<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-2040295100-820x547.jpg" alt="" class="wp-image-486231" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-2040295100-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-2040295100-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-2040295100-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-2040295100-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-2040295100-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-2040295100-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">DURBAN, SOUTH AFRICA &#8211; FEBRUARI 24: South African President and African National Congress (ANC) President Cyril Ramaphosa seated next to National Chairperson (and minister of mineral resources) Gwede Mantashe (c) and Fikile Mabula (l), the secretary general of the ANC and deputy President Paul Mashatile after speaking to supporters at the ANC Election Manifesto at Moses Mabhida Stadium on February 24, 2024, in Durban, South Africa. About 70,000 people gathered to hear ANC President Cyril Ramaphosa state the promises in advance of the election which will be held on May 29, 2024. Mr. Ramapahosa promised to step up his governments efforts to create jobs, welfare grants and a national health care program. ANC has seen decreased support in recent polls and especially KwaZulu-Natal province will be a tightly contested province during 2024 elections, Thirty years after the first democratic elections on April 27, 1994. (Photo by Per-Anders Pettersson/Getty Images)</figcaption></figure>



JOHANNESBURG, May 13 (Reuters)&nbsp;&#8211;&nbsp;South African President Cyril Ramaphosa on Monday rejected opposition allegations that a recent pause in the electricity cuts that have plagued the country for years was due to an election coming up on May 29.



Rolling power cuts imposed by state utility Eskom reached record levels in 2023 and continued in the first quarter of this year, but there has now been no load-shedding, as South Africans call the cuts, for 48 straight days, the longest period for more than two years.



Over the same 48-day period last year, there were power cuts every day, according to data collected by The Outlier, an independent South African publication specialising in public service data visualisations.



The dramatic improvement in power supply has been a talking point in South African media and has led to opposition accusations that the timing was designed to improve voter satisfaction with the governing African National Congress.



The ANC faces its toughest electoral test to date, with opinion polls suggesting it is on course to lose its parliamentary majority for the first time since it came to power 30 years ago at the end of apartheid.



In a weekly newsletter, Ramaphosa said Eskom&#8217;s improved performance showed that the government&#8217;s energy plan announced in 2022 was bearing fruit.



&#8220;Yet, against all the available evidence, some people have claimed that the reduced load-shedding is a political ploy ahead of the elections,&#8221; he said. &#8220;This is not borne out by the facts.&#8221;



Ramaphosa attributed the improvement to a renewed focus by Eskom on maintenance, new generation capacity from renewable energy projects and strong take-up of rooftop solar panels boosted by tax incentives.



<h2 class="wp-block-heading" id="h-burning-diesel">BURNING DIESEL</h2>



The Democratic Alliance, the biggest opposition party, last week attributed the improved power supply to &#8220;political interference&#8221; by the ANC, which it accused of putting pressure on Eskom to keep the lights on.



&#8220;South Africans should not be fooled by this brazen abuse of power and they must act to decisively vote out the manipulators on the 29th of May,&#8221; it said in a statement on its website.



A particular point of dispute was whether Eskom was burning more diesel to increase supply, as alleged last week by the utility&#8217;s former CEO, Andre de Ruyter, who is openly antagonistic towards the ANC.



&#8220;If the lights are on, well done, but they&#8217;re on because we are pouring money into diesel at a rate of knots,&#8221; de Ruyter, who stepped down in February 2023, told a conference in South Africa, in comments widely reported by local media.



South Africa&#8217;s energy regulator Nersa said on Friday that in April alone, Eskom had generated 168.5 GWh from diesel generators, more than half of the maximum it is normally allowed per quarter.



In televised remarks on Monday, Electricity Minister Kgosientsho Ramokgopa denied that excessive use of diesel-powered turbines was behind the pause in load-shedding.



&#8220;Nothing could be further from the truth,&#8221; he said, accusing Eskom&#8217;s detractors of attempting &#8220;to soil the work that the Eskom team has done&#8230; in its totality from the board to the lowest members of Eskom including the cleaners&#8221;.



(Editing by Estelle Shirbon, Kirsten Donovan)

ANC Election Manifesto Rally

South Africa’s Ramaphosa denies pause in power cuts is linked to election

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="800" height="535" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/LYNXMPEJ4E0II.jpg" alt="" class="wp-image-486195" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/LYNXMPEJ4E0II.jpg 800w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/LYNXMPEJ4E0II-300x201.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/LYNXMPEJ4E0II-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/LYNXMPEJ4E0II-768x514.jpg 768w" sizes="(max-width: 800px) 100vw, 800px" /><figcaption class="wp-element-caption">An employee holds an ingot of 99.98 percent pure platinum in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, January 31, 2023. REUTERS/Alexander Manzyuk</figcaption></figure>



LONDON, May 13 (Reuters) &#8211; Average prices for platinum, palladium and rhodium are expected to fall this year compared with 2023 despite another year of structural deficit for all the three metals of the group, consultancy Metals Focus said on Monday.



The basket price of the platinum group metals (PGMs), which are chiefly used in vehicle exhausts to neutralise harmful engine emissions, slumped in 2023 due to worries that rising market share of PGMs-free, battery-powered electric vehicles (BEVs) would reduce demand in future.



Demand for the PGMs from the auto sector rose last year as the 2021-2022 chip crisis had run its course, but the pace of BEVs penetration remained the main challenge for the PGMs demand, Metals Focus said in its 104-page report.



BEVs currently account for 14% of auto production, up from 11% at the beginning of 2023, Metals Focus said. This impact has been partly offset by a pickup in hybrid vehicles, which need PGMs. These now have a 22% share of light duty vehicles, up from 18% at the start of 2023.



The competition between the metals inside the group saw a change in 2023 with the slowing substitution of palladium with platinum as the two approached price parity.



&#8220;Going forward, we expect substitution will stall,&#8221; Metals Focus said.



On the supply side, lower palladium and rhodium prices have squeezed margins, with half of South African mines operating uneconomically on an all-in sustaining cost basis, an industry metric that reflects total expenses, at the end of 2023.



Many miners sought to reduce costs, and this process will keep supply constrained this year causing another year of structural deficit, which in its turn is going to be covered by existing above-ground stocks.



&#8220;Trading behaviours that dominated 2023 will continue to play a large role in shaping prices in 2024,&#8221; Metals Focus said.



In 2024, Metals Focus expects average prices for platinum &lt;XPT=> to slide by 1% to $960 per troy ounce, for palladium &lt;XPD=> to decline by 23% to $1,030, and for rhodium &lt;RHOD-LON> to fall 28% to $4,750.



(Reporting by Polina Devitt; editing by Nick Macfie)

Production of platinum at Krastsvetmet precious metals plant in Krasnoyarsk

Platinum, palladium, rhodium prices seen down in 2024 despite deficit, Metals Focus says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="550" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/WXSNTG2BI5OMZLFTMBEVMCBXYY-820x550.jpg" alt="" class="wp-image-486144" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/WXSNTG2BI5OMZLFTMBEVMCBXYY-820x550.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/WXSNTG2BI5OMZLFTMBEVMCBXYY-300x201.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/WXSNTG2BI5OMZLFTMBEVMCBXYY-134x90.jpg 134w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/WXSNTG2BI5OMZLFTMBEVMCBXYY-768x515.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/WXSNTG2BI5OMZLFTMBEVMCBXYY-1536x1031.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/WXSNTG2BI5OMZLFTMBEVMCBXYY-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Dalene Raiters stands at the single room that she shares with her two sons and a grandchild in Eldorado Park, in the south of Johannesburg, South Africa, March 28, 2024. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, May 13 (Reuters) &#8211; South Africans will vote in a national election on May 29 with an unprecedented sense of uncertainty about the outcome, as polls suggest the African National Congress will lose its majority after 30 years in power.



