<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="426" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/05/45XVFQ22Y5JODI66UZXHMU62XQ.jpg" alt="" class="wp-image-618683" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/05/45XVFQ22Y5JODI66UZXHMU62XQ.jpg 640w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/45XVFQ22Y5JODI66UZXHMU62XQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/45XVFQ22Y5JODI66UZXHMU62XQ-135x90.jpg 135w" sizes="auto, (max-width: 640px) 100vw, 640px" /><figcaption class="wp-element-caption">A general view of OK grocery store is seen in Harare, Zimbabwe, November 27, 2017. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



HARARE, May 8 (Reuters)&nbsp;&#8211;&nbsp;Grocery retailer OK Zimbabwe Ltd&#8217;s&nbsp;OKZ.ZI&nbsp;majority shareholders have agreed to back a $30 million rights issue to cover a &#8220;funding gap&#8221; and stabilise the company&#8217;s financial position, its chief executive said.



&#8220;Most of the top five shareholders have indicated interest in following their rights,&#8221; CEO Willard Zireva told Reuters on Wednesday.



Earlier this month, the company announced a capital-raising plan including a rights issue, the private placement of shares, and debt instruments to strengthen its balance sheet, liquidity, and support a strategic turnaround plan.



It rehired Zireva as CEO earlier this year to lead the turnaround after he retired more than seven years ago. Previously, also as CEO, he had led the group through Zimbabwe&#8217;s tumultuous hyperinflation era of 2008.



OK Zimbabwe has been facing competition from smaller businesses amid their rapid growth. The surge in the informal, or grey, economy in the southern African country has spawned more price-competitive retailers, known as tuck shops, threatening the viability of more established formal retailers.



The company said last month it owed $30.34 million to suppliers, which it was struggling to service. It has shut down five of its outlets this year and struggled to stock several others.



The company&#8217;s major shareholders include Datvest Nominees Foreign, National Social Security Authority, Old Mutual Life, and Stanbic Nominees, which hold stakes of 19.99%, 16.09%, 13.36% and 12.9%, respectively.



(Reporting by Chris Muronzi; Editing by Rachna Uppal)

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Grocery chain OK Zimbabwe’s majority shareholders back $30 million rights issue, CEO says

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="425" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/BCL2V6MOJVKVRHJHNIF7JTB6QQ.avif" alt="" class="wp-image-615579"/><figcaption class="wp-element-caption">Raw copper from Zambia awaits export in a warehouse at Newlyn Terminal at Bayhead at the port in Durban, South Africa, April 4, 2024. REUTERS/Rogan Ward/File photo</figcaption></figure>



LUSAKA, April 30 (Reuters)&nbsp;&#8211;&nbsp;Zambia&#8217;s copper production was up about 30% on the previous year in the first quarter of 2025, reaching roughly 224,000 metric tons from around 173,000 metric tons in the first quarter of 2024, Mines Minister Paul Kabuswe said on Wednesday.



Kabuswe said in a statement that higher production by two big companies, Konkola Copper Mines and Mopani Copper Mines, contributed to the increased overall output.



(Reporting by Chris Mfula; Editing by Alexander Winning)

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Zambia copper production up 30% year on year in Q1, minister says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="534" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/08/PGUGJF2EGROX3BP7ZXEH6ITAYM-820x534.jpg" alt="" class="wp-image-426938" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/08/PGUGJF2EGROX3BP7ZXEH6ITAYM-820x534.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/PGUGJF2EGROX3BP7ZXEH6ITAYM-300x195.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/PGUGJF2EGROX3BP7ZXEH6ITAYM-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/PGUGJF2EGROX3BP7ZXEH6ITAYM-768x500.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/PGUGJF2EGROX3BP7ZXEH6ITAYM-1536x1000.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/PGUGJF2EGROX3BP7ZXEH6ITAYM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A delegate walks past a BRICS logo ahead of the 10th BRICS Summit, in Sandton, South Africa, July 24, 2018. REUTERS/Siphiwe Sibeko</figcaption></figure>



April 27 (Reuters)&nbsp;&#8211;&nbsp;Foreign ministers from the BRICS group of developing nations met on Monday to discuss a shared defense of the global trade system, coordinating their response to the barrage of new&nbsp;<a href="https://www.reuters.com/business/tariffs/" target="_blank" rel="noreferrer noopener">tariffs</a>&nbsp;from U.S. President&nbsp;<a href="https://www.reuters.com/world/us/donald-trump/" target="_blank" rel="noreferrer noopener">Donald Trump</a>.



The meeting in Rio de Janeiro is expected to produce a joint statement criticizing &#8220;unilateral measures&#8221; on trade from the group formed by Brazil, Russia, India, China and South Africa and recently expanded to include six more nations.



&#8220;The ministers are negotiating a declaration to reaffirm the centrality of&#8230; multilateral trade negotiations as the main axis of action in trade,&#8221; Brazilian Ambassador Mauricio Lyrio said. &#8220;They will reaffirm their criticism of unilateral measures of any origin, which has been a longstanding position of BRICS countries.&#8221;



The expanded BRICS group, which added Egypt, Saudi Arabia, the United Arab Emirates, Ethiopia, Indonesia and Iran last year, faces daunting challenges from U.S. trade actions.



