<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="662" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/MPQ6F6Q53BNTZO5LPN4WBMJEAM-820x662.jpg" alt="" class="wp-image-416524" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/MPQ6F6Q53BNTZO5LPN4WBMJEAM-820x662.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/MPQ6F6Q53BNTZO5LPN4WBMJEAM-300x242.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/MPQ6F6Q53BNTZO5LPN4WBMJEAM-111x90.jpg 111w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/MPQ6F6Q53BNTZO5LPN4WBMJEAM-768x620.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/MPQ6F6Q53BNTZO5LPN4WBMJEAM.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>People walk past the head office of Standard Chartered bank in the City of London February 27, 2015. REUTERS/Eddie Keogh</figcaption></figure>



LONDON, April 14 (Reuters) &#8211; Standard Chartered STAN.L is leaving seven countries in Africa and the Middle East where it is sub-scale as it seeks to improve profits by narrowing its focus to faster-growing markets in the region, it said on Thursday.



The bank will fully exit Angola, Cameroon, Gambia, Jordan, Lebanon, Sierra Leone and Zimbabwe, likely by trying to sell its business in those markets.



It will also close its retail banking operations in Tanzania and Ivory Coast to focus solely on corporate banking.



The move marks a major shift for Standard Chartered, which has been among the biggest European lenders to invest in the continent in recent years at a time when peers have been withdrawing.



The cuts would allow it to focus on bigger and faster growing economies in the region, such as Saudi Arabia where it has opened its first branch, and Egypt.



Prior to the announcement, StanChart operated in 15 African markets and 10 in the Middle East, employing around 15,000 staff, a major presence that had made it &#8220;unique among global banks&#8221; in the region, according to Citi analyst Yafei Tian.



But the complexity of operating at that scale left the bank with a comparatively high cost to income ratio of 74%, which exiting sub-scale markets will help to improve, Tian said.



The markets being cut generated just 1% of total income in 2021 and a similar proportion of profit before tax, the bank said. StanChart is currently present in 59 markets overall and serves clients in a further 83.



It did not immediately comment on the number of job losses as a result of the cuts.



StanChart shares rose slightly on the announcement, up 0.6% against a flat FTSE 100 index&nbsp;.FTSE.



<h2 class="wp-block-heading" id="h-out-of-africa">OUT OF AFRICA</h2>



StanChart joins the ranks of other global players to reduce their presence in Africa in recent years as they struggle to reach scale compared with incumbent locals.



It has pursued a strategy of investing heavily in digital banking in Africa but found it hard to translate customer acquisition into steady profits.



Barclays&nbsp;BARC.L&nbsp;sold its African unit in 2016, ending its 90-year presence on the continent, while Credit Suisse pulled out of its wealth management business in nine African countries this year.



The economy in Sub-Saharan Africa, home to many of the poorest nations on earth, has contracted sharply during the pandemic and has struggled to recover compared with developed economies.



The International Monetary Fund predicted in October that the region&#8217;s economy would expand by 3.7%-3.8% this year and last &#8211; the slowest recovery relative to other regions around the globe.



Some lenders are still scaling up in Africa, with Deutsche Bank saying last year it will expand its private bank in the region.



(Reporting by Lawrence White; Editing by Jason Neely and Mike Harrison)

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StanChart cuts seven minnow businesses in Africa and Middle East

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="512" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/11/2FIYK2X4Z5O7NGVUMOI3W4ADHU-820x512.jpg" alt="" class="wp-image-413229" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/11/2FIYK2X4Z5O7NGVUMOI3W4ADHU-820x512.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/11/2FIYK2X4Z5O7NGVUMOI3W4ADHU-300x187.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/11/2FIYK2X4Z5O7NGVUMOI3W4ADHU-144x90.jpg 144w, https://cms.cnbcafrica.com/wp-content/uploads/2021/11/2FIYK2X4Z5O7NGVUMOI3W4ADHU-768x479.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/11/2FIYK2X4Z5O7NGVUMOI3W4ADHU.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>
A child collecting chunks of coal looks on at a colliery while smoke rises from the Duvha coal-based power station owned by state power utility Eskom, in Emalahleni, in Mpumalanga province, South Africa, June 2, 2021. REUTERS/Siphiwe Sibeko</figcaption></figure>



JOHANNESBURG, April 14 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s state-owned logistics firm Transnet has declared force majeure and is seeking to terminate long-term coal transportation agreements, thermal coal producer and exporter Thungela Resources&nbsp;TGAJ.J&nbsp;said on Thursday.



Despite Thungela saying rail services and coal exports are continuing, and the development would not significantly impact its 2022 production forecast, its shares fell 6% by 1230 GMT, their biggest fall in a month.



Transnet did not immediately reply to a request for comment.



Large-scale theft of copper cables, insufficient maintenance, and a lack of locomotives have crippled Transnet&#8217;s freight rail network used by coal and iron ore miners to transport their minerals to port.



&#8220;Transnet believes that these circumstances will continue to detract from its ability to perform for at least the next six months and that accordingly Transnet is under force majeure,&#8221; Thungela said in a statement.



Triggering a force majeure clause in contracts allows certain terms of an otherwise legally binding agreement to be ignored because of unavoidable circumstances.



<h3 class="wp-block-heading" id="h-read-more-anglo-american-completes-exit-from-south-african-coal-miner-thungela">Read more: <a href="https://www.cnbcafrica.com/2022/anglo-american-completes-exit-from-south-african-coal-miner-thungela/">Anglo American completes exit from South African coal miner Thungela</a></h3>



Thungela said Transnet on April 8 notified coal exporters of force majeure and &#8220;expressed a desire&#8221; to terminate its long-term coal transportation agreements.



The coal exporters are engaging with Transnet to &#8220;clarify the contractual position&#8221; and ensure the stability of coal deliveries to take advantage of strong demand for South African coal, Thungela said.



&#8220;We are encouraged that Transnet has reaffirmed its commitment to existing material commercial terms,&#8221; Thungela CEO July Ndlovu said.



Coal producer Exxaro Resources last week said it had received &#8220;numerous&#8221; requests from European countries wanting to sign supply contracts, after the European Union proposed sanctions on Russian coal.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N2W52HY&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Both Exxaro and Thungela have said Transnet&#8217;s issues constrain their ability to ramp up coal production to meet the new demand.



Last year, Transnet railways delivered 58.3 million tonnes of coal to the Richards Bay Coal Terminal on South Africa&#8217;s east coast, significantly undershooting its annual capacity of 77 million tonnes.



(Reporting by Helen Reid; editing by Robert Birsel, Elaine Hardcastle)

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South Africa’s Transnet declares force majeure on coal contracts, Thungela says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="530" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/2L2RR3O47JNMFPFPWSFODGYYIM-820x530.jpg" alt="" class="wp-image-416470" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/2L2RR3O47JNMFPFPWSFODGYYIM-820x530.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/2L2RR3O47JNMFPFPWSFODGYYIM-300x194.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/2L2RR3O47JNMFPFPWSFODGYYIM-139x90.jpg 139w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/2L2RR3O47JNMFPFPWSFODGYYIM-768x496.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/2L2RR3O47JNMFPFPWSFODGYYIM.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>A woman shops at a supermarket in Nairobi October 23, 2008. Economic growth in sub-Saharan Africa will dip to 6 percent in 2008 and 2009 due to tough global conditions, while inflation is seen rising to 12 percent this year, the International Monetary Fund said on Thursday. REUTERS/Antony Njuguna (KENYA)</figcaption></figure>



LONDON, April 13 (Reuters)&nbsp;&#8211;&nbsp;Sub-Saharan Africa&#8217;s economy is set to grow 3.6% this year, down from 4% in 2021, the World Bank said on Wednesday, as it warned rising food and energy prices fuelled by Russia&#8217;s war in Ukraine could spark civil unrest in the region.



While it upgraded the forecast for this year by 0.1 percentage points and said last year&#8217;s growth had beaten its initial forecasts, the bank said inflation in the region was set to quicken to 6.2% this year, up from 4.5% in 2021.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N2R20MY&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



War in Ukraine would worsen the factors holding back Africa&#8217;s recovery from the coronavirus pandemic despite small direct economic links, it said, due to higher commodity prices, tighter global monetary policy and a fall in foreign financial flows.