With coalition government looking like a possibility for the first time since the end of apartheid, a dizzying array of 70 parties from Marxists to social democrats to free marketeers are vying for voters&#8217; attention in the last weeks of campaigning.



The following are the key issues that matter to voters who will elect a new National Assembly that will then choose the next president.



<h2 class="wp-block-heading" id="h-jobs">JOBS</h2>



South Africa has one of the highest unemployment rates in the world, trapping millions of people in poverty and making them reliant on social grants, and the problem is worse now than it was at the end of apartheid.



The joblessness rate stood at 32.4% in 2023, nearly 10 points higher than in 1994, when the ANC came to power. Young people account for more than half of the country&#8217;s unemployed, with a rate of over 40%.



<h2 class="wp-block-heading" id="h-economy">ECONOMY</h2>



The root cause of the joblessness crisis is sluggish growth. South Africa&#8217;s economy has barely grown in more than a decade, with economic growth averaging 0.8% since 2012.



Falling tax revenue has caused government debt to rise, with debt-servicing costs consuming a greater share of the national budget than basic education, social protection or health. The debt-to-GDP ratio is projected to reach 74.1% in the current fiscal year, up from 63.3% five years ago.



<h2 class="wp-block-heading" id="h-power-cuts">POWER CUTS</h2>



Known to South Africans as &#8220;load-shedding&#8221;, scheduled power cuts imposed by state utility Eskom because of an inability to generate enough electricity to meet demand are the bane of households as well as companies.



Eskom has been struggling to keep its ageing fleet of coal-fired power plants operational. The utility became dysfunctional in part due to a flourishing of corruption during the administration of former president Jacob Zuma from 2009 to 2018.



The government is working to add generating capacity, largely through deals with private companies operating solar and wind projects. While some projects are operational, the green power push suffered setbacks after some projects failed to secure funding.



<h2 class="wp-block-heading" id="h-corruption">CORRUPTION</h2>



A long series of corruption scandals involving ANC figures or people connected to them has created a perception among many South Africans that the greed of people in office is contributing to poor service delivery for everyone else.



An inquiry established in 2018 to examine allegations of&nbsp;high-level corruption during Zuma&#8217;s years in power&nbsp;found the problem had been systemic in government, a phenomenon that became known as &#8220;state capture&#8221;.&nbsp;Zuma himself denies any wrongdoing.



Since taking over from Zuma, President Cyril Ramaphosa has said tackling corruption was a priority, but opposition critics say his administration has done too little to stop the rot.



<h2 class="wp-block-heading" id="h-crime">CRIME</h2>



South Africa has one of the world&#8217;s highest rates of violent crime, making it unsafe to venture into certain neighbourhoods. The problem is worse in the densely populated townships on the peripheries of cities where many Black working class people live.



The murder rate for 2022/23 was the highest in 20 years at 45 per 100,000, a 50% increase from a decade ago, police figures show. That is higher than in Honduras, a country plagued by extreme gang violence.



High levels of poverty, unemployment and inequality have created fertile ground for crime to take root in South Africa, compounded by the proliferation of organised criminal groups and a flood of illegal weapons in recent years.



<h2 class="wp-block-heading" id="h-immigration">IMMIGRATION</h2>



Since the end of apartheid, South Africa has attracted large numbers of refugees and immigrants from other African countries, seeking a safe haven and job opportunities.



The most recent census, in 2022, found that 2.4 million of South Africa&#8217;s population of 62 million were immigrants, compared with 835,000 in 1996, the year the post-apartheid constitution was promulgated.



Over the years, anti-immigrant sentiment has risen, and South Africa has experienced several violent crises when immigrants have been beaten up or killed by mobs and their businesses have been looted.



With voters turning against African immigrants, the government as well as the opposition have increasingly talked about tightening immigration laws to reduce the number of arrivals, and about cracking down on undocumented immigration.



In April, the government approved&nbsp;a policy report&nbsp;on toughening up the country&#8217;s immigration laws. It raised the possibility that South Africa could withdraw from United Nations conventions on refugees to &#8220;deter economic migrants who come to South Africa disguising as asylum seekers&#8221;.



A bill based on the&nbsp;report&nbsp;is expected to be introduced in parliament should the ANC remain in power after the election.



(Reporting by Olivia Kumwenda-Mtambo; Editing by Estelle Shirbon and Toby Chopra)

FILE PHOTO: South African social safety net at crossroads as ANC support wanes

Key issues for South African voters in wide open 2024 election

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="540" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/YPMFQQSS3NLHLJL3LP32C774LE-1-820x540.jpg" alt="" class="wp-image-486141" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/YPMFQQSS3NLHLJL3LP32C774LE-1-820x540.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/YPMFQQSS3NLHLJL3LP32C774LE-1-300x198.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/YPMFQQSS3NLHLJL3LP32C774LE-1-137x90.jpg 137w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/YPMFQQSS3NLHLJL3LP32C774LE-1-768x506.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/YPMFQQSS3NLHLJL3LP32C774LE-1-1536x1012.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/YPMFQQSS3NLHLJL3LP32C774LE-1-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A shopper walks past a Vodacom shop in Johannesburg, file. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, May 13 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s Vodacom Group&nbsp;VODJ.J&nbsp;on Monday reported a 10.8% fall in full-year earnings, impacted by start-up loss in Ethiopia, higher finance and energy costs and inflationary pressure.



The company, majority-owned by Britain&#8217;s Vodafone&nbsp;VOD.L, co-launched Safaricom Ethiopia in 2022 as part of a consortium, betting that the populous nation will power growth after about five years of investment. Vodacom has a direct 5.7% stake.



The biggest telecoms operator in South Africa said headline earnings per share (HEPS), a profit measure, fell to 846 cents in the year ended March 31 from 948 cents a year earlier.



Group CEO Shameel Joosub said weaker exchange rates across markets including the recent devaluation of the Egyptian pound contributed to the decline in HEPS.



He said despite start-up costs associated with operations in Ethiopia, Safaricom has confirmed that its network roll-out was on track in Africa&#8217;s second-most populous country after Nigeria.



Group service revenue grew 29.1% to 120.9 billion rand ($6.57 billion), benefiting from the acquisition of Vodafone Egypt. On a pro-forma comparable basis, group service revenue growth was 9.2%, at the higher end of its medium-term range.



Group earnings before interest, tax, depreciation and amortisation (EBITDA) grew 24.3% to 56.1 billion rand and by 7.8% on a pro-forma basis, with Egypt being a key driver of the growth.



Joosub said despite the economic backdrop, the group is committed to capital expenditure of 13% to 14.5% of overall revenue of 151 billion rand.



The board declared a final dividend of 285 cents a share.



($1 = 18.4096 rand)



(Reporting by Nqobile Dludla; Editing by Sonali Paul and Christopher Cushing)

FILE PHOTO: A shopper walks past a Vodacom shop in Johannesburg

South Africa’s Vodacom profit hit by Ethiopia loss

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107412522-1715225276125-gettyimages-2012746910-jh_coders2_0063-820x461.webp" alt="" class="wp-image-486123" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107412522-1715225276125-gettyimages-2012746910-jh_coders2_0063-820x461.webp 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107412522-1715225276125-gettyimages-2012746910-jh_coders2_0063-300x169.webp 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107412522-1715225276125-gettyimages-2012746910-jh_coders2_0063-160x90.webp 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107412522-1715225276125-gettyimages-2012746910-jh_coders2_0063-768x432.webp 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107412522-1715225276125-gettyimages-2012746910-jh_coders2_0063.webp 1200w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">55% of leaders say they’re concered about having enough talent to fill roles in the year ahead as AI skills become more relevant than ever before, new study finds. Pixdeluxe | E+ | Getty Images</figcaption></figure>



Today’s winners are learning how to leverage artificial intelligence to stay competitive and relevant — employees and businesses alike.



