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South Africa’s former Eskom chairman dies aged 63 -statement

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Eskom's former chairman Jabu Mabuza looks on during the release of the company's 2018/19 interim results at its head office at Megawatt Park, in Sunninghill, South Africa, November 28, 2018. REUTERS/Siphiwe Sibeko/File Photo

The former chairman of state-owned South African utility Eskom and widely admired businessman Jabu Mabuza has died from COVID-19 complications on Wednesday, his family announced.

Mabuza, 63, resigned unexpectedly from Eskom in early 2020 after apologising for failing to meet a commitment to avoid power cuts during the holiday period. He had been appointed to lead the Eskom board shortly after President Cyril Ramaphosa won the African National Congress (ANC) party leadership in December 2017.

“Jabu lived his life so beautifully and committed to the transformation of South Africa’s economy,” the statement from his family read.

“He was a pillar of strength for his family, a dedicated servant of the country, an activist in empowering black entrepreneurs and committed to work for the transformation of corporate South Africa.”

Mabuza also served as chairman of various companies including casino and hotel owner Sun International, mobile and landline operator Telkom SA and Anheuser Busch InBev’s African business following the merger with SAB Miller in 2018.

He also served as the former group chief executive officer of casino and hotel owner Tsogo Sun Holdings Limited, the president of Business Unity South Africa (BUSA) and chair of Business Leadership South Africa.

BUSA President Sipho Pityana called Mabuza a “powerhouse in the South African economy”, adding in a statement: “I am at a loss for words. The passing of Jabu is tragic, devastating and a great loss for business and our country.”

Just In: Spain To Scrap Mandatory Outdoor Masks From June 26

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Spain will lift a blanket obligation to wear masks outdoors from June 26, Prime Minister Pedro Sanchez said on Friday.

“This weekend will be the last one with masks,” Sanchez said in an event in Barcelona.

He said the cabinet will meet on June 24 to approve the end of the obligation to wear masks from June 26.

MTN Nigeria tells customers about potential disruptions for business continuity

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People walk past an advertising billboard for MTN telecommunication company in Abuja, Nigeria February 24, 2020. REUTERS/Afolabi Sotunde/File Photo

MTN Nigeria said on Wednesday it notified some enterprise customers about a potential service disruption to enable them put in place business continuity measures.

The local unit of South Africa’s telcoms firm MTN runs Nigeria’s largest mobile phone network which generates around a third of the company’s revenue.

The action was “a routine notification to a small group of businesses affected by a specific challenge in very few specific locations,” MTN said.

“Maintaining network stability and high levels of customer service remains a key priority for us,” Karl Toriola, MTN Nigeria’s chief executive, said in a statement.

Toriola said MTN aimed to inform customers in a timely manner so that they can put in place business continuity measures. Potential disruptions could be due to network maintenance, faults or other circumstances that may pose a risk, he said.

On Tuesday, MTN had sent a customer notice, seen by Reuters, informing them that services could be disrupted due to rising insecurity in different parts of the country.

Nigeria’s renewed use of fuel subsidies a concern, IMF says

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International Monetary Fund logo is seen outside the headquarters building during the IMF/World Bank spring meeting in Washington, U.S., April 20, 2018. REUTERS/Yuri Gripas

The International Monetary Fund said on Thursday it was concerned by Nigeria’s move to renew fuel subsidies and urged the government to continue efforts to unify its exchange rates.

Africa’s largest oil exporter, which still has to import almost all its fuel needs due to lack of refining capacity, said in March it had ended costly fuel subsidies.

It also has multiple naira rates running in parallel that were put in place during a 2016 oil price crash to avoid a big devaluation but which have underpinned an unofficial exchange market.

“The mission (IMF team) expressed its concern with the resurgence of fuel subsidies,” the IMF said in a statement following virtual meetings with the Nigerian authorities.

“The mission recommended maintaining the momentum toward fully unifying all exchange rate windows and establishing a market-clearing exchange rate,” it added.

The country’s central bank has recently been letting the currency’s official value gradually weaken in an apparent move to allow it to converge with what is known as the NAFEX rate, a market-determined rate for investors and exporters.

The IMF’s comments come after the World Bank this week said the central bank’s management of the foreign exchange regime had reduce access to foreign exchange, undermining investor confidence and investment appetite.

The IMF also said in its statement on Thursday that Nigeria’s banking industry remained well-capitalised with the level of non-performing loans (NPLs) contained.

“Nevertheless, it remains to be seen what share of forborne loans may turn non-performing as the impact of the pandemic abates,” it said, adding that NPLs often rose towards the end of an economic crisis.