&#8220;(The war&#8217;s) largest impact is on the increasing likelihood of civil strife as a result of food- and energy-fuelled inflation amid an environment of heightened political instability,&#8221; the World Bank said in its latest Africa&#8217;s Pulse report.



It said the share of countries in sub-Saharan Africa classed as being at a high risk of debt distress had risen to 60.5%, from 52.6% in October 2021.



&#8220;The existing debt relief and resolution mechanisms have been insufficient to bring down debt levels,&#8221; the report, released ahead of International Monetary Fund Spring Meetings next week, said.



<h3 class="wp-block-heading" id="h-read-more-why-african-nations-support-for-un-action-on-russia-ukraine-is-so-mixed">Read more: <a href="https://www.cnbcafrica.com/2022/why-african-nations-support-for-un-action-on-russia-ukraine-is-so-mixed/">Why African nations’ support for UN action on Russia/Ukraine is so mixed</a></h3>



&#8220;Improvements are much needed to avoid a large wave of debt crisis among developing countries, particularly Sub-Saharan African countries.&#8221;



It added that Ghana, whose currency has fallen 17.9% against the dollar this year, was &#8220;leading the way&#8221; when it comes to concerns about countries&#8217; debt sustainability, although it forecast growth of 5.5% for the country in 2022.



Ghana&#8217;s government has said it would not seek IMF help.



Beyond the region, Sri Lanka, Egypt and Tunisia have requested assistance from the World&#8217;s Bank&#8217;s sister organisation since Russia invaded Ukraine, causing food and commodity price spikes.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N2VV3C5&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



The World Bank said its upgraded growth estimate for last year was driven by increases of 1.2% and 0.3% in 2021 figures for Nigeria and South Africa, although it warned of ongoing &#8220;sluggish&#8221; growth in Nigeria, South Africa and Angola.



South Africa would grow 2.1% this year, Angola 2.9% and Nigeria 3.8%, the World Bank forecast, while Ivory Coast would be the fastest-growing west African economy at 5.7%, and east Africa&#8217;s biggest economy Kenya would expand 5%.



(Reporting by Rachel Savage; Editing by David Holmes and Alex Richardson)

2L2RR3O47JNMFPFPWSFODGYYIM

Sub-Saharan Africa’s growth to slow to 3.6% this year, World Bank says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="541" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/V3R2ATVWBNJ3RMO4FWAQ5TLW6I-820x541.jpg" alt="" class="wp-image-416474" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/V3R2ATVWBNJ3RMO4FWAQ5TLW6I-820x541.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/V3R2ATVWBNJ3RMO4FWAQ5TLW6I-300x198.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/V3R2ATVWBNJ3RMO4FWAQ5TLW6I-136x90.jpg 136w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/V3R2ATVWBNJ3RMO4FWAQ5TLW6I-768x506.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/V3R2ATVWBNJ3RMO4FWAQ5TLW6I.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>President Cyril Ramaphosa meets with people who lost family members during flooding in Clermont, Durban, South Africa, April 13, 2022. REUTERS/Rogan Ward</figcaption></figure>



JOHANNESBURG, April 13 (Reuters)&nbsp;&#8211;&nbsp;President Cyril Ramaphosa pledged to help victims of devastating floods on South Africa&#8217;s east coast on Wednesday, as the death toll rose to 259 people from heavy rains that ruined roads and disrupted shipping in one of Africa&#8217;s busiest ports.



Ramaphosa&nbsp;was visiting&nbsp;families who had lost loved ones in KwaZulu-Natal province, including a family with four children, after floods and mudslides ravaged homes on Tuesday.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N2WA2IZ&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Africa&#8217;s southeastern coast is on the front line of seaborne weather systems that scientists believe global warming is making nastier &#8211; and predict will get far worse in decades to come.



&#8220;You&#8217;re not alone&#8230;We&#8217;ll do everything in our power to see how we can help,&#8221; Ramaphosa said. &#8220;Even though your hearts are in pain, we&#8217;re here for you.&#8221;



Nonala Ndlovu, the chief director of the Department of Cooperative Governance for KwaZulu-Natal, told Reuters the latest police estimate of the death toll.



<h3 class="wp-block-heading" id="h-read-more-south-africa-raises-rates-citing-inflation-risks-linked-to-ukraine-war">Read more: <a href="https://www.cnbcafrica.com/2022/south-africa-raises-rates-citing-inflation-risks-linked-to-ukraine-war/">South Africa raises rates citing inflation risks linked to Ukraine war.</a></h3>



South Africa&#8217;s&nbsp;northern neighbour Mozambique has suffered a series of devastating floods over the past decade, including one last month that killed more than 50 people and injured 80.



&#8220;You&#8217;re battling one of the biggest incidents we&#8217;ve seen and we thought this only happens in other countries like Mozambique or Zimbabwe,&#8221; Ramaphosa said.



A report by the Intergovernmental Panel on Climate Change (IPCC) in February warned that humanity was far from ready even for the climate change that is already baked into the system by decades of fossil fuel-burning and deforestation. It urged the world to ramp up investments in adaptation.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N2V30XA&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



South African pulp and paper maker Sappi&nbsp;SAPJ.J&nbsp;said on Wednesday its staff were unable to travel to work due to the flooding and that the transport of goods had been disrupted, impacting three mills.



South Africa&#8217;s biggest logistics and freight operator Transnet, which runs the port of Durban, gradually resumed operations there on Wednesday after suspending them on Tuesday, the public enterprises ministry said.



(Reporting by Tim Cocks, Olivia Kumwenda-Mtambo and Nkobile Dludla in Johannesburg; Editing by Promit Mukherjee)VIEW LESS

V3R2ATVWBNJ3RMO4FWAQ5TLW6I

South African leader visits flood victims as death toll rises to 259

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="599" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/4GHXRPYZUNNKPAB6O64ZIWBJHM-820x599.jpg" alt="" class="wp-image-416466" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/4GHXRPYZUNNKPAB6O64ZIWBJHM-820x599.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/4GHXRPYZUNNKPAB6O64ZIWBJHM-300x219.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/4GHXRPYZUNNKPAB6O64ZIWBJHM-123x90.jpg 123w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/4GHXRPYZUNNKPAB6O64ZIWBJHM-768x561.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/4GHXRPYZUNNKPAB6O64ZIWBJHM-1536x1123.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/4GHXRPYZUNNKPAB6O64ZIWBJHM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>FILE PHOTO: South Africa&#8217;s Ambassador to the UN Mathu Joyini speaks during the 11th emergency special session of the 193-member U.N. General Assembly on Russia&#8217;s invasion of Ukraine, at the United Nations Headquarters in Manhattan, New York City, U.S., March 1, 2022. REUTERS/Carlo Allegri/File Photo</figcaption></figure>



JOHANNESBURG, April 13 (Reuters)&nbsp;&#8211;&nbsp;Western powers seeking to isolate Russia over Ukraine are disappointed at what they see as lukewarm support from African nations at the U.N. general assembly &#8211; where their 54 votes form a bloc large enough to swing resolutions.



The Ukraine war comes at a time of heightened rivalry between the West, China and Russia over Africa&#8217;s natural resources, trade and security ties.



Below are some reasons for the continent&#8217;s divided stance:



<h2 class="wp-block-heading" id="h-hearts-and-minds">HEARTS AND MINDS</h2>



On the day of the invasion, Feb. 24, the African Union unequivocally called on Russia to respect &#8220;the territorial integrity and national sovereignty of Ukraine&#8221;, while Kenya&#8217;s U.N. ambassador, Martin Kimani, spoke for many when he compared Russian aggression to that of Africa&#8217;s former colonial masters.



However, African votes on U.N. resolutions have been mixed, for example on the suspension of Russia from the Human Rights Council: nine African nations voted against, 23 abstained, 11 didn&#8217;t vote and only 11 backed it.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N2W5129&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



While an abstention might look &#8216;pro-Russian&#8217;, Russia has also threatened countries that abstain, underscoring how squeezed would-be neutral parties are.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N2W413B&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



The West has meanwhile stepped up its efforts to vie for African hearts and minds. That could serve the continent well.