“AI is not going to replace you. You’re going to be replaced by someone who uses AI to outperform you,” said Laurence Liew, director for AI Innovation at AI Singapore, during a panel discussion at Salesforce’s World Tour Essentials event in Singapore.



While a lot of professionals (45%) worry AI will replace their job, the majority (55%) of leaders are concerned about a lack of talent to fill roles, according to the 2024 Microsoft Work Trends Index.



There is a dearth of talent, and consequently a huge opportunity for people who can learn AI skills, with as many 71% of corporate leaders saying they’d prefer a less experienced candidate with AI skills over a more experienced one without them, according to the report.



While AI has been the talk of the town ever since the launch of OpenAI’s ChatGPT in November 2022, big companies have been slow to integrate the technology and help upskill their talent pools.



There is a gap in the modern workplace between what appears necessary and what is seemingly feasible.



While 79% of executives believe their company should adopt AI to stay competitive, the pressure to generate immediate returns on investment has slowed AI transition, according to the Microsoft study.



As a result, employees around the world are taking matters into their own hands, learning to use AI tools on their own. While upskilling on AI at home can lead to a competitive edge, it also poses a few problems.



<h2 class="wp-block-heading" id="h-the-risks-of-self-learning-ai">The risks of self-learning AI</h2>



Experts say one of the biggest issues with upskilling on AI at home is that many people don’t know how to do it safely and effectively.



To the naked eye, there are many “free” AI resources online such as ChatGPT and other tools using large language models (LLMs), but experts say these tools aren’t actually free. LLMs are algorithms that can identify, summarize, translate, forecast, and produce information by employing huge datasets.



“There’s nothing free in this world. Your data is the commodity that you are trading,” Liew said. “You should not be using your company data or any of your own personal data [when using free online AI tools].”



Doing so can put sensitive personal or company data at risk. Part of upskilling on AI tools is learning how to do so safely and effectively.



<h2 class="wp-block-heading">The must-have AI skill</h2>



The top skill to learn today is communicating effectively with existing AI-powered LLMs, according to Liew. Open AI’s ChatGPT, Microsoft’s Copilot and Google’s Gemini employ LLMs.



“People use ChatGPT wrongly — because it looks exactly like Google search,” Liew told CNBC Make It.



When working with an LLM, the key is to be specific in your prompts.



“You have to give the AI a lot of context — treat AI like a very hardworking intern that will make mistakes occasionally &#8230; If you think about it, if you’re [asking] an intern to do something, it won’t be one sentence. The intern would probably be scratching their head on what to do,” he said.



The best way to upskill on AI tools at home is to use them, according to Liew. Through practice, you can learn how to feed the LLM more descriptive prompts that will help generate your desired outcome.



“You still need to know [your domain] very well [but] the mundane part of looking through 20 files is now done by the AI system — imagine when you can turn around [work] at that kind of speed — the type of transformation that can happen,” Liew said.



Although AI tools may still seem foreign, by next year, “it will be like knowing how to use your spell-checker in Microsoft Word,” Liew said.

107412522-1715225276125-gettyimages-2012746910-jh_coders2_0063

AI may not replace you, but someone who uses it can — here’s the No. 1 skill you need to stay relevant

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="519" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/H55DMSYUAZO7PH4RBRJ4J7JK64-820x519.jpg" alt="" class="wp-image-485152" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/H55DMSYUAZO7PH4RBRJ4J7JK64-820x519.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/H55DMSYUAZO7PH4RBRJ4J7JK64-300x190.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/H55DMSYUAZO7PH4RBRJ4J7JK64-142x90.jpg 142w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/H55DMSYUAZO7PH4RBRJ4J7JK64-768x486.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/H55DMSYUAZO7PH4RBRJ4J7JK64-1536x973.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/H55DMSYUAZO7PH4RBRJ4J7JK64-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A small toy figure and mineral imitation are seen in front of the BHP logo in this illustration taken November 19, 2021. REUTERS/Dado Ruvic/Illustration/File Photo</figcaption></figure>



May 10 (Reuters) &#8211; BHP Group BHP.AX is weighing its next move after its initial $39 billion proposal to buy Anglo American AAL.L was rejected.



The world&#8217;s No. 1 miner could table a formal offer on or before May 22 or seek an extension. It may also insist that Anglo un-bundles the South African platinum and iron ore units that BHP doesn&#8217;t want in a merged company.



Anglo is a household name in Africa&#8217;s most industrialised economy with its links to South African mining enduring for more than a century.



Here is how South Africa&#8217;s regulatory processes will operate if BHP goes ahead with the proposed acquisition:



<h2 class="wp-block-heading" id="h-antitrust-agencies">ANTITRUST AGENCIES</h2>



South Africa&#8217;s Competition Commission has said it must be notified of any transaction that results in a change of control over Anglo&#8217;s businesses in the country.



Even if Anglo agrees to spin off Anglo American Platinum&nbsp;AMSJ.J&nbsp;and Kumba Iron Ore&nbsp;KIOJ.J, it would still have assets in South Africa including De Beers&#8217; Venetia diamond mine and a 40% shareholding in Samancor, a manganese joint venture with South32.



The Competition Tribunal adjudicates on matters referred to it by the Competition Commission. The Competition Appeal Court could also be involved if decisions of the Commission and Tribunal are contested.



<h2 class="wp-block-heading" id="h-competition-commission-hurdle">COMPETITION COMMISSION HURDLE</h2>



The Commission examines aspects of a deal it considers anti-competitive, and also the impact on the operations of small and medium-sized businesses, jobs, local ownership and workers&#8217; equity participation in business entities.



Law firm Bowmans said in a recent note that some of these public interest aspects &#8220;undermine&#8221; investment in South Africa, especially if applied in an inflexible manner.



<h2 class="wp-block-heading" id="h-who-else-is-involved">WHO ELSE IS INVOLVED?</h2>



The transfer of mining rights would need to comply with Section 11 of South Africa&#8217;s Mineral and Petroleum Resources Development Act, requiring the holder of mining titles to notify the Ministry of Mineral Resources and Energy and the Ministry of Finance of its intention to transfer them.



The ministries have 90 days to decide whether to allow the transfer of rights, after considering factors such as the new owner&#8217;s capacity to comply with mining law and government mining policies. The period can be extended under certain circumstances, to ensure &#8220;thorough evaluation&#8221;.



South African competition lawyer Michelle Le Roux told Reuters she does not foresee significant obstacles over mining rights should BHP&#8217;s proposed acquisition go ahead.



<h2 class="wp-block-heading" id="h-labour-unions">LABOUR UNIONS</h2>



South Africa&#8217;s registered labour unions have a legal right to information from the parties involved in the merger, including details of the impact on employment.



Trade union representatives participate in merger hearings and can make submissions for anti-trust agencies to consider when ruling on a transaction.



<h2 class="wp-block-heading" id="h-protracted-process">PROTRACTED PROCESS</h2>



The Competition Commission has 40 business days to investigate large mergers and can seek a 15-day extension with the consent of both parties and the Competition Tribunal.



However, competition lawyer Le Roux said that for large mergers the process could ultimately take between six months and three years to reach a conclusion, depending on appeals against the Commission&#8217;s ruling.



