<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

Dave & Buster’s to allow customers to bet on arcade games

<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="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107405596-1713952166593-231228limxoutdoor-820x461.png" alt="" class="wp-image-484270" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107405596-1713952166593-231228limxoutdoor-820x461.png 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107405596-1713952166593-231228limxoutdoor-300x169.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107405596-1713952166593-231228limxoutdoor-160x90.png 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107405596-1713952166593-231228limxoutdoor-768x432.png 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107405596-1713952166593-231228limxoutdoor.png 1200w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Shenzhen-based LimX Dynamics shows off one of its humanoid robots. Limx Dynamics</figcaption></figure>



BEIJING — ChatGPT-like artificial intelligence is speeding up research and bringing humanoid robots closer to reality in China, home to many of the world’s factories.



AI has been around for decades. What’s changed with the emergence of OpenAI’s ChatGPT chatbot is the ability of AI to better understand and generate content in a human-like way. While the U.S.-based tech is not officially available in China, local companies such as Baidu have released similar chatbots and AI models.



In robotics, the development of generative AI can help machines with understanding and perceiving their environment, said Li Zhang, chief operating officer of Shenzhen-based LimX Dynamics.



About three months after joining the two-year-old startup, Li said he shortened his expectations for how long it would take LimX to produce a humanoid robot capable of not just factory work, but also helping out in a households.



Li originally expected the entire process to take eight to ten years, but now anticipates some use cases will be ready in five to seven years. “After working for a few months, I saw how various tools’ abilities were improved because of AI,” he said in Mandarin, translated by CNBC.



“It has accelerated our entire research and development cycle,” he said.



Companies are rushing into the opportunity. OpenAI itself is backing humanoid robot startups, while Elon Musk’s Tesla is developing its own, called Optimus.



Electric car giant BYD last year invested in Shanghai-based Agibot just months after its founding, according to PitchBook.



And at a high level, Chinese state media in November published a photo of Chinese President Xi Jinping watching a humanoid robot at an exhibition center during his first trip to Shanghai since the pandemic. The robot was developed by Fourier Intelligence.



Before humanoid robots reach households, as LimX ultimately intends, factories can be a lucrative, enclosed scenario in which to deploy them.



China surpassed Japan in 2013 as the world’s largest installer of industrial robots, and now accounts for more than 50% of the global total, according to Stanford’s latest AI Index report.



Electronics, automotive and metal and machinery were the three leading sectors for industrial robot installation in China, the report said.



<h2 class="wp-block-heading" id="h-impact-on-human-jobs"><a></a>Impact on human jobs</h2>



When it comes fully replacing human workers, however, AI advancements alone aren’t enough.



Even if AI allows a robot to think and make decisions on par with humans, mechanical limitations are a major reason why humanoids can’t yet replace human laborers, LimX’s Li said.



One of LimX’s backers, Future Capital, has also invested in a company called Pan Motor that specializes in motors for humanoids.



Generative AI doesn’t directly help with robotic motion, pointed out Eric Xia, partner at Future Capital, an investor in LimX. But “advances in large language models can help humanoid robots with advanced task planning,” he said in Chinese, translated by CNBC.



LimX’s other investors include Lenovo Capital.



A shift toward factory robots can accelerate, once the cost-per-robot comes down.



Steve Hoffman, chairman of a startup accelerator called Founders Space, said he is working with a Chinese startup called Fastra, which he expects can begin mass robot production in one year. He said he spent time in China this year teaching local businesses how to integrate generative AI.



“We have already received six orders from research institutions,” he said, noting the startup aims to lower the cost per robot to between $50,000 to $100,000 by rollout.



“If we can hit a $50,000 price point, we can sell a lot of robots,” he said, pointing out the robots’ batteries can be charged as they work, 24 hours a day. “Could pay for the robot in a year.”



In pharmaceutical research, generative AI can reduce costs, without cutting into human labor.



“You don’t save costs in our business by having less people. You actually save costs by making fewer experiments that fail,” said Alex Zhavoronkov, chairman of the board, executive director and CEO of Insilico Medicine, which has offices in Hong Kong, New York and other parts of the world.