Zambia’s founding president, Kenneth Kaunda, dies aged 97

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FILE PHOTO: Zambia's former president Kenneth Kaunda attends the 40th anniversary of independence in Lusaka October 24, 2004, after the government publicly apologized for arresting and jailing him on trumped-up charges in 1997. Known as Northern Rhodesia under British rule, Zambia won independence from Britain following successful negotiations with freedom fighters led by Kenneth Kaunda, the founding president. REUTERS/Salim Henry RSS/GB/File Photo

Kenneth Kaunda, Zambia’s founding president who led his country for 27 years and championed Africa’s struggles against apartheid and HIV/AIDS, has died at the age of 97.”KK”, as he was popularly known, was being treated for pneumonia at the Maina Soko Medical Centre, a military hospital in Lusaka.

“On behalf of the entire nation and on my own behalf, I pray that the entire Kaunda family is comforted as we mourn our first president and true African icon,” President Edgar Lungu said in a message on his Facebook page.

Authorities declared 21 days of mourning for the liberation hero who ruled from 1964, after the southern African nation won its independence from Britain, until 1991.Although Zambia’s copper-based economy fared badly under his long stewardship, Kaunda will be remembered more for his role as an anti-colonial fighter who stood up to white minority-ruled South Africa.

He shared a loss experienced by countless families in Africa when his son Masuzyo died of AIDS in 1986, and he began a personal crusade against the disease.”This is the biggest challenge for Africa.

We must fight AIDS and we must do so now,” he told Reuters in 2002.”We fought colonialism. We must now use the same zeal to fight AIDS, which threatens to wipe out Africa.
“As leader of the first country in the region to break with its European colonisers, Kaunda worked hard to drag other former colonies along in Zambia’s wake towards majority rule.In 1991, he was forced to hold the first multi-party elections for 23 years, which he lost to long-time foe, trade unionist Frederick Chiluba.

Though he was widely admired as a warm and emotional man, the voters judged he had overstayed his welcome in office and mismanaged the economy.

THE UNEXPECTED ONE

Kenneth David Kaunda was born on April 28, 1924, the youngest of eight children of a Church of Scotland minister at Lubwa mission in the remote north of the country.Known also by his African name of “Buchizya” – the unexpected one – he did menial jobs to earn school fees after his father’s death.

He worked as a teacher and a mine welfare officer and entered politics in 1949 as a founder member of the Northern Rhodesian African National Congress.In his early days of anti-colonial agitation, he cycled from village to village preaching majority rule.

A 1963 landslide victory for UNIP, which had broken away from the ANC five years earlier, led to Kaunda becoming prime minister of Northern Rhodesia.

At independence in 1964, he became president of the new Zambia.By the time he lost power, Kaunda’s popularity had slumped and hardship gripped most of his 11 million people as the price of copper, the country’s main export, plummeted.

After 27 years of lecturing fellow Africans on how to build an independent nation, he was confronted by misery in his own backyard and anger among his usually easy-going people.A June 1990 doubling in the price of maize meal, the staple food for most Zambians, sparked a three-day riot in which 27 people were killed, 150 injured and hundreds arrested as the army moved in.

The same month, an army lieutenant forced his way into a state radio studio and announced that Kaunda had been overthrown, sending people rushing into the streets of Lusaka cheering.

The coup turned out to be a fiction and the lieutenant was arrested, but the public reaction had shown how low Kaunda’s popularity had sunk.

WEEP IN PUBLIC

Kaunda was not ashamed to weep in public and had a unique speaking style, emphasising key thoughts by repeating whole sentences, his trademark white handkerchief in his left hand.

He espoused an ideology of “humanism” mixing Christian ethics, traditional African values and socialistic principles.In foreign affairs, Kaunda was a high-profile figure among the seven southern African states which led the fight against apartheid, and he let Nelson Mandela’s African National Congress (ANC) make a home-in-exile in Lusaka during the three decades it was banned in South Africa.

Kaunda also played a major role in Mozambique’s independence talks in 1975, Zimbabwe’s in 1980 and Namibia’s in 1990. Despite accusations of corruption against his UNIP party, he won credit for bending with the winds of political change and preferring peaceful transition to violent confrontation.

He was philosophical about his defeat in 1991. Urging unity and peace, he said in a broadcast: “Those who go into opposition are still an active catalyst for good government, indeed an integral part of good government.”In 1996, Kaunda tried to make a political comeback, but he was blocked when Chiluba forced through constitutional amendments which declared the former “Father of the Nation” a foreigner because his parents came from Malawi.

He was arrested in December 1997 and charged with treason following a coup attempt by junior army officers two months earlier.

He was detained in a maximum security prison but later placed under house arrest until the state dropped the charges.After his son and political heir Wezi Kaunda was murdered in October 1999, Kaunda announced his withdrawal from domestic politics to concentrate on halting the spread of AIDS through his Kenneth Kaunda Children of Africa Foundation.

