A round-up of recent news from the UK, Africa and around the world.

A new project has been launched with the aim of creating up to 5,000 new young entrepreneurs in the West Midlands. The 3% Campaign, which is led by Young People's Enterprise Centre of Excellence (YPECOE) and backed by Advantage West Midlands and Business Voice WM, is looking to help people aged under 25 start and run their own company. It will bring together private and public sector partners to offer young entrepreneurs a comprehensive support package, including business mentoring, advice, and the chance to take part in master-classes and seminars. YPECOE's Jackie Brierton revealed that youth employment was currently at its highest level since official records began; with the West Midlands having the highest number of people aged 18-24 claiming Job Seekers' Allowance – 10.9% compared to 8.1% nationally. The project was officially launched at a special event in the Austin Court Conference Centre, Birmingham, and comes hot on the heels of new research highlighting some of the barriers young people face when starting a new business. A study carried out by consultants ERS found that: small amounts of funding can be instrumental in enabling young people to start a new business, but there was a gap in provision for people not engaged with student enterprise schemes; young entrepreneurs have a real need for business advisors and mentors who can pass on valuable experience and essential knowledge; young entrepreneurs often struggle with the loneliness of working on their own when starting a business and would benefit from access to a pro-active support network.

The School of Oriental and African Studies (University of London) is launching a new one-week programme Governance and Leadership in Africa which will run at the main SOAS campus in Bloomsbury in central London from 13 – 17 September 2010. The programme will provide an excellent opportunity for managers from government departments and NGOs based in Africa or working on Africa-related issues to focus on and discuss topical issues affecting the African continent. Sessions will draw from the unrivalled expertise at SOAS as well as renowned academics from other institutions, providing two sessions each morning followed by a practical, interactive workshop each afternoon. Topics will include: Contemporary challenges of governance and leadership; Law and governance; Corruption and anti-corruption strategies; Conflict resolution and the role of government; Africa's relations with China and India; Civil society and governance and gender issues . The course will be convened by Dr Emilia Onyema from SOAS and administered by the Research and Enterprise Office which incorporates the Centre of African Studies. For further details of the programme, fees and information on how to enrol on the programme please see www.soas.ac.uk/gla or email louiseroberts@soas.ac.uk or call +44 207 898 4837.

Companies cutting back and becoming less flexible during the recession has been bad for women trying to make their views heard. According to India Gary-Martin, president of the City Women's Network, diversity and equality has been negatively affected by the recent tough economic climate because firms are asking more of their employees. Female talent is therefore pushed to balance a greater workload along with more responsibilities at home, such as child care, in order to match up to their male equivalents and get ahead with their career, the expert said. Initiatives to increase the number of women on boards are less attractive to companies whilst fighting through in a recession. The immediacy of commercial issues are often cited as the reasons, according to Ms Gary-Martin. However, company boards could see more women on them judging by recent figures from a Confederation of British Industry and PricewaterhouseCoopers report, which showed that businesses are starting to boost their workforces this year.

Employees over 50 will be the backbone of the South East workforce over coming years, according to the South East England Development Agency (SEEDA). Making the Most of Opportunities for Older Workers in the South East urges businesses in the region to review their recruitment practices to prepare for the ‘demographic time bomb' which will see a shortfall of people for 250,000 jobs by 2020 that will have to be filled by older workers. The ‘demographic time bomb' over the next decade will result in more workers in their 50s and fewer in their 40s. According to the Office for National Statistics (ONS), the number of workers in their 40s in the South East will fall by about 140,000 over the next decade while people in their 50s will increase by around 200,000. Research form SEEDA has also suggested that 100,000 economically inactive people aged 50-65 would come back to work if offered the chance. The research followed the 40-70 Tomorrow's Workforce Programme, which ran from 2008-2010 and focussed on eight projects that piloted ways to encourage older people to stay in work and to encourage employees to broaden their recruitment pool. The programme re-engaged 3,500 workers throughout the region and was successful in making businesses aware of the benefits of employing older workers.