&#8220;It makes sense for (the West) to maintain those relationships (with African countries),&#8221; said Cayley Clifford, researcher at the South African Institute of International Affairs. &#8220;This whole conflict &#8230; almost gives Africa the upper hand.&#8221;



<h2 class="wp-block-heading">AFRICA&#8217;S NOT A COUNTRY</h2>



Analysts note that African countries have varying motives when it comes to Russia, so talk of an &#8216;African position&#8217; makes little sense.



&#8220;You can&#8217;t just brush it with one paint. There is no &#8216;African view&#8217;. There are various views based on various historical reasons,&#8221; Comfort Ero, President of the International Crisis Group, said.



Kenya is pursuing a security partnership with the United States against Somalia-based Islamist militants; Nigeria seeks support against Islamic state and Boko Haram; Ghana has sought to deepen U.S. cultural ties by becoming Africa&#8217;s premiere slave heritage tourism destination.



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2022/afreximbank-sets-up-4-bln-trade-fund-to-cushion-against-ukraine-related-shocks/">Afreximbank sets up $4 bln trade fund to cushion against Ukraine-related shocks</a></h3>



Many that do not back the West&#8217;s stance &#8211; like South Africa, Eritrea and Central African Republic &#8211; have close trade and security ties with Russia they don&#8217;t want to jeopardise.



The diplomatic heavyweight least inclined to back the West is South Africa, which went so far as proposing an alternative resolution that didn&#8217;t mention Russia&#8217;s invasion of Ukraine.



South Africa&#8217;s close trade and historical ties with Russia are often invoked, but analysts say it&#8217;s less to do with this &#8211; South Africa trades many times more with NATO countries &#8211; than with its non-aligned ideology, as outlined by Foreign Minister Naledi Pandor in a speech last week.



<h2 class="wp-block-heading">DISILLUSIONMENT</h2>



African countries have long resented being a theatre for distant power struggles happening in faraway capitals.



&#8220;It&#8217;s a feeling that we are where superpowers practise their games,&#8221; said a senior African diplomat. &#8220;How we experience it doesn&#8217;t matter to them. What they care about is their power.&#8221;



On COVID-19, African leaders&#8217; calls for vaccines have fallen on the deaf ears of rich nations with more than enough to spare. Ditto for Africa&#8217;s plea for funds to deal with climate change.



&#8220;When we have a problem, we&#8217;re on our own; when there&#8217;s an &#8216;international problem&#8217;, as defined by the West, then it&#8217;s a global problem&#8230; Everybody treats us like pawns,&#8221; Chris Ogunmodede, associate editor at World Politics Review, said.



For others, a superpower invading a weaker nation on a false pretext has echoes of 2003.



&#8220;They deceived us on Iraq, they told us there are weapons of mass destruction and we &#8230; supported them,&#8221; Uganda&#8217;s Foreign Minister of State Okello Oryem told Reuters, referring to the false claim that Saddam Hussein was developing nuclear weapons to explain why Uganda was being more cautious this time.



Uganda was among just four African states backing the U.S.-led invasion, when President Yoweri Museveni was a close ally.



Relations have since soured. Museveni bristles at Western criticism that he&#8217;s an autocrat, and defence of gay rights &#8211; the kind of moralising that China and Russia don&#8217;t do.



(Additional reporting by Michelle Nichols at the United Nations, Elias Biryabarema in Kampala and Giulia Paravicini; Editing by James Macharia Chege, Kirsten Donovan)

FILE PHOTO: 11th emergency special session of the U.N. General Assembly on Russia’s invasion of Ukraine, in New York City

Why African nations’ support for UN action on Russia/Ukraine is so mixed

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="563" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/Z63TKZLGTFLOXPFQ45DXM3R5TE-820x563.jpg" alt="" class="wp-image-416462" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/Z63TKZLGTFLOXPFQ45DXM3R5TE-820x563.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/Z63TKZLGTFLOXPFQ45DXM3R5TE-300x206.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/Z63TKZLGTFLOXPFQ45DXM3R5TE-131x90.jpg 131w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/Z63TKZLGTFLOXPFQ45DXM3R5TE-768x527.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/Z63TKZLGTFLOXPFQ45DXM3R5TE.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Service members of pro-Russian troops ride an armoured vehicle during fighting in Ukraine-Russia conflict near a plant of Azovstal Iron and Steel Works company in the southern port city of Mariupol, Ukraine April 12, 2022. REUTERS/Alexander Ermochenko</figcaption></figure>



LVIV, Ukraine, April 13 (Reuters)&nbsp;&#8211;&nbsp;U.S. President Joe Biden said for the first time that Moscow&#8217;s invasion of Ukraine amounts to genocide, as President Vladimir Putin said Russia would &#8220;rhythmically and calmly&#8221; continue its operation and achieve its goals.



&#8220;Yes, I called it genocide because it has become clearer and clearer that Putin is just trying to wipe out the idea of being able to be Ukrainian and the evidence is mounting,&#8221; Biden told reporters as he prepared to board Air Force One on Tuesday.



Biden has repeatedly called Putin a war criminal, but delivering a speech at an ethanol plant in Iowa earlier on Tuesday the U.S. president escalated his rhetoric to accuse Russia of genocide.



&#8220;We&#8217;ll let the lawyers decide internationally whether or not it qualifies, but it sure seems that way to me.&#8221;



Russia has denied targeting civilians and has said Ukrainian and Western allegations of war crimes are fabricated.



Many towns Russia has retreated from in northern Ukraine were littered with the bodies of civilians killed in what Kyiv says was a campaign of murder, torture and rape.



Interfax Ukraine news agency on Wednesday quoted the Kyiv district police chief saying 720 bodies have been found in the region around the capital, with more than 200 people missing.



The General Headquarters of the Armed Forces of Ukraine said in a Wednesday briefing that Russian forces were maintaining rocket and bomb attacks on civilian infrastructure in the Kharkiv region in the northeast and the Zaporizhzhia region in central Ukraine. Reuters could not verify the reports.



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2022/afreximbank-sets-up-4-bln-trade-fund-to-cushion-against-ukraine-related-shocks/">Afreximbank sets up $4 bln trade fund to cushion against Ukraine-related shocks</a></h3>



Moscow&#8217;s nearly seven-week long incursion, the biggest attack on a European state since 1945, has seen more than 4.6 million people flee abroad, killed or injured thousands and left Russia increasingly isolated on the world stage.



The Kremlin says it launched a &#8220;special military operation&#8221; on Feb. 24 to demilitarise and &#8220;denazify&#8221; Ukraine. Kyiv and its Western allies reject that as a false pretext for the invasion.



Putin on Tuesday used his first public comments on the conflict in more than a week to say Russia would &#8220;rhythmically and calmly&#8221; continue its operation, and expressed confidence his goals, including on security, would be achieved.



Ukrainian President Volodymyr Zelenskiy mocked Putin in an early morning address on Wednesday: &#8220;How could a plan that provides for the death of tens of thousands of their own soldiers in a little more than a month of war come about?&#8221;



Putin said that on-off peace negotiations &#8220;have again returned to a dead-end situation for us.&#8221;



The Russian leader frequently seemed to ramble or stammer. Only occasionally did he adopt the icy, confident demeanour that has been his trademark fopr 22 years in power.



Putin, who had been ubiquitous on Russian television in the early days of the war, had largely retreated from public view since Russia&#8217;s withdrawal from northern Ukraine two weeks ago.



Russian forces have failed to capture one major city and have suffered heavy losses since launching an invasion in late February.



Russia&#8217;s appointment of Army General Alexander Dvornikov as commander of the Ukraine war shows how Ukrainian resistance and Russia&#8217;s ineffective pre-war planning is forcing it to reassess its operations, British military intelligence said on Wednesday.



<h2 class="wp-block-heading" id="h-battle-for-donbas-critical">BATTLE FOR DONBAS CRITICAL</h2>



Russia says it now aims to capture more territory on behalf of separatists in two eastern provinces, known as the Donbas, which includes the besieged port of Mariupol.