China, which was hit with 145% tariffs on its exports to the United States, has pushed for a harsher tone in the communique but, according to a source familiar with negotiations, the final text will be critical but not confrontational.



The BRICS group as a whole has come under fire from Trump, who threatened another 100% in tariffs if the bloc moves ahead with a single currency to replace the dollar in trade relations.



Brazil has already&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N3P41EI&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">dropped the pursuit of a common currency</a>&nbsp;in its BRICS presidency, Reuters reported in February, although its agenda may pave the way for less reliance on the U.S. dollar in global trade.



With an eye on the United Nations climate summit Brazil is hosting in November, the BRICS ministers also will discuss a shared position on climate finance, a key priority for Brazil&#8217;s presidency.



Major developing nations including China face growing pressure from wealthier nations to contribute to financing adaptation and mitigation initiatives in the poorest countries.



&#8220;What is not on the agenda is the revision of which countries have to pay for the energy transition and the countries that can eventually, voluntarily, also finance it. This distinction is absolutely fundamental,&#8221; said Lyrio.



&#8220;The financial obligation to finance the fight against climate change and the energy transition in developing countries lies with rich countries,&#8221; he added.

A delegate walks past a BRICS logo ahead of the 10th BRICS Summit, in Sandton

BRICS nations discuss shared response to Trump trade policies

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="572" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PHZVFDZVK5KOFC5CAW3CU3SPAI-820x572.jpg" alt="" class="wp-image-532434" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PHZVFDZVK5KOFC5CAW3CU3SPAI-820x572.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PHZVFDZVK5KOFC5CAW3CU3SPAI-300x209.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PHZVFDZVK5KOFC5CAW3CU3SPAI-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PHZVFDZVK5KOFC5CAW3CU3SPAI-768x535.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PHZVFDZVK5KOFC5CAW3CU3SPAI-1536x1071.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PHZVFDZVK5KOFC5CAW3CU3SPAI-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A vendor shows a ten Zimbabwe gold-backed (ZiG) note along a street in Harare, Zimbabwe, July 17, 2024. REUTERS/Philimon Bulawayo</figcaption></figure>



April 25 (Reuters)&nbsp;&#8211;&nbsp;Zimbabwe&#8217;s annual inflation rate was at 85.7% in April in local currency terms, statistics agency data showed.



Friday&#8217;s release is the first time Zimstat has given a year-on-year local currency inflation rate since authorities launched the Zimbabwe Gold (ZiG) currency in April 2024.



The ZiG is Zimbabwe&#8217;s sixth attempt at a stable currency in less than two decades after a bout of hyperinflation under former leader Robert Mugabe.



But the ZiG is down almost 50% since its launch, according to Friday&#8217;s exchange rate on the central bank website.



(Reporting by Tannur Anders; Editing by Alexander Winning)

A vendor shows a ten Zimbabwe gold-backed (ZiG) note along a street in Harare

Zimbabwe’s local currency inflation at over 85% y/y in April

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/SVTODISKMNMFVOIO35WWZLCT7E-820x547.jpg" alt="" class="wp-image-610507" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/SVTODISKMNMFVOIO35WWZLCT7E-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/SVTODISKMNMFVOIO35WWZLCT7E-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/SVTODISKMNMFVOIO35WWZLCT7E-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/SVTODISKMNMFVOIO35WWZLCT7E-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/SVTODISKMNMFVOIO35WWZLCT7E-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/SVTODISKMNMFVOIO35WWZLCT7E-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A logo is seen at the entrance of the building of the Bank of Botswana in the capital Gaborone in Botswana, November 26, 2015. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



GABORONE, April 17 (Reuters) &#8211; Botswana&#8217;s central bank kept its monetary policy rate unchanged for the fourth meeting in a row at 1.90% in a decision announced on Thursday.



Inflation in the Southern African country edged up to 2.8% year-on-year in March from 2.7% a month earlier.



The Bank of Botswana prefers inflation between 3% and 6% in the medium term.



(Reporting by Brian Benza and Bhargav Acharya; Writing by Tannur Anders; Editing by Sharon Singleton)

A logo is seen at the entrance of the building of the Bank of Botswana in the capital Gaborone in Botswana

Botswana central bank holds main interest rate at 1.90%

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="539" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YWWKJYXNFNKNXNNTA7PVQVR7QU-1-820x539.jpg" alt="" class="wp-image-542871" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YWWKJYXNFNKNXNNTA7PVQVR7QU-1-820x539.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YWWKJYXNFNKNXNNTA7PVQVR7QU-1-300x197.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YWWKJYXNFNKNXNNTA7PVQVR7QU-1-137x90.jpg 137w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YWWKJYXNFNKNXNNTA7PVQVR7QU-1-768x505.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YWWKJYXNFNKNXNNTA7PVQVR7QU-1.jpg 1200w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A logo of the Bank of Namibia is seen at the company&#8217;s headquarters in Windhoek, Namibia, February 24, 2017. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



WINDHOEK, April 16 (Reuters)&nbsp;&#8211;&nbsp;Namibia&#8217;s central bank held its main interest rate on Wednesday, citing heightened global policy uncertainty as it raised its inflation forecasts for this year and next.



