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<p>Foreign Direct Investment in Africa declined to $45 billion in 2022 from a record $80 billion in the previous year. The 4th Africa Finance Corporation Country and Stakeholder Symposium gathered thought leaders, decision makers and key stakeholders on how to prevent any further capital in Africa to exit.</p>


CSS 2024: 4th Africa Finance Corporation Country & Stakeholder Symposium

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<p>WEF Davos 2024 came to a close with delegates across the globe highlighting challenges impacting the global economy, but also showcasing best solutions and policies to steer trade in a positive direction. This highlights special brings together key voices from WEF as they discuss the AfCFTA.</p>


WEF Davos 2024: Rebuilding Trust: Highlights Special

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<p>AI is a hot topic this week at Davos. Leaders from across business and government highlight the challenges faced by global economies and address questions around opportunities and risks. One of the concerns raised is that jobs will change globally over the next five years, raising the pertinent questions around what the future holds for the youth and how best to maximize AI in trade.</p>


DAVOS 2024: Day Four Highlights

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<p>Seismic change is underway in Africa. The United Nations projects that sub-Saharan Africa will account for more than half of the growth of the world’s population by 2050.  As such, Africa is set to play a bigger role in shaping contemporary geopolitical and economic affairs. CNBC Africa brings you the stakeholder dialogue on An African Economy of Scale, from Davos Switzerland.</p>


DAVOS 2024: An African Economy of Scale

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<p>The World Economic Forum’s Annual Meetings continues on the third day with sessions focusing on green finances, artificial intelligence and how economies can be more resilient against high inflation. A new World Economic Forum report calls for a new approach to economic growth and a balance between long-term sustainability and equity. The CNBC Africa team brings daily updates from Davos, Switzerland on the happenings impacting Africa’s future.</p>


DAVOS 2024: Day Three Highlights

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<p>The services sector generates two-thirds of global GDP and over half of all jobs, yet trade in services costs twice that of trade in goods, with 40 per cent of these costs due to opaque and outdated regulations. Recent landmark agreements including the WTO Reference Paper on Services Domestic Regulation and the AfCFTA Protocol on Trade in Services are now coming into effect and giving much-needed impetus to global efforts to reduce restrictions in the sector. How can we reform outdated restrictions and build back trust in the services economy?</p>


DAVOS 2024: Frictionless Services

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<p>Saudi Arabia cut the February price of its flagship Arab Light crude to Asian customers this week following concerns about supply overhang. Meanwhile, oil is giving up some gains as Middle East supply concerns from the Israel-Hamas war weigh heavy. Kola Karim, Chairman of Shoreline Group joins CNBC Africa to discuss production and pricing dynamics at play as well as shifts in global oil architecture.</p>


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Unpacking 2024 oil pricing & production dynamics

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<p>The Kingdom of Saudi Arabia is trying to diversify its tourism potential and in this bid looking at how best to strengthen ties with Africa, in a first on CNBC Africa interview we caught up with the Minister of Tourism for Saudi Arabia, H.E Ahmed Al Khateeb on how they hope to achieve this growth.</p>


Saudi Tourism Minister: Time has come to share great  Saudi culture & hospitality with the rest of the world

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<p>Tanzania may soon start exporting meat again to Saudi Arabia if ongoing negotiations between the two countries are concluded as hoped. Tanzania used to export meat to the Kingdom of Saudi Arabia, but this was suspended 19 years ago after the outbreak of foot and mouth disease. Tullah Mloge, Cluster and Partnership Manager at Southern Agriculture Corridor of Tanzania spoke with CNBC Africa for more.</p>


Tanzania to resume meat exports to Saudi Arabia

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<p>Nigeria’s President Muhammadu Buhari has been largely criticized for stating that “it makes no sense for oil to be cheaper in Nigeria than in Saudi Arabia” &#8211; while giving his 60th Independence Day address. Tunde Ajileye, Partner at SBM Intelligence and Winston Osuchukwu, Co-Founder of Trans-Sahara Investment Corporation joins CNBC Africa’s Kenneth Igbomor to discuss the realities surrounding Nigeria’s petrol pricing.</p>