He noted how large pharmaceutical companies have typically had to spend thousands of dollars to replicate a molecule for testing — and would run a few thousand such tests per program. He claimed that with the help of AI, Insilico only needs to synthesize about 70 molecules per program.



The company published a paper in Nature in March claiming to have reached phase 2 clinical trials for an AI-generated drug.

107405596-1713952166593-231228limxoutdoor

Generative AI is speeding up human-like robot development. What that means for jobs

<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)

FILE PHOTO: Supporters at the African National Congress Election Manifesto launch in Durban

Parties vying for power in South Africa’s 2024 election

A closer look at Tesla’s Cybertruck

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="450" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/BRVM-Transcribe-Image-1-820x450.png" alt="" class="wp-image-483973" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/BRVM-Transcribe-Image-1-820x450.png 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/BRVM-Transcribe-Image-1-300x165.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/BRVM-Transcribe-Image-1-160x88.png 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/BRVM-Transcribe-Image-1-768x422.png 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/BRVM-Transcribe-Image-1.png 993w" sizes="(max-width: 820px) 100vw, 820px" /></figure>



Cote d&#8217;Ivoire expects to launch a commodities exchange later this year, seeking to provide a marketplace for soft commodities key for the development of West Africa’s farming sector.



The exchange, to be based in Abidjan Cote d&#8217;Ivoire’s commercial capital, will initially trade kola nuts, cashew nuts and corn (maize), Edoh Amenounve, the CEO of the West African Regional Stock Exchange (BRVM), told CNBC Africa in an interview. Cocoa, the region’s dominant crop, will be added later, he said.



&#8220;We hope that we will start this year,&#8221; said Amenounve, who is pitching the BRVM and the commodities exchange to South African investors. &#8220;We are just trying to have all the operational tools in place in terms of informational system. If all these are ready, we will start this commodity exchange.&#8221;



Cote d&#8217;Ivoire is one Africa’s fastest growing economies, with 2024 growth forecast at 6.5 percent before moderating to 6.4 percent the following year, according to the International Monetary Fund. The country is the world’s largest exporter of cocoa with agriculture the mainstay of the economy at about 22 percent of gross domestic product.



Amenounve said apart from pitching the commodity exchange, he was also canvassing support for investment on the BRVM, the 8-member regional stock exchange which is the fifth largest on the continent. The JSE is Africa’s largest and oldest exchange. Growth is picking up across the region in spite of political instability in some countries, he said.



&#8220;Côte d&#8217;Ivoire is the lead in our region and the economic growth in Côte d&#8217;Ivoire is an average 7% during the last 10 years. And for the entire region, we are something in the region of about 6% GDP growth,&#8221; he said. &#8220;We have oil and gas now in Côte d&#8217;Ivoire, in Senegal, in Niger. We have mining in Burkina Faso, in Mali. We think that the fundamentals are very strong and the investors can continue to invest in the West African region.&#8221;



He said South African investors currently own about 5 percent of the BRVM, a figure he wants to grow given the region’s expanding economies. While the JSE was a competitor for now and a clear leader, the future lay in African stock exchanges collaborating through the African Securities Exchanges Association, Amenounve said. 



Investors can &#8220;access the 2,000 listed companies on all the exchanges in Africa so you can compare the performance of all these companies,&#8221; he said. &#8220;That is very important for me, I think we have done for the integration.&#8221;



&#8220;Yes, we started already in West Africa and what is important to know is that the integration of the capital markets in Africa is key for the development of our continent. We cannot stay small, small, small stock exchanges compared to the JSE and pretend to have the performance that we have in Asia or in Europe or in America. It is important that we talk together.&#8221;

BRVM-Transcribe-Image-1

Cote d’Ivoire commodities exchange to be launched this year, BRVM CEO says

Why American Automakers Are Failing In China

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="574" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/PK5YBKQWU5JPXEI6SBIPP7LIQM-820x574.jpg" alt="" class="wp-image-483938" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/PK5YBKQWU5JPXEI6SBIPP7LIQM-820x574.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/PK5YBKQWU5JPXEI6SBIPP7LIQM-300x210.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/PK5YBKQWU5JPXEI6SBIPP7LIQM-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/PK5YBKQWU5JPXEI6SBIPP7LIQM-768x538.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/PK5YBKQWU5JPXEI6SBIPP7LIQM-1536x1075.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/PK5YBKQWU5JPXEI6SBIPP7LIQM.jpg 1856w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Former South African President, Jacob Zuma speaks about his political future at a press conference in Orlando East, Soweto, Johannesburg, South Africa, December 16, 2023. REUTERS/Shiraaz Mohamed/File Photo</figcaption></figure>



