the index has stalled since 2011. it is clear that enthusiasm for the africa opportunity has not stalled. over and over on stage and in conversation, business leaders at the bloomberga and business economic summit explain why. >> this is a time where we would like to accelerate our investing, not pull back. >> do you have the capital to do a? >> we are in seven countries today, ideally we would be in 10-15 different countries. one of the countries nigeria, we , are not at majority yet. we think this time is very good. >> i think the change in commodity prices is an enormous opportunity. this economy has to diversify, whether it is south africa, sub-saharan africa. the economy is only resource-based. ultimately will not be sustainable economy. in many ways, i think this is good news. sooner is better than later and i think diversification, at the manufacturing, textiles, many other things, make it far more sustainable. >> when you think about africa, you have to look at it from a long-range view. we go through these cycles. the key is how people react number one, number two is how you are able to continue investing for the long haul. i think that is the key. >> this

much more coming up from the bloomberg africa business and economic summit. composition with conversation with one of africa's rising tech entrepreneurs when "the africa opportunity" continues. ♪ ♪ africa is the world's second largest landmass after asia and it is home to more than a billion people in 54 countries, who among them, speak as many as 3000 languages. african celebrate their differences. many investors don't. the did to ring -- deteriorating economic outlook is divesting dollars. the punch by 31% in 2015, but africa is a continent, not a single country. look at the economies of sub-saharan africa and that's clear. nigeria's gdp has searched and the financial crisis and so has ethiopia's. africans economy has and sudan has done no better. no countries are likely. is deadon the dead sea last, worse than venezuela. progress is crucial. made an index to track leadership in africa. he says that lie in the heart and improvement of african citizens. the eager human index has stalled since 2011. it is clear that enthusiasm for the africa opportunity has n

the africa opportunity." ♪ erik: africa rising remains a rally and cry for bowles. selloff, and slumping growth in china, a key trading partner for many african nations. at the bloombergfrica and economic summit. africa's challenges and potential solutions. talk about the africa rising narrative. is it dead? is it forced? what is going on and what can we expect? >> i always said there were 4 drivers, recycle, politics and policies, demographics. i think the super cycle is on, you now need the policies to address that and that is probably what you are not getting it some places. this is the key thing going forward, the key policies governments will put in place. i think the entrepreneurship is still there and we have everything, still a very bright future in terms of development. >> you have done a lot of research on the relationship youeen china and africa? do think the african economy has materialized in china? are they reaping the conferences are being far more did -- far too dependent on one country? it is something i have been looking at for a while has been how china has been research invested growth model. what you've seen since 2000 until now, a paralleled traj

we came here to south africa to give you a close look at the thistial and challenges continent offers companies and investors worldwide. at the bloomberg africa business and economic summit, we have brought together the best of leadership from across the region and around the globe to discuss, debate, and in some cases decide the future of african business. from infrastructure to agriculture to technology, how will africa attract the capital it needs to avoid the pitfalls of waste, corruption and conflict that have for so long left this promise unfulfilled. over the next hour, you will find out on the africa opportunity. >> in africa, the optimism is infectious. the population is young, growing and in educated and everywhere you look there is progress to be made. the africa narrative is in doubt. commodity prices have plunged, budget squeeze. currencies are slumping and a foreign investors are pulling back. is there still a bold case to be made for africa? that is one of the questions we saw to answer here in cape town. he served for two terms as the president of the african development bank. think the people misunderstand what has bee

we travel to south africa for the bloomberg economic summit. ecutives from the continent and beyond discussed opportunities and challenges of doing business in africa. the best practices for operating in the region, as well as the global partnership that has accelerated growth. >> the acknowledgment that we need to do things differently. we need to move a lot faster. appellations are growing. in the young are excited economy. and the opportunity to grow the economy is here. in particular, the government, our own governments are beginning to accept that we need to turn the corner. they are looking at the past and continuing to blame -- that is old stuff. the new generation wants a growing economy. >> africa is increasingly stable. it is increasingly democratic, and increasingly willing to work with the private sector and do the things necessary to create a good business environment. >> we are here to help country by country, developing datasets they need to make an argument for foreign investment, to help them create the capital market infrastruc

the bloomberg business flash. "what'd you miss?" the finance minister of south africa has no easy task ahead of him.priority is restoring confidence in south africa's economy, avoiding a potential credit downgrade, and a recession. five years between 2009 and 2014, there was a very good team with very high level dependability and continuing to reinforce the message that the country's finances are in good hands, that we intend to be prudent and we will demonstrate in fact what we say in words. and builde will try the right kind of consensus to get other players to focus on growth as the key issue. we change the denominator, we change everything else. scarlet: where do you see the growth coming from in 2016? >> first we need to solve our energy problems. getting high levels of confidence within our own economy. infrastructure investment that is planned in the energy sector, logistics, housing, and other areas of utilities as well. on ensuring that we focus concrete action to deliver on our plans and take on some of the strong structural issues. joe: there is anxiety about another downgrade coming immi

