A new report published by Barclays today suggests that global economies will fail to flourish unless more entrepreneurs are encouraged to turn their ideas into successful businesses.

Over 75 million young people are now unemployed globally, with some of the highest rates found in developed countries. The World Economic Forum recognises this as a fundamental risk for 2014, listing high unemployment and underemployment as one of the top ten risks in the recent edition of its Global Risks report.

Barclays’ report looks at the implications of the huge structural changes to the global labour market to the workforces of the future. It also highlights the opportunities presented to policy makers and businesses by increasing globalisation, digital communications and the internet to create a modern workforce for the future and foster an entrepreneurial culture.

Speaking at the World Economic Forum at Davos, Antony Jenkins said: “Global economies are experiencing significant changes and challenges – from increasingly scarce natural resources to changing demographics and ageing populations. But these challenges also present an opportunity to create a population that is entrepreneurial by nature and no longer sees problems as obstacles but as opportunities for change and improvement.

Produced by The Economist Intelligence Unit (EIU) in conjunction with Silicon Valley research start-up, Quid, Barclays’ Innovation ecosystems report presents findings and recommendations to support an imminent ‘third-wave industrial revolution’ powered by enterprising young innovators.

Read the full report

Watch a video summary of the report

South Africa’s merchandise trade balance swung back into deficit territory in January, coming in at -ZAR17.1bn. The print was substantially worse than the consensus forecast of -ZAR12.2bn and comes on the back of consecutive surpluses in November and December. The reversal into the deficit in January was the result of a sharp increase in imports of 27.9% m/m, eclipsing a paltry 0.1% m/m increase in exports.

The former was driven by strong growth in purchases of machinery and electronics (+27.9% m/m), as well as mineral products – mostly crude oil (+27.8% m/m) and vehicle components (+71.2% m/m). Weighing on export growth were large declines in the exports of vehicles (-20.0% m/m), machinery (-17.2%) and precious metals and stones (-14.7%).

We think that the sharp fall in vehicle exports could be related to a factory re-tooling at a major car exporter. This may weigh on vehicle exports for a few of the coming months, but we will be monitoring the data closely for any signs of this effect.

While the large merchandise trade deficit in January could be startling, particularly in light of the two surpluses recorded in November and December, the first thing to remember is that there is strong seasonality around the turn of the year. Beyond that, we think the data highlight a point we have made previously: the weaker rand has still not affected trade activity positively, and South Africa’s external balance is likely to remain a concern going forward, supporting our view that the rand is likely to weaken over coming months.

We argued in South Africa’s current account deficit: Weak rand offers no respite, 11 November 2013, that domestic manufactured output is likely to adjust to the weak rand only gradually as the sector battles other competitiveness challenges and domestic infrastructure constraints. At the same time, flagging commodity prices bode ill for primary commodity exports, which are roughly 40% of the total export basket.

Meanwhile, as the January data demonstrated, the import bill of goods with limited domestic alternatives, such as machinery and crude oil, will likely remain elevated. One major downside risk for the trade balance is the platinum sector strike, currently in its sixth week. Given that platinum accounts for 16% of total exports, the persistence of the strike carries significant risks for the trade balance in coming months.

You’ve left us behind a nation inspired by hope. Rest peacefully.

Today we mourn the passing of one of the world’s greatest leaders – Nelson Rolihlahla Mandela. On this saddest of days our thoughts go first and foremost to his wife Mrs Graça Machel, to his children, grandchildren and great-grandchildren, to Ms Winnie Madikizela Mandela as well as his closest friends and comrades.

We are deeply grateful to our first President of a democratic South Africa Mr Mandela for what he did for South Africa as a nation, for Africa and for the world. We can take comfort knowing that our own grief is shared by hundreds of millions of people across the world who have been touched by his extraordinary gentleness, statesmanship and humility.

The sadness we feel today is borne out by his great inspiration to all of us. He gave us his love and showed us compassion when we most needed it. Madiba inspired us to be better human beings, to treat one another with respect and to be bound by our common humanity for the common good.

He lived by a set of values that we must continue to cherish because they are as necessary now as they were before the dawn of democracy in South Africa. They were compassion, unshakeable integrity, the ability to think about the future, and to put others ahead of ourselves.

Madiba believed in human rights and humanity and that these would triumph. Our responsibility is to preserve what he stood for, vigilantly guarding against discrimination and disregard for other people. By doing so, we will ensure that his legacy lives on.

Let us stand together as we mourn the loss of a deeply loved leader. The highest tribute we can pay him is to celebrate his life by living the values that he taught us.

I was deeply privileged to know him, to serve in his government and to learn from him. Among the lessons he taught me was that the extraordinary is possible if you stay true to what you believe in and to your values.