The UK financial services industry recorded its fastest growth rate since September 2007 during the three months to June, and also posted its fourth consecutive improvement in profitability, according to a survey by the CBI and PricewaterhouseCoopers. Nearly 38% of the companies surveyed reported a jump in business volumes during the second quarter, whilst 29% registered a decline.The number of new financial services jobs created in the City rose by 3% month-on-month in May, the latest Morgan McKinley Employment Monitor shows. This is the second highest volume of new jobs since September 2008. The monitor also reveals that in comparison with May 2009, new job numbers rose by 82% last month. In addition, the number of new professionals entering the City employment market in May fell by 2% compared to April.

The number of graduate vacancies has dropped by nearly 7 per cent this year, according to the biannual survey published by the Association of Graduate Recruiters (AGR). The average graduate starting salary has also failed to rise, and remains static at the 2008 figure of £25,000. The fall in vacancies has caused a corresponding increase in the number of applications for each graduate job - the average now stands at 69 for each vacancy compared to 49 last year. The survey also found that 78 per cent of employers are now demanding a minimum 2:1 degree from graduates, compared with 67 per cent in 2008. Gilleard predicts that there will be a bottleneck of graduates fresh out of university competing with last year's graduates for jobs. The AGR biannual survey is based on the responses of 199 AGR members in the UK across 18 sectors.

The government must take urgent action to avoid a "lost generation" of unemployed young people, the Recruitment and Employment Confederation (REC) has warned. Announcing the recommendations of its Youth Employment Taskforce, the REC called for revamped careers services, the stimulation of job opportunities and more robust routes into work, such as internships. Unemployment among 16-to-24 year olds currently accounts for a third of all unemployment in the UK. REC's taskforce was established in 2009 and drew on representations from employers, recruiters, education providers, trade unions and groups such as the CIPD. Kevin Green, REC's chief executive, expressed particular concern over the lack of work experience opportunities available for young people faced with a competitive labour market – and the talent shortage it may eventually lead to. "The ‘expectations gap' that currently exists between jobseekers and employers is a real challenge but is one that can be addressed by improving links between business and educationalists." The report's recommendations include a reform of the current school careers service with employer-led guidance, the creation of new "technical academies" to offer vocational training, and more support for employers running internships, apprenticeships and mentoring programmes. REC also advocated a two-year national insurance holiday for each additional young person employed in the private sector, cutting red tape and simplifying taxation to facilitate recruitment, and incentivising temporary work as a route into the jobs market.

The UNCF/Merck Science Initiative, a partnership between UNCF (the United Negro College Fund), the nation's largest and most effective minority education organization, and Merck, a global healthcare leader working to help the world be well, has announced that it will award scholarships and fellowships to 37 African American students in the biological and chemical sciences. UMSI is a fifteen-year partnership that has supported 554 promising undergraduate, graduate and postdoctoral science students. UNCF/Merck recipients have gone on to pursue careers in a wide range of disciplines, from biochemistry and microbiology to pharmacology, neuroscience, biophysics, chemistry and bioengineering. The UNCF/Merck scholarships and fellowships provide the future scientists with financial support, hands-on training, close mentoring and networking relationships, and institutional support. Recipients are chosen through a competitive application process that selects candidates based on their academic achievements and potential in the field of biomedical research. Continued American leadership in the development of life-saving pharmaceuticals depends on a diverse pipeline of students in the biological and chemical sciences. But according to the Commission on Professionals in Science and Technology (CPST), in 2006, African Americans represented just 2.2 percent of doctoral degree recipients in the science, technology, engineering and mathematics (STEM) fields. The UNCF/Merck Science Initiative represents a substantial continuing increase in the number of African Americans in the STEM fields. After fifteen years, moreover, the UNCF/Merck program also serves as a proven model for development of new generations of the scientists and engineers the global economy needs. Merck awarded UNCF a 10-year $20 million grant in 1995. The UNCF/Merck Science Initiative, supported by the Merck Institute for Science Education and Merck Research Laboratories, was renewed in 2006 to provide more than $13 million in additional funding through 2010. The 2010 UNCF/Merck Fellows receive awards ranging from $25,000 for undergraduate scholarship recipients to $85,000 for recipients of postdoctoral fellowships. In addition, the program's alumni have organized the Association of UNCF/Merck Fellows to facilitate continued professional growth. This network allows UNCF/Merck Fellows to collaborate in academia, government and the private sector to leverage their wealth of scientific, technical and biomedical knowledge and experience.