the great sanders show." bloomberg politics has all the latest news on the web. of next, bloomberg west. until monday, sayonara. ♪ ♪ erik: welcome to "the africarik schatzker in cape town. we came here to south africa to give you a close look at the extraordinary potential and the enormous challenges this continent offers companies and inventors worldwide. we brought together government and nongovernmental leadership from around the globe to discuss , debate, and in some cases decide the future of african business. from infrastructure to agriculture to technology, how will africa attract the capital it so desperately needs but avoids the pitfalls of waste and , corruption, and

the mazaratti ceo. a bit of news out of barclays. c if i can bring that up -- let me see if i can bring that up to you. ire bloomberg africaepping down. from the barclays board. more details in a moment. later today, we have an interview with the u.s. attorney general loretta lynch. that is fascinating given the political story in the back shop backdrop. on with apple.ng the big story of the morning as barclays. the stock has been halted once. we will have more about that story in "surveillance." up next. plenty more still to come. ♪ the investment bank barclays gives dividend cuts. the ceo says he is selling his agriculture division. drop in post a 69% profits, while commodity prices drop. the slowdowns deepens. fresh figures from china point to a bad picture of the mark et. this is bloomberg "surveillance." tom keene is in d.c >. it

the beginning of showing they can do more than what most thought. scarlet: we will have more after this. ♪ scarlet: this is bloomberg markets. south africa win back investors with the financial minister making stops week, restoring confidence in his country's ailing economy. pravin gordhan joins us with more. good to see you here today in new york. i want to get your thoughts on what the response has been from the investors you've been speaking with. what has been your biggest single concern? pravin gordhan: we speak to many have been have a -- associated with us through the years of democracy and believe that we have a good economy and good institution. some of their concerns will be lower growth, whether we can actually support the physical standards we announced in our budget with 2.4% in the three-year cycle. get the right can kind of partnership between ourselves and the private sector in particular. with respect to all of these, we've been doing some work which does provide some reassurance. >> you mentioned south africa has good institutions. your own appointment as finance came after a very tumultuous time. one finance minister l

the bank said it will sell down its 60% stake in its africa group. jes staley spoke to bloomberg the decision. >> we will over time of two to three years slowly reduce our non-consolidated and barclays africa. it is a great bank. clearly interested in barclays africa. we think there will be significant interest over the next couple of years as we moved -- as we move. by michaele joined metcalfe. why so this one? >> analysts have wondered why this folio and the synergies with the bank. does it make sense? people were wanting a lot more which explains why the stock is down. disappointment there. wondering is that connection with the group? let's wait and see. there are a lot of words out there from the ceo saying it is want to take time and it will be difficult. how long it will take to get the guy: barclays trades on .26. i struggle to explain the difference. barclays is way too complex. the investment bank is the big question mark. it also, if you look at other banks, jpmorgan warning about trading losses, even barclays is saying oil and gas more losses -- more losses down the ba

bloomberg best look at the week's most important any news -- company news." ♪ ♪ toncine: welcome back "bloomberg best." we learned that barclays bank will be closing up shop in africaity markets have finally hit bottom. but let's take a look at the roundup of company news with a major move from one of asia's largest automakers. ♪ >> nissan shares are having absolute flyer at the moment. they are up the most in seven years. this is one of the biggest ever share buybacks, worth tree $.5 million.-- $3.5 b >> this is a little bit of a departure, this is the first time that the company has bought back shares since 2011. this represents a bet by the board that these fears of the company hitting a peak or maybe overdone. re maybeayba overdone. ♪ >> barclays has said it will sell down interest in its african operations. it posted its four-year adjusted profits at 5.4 billion pounds. >> that compares the estimates of 5.6 7 billion pounds. but it to the ceo, jeff bailey -- let's go to the ceo, jeff bailey. can you talk to us about the reasoning? a fireare saying this is sale, and you hope to do it over a period of time. do you have anything to show in terms of assets? >> it

the bloomberg first word news. vonnie: thanks. just breaking, trouble for south africa's embattled leader, jacob zuma. the nation's highest court says he violated the constitution by refusing to repay taxpayer money which he used upgrading his private home. his political party is investigating whether he breached ethics laws. the nuclear security summit is getting underway in washington as north korea will be highly agenda. president obama will discuss north korea's recent nuclear tests. whether is considering to deploy a missile defense system in south korea. china is opposed because it would give the u.s. radar coverage over china. chinese influence over north korea will be at the center of the talks. to back was encouraged new sanctions against north korea; the white house says the media will also be a time for the president to stress human rights. and on china's territorial claims. the brussels airport may reopen later today for passenger flights. officials are still evaluating repairs. the bombs destroy the airport check-in area, and once it reopens, it will be able to handle only a fraction of th