The decision to maintain the repo rate at 6.75% followed four consecutive rate cuts.



The Bank of Namibia estimated the Southern African country&#8217;s economy would grow 3.5% to 4.0% this year, weaker than its projection for 4.0% growth at its last policy meeting in February.



&#8220;Downside risks to the outlook have intensified, primarily driven by elevated global policy uncertainty and escalating trade wars,&#8221; it said in a statement.



U.S. President Donald Trump&#8217;s tariffs have rocked financial markets and sparked fears of a global recession.



Namibia&#8217;s central bank said its latest policy decision also aimed to safeguard the peg between the Namibian dollar and the South African rand.



It revised up its average inflation forecast for this year to 4.2% from 4.0% previously, and for 2026 to 4.5% from 4.4%.



&#8220;The upward revision is primarily due to a weaker exchange rate and higher administered price assumptions,&#8221; it said.



Annual consumer inflation rose to 4.2% in March from 3.6% in February.



(Reporting by Nyasha Nyaungwa; Writing by Tannur Anders; Editing by Alexander Winning and Emelia Sithole-Matarise)

YWWKJYXNFNKNXNNTA7PVQVR7QU (1)

Namibia holds key lending rate on global policy uncertainty

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/107241090-1684160036619-gettyimages-1255019394-AFP_33F44YL-820x547.jpeg" alt="" class="wp-image-425198" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/107241090-1684160036619-gettyimages-1255019394-AFP_33F44YL-820x547.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/107241090-1684160036619-gettyimages-1255019394-AFP_33F44YL-300x200.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/107241090-1684160036619-gettyimages-1255019394-AFP_33F44YL-135x90.jpeg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/107241090-1684160036619-gettyimages-1255019394-AFP_33F44YL-768x512.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/107241090-1684160036619-gettyimages-1255019394-AFP_33F44YL-1536x1024.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/107241090-1684160036619-gettyimages-1255019394-AFP_33F44YL-scaled.jpeg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Elon Musk is the wealthiest person in the world again.
Michel Euler | AFP | Getty Images</figcaption></figure>



MASERU, (Reuters) &#8211; Lesotho has granted a licence to Elon Musk&#8217;s Starlink to operate a satellite network and provide satellite internet services, the country&#8217;s communications authority said on Monday.



The licence granted to Starlink Lesotho will be valid for 10 years, Lesotho Communications Authority (LCA) said in a statement.



The development comes as Lesotho seeks to engage with the United States on reciprocal trade tariffs after it was hit with a 50% tariff- the highest levy on U.S. President Donald Trump&#8217;s list of target economies announced earlier this month but later said would temporarily be lowered.



The LCA said the &#8220;landmark decision&#8221; to grant a licence to Starlink marked &#8220;a significant step forward in the country&#8217;s digital transformation&#8221; and that it underscored &#8220;the authority&#8217;s unwavering commitment to enabling a competitive, transparent, and forward-looking communications sector that fuels economic growth and fosters innovation.&#8221;



Trump on March 5, in an address to the U.S. Congress referred to Lesotho as a country &#8220;no one has heard of&#8221; to laughs from his audience. Lesotho&#8217;s foreign minister, Lejone Mpotjoane, later said the remark was &#8220;quite insulting&#8221;.



Starlink, whose parent company is SpaceX, submitted its licence application in April 2024 but it faced opposition including from civil society groups such as SECTION 2.



&#8220;By proceeding with this decision, the LCA has not only disregarded the valid objections of local stakeholders but has also compromised the integrity and credibility of the regulatory process,&#8221; said SECTION 2 coordinator Kananelo Boloetse.



&#8220;Chief among these (objections) was the fact that Starlink Lesotho is 100% foreign-owned, a factor that should have weighed heavily in a licensing process that ought to safeguard national interests and promote inclusive local participation.&#8221;



Starlink operates in many African countries, but has faced licensing obstacles in places like South Africa and Namibia.



(Reporting by Marafaele Mohloboli; Writing by Olivia Kumwenda-Mtambo; Editing by Susan Fenton)

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Lesotho grants operating licence to Musk’s Starlink

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1080" height="708" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/F5BFWBT2MVIHRHVHGQXHVFAS5I.avif" alt="" class="wp-image-605657"/><figcaption class="wp-element-caption">Workers perfom their duties at Quantum Apparel factory on the outskirts of Maseru, the capital of Lesotho, the tiny Southern African kingdom that U.S. President Donald Trump ridiculed last month, April 4, 2025. REUTERS/Siphiwe Sibeko</figcaption></figure>



MASERU, April 4 (Reuters) &#8211; Lesotho scrambled to put together a delegation on Friday to head to Washington to engage with the United States on tariffs that risk wiping out nearly half of its exports, its trade minister said, in what could be a death blow to its economy.