Successful businessman Steve Morgan has launched his annual search for the most enterprising companies, charities and individuals. Cash prizes totalling more than £110,000 are up for grabs in the Morgan Foundation Entrepreneur Awards 2010. Established back in 2007 by Mr Morgan, founder of construction company Redrow and chairman of Wolverhampton Wanderers FC, the awards aim to recognise and celebrate the achievements of businesses, social enterprises, charities and this year, awards are on offer in the following six categories: Best New Business (less than four years old) – top prize £20,000, runners-up prizes £5,000; Best Business providing Economic and Social Contribution to the Region (over the past three years) – top prize £12,500, runners-up prizes £5,000; Best Entrepreneurial Social Enterprise or Charity – top prize £12,500, runners-up prizes £5,000; Best Entrepreneurial Social Enterprise or Charity based in Liverpool – first prize of £10,000; Best Young Entrepreneur (under 25 years old) – top prize £10,000, runners-up prizes £2,500; and Against All Odds (person or business overcoming the greatest difficulties, disadvantages and disabilities to succeed) – first prize of £10,000. Entries must be made by 10 September – a number of finalists will be invited to an interview with a panel of judges early in October, with the big winners set to be revealed at a gala ceremony to be held on 11 November at the Carden Park Hotel near Chester. For further information about the Awards and to enter online, visit the Morgan Foundation website.

A new programme has been launched to encourage businesses in Scotland to help young people learn new skills. The £6.5 million Step Forward Scotland scheme, to be delivered by Skills Development Scotland, aims to offer youngsters aged 16-19 who are leaving school or college this summer the chance to access training and work experience. Under the initiative, up to 2,000 firms will be able to claim subsidies worth £1,000 to recruit a modern apprentice who would otherwise be unable to take part in such a placement. Step Forward Scotland will also look to provide an additional 800 vocational pathway opportunities, 1,000 volunteering placements, an extra 5,000 modern apprenticeships, and 750 new graduate work placements over the next three years. For further information about the Step Forward Scheme, visit the Skills Development Scotland website

A £55,000 prize pool is on offer from a competition aiming to honour London’s best businesses. Publisher Archant London is inviting innovative entrepreneurs to enter the London Business Awards 2010.Eleven prizes worth £5,000 are up for grabs in categories including Apprentice Award, Best London Regeneration Project, Best Social Enterprise, Business Innovation Award, Business of the Year, Entrepreneur of the Year and International Export Business of the Year. Companies can enter as many sections as they want, but must complete a separate form for each category.  Entry forms and supporting materials should be submitted by 17 September, with the big winners set to be revealed at a gala ceremony to be held at the Planit Environmental Gardens on 24 November. For further information about the London Business Awards 2010, visit the b2blife.co.uk website.

Electronics giant Philips has launched a new €125,000 worldwide search for projects that will improve health, quality of life and sustainability in cities. Their Livable Cities Award aims to encourage ideas that will make cities a better place to live by tackling some of society’s biggest problems, such as an ever-increasing and ever-aging population. The competition is open to entries from businesses, community groups, NGOs and individuals. The overall champion will scoop a €75,000 grant, with the two other category winners will each net €25,000.  Initial entries must be made by 28 October – a number of shortlisted ideas will be put to a public vote early in 2011, with the winners set to be revealed at an awards ceremony to be held in April.  For further information about the Livable Cities Awards, visit the Philips website .