Digging deeper into Nigeria’s petroleum pricing realities

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<p>Eight candidates are going head-to-head for the top position at the World Trade Organization with nominations coming from the United Kingdom, Mexico, Moldova, Korea, Saudi Arabia, and three entries from Africa. Trudi Hartzenberg, Executive Director of the Trade Law Centre joins CNBC Africa to talk about the chances of the African candidates vying for the position.</p>


Contenders begin race for WTO top job


<p>Report by Sam Shead</p>



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



<ul><li>Alibaba’s Jack Ma, China’s richest man, is stepping down from the board of SoftBank on June 25.</li></ul>



<ul><li>SoftBank’s Vision Fund reported losses of $18 billion on Monday, while the SoftBank Group as a whole had losses of $13 billion.</li></ul>



<ul><li>Big bets on companies like Uber, WeWork and Oyo have not paid off for the SoftBank Vision Fund.</li></ul>



<p>Alibaba founder <a href="https://www.cnbcafrica.com/east-africa/2020/03/18/covid-19-billionaire-jack-ma-to-donate-masks-test-kits-to-all-countries-in-africa/">Jack Ma</a> is stepping down from the board of SoftBank after the company’s Vision Fund posted record-breaking losses of $18 billion. </p>



<p>Ma, whose $41.8 billion net worth makes him China’s richest man, is the latest high-profile figure to exit SoftBank Group, which on Monday posted total annual losses of $13 billion for the year ending March 31.&nbsp;Uniqlo founder Tadashi Yanai stepped down from SoftBank’s board in December, while Nidec founder Shigenobu Nagamori stepped down in 2017.&nbsp;</p>



<p>Son said that Ma decided to leave SoftBank’s board “on his own”. He added: “That’s sad, but we still keep in contact directly and right before the <a href="https://www.cnbcafrica.com/covid-19/">Covid-19</a>, we met face-to-face every month to have dinner, to talk about businesses, to talk about lives. And we will remain friends for the rest of our life, I believe.”</p>



<p>Ma has become increasingly focused on education philanthropy over the last year. He stepped down as Alibaba’s chairman last September and there’s speculation that he’ll quit Alibaba’s board later this year.</p>



<p>Ma’s departure (effective June 25) comes after SoftBank founder Masayoshi Son pivoted away from telecoms to backing new companies through the colossal $100 billion Vision Fund, which was launched in 2017.</p>



<p>In total, the Vision Fund has backed 88 start-ups with a total of $75 billion. The Vision Fund, which counts Apple and Saudi Arabia’s sovereign wealth fund among its contributors, is in poor health because a number of its biggest bets have turned out to be disasters.&nbsp;</p>



<p>An enormous $9 billion bet on WeWork turned out to be a very bad move after the office space provider imploded, spectacularly, months before the coronavirus wreaked havoc with global economies. With dozens of multi-story offices empty around the world, WeWork’s situation is only expected to go from bad to worse.</p>



<p>The Vision Fund has also pumped billions of dollars into companies like taxi app Uber and Indian hotel chain Oyo, which have seen their valuations plummet over the last few months as a result of the coronavirus and confinement measures, among other factors.</p>



<p>“Values of Uber, WeWork and its three affiliates decreased, and total fair value of other portfolio companies decreased significantly,” SoftBank wrote in its financial report.</p>



<h2 class="wp-block-heading">Old friends&nbsp;</h2>



<p>Ma and Son, two of Asia’s best-known tech tycoons, are close friends and their relationship goes back at least 20 years as Son was one of Alibaba’s earliest investors.</p>



<p>In 2000, one year after Alibaba was founded, SoftBank invested a reported $20 million into the company. An SEC filing from February showed that SoftBank owns around 25% of Alibaba, a stake worth more than $100 billion, making it SoftBank Group’s most valuable investment. </p>



<p>SoftBank stock hit a four-year low on March 19, prompting the group to announce plans to sell or monetize $41 billion of its assets and buy back $4.7 billion of its shares.</p>



<p>This article was first published on CNBC <a href="https://www.cnbc.com/2020/05/18/alibabas-jack-ma-quits-softbank.html">https://www.cnbc.com/2020/05/18/alibabas-jack-ma-quits-softbank.html</a> and is republished with its permission.</p>