The 50% reciprocal trade tariff on the tiny southern African mountain kingdom was the highest levy on U.S. President Donald Trump&#8217;s list of target economies.



&#8220;The latest policy direction undertaken by the United States is shocking &#8230; as (it) &#8230; has been a very important market for Lesotho,&#8221; Trade Minister Mokhethi Shelile told parliament on Friday, adding that the 45% of exports went to the United States.



He said that officials had already engaged the U.S. embassy &#8220;to clarify and how, why Lesotho was included in the list of &#8230; such high reciprocal tariffs&#8221;.



Trump on Wednesday hit America&#8217;s global trading partners with tariffs, upending decades of rules-based trade that campaigners have long said is exceptionally favourable to rich countries like the United States.



Lesotho&#8217;s exports to the United States, mostly textiles for popular brands such as Levis, added up to $237 million in 2024 and account for more than a tenth of its GDP.



&#8220;Lesotho is also assembling a high-level delegation to the United States to try to maintain the current market dispensation,&#8221; Shelile said.



In the medium term, he said, the kingdom would &#8220;increase efforts to export to alternative markets such as the European Union and the Africa free continental trade area&#8221;.



Encircled by a South African mountain range, the kingdom of 2 million people is one of the world&#8217;s poorest countries, with GDP per capita of $916 in 2023, according to World Bank figures.



(Reporting by Marafaele Mohloboli in Maseru; Additional reporting by Bhargav Acharya; Writing by Tim Cocks; editing by Barbara Lewis)

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Baffled Lesotho seeks to engage with US on ‘shocking’ tariffs

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="470" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/VWJ6NSIHSRLL7HATPZ6FTRKWKQ.avif" alt="" class="wp-image-605292"/><figcaption class="wp-element-caption">Factory workers walk home after work outside the capital Maseru in Lesotho, October 6, 2022.REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



April 3 (Reuters) &#8211; The tiny southern African kingdom of Lesotho has been hit with a 50% reciprocal trade tariff by U.S. President Donald Trump, the highest levy of any single state on his long list of target economies.



Lesotho, which Trump had ridiculed in March as a country &#8220;nobody has ever heard of&#8221;, is a poor and landlocked country with a gross domestic product of just over $2 billion.



It has a large trade surplus with the United States, mostly made up of diamonds and textiles, including Levi&#8217;s jeans.



Its exports to the United States, which in 2024 totalled $237 million, account for more than 10% of GDP, Oxford Economics said.



Trump on Wednesday imposed sweeping new reciprocal tariffs on global trading partners, upending decades of rules-based trade and threatening cost increases for consumers.



Trump said the &#8220;reciprocal&#8221; tariffs were a response to duties and other non-tariff barriers put on U.S. goods. Lesotho charges 99% tariffs on American goods, according to the U.S. administration.



In Africa, the move signalled the end of the AGOA (African Growth and Opportunity Act) trade deal that was supposed to help African economies develop through preferential access to U.S. markets, trade experts said.



It also compounded the pain after Trump&#8217;s administration dismantled USAID, the government agency that was a major supplier of aid to the continent.



The government of Lesotho, a mountainous nation of about 2 million people that is encircled by South Africa, had no immediate comment on the trade tariffs on Thursday.



But its foreign minister told Reuters last month the country, which has one of the highest HIV/AIDS infection rates in the world, was feeling the impact of the aid cuts as the health sector had been reliant on them.



The formula used to calculate the U.S. tariffs took the U.S. trade deficit in goods with each country as a proxy for alleged unfair practices, then divided it by the amount of goods imported into the United States from that country.



The resulting tariff equals half the ratio between the two, meaning countries such as Lesotho and Madagascar, which import only small quantities of U.S. goods, have been hit with more punitive tariffs than much richer countries.



(Writing by Silvia Aloisi; Editing by Hugh Lawson)

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Trump slaps tiny African kingdom of Lesotho with highest tariff of all

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="960" height="640" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/C765ORI3WFKWTHKDVZMO7IDY6Y.avif" alt="" class="wp-image-605266"/><figcaption class="wp-element-caption">U.S. President Joe Biden speaks with Lobito Atlantic Railway (LAR) Chief Operating Officer Nicolas Gregoir, during a visit to Lobito Port Terminal to receive a briefing on the Lobito Atlantic Railway, in Lobito, Angola, December 4, 2024. REUTERS/Elizabeth Frantz</figcaption></figure>



LUANDA, April 3 (Reuters)&nbsp;&#8211;&nbsp;The United States remains committed to funding the Lobito rail corridor, a project to help transport critical minerals from the central African copperbelt to the West, despite President Donald Trump&#8217;s aggressive&nbsp;spending cuts, a U.S. diplomat said.