Britain's best young business brains are invited to enter a prestigious enterprise competition. A £10,000 cash prize is on offer to the overall winner of this year's Shell LiveWIRE Young Entrepreneur of the Year Awards. The contest is open to entries from budding entrepreneurs aged 16-30 who have a legal business that has been trading for a minimum of three months and a maximum of 18 months. As well as the cash incentive, the winner will also scoop support from top PR firm Blue Rubicon to turn their ideas into reality. Previous award winners include James Murray-Wells from GlassesDirect.co.uk, Lucy Cohen from Mazuma Money and James Watt from Brewdog. Entries must be made by 6 September, with this year's winner set to be revealed at a ceremony to be held in London on 13 October. For further information about the Young Entrepreneur of the Year Awards, visit the Shell LiveWIRE website

South African astronomers have learned that South Africa has won its bid to host a "prestigious" office of the International Astronomical Union. South Africa was selected against 19 other bidders to host the union's Office for Astronomy Development. Astronomers see the award - made at an IAU meeting in Baltimore, US - as a vote of confidence in SA capacity as a science destination. It is also an opportunity to leverage support for South Africa's bid to win a multibillion-rand new radio telescope, the Square Kilometre Array. The telescope's host is to be announced in 2012. The IAU office, to be based at the South African Astronomical Observatory (SAAO) in Cape Town, will spearhead the international union's education programme, which aims to use astronomy to promote science, particularly in developing countries.

Tanzania's economy expanded by 6 percent in 2009, beating a forecast for 5.0-5.5 percent growth, and should grow by 7 percent this year, the east African country's finance minister Mustafa Mkulo said. The 6 percent economic expansion in 2009 was down from growth of 7.4 percent in 2008. Like its east African neighbours, Tanzania's economy was hurt by the fallout from the financial crisis hitting demand for exports and tourism in late 2008 and the early part of 2009. It had also been suffering from a prolonged drought that weighed on agricultural output and energy production. But improved rains have since boosted harvests. Increased output from gold mines in Africa's third-largest producer also helped growth accelerate in the second half of 2009. Analysts say continued gains in these sectors, along with higher government spending ahead of a presidential election in October, should help sustain growth rates in 2010. Tanzania's previous forecast for 2010 growth was 5.7 percent, Mkulo said, adding that growth rates should pick up to 7.1 percent in 2011, 7.4 in 2012 and 7.8 in 2013. Tanzania's year-on-year inflation rate stood at 9.4 percent in April, down from an average annual rate of 12.1 percent in 2009 and 10.3 percent in 2008.

Backing a call for greater action from the United Nations Special Envoy for Malaria, the World Bank has committed $200 million to provide people in sub-Saharan Africa with treated bed nets to protect them from a disease that kills nearly 1 million people every year. In a separate move the UN stepped up its use of new media portals such as Twitter and Facebook in the fight against malaria by expanding its group of Social Media Envoys to include such leading humanitarian figures and business philanthropists as Queen Rania of Jordan and Microsoft chairman Bill Gates. According to the World Bank, the money will fund production and distribution of a further 25 million nets, half the quantity still needed to supply all those at risk by the end of the year. To date 200 million mosquito nets have been delivered across sub-Saharan Africa, affording protection to half of the world's population at risk of malaria, and 100 million more are being produced and delivered. The new funding will provide half the remaining 50 million nets needed to ensure the 2010 goal is met.

The money will support malaria prevention efforts in countries hardest hit by the deadly parasite, including the Democratic Republic of the Congo (DRC), Ethiopia, Ghana, Kenya, Mozambique, Sierra Leone and Zambia.

