Public and Private Meet at the Africa CEO Forum
The Africa CEO Forum 2025 took place in Abidjan, Ivory Coast, and saw 2,000 business leaders, investors and policy makers take part in two days of conferences, debates and high-level meetings dedicated to highlighting the driving role of the private sector in the development of the continent. We hear from Ghanaian President John Mahama and discuss the biggest takeaways from the gathering.
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Yahoo
3 hours ago
- Yahoo
Labour tiptoed cautiously through its first year - now is the time to escape its own shadow
The strategising and multi-year planning going on ahead of this week's Spending Review is the bread and butter of any well-run economy. A Spending Review shows how resources are being allocated between departments and so indicates the government's "when-push-comes-to-shove" priorities. But this time it will be a "different sort of Spending Review", the chancellor's helpers are saying. That's because with the new government nearly one year old, this Spending Review is also a one-off opportunity to show the private sector and international investors that it has a confident, deliverable vision. But having tiptoed cautiously throughout its first year in office, the question is whether this government can convince those potential investors that the economic vision is real? And will other long-term challenges, such as industrial energy prices, social care costs, and worker illness be prioritised or parked? Some chief executives tell me they cannot fathom why a government with such a huge majority can sometimes appear to be scared of its own shadow. There had been talk of Downing Street "wanting to have fights" over planning for major projects. But companies that have major investors waiting to invest in the factories that could start rolling out the mass adoption of green technologies are wondering whether Downing Street really will back them, given the polls, and possible net zero backlash. "They need to stop playing tiny domestic politics," one boss of a major consumer company told me, as he awaits a convincing solid vision. It is with big investors in mind that the chancellor's focus at this spending review has been on long-term capital spending - that's where the big numbers come in. The proportion of the country's GDP that is being earmarked for capital spending, is 2.7% on a five-year average. If that doesn't strike you as eye-watering, it's worth noting it will be at its highest sustained level for nearly half a century. It will be significantly higher than under Brown-Darling in 2010. In 2000 this number was 0.5%. Of course, allocating significant sums is not a guarantee that the money will be spent effectively, or even at all. Spending on capital is often subject to the rollercoaster of short-term government priorities. In a crisis it tends to be the first thing to get hacked back, because the loss of future buildings or roads or rail lines is less politically troublesome than cutting back a public service or, say, teachers' pay in the here and now. That's why under the chancellor's new borrowing rules, the money can at least be allocated to big capital projects. Her reforms to those rules - keeping them strict on day-to-day spending, but consciously allowing more space for long-term investment - were designed for this. The main goal being future growth. Long-term certainty over the capital sums that are being allocated over the next week or so, could be a gamechanger. Private investment is more likely to follow if there are long-term plans in place, especially after so many years of political uncertainty. As part of all this, the chief secretary to the Treasury is also announcing increases in spending on research and development. That is designed to boost science-led growth. But the marquee project for this announcement will surely be the long-awaited high-speed rail line between Liverpool and Manchester. It is a piece of infrastructure forged in the fires of the UK's industrial heritage, including the world's first inter-city passenger line, and of course Stephenson's Rocket, the original steam locomotive. Now, 200 years on from its launch in 1829, it may well be time for another industrial revolution, of sorts. But make no mistake, the government has still had to make some big choices, even within a more generous capital budget. Most of the increase in defence spending announced last week is in the form of capital spending. When the documents are published on Wednesday, it is possible that some other capital projects will have been squeezed to make room. All departments have also reassessed spending from first principles, as part of a "zero-based" review. In theory there could be entire projects axed. There will also be a lot of "investing to spend less". Using the capital budget to invest in, say, AI scanners in the health service, in a way that ultimately is supposed to save money. The aim, ambitiously put, is to "rewire the state" and "get Britain moving". Why Labour is strengthening ties with China after years of rollercoaster relations UK taxpayers no longer own NatWest - but 17 years on, are banks safer from collapse? The secretive US factory that lays bare the contradiction in Trump's America First plan It is with this in mind, that the chancellor will promise the government has learnt the lessons of capital spending debacles, such as HS2. She believes that by waiting, and carefully preparing an infrastructure strategy, she is making sure the spending will go where it will most boost growth. Freeing up supply, for example in the planning system, is supposed to help the rebuilding boom, but without provoking inflation. Those new borrowing rules that freed up spending on big projects, also mean tight settlements on day-to-day spending. The travails of Elon Musk and Donald Trump show the challenges for G7 countries in managing public finances. And Labour are operating in an environment where some opposition parties are now advocating more radical surgery to the size of the state in the UK. Moreover, when it comes to public spending there is still the long shadow from the pandemic. Demand for acute services and benefits related to ill health and care, or special needs, is eating far into budgets for councils, schools and health. The public seems to expect more from the state since the pandemic, even if it does not want to stump up the taxes to pay for it. So budgetary pressures have not gone away. It is, right now, difficult to square extra welfare spending on winter fuel payments and child benefit, extra defence spending, and sticking to the chancellor's rules without some further tax rises in the autumn. Faster growth numbers, and an upturn in confidence after the series of trade deals, could help make the numbers add up, but there are any number of economic uncertainties out there too. While there have been some strained moments in negotiations with Cabinet colleagues, all parties have already negotiated a mini-Spending Review for this year. But that is not to say the chancellor doesn't have to perform a massive balancing act: juggling demands to keep the short-term budget numbers adding up, while unleashing the long-term investment that could finally get the economy growing again. BBC InDepth is the home on the website and app for the best analysis, with fresh perspectives that challenge assumptions and deep reporting on the biggest issues of the day. And we showcase thought-provoking content from across BBC Sounds and iPlayer too. You can send us your feedback on the InDepth section by clicking on the button below.