&#8220;It really is a very variable time-frame and it’s normally determined by how much opposition there is, how complicated the issues are, how many stakeholders and participants need to be heard and have their concerns addressed,&#8221; she told Reuters.



Walmart&#8217;s&nbsp;WMT.N&nbsp;$2.3 billion purchase of a 51% stake in South Africa&#8217;s Massmart took 16 months before the Competition Appeal Court gave the deal a green light, with conditions, in March 2012.



The merger was bogged down by objections from labour unions and the South African government over its effect on employment and small businesses.



&#8220;The real question is what the final deal looks like and what potential package of remedies, conditions would be put on the table,&#8221; Le Roux said of BHP&#8217;s proposed Anglo deal.



&#8220;From the reaction to the initial announcement, it&#8217;s clear that the deal is going to have a lot of scrutiny and is likely to attract quite a lot of participation from different stakeholders.&#8221;



(Reporting by Nelson Banya; Additional reporting by Felix Njini; Editing by Kirsten Donovan)

FILE PHOTO: Small toy figure and mineral imitation are seen in front of the BHP logo in this illustration

How South Africa’s anti-trust agencies could influence BHP’s Anglo deal

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="600" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/7EUCZ6RKSVIQDGLZGVKYD2BO74-820x600.jpg" alt="" class="wp-image-474643" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/7EUCZ6RKSVIQDGLZGVKYD2BO74-820x600.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/7EUCZ6RKSVIQDGLZGVKYD2BO74-300x220.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/7EUCZ6RKSVIQDGLZGVKYD2BO74-123x90.jpg 123w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/7EUCZ6RKSVIQDGLZGVKYD2BO74-768x562.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/7EUCZ6RKSVIQDGLZGVKYD2BO74-1536x1124.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/7EUCZ6RKSVIQDGLZGVKYD2BO74-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A woman walks past the Reserve Bank of Zimbabwe building in Harare, Zimbabwe March 1, 2024. REUTERS/Philimon Bulawayo/FILE PHOTO</figcaption></figure>



HARARE, May 10 (Reuters)&nbsp;&#8211;&nbsp;Zimbabwe will fine businesses using inflated exchange rates as the government battles to maintain the value of its newly introduced gold-backed currency, the Zimbabwe Gold (ZiG).



Any business using an exchange rate higher than the official rate of 13.5 ZiG per U.S. dollar will be liable for a fine of 200,000 ZiG ($14,815), according to a government notice seen by Reuters.



Anyone offering &#8220;goods or services at an exchange rate above the prevailing interbank foreign currency selling rate&#8221; would be guilty of a civil infringement, read the notice, issued late on Thursday.



The government has been making efforts to keep the ZiG afloat since its launch in early April, with authorities launching a blitz on illegal foreign currency traders last month.



Some businesses such as supermarkets have been charging a premium above the market rate for customers paying in the new currency, while the ZiG is being rejected by informal traders.



Zimbabwe&#8217;s Treasury on Tuesday moved to enforce the use of the ZiG as the official unit of exchange for transactions.



This is Zimbabwe&#8217;s fourth attempt at having a local currency within a decade, with the southern African country dumping the Zimdollar last month after it lost 70% value since the start of the year.



(Reporting by Nyasha Chingono; Editing by Nellie Peyton and Ros Russell)

A woman walks past the Reserve Bank of Zimbabwe building in Harare

Zimbabwe to fine businesses not using new official exchange rate

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="542" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/FHIKFJVD35PPPPLPAX7WXD3VZU-820x542.jpg" alt="" class="wp-image-485030" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/FHIKFJVD35PPPPLPAX7WXD3VZU-820x542.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/FHIKFJVD35PPPPLPAX7WXD3VZU-300x198.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/FHIKFJVD35PPPPLPAX7WXD3VZU-136x90.jpg 136w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/FHIKFJVD35PPPPLPAX7WXD3VZU-768x508.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/FHIKFJVD35PPPPLPAX7WXD3VZU-1536x1016.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/FHIKFJVD35PPPPLPAX7WXD3VZU-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A stacker unloads iron ore onto a pile at a mine located in the Pilbara region of Western Australia December 2, 2013. REUTERS/David Gray/File Photo</figcaption></figure>



SINGAPORE, May 10 (Reuters)&nbsp;&#8211;&nbsp;China&#8217;s iron ore imports are likely to climb to an all-time high this year, helped by shipments from India and Ukraine, as well as resilient demand in the world&#8217;s biggest consumer of the key steelmaking ingredient, analysts and market participants said.



Imports are expected to rise between 15 to 50 million metric tons from last year&#8217;s 1.18 billion tons, according to five analysts on the sidelines of an industry conference in Singapore this week, against earlier expectations of a decline.



China bought 411.82 million tons of iron ore in the first four months of 2024, up 7.2% from last year, even though crude steel output in the first quarter fell 1.9%.



Improved logistics in the Black Sea are driving up supplies from Ukraine after two years, while a rebound in iron ore prices from a near six-month low in late March&nbsp;DCIOcv1&nbsp;is encouraging Indian exporters to ship larger volumes to China, analysts said.



&#8220;Export will be definitely higher this year and so is the volume to China because of easing logistics problem in the Black Sea,&#8221; said a Ukraine-based iron ore miner at the conference, asking not to be named.



China buys the bulk of its iron ore from Australia and Brazil, with India and Ukraine being minor suppliers.



Brazilian mining company Vale VALE3.SA said it expects Chinese imports for 2024 at 1.170 to 1.180 billion tons.



Arrivals from India will rise to 45 million tons this year from 36.52 million tons in 2023, said an east China-based analyst.



China&#8217;s iron ore imports from Ukraine fell to 660,317 tons in 2023 from 17.43 million tons in 2021, customs data showed.



&#8220;Exports of iron ore from India have been rising since prices started recovering,&#8221; said a Mumbai-based bulk shipping broker.



While China&#8217;s steel industry is struggling with declining demand from the beleaguered property sector and awaits measures by Beijing to curb output, iron ore demand is likely to benefit from expected economic recovery in the second half of the year.



Last month, China&#8217;s state planner said it will continue to manage crude steel output in 2024, without giving details.



China&#8217;s economy grew faster than expected in the first quarter, offering relief to officials trying to shore up growth in the face of protracted weakness in the property sector and mounting local government debt.



Around 90% of steel in China is produced from the blast-furnace and basic-oxygen furnace-based process, which requires iron ore, although Beijing aims to increase the share of steel made from electric-arc-furnaces using steel scrap to 15% by 2025.



While Beijing has yet to unveil the exact timing and scale on its steel output curbs this year, analysts said authorities may not enact stringent control measures as its aims to boost economic growth.



&#8220;We believe steel production will be firm in China this year as the effectiveness of (steel output) controls is low because there is less motivation to enforce, and that means resilient ore demand,&#8221; said Tomas Gutierrez, head of data at consultancy Kallanish Commodities.



(Reporting by Amy Lv and Naveen Thukral; Editing by Varun H K)

FILE PHOTO: A stacker unloads iron ore onto a pile at a mine located in the Pilbara region of Western Australia

China’s 2024 iron ore imports seen at record on higher supplies, robust demand

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="575" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107374281-1708014467967-gettyimages-2005544457-75350394-820x575.jpeg" alt="" class="wp-image-485012" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107374281-1708014467967-gettyimages-2005544457-75350394-820x575.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107374281-1708014467967-gettyimages-2005544457-75350394-300x210.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107374281-1708014467967-gettyimages-2005544457-75350394-128x90.jpeg 128w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107374281-1708014467967-gettyimages-2005544457-75350394-768x539.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107374281-1708014467967-gettyimages-2005544457-75350394-1536x1078.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107374281-1708014467967-gettyimages-2005544457-75350394-scaled.jpeg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Photo: via CNBC</figcaption></figure>



The U.K. economy has emerged from recession as gross domestic product rose 0.6% in the first quarter, official figures showed Friday, beating expectations.