Microsoft will want to be a player rather than just a big spender in South Africa's black empowerment policy, the company has said following the announcement it would spend about half a billion rands (about US$ 64 million) in the next seven years to boost local business partnerships. The company has also said rather than just get into partnerships with already big players on the market or swallowing the emerging minnows, it would put aside a big chunk of the spending plan for small local companies involved in software development across the country. According to Microsoft's plan, investing in the small players will be a way of empowering them, without having to swallow them into the bigger picture of the market. Microsoft will put aside R472 million to fund small black-owned software development companies for the next seven years and will not be taking a stake in the start-ups, that will be funded through a system of competitive proposals for funding. According to Microsoft, small black-owned companies should be able to grow beyond their small shaded operations and earn the competitive edge in the market if they are truly empowered. The South African law requires that big corporations and industrial players issue a certain quota of their equity to previously disadvantaged groups of the country, mainly black.

The Sudanese government has officially issued the approval letter for the Upper Atbara Hydro Junction Project's construction and its water facilities to the joint venture of China International Water & Electric Corporation and its parent company, the China Three Gorges Corporation, with the total contract worth 838 million U.S. dollars, the China Three Gorges Corporation announced recently. The Upper Atbara Hydro Junction Project will obtain financial support from the Sudanese government and the total time of construction will be five years and four months. Currently, it is the largest single construction project any Chinese company has undertaken in Sudan and also the second largest overseas single hydraulic engineering project signed by a Chinese company.

Kenya has received a Sh7.5 billion loan from the Export-Import Bank of China to drill geothermal wells for production of 140 megawatts of energy. In what appears to a shot-in-the-arm for the country to pull itself out of the unpredictable and costly hydropower generation, the money will be used to explore 26 steam production wells at the Olkaria IV geothermal field in Naivasha. Kenya has geothermal power potential estimated at 7,000 MW and hopes to tap 5,000 MW of it by 2030. "In consideration of the present energy situation, high fuel prices and over dependence on hydropower production, the Government of Kenya now recognises the need to diversify sourcing of power generation through environmentally friendly sources," said Finance minister Uhuru Kenyatta.

Africa, which boasts a large volume of natural resources and powerful consumption market, is turning into an increasingly important destination for Chinese investment. "When it comes to which nation is the largest investor in Africa, China is undoubtedly the largest," Egyptian Minister of International Cooperation Fayza Aboulnaga told China Daily during the third Common Market for Eastern and Southern African States Investment Forum held in the island resort of Sharm El-Sheikh. According to a report from the United Kingdom's Overseas Development Institute, foreign direct investment into Africa fell 30 percent between 2008 and 2009 as developed nations cut spending, but BRIC nations (Brazil, Russia, India and China) increased their investment in Africa over the same period.

The African Development Bank's shareholders have endorsed the request to tripling its (Bank's) capital resources to nearly US$100billion to allow the bank to sustain a higher level of lending in response to overwhelming demand in all countries. The decision was made during a meeting by the Committee of Governors that represents the Bank's shareholders.

The government of Ghana has secured a $520 million loan facility to expedite the extension of electricity to 2,200 communities across the country. The Exim Bank of the US granted the nation a $350 million loan, while the government contracted $170 million from the China Exim Bank. According to the Director of Communications at the Presidency, Mr Koku Anyidoho, sources at the Ministry of Energy had confirmed that the government had secured another $170 million facility from the Chinese Exim Bank for the same purpose. He said the provision of electricity for rural communities whose inhabitants produced the bulk of the nation's wealth was uppermost in the scheme of activities of the government's agenda for a better Ghana. According to him, the northern belt of the country, would help the government to actualise, to a considerable extent, the SADA project it had initiated to transform the economy and well-being of the people of the area. Mr Anyidoho said the project, which is expected to cover the next three years, would also lead to the opening of cottage industries which would go a long way to reduce the rural-urban drift and ease the pressure on the economic and social facilities in the urban centres.

The World Bank's private sector arm has signed its first deal to finance Chinese investment in Africa, a move it hopes will help to discourage violations of human rights and environmental standards. The International Finance Corporation has agreed to help finance a commercial complex, including a 14-storey office block, in Dar es Salaam, Tanzania.

