuring a Chinese contractor, which is a precondition for any concrete talks with Exim.&#8221;
Uganda wants to start oil production in 2020, when a pipeline through neighbouring Tanzania is set for completion.
China has extended large lines of credit to Uganda in recent years, mostly for infrastructure, including power plants, roads and an airport refurbishment. Officials have also said they are seeking $2.3 billion to build a standard gauge railway.
Government critics and the opposition say the appetite for Chinese credit risks dragging the country back into the deep indebtedness of the mid-2000s.
&#8220;Given the accelerated borrowing and misuse of loans, we&#8217;re likely to go back into debt distress,&#8221; said Julius Kapwepwe, director of programs at Uganda Debt Network, a think tank that tracks Uganda&#8217;s public debt. &#8220;We might start begging for debt forgiveness again.&#8221;
According to Central Bank of Uganda data, the country&#8217;s total external debt stood at $10.3 billion in May last year, compared with $3.8 billion in the financial year ended June 2013.
(Reporting by Elias Biryabarema; Editing by Aaron Maasho)
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Uganda says seeking $500 mn loan from China for roads

Gauteng Department of Roads and Transport (GDRT) has entered into an agreement with Steyn City Properties for the upgrading of Cedar Road. The planned improvements will add significant value to improving the transport infrastructure in the area and relieve traffic congestion at key intersections – thereby contributing to the betterment of economic sustainability in the area.
Cedar Road is an important provincial arterial, linking the Lanseria area with the Fourways Precinct passing Steyn City, Dainfern, Chartwell, Broad Acres and Lone Hill.  It also serves as the primary access route to the Fourways Life Hospital. 
As with most network linkages within Gauteng’s major residential and commercial areas, traffic volumes within the Fourways Precinct, and in particular along Cedar Road, has increase significantly over the last few years. Peak hour traffic reaches almost 2000 vehicles and is projected to grow further in the future. Associated with this, the link is under significant strain from a capacity, as well as a pavement structure, point of view.
Steyn City Properties commissioned WSP | Parsons Brinckerhoff, Africa, at an early stage in the project to investigate the feasibility of upgrading Cedar Road as part of the developer’s investment in the transport infrastructure for the region – for improved access and sustainability of the ecosystem of the surrounding area.
“From our initial investigations we found that the existing Cedar Road is not in a great state, particularly from a pavement structure perspective. We also identified important capacity improvements from the regional Traffic Master Plan that are direly needed – and once completed will add immense value for the area” says Francois van Rensburg, Divisional Director, Transportation and Infrastructure, WSP | Parsons Brinckerhoff, Africa.
Taking the magnitude of the work required for the upgrading and rehabilitation of the route into consideration, WSP and Steyn City Properties approached the GDRT to assist with the upgrading of Cedar Road. The provincial Department considered this link an important one in their macro plan to support development of the Gauteng province and improved linkages to vital economic nodes like Fourways, Lanseria and those in between – and entered into an agreement with the property developer.
The project includes doubling the road to four lanes, two per direction, from Uranium road up to Valley Road. However, the section of Cedar between Witkoppen has been rehabilitated without additional lanes. At various intersections additional turning lanes will be constructed, with traffic signals upgraded at the Lombardy intersection.
The existing road will also be rehabilitated to accommodate the increased traffic loads. Furthermore, stormwater systems and non-motorised transport facilities will be provided along the route – where some current stormwater problems experienced at the intersection of Frederick and Cedar Road will also be addressed. To improve traffic and pedestrian safety, the project team is also in discussions with Joburg City Power regarding the installation of street lighting along the route.
“This will be the second phase for the upgrading of Cedar Road, as the phase for the project was completed for the section of Cedar Road from Valley Road up to Runnymead in 2016. The project was completed with great success and the Contractor met all the procurement targets. We anticipate that the second phase will achieve the same success and the new contract will certainly encourage employment, skills development opportunities, training and economic empowerment to the local community” adds van Rensburg.
The contract value for this second phase equates to approximately R67million (excl. VAT). The project will be constructed over eleven months and the specific targets have been set in the Construction Contract to secure the involvement of SMEs and the empowerment of local labour. Thirty percent of all labour on the project must be sourced locally, while forty percent of the contract value must be spent through the utilisation of qualified SMEs, BBBEE contractors and woman-owned suppliers and sub-contractors.
“The expected value that these upgrades will offer to the local area cannot be underestimated. We are conscious though that there may be some inconvenience to commenters during the construction phase, as the project is limited in available road reserves to accommodate the existing traffic. However, while construction is undertaken Cedar Road will be widened on both sides, in as far as possible, to address this challenge. Motorists however, are also asked to be patient and considerate of the conditions during the construction period,” concludes van Rensburg.﻿