The assault on the industrial heartland of Donbas sets the stage for a protracted battle that is certain to inflict heavy losses on both sides and will ultimately define the course of the war, analysts said.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N2WA4VA&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Ukraine says tens of thousands of civilians have been trapped inside Mariupol with no way to bring in food or water, and accuses Russia of blocking aid convoys.



As Russia redoubles efforts in the east, Luhansk regional Governor Serhiy Gaidai urged residents to evacuate.



&#8220;It&#8217;s far more scary to remain and burn in your sleep from a Russian shell,&#8221; he wrote on social media.



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2022/ukraine-war-unleashes-battle-for-global-south-hearts-and-minds/">Ukraine war unleashes battle for Global South hearts and minds</a></h3>



Pavlo Kyrylenko, governor of the eastern Donetsk region, said he had seen incident reports on possible chemical weapons use in Mariupol but could not confirm them.



The United States and Britain have said they were trying to verify the reports. The Organisation for the Prohibition of Chemical Weapons (OPCW) said it was closely monitoring the situation.



Chemical weapons production, use and stockpiling is banned under the 1997 Chemical Weapons Convention.



Russia&#8217;s defence ministry has not responded to a Reuters request for comment. Russian-backed separatist forces in the east denied using chemical weapons in Mariupol, the Interfax news agency reported.



The United States is expected to announce $750 million more in military assistance, two officials told Reuters, likely including heavy ground artillery systems to Ukraine, including howitzers, in a sign the war is expected to drag on.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N2WA2AH&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



(Reporting by Steve Holland, DES MOINES, Iowa, Jeff Mason, WASHINGTON and Reuters bureaus; Writing by Michael Perry; Editing by Stephen Coates &amp; Simon Cameron-Moore)

Z63TKZLGTFLOXPFQ45DXM3R5TE

Biden says Russia committing genocide in Ukraine

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="740" height="416" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/01/107005371-1643039437930-gettyimages-1237649604-AFP_9VX32Q.jpeg" alt="" class="wp-image-414841" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/01/107005371-1643039437930-gettyimages-1237649604-AFP_9VX32Q.jpeg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2022/01/107005371-1643039437930-gettyimages-1237649604-AFP_9VX32Q-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/01/107005371-1643039437930-gettyimages-1237649604-AFP_9VX32Q-160x90.jpeg 160w" sizes="auto, (max-width: 740px) 100vw, 740px" /><figcaption>The seal for the International Monetary Fund is seen near the World Bank headquarters (R) in Washington, DC on January 10, 2022.
Stefani Reynolds | AFP | Getty Images</figcaption></figure>



DAKAR, April 12 (Reuters)&nbsp;&#8211;&nbsp;The World Bank said on Tuesday it has signed deals to finance four projects in Senegal worth a total of $495 million to help improve education, electricity, economic development and road access to rural areas.



The West African nation of around 16.7 million, considered lower-middle-income by the World Bank, was hit hard by border closures during the pandemic that affected tourism and delayed oil and gas extractions.



Most of the coastal country was struggling with unemployment even before the coronavirus hit, with jobs and industries concentrated in the capital Dakar and a few other cities.



The World Bank director for Senegal and neighbouring countries, Nathan Belete, announced what he described as a &#8220;record&#8221; funding in a statement.



A project to improve the quality of the education system will be awarded $100 million and benefit over 600,000 students, the bank said.



<h3 class="wp-block-heading" id="h-read-more-rmb-raises-3-bln-on-behalf-of-treasury-in-south-african-sovereign-bonds">Read more: <a href="https://www.cnbcafrica.com/2022/rmb-raises-3-bln-on-behalf-of-treasury-in-south-african-sovereign-bonds/">RMB raises $3 BLN on behalf of Treasury in South African Sovereign Bonds</a></h3>



Another $45 million will fund a project to help develop the economy of the impoverished southern Casamance region, focusing on rural areas and including the construction infrastructure resistant to the impact of climate change.



The Bank also said that $150 million will be disbursed to improve electricity access across the country, connecting 200,000 households to the grid and improving power services in schools, health facilities, and small and medium enterprises.



The fourth project, worth $200 million, will focus on developing better road links to rural food producing areas in northern and central regions.



Agriculture is Senegal&#8217;s main driver of economic growth, while services remain the biggest contributor to gross domestic product (GDP), the World Bank says.



The pandemic caused its real GDP growth to slow to 1.5% in 2020 from 4.4% a year earlier.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N2SM6P2&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



The economy bounced back to 5% growth in 2021. It is forecast by the International Monetary Fund to accelerate to 5.5% in 2022 and peak at about 10% in 2023-24 with the start of oil and gas production.



(Reporting by Bate Felix; Writing by Sofia Christensen; Editing by James Macharia Chege and Bill Berkrot)

107005371-1643039437930-gettyimages-1237649604-AFP_9VX32Q

World Bank to finance four projects worth $495 million in Senegal

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/64ZH7HNPQNPYPHJMSDJW55C7GA-820x429.jpg" alt="" class="wp-image-416437" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/64ZH7HNPQNPYPHJMSDJW55C7GA-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/64ZH7HNPQNPYPHJMSDJW55C7GA-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/64ZH7HNPQNPYPHJMSDJW55C7GA-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/64ZH7HNPQNPYPHJMSDJW55C7GA-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/64ZH7HNPQNPYPHJMSDJW55C7GA.jpg 1200w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>South African bank notes featuring images of former South African President Nelson Mandela (R) are displayed next to the American dollar notes in this photo illustration in Johannesburg August 13 2014. REUTERS/Siphiwe Sibeko</figcaption></figure>



April 12 (Reuters) – Rand Merchant Bank (RMB) has raised $3 billion in South African sovereign bonds on behalf of the National Treasury, the corporate and investment unit of FirstRand banking group said on Tuesday.



The issuance comes on the heels of Moody’s revising South Africa’s outlook to “stable” from “negative”, saying the country’s improved fiscal outlook would help the government to stabilise its debt burden over the medium term.



The transaction was 2.3 times oversubscribed, issued in two tranches, raising $1.4 billion from 10-year notes with a 5.875% coupon, and $1.6 billion from 30-year notes with a 7.30% coupon, RMB, a joint lead manager in the transaction said.



“The capital raise was particularly successful against a global backdrop of heightened market volatility, falling emerging market bond prices and rising short term interest rates,” Lwandile Nene, senior transactor in RMB’s International Debt Capital Markets team, said in a statement.



<h3 class="wp-block-heading" id="h-read-more-nigeria-s-vp-osinbajo-to-seek-ruling-party-ticket-to-run-for-president">Read more: <a href="https://www.cnbcafrica.com/2022/nigerias-vp-osinbajo-to-seek-ruling-party-ticket-to-run-for-president/">Nigeria’s VP Osinbajo to seek ruling party ticket to run for president</a></h3>



The dollar denominated bonds are rated at investment grade by rating agency Moody’s, while S&amp;P and Fitch place them on junk status and are to be listed on the Luxembourg Stock Exchange.



The bank said it worked with Absa Bank/HSBC and Deutsche Bank/Nedbank consortiums as lead managers.



The National Treasury did not immediately respond to a request for a comment. 



(Reporting by Bhargav Acharya Editing by James Macharia Chege)

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RMB raises $3 BLN on behalf of Treasury in South African Sovereign Bonds

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/XMLGGTXX2ZMPXGKFLCTUVP6EHA-820x547.jpg" alt="" class="wp-image-416422" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/XMLGGTXX2ZMPXGKFLCTUVP6EHA-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/XMLGGTXX2ZMPXGKFLCTUVP6EHA-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/XMLGGTXX2ZMPXGKFLCTUVP6EHA-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/XMLGGTXX2ZMPXGKFLCTUVP6EHA-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/XMLGGTXX2ZMPXGKFLCTUVP6EHA.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>A protester marches during a rally against military rule following coup in Khartoum, Sudan. February 10, 2022. Reuters/Mohamed Nureldin Abdallah/File Photo</figcaption></figure>



KHARTOUM, April 11 (Reuters)&nbsp;&#8211;&nbsp;Crowds of Sudanese protesters gathered in parts of the capital and other Sudanese cities on Monday, the third anniversary of Omar al-Bashir&#8217;s ouster to protest the prospect of renewed military rule.