Jay Shree Tea & Industries Ltd, a Kolkata-based tea manufacturer, is acquiring three tea estates in Africa. These acquisitions follow Jay Shree's Rs 112.5-crore domestic buy last month. The financial details of these transactions were not disclosed. Jay Shree is acquiring 100% shareholding of Kijura Tea Co Ltd in Uganda, and another 60% stake each in two other estates, Mata Tea Co Ltd and Gisakura Tea Co Ltd in Rwanda, it said in a statement.

Sierra Leone is now one of the top five countries in Sub-Saharan Africa when it comes to investor protection and the ease of starting a business. The government is also unveiling a new investment incentives schedule that creates a level playing field for investors, while improving fiscal responsibility.

Moremi Initiative proudly announces the 2010 MILEAD Fellows. The MILEAD Fellows were chosen through a highly competitive selection process and criteria, including their outstanding leadership promise, community service accomplishments and commitment to the advancement of women in Africa. The 25 selected fellows are some of Africa's most extra-ordinary young women leaders with the courage and commitment to lead and shape the future of their communities and Africa as a whole.

Nigeria, the world's eighth-largest oil exporter, and China State Construction Engineering Corporation (CSCEC) have signed a $23bn (£16bn; 18bn euros) deal. The two will jointly seek financing and credits from Chinese authorities and banks to build three refineries and a fuel complex in Nigeria. The project would add 750,000 barrels per day of extra refining capacity. Nigeria's state-run oil firm NNPC hopes the construction of new refineries will stem the flood of imported refined products into Nigeria. Nigeria is the world's 12th-largest oil producer and the eighth-largest oil exporter but the country imports roughly 85% of its fuel needs because of the disrepair and mismanagement of its four state-owned refineries. The three refineries will be built in Bayelsa, Kogi and Lagos states, while a location has to be confirmed for the petrochemicals complex. The Nigerian government has said that foreign companies must invest in developing Nigeria's infrastructure and economy first, before they can benefit from its oil and gas exports.

A $780 million power line will commence by close of 2011 linking Zambia, Tanzania and Kenya. According to a senior Zambian government official Israel Phiri the project would be operational 2015. About 1,447 kilometres long, the high voltage transmission line will start at Serenje in the south of Zambia, snake along to Mbeya and Arusha in Tanzania before landing in Kenya's capital Nairobi, Reuters reported.

The private sector window of the African Development Bank (AfDB) Group has received Board approval for a USD 40 million equity investment in the African Agriculture Fund (AAF), a private-equity fund designed to respond to the food crisis that severely impacted the continent in 2008 in the wake of escalating food prices and staple export bans. The increased support to AAF, whose total target size is USD 300 million, is part of a coordinated response to prevent the crises from reversing decades of progress, growth, and investment in Africa. A result of a collective effort of the Bank and its partners, the French development agency (AFD), the International Fund for Agricultural Development (IFAD) and the West African Development Bank (BOAD), the Fund features two specific instruments aimed at lowering the risk perception typically associated with investments in agriculture and agribusiness. First, an innovative distribution mechanism will provide private sector investors with an accelerated return. Second, a technical assistance facility of $14 million will supply business development services and business linkages services to a range of large companies and SMEs. The Fund's main focus will be African agribusiness companies operating in food production, processing, packaging, cold storage, distribution, and marketing. Investments will aim at supporting the whole food production value chain by providing both capital and advisory services to a wide range of agri-companies operating on the continent. The Fund will also operate according to a Socially Responsible Investment (SRI) Manual that features an environmental and social risk management system, guidelines for an optimal use of the technical assistance facility and, for the first time in the area on Agribusiness private equity, a Code of Conduct for Land Acquisition and Land Use in Agricultural and Agribusiness Projects to prevent unsustainable practices in land acquisition and land use. The Agribusiness team of the Bank's Private sector department aims at investing in private equity funds focused on agriculture, supporting trade finance in agricultural commodities and partnering with key agribusiness groups to attract private sector operators to invest in agriculture in Africa.

