Latest news with #southernafrica
South China Morning Post
03-06-2025
- General
- South China Morning Post
Zimbabwe to cull elephants and distribute meat to people
Zimbabwe will cull dozens of elephants and distribute the meat for consumption to ease the ballooning population of the animals, its wildlife authority said on Tuesday. Advertisement The southern African country is home to the second-biggest elephant population in the world after Botswana. The cull at a vast private game reserve in the southeast would initially target 50 elephants, the Zimbabwe Parks and Wildlife Authority (ZimParks) said in a statement. It did not say how many of the animals would be killed in total or over what period. An aerial survey in 2024 showed the reserve, the Save Valley Conservancy, had 2,550 elephants, more than triple its carrying capacity of 800, ZimParks said. Advertisement At least 200 have been translocated to other parks over the past five years.
Bloomberg
23-05-2025
- Business
- Bloomberg
Mozambique's Chaves to Oversee Sovereign Wealth Fund, AIM Says
The Mozambican sovereign wealth fund's supervisory committee elected Emanuel Chaves, who previously headed the national airports company, as its chair, the official news agency said. Chaves takes over the independent body that will have oversight of how the fund manages revenue from the southern African nation's extractive industry, Agência de Informação de Moçambique reported.
Yahoo
10-05-2025
- Business
- Yahoo
Lab-grown alternatives crush world's only diamond economy
When Botswana last year unveiled the second-largest diamond ever excavated, the country's now former president was quick to pose with the fist-sized gem. Mokgweetsi Masisi no doubt hoped some sparkle from the 2,492-carat stone would rub off on his beleaguered administration and the mining industry that keeps Botswana afloat. The small southern African nation is more dependent than any other country on diamonds, which make up a third of revenue and the majority of exports. Botswana has been particularly badly hit by a dramatic slump in demand, which has blown a hole in the finances of one of Africa's richest and most stable countries. Slowing business in China and the hangover from a pandemic spending splurge have both knocked prices, but worryingly diamond miners more than anything else has seen the dramatic rise of laboratory-grown stones. These artificially made gems are chemically identical to natural diamonds, and can only be told apart by expert testing. Yet they are grown in a matter of days in laboratories, rather than formed over geological ages deep in the earth. As a result, they are a fraction of the price, allowing consumers to buy diamond jewellery for less, or get a much bigger stone for the same money. Advocates also argue they are more ethical, because they avoid the environmental and human rights issues that have at times haunted the mining industry. While natural stones still command a higher price, the cost of each one has tumbled and laboratory-made stones have taken a big chunk of the market. By last year, as many as 45 per cent of engagement rings sold in America were set with lab-grown diamonds. The US retail price of a one-carat natural diamond has fallen by 32 per cent to £3,480 ($4,618) since the peak in May 2022, according to Tenoris, which tracks prices. The retail price of a similar lab-grown diamond has fallen 75 per cent since the start of 2020, to £625 ($828). Paul Zimnisky, an expert on the market, said: 'I wager there have been three major factors that have subdued the diamond market over the last three years. The more widespread distribution of man-made diamonds is one of them. 'The other two are: a severe luxury recession in China and an overall global hangover from boom years in 2021 and 2022, where people bought enough diamonds for a while.' All this has put pressure on Botswana, and the impact of the slump spurred voters to oust Mr Masisi's government in October 2024. Ndaba Gaolathe, the new vice president and finance minister, has now warned of deep spending cuts and said the government is preparing to make 'drastic' fiscal adjustments to stay afloat. 'The first thing we need to do, obviously, is to live within our means,' he said late last month. 'That means cutting spending — doing away with what we believe is some of the fat.' Botswana has tried to diversify its economy so it is less reliant on diamonds, but has a long way to go. Zoë McCathie, a country risk analyst at Signal Risk, said: 'Botswana's economic position will remain subdued for as long as the diamond slump continues. 'Dependence on diamonds will also be a longer-term economic headwind for the country.' 'Going forwards, the new government's ability to diversify the economy and facilitate recovery in the diamond sector will be essential for retaining popular favour.' Amid the downturn, mining giant Anglo-American is seeking to off-load its De Beers diamond arm, which is partly owned by Botswana. De Beers, the world's largest diamond producer, is meanwhile trying to revive demand by using marketing muscle to persuade consumers of the natural stones' worth. Botswana and De Beers recently signed a 10-year deal to fund global marketing efforts. The industry has been built on some of the most successful marketing campaigns in history, including the idea that a diamond is forever. Producers are now hoping they can regain that magic and persuade shoppers that lab-made diamonds are no substitute for a natural sparkler. The Natural Diamond Council, set up by producers, insists that 'the immense time and geological forces behind every natural diamond make them some of the rarest treasures on Earth, adding to their value and significance'. It is also trying to correct what it says are inaccuracies, and employing celebrities like the actress Lily James as ambassadors for their stones. Producers say high energy costs mean lab-made stones are not as environmentally sensitive as they claim, and insist that natural stones will still hold their value better. Mr Zimnisky said: 'Diamonds are a luxury product. For consumers, it's an emotional purchase. Thus marketing is key. The diamond industry is famous for its marketing campaigns. Stakeholders in the industry cannot forget this.' Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more. 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
08-05-2025
- Politics
- News24
US cuts $50 million health aid to Zambia over medicines theft
US to cut $50 million in medical aid to Zambia over failure to act on widespread drug theft. Stolen life-saving medicines meant for free distribution were found sold in pharmacies. Washington says Lusaka focused on minor arrests, ignoring ringleaders behind the theft. The United States will cut $50 million in annual medical funding to Zambia over its weak response to the alleged theft and sale of donated drugs meant to be provided for free, its ambassador said on Thursday. The US embassy had in 2024 demanded Lusaka act on 'the systemic theft of life-saving medicines and other products that were intended for free for the Zambian public', ambassador Michael Gonzales told reporters. These included life-saving medicines to treat malaria, HIV, and tuberculosis. 'Instead of investigating supply sources and pursuing the masterminds behind the theft of medicines, law enforcement operations have focused on low-level actors and have led to the arrest of only a few mid-level officials,' he said. There was no immediate comment from the health ministry. The 'United States can no longer justify to the American taxpayer continuing to provide such massive levels of assistance when the Zambian government will not take the necessary measures to protect this American investment,' the ambassador said. The debt-ridden southern African nation of 21 million people is heavily reliant on foreign aid. About one-third of its public health spending comes from the United States, according to Washington. The fraud was discovered in late 2021 and an inspection at more than 2 000 pharmacies last year had found that most were selling stolen goods, including products the United States provided for free, Gonzales said. Some pharmacies were selling items purchased by the Zambian government, the Geneva-based Global Fund and other donors. More than 64% of the population of copper-rich Zambia lives in poverty, a legacy of years of runaway corruption at the hands of a few politically connected people. President Hakainde Hichilema was elected in 2021 on a promise to root out graft and woo back investors. There were high-profile arrests at the beginning of his tenure and seizures of hotels and helicopters belonging to a former minister. However the fight against corruption has since slowed. 'I have not seen evidence of organized law enforcement response to the organized criminal endeavor' - Michael Gonzales The US has cut $50m (K1.4bn) funding to the Zambian health sector due to theft of drugs. — Dingindaba Jonah Buyoya (@BuyoyaJonah) May 8, 2025 Gonzales said the cuts he announced were separate from a broader review of foreign aid spending by the administration of President Donald Trump. Asked if the action to apply from January 2026 could be undone if the government took more action, the ambassador said: 'At this point, after three years of raising it and one year of intensive engagement and requests, we have made this decision.'