Bashir was ousted after three decades in power by a group of his top generals, who later entered into a power-sharing government with the civilian groups that had led months of protests in 2019.



That arrangement ended on Oct. 25 when the same military leaders, led by General Abdel Fattah al-Burhan, staged a coup, which has plunged the country into economic and political turmoil.



&#8220;Bashir&#8217;s downfall did not mean a final victory for the revolution, because Burhan is a continuation of his regime,&#8221; said 38-year-old protester Ahmed Ibrahim. &#8220;We will bring down the military peacefully and democracy is Sudan&#8217;s future,&#8221; he told Reuters at a Khartoum protest.



<h3 class="wp-block-heading" id="h-read-more-sudan-s-burhan-says-army-ousted-government-to-avoid-civil-war">Read more: <a href="https://www.cnbcafrica.com/2021/sudan-internet-cuts-complicate-civil-disobedience-campaign-against-coup/">Sudan’s Burhan says army ousted government to avoid civil war</a></h3>



Protesters blocked main roads, burning tires, banging drums, and chanting revolutionary poems.



Protests against the coup have taken place despite a security crackdown that has claimed the lives of 94 people and injured thousands, as well as climbing temperatures and Ramadan fasts.



Khartoum protesters broke their day-long fasts in the street, as they did in major protests last week, and numbers swelled after sunset.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N2W42JO&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Protests were also seen in other major cities, including Bahri, Omdurman, Port Sudan, Madani, and El Obeid.



The military says the coup was a necessary corrective measure. Reuters reported last week that a deal was under consideration between the military and some political groups to bypass opposition parties and set up a new government.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N2W334F&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



(Reporting by Khalid Abdelaziz, writing by Nafisa Eltahir; Editing by Howard Goller)

XMLGGTXX2ZMPXGKFLCTUVP6EHA

Sudanese protesters mark third anniversary of Bashir’s ouster with fresh protests

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="357" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg" alt="" class="wp-image-400669" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1-300x175.jpg 300w" sizes="auto, (max-width: 612px) 100vw, 612px" /><figcaption>World map with charts and graphs as symbols of global finance</figcaption></figure>



NAIROBI, April 12 (Reuters) – The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday. 



<h2 class="wp-block-heading" id="h-events">EVENTS: </h2>



Uganda’s central bank is due to release its benchmark rate for the next two months. The rate was left unchanged at 6.5% at the last monetary policy committee meeting. 



<h2 class="wp-block-heading">GLOBAL MARKETS </h2>



Asian shares were down while the U.S. dollar held strong on Tuesday, as Treasury yields spiked to a three year high ahead of U.S. inflation data which could foreshadow even more aggressive interest rate hikes from the Federal Reserve. 



<h2 class="wp-block-heading">WORLD OIL PRICES </h2>



Oil futures rose early on Tuesday, reversing sharp losses from the prior day, as the market weighed the potential for more sanctions on Russia’s energy sector and OPEC warned it would be impossible to increase output enough to offset lost supply. 



<h2 class="wp-block-heading">SOUTH AFRICA MARKETS</h2>



The South African rand advanced on Monday, supported by higher precious metals prices and shrugging off weaker-than-expected manufacturing numbers. 



<h2 class="wp-block-heading">KENYA MARKETS </h2>



The Kenyan shilling was steady on Monday although demand for dollars from firms in manufacturing and energy sectors was likely to cause further depreciation, traders said. 



<h2 class="wp-block-heading">NIGERIA POLITICS </h2>



Nigerian vice president Yemi Osinbajo said on Monday he wanted to run for president next February on the ruling All Progressives Party ticket but faces a challenge from another party stalwart who said he also wanted to join the race. 



<h2 class="wp-block-heading">BURKINA FASO MINING </h2>



Russia’s Nordgold is shutting down its Taparko mine in Burkina Faso and calling force majeure citing the deteriorating security situation in the West African country, according to a company statement seen on Monday. 



<h2 class="wp-block-heading">GHANA BONDS </h2>



Ghana plans to issue 24 billion cedi ($3.24 billion) in bonds in second quarter according to a government debt issuance calendar published by the central bank.

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on April 12

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="780" height="511" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/download-36.jpg" alt="" class="wp-image-415843" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/download-36.jpg 780w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/download-36-300x197.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/download-36-137x90.jpg 137w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/download-36-768x503.jpg 768w" sizes="auto, (max-width: 780px) 100vw, 780px" /><figcaption>FILE PHOTO: A serviceman of pro-Russian militia walks nest to a military convoy of armed forces of the separatist self-proclaimed Luhansk People&#8217;s Republic (LNR) on a road in the Luhansk region, Ukraine February 27, 2022. REUTERS/Alexander Ermochenko</figcaption></figure>



LONDON, April 11 (Reuters)&nbsp;&#8211;&nbsp;As Russian troops fought in Ukraine last month and the West sought global support for sanctions against the Kremlin, South African left-wing firebrand Julius Malema told a crowd he and his supporters would never turn on Russia after its support in the fight against apartheid.



Russian President Vladimir Putin’s invasion of Ukraine has intensified a global battle for influence that may prove as important as the fighting. It is a confrontation that has seen the Kremlin look to exploit historic relations with emerging states, while the United States and its allies have sometimes struggled to win over the Global South.



The Kremlin has long worked to cement relations with fellow emerging economies of Brazil, India and China, dubbed the BRICs in 2001 by Goldman Sachs. South Africa was formally invited to join that group in 2010, with current president Cyril Ramaphosa echoing recent Russian talking points in blaming the Ukraine war in part on NATO’s eastward growth.



On March 30, Russian Deputy Foreign Minister Sergei Ryabkov told Russia’s RT television the BRICS would &#8220;be at the centre of a new world order&#8221; after the war was over. Russian media say U.S. attempts to persuade developing nations to join sanctions against Moscow will backfire.



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2022/russias-isolation-intensifies-as-ukraine-fighting-rages/">Russia’s isolation intensifies as Ukraine fighting rages</a></h3>



The reality is more complex – particularly amid growing evidence of casualties in Ukraine and targeting of civilian areas. Balanced against that, however, are years of long-running resentment against Western nations, from the invasion of Iraq to support for repressive regimes and trade policies seen as fuelling hardships.



It is a trend that extends beyond the BRICS across the developing world, with widespread scepticism of the West long a part of China’s game plan as it grows its economic and political power there. Russia is looking to exploit that further.



The realities of the Ukraine war, however, are also having an effect. On Thursday, the UN General Assembly voted to evict Russia from the UN Human Rights Council, a significant victory for Ukraine, the United States and European allies. Brazil, India and South Africa were among those nations to abstain despite Russian pressure for a “no” vote, while China voted against.



<h2 class="wp-block-heading">DIVIDED SOCIAL MEDIA</h2>



According to Mahmoud Pargoo, research fellow at the Alfred Deacon Institute in Melbourne, nearly 12 percent of Arabic language Twitter posts discussing Russia and Ukraine between Feb. 22 and March 15 also mentioned Syria, Yemen, Iraq, Afghanistan or the Palestinian conflict, often alleging some form of Western double standards.



A March poll by the Palestinian Centre for Policy and Survey Research found 43 percent of Palestinians blamed Russia for the war with Ukraine, compared with 40 percent who blamed Ukraine. However, 57 percent said they believed Western states applied different standards to judge a conflict in Europe compared to that between Israel and the Palestinians.



In Pakistan and Sri Lanka, the food and fuel price spike caused by disruptions to grain and energy supplies is already yielding an economic and political crisis. With both countries increasingly aligned to China, that has produced criticism of the West – but also allegations that recent problems are down to Russia’s military actions and mounting debts to Beijing.



Increasingly blocked from Western internet and TV audiences since the invasion, Russian outlets have been keen to access and fuel these conversations, particularly building on an already strong reach in the Americas. RT en Español has 3.5 million followers on Twitter and 18 million on Facebook, more than their English language RT equivalents.