Economists polled by Reuters had forecast growth of 0.4% on the previous three months of the year.



The U.K. entered a shallow recession in the second half of 2023, as persistent inflation continued to hurt the economy.



Although there is no official definition of a recession, two straight quarters of negative growth is widely considered a technical recession.



The U.K.’s production sector expanded by 0.8% in the period from January to March, while construction fell by 0.9%. On a monthly basis, the economy grew by 0.4% in March, following 0.2% expansion in February.



In output terms, the services sector — crucial to the U.K. economy — grew for the first time since the first quarter in 2023, the Office for National Statistics said. The 0.7% growth was mainly driven by the transport services industry which saw its highest quarterly growth rate since 2020.



U.K. Prime Minister Rishi Sunak, whose Conservative Party recently suffered significant losses at local elections, welcomed the news. “The economy has turned a corner,” he said in a post on social media platform X.



“We know things are still tough for many people, but the plan is working, and we must stick to it,” Sunak added.



Suren Thiru, economics director at ICAEW, a professional group for chartered accountants, struck a more measured tone. He said the positive impact of weaker inflation could be curtailed by a renewed caution to spend amid political uncertainty ahead of general elections expected later this year.



“The UK’s escape from recession is a rather hollow victory because the big picture remains one of an economy struggling with stagnation, as poor productivity and high economic inactivity limits our growth potential,” said Thiru.



The Bank of England’s Monetary Policy Committee on Thursday warned that indicators of persistent inflation “remain elevated,” and voted to keep its main interest rate at 5.25%.



The central bank forecast headline inflation close to 2% in the near-term, but said it expects an increase slightly later in the year as the effects of a sharp fall in energy prices wear off.

107374281-1708014467967-gettyimages-2005544457-75350394

UK economy emerges from recession with 0.6% growth in first quarter

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-1251784570-820x547.jpg" alt="" class="wp-image-484765" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-1251784570-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-1251784570-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-1251784570-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-1251784570-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-1251784570-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-1251784570-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The International Monetary Fund (IMF) headquarters during the spring meetings of the IMF and World Bank Group in Washington, DC, US, on Thursday, April 13, 2023. The IMF trimmed its global-growth projections, warning of high uncertainty and risks as financial-sector stress adds to pressures emanating from tighter monetary policy. Photographer: Samuel Corum/Bloomberg via Getty Images</figcaption></figure>



LUSAKA, May 9 (Reuters)&nbsp;&#8211;&nbsp;The International Monetary Fund said on Thursday it would continue discussions with Zambian authorities on policies&nbsp;that would unlock the next disbursal from a $1.3 billion, three year loan programme.



An IMF staff team was in Lusaka from April 24 to May 7 to discuss Zambia&#8217;s economic policies for its third review of the country&#8217;s 38-month Extended Credit-Facility programme, which was approved in September 2022.



The completion of the review would pave the way for the fourth disbursement under the programme, after the IMF&#8217;s board released $187 million in December, as the country moves closer to emerging from debt default while struggling with a punishing drought.



Vera Martin, the IMF&#8217;s mission chief for the southern African nation, said talks between the IMF staff and the authorities focused on analysing recent economic developments and the impact of the drought.



&#8220;Discussions will continue virtually in the coming weeks toward completion of the Third ECF review,&#8221; sheadded in a statement issued at the end of the mission that did not say why an agreement was not reached during the visit to Lusaka.



One of the largest copper producers on the African continent, Zambia defaulted in 2020 during the COVID-19 pandemic.



Its debt restructuring efforts have been beset by delays, although they took a step forward in March when the government and a group of bondholders reached a deal-in-principle to rework about $3 billion of international bonds.



(Reporting by Chris Mfula in Lusaka, additional reporting by Jahnavi Nidumolu and Disha Mishra, Writing by Bhargav Acharya and Rachel Savage Editing by Bate Felix and David Gregorio)

Spring Meetings Of The International Monetary Fund And World Bank

IMF to continue discussions with Zambian authorities after visit

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-1251784338-820x547.jpg" alt="" class="wp-image-484743" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-1251784338-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-1251784338-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-1251784338-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-1251784338-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-1251784338-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-1251784338-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The International Monetary Fund (IMF) headquarters during the spring meetings of the IMF and World Bank Group in Washington, DC, US, on Thursday, April 13, 2023. The IMF trimmed its global-growth projections, warning of high uncertainty and risks as financial-sector stress adds to pressures emanating from tighter monetary policy. Photographer: Samuel Corum/Bloomberg via Getty Images</figcaption></figure>



ABUJA, May 9 (Reuters)&nbsp;&#8211;&nbsp;The International Monetary Fund on Thursday maintained its growth forecast of 3.3% for Nigeria&#8217;s economy for 2024, up from 2.9% last year, citing a pick up in services and trade sectors.



The IMF added that growth outlook was still challenging in Africa&#8217;s most populous nation and top oil producer, with food price inflation 40% in March, raising food security concern.



&#8220;If Nigeria grows at 3.3% that is just above the population dynamics, which is a big challenge,&#8221; IMF mission chief for Nigeria, Axel Schimmelpfenning, told journalists.



Since taking office about a year ago, President Bola Tinubu has embarked on sweeping reforms, including slashing costly petrol and electricity subsidies and devaluing the naira currency twice within a year to narrow the gap between the official and parallel market exchange rates.



The Fund forecast that fuel subsidies could cost up to 3% of GDP this year as the increases in pump prices have not kept up with their dollar cost, Schimmelpfennig said, adding that officials remain committed to phasing that out in another one or two years.



&#8220;The reforms are focused on how to raise that growth so that Nigerians can see real impacts on their living standards,&#8221; Schimmelpfenning said.



Global ratings agencies have reviewed Nigeria&#8217;s economic outlook upwards due to the impact of reforms, with Fitch the latest to revise Nigeria&#8217;s outlook to positive from stable on May 3.



&#8220;We think a lot has happened. We also have to recognise that the problems built up over many years were quiet severe. We can&#8217;t expect that everything is going to be resolved overnight,&#8221; he added.



Schimmelpfenning said scaling up a cash transfer programme and boosting government revenues so that the country has more resources to provide services to its citizens is a key priority.



On monetary policy, the IMF welcomed the Central Bank of Nigeria&#8217;s (CBN) recent interest rate hikes to curb galloping inflation, calling for a data-driven approach to further rate tightening.



The IMF urged the CBN to build up its foreign exchange reserves and recommended a transparent and balanced framework for forex interventions aimed solely at smoothing out excessive short-term volatility.