Joburg's Cedar Road to get an upgrade

Kenyan airlines have been granted security clearance by U.S. authorities for direct flights to the United States, Kenya&#8217;s minister of transport said on Thursday, having improved infrastructure at Nairobi&#8217;s main airport.
Kenya now has Category 1 security and safety status and hopes that will allow it to boost trade with the U.S. and increase its share of American tourists, James Macharia said.
&#8220;Kenya Airways will immediately apply for approval to codeshare with U.S. airlines while concurrently pursuing approval for direct flights,&#8221; he told a news conference.
The government has a stake in flag carrier Kenya Airways and has recently finished building a new terminal and plans to spend more on Jomo Kenyatta International airport.
Kenya has suffered frequent attacks by Islamist militants from neighbouring Somalia in recent years.
 
(Reporting by Duncan Miriri; Editing by Louise Ireland)﻿

Kenya granted security clearance by U.S. for direct flights

Tanzania said on Monday it needs $46.2 billion in investment over the next 20 years to revamp ageing energy infrastructure and meet soaring demand for electricity.
Investors have long complained that a lack of reliable power is an obstacle to doing business in east Africa&#8217;s second biggest economy.
A power system master plan released on Monday by the country&#8217;s energy ministry said 70 per cent of capital spending would be financed by debt and the rest by the government&#8217;s own resources.
&#8220;The financing requirement to implement the Power System Master Plan (PSMP 2016 – 2040) is about $46.2 billion for capital cost,&#8221; the updated plan said. 
&#8220;The cost includes investment on generation, transmission and sub-stations. Generation accounts for almost 80 percent of the total investment cost.&#8221;
Tanzania aims to boost power generation capacity to 10,000 megawatts over the next decade from around 1,500MW now by using some of its vast natural gas and coal reserves to end chronic energy shortages and boost industrial growth.
    Tanzania said in January it was seeking a loan of $200 million from the World Bank for its debt-ridden state power supplier Tanzania Electric Supply Company (TANESCO) after the country&#8217;s president refused to allow the utility to raise prices to cover costs.
    President John Magufuli wants cheap electricity to drive industrialisation, but the World Bank is likely to insist the loss-making utility increases prices so it can cover the cost of producing power and begin much-needed reforms.
TANESCO has debts of $363 million, up from $250 million at the end of 2015.
    Tanzania&#8217;s energy regulator approved on Dec. 31 a tariff hike of 8.53 percent, less than half of what the utility said it needed to cover the losses.
    But the next day, Magufuli sacked the head of TANESCO and blocked the rise, saying the price increase would stymie his plans to ramp up industrial output.
    Decades of mismanagement and political meddling means the utility sells electricity below cost. It also struggles to cope with transmission leaks and power theft.
The power system master plan said around 40 per cent of Tanzania&#8217;s estimated population of 50 million currently has access to electricity. The government wants to boost the electrification rate to 90 per cent by 2035.﻿

Tanzania says needs $46 bn in power investment by 2040

The key to boosting growth in Africa is more private investment and responsible policymaking, a CNBC Africa panel at the World Economic Forum heard on Wednesday.
African politicians and business leaders want to see a stronger relationship between the public and private sector to ensure better regulation and clearer policy certainty to ultimately attract infrastructure spending.
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&#8220;The most fundamental issue is, will there be consistency between the public and private sector,&#8221; Phuthuma Nhleko executive chairman of the multinational telecom company MTN said, asking for stronger policy certainty and regulatory environment. 
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&#8220;Then there&#8217;s no shortage of funds,&#8221; he said. &#8220;It all comes back to certainty.&#8221;﻿
The President of Rwanda, Paul Kagame, acknowledged that if indeed governments put in place policies that are investment-friendly, there will be economic development.
&#8220;We have to accept the fact that the private sector holds huge resources that could be deployed together with the government for the benefit of infrastructure whether it is energy, transport, IT, telecoms and so forth. But then government has to make sure we put in place policies …that work to encourage this kind of investments and partnerships to happen,&#8221; Kagame told an audience in Davos.
According to the International Monetary Fund, Rwanda has been successful in implementing some growth-friendly policies.
&#8220;Early evidence suggests that the short term adjustment policies have been effective in addressing external imbalances,&#8221; the IMF said in a report last week.
&#8220;The government&#8217;s home-grown &#8220;Made in Rwanda&#8221; initiative, which seeks to substitute domestic production for some key imported goods, and export promotion efforts. Performance under the program has been strong, with almost all program targets set through end-June 2016 and structural reforms through end-September 2016 being achieved,&#8221; the IMF added.
Trade is exactly one of the areas that African countries need to work on. According to the IMF, &#8220;Substantial opportunities for further regional and global trade integration still lie ahead&#8221; for the entire sub-Saharan region.
&#8220;Intra-African trade is still at a dismally low percentage,&#8221; Nhleko of MTN said in Davos. &#8220;And for that to increase, I&#8217;m afraid there&#8217;s going to be a choice on how much sovereignty a certain state wants to retain ad to what extent they have a vision of making things, more, more and more boardless.&#8221;﻿