The U.S, through its International Development Finance Corporation, set up during Trump&#8217;s first term in 2019, has pledged a $550 million loan to support Lobito, which is considered key in countering Chinese control over copper and cobalt supplies in the region.



Trump&#8217;s spending cuts had raised concerns for projects such as Lobito which has plans for Angola, Democratic Republic of Congo and Zambia. But the U.S. Ambassador to Angola, James Story, sought to allay fears on Wednesday.



Story was accompanied by European diplomats, Angolan officials and executives from Lobito Atlantic Railways on a tour of projects in Angola.



Asked if funding for the Lobito corridor was at risk, Story said: &#8220;Not at the moment. All the projects with the DFC and also with the Exim Bank are there and we&#8217;re working on them.&#8221;



&#8220;Various organisations say that we&#8217;re moving away from this project, but that&#8217;s not true,&#8221; Story said.



In 2022, Angola handed a 30-year Lobito corridor concession to the Lobito Atlantic Railway consortium joint-venture led by commodities firm Trafigura, construction giant Mota-Engil and independent rail operator Vecturis SA.



The first phase of the venture involves refurbishing an existing 1,300 km (800 mile) railway through Angola and extending it into the Democratic Republic of Congo&#8217;s mining heartland, to facilitate exports of copper and cobalt through the Atlantic coast.



A second phase currently under feasibility study would link Zambia &#8211; Africa&#8217;s second largest copper producer after the DRC &#8211; to Lobito.



Lobito Atlantic Railways CEO Francisco Franca, who was part of the tour, said DFC financing contracts were &#8220;currently in the final stages&#8221;.



&#8220;In two or three months&#8217; time, we expect to have the contracts signed and then the normal international financing procedures will follow,&#8221; Franca said.



Rosário Bento, the EU ambassador in Angola who also took part in the visit, said Western governments including the U.S remained committed to the Lobito corridor project.



&#8220;The United States has an interest in the region and is already receiving shipments of raw materials that pass through the Lobito corridor,&#8221; she said. &#8220;I don&#8217;t see the United States being disinterested in something they are already benefiting from.&#8221;



(Reporting by Miguel Gomes; Writing by Nelson Banya; Editing by Olivia Kumwenda-Mtambo and Andrew Heavens)

C765ORI3WFKWTHKDVZMO7IDY6Y

US committed to funding Angola’s Lobito rail corridor despite spending cuts, diplomat says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="625" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/6PRZMM657BJ2VERUVWBC5YWJKY-820x625.jpg" alt="" class="wp-image-604061" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/6PRZMM657BJ2VERUVWBC5YWJKY-820x625.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/6PRZMM657BJ2VERUVWBC5YWJKY-300x229.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/6PRZMM657BJ2VERUVWBC5YWJKY-118x90.jpg 118w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/6PRZMM657BJ2VERUVWBC5YWJKY-768x585.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/6PRZMM657BJ2VERUVWBC5YWJKY-1536x1170.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/6PRZMM657BJ2VERUVWBC5YWJKY-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Opposition Movement For Democratic Change (MDC) party leader Nelson Chamisa gestures while addressing the media in a news conference in Harare, Zimbabwe August 25, 2018. REUTERS/Philimon Bulawayo/File Photo</figcaption></figure>



HARARE, March 31 (Reuters)&nbsp;&#8211;&nbsp;Police deployed heavily in Zimbabwe&#8217;s capital and other cities on Monday, largely neutralising a call by veterans for massive protests against plans to extend President Emmerson Mnangagwa&#8217;s rule.



Zimbabwe&#8217;s ruling ZANU-PF party said in January it wanted to extend Mnangagwa&#8217;s term in office by two years until 2030. Mnangagwa, who first came to power in 2017 after his long-term mentor Robert Mugabe was ousted in a coup, is serving his final term.



Independence war veterans led by Blessed Geza previously supported Mnangagwa but have turned against him, accusing him of seeking to cling to power.



Anticipating possible unrest, businesses barricaded their premises and car dealerships cleared their showrooms over recent days.



Most businesses, schools and vendors across the capital Harare, as well as in the second largest city Bulawayo and other towns, stayed closed, as large numbers of police patrolled the empty streets.



&#8220;The situation in the country is peaceful,&#8221; police said in a statement, encouraging people to continue with daily activities.



Still, in the western outskirts of Harare police threw teargas to disperse a small group of protesters chanting &#8220;we reject 2030!&#8221;, a reference to the plans to extend Mnangagwa&#8217;s term.



Some political analysts said the economic shutdown could still send a message to political leaders.



&#8220;The stay-away is a massive statement by the masses of Zimbabwe. Those in power have reason to fear,&#8221; political analyst Ibbo Mandaza said.



Geza, the veteran leader who called for the protest and has mostly communicated through videos posted on social media platforms, did not react publicly on Monday morning.



The veterans remain influential within ZANU-PF, and appear to be filling a void left by opposition parties weakened by internal divisions and a war of attrition with the ruling party.



Mnangagwa has repeatedly denied intending to prolong his presidency, but the veterans accuse him of pursuing the plan using proxies.