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


Op-Ed: Supporting the ICT sector in Africa as a cure for the economic crisis

Billionaire Jack Ma quits SoftBank’s board as its Vision Fund posts a record $18 billion loss


<p>Report by Sam Meredith</p>



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



<ul><li>In its closely-watched monthly report, the IEA’s outlook for oil demand showed a fall of 8.6 million barrels per day (b/d) to 91.2 million b/d this year. That’s 0.7 million b/d more than the group anticipated in its previous report.</li></ul>



<ul><li>The IEA stressed a resurgence of Covid-19 cases would constitute a “major risk factor” to oil demand.</li></ul>



<ul><li>On the supply side, it expected a “spectacular” fall of 12 million b/d this month, falling to a nine-year low of 88 million b/d.</li></ul>



<p>The International Energy Agency (IEA) said on Thursday that market forces had “demonstrated their power” on the supply side of the <a href="https://www.cnbcafrica.com/videos/2020/05/06/access-bank-bond-market-activity-to-pick-up-on-improved-oil-prices/">oil market</a> in recent weeks, but concerns remain over the potential for a second wave of Covid-19 infections.</p>



<p>International benchmark Brent crude traded at $29.72 a barrel on Thursday morning, up around 1.8%, while U.S. West Texas Intermediate stood at $25.84, more than 2% higher.</p>



<p>It comes after what the IEA Executive Director Fatih Birol described as “Black April,” when the price of U.S. crude futures tumbled to around negative $40 a barrel.</p>



<p>Since then, the outlook has somewhat improved in energy markets and <a href="https://www.cnbcafrica.com/videos/2020/05/05/could-ugandas-oil-producing-ambitions-be-boosted-by-covid-19-pandemic/">oil prices</a> have rebounded from their April lows.</p>



<p>“Oil production is reacting in a big way to market forces and economic activity is beginning a gradual-but-fragile recovery,” the IEA said. “However, major uncertainties remain.”</p>



<p>“The biggest is whether governments can ease the <a href="https://www.cnbcafrica.com/videos/2020/05/13/how-african-economies-will-reawaken-from-the-covid-19-nightmare/">lockdown measures</a> without sparking a resurgence of <a href="https://www.cnbcafrica.com/east-africa/2020/05/13/covid-19-how-the-pandemic-is-affecting-africas-free-trade-plans/">Covid-19</a> outbreaks,” the Paris-based energy agency added.</p>



<p>Another risk, the group said, was whether oil producers OPEC and its non-OPEC allies, sometimes referred to as OPEC+, would achieve a high level of compliance with its agreed output cuts.</p>



<p>“These are big questions — and the answers we get in the coming weeks will have major consequences for the oil market,” the IEA said.</p>



<h2 class="wp-block-heading">Demand forecast</h2>



<p>In its closely-watched monthly report, the IEA’s outlook for oil demand showed a fall of 8.6 million barrels per day (b/d) to 91.2 million b/d this year. That’s&nbsp;0.7 million b/d more than the group anticipated in its previous report.</p>



<p>This projected fall of oil consumption would be the biggest demand drop in history, the IEA said.</p>



<p>On the supply side, it expected a “spectacular” fall of 12 million b/d this month, falling to a nine-year low of 88 million b/d.</p>



<p>It comes after OPEC+ agreed to curb production by a record 9.7 million b/d in May and June. OPEC kingpin Saudi Arabia has since said it plans to cut output by an additional 1 million b/d to 7.5 million b/d in June.</p>



<p>“It is on the supply side where market forces have demonstrated their power and shown that the pain of lower prices affects all producers,” the IEA said.</p>



<p>“We are seeing massive cuts in output from countries outside the OPEC+ agreement and faster than expected,” it added.</p>



<p>The IEA said output cuts from countries outside the OPEC+ agreement, such as the U.S. and Canada, meant output was 3 million b/d lower in April than at the start of the year. The group said it could be 4 million b/d lower in June, “with perhaps more to come.”</p>



<h2 class="wp-block-heading">Global confinement measures to fall from a recent peak</h2>



<p>A global public health crisis has meant countries across the globe have effectively had to shut down, with many governments imposing draconian restrictions on the daily lives of billions of people.</p>