African leaders debate how to fix Africa’s infrastructure gap

A contractor to the Gauteng Department of Infrastructure Development (GDID) has been placed on terms. MEC Jacob Mamabolo has given the contractor seven days to state reasons why he should not be fired after delays in construction of Khutsong South Clinic in the West Rand.
Mamabolo conducted a site inspection after an alarm was raised through the project monitor dash board in the GDID project nerve centre, Lutsinga Infrastructure House. The system indicated that the project would run late by approximately four months as construction of the clinic was standing at 20% although the contractor was due to complete the works in December 2016.
“We have already issued two warning letters to this contractor, but still there is very little progress. We have no choice but to terminate their contract, this is completely unacceptable. But I have given him seven days to explain why I should not terminate their contract,” Mamabolo told officials on site.
This is the second contractor to have a contract terminated due to poor performance. The first contractor, who was doing works at Suikerbos Nature Reserve, was terminated in July this year.
Construction of the clinic started on the 12th April 2016 with a total budget of R65 189 556.76. To date only R7 115 535.64 has been spent &#8211; constituting 10.9% of the overall project value with just more than a month of the original building time left.
Mamabolo also conducted a site visit of the Bonalesedi Nursing College’s new examination hall and the refurbishment of five simulation wards. The site was handed over to the contractor on the 4th of September 2014 and was due to be completed on the 3rd of June 2015.
After an extension of time was approved during construction, a new completion date was set for the 5th of April 2016. GDID was in the process of preparing to handover the building to the Department of Health but new structural cracks on the new Examination Hall were discovered.
Mamabolo has instructed the appointed engineers to conduct an investigation and to prepare a report detailing the cause of the cracks and required remedial action. Both sites will be handed over in November.﻿

Gauteng issues stern warning to poor performing contractors

Government debt has escalated over R2 trillion with rising debt service costs crowding out expenditure on priorities such as infrastructure and education.
This is one of the concerns highlighted in South Africa’s mid-term budget policy statement on Wednesday which was tabled by Finance Minister Pravin Gordhan.
The statement noted that government spending per capita has doubled in the first two decades of democracy. Moreover, since 2009, a growing portion of spending has been funded by borrowing, resulting in the current alarming government debt.
Seemingly, the call from protesting university students for free education for all is a far cry as the mid-term budget statement has highlighted two concerns:
&#8211;          First, despite massive increases in allocations to the National Student Financial Aid Scheme (NSFAS), the enrolment of academically deserving students from poor communities has grown faster than available funding.
&#8211;          Second, there is no clear national framework for financing students who – although not affluent – are above the modest threshold established by the NSFAS means test.
R16 billion was added to higher education in the February budget. With the MTBPS, Gordhan announced a further R9 billion to go to the National Student Financial Aid Scheme over the period ahead, raising its funding by over 19 per cent a year. Over R8 billion is earmarked to meet the costs of fee increases for students from households with incomes up to R600 000.
Addressing the media just hours before he delivered the mid-term budget policy statement, Gordhan said he hears the concerns raised by various parts of the schooling community.
“There is however no room for violence…we’ve been receiving well thought through technical proposals from various people,” said Gordhan.
Higher Education Minister, Blade Nzimande, was also in attendance at the briefing. He alluded to FET’s and Colleges being prioritised over universities in the future.
“I am happy about the allocations that are signalled… Many of the problems we face are not going to be resolved by directing our focus in universities only. We need a college sector that’s 3 or 4 times bigger than the university sector,” says Nzimande.
The mid-term budget statement also pointed out the realty of a low-growth trap, which will be caused by the further deterioration of the country’s economy. In this scenario, weak GDP growth produces less tax revenue, which is likely to lead to South Africa’s economy being downgraded to junk.
In avoiding a low-growth trap, National Treasury’s proposals include a combination of tax policy measures that will raise an additional R43 billion over the next two years, and a reduction in the expenditure ceiling of R26 billion.
While the long term average rate of GDP growth has fallen from 4 per cent a decade ago to 2 per cent today, National Treasury maintains that South Africa will emerge from a period of economic weakness.﻿