According to the Atlantic Council think tank&#8217;s Digital Forensics Research Lab, RT en Español and the also Russian state-owned Spanish-language Sputnik Mundo were among the 15 most-shared domains for Spanish posts about the invasion on Twitter, often amplifying Russian conspiracy theories such as that recent massacres were faked by Ukraine.



Analysis by British think tank Demos suggests Russia may have deliberately attempted to influence social media conversations in multiple languages across the developing world, tracking hundreds of Twitter accounts whose activity intensified on either Feb. 24 – invasion day – or March 3, with a crucial UN vote. Most delivered a mixture of retweeted anti-Western and anti-colonialist content with pro-Russia and pro-invasion material.



<h2 class="wp-block-heading" id="h-targeting-nationalist-leaders">TARGETING NATIONALIST LEADERS</h2>



Identified feeds were in multiple languages including Urdu, Sindhi and Farsi. Others were embedded in networks supportive of Indian Prime Minister Narendra Modi and his Hindu Nationalist&nbsp;Bharatiya Janata Party&nbsp;and those of former South African President Jacob Zuma, who like his protégé Malema has been an outspoken supporter of Putin throughout the war.



In India, the war has exposed divisions between older and more right-wing Hindu nationalist demographics more likely to have sympathies with Moscow – in part because of its Cold War support for New Delhi – while younger elements are more likely to back Ukraine.



Diplomatic attention on New Delhi has also been intense. Last week, U.S. Deputy National Security Adviser for International Economics Daleep Singh became the latest senior official to visit India, following in the footsteps of Russian Foreign Minister Sergei Lavrov, British Foreign Secretary Liz Truss and U.S. Under Secretary of State for Political Affairs Victoria Nuland.



Normally a major buyer of Russian arms but not crude oil, India has made it clear it wishes to continue trading with Moscow despite Western sanctions, reportedly buying up oil cargoes at a major discount. But it has not been immune to sanctions – Air India last week announced it was stopping flying to Moscow because it could no longer get insurance.



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2022/ukraine-ready-to-discuss-adopting-neutral-status-in-russia-peace-deal-zelenskiy/">Ukraine ready to discuss adopting neutral status in Russia peace deal – Zelenskiy</a></h3>



Brazil’s government has also been under pressure, including from within its political establishment. A week before the invasion, President Jair Bolsonaro visited Putin in Moscow, saying that the two nations stood in “solidarity” and praising the Russian leader.



Days later, Vice President Hamilton Mourao denied Brazil could remain “neutral” and that it would support Ukraine’s sovereignty, angering the president. On April 6, Brazil’s Foreign Ministry said the nations stood “in solidarity” with civilians killed in Bucha on the outskirts of Kyiv, although it stopped short of blaming Russia.



On Friday, U.S. President Joe Biden made his latest call to South Africa’s Ramaphosa, again pressuring him to join a united front on Ukraine. On Sunday, Ramaphosa told a political rally the tone of the call was “warm” – but there was no shift in policy. The battle for international influence is very far from over, and Washington can ill afford to overplay its hand.



*** Peter Apps is a writer on international affairs, globalisation, conflict and other issues. He is the founder and executive director of the Project for Study of the 21st Century; PS21, a non-national, non-partisan, non-ideological think tank. Paralysed by a war-zone car crash in 2006, he also blogs about his disability and other topics. He was previously a reporter for Reuters and continues to be paid by Thomson Reuters. Since 2016, he has been a member of the British Army Reserve and the UK Labour Party.



(Editing by Nick Macfie)

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Ukraine war unleashes battle for Global South hearts and minds

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="426" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/download-41.jpg" alt="" class="wp-image-416399" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/download-41.jpg 640w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/download-41-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/download-41-135x90.jpg 135w" sizes="auto, (max-width: 640px) 100vw, 640px" /><figcaption>Pedestrians walk in front of Ghana&#8217;s central bank building in Accra, Ghana, November 16, 2015. REUTERS/Francis Kokoroko/File Photo</figcaption></figure>



ACCRA, April 11 (Reuters) &#8211; Ghana plans to issue 24 billion cedi ($3.24 billion) in bonds in second quarter according to a government debt issuance calendar published by the central bank.



It said 20 billion cedi would be used to roll over maturing bonds, while the remaining 4.5 billion is fresh issuance to meet the government&#8217;s financing requirements.



Ghana&#8217;s economy is currently facing a raft of financial woes including rampant inflation, a depreciating currency and a heavy debt burden.



Its credit ratings have recently been downgraded for reasons including concerns for the country&#8217;s access to international capital markets.



The calendar showed that the government plans to issue 91-day and 182-day treasury bills weekly, while 364-day treasury bills will be issued every two weeks.



Two- and six-year debt will be issued through the book-building method, it showed.



This is a developing story&#8230;



(Reporting by Christian Akorlie and Cooper InveenEditing by Bate Felix)

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Ghana to issue $3.24 billion in bonds in second quarter, central bank says

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="817" height="545" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/download-40.jpg" alt="" class="wp-image-416392" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/download-40.jpg 817w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/download-40-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/download-40-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/download-40-768x512.jpg 768w" sizes="auto, (max-width: 817px) 100vw, 817px" /><figcaption>FILE PHOTO: Nigeria&#8217;s Vice President Yemi Osinbajo speaks during the Nigeria/Ecowas Trade and Investment for Development forum in Abuja, Nigeria November 2, 2017. REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



ABUJA, April 11 (Reuters)&nbsp;&#8211;&nbsp;Nigerian vice president Yemi Osinbajo will seek the ruling All Progressives Party (APC) ticket to run for president next February, he said&nbsp;on Twitter&nbsp;on Monday, as he bids to succeed his boss Muhammadu Buhari in Africa&#8217;s top oil producer.



Political parties in Nigeria should pick presidential candidates by June 3. Official campaigning will begin in September, according to the country&#8217;s electoral commission.



With&nbsp;Buhari set to step down after serving two four-year terms,&nbsp;the Feb. 23, 2023 ballot&nbsp;is expected to be a hotly contested affair.



&#8220;I am today, with utmost humility formally declaring my intention to run for the office of the president of the Federal Republic of Nigeria on the platform of APC,&#8221;&nbsp;Osinbajo&nbsp;said, ending months of speculation.



Supporters tout Osinbajo as a safe pair of hands who would provide stability and pursue a more liberal economic policy, including easing of forex rules. He has previously criticised the central bank for maintaining foreign currency controls.



<h3 class="wp-block-heading" id="h-read-more-energy-transition-leave-us-out-says-nigeria-oil-minister">Read more: <a href="https://www.cnbcafrica.com/2022/energy-transition-leave-us-out-says-nigeria-oil-minister/">‘Energy transition? Leave us out,’ says Nigeria oil minister</a></h3>



But he may find it difficult to distance himself from the policies of his boss Buhari, who critics accuse of racking up huge national debts and failing to end an Islamist insurgency in the northeast and kidnappings for ransom by armed gangs in the northwest.



A deputy to Buhari since 2015, Osinbajo, a 61-year-old law professor and southern Christian pastor, has to fend off a challenge from Asiwaju Bola Tinubu, a southern Muslim and wealthy power broker and former governor of Lagos state, the commercial engine of Africa&#8217;s biggest economy.



Osinbajo served as Lagos justice commissioner and attorney general under Tinubu from 1999 to 2007.



Osinbajo also lacks a political base of his own and would need to build a strong coalition of supporters with deep pockets to take on the political machinery of Tinubu, who helped campaign and deliver victory to Buhari during elections in 2015 and 2019.



Buhari has not said whether he will support either Osinbajo or Tinubu.