JOHANNESBURG, May 7 (Reuters)&nbsp;&#8211;&nbsp;Former South African President Jacob Zuma is facing an attempt to oust him from leadership positions in his new party, state broadcaster SABC reported on Tuesday, three weeks before an election in which he is expected to attract significant support.



One of the most divisive figures in South Africa, Zuma was president from 2009 until 2018, when he was forced to quit following a string of corruption scandals involving his administration.



Openly hostile to his successor President Cyril Ramaphosa, Zuma announced in December he would not vote for the ruling African National Congress, his longtime party, in the May 29 election, instead backing new party uMkhonto we Sizwe (MK).



With polls suggesting the ANC will lose its majority for the first time since it came to power in 1994, smaller parties like MK could potentially gain leverage after the election in a scenario where the ANC is looking for coalition partners.



Support for MK has hovered between 8% and 13% since Zuma&#8217;s endorsement, according to polls. Zuma has become the party&#8217;s public face despite remaining an ANC member.



But after Zuma fell out with MK founder Jabulani Khumalo and ousted him from the party, Khumalo has hit back by writing to the electoral commission saying Zuma was not the rightful leader of MK and his face should not appear on ballot papers, SABC reported.



A spokesperson for MK said Zuma was the party&#8217;s president and Khumalo had been expelled. The electoral commission said it did not wish to involve itself in internal party disputes and Zuma had been the registered leader of MK since April 10.



In a measure of Zuma&#8217;s perceived potential for causing disruption, the ANC postponed a disciplinary hearing against him that was supposed to take place this week, citing security concerns ahead of the election.



Zuma remains a force in South African politics, especially in his home province of KwaZulu Natal where protests erupted in 2021 after he was jailed for refusing to participate in a corruption inquiry.



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



(Reporting by Tannur Anders; Writing by Estelle Shirbon, Editing by Alexandra Hudson)

Former South African President, Jacob Zuma speaks about his political future at a press conference in Soweto, in Johannesburg

South Africa’s Zuma faces dissent in new party as election nears

<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/CT4VY4XKGZMQBDEIRI26VVUIBI-1-820x547.jpg" alt="" class="wp-image-483872" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/CT4VY4XKGZMQBDEIRI26VVUIBI-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/CT4VY4XKGZMQBDEIRI26VVUIBI-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/CT4VY4XKGZMQBDEIRI26VVUIBI-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/CT4VY4XKGZMQBDEIRI26VVUIBI-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/CT4VY4XKGZMQBDEIRI26VVUIBI-1-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/CT4VY4XKGZMQBDEIRI26VVUIBI-1-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: The logo of Amazon is seen, November 15, 2022. REUTERS/Pascal Rossignol/File Photo</figcaption></figure>



JOHANNESBURG, May 7 (Reuters)&nbsp;&#8211;&nbsp;Amazon&nbsp;AMZN.O&nbsp;launched its online shopping service in South Africa on Tuesday, challenging a number of online retailers dominated by Naspers&#8217;&nbsp;NPNJn.J&nbsp;Takealot.com.



Africa&#8217;s most advanced economy is usually seen as a good entry point for companies to expand into the continent and Amazon could be doing the same, analysts have said in the past.



The launch of its service comes at a time when South Africa has seen a sharp rise in online shopping after the pandemic created an opportunity for e-commerce to finally take hold, with retailers doubling down on investments in response.



Amazon.co.za will offer same-day delivery and next-day delivery with more than 3,000 pickup points. Shoppers will get free delivery on first orders, followed by free delivery for subsequent orders above 500 rand ($27.07), it said in a statement.



Customers in South Africa will be able to shop from a selection of local and international brands across 20 different product categories such as consumer electronics, home and small kitchen appliances, including international brands such as Apple, Amazon said.



