<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="551" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/12/W3TRJMXBPRNATIXO27SFJRC77U-820x551.jpg" alt="" class="wp-image-422104" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/12/W3TRJMXBPRNATIXO27SFJRC77U-820x551.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/12/W3TRJMXBPRNATIXO27SFJRC77U-300x202.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/12/W3TRJMXBPRNATIXO27SFJRC77U-134x90.jpg 134w, https://cms.cnbcafrica.com/wp-content/uploads/2022/12/W3TRJMXBPRNATIXO27SFJRC77U-768x516.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/12/W3TRJMXBPRNATIXO27SFJRC77U-1536x1032.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/12/W3TRJMXBPRNATIXO27SFJRC77U.jpg 1920w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A participant stands near a logo of IMF at the International Monetary Fund &#8211; World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018. REUTERS/Johannes P. Christo</figcaption></figure>



JOHANNESBURG, Dec 20 (Reuters) &#8211; The International Monetary Fund&#8217;s board on Wednesday approved an immediate $187 million loan payout to Zambia and said the country was revising a restructuring proposal for $3 billion of bonds that official creditors had rejected last month.



It will be the third payout under the southern African country&#8217;s $1.3 billion Extended Credit Facility arrangement approved in August 2022.



One of the African continent&#8217;s largest copper producers, Zambia defaulted on its debts three years ago during the COVID-19 pandemic, and its restructuring efforts have been beset by delays.



Zambia suffered a major setback in November when its official creditors rejected a preliminary restructuring deal with bondholders over whether it offered comparable debt relief to what they had agreed to.



The IMF&#8217;s mission chief for Zambia, Mercedes Vera Martin, told reporters on a conference call that the conditions under which &#8220;comparability of treatment&#8221; would be met were still under deliberation by Zambia&#8217;s Official Creditor Committee (OCC).



In a question-and-answer document posted on its website, the IMF said Zambian authorities were further revising their Eurobond restructuring proposal to meet comparability of treatment requirements, which are defined by official creditors.



&#8220;While significant progress has been achieved, some adjustments still need to be made until both program parameters and comparability of treatment, as required by official bilateral creditors, are met,&#8221; the IMF said in the document.



Western officials in the past have accused China of holding up the restructuring process, something Beijing consistently denied, while international bondholders complained about being shut out of negotiations.



&#8220;It is good that the OCC can voice their concerns about meeting comparability of treatment,