Zimbabwe&#8217;s 2013 constitution limits presidents to two five-year terms.



(Reporting by Nelson Banya; Editing by Olivia Kumwenda-Mtambo and Aidan Lewis)

6PRZMM657BJ2VERUVWBC5YWJKY

Zimbabwe police deploy to block demonstrations against Mnangagwa

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="480" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/TRHNNI2YLFOJPALOZ2PBBVSKJ4.avif" alt="" class="wp-image-599361"/><figcaption class="wp-element-caption">Lara Warner, Group Chief Risk Officer of Credit Suisse, speaks during the Milken Institute&#8217;s 22nd annual Global Conference in Beverly Hills, California, U.S., April 29, 2019. REUTERS/Mike Blake/File Photo</figcaption></figure>



ZURICH, March 19 (Reuters)&nbsp;&#8211;&nbsp;Switzerland&#8217;s finance ministry has fined Lara Warner, former compliance chief of collapsed lender Credit Suisse, 100,000 Swiss francs ($114,000), according to a Swiss government order seen by Reuters on Wednesday.



The bank executive failed to notify Switzerland&#8217;s anti-money laundering authorities of a suspicious 2016 transaction for 7.9 million francs handled by Credit Suisse and involving the finance ministry of Mozambique.



The case related to the $1.5 billion-plus &#8220;tuna bond&#8221; scandal that triggered a default crisis in Mozambique, the order said.



Warner, who worked at Credit Suisse between 2015 and 2021, is challenging the fine and assumed the charges would be dismissed in court, her lawyer told Reuters.



&#8220;The decision not to file a money laundering report was not made by Ms. Warner,&#8221; her lawyer said in a statement.



Credit Suisse was bought in 2023 by rival UBS&nbsp;UBSG.S&nbsp;in a government-engineered takeover.



The bank subsequently settled the Mozambique case out of court.



($1 = 0.8774 Swiss francs)



(Reporting by Ariane Luthi. Editing by Mark Potter)

TRHNNI2YLFOJPALOZ2PBBVSKJ4

Switzerland fines former Credit Suisse executive over Mozambique case

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="489" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/CQHIQM5JBJKV7LZU74FVH3XHBU.jpg" alt="" class="wp-image-593756" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/CQHIQM5JBJKV7LZU74FVH3XHBU.jpg 720w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/CQHIQM5JBJKV7LZU74FVH3XHBU-300x204.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/CQHIQM5JBJKV7LZU74FVH3XHBU-133x90.jpg 133w" sizes="auto, (max-width: 720px) 100vw, 720px" /><figcaption class="wp-element-caption">Buyers examine bales at the start of the tobacco selling season, in Harare, Zimbabwe, March 30, 2022. REUTERS/Philimon Bulawayo</figcaption></figure>



HARARE, March 5 (Reuters)&nbsp;&#8211;&nbsp;Zimbabwe expects tobacco sales, its biggest agricultural export, to increase by 21% this year as the country recovers from last year&#8217;s drought, its agriculture minister said on Wednesday.



Africa&#8217;s top tobacco producer expects sales of the crop to rebound to 280 million kilograms this year after plummeting to 230.9 million kilograms in 2024 following an El Nino-induced drought, agriculture minister Anxious Masuka said.



Despite lower production in 2024, tobacco was the second biggest export commodity for Zimbabwe last year, only behind gold, earning a record $1.3 billion.



Zimbabwe&#8217;s tobacco farmers sell their crop at auction floors and to contracting companies, which then export it, mostly to China.



The projected 2025 sales are still below the record high of 296 million kilograms registered in 2023, according to sector regulator Tobacco Industry and Marketing Board.



(Reporting by Nelson Banya and Philimon Bulawayo; Editing by Christina Fincher)

CQHIQM5JBJKV7LZU74FVH3XHBU

Zimbabwe expects tobacco sales to rise 21% in 2025

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="447" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/DPARTCVLZBNRTKXZ7HOYLUHI2E.avif" alt="" class="wp-image-590673"/><figcaption class="wp-element-caption">Chief Executive Officer at De Beers Group, Al Cook and Botswana&#8217;s Minister of Mineral and Energy, Bogolo Kenewendo, meet for talks on a diamond deal at the Investing in African Mining Indaba in Cape Town, South Africa February 3, 2025. REUTERS/Esa Alexander/File Photo</figcaption></figure>



GABORONE, Feb 25 (Reuters)&nbsp;&#8211;&nbsp;Botswana&#8217;s government on Tuesday signed a long-delayed 10-year diamonds sales agreement with Anglo American&nbsp;AAL.L&nbsp;unit De Beers adding a possible extension period of five more years to the provisional pact.



Under the final deal, the share of Botswana&#8217;s state-owned Okavango Diamond Company (ODC) in the production of Debswana &#8211; its 50-50 joint venture with De Beers &#8211; will reach 40% at the end of the agreement, revised from a provisional 50%.