(Additional reporting by Elisha Bala-Gbogbo;Editing by Bate Felix, Tomasz Janowski and Franklin Paul)

IMF maintains Nigeria growth forecast at 3.3% for 2024

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="521" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_5BR3BDM6MNOBXDJZ5Q4WQPD7SQ-820x521.jpg" alt="" class="wp-image-484690" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_5BR3BDM6MNOBXDJZ5Q4WQPD7SQ-820x521.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_5BR3BDM6MNOBXDJZ5Q4WQPD7SQ-300x191.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_5BR3BDM6MNOBXDJZ5Q4WQPD7SQ-142x90.jpg 142w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_5BR3BDM6MNOBXDJZ5Q4WQPD7SQ-768x488.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_5BR3BDM6MNOBXDJZ5Q4WQPD7SQ-1536x975.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_5BR3BDM6MNOBXDJZ5Q4WQPD7SQ-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A pedestrian walks on a sideway outside the Safaricom mobile phone customer care centre in the central business district of Nairobi, Kenya, November 10, 2021. REUTERS/Monicah Mwangi/File Photo</figcaption></figure>



NAIROBI, May 9 (Reuters)&nbsp;&#8211;&nbsp;Kenyan telecom operator Safaricom&nbsp;SCOM.NR&nbsp;on Thursday reported a 3.5% rise in its annual core earnings to 94.9 billion Kenyan shillings ($724 million) as solid growth in its home market helped cushion the costs of its nascent Ethiopian business.



The group, which is partly owned by South Africa&#8217;s Vodacom&nbsp;VODJ.J&nbsp;and Britain&#8217;s Vodafone&nbsp;VOD.L, said the Ethiopian business was gaining momentum and should start being a significant contributor to the group&#8217;s growth from next year.



It launched Safaricom Ethiopia in 2022, betting that the populous nation will power growth after about five years of investment.



In Kenya, the company achieved a 20.4% rise in earnings before interest and tax (EBIT) to 139.9 billion shillings, against a guidance of 129 to 132 billion, but overall group performance was dampened by the new business in Ethiopia.



Net income attributable to owners of the company grew 1.2% year on year to 62.99 billion Kenyan shillings.



The group EBIT exceeded the company&#8217;s forecast of 87 to 93 billion shillings, driven by &#8220;customer segmentation, public sector digitisation, investments in new technologies and better use of data and analytics to understand and serve customers better,&#8221; the company said in a statement.



&#8220;We are extremely pleased with what we have been able to achieve as a group despite the significant startup costs in our Ethiopia business,&#8221; Group CEO Peter Ndegwa told an investor briefing.



Safaricom&#8217;s active customer base in Ethiopia doubled to 4.4 million, he said.



&#8220;We expect that from 2025, Ethiopia will start being a significant growth contributor at group level for both top and bottom line,&#8221; he said, adding that the Ethiopia business was expected to break-even by the end of 2026.



The company forecast group EBIT of 103 billion to 109 billion shillings for the current year ending in March 2025.



Overall group service revenue grew 13.4% year on year to 335 billion shillings.



Safaricom group&#8217;s M-Pesa mobile financial services business grew 8.8% to 117.2 billion shillings, while mobile data revenue grew 11.4% to 54 billion shillings, the company said in a statement.



It proposed to pay shareholders a final dividend of 0.65 shillings per share, said company chair Adil Khawaja, bringing the total for the year to 1.20 shillings, same as the previous year.



&#8220;In Kenya, like many other companies, we faced major macroeconomic challenges. High inflation, a weakening shilling, effects of the prolonged drought and rising taxes,&#8221; Khawaja said.



&#8220;We pressed on with our expansion in Ethiopia and took all the startup obstacles in our stride,&#8221; he said.



($1 = 131.0000 Kenyan shillings)



(Reporting by Hereward Holland; Writing by Tannur Anders; Editing by Jamie Freed, Varun H K and Emelia Sithole-Matarise)

https___cloudfront-us-east-2.images.arcpublishing.com_reuters_5BR3BDM6MNOBXDJZ5Q4WQPD7SQ

Safaricom annual earnings edge up helped by Kenya

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="523" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/3LKZGMPQTBP45IVKQWNJZASDQE-820x523.jpg" alt="" class="wp-image-484618" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/3LKZGMPQTBP45IVKQWNJZASDQE-820x523.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/3LKZGMPQTBP45IVKQWNJZASDQE-300x191.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/3LKZGMPQTBP45IVKQWNJZASDQE-141x90.jpg 141w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/3LKZGMPQTBP45IVKQWNJZASDQE-768x490.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/3LKZGMPQTBP45IVKQWNJZASDQE-1536x979.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/3LKZGMPQTBP45IVKQWNJZASDQE-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Clementine Musonge, a trader, counts Congolese francs bank notes at the Kituku market in Goma, North Kivu province of the Democratic Republic of Congo February 15, 2024. REUTERS/Arlette Bashizi/File photo</figcaption></figure>



May 8 (Reuters)&nbsp;&#8211;&nbsp;The International Monetary Fund said on Wednesday it had reached a staff-level agreement with Democratic Republic of Congo on the final review of a $1.5 billion loan programme, noting the need for Congo to manage properly funds from a revised mining&nbsp;deal.



This takes Congo one step closer to completing an IMF programme for the first time. Previous agreements have been derailed by issues including a lack of transparency in its vast mining sector.



&#8220;Performance under the (three-year) program has been generally positive, with most quantitative objectives met and key reforms implemented, albeit at a slow pace,&#8221; the Fund said in a statement.



Once approved by the IMF board, the agreement will allow for the disbursement of a final tranche of around $200 million.



The IMF noted that the world&#8217;s top supplier of cobalt &#8211; the mineral used in smartphones &#8211; and the third-largest producer of copper must account for the positive impact of a recently amended Sicomines joint venture with Chinese companies in its revised budget law for 2024.



&#8220;In addition, mechanisms will need to be put in place or reinforced to ensure the proper use and governance of these funds,&#8221; the Fund said.



President Felix Tshisekedi pushed for the revision of the 2008 infrastructure for minerals deal with Sinohydro Corp and China Railway Group to bring more benefits for Congo. An agreement was signed in March.



&#8220;The IMF is concerned about the mechanisms for using this money and has asked for it to be paid into the public treasury accounts rather than being managed by an agency as has been done in the past,&#8221; a finance ministry official, who requested anonymity, told Reuters.



Publishing mining contracts was also one of the conditions of the IMF programme and last week Congo shared long-awaited details of the revised Sicomines terms, which include around $7 billion of infrastructure investments from the Chinese side provided that copper prices remain high.



Under the previous version of the agreement, only $822 million of $3 billion promised to infrastructure investments was disbursed, according to a 2023 report by Congo&#8217;s state auditor.



The revised deal still includes terms which Congolese and international civil society organisations see as disadvantageous to Congo. These include Sicomines&#8217;s exemption from paying taxes until 2040.



(Writing by Alessandra Prentice; Editing by Chris Reese and Deepa Babington)

Eastern Congo residents scramble for food and safety as conflict intensifies

IMF and DR Congo reach agreement on final review of loan deal

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="559" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/RLSNGTM6G5NE7C4IJFIL2VTIHE-820x559.jpg" alt="" class="wp-image-484600" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/RLSNGTM6G5NE7C4IJFIL2VTIHE-820x559.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/RLSNGTM6G5NE7C4IJFIL2VTIHE-300x204.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/RLSNGTM6G5NE7C4IJFIL2VTIHE-132x90.jpg 132w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/RLSNGTM6G5NE7C4IJFIL2VTIHE-768x523.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/RLSNGTM6G5NE7C4IJFIL2VTIHE-1536x1047.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/RLSNGTM6G5NE7C4IJFIL2VTIHE-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Supporters of the African National Congress hold the party flag during ANC campaign in Atteridgeville a township located to the west of Pretoria, South Africa July 5, 2016. REUTERS/Siphiwe Sibeko</figcaption></figure>



JOHANNESBURG, May 9 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s African National Congress (ANC), fighting to extend its 30-year grip on power in elections this month, would like to cast the government programmes that support Dalene Raiters and her family as a success story.