South African financial services firm, Sanlam, has entered into a joint venture with First Bank of Nigeria plc to form a new insurance firm – FBN Insurance Company Ltd. The new company will offer life and non-life insurance services. Sanlam has a 35% stake in the venture.

South Africa's inflation rate fell to 4.8 percent in April, the lowest in almost four years, as a bumper harvest helped contain food prices. Inflation slowed from 5.1 percent in March, the Pretoria- based statistics office said on its website today. The median estimate of 25 economists surveyed by Bloomberg was 5 percent. Prices rose 0.2 percent in the month. Inflation has remained within the central bank's 3 percent to 6 percent target band for the past three months, helped by a stronger rand, which rallied to a 20-month high against the dollar on April 7, and a bumper corn crop. The price of white corn fell 33 percent in the 12 months through April on the South African Futures Exchange. South Africa will probably reap its biggest corn crop in almost three decades, leaving a surplus of 4.5 million metric tons to be exported, according to the Agriculture Ministry.

South Africa's economy grew at a faster pace than expected in the first quarter of 2010 after last year's downturn, although financial woes in Europe could undermine future expansion. Statistics South Africa said quarter-on-quarter gross domestic product (GDP) was up 4.6 percent on a seasonally adjusted and annualised basis, partly boosted by preparations for the soccer World Cup, compared with a 3.2 percent rise in the fourth quarter. Africa's biggest economy expanded by 1.6 percent year-on-year unadjusted, compared with a 1.4 percent contraction in the previous quarter. Growth was led mainly by manufacturing and mining, which grew 8.4 percent and 15.4 percent respectively. Both sectors saw record contractions in the first quarter of 2009, leading the economy into its first recession in nearly two decades on depressed local and global demand. The first quarter 2010 outcome beat a consensus forecast of 4.3 percent GDP growth quarter-on-quarter from 19 economists polled by Reuters, who predicted a 1.4 percent rise on a year-on-year basis.

The World Cup is doing more than uniting South Africans - it is pulling at the heartstrings of expatriates, who are coming back home in droves. Martine Schaffer, managing director of the Homecoming Revolution, which encourages skilled South Africans abroad to return, said expats were "feeling homesick and proud". This, she believes, will lead to an increase in people wanting to return to South Africa in the next couple of years. A recent Adcorp Employment survey shows that 39,000 South Africans have returned from foreign countries as job seekers in the past year, and this number is likely to increase to 120000 as foreign work contracts expire. Schaffer said: "The changing perception of the rainbow nation internationally is the biggest opportunity since 1994 for South Africa. We cannot allow it to slip through our fingers. The legacy is as important as the hosting."

The African Development Bank (AfDB) is to increase its capital from US$ 33 billion to US$ 100 billion, in a bid to continue supporting African countries, a communique issued by the bank disclosed. The increase, recommended in April this year by a committee of governors, will enable the institution continue providing the necessary financial and urgent support to African countries. Representing a 200 per cent increase, this is the sixth increase over the past years. It is aimed at meeting AfDB 2002-2012 strategy for the areas of infrastructures, technology, higher teaching, good governance and the private sector. In 2009, AfDB had a capital of US$ 12.7 billion, representing more than the double with regard to the previous year.

A Climate Council, charged with developing a National Climate Plan, has been inaugurated by the Republic of Gabon's President Ali Bongo Ondimba. During the launch, President Ali Bongo Ondimba explained that the Climate Council was set up to recommend ways in which to develop the nation sustainably while combating climate change and preventing species loss. The Climate Council comprises members of government from key ministries, including finance, foreign affairs, agriculture, health, defence, and technical experts. They will formulate recommendations and will define the financial costs of integrating climate change considerations into national development policies and projects. The Council will consult with the private sector and civil society. Specific consultations will be organised around the following themes; energy and industry, agriculture and forests, waste and transport, training/research and finance. The consultation is expected to last six months.

The introduction of a seamless mobile bank account product by Equity Bank and Safaricom promises to open up electronic commerce and mobile commerce in particular to the mass market. The service, dubbed M-Kesho, will allow users to perform basic banking transactions like deposits, withdrawals, loan applications, processing and reception right from their handsets.