ODC&#8217;s allocation could, however, rise to 50% during the proposed five-year extension period, according to a joint statement by Botswana&#8217;s government and De Beers.



During the first five years, ODC will sell 30% of Debswana&#8217;s output, up from 25% previously.



The provisional agreement reached with Botswana&#8217;s previous government had ODC&#8217;s allocation reaching 50% at the end of the 10-year pact.



Negotiations over the deal started in 2018 and an agreement announced in 2023 was never formally signed.



Botswana&#8217;s President Duma Boko, who swept to power last October, made signing the deal with De Beers a priority.



The deal is critical for the southern African country since its economy is largely dependent on the export of diamonds.



&#8220;We have us a good deal and we trust that it will carry us into the future. To the people of Botswana, this agreement is about you, about the jobs it will create,&#8221; Boko said at a signing ceremony in the capital Gaborone.



Under the agreement, Debswana&#8217;s mining licences, which were due to expire in 2029, will be extended until 2054.



Botswana&#8217;s government says the economy contracted last year because of a prolonged downturn in the global diamond market.



Declining demand and a supply glut, the rising popularity of lab-grown diamonds and a shift by younger consumers away from the precious stone, have all weighed on rough diamond prices.



However, the government hopes the economy will rebound this year because of an improvement in the global diamond market and a better performance of other sectors.



(Additional reporting by Nelson Banya and Bhargav Acharya; Writing by Sfundo Parakozov and Tannur Anders; Editing by Alexander Winning and Tomasz Janowski)

DPARTCVLZBNRTKXZ7HOYLUHI2E

Botswana, De Beers sign long-delayed diamonds deal

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="413" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/7TDBYVGF5ROF7KBJVB2XWAWXVQ.avif" alt="" class="wp-image-590625"/><figcaption class="wp-element-caption">The logo of Galp is displayed at a petrol station in Ronda, Spain February 14, 2025. REUTERS/Jon Nazca/File Photo</figcaption></figure>



LISBON, Feb 25 (Reuters) &#8211; Portuguese oil company Galp GALP.LS said on Tuesday it had found significant presence of light oil and gas condensate in a fifth well in Namibia&#8217;s Mopane field, opening up new exploration opportunities that are sending its shares sharply higher.



Galp&#8217;s Mopane offshore discovery was initially estimated to hold at least 10 billion barrels of oil and gas equivalent.



The company drilled four wells there in 2024 to explore and appraise a first hub in the northwest area of the Mopane complex, and a fifth well last month, this time in the field&#8217;s southeast area.



It said in a statement that the new well, Mopane-3X, 18 km (11.18 miles) away from the first, targeted two stacked prospects &#8211; AVO-10 and AVO-13 &#8211; and a deeper sand at 1,200 metre water depth.



&#8220;Preliminary data confirms light oil and significant gas condensate columns between AVO-10, and light oil columns in AVO-13 and the deeper sand, in high-quality sandstones,&#8221; it said, also pointing to high pressure and permeability as well as low oil viscosity.



Galp shares were up 7% in morning trading and leading gains on the pan-European Stoxx 600 index&nbsp;.STOXX.



Jefferies said in a research note that the well should de-risk the 10 billion boe resource estimate for the Mopane Complex and support the case for a multi-Floating Production Storage and Offloading development.



Galp is looking to sell half of its 80% stake in Mopane&#8217;s Petroleum Exploration Licence 83 to a player who would become its operator, although it has said it is in no rush.



(Reporting by Sergio Goncalves and Joao Vicente Mauricio; editing by David Evans)

7TDBYVGF5ROF7KBJVB2XWAWXVQ

Galp’s new well in Namibia’s Mopane finds more oil, shares rise

JOHANNESBURG, Feb 24 (Reuters)&nbsp;&#8211;&nbsp;Google&nbsp;GOOGL.O&nbsp;could be required to pay up to 500 million rand ($27.29 million) a year in compensation to South African media outlets after the country&#8217;s competition watchdog found the tech giant guilty of anti-competitive practices, while Meta&nbsp;META.O&nbsp;and X also face fines.



In provisional findings from a probe into market activities, released on Monday, South Africa&#8217;s Competition Commission said that&nbsp;Google&#8217;s algorithm distorts competition between news media organisations insofar as it overrepresents global news media in South Africa for search and top stories and underrepresents local language and community media.



&#8220;This inequity has materially contributed to the erosion of the media in South Africa over the past 14 years and will continue to do so unless remedied,&#8221; the watchdog&#8217;s report said.



To remedy this, it recommended that&nbsp;Google&nbsp;compensate the South African news media by 300 million to 500 million rand annually for a three to five-year period, &#8220;whilst putting in place changes to search that will sustainably create shared value with the media through increases in referral traffic.&#8221;



The watchdog will publish a final report later this year, with all parties concerned given until April&nbsp;7&nbsp;to submit evidence to support their case.



Google&nbsp;said that it will review the report in detail but disagreed with the claim that it has taken disproportionate value from publishers.