But the 48-year-old doesn&#8217;t see it that way.



&#8220;The ANC, I don&#8217;t want to even talk to them,&#8221; an angry Raiters told Reuters from the single room in Johannesburg she shares with her sons and grandson. &#8220;(Nelson) Mandela&#8217;s dream is not their dream.&#8221;



With record unemployment and a moribund economy hitting support among voters, the ANC is touting South Africa&#8217;s welfare system &#8211; a developing world rarity &#8211; as a landmark achievement.



&#8220;These grants and subsidies do much more than give people what they need to live,&#8221; President Cyril Ramaphosa said in February. &#8220;They are an investment in the future.&#8221;



But the growing number of people requiring assistance &#8211; over 24 million this year, against a tax base of just 7.1 million &#8211; is straining the system.



Its future could depend on who in a field that includes two dominant parties espousing vastly divergent political visions &#8211; the Economic Freedom Fighters (EFF) or Democratic Alliance &#8211; the ANC chooses as a coalition partner if it loses its majority, as polls suggest.



&#8220;It&#8217;s an enormous mark of failure, and it is not sustainable &#8230; We&#8217;re on a very risky path,&#8221; said Ann Bernstein, director of the Centre for Development and Enterprise, a Johannesburg-based think-tank.



<h2 class="wp-block-heading" id="h-economic-failure">ECONOMIC FAILURE</h2>



Social security and economic prosperity were bedrock tenets of ANC policy when it won power under anti-apartheid hero Mandela in 1994.



But today more than 60% of South Africans live in poverty, according to the World Bank, while a decade of economic stagnation has pushed unemployment above 32%, nearly 10 points higher than 30 years ago. Over a third of the population receives cash grants and other social support.



During the pandemic, the government created a new benefit for the working-age unemployed accessed by over 6 million people. Though meant to be temporary, it was extended earlier this year, against the advice of Finance Minister Enoch Godongwana.



For Thabo Mbeki &#8211; an ANC leader and South Africa&#8217;s president from 1999 to 2008 &#8211; the welfare system was never intended to be a cure for poverty and unemployment. Instead, the goal was to grow an inclusive economy so more people could earn an income.



&#8220;That hasn&#8217;t worked as well as it should. And I think that objective, we need to get back to it,&#8221; he told Reuters.



Dalene Raiters lost her job at a local primary school 16 years ago. Her adult son is also jobless. Like many South Africans, their entire family of four lives off the grants of those who qualify.



For Raiters that means the 1,080 rand ($58) per month she receives for two minor dependents &#8211; her teenage boy and grandson supplemented with handouts from a local mosque, feeding schemes or odd jobs she does for neighbours.



It&#8217;s never enough.



&#8220;Sometimes it breaks my heart,&#8221; she said, in tears.



<h2 class="wp-block-heading" id="h-doomsday-coalition">&#8220;DOOMSDAY COALITION&#8221;</h2>



While the ANC denies it will need a coalition, most polls predict an end to its single-party governance after May 29.



The business-friendly, centre-right Democratic Alliance (DA) &#8211; the largest opposition party &#8211; would seem an awkward fit.



While it is promising to increase the value of select grants and convert the pandemic-era payment into a job-seekers grant, it is primarily focused on job creation.



It wants to relax labour laws and do away with affirmative action aimed at redressing apartheid-era discrimination.



Though the DA squarely blames the ANC for the country&#8217;s current troubles, it has not ruled out partnering with its ideological opponent to prevent what leader John Steenhuisen dubs a &#8220;doomsday coalition&#8221; of the ANC and the Marxist EFF.



&#8220;I&#8217;ve seen the mass emigration from places like Zimbabwe and Venezuela. I&#8217;ve seen the starvation,&#8221; Steenhuisen told Reuters. &#8220;I don&#8217;t want that for South Africa.&#8221;



The EFF, which has stated its desire for the finance portfolio were it to partner with the ANC, did not respond to repeated requests for an interview.



Its demands for land redistribution and the nationalisation of mines and banks have long spooked investors.



And its election manifesto calls for a doubling of existing social benefits across the board, the establishment of a new grant for unemployed university graduates and more free public services for the poor.



Michael Sachs, an economist at the Southern Centre for Inequality Studies, said the system currently has the resources to support its intended beneficiaries: children and pensioners.



What it can&#8217;t do is cope with the effects of skyrocketing unemployment and formal sector stagnation.



&#8220;If those social problems continue to mount and the only answer of government is to provide more social grants, then eventually it will become unsustainable, definitely,&#8221; he said.



For Raiters, the answer isn&#8217;t more welfare benefits: only work will give the next generation a chance.



&#8220;I know I&#8217;m not going to live a long time,&#8221; she said. &#8220;But for the future, I hope my grandson can get a better job.&#8221;



($1 = 18.5653 rand)



(Reporting by Kopano Gumbi and Joe Bavier; Additional reporting by Sisipho Skweyiya, Sfundo Parakozov, Tim Cocks and Nellie Peyton; Editing by Catherine Evans)

Supporters of the African National Congress hold the party flag during ANC president Jacob Zuma’s election campaign in Atteridgeville a township located to the west of Pretoria

South African social safety net at crossroads as ANC support wanes

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-2151125823-820x547.jpg" alt="" class="wp-image-484355" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-2151125823-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-2151125823-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-2151125823-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-2151125823-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-2151125823-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-2151125823-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">NEW YORK, NEW YORK &#8211; MAY 02: President of Botswana Mokgweetsi Masisi speaks onstage during Global Citizen NOW 2024 at Spring Studios on May 02, 2024 in New York City. (Photo by Noam Galai/Getty Images)</figcaption></figure>



Botswana, the world’s largest diamond producer, says it’s closely following BHP Billiton’s battle to buy Anglo American, which controls their diamond venture through De Beers.



President Mokgweetsi Masisi told CNBC Africa at the U.S.-Africa Business Summit in Dallas, Texas that while no-one had approached Botswana about the matter, the government would defend its interests in De Beers, in which it owns 15 percent. De Beers and the Botswana government jointly co-own Debswana Diamond, the largest diamond producer in the world by value.



“The value of De Beers is fundamentally created by Botswana. Without Botswana De Beers doesn’t exist,” he said in an interview with Fifi Peters.



Australian company BHP Billiton, the world’s largest miner, has offered about $39 billion for London-based Anglo American’s copper mines, minus its Botswana and South African assets in Debswana, Kumba Iron Ore and Anglo American Platinum. Anglo has rejected the overture arguing it undervalues its initiatives to unlock value for shareholders.



Analysts say BHP might be mulling a second bid and could face competition from commodities producer Glencore. South African Mines Minister Gwede Mantashe, who has met with Anglo executives, has said he is watching developments.



“Well, we remain laser focused on the developments because we clearly are an interested party,” he said. “I also want to state for the record that the value of De Beers is fundamentally created by Botswana. Because without Botswana, De Beers doesn&#8217;t exist.”



BHP has proposed that Anglo sell its shares in units Anglo Platinum and Kumba Iron Ore as an option to exit the South African assets it does not want included in the deal. It hasn’t pronounced on De Beers.