More than 60% of the items sold in Amazon&#8217;s stores globally are from independent sellers &#8211; most of which are small and medium-sized businesses.



&#8220;Building a strong relationship with South African brands and businesses is incredibly important to us. We want Amazon.co.za to be the place where they can reach millions of customers,&#8221; said Robert Koen, managing director of Amazon Sub-Saharan Africa.



South Africa&#8217;s growing and evolving retail sector has also attracted international fast fashion e-commerce retailers Shein and Temu, with their rapid rise driven by robust demand for their low-priced apparel. Temu launched in the country earlier this year.



Retailers are also doubling down on e-commerce investments as internet connectivity and smartphone penetration rises in the country.



($1 = 18.4720 rand)



(Reporting by Nqobile Dludla, Editing by Louise Heavens)

FILE PHOTO: The logo of Amazon is seen, November 15, 2022.

Amazon launches online shopping service in South Africa

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/ZO2TST2SFBIXRI7CA7KFKOUIUI-1-1-1-820x547.jpg" alt="" class="wp-image-468014" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/ZO2TST2SFBIXRI7CA7KFKOUIUI-1-1-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/ZO2TST2SFBIXRI7CA7KFKOUIUI-1-1-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/ZO2TST2SFBIXRI7CA7KFKOUIUI-1-1-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/ZO2TST2SFBIXRI7CA7KFKOUIUI-1-1-1-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/ZO2TST2SFBIXRI7CA7KFKOUIUI-1-1-1-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/ZO2TST2SFBIXRI7CA7KFKOUIUI-1-1-1-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Pump jacks operate at sunset in an oil field in Midland, Texas U.S. August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford/File Photo</figcaption></figure>



Oil futures climbed on Monday after Saudi Arabia hiked June crude prices for most regions and as the prospect of a Gaza ceasefire deal appeared slim, renewing fears the Israel-Hamas conflict could still widen in the key oil-producing region.



Brent crude futures were up 77 cents, or 0.9%, to $83.73 a barrel at 1055 GMT, while U.S. West Texas Intermediate crude futures were at $78.98 a barrel, up 87 cents, or 1.1%.



Last week, both futures contracts posted their steepest weekly loss in three months, with Brent falling more than 7% and WTI down 6.8%, as investors weighed weak U.S. jobs data and the possible timing of a Federal Reserve interest rate cut.



The geopolitical risk premium in oil prices also eased as talks for a Gaza ceasefire were underway.



However, prospects for a deal faded as Hamas reiterated its demand for an end to the war in exchange for the freeing of hostages and Israel appeared poised to launch a long-threatened assault in the southern Gaza Strip.



On Monday, Israel’s military called on Palestinian civilians to evacuate Rafah as part of a “limited scope” operation.



“News that Israel wants to go ahead and extend its operation into Rafah risks derailing a potential ceasefire agreement and reigniting Middle Eastern geopolitical tensions which had appeared to be easing,” IG markets analyst Tony Sycamore said.



Also supporting oil was Saudi Arabia’s move to raise the official selling prices (OSPs) for its crude sold to Asia, Northwest Europe and the Mediterranean in June, signaling expectations of strong demand this summer.



In China, the world’s largest crude importer, services activity remained in expansionary territory for the 16th straight month, while growth in new orders accelerated and business sentiment rose solidly, boosting hopes of a sustained economic recovery.

ZO2TST2SFBIXRI7CA7KFKOUIUI-1-1-1

Oil climbs as Gaza tensions rise, Saudi Arabia hikes prices

Turkey halts all trade with Israel until a permanent ceasefire is reached in Gaza

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="450" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/Standard-Bank-JSE-Transcribe-Image-820x450.png" alt="" class="wp-image-483594" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/Standard-Bank-JSE-Transcribe-Image-820x450.png 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/Standard-Bank-JSE-Transcribe-Image-300x165.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/Standard-Bank-JSE-Transcribe-Image-160x88.png 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/Standard-Bank-JSE-Transcribe-Image-768x421.png 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/Standard-Bank-JSE-Transcribe-Image.png 995w" sizes="(max-width: 820px) 100vw, 820px" /></figure>



Standard Bank Group, Africa’s largest bank by assets, forecasts increased South African corporate activity and stock market listings in the second-half of the year after elections later this month.