(Reporting by Felix Onuah, Editing by MacDonald Dzirutwe and Toby Chopra)

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Nigeria’s VP Osinbajo to seek ruling party ticket to run for president

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="484" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/BYYJJINYJBOSTHPHXYL6KBXAQ4-820x484.jpg" alt="" class="wp-image-415655" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/BYYJJINYJBOSTHPHXYL6KBXAQ4-820x484.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/BYYJJINYJBOSTHPHXYL6KBXAQ4-300x177.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/BYYJJINYJBOSTHPHXYL6KBXAQ4-153x90.jpg 153w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/BYYJJINYJBOSTHPHXYL6KBXAQ4-768x453.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/BYYJJINYJBOSTHPHXYL6KBXAQ4-1536x906.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/BYYJJINYJBOSTHPHXYL6KBXAQ4-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>FILE PHOTO: Russian Rouble and U.S. Dollar banknotes are seen in this illustration taken, February 24, 2022. REUTERS/Dado Ruvic/Illustration</figcaption></figure>



JOHANNESBURG/BENGALURU, April 8 (Reuters) &#8211; Most emerging market currencies will continue to struggle against the mighty dollar over the coming year as the U.S. Federal Reserve finally delivers expected aggressive policy tightening, according to a Reuters poll of FX strategists.



Central banks in emerging market economies have been bracing for this for months by hiking their benchmark interest rates. But the actual moment when the Fed delivers half-point rate increases and rapid balance sheet reduction still matters.



Minutes from the Fed&#8217;s March meeting showed officials had generally agreed to trim the central bank&#8217;s balance sheet by $95 billion a month, providing a major boost to the greenback which was already riding high.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N2W41S3&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



The latest Reuters poll of over 50 currency strategists showed nearly all developing market currencies would weaken over the coming 12 months.



Even currencies which have been dragged higher by the ongoing commodity cycle and their respective central banks&#8217; policy tightening, like the Brazilian real&nbsp;BRL=&nbsp;and the South African rand&nbsp;ZAR=D3, were forecast to give up about half of those gains in a year.



These currencies have gained about 18% and 9% respectively so far in 2022.



The Mexican peso &#8211; a classic emerging market foreign exchange hedge — is expected to lose more than three times its gains for this year in 12 months.



&#8220;In the face of imminent sharp Fed hikes and with U.S. yields moving rapidly higher, the resilience of EMFX remains somewhat surprising,&#8221; noted Paul Meggyesi, head of FX strategy at JPMorgan.



&#8220;A particular risk to EMFX is that as the Fed starts to deliver rate hikes, further upside in U.S. yields could be primarily driven more by real yields than breakeven inflation&#8221;



Meggyesi added this has historically been negative for emerging market currencies.



<h3 class="wp-block-heading" id="h-read-more-fx-markets-in-for-bumpy-ride-over-next-three-months">Read more: <a href="https://www.cnbcafrica.com/2022/fx-markets-in-for-bumpy-ride-over-next-three-months/">FX markets in for bumpy ride over next three months</a></h3>



While most emerging market currencies have managed to escape the onslaught of the Fed&#8217;s policy tightening relatively unscathed, the Russian rouble and the Turkish lira were notable exceptions.



The rouble, which fell by half in the past month and hit an all-time low of 150 per dollar after Russia&#8217;s invasion of Ukraine, was expected to weaken over 15% to 94.2 per dollar in a year from 78.5 presently.



The Russian currency is driven by export-focused companies selling foreign currency and low activity of importers. But analysts warned the recent rouble rally won&#8217;t last.



&#8220;(The recent gain) is not the true reflection of the fundamental situation in Russia. The economy is expected to contract very sharply and inflation is going to become more elevated, which over the longer term should be more consistent with a weaker rouble,&#8221; said Lee Hardman, currency analyst at MUFG.



Hardman said the situation for the Turkish lira wasn&#8217;t very different.



&#8220;They (the government) are intervening to support the lira but they&#8217;re not going down the kind of draconian measures like capital controls we see in Russia.&#8221;



The lira, which weakened 44% last year, was forecast to plunge another 15% to 17.27 per dollar in a year as it grapples with rampant inflation that hit a 20-year high of 61.14% in March.



China&#8217;s tightly controlled yuan was predicted to depreciate 1.4% to 6.45 per dollar in a year as analysts warned that a shrinking yield gap between Chinese and U.S. 10-year government bonds could trigger capital outflows.



Elsewhere in Asia, the Philippine peso and the Indian rupee were set to weaken between 1%-3%.



(For other stories from the April Reuters foreign exchange poll:&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL3N2W420F&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>)



(Reporting by Vuyani Ndaba in JOHANNESBURG and Vivek Mishra in BENGALURU; Polling by Devayani Sathyan and Md Manzer Hussain; Editing by Ross Finley and Bernadette Baum)

FILE PHOTO: Illustration shows Russian Rouble and U.S. Dollar banknotes

No peace for emerging market currencies as mighty U.S. dollar reigns

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="549" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/6P3A4A5Y3FPCBIXZTKFUXZLSHM-820x549.jpg" alt="" class="wp-image-416341" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/6P3A4A5Y3FPCBIXZTKFUXZLSHM-820x549.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/6P3A4A5Y3FPCBIXZTKFUXZLSHM-300x201.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/6P3A4A5Y3FPCBIXZTKFUXZLSHM-134x90.jpg 134w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/6P3A4A5Y3FPCBIXZTKFUXZLSHM-768x514.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/6P3A4A5Y3FPCBIXZTKFUXZLSHM.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>The lignite (brown coal) power plant complex of German energy supplier and utility RWE is reflected in a large puddle in Neurath, northwest of Cologne, Germany, February 5, 2020. REUTERS/Wolfgang Rattay/</figcaption></figure>



LONDON, April 6 (Reuters) – European buyers are increasing shipments of coal from across the globe against a backdrop of a proposed European Union ban on Russian imports and the scramble to relieve tight gas supplies, according to data and shipping sources.



The European Commission on Tuesday proposed new sanctions against Moscow over its invasion of Ukraine, including a ban on buying Russian coal and on Russian ships entering EU ports.



The new proposed restrictions come at a time of uncertainty about future gas deliveries from Russia to the EU later this month after the Kremlin’s demand that buyers start paying Russian gas giant Gazprom in roubles.



In March, European countries imported a total of 7.1 million tonnes of thermal coal, which is used in power and heat generation, a 40.5% increase year-on-year and the highest level since March 2019, analysis from shipbroker Braemar ACM, based on ship tracking data, found.



“Despite Russian coal shipments to Europe in March still continuing at pre-war levels, the expected alteration in coal flows into Europe has started to show,” Braemar dry bulk analyst Mark Nugent said.



“Shipments from Colombia and the United States have been strong in response to the conflict with Atlantic suppliers providing the most cost-efficient alternative for European end-users.”



The EU depends on Russia for around 45% of its coal imports, 45% of its gas imports and around 25% of its oil imports, according to the European Commission website.



EU envoys are set to approve on Thursday a ban on Russian coal that would take full effect from mid-August, a month later than initially planned, two EU sources told Reuters, following pressure from Germany to delay the measure.



Braemar data showed 3.5 million tonnes of Russian thermal coal were imported into the EU in March, the highest monthly total since October 2020.



On a weekly basis, March 28-April 1 saw the highest levels of Russian thermal coal imports since the Feb. 24 invasion began, with 887,000 tonnes of Russian thermal coal imported into the EU, according to Braemar.



German coal importers’ group VDKi on Wednesday said the country should be able to find alternatives to Russian hard coal imports by the peak demand winter season, but there will be technical issues and increased costs. “Alternatives to Russian coal do exist but will be costly,” consultancy Eurasia Group said in a note on Wednesday.



Thermal coal imports from Colombia totalled 1.3 million tonnes in March, rising by 47.3% year-on-year, Braemar data showed.



Imports from the U.S. in March totalled 809,000 tonnes, rising by 30.3% year-on-year and at their highest level since October 2019.



Imports from South Africa also picked up with 287,000 tonnes arriving in March versus no shipments in March last year.



<h3 class="wp-block-heading" id="h-read-more-coal-s-rally-thumps-oil-and-gas-brings-pain-to-asian-buyers-russell">Read more: <a href="https://www.cnbcafrica.com/2022/coals-rally-thumps-oil-and-gas-brings-pain-to-asian-buyers-russell/">Coal’s rally thumps oil and gas, brings pain to Asian buyers: Russell</a></h3>



Australia has also found renewed buying interest from Europe, with thermal coal imports totalling 537,000 tonnes in the first quarter of this year, versus no shipments over the same period in 2021, Braemar said.