Global Citizen NOW 2024 – Day 2

Botswana says it will protect its diamond interests as BHP Bids for Anglo American

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="570" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/RJUY6X5BFJKNPKIPRWK27O7NZI-820x570.jpg" alt="" class="wp-image-484289" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/RJUY6X5BFJKNPKIPRWK27O7NZI-820x570.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/RJUY6X5BFJKNPKIPRWK27O7NZI-300x209.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/RJUY6X5BFJKNPKIPRWK27O7NZI-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/RJUY6X5BFJKNPKIPRWK27O7NZI-768x534.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/RJUY6X5BFJKNPKIPRWK27O7NZI-1536x1068.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/RJUY6X5BFJKNPKIPRWK27O7NZI-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: An abandoned Nigeria&#8217;s first oil well that was built in 1956 sits under an uncompleted building in Oloibiri, Bayelsa State, Nigeria February 9, 2024. REUTERS/Seun Sanni/File Photo</figcaption></figure>



LAGOS, May 8 (Reuters)&nbsp;&#8211;&nbsp;Nigeria is inviting bids from international investors with financial and technical capacity for 12 onshore and deepwater oil blocks, its oil regulator said in a speech yesterday at a global oil conference in Houston, Texas.



Africa&#8217;s biggest oil producer opened this year&#8217;s licensing round on April 29 seeking to deepen exploitation of the country&#8217;s estimated 37.5 billion barrels of crude oil and 209.26 trillion cubic feet of natural gas reserves.



&#8220;Nigeria is committed to conducting the licensing round in a fair, competitive and transparent manner and ensuring a level playing field for both indigenous and international investors,&#8221; said Gbenga Komolafe, head of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).



Some investors have balked at participating in previous bids due to a lack of transparency in the award process leading to companies without capacity to drill winning oil fields. This eventually led to threats to cancel the awards.



Komolafe said in addition to these blocks, the seven deep offshore blocks from the 2022 mini-bid round exercise shall also be concluded along with this licensing round.



This will bring a total of 19 oil blocks offered to investors in 2024.



Apart from technical and commercial ability, the regulator said it would pay attention to how the bidders plan to align with the country&#8217;s net-zero carbon emissions targets, eliminate gas flares and avoid polluting rivers and farmlands.



Nigeria, a member of the Organization of the Petroleum Exporting Countries (OPEC) has seen its oil production decline from around 2 million barrels a decade ago to just over 1.3 million barrels per day.



Oil majors are leaving onshore fields prone to sabotage and frequent claims to compensation for spills to focus on deepwater fields where disruptions are less common.



(Reporting by Isaac Anyaogu; Editing by Toby Chopra)

FILE PHOTO: Shell leaves Nigeria’s onshore fields amid calls for accountability

Nigeria invites bids for 12 new oil blocks, promises fair process

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="569" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/JOD25CABLBPLLFAZFMZFTYCY24-820x569.jpg" alt="" class="wp-image-484219" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/JOD25CABLBPLLFAZFMZFTYCY24-820x569.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/JOD25CABLBPLLFAZFMZFTYCY24-300x208.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/JOD25CABLBPLLFAZFMZFTYCY24-130x90.jpg 130w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/JOD25CABLBPLLFAZFMZFTYCY24-768x533.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/JOD25CABLBPLLFAZFMZFTYCY24-1536x1066.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/JOD25CABLBPLLFAZFMZFTYCY24-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Supporters wave flags at the African National Congress Election Manifesto launch in Durban, South Africa, February 24, 2024. REUTERS/Rogan Ward/File Photo</figcaption></figure>



JOHANNESBURG, May 8 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s election on May 29 could bring momentous change, with polls suggesting the ruling African National Congress is likely to lose its majority after 30 years in power.



The following are key facts about the ANC and rival parties, including smaller ones that could play a pivotal role in forming a coalition government, should the opportunity arise.



<h2 class="wp-block-heading" id="h-african-national-congress">AFRICAN NATIONAL CONGRESS</h2>



The ANC enjoys rock-solid loyalty from many Black South Africans, especially older voters, due to its heroic past as a liberation movement that helped end apartheid and usher in multi-racial democracy under the leadership of Nelson Mandela.



It has won a majority in national elections held every five years since 1994, but its support has dwindled in recent years due to persistent poverty and inequality, high unemployment, corruption scandals, erratic power supply and high crime rates.



If the polls are correct, the ANC is on course to lose its majority for the first time since it came to power, but it should still be the largest party by a wide margin, raising the possibility of coalition talks.



President Cyril Ramaphosa could face an internal leadership challenge if the party is perceived to have performed poorly.



The ANC has outperformed poll numbers in previous elections and some analysts say it could win again, pointing to its formidable campaigning machine and the advantages of incumbency.



<h2 class="wp-block-heading" id="h-democratic-alliance">DEMOCRATIC ALLIANCE</h2>



The pro-business DA, which won the second-largest share of the vote in the last election, has formed an alliance with several smaller parties in an effort to broaden its appeal.



The party controls the provincial government of Western Cape, where South Africa&#8217;s second most populous city, Cape Town, is located.



The party proposes to scrap the ANC&#8217;s flagship Black empowerment scheme, which its leader John Steenhuisen has described as &#8220;racial bean counting&#8221;, in favour of policies focused on reducing poverty regardless of skin colour.



Steenhuisen, who has not ruled out a post-election deal with the ANC, has rejected criticism that the DA represents white privilege, saying it wants to practise good governance for the benefit of all South Africans.



The DA released a campaign advert in which a South African flag is seen slowly burning, presented as a symbol of the risks facing the nation should the ANC go into coalition with left-wing parties. Ramaphosa condemned what he described as an abuse of the national flag for party political purposes.



<h2 class="wp-block-heading" id="h-economic-freedom-fighters">ECONOMIC FREEDOM FIGHTERS</h2>



Formed in 2013 by Julius Malema, a firebrand former leader of the ANC&#8217;s youth wing who broke away from the party, the EFF draws its support predominantly from voters who are young, poor and Black.



The party presents itself as Marxist, advocating the nationalisation of industries and land redistribution to address racial injustice &#8212; policies that are unpopular with South Africa&#8217;s business community.



The EFF is seen as a potential coalition partner for the ANC due to Malema&#8217;s historic ties with the ruling party.



<h2 class="wp-block-heading" id="h-umkhonto-we-sizwe-mk">UMKHONTO WE SIZWE (MK)</h2>



The MK party is a recent entrant, having been registered in September 2023, but it received a major boost when former president Jacob Zuma, who has fallen out with the ANC, announced in December he was backing it.



Polls suggest it has been eating into the EFF&#8217;s support base and could attract significant votes on May 29, especially in Zuma&#8217;s home province of KwaZulu Natal where he retains a loyal following.



The EFF&#8217;s Malema, who has a complicated history with Zuma, has said his party is open to a post-election alliance with MK. Malema was once Zuma&#8217;s protege, but the pair fell out, after which Malema left the ANC.



MK is named after the ANC&#8217;s former armed wing in the apartheid era.



<h2 class="wp-block-heading" id="h-inkatha-freedom-party">INKATHA FREEDOM PARTY</h2>



The socially conservative IFP, led by Velenkosini Hlabisa, draws its support from KwaZulu Natal province, the Zulu heartland. Its policies include giving more power to traditional rulers and launching a national debate on reinstating the death penalty.



Founded in 1975 by Zulu nationalist leader Mangosuthu Buthelezi, the IFP has a fraught history with the ANC. The parties were in violent conflict during the final years of apartheid, but worked together in the government of national unity that was formed after the 1994 election.



<h2 class="wp-block-heading" id="h-actionsa">ACTIONSA</h2>



Founded in 2020, ActionSA is popular in the country&#8217;s richest province of Gauteng, where the commercial capital Johannesburg is located. Its leader Herman Mashaba was the city&#8217;s mayor, though he was part of the DA at the time.



The party says it favours minimal government interference in the economy.



(Reporting by Bhargav Acharya and Tannur Anders; Editing by Estelle Shirbon and Ed Osmond)

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