“Certainly the conversations we&#8217;re having with corporates does suggest that we&#8217;re going to start to see a recovery,” Richard Stout, Head of Equity Capital Markets SA and Sub-Saharan Africa at Standard Bank Group, told CNBC Africa’s Power Lunch Southern Africa show. “How quickly that comes through I think depends on I guess the election outcome and how quickly confidence returns but certainly anecdotally yes we&#8217;re certainly forecasting a busier back end to this year and certainly a busier 2025.”



Power utility Eskom has provided 40 days of uninterrupted power supply since last month, lifting business activity across the country, according to both the ABSA Purchasing Managers Index and the S&amp;P Global South Africa Purchasing Managers’ Index which rose to 50.3 in April from 48.4 in March, its highest reading since February.



South Africans vote for new national and provincial governments on May 29 with the ruling African National Congress (ANC) expected to suffer a reduced majority. Most analysts forecast the ANC to dominate any coalition government should it fail to win more than 50%, ensuring a continuation of its mixed economic policies and collaboration with the private sector.



The collaboration helped the country narrowly avoid a recession in the fourth quarter of 2023 and the economy is seen growing by more than one percent this year, after expanding by 0.6 percent last year.



The JSE, Africa’s largest and oldest stock market, has been beset by delistings as the economy struggled with about 278 companies on its main board versus more than 600 companies in 1998. In response, the JSE last month launched its biggest drive to lure more companies to the exchange.



Stout says those efforts were positive but will take time to bear fruit.



“I certainly think what the JSE are trying to implement here is a positive, and I certainly think it&#8217;s going to help corporates raise capital more efficiently on the JSE,” he said. “And hopefully that will encourage more companies to consider a listing. (But) I think as much as this helps deal with the supply side of the equation, I think we do still need to make sure that we&#8217;re giving the demand side enough incentive to support the types of companies that are going to benefit from these rules.”

Standard-Bank-JSE-Transcribe-Image

Standard Bank Sees Increased South African Listings, Corporate activity after elections

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="515" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/WYWKVX5CSBLQZHHAYIW3OJEPMM-820x515.jpg" alt="" class="wp-image-483576" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/WYWKVX5CSBLQZHHAYIW3OJEPMM-820x515.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/WYWKVX5CSBLQZHHAYIW3OJEPMM-300x188.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/WYWKVX5CSBLQZHHAYIW3OJEPMM-143x90.jpg 143w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/WYWKVX5CSBLQZHHAYIW3OJEPMM-768x482.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/WYWKVX5CSBLQZHHAYIW3OJEPMM-1536x965.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/WYWKVX5CSBLQZHHAYIW3OJEPMM-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A protestor holds a placard as she joins a demonstration against oil major Royal Dutch Shell&#8217;s plans to start seismic surveys to explore petroleum systems off the country&#8217;s popular Wild Coast, at Muizenberg beach in Cape Town, South Africa, December 5. 2021. REUTERS/Mike Hutchings/File Photo</figcaption></figure>



CAPE TOWN, May 6 (Reuters)&nbsp;&#8211;&nbsp;Oil major Shell&nbsp;SHEL.L&nbsp;will divest its majority shareholding from a local South African downstream unit after a comprehensive review of its businesses across all regions, it said on Monday.



&#8220;As a result of this review, Shell has decided to reshape the downstream portfolio and intends to divest our shareholding in SDSA&#8230; this decision was not taken lightly,&#8221; a Shell statement said. It did not specify when the decision took effect.



Shell Downstream SA (SDSA) was formed after Shell South Africa and black empowerment company, Thebe Investment Corporation, agreed a decade ago to merge Shell South Africa Marketing and Shell South Refining businesses. Thebe held a 28% equity stake.



Shell, which has been present in South Africa for more than century, is still exploring the country&#8217;s offshore, incurring opposition from environmental campaigners who have launched court action.



During the divestment process, Shell said on Monday it would work to preserve SDSA&#8217;s operating capabilities and maintain its brand presence.