But Indonesia and Australia, among the world’s top coal exporters, have hit their production limits and are unlikely to meet Europe’s demand for additional supplies if the European Union bans Russian coal imports, mining executives said.



“There is greater concern over the risks with trading Russian coal (due to broader sanctions), so that is already having an impact on shipments,” one shipping source familiar with the trade said.



Europe is also looking for supplies of metallurgical coal, which is used for steelmaking.



Australia’s Coronado Global Resources, with metallurgical coal operations in the Australia and the United States, has received queries in the past few weeks from Europe for met coal to replace Russian met coal supplies, a spokesperson said, adding that it expected to meet some of that new demand.



Greece will ramp up coal mining in the next two years as a “temporary” measure to help reduce a dependence on gas that has soared since last year and after Russia’s invasion, Greek Prime Minister Kyriakos Mitsotakis said this week.



Although it is still more expensive to burn gas to produce power than coal, the price of thermal – which is for heating and power generation – has reached all-time highs this year.



Alex Stuart-Grumbar, dry bulk analyst with shipping consultancy MSI, said Europe’s need to import more coal from sources further afield would be positive for the larger panamax and capesize shipping segments on long-haul coal trade routes.



“The initial disruption to trade patterns will be positive for dry bulk markets, though ultimately, this will push global coal prices higher, incentivising China and India to produce more coal domestically,” Stuart-Grumbar said.



(Reporting by Jonathan Saul; Additional reporting by Nina Chestney in London and Sonali Paul in Melbourne; Editing by Veronica Brown and David Evans)

6P3A4A5Y3FPCBIXZTKFUXZLSHM

EU countries hunt for global coal stocks as Russian ban looms

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="452" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/P7D3GU2BGZNHDCNT6DEA6AP3D4-820x452.jpg" alt="" class="wp-image-416317" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/P7D3GU2BGZNHDCNT6DEA6AP3D4-820x452.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/P7D3GU2BGZNHDCNT6DEA6AP3D4-300x165.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/P7D3GU2BGZNHDCNT6DEA6AP3D4-160x88.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/P7D3GU2BGZNHDCNT6DEA6AP3D4-768x423.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/P7D3GU2BGZNHDCNT6DEA6AP3D4.jpg 1080w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>A security guard walks past a montage of old U.S. dollar bills outside a currency exchange in Kenya&#8217;s capital Nairobi July 23, 2015. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



NAIROBI, April 6 (Reuters)&nbsp;&#8211;&nbsp;Afreximbank said on Wednesday it had set up a $4 billion trade finance programme to cushion economies and businesses on the continent against shocks arising from the war in Ukraine, that demand for financing already exceeds the amount.



Cairo-headquartered Afreximbank said its Ukraine Crisis Adjustment Trade Financing Programme for Africa was approved by its board at the end of March.



It said the fund would extend to areas such as oil and metals buy-back financing, commodity export revenue stabilisation and tourism revenue deficit financing.



<h3 class="wp-block-heading" id="h-read-more-new-african-payments-system-for-cross-border-deals-negotiating-with-more-banks">Read more: <a href="https://www.cnbcafrica.com/2022/new-african-payments-system-for-cross-border-deals-negotiating-with-more-banks/">New African payments system for cross-border deals negotiating with more banks</a></h3>



&#8220;Given the importance of both Russia and Ukraine as sources of crude oil and gas, raw materials and grains, the outbreak of the conflict has wider repercussions on a global scale, including adversely affecting African economies, especially those that rely heavily on grain, fertiliser and fuel imports,&#8221; it said in a statement.



The two countries account for around 29% of global wheat exports, 19% of world corn supplies and 80% of world sunflower oil exports.



The bank said it had already received financing requests exceeding $15 billion.



&#8220;There is some urgency to meet these requests to avoid catastrophic social conditions across Africa and reduce the risk of their morphing into political challenges,&#8221; it said.



(Reporting by George Obulutsa; Editing by Hereward Holland and David Evans)



<a href="https://www.reutersconnect.com/all?categories=BUS_SPO_NEWS&amp;id=tag%3Areuters.com%2C2022%3Anewsml_L5N2W42VD%3A941238763&amp;languages=ENG&amp;media-types=T&amp;regions=AFR&amp;sources=RTRS#"></a>

P7D3GU2BGZNHDCNT6DEA6AP3D4

Afreximbank sets up $4 bln trade fund to cushion against Ukraine-related shocks

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="617" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1074407854-820x617.jpg" alt="" class="wp-image-416313" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1074407854-820x617.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1074407854-300x226.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1074407854-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1074407854-768x578.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1074407854-1536x1156.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1074407854.jpg 2000w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Vicky Ford MP raises a point of order saying that she had heard the words &#8220;stupid woman&#8221; being used about her in the chamber, and requesting an apology from Speaker John Bercow, in the House of Commons, London. (Photo by House of Commons/PA Images via Getty Images)</figcaption></figure>



LUSAKA, April 6 (Reuters)&nbsp;&#8211;&nbsp;Britain&#8217;s Moxico Resources&nbsp;IPO-MOXI.L&nbsp;plans to invest $100 million to expand its majority-owned Mimbula copper mine in Zambia, UK Minister for Africa Vicky Ford said on Wednesday.



The investment will create new jobs and increased tax revenues for Zambia&#8217;s government, Ford said in a statement released by the British High Commission in Zambia while she was on a visit to the country.



Ford was visiting Zambia to launch a new investment model, which she said marked a key moment for Britain&#8217;s financing of private sector growth and infrastructure across Africa.



<h3 class="wp-block-heading" id="h-read-more-zambia-expects-full-agreement-with-imf-on-1-4-bln-support-plan-in-mid-2022-finmin">Read more: <a href="https://www.cnbcafrica.com/2022/zambia-expects-full-agreement-with-imf-on-1-4-bln-support-plan-in-mid-2022-finmin/">Zambia expects full agreement with IMF on $1.4 bln support plan in mid-2022 – finmin</a></h3>



&#8220;We are committed to supporting countries grow their own economies, bolster private sector investment and trade, and deliver the returns that will support wider socio-economic development,&#8221; Ford said.



The Mimbula Copper Project is located in Zambia&#8217;s copper belt on the outskirts of Chingola town, more than 400 km north-west of Lusaka.



The copper-rich deposit is located on a large-scale mining licence held by Moxico Resources through its Zambian subsidiary, Mimbula Minerals Ltd.



Moxico holds an 85% ownership in the licence holding company and 15% is held by Moxico&#8217;s Zambian partners. The mining licence was granted in May 2017, with a validity for 25 years.



(Reporting by Chris Mfula; Editing by Mark Potter)

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EU countries hunt for global coal stocks as Russian ban looms

Afreximbank sets up $4 bln trade fund to cushion against Ukraine-related shocks

British firm plans to invest $100 million in Zambia mine expansion

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Reuters

StanChart cuts seven minnow businesses in Africa and Middle East

South Africa’s Transnet declares force majeure on coal contracts, Thungela says

Sub-Saharan Africa’s growth to slow to 3.6% this year, World Bank says

South African leader visits flood victims as death toll rises to 259

Why African nations’ support for UN action on Russia/Ukraine is so mixed

Biden says Russia committing genocide in Ukraine

World Bank to finance four projects worth $495 million in Senegal

RMB raises $3 BLN on behalf of Treasury in South African Sovereign Bonds

Sudanese protesters mark third anniversary of Bashir’s ouster with fresh protests

African Markets – Factors to watch on April 12

Ukraine war unleashes battle for Global South hearts and minds

Ghana to issue $3.24 billion in bonds in second quarter, central bank says

Nigeria’s VP Osinbajo to seek ruling party ticket to run for president

No peace for emerging market currencies as mighty U.S. dollar reigns

EU countries hunt for global coal stocks as Russian ban looms

Afreximbank sets up $4 bln trade fund to cushion against Ukraine-related shocks

British firm plans to invest $100 million in Zambia mine expansion

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