Apart from Masuzyo and Wezi, Kaunda and his wife Betty had six other children – four boys and two girls.
In his later years he led a quiet life, mostly staying at home and only occasionally appearing at state functions.In a rare public appearance in September 2019, at the age of 95, he spoke out strongly against a wave of attacks in South Africa against foreigners from other African countries.

South African Fishermen, Oyster Farmers Fear Power-Generating Ship Will Kill Business

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A floating gas-turbine generator meant to alleviate South Africa’s crippling power cuts has run into objections by oyster farmers and small-scale fishermen, who fear the environmental damage will destroy their livelihoods.

The seafood sellers fear the 415 megawatt ship – to be moored for two decades at Saldanha Bay, 140 km north of Cape Town – will pump hot water into the bay and make endless noise, spoiling farmed oysters and scaring off fish as Africa’s most industrialised country scrambles to fix electrical problems.

Responding to complaints by the Green Connection environmental justice group, the South African government on June 11 suspended an environmental authorisation application for operator Karpowership in Saldanha Bay.

It cited the Green Connection’s allegation that Karpowership failed to conduct specialist studies on underwater engine noise.

“Our team believes that this complaint is without merit,” Karpowership SA spokesperson Kay Sexwale said on Wednesday.

Saldanha Bay is South Africa’s first sea-based aquaculture zone, with 16 new entrants welcomed last year to an industry worth around one billion rand ($72 million) annually, Fisheries Department officials said.

A few minutes from the slipway, multi-coloured buoys and floating black rafts help pinpoint different farm locations, as workers pull up long lines of clinging mussels or exotic oysters fattened in the nutrient-rich waters of the Atlantic Ocean.

“We don’t believe it can just be benign, sitting there, because it is generating hot water and it is generating a noise factor which can affect the organisms we cultivate,” said Kevin Ruck, owner of Blue Sapphire Pearls oyster farm and a trained marine biologist.

Ruck is worried that hot water discharge from the Karpowership vessel may stimulate harmful algae blooms that could render his succulent oysters inedible.

Started in 2008, his company harvests up to a million Pacific oysters a year, mainly for the domestic market, but also exported live to China.

In February, scientists warned that industrial noise beneath the ocean surface was disrupting marine animals’ ability to mate, feed and even evade predators.

But prolonged delays to Karpowership’s bid, which includes more ships at two east coast ports, could disrupt South Africa’s plan to plug its energy shortfall with 2,000 MW of emergency power.

Karpowership SA said its environmental impact assessments for all three sites “demonstrate little impact to the surrounding air and water environments.”

But, for Saldanha Bay skipper Christie Links, the risks are too great.

“Who says the many fish species we depend on will still come into the bay if Karpowership is here?”

Sudan signs nine concession deals for gold, copper mining -agency

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Sudan on Thursday signed nine concession agreements for gold and copper mining with eight local and foreign companies, the state news agency SUNA said.

All the agreements are related to gold mining except one for copper, the agency quoted Minister of Minerals Mohamed Bashir Abdalla as saying.

Three companies from Iraq, China, South Africa won four gold mining concessions, and a fourth one from Armenia won the single copper concession, the report said. Four local companies took four gold concessions.

All concession areas are located in the Red Sea State, the West Kordofan state and the Northern State.

Sudan sold 13,327,657 grammes of gold worth $437,983,965 from 2015 to 2020, Abdalla said on Thursday, compared with 2,752,889 grammes worth $140,805,290 from June 2020 to February 2021.

Gold sales from March to May reached $36,295,970, the minister said during the concession agreements ceremony.

Sudan took steps last year to open up trade in the precious metal further to private investors, allowing them to handle all exports and taking the business out of state hands.

Sudan has been cracking down on gold smuggling to generate more foreign currency. For years, the central bank had a monopoly on exports, buying gold locally at fixed prices at collection sites nationwide, which led to the illegal trade.

The country also had approved the establishment of stock exchanges for gold, minerals and agricultural commodities.

South Africa’s rand hovers near one-month low after hawkish Fed

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South African bank notes featuring an image of former South African President Nelson Mandela are displayed at an office in Johannesburg , file. REUTERS/Siphiwe Sibeko

South Africa’s rand fell early on Friday and was set for a weekly loss after the U.S. Federal Reserve’s hawkish message on monetary policy lifted the dollar higher and dented investors’ appetite for riskier assets.

At 0625 GMT, the rand traded at 14.11 against the dollar, 0.23% weaker than its previous close and not far off a one-month low of 14.16 hit on Thursday.

The currency has weakened more than 1.5% since Monday.

The Fed’s sudden turn on Wednesday revitalised the dollar and U.S. Treasury yields, diminishing the attraction of emerging market currencies for carry trade – whereby investors borrow low-yielding currencies and convert them to buy assets where returns are higher.