A Thebe spokesperson was not immediately available for comment.



One of SDSA&#8217;s main assets and South Africa&#8217;s largest refinery, Sapref, in the east coast port city of Durban has not been operating since 2022 when Shell and its refinery joint venture partner, BP&nbsp;BP.L, decided on a spending freeze and halt to the refinery&#8217;s operations.



Flooding along the coast that killed nearly 400 people that same year severely damaged the plant, which at that stage provided around 35% of South Africa&#8217;s refining capacity.



South Africa&#8217;s Central Energy Fund said two years ago it was interested in Sapref, which has a nameplate capacity of 180,000 barrels per day, as it seeks to overcome energy security concerns.



On Monday, an energy official, speaking on condition of anonymity, said CEF had signed a non disclosure agreement with the parties involved and therefore could not comment.



South Africa is a net importer of refined petroleum products, a challenge exacerbated since the closure of Sapref and the country&#8217;s second largest refinery Enref, also in Durban.



(Reporting by Wendell Roelf; editing by Barbara Lewis)

FILE PHOTO: Protestors demonstrate against Royal Dutch Shell’s plans to start seismic surveys in Cape Town

Shell to exit South Africa’s downstream businesses

Why a $100K income no longer buys the American Dream in most places

<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/G4VUBYBJBFLRBEUKL2ZYINM3HE-820x547.jpg" alt="" class="wp-image-483558" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/G4VUBYBJBFLRBEUKL2ZYINM3HE-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/G4VUBYBJBFLRBEUKL2ZYINM3HE-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/G4VUBYBJBFLRBEUKL2ZYINM3HE-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/G4VUBYBJBFLRBEUKL2ZYINM3HE-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/G4VUBYBJBFLRBEUKL2ZYINM3HE-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/G4VUBYBJBFLRBEUKL2ZYINM3HE-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Mozambique President Filipe Jacinto Nyusi speaks to reporters ahead of a meeting with U.S. Secretary of State Antony Blinken during the US-Africa Leaders Summit at the Walter E. Washington Convention Center in Washington, DC, U.S., December 14, 2022. Mandel Ngan/Pool via REUTERS/File Photo</figcaption></figure>



MAPUTO, May 6 (Reuters)&nbsp;&#8211;&nbsp;Mozambique&#8217;s ruling FRELIMO party has announced Daniel Chapo will be its presidential candidate in an election scheduled for October.



FRELIMO has governed the southern African country since gaining independence in 1975 and hopes Chapo will lead the party to another victory in the Oct. 9 election.



&#8220;The soap opera of speculation is over, including speculation about the third term,&#8221; President Filipe Nyusi said on state television on Sunday, dismissing the prospect of contesting elections again.



&#8220;We must all unite around comrade Daniel Francisco Chapo, in the demanding march towards electoral victory next October,&#8221; Nyusi said.



Mozambique&#8217;s constitution limits the president to two five-year terms. However, there had been media speculation that Nyusi would seek a third term after his&nbsp;re-election&nbsp;as party leader in 2022.



A relatively unknown figure in national politics, Chapo is the governor of the southern Mozambican province of Inhambane. He won 225 votes (around 94%) cast by the party&#8217;s central committee, according to a party statement.



&#8220;We are going to work with all social strata,&#8221; Chapo said on television after his win.



A former radio announcer, Chapo was born in 1977, making him the first FRELIMO candidate born after the country&#8217;s independence.



He holds a law degree and a Master&#8217;s degree in development management and has filled a string of political roles including as an administrator of the districts of Nacala and Palma.