Yahoo
3 hours ago
- Yahoo
Forecast: in 1 year, the Vodafone share price could turn £1,000 into…
The Vodafone (LSE:VOD) share price is off to a decent start in 2025, climbing by almost 12%, putting it ahead of its parent index. That's certainly a welcome change of pace compared to the downward trajectory the business has been on since early 2022. And looking at its latest results, this performance is also backed up by improving financials. Operations in Africa continue to grow rapidly by double-digits as the adoption of its mobile payment solution, M-PESA, captures further market share. Growth in the UK is now set to reignite thanks to the recently completed merger with Three, and performance across Europe's also bouncing back (with the exception of Germany). At the same time, higher free cash flow generation, along with non-core disposals, has paved the way for further debt reduction, improving the health of the balance sheet. And when excluding non-cash impairment charges, operating profits during the 12 months leading to March 2025 jumped 12% from €3.67bn to €4.1bn. Needless to say, this is all pretty encouraging news. And it seems CEO Margherita Della Valle's efforts to right the ship are finally starting to bear fruit. So if this turnaround continues, how much money could investors make from the recovery by buying £1,000 worth of shares today? The progress made so far has helped boost institutional analyst sentiment towards this business. While most continue to be cautious with a Hold recommendation, like the team at Barclays, some are more bullish. For example, UBS sees the fair value of Vodafone shares at 120p by this time next year if the firm can achieve its expected post-merger with Three operational efficiencies. JP Morgan seems to have drawn a similar conclusion with a price target of 110p, citing the incoming cost savings from the ongoing restructuring and expected performance boost in the UK market. If these projections prove accurate, a £1,000 investment today could be worth up to £1,564 within the next 12 months. As previously mentioned, not every institutional analyst is as optimistic as UBS or JP Morgan. Going back to Barclays, the banking giant has highlighted its concerns about competitive pressures in Germany – a fear shared by Goldman Sachs. According to their analysis, the fair value of the Vodafone share price is between 75p and 85p, which is roughly in line with where the stock currently trades. So which analysts should investors listen to? The group's weak performance in Germany is problematic. Vodafone has been losing market share for a number of years. Competitors have been offering cheaper alternatives at a seemingly higher quality based on customer reviews. Under Della Valle, client attrition in Germany has slowed (excluding the recent regulatory changes surrounding bulk TV contracts). Management's now allocating capital to improve the quality of customer services as well as accelerate the rollout of 5G & Fibre in the pursuit of boosting its net promotor score. On paper, this strategy sounds sensible. But whether it can be successfully executed remains a big question mark. And with 40% of underlying earnings stemming from this market, a failure to get Germany back on track could significantly adversely impact the business even if other markets continue to perform well. With that in mind, I'm leaning more towards the side of caution and keeping this business on my watchlist. The post Forecast: in 1 year, the Vodafone share price could turn £1,000 into… appeared first on The Motley Fool UK. More reading 5 Stocks For Trying To Build Wealth After 50 One Top Growth Stock from the Motley Fool Zaven Boyrazian has no position in any of the shares mentioned. The Motley Fool UK has recommended Barclays Plc and Vodafone Group Public. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors. Motley Fool UK 2025 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
News24
5 hours ago
- News24
What's in City Press: Mashatile defends costly travels
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Faith Nketsi's ex-husband off the hook for fraud charges – for now Businessperson Nzuzo Njilo, who gained fame following his relationship with reality TV star Faith Nketsi, is weighing legal options after a fraud case against him and a co-accused was provisionally withdrawn this week. Herman Mashaba | A call to action: Constitution must put South Africans first No doubt the Constitution is a beacon of hope and justice, however, it must evolve to meet the challenges of our times, writes Herman Mashaba Making sense of the Trump-Musk feud Some South Africans are interpreting the feud between President Trump and billionaire Elon Musk as some form of a zero-sum game for SA-US relations, meaning that Musk's loss of Trump's confidence will translate into this country's gain. 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