My love and respect for him are deep and will live with me forever.

Maria Ramos: Chief Executive Officer, Barclays Africa Group

Barclays Africa Group announces the appointment of Motshabi Mokone as the first Managing Director of Barclays Life Botswana (Pty) Limited with effect from today. This follows the successful repositioning of the business in August as part of Barclays Life as we become the ‘Go-To’ bank in Africa.

Lanz Zulu, Managing Executive Absa Financial Services Africa Holdings, says: “Motshabi is very experienced and is a highly respected leader in Botswana. We are delighted that she has joined Barclays Life and believe that Motshabi will assist us in driving an enriched customer experience through our strong service and product set. Her professional career is largely anchored in the financial services industry spanning, fields such as operational management, risk and compliance and sales management.”

Motshabi was previously Chief Operating Officer and an Executive Director of Alexander Forbes Botswana. She holds a Masters of Science in Strategic Management from the University of Derby in the United Kingdom and a Bachelors of Science in Business Administration from the University of Hartford in the United States of America.

Says Zulu: “Motshabi is a skilled strategist with strong credentials and a track record of turning strategic plans into practical solutions through a meticulous performance approach. We are confident that she will make a positive contribution in overseeing our investment, credit life, individual and group life, funeral cover and education products.”

Maria Ramos has been ranked the 10th most powerful businesswoman in the world by Fortune magazine in their recent survey. This is the fifth year that Ramos has been included in Fortune’s list of the world’s top 50 business women. She was ranked 11th last year.

Maria is joined by Nicky Newton-King as the only two women from Africa in the Top 50 list.

“This is an incredible accolade, and testament to Maria’s extraordinary achievements,” said Wendy Lucas-Bull, chairman of Barclays Africa Group Limited.

The list is compiled by Fortune editors who consider four criteria: the size and importance of the woman’s business in the global economy, the health and direction of the business, the woman’s career, and her influence on society and cultural life.

Lucas-Bull added: “Fortune’s recognition of Maria is a tribute to her role as chief executive of Barclays Africa Group as well as her contribution to the financial services industry on the continent. It is also acknowledgement of her active involvement in economic policy debates on both local and global platforms, as well as the role she has played in building institutional capacity in South Africa.”

Barclays Africa Group Limited (formerly Absa Group Limited) announces that its Chairman, Wendy Lucas-Bull, will join the Barclays PLC and Barclays Bank boards as a non-executive director with immediate effect. The decision reflects the value of Wendy’s wide ranging business and board experience, and underscores the importance Barclays places on Africa.

An experienced company Director with strong banking expertise, Wendy has held Board level positions in South African banks since 1994. She previously served as an Executive Director of Rand Merchant Bank and became CEO of FirstRand Retail following the merger of Rand Merchant Bank and First National Bank.

Strong banking experience

In addition to her role at Barclays Africa Group Ltd, Wendy is currently a Non-Executive Director of Anglo American Platinum Limited and has held senior Board positions at the Development Bank of Southern Africa, the South African Financial Markets Advisory Board, Nedbank Group Limited and Dimension Data PLC.

Commenting on Wendy’s appointment, Sir David Walker, Barclays Group PLC Chairman, said, “I am pleased to announce Wendy’s appointment to the Barclays Board. She brings strong banking experience, valuable regional knowledge and her appointment will further enhance the close working relationship between Barclays Group and our African businesses.”

Trevor Munday

Trevor Munday will become Lead Independent Director of Barclays Africa Group. In this capacity, he will assist the Barclays Africa Group Board to deal with the management of any actual or perceived conflicts of interest. Trevor joined the Board of Absa in 2007 and will continue to be Chairman of the Group Risk and Capital Management Committee and the Concentration Risk Committee.

Trevor is also a member of the Group Audit and Compliance Committee, the Group Remuneration and Human Resources Committee and the Board Finance Committee. A former deputy Chief Executive Officer of Sasol, Trevor currently chairs the Board of Reunert Limited, is the Lead Independent Director of Life Healthcare Group Holdings Limited and a board member of Illovo Sugar Limited.

The Barclays Africa Group Board currently has 12 directors and fully complies with King III guidelines.

On Saturday, 13 Barclays Africa countries took part in the One Harmony Choir Festival in Johannesburg, South Africa.

The One Harmony Choir Festival is a highlight on the Barclays Africa calendar. It sees employees from across the continent coming together to perform in a way that inspires all in attendance. This spirit was epitomised by Egypt’s performance. The choir was unable to practice prior to the event because of the conflict currently taking place in their region, but decided that they still wanted to participate (but not to compete).