Along with favourable commodity prices, carry trade had helped make the rand the best-performing emerging market currency in 2021, despite the weak state of the local economy.

In fixed income, the yield on the benchmark 2030 government bond was down 0.5 basis points at 8.935% in early deals, reflecting slightly firmer prices.

Former Ivory Coast president Gbagbo returns home after decade of exile

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A supporter holds a poster of former Ivorian president Laurent Gbagbo during the preparation of his return after being acquitted by the International Criminal Court on charges of war crimes, at his party's headquarters in Abidjan, Ivory Coast June 16, 2021. The poster reads "With your return, the Ivorians are hoping for a real reconciliation". REUTERS/Luc Gnago

Ivory Coast’s former president Laurent Gbagbo, ousted during a civil war in 2011 and acquitted of war crimes in The Hague, flew home on Thursday from a decade in exile as thousands took to the streets to welcome him.

Gbagbo touched down in Ivory Coast’s main city of Abidjan late in the afternoon on a commercial flight from Brussels before climbing into a black SUV for the ride to his party’s headquarters.

Thousands of overjoyed supporters cheered and ran alongside his convoy as police fired teargas to control the crowds.

“I am happy to return to Ivory Coast and Africa,” Gbagbo, wearing a blue shirt and white mask, later told supporters. “I am from Ivory Coast but I learned in prison that I am from Africa. All of Africa supported me.”

Security was tight across Abidjan, even as Gbagbo’s camp and the government of his political nemesis, President Alassane Ouattara, both said they hoped his presence would help reconcile the country.

Gbagbo’s supporters have eagerly anticipated his return ever since his acquittal in 2019 on charges of war crimes and crimes against humanity at the International Criminal Court in The Hague related to his role in the civil war.

Gbagbo, 76, came to office in 2000 and governed during a turbulent decade that saw Ivory Coast split in two following an army mutiny in 2002. His refusal to concede defeat to Ouattara in the 2010 election then prompted the war in which more than 3,000 people were killed.

Ivory Coast, the world’s top cocoa producer, has seen rapid economic growth under Ouattara but continues to experience occasional bouts of political and ethnic unrest.

At least 85 people were killed around the time of last October’s election in which Ouattara won a third term despite opposition protests that the constitution required him to step down.

Gbagbo has said little about what political role he might play back home. He retains firm support among his base of supporters, particularly in the south and west.

But he faces an outstanding 20-year prison sentence that was handed down in November 2019 on charges he misappropriated funds from the regional central bank. The government has not said whether it plans to enforce the verdict.

In the Yopougon neighbourhood, Gbagbo’s stronghold in Abidjan, large crowds gathered in the morning to chant “Gbagbo is coming, we will install him”. Others shouted “Respect the power of Gbagbo” from mini-vans heading towards the airport.

Montenegro’s Parliament Sacks Minister Over Srebrenica Genocide Denial

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Montenegro’s parliament adopted a resolution on the 1995 Srebrenica genocide late on Thursday and dismissed the pro-Serb justice minister over his denial of the massacre, a move that may threaten the stability of the bickering ruling coalition.

In the resolution, the 81-seat parliament condemned the Srebrenica genocide when about 8,000 Muslim men and boys were executed by Bosnian Serb forces. It also banned public denial of the atrocity.

However, the pro-Serb Democratic Front (DF), the dominant pro-Serb party which supported Prime Minister Zdravko Krivokapic’s Cabinet, which is comprised of pro-Western parties and those which favour close ties with Serbia, voted against the resolution, potentially harming the government’s stability.

In April, Krivokapic launched a procedure to dismiss Justice Minister Vladimir Leposavic, who has no party affiliation, over his denial of the Srebrenica genocide.

Leposavic, a pro-Serb politician, said the Srebrenica genocide was not “unequivocally established” as fact.

The DF remained staunchly opposed to Leposavic’s dismissal and he refused to quit.

“By proposing the sacking of the minister, I risked being labelled as an enemy and a traitor only because of justice and truth,” Krivokapic told deputies.

The genocide resolution is in line with Montenegro’s pledge to protect human and minority rights as part of its push to join the European Union.

Krivokapic and his allies came to power last August after narrowly winning a parliamentary election, ousting an alliance led by the Democratic Party of Socialists (DPS) loyal to the long-serving President Milo Djukanovic.

The DF also asked for Krivokapic’s resignation and a new coalition agreement, but it was not immediately clear whether the crisis would lead to the collapse of the government or a cabinet reshuffle.

In Bosnia, where rival ethnic groups could not agree to pass a similar resolution on the Srebrenica genocide, Sefik Dzaferovic, a Muslim Bosniak member of the country’s tripartite presidency, hailed Montenegro’s move as an “enormous contribution to strengthening peace and trust”.