This year Africa’s economies will generally perform better than in 2009. According to the just-published Economic Report on Africa, the continent’s average growth rate will reach 4.3 per cent, up from less than 2 per cent last year — a period marked by devastatingly bad performances worldwide following the global economic slowdown. Within the continent, adds the report by the UN Economic Commission for Africa (ECA), oil-exporting countries in sub-Saharan Africa, including Nigeria and Angola, are expected to benefit from an increased demand from Asia, although world oil prices dropped sharply in May. They are expected to lead the continent with 5.1 per cent average growth.  The ECA report confirms an evident trend in recent months, as signs of Africa’s faster-than-expected economic recovery in 2010 have become increasingly common. Shortly after optimistic predictions by the UN Department of Economic and Social Affairs were made public in January, forecasts by the World Bank, the International Monetary Fund and the African Development Bank indicated that the continent will bounce back faster and better than most other world regions, lagging only behind East and South Asia. There is general agreement that the continent’s growth is set to surpass 4 per cent this year. Much like other analyses, the ECA attributes the rebound in Africa mainly to external factors. These include increased demand for its main export products and higher inflows from official development assistance (ODA), foreign direct investment (FDI) and remittances from Africans employed outside the continent. However, the Africa’s improved performance in the near future will not eliminate its many challenges. “The expected economic growth falls short of the 7 per cent pace required for achieving the Millennium Development Goals,” the ECA report observes. Those goals, adopted by world leaders in 2000, include cutting in half global poverty and hunger, achieving universal primary school enrolment and significantly reducing infant and maternal mortality.

African nations are increasingly turning to South Africa to improve their own agricultural production and skills, according to industry group Agri SA. About 20 countries from across Africa have approached Agri SA, South Africa's largest farmers' association, seeking to recruit commercial growers or learn skills from their neighbour on the continent's southern tip.

The Bank of Tanzania (BoT) plans to increase the minimum capital requirement for commercial banks to Sh15billion from the current Sh5billion in a bid to strengthen crisis preparedness. In its Monetary Policy Statement for June 2010, BoT also says it will raise the minimum capital requirement for non-bank financial institutions from Sh2.5billion to Sh7.5billion and maximum insurance coverage per depositor per bank from Sh500,000 to Sh1.5million.

The Mozambican and Portuguese governments formalised in Maputo on Monday the creation of the National Investment Bank (BNI). The bank has a share capital of US$500milliom and is to focus its activities on long term investments, mainly infrastructures, in Mozambique. It plans to start operations before the end of this year. The Mozambique and Portuguese states each hold 49.5% of the shares in the new bank, and the remaining one per cent belongs to the Commercial and Investment Bank, the second largest commercial bank in Mozambique. The BNI plans to start immediately financing two projects, namely the new electricity transmission line from Tete province to Maputo, and the second power station at the Cahora Bassa dam on the Zambezi.

The social and economic benefits created by hosting the 2010 Fifa World Cup will continue to benefit South Africa long after the final whistle has blown, says Finance Minister Pravin Gordhan. He said the tournament's benefits included not only its economic legacy; the event would also help the country increase its delivery capacity while demonstrating to the world its ability to host major events. Gordhan said current projections were that the tournament will add 0.4 percent to South Africa's real gross domestic product (GDP). "What this actually means is that about R38-billion will be added to the GDP as a result of the World Cup." He said while some benefits from hosting the event were not clear-cut for now, South Africa had prospects of fast growth as a result of the infrastructure that had been built for the World Cup. South Africa's government spent more than R33-billion over a period of four years on infrastructure and preparation for the World Cup, Gordhan said. Close to R12-billion was spent on stadium infrastructure, R11-billion on transport infrastructure, and R1.5-billion on event broadcast and telecommunications. An estimated 130 000 jobs,most of them leading up to the World Cup, were created in the construction, roads and transport and hospitality industry.