<p>The restrictions, which have created an unprecedented demand shock in energy markets, are expected to result in the worst economic downturn since the Great Depression in the 1930s.</p>



<p>To date, more than 4.3 million people have contracted the coronavirus, with 297,226 deaths worldwide, according to data compiled by Johns Hopkins University.</p>



<p>Some countries have sought to slowly ease lockdown measures, allowing some shops and factories to reopen.</p>



<p>The IEA said the gradual relaxation of restrictions was helping demand in energy markets. It estimated that the number of people living under some form of confinement measures at the end of May would drop to 2.8 billion worldwide, down from a recent peak of 4 billion.</p>



<p>However, the group stressed a resurgence of Covid-19 cases would constitute a “major risk factor” to oil demand.</p>



<p>This article was first published on CNBC <a href="https://www.cnbc.com/2020/05/14/oil-iea-warns-of-demand-risk-from-second-wave-of-coronavirus-cases.html">https://www.cnbc.com/2020/05/14/oil-iea-warns-of-demand-risk-from-second-wave-of-coronavirus-cases.html</a> and is republished with its permission.</p>



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


COVID-19: South Africa eases lockdown to revive battered economy

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

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


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

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<p>As Nigeria extends the lockdown for another 14 days, OPEC and Allies agreed to cut oil production by 9.7 million barrels from the first of May, through to the end of June.</p>


PwC Nigeria: How the COVID-19 lockdown extension

PwC Nigeria: How the COVID-19 lockdown extension, OPEC production cut impacts Nigeria

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<p>Oil prices rose in trade this morning as the world’s largest oil producers meet later today in what is expected to be a historic agreement to cut production. This market expectation comes at a time when the industry is battling with the impact of the coronavirus crisis on oil demand. Rui Oliveira, CEO at BFA Asset Management joins CNBC Africa to give an Angolan update of the COVID-19 outbreak.</p>


Saudi Arabia

Saudi Arabia, Russia meeting: What will it mean for Angola?

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<p>Brent crude futures have climbed since Friday on hopes that Saudi Arabia and Russia will hold talks and eventually strike a deal to cut output. Ahead of the crucial meeting, Kola Karim, Chairman of Shoreline Group joins CNBC Africa for more.</p>


Saudi Arabia

CSS 2024: 4th Africa Finance Corporation Country & Stakeholder Symposium

WEF Davos 2024: Rebuilding Trust: Highlights Special

DAVOS 2024: Day Four Highlights

DAVOS 2024: An African Economy of Scale

DAVOS 2024: Day Three Highlights

DAVOS 2024: Frictionless Services

Unpacking 2024 oil pricing & production dynamics

Saudi Tourism Minister: Time has come to share great Saudi culture & hospitality with the rest of the world

Tanzania to resume meat exports to Saudi Arabia

Digging deeper into Nigeria’s petroleum pricing realities

Contenders begin race for WTO top job

Billionaire Jack Ma quits SoftBank’s board as its Vision Fund posts a record $18 billion loss

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

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

PwC Nigeria: How the COVID-19 lockdown extension, OPEC production cut impacts Nigeria

Saudi Arabia, Russia meeting: What will it mean for Angola?

Shoreline Group: Why the Saudi Arabia, Russia meeting delay is a good thing

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Saudi Arabia

CSS 2024: 4th Africa Finance Corporation Country & Stakeholder Symposium

WEF Davos 2024: Rebuilding Trust: Highlights Special

DAVOS 2024: Day Four Highlights

DAVOS 2024: An African Economy of Scale

DAVOS 2024: Day Three Highlights

DAVOS 2024: Frictionless Services

Unpacking 2024 oil pricing & production dynamics

Saudi Tourism Minister: Time has come to share great Saudi culture & hospitality with the rest of the world

Tanzania to resume meat exports to Saudi Arabia

Digging deeper into Nigeria’s petroleum pricing realities

Contenders begin race for WTO top job

Billionaire Jack Ma quits SoftBank’s board as its Vision Fund posts a record $18 billion loss

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

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

PwC Nigeria: How the COVID-19 lockdown extension, OPEC production cut impacts Nigeria

Saudi Arabia, Russia meeting: What will it mean for Angola?

Shoreline Group: Why the Saudi Arabia, Russia meeting delay is a good thing

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