&#8220;In 2023, our products like&nbsp;Google&nbsp;Search and News generated an estimated 350 million rand in referral traffic value for South African publishers while we earned less than 19 million rand from ads displayed next to news queries,&#8221;&nbsp;Google&nbsp;said in a statement.



&#8220;Alongside this, we have invested in products, training and partnerships to support publishers and the broader news ecosystem, and will continue to do so.&#8221;



On social media companies, the Competition Commission recommended Meta-owned Facebook and X stop &#8220;deprioritising South Africa news media posts with links&#8221; in the home feed, For You and Lastestfeed algorithm and restore referral traffic to the media.



It wants Meta and&nbsp;Google&#8217;s YouTube to improve the ability of news media to monetize their content on these platforms through increases in revenue share.



If all these companies fail to implement these remedies within six months after the final report, a 5-10% digital advertising tariff or levy will be imposed, according to the report.



Meta was not immediately available for comment.



The remedies only apply to the South African operations of these companies, the Commission said.



($1 = 18.3215 rand)



(Reporting by Nqobile Dludla; Editing by Susan Fenton)

65GOX4BM3RI3VORRYQ5THS3W6M

Google, Meta face penalties for anti-competitive behaviour towards South African news media

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="531" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/4OOZWTKIY5LIFJQATNM7KMQ4T4-820x531.jpg" alt="" class="wp-image-496289" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/4OOZWTKIY5LIFJQATNM7KMQ4T4-820x531.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/4OOZWTKIY5LIFJQATNM7KMQ4T4-300x194.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/4OOZWTKIY5LIFJQATNM7KMQ4T4-139x90.jpg 139w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/4OOZWTKIY5LIFJQATNM7KMQ4T4-768x497.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/4OOZWTKIY5LIFJQATNM7KMQ4T4-1536x994.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/4OOZWTKIY5LIFJQATNM7KMQ4T4-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A building of the Bank of Botswana is seen in the capital Gaborone in Botswana, in this November 26, 2015 file photo. REUTERS/Siphiwe Sibeko</figcaption></figure>



GABORONE, Feb 20 (Reuters) &#8211; Botswana&#8217;s central bank kept its monetary policy rate unchanged for the third meeting in a row at 1.90% in a decision announced on Thursday.



Inflation in the Southern African country quickened to 2.5% year on year in January, from 1.7% a month earlier.



The Bank of Botswana prefers inflation between 3% and 6% in the medium term.



Botswana&#8217;s economy is largely dependent on the export of diamonds, with a sharp downturn in global demand for the precious stone triggering an economic contraction last year.



But the government hopes the economy will rebound this year because of an improvement in the global diamond market and a better performance in other sectors.



(Reporting by Brian Benza; Additional reporting by Bhargav Acharya; Writing by Sfundo Parakozov; Editing by Alexander Winning)

Southern Africa

Grocery chain OK Zimbabwe’s majority shareholders back $30 million rights issue, CEO says

Zambia copper production up 30% year on year in Q1, minister says

BRICS nations discuss shared response to Trump trade policies

Zimbabwe’s local currency inflation at over 85% y/y in April

Botswana central bank holds main interest rate at 1.90%

Namibia holds key lending rate on global policy uncertainty

Lesotho grants operating licence to Musk’s Starlink

Baffled Lesotho seeks to engage with US on ‘shocking’ tariffs

Trump slaps tiny African kingdom of Lesotho with highest tariff of all

US committed to funding Angola’s Lobito rail corridor despite spending cuts, diplomat says

Zimbabwe police deploy to block demonstrations against Mnangagwa

Switzerland fines former Credit Suisse executive over Mozambique case

Zimbabwe expects tobacco sales to rise 21% in 2025

Botswana, De Beers sign long-delayed diamonds deal

Galp’s new well in Namibia’s Mopane finds more oil, shares rise

Google, Meta face penalties for anti-competitive behaviour towards South African news media

Botswana central bank holds key rate for third consecutive meeting

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Southern Africa

Grocery chain OK Zimbabwe’s majority shareholders back $30 million rights issue, CEO says

Zambia copper production up 30% year on year in Q1, minister says

BRICS nations discuss shared response to Trump trade policies

Zimbabwe’s local currency inflation at over 85% y/y in April

Botswana central bank holds main interest rate at 1.90%

Namibia holds key lending rate on global policy uncertainty

Lesotho grants operating licence to Musk’s Starlink

Baffled Lesotho seeks to engage with US on ‘shocking’ tariffs

Trump slaps tiny African kingdom of Lesotho with highest tariff of all

US committed to funding Angola’s Lobito rail corridor despite spending cuts, diplomat says

Zimbabwe police deploy to block demonstrations against Mnangagwa

Switzerland fines former Credit Suisse executive over Mozambique case

Zimbabwe expects tobacco sales to rise 21% in 2025

Botswana, De Beers sign long-delayed diamonds deal

Galp’s new well in Namibia’s Mopane finds more oil, shares rise

Google, Meta face penalties for anti-competitive behaviour towards South African news media

Botswana central bank holds key rate for third consecutive meeting

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