the apple privacy case, exclusive interviews with 'sretta lynch, and apple lawyer. ♪ ♪ francine: welcome back to bloomberg best. we learned this week that barclays bank will be closing up shop in africaceo says he thinks that commodity markets have hit rock autumn. a major move from one of asia 's largest automaker. >> this is the biggest ever share buyback. it is worth $3.5 billion. >> this is as big of a buyback as you have seen from japanese automakers. also, for nissan, a bit of a departure from what it has been up to in the last few years. this is the first company that has bought back shares since 2011. this represents of that made that the fears of the company hitting a peak are overdone. you are seeing a bigger response today to the shares that have been battered up. >> barclays has said it will sell its african operations. let's get straight to the ceo . the decision is to sell your african business. can you talk us through the reading? i can hear the cameras from the market saying that this is a fire sale, you hope to do it over time, have you had any conversations? have you had any interest shown in terms of your assets their? >> it is a very difficult decision. barclays h

the week's most important company news. ♪ francine: welcome back to "bloomberg best." i am francine lacqua. we learned this week that barclays bank will be closing up shop in africad we heard the ceo say the monetary markets have finally hit bottom. let's begin our roundup of the week's company news with one of asia's largest automakers. rishaad: nissan shares are up the most in seven years. the biggest share of buyback is worth $3.5 billion. craig: this is as big a buyback as you have seen among japanese automakers, and it is also for nissan a little bit of a departure from what it has been up to these past few years. this is the first time the company has bought back share since 2011. this is a bet by carlos conan's board that these are the fears of the company sort of hitting a peak are maybe overdone, so you are seeing a vigorous wants to date from shareholders bidding up the shares that have really been battered up to this point this year. anna: barclays has said it will sell down to 62.3% interest. in its african operations. adjustedme time, the profit before tax is 5.4 billion pounds. manus: that compares to analyst estimates of 5.6 billion pounds, let's g

bloomberg business flash. francine: thank you. breaking news over the last couple minutes. this is from south africa.dent, jacob zuma, has failed to uphold and defend the south african constitution, according to the courts. i'm not sure we have seen a huge impact on the local currency, but we will get that chart up for you in to monitor any more headlines coming out of south africa. this is south africa's top court, ruling on jacob zuma's allegations over the last couple weeks. this is according to scandals about his home renovations. we had poll the last couple weeks to say whether he will have to go before an impeachment court. we will keep monitoring and give you the latest, as well as any impact on the markets. european stocks head for their worst quarter relative to the u.s. since 2003. investors will be turning their attention to the ecb, which could be wrapping up to me tomorrow, improving asset purchases by $20 billion per month. the head of global liquidity sales at goldman sachs asset management. she manages more than $190 billion. great to have you. thanks for coming in. we hear more and m

the migrant crisis. over southrtainty africa's central banks decisions. we are live to johannesburg with the details. ♪ anna: welcome back. it is 6:18 if you are in london. let's get to bloomberg'siness flash. kumutha: toshiba is under investigation by the u.s. over allegations that it had $1.3 billion in losses at its nuclear power operations. that is according to people familiar with the matter. u.s. authorities are scrutinizing allegations made in an internal review published last year by the tokyo-based company. shares plunged over 8% in tokyo. the sheba declined to comment -- toshiba declined to comment. refinery 18 year u.s. partnership. saudi arabia's national oil company explores plans for an ipo amid a slump. new york's plaza hotel is poised to go up for auction month potentially ending two months of uncertainty over ownership of the historic property on central park. billionaire bowlers -- billionaire brothers holding mortgage and scheduled a foreclosure option for april 26. that is according to a person with knowledge. fedex raised the lower and of its four year earnings range to $10. $70 a share. the company nears the end of a cost reduction program. the move comes a

bloomberg go." we are a global. barclays shares are plunging this morning to a three-year low. the bank slashes dividend announced plans to cut back the stake in africaich was the former ceos signature. we spoke with the new ceo, jeff dailey, and asked him about the decision to cut back their effort of the exposure -- there africa exposure. >> barclays's has been in africa for over 100 years. it's a great business, with a terrific management team and enthusiastic colleagues. we are across the continent, it's a very difficult discussion. -- decision. africa.2.3% of barclays on the other hand, in terms of how regulators think about ownership and barclays, we are more hundred percent in terms of liability. we look at the capital charges, funding charges, it's hard to own 60% of a business where you have 100% of the liability. the truncates significantly return that are generated locally in africa, when they are translated to returns for barclays here in the usa -- in the u.k.. we will slowly reduce our stakes , two-on-one consolidated, noncontrolling position and barclays africa. it's a great bank, there are a lot of investors that are clearly intereste