(Reporting by Manuel Mucari Writing by Tannur Anders Editing by Bhargav Acharya and Sharon Singleton)

FILE PHOTO: U.S.-Africa Business Forum at the Walter E. Washington Convention Center in Washington D.C

Mozambique’s ruling party announces Chapo as presidential candidate

<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/D7DNEISJRBLYDIMNLYUEMI4OMY-820x547.jpg" alt="" class="wp-image-483539" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/D7DNEISJRBLYDIMNLYUEMI4OMY-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/D7DNEISJRBLYDIMNLYUEMI4OMY-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/D7DNEISJRBLYDIMNLYUEMI4OMY-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/D7DNEISJRBLYDIMNLYUEMI4OMY-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/D7DNEISJRBLYDIMNLYUEMI4OMY-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/D7DNEISJRBLYDIMNLYUEMI4OMY-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: High-tension electrical power lines are seen at the Azura-Edo Independent Power Plant (IPP) on the outskirt of Benin City in Edo state, Nigeria June 13, 2018. . REUTERS/Akintunde Akinleye/File Photo</figcaption></figure>



LAGOS, May 6 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s electricity regulator has ordered the grid operator to cut back supplies to customers overseas to boost domestic supply.



In a directive issued last Friday, the Nigerian Electricity Regulatory Commission (NERC) said the grid operator&#8217;s current approach in managing supply has caused significant hardship for Nigerians because supply under bilateral contracts, including export to international customers, takes priority over supply to domestic customers.



The regulator said it was placing a cap of 6% on the total available grid generation to international off-takers for the next six months, effective from May 1.



Nigerian power firms have contracts with neighbouring African countries to deliver energy, which gives them foreign currency to support revenue from sub-economic tariffs. However, these companies have not always paid their bills on time.



Power cuts are common in Nigeria due to a shortage of electricity but they have become worse recently. Power companies recently raised tariffs for some domestic customers who are supposed to get more power daily, or 20 hours a day, but the power companies are unable to meet the supply.



As well as having contracts with countries such as Niger, Togo and Benin, Nigerian power firms have bilateral contracts with big users at home including industries and government departments that get priority supply over regular customers.



Analysts said the cap on overseas sales could create uncertainty in the sector. &#8220;Operationally, it will require power generation companies to adjust production and distribution, and potentially modify contracts on short notice,&#8221; said Mikolaj Judson, an analyst at global risk consultancy Control Risks.



He also said it will likely increase financial challenges by reducing revenue from overseas customers and will require power distribution firms, many of which already owe sizeable debts to power generation companies, to step up paying back their debts.



Electricity supply from the national grid had hovered below 3,000 megawatts for several weeks but has risen above 4,700 megawatts since Saturday after the directive, grid service data showed. Usually, local customers get less than 4000MW on normal days.



The regulator said current international and bilateral contracts have lax terms and off-takers frequently exceeded their contracted levels during peak operations at the expense of other grid users. Penalties for violating grid regulations are also not enforced, it said.



Last month, NERC raised tariffs by 230% for 15% of customers who are supposed to get more supply but the power companies have been unable to meet the contracted 20 hours.



The regulator&#8217;s decision to cut back supply to international customers may have also been prompted by those customers&#8217; inability to settle debts on time.



In a report issued in the last quarter of 2023, NERC said international customers owed Nigerian power companies a combined $12.02 million in unpaid debt for services rendered.



(Reporting by Isaac Anyaogu; Editing by Susan Fenton)

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Turkey halts all trade with Israel until a permanent ceasefire is reached in Gaza

Standard Bank Sees Increased South African Listings, Corporate activity after elections

Shell to exit South Africa’s downstream businesses

Why a $100K income no longer buys the American Dream in most places

Mozambique’s ruling party announces Chapo as presidential candidate

Nigeria cuts back electricity sales to overseas customers to boost domestic supply

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

Dave & Buster’s to allow customers to bet on arcade games

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

Generative AI is speeding up human-like robot development. What that means for jobs

Parties vying for power in South Africa’s 2024 election

A closer look at Tesla’s Cybertruck

Cote d’Ivoire commodities exchange to be launched this year, BRVM CEO says

Why American Automakers Are Failing In China

South Africa’s Zuma faces dissent in new party as election nears

Amazon launches online shopping service in South Africa

Oil climbs as Gaza tensions rise, Saudi Arabia hikes prices

Turkey halts all trade with Israel until a permanent ceasefire is reached in Gaza

Standard Bank Sees Increased South African Listings, Corporate activity after elections

Shell to exit South Africa’s downstream businesses

Why a $100K income no longer buys the American Dream in most places

Mozambique’s ruling party announces Chapo as presidential candidate

Nigeria cuts back electricity sales to overseas customers to boost domestic supply

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