Free education for all a far cry as S.A Gov debt exceeds $500 bn

ABUJA (Reuters) &#8211; Nigerian President Muhammadu Buhari has asked parliament to approve plans to borrow $30 billion abroad to fund infrastructure plans until 2018, according to a letter read out on Tuesday in the assembly.
Nigeria, an OPEC member, slipped into recession for the first time in more than 20 years in the second quarter largely due to low global oil prices. Crude oil sales account for about two-thirds of government revenue.
The borrowing plans included the sale of Eurobonds worth $4.5 billion and a planned budget support of $3.5 billion, according to the letter from Buhari.
&#8220;The projects cut across all sectors with special emphasis on infrastructure, agriculture, health, education, water supply, growth and employment generation, poverty reduction,&#8221; said the letter read out in both chambers by the Senate President and House of Representatives speaker.
&#8220;It has become necessary to resort to prudent external borrowing to bridge the financing gap,&#8221; Buhari said in the letter. The borrowing was for the period until 2018, he added.
Buhari had already sent a draft budget for 2017 to parliament for approval, detailing plans to spend a record 6.866 trillion naira ($22.55 billion) aimed at pulling Africa&#8217;s biggest economy out of recession.
The planned spending is up from this year&#8217;s 6.06 trillion naira budget and seeks to stimulate growth by funding infrastructure development to increase manufacturing, create jobs and reduce costly imports.
The government has held talks for months with the World Bank, China and other institutions to fund a 2016 budget deficit of 2.2 trillion naira but so far only the African Development Bank has publicly confirmed a planned loan of $1 billion.
Nigeria also wants to sell $1 billion in Eurobonds by the end of the year although as of Friday no bank to arrange the issue had been appointed yet.
Problems related to oil prices have been exacerbated by militant attacks on energy facilities that have cut crude production, which was 2.1 million barrels per day (bpd) at the start of 2016, by 700,000 bpd.
In an effort to blunt the appeal of militancy in the Niger Delta oil hub, Buhari also asked lawmakers to spend another 35 billion naira within the 2016 budget on an amnesty plan for former fighters.
Cash salaries had been paid to ex-militants only until May because the amnesty&#8217;s original budget of 20 billion naira had fallen short. &#8220;This is creating a lot of restiveness and compounding the security challenge in the Niger Delta,&#8221; Buhari said in a letter.
Oil output has improved to 1.9 million bpd, the petroleum ministry said in a tweet late on Monday, without giving details.
($1 = 304.5000 naira)
 
(Reporting by Camillus Eboh; Writing by Ulf Laessing; Editing by Mark Heinrich)﻿

infrastructure

Why Stefanutti Stocks won’t be paying dividends

Plan to assist informal traders

NCCN launches Nigeria’s first Sub-National Competitive report

Factors hindering infrastructure investments in Nigeria

Bridging Nigeria’s infrastructure gap

South Africa’s PPC’s FY profit slumps on S&P downgrade

Tanzania’s economic growth slowed by policy uncertainty: World Bank

Nigeria oil tanker drivers call off strike after government pay deal

Uganda says seeking $500 mn loan from China for roads

Joburg's Cedar Road to get an upgrade

Kenya granted security clearance by U.S. for direct flights

Tanzania says needs $46 bn in power investment by 2040

African leaders debate how to fix Africa’s infrastructure gap

Gauteng issues stern warning to poor performing contractors

Free education for all a far cry as S.A Gov debt exceeds $500 bn

Nigeria's Buhari asks parliament to approve $30 bn of borrowing

News Tips

Advertise With Us

infrastructure

Why Stefanutti Stocks won’t be paying dividends

Plan to assist informal traders

NCCN launches Nigeria’s first Sub-National Competitive report

Factors hindering infrastructure investments in Nigeria

Bridging Nigeria’s infrastructure gap

South Africa’s PPC’s FY profit slumps on S&P downgrade

Tanzania’s economic growth slowed by policy uncertainty: World Bank

Nigeria oil tanker drivers call off strike after government pay deal

Uganda says seeking $500 mn loan from China for roads

Joburg's Cedar Road to get an upgrade

Kenya granted security clearance by U.S. for direct flights

Tanzania says needs $46 bn in power investment by 2040

African leaders debate how to fix Africa’s infrastructure gap

Gauteng issues stern warning to poor performing contractors

Free education for all a far cry as S.A Gov debt exceeds $500 bn

Nigeria's Buhari asks parliament to approve $30 bn of borrowing

News Tips

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