After a day of inspiring songs, melodious voices and inspiring performances, it was South Africa’s choir, the Rainbow Sonatas, which were judged to be the winners of the One Harmony Festival. Each member of the choir won a trophy and R2 000.

They were closely followed by Zambia’s Mosi-oa-Tunya who walked away with a medal and R1 000 per member. Ghana’s choir, Harmonious Eagles were voted Most Entertaining Choir by SMS voting and won themselves medals and R500 per member.

The judges agreed that the competition was very tight this year, but after much consideration, decided that South Africa’s technical expertise made them worthy winners.

As every year, Barclays Bank Egypt launched the 2013 Summer Internship Programme (SIP). This programme provides university students the opportunity to experience working in a bank and gain vital practical skills, which will stand them in good stead in their future working lives and will give them an edge in any future banking career.

After the huge success of last year’s programme, Barclays Bank Egypt was eager to continue and expand on the SIP, and this year’s programme includes 153 university students, who were given priority in joining the programme before their graduation to assist them in their future careers.

The Summer Internship Programme is a reflection of the bank’s commitment to support Egyptian society through developing the skills of the younger generations and giving them the capabilities they need to compete in the modern job market.

“This programme provides students with a unique opportunity to learn important career-related skills and gain vital experience by getting acquainted with the workflow in a bank and the values that Barclays Bank Egypt works to uphold. It also assists students in setting a future path and goals for themselves by familiarising them with the different departments in the bank,” says Ayman Mahana, Barclays Bank Egypt Human Resources Director.

The two-month programme started in July 2013, as students were given the opportunity to apply the through the bank’s website and gain experience in numerous departments such as human resources, consumer banking, commercial operations, collections, consumer operations, corporate real estate services, corporate banking, it and risk. Upon completion of the programme, all trainees will be invited to a farewell event to meet members of the Country Executive Committee and will receive their programme certificates.

Choirs from 12 African countries will compete for the top honours in the 9th annual One Harmony Choir Festival at the Johannesburg Civic Theatre on Saturday. The event will be hosted by renowned musician and producer Zwai Bala and will feature performances from the likes of Dr Victor.

This year marks a significant step forward for the festival as choirs from each of the countries in which Barclays Africa operates will be represented for the first time. Choirs from Botswana, Egypt, Ghana, Kenya, Mauritius, Mozambique, Seychelles, South Africa, Tanzania, Uganda, Zambia and Zimbabwe will be hoping to follow in the footsteps of last year’s winner, the Choral group Mosi-oa-Tunya from Barclays Bank Zambia.

Bobby Malabie, Group Executive responsible for Marketing, Communications, Citizenship and Public Affairs at Barclays Africa Group, says: “The choir festival is a highlight in our social calendar, particularly as we accelerate our One Africa strategy with the aim of becoming the ‘Go-To’ Bank in Africa.” Malabie is a member of the judging panel that includes well-known musicians Concord Nkabinde, Malawian Wambali, Victor Masondo and Alta van As.

“This competition recognises the commitment, sacrifice and hard work of all the choir members who practiced relentlessly, outside of normal working hours. The festival is one way of expressing our unique African identity, where our colleagues bring to the fore their creative interpretation of what it is to be part of a pan-African business that is rich in diversity and cultures,” adds Malabie.

Doors open at the Johannesburg Civic Theatre at 14:30 on Saturday. The festival starts at 15:00

The 17th annual Highway Africa Conference, one of Africa’s largest gatherings of journalists, media practitioners and media owners under one roof, gets underway in Grahamstown on Sunday.

Highway Africa has traditionally been at the centre of debates on journalism, media and technology and this year’s instalment will be no different. The theme of this year’s two-day event is: Speaking truth to power? Media, Politics and Accountability.

As part of the Barclays Africa Group’s (formerly Absa Group) commitment to investing in Citizenship, the pan-Africa financial services group will host a Business Journalism Master Class at the conference. The journalism programme provides mid-career business journalists with a high-level refresher course to report on complex financial matters. As an official conference partner, Barclays Africa will also host the Africa Dinner on Sunday where Collins Chabane, Minister in the Presidency responsible for Performance, Monitoring and Evaluation, will be the main speaker.

Kennedy Bungane, Chief Executive of Barclays Africa and Head of Africa Strategy, says: “We need to take an active role in the development of Africa’s media and this investment assists in empowering journalists with critical skills to be even better at their craft. We believe the media is best placed to tell the African story but the growth and development of an effective media across Africa is central to making sure this happens.”

Bungane adds: “Our 11-year partnership with Rhodes University through Highway Africa underscores our commitment to the economic and social development of the continent. With a presence in 13 African countries, our association with this event adds impetus to our goal of becoming the ‘Go-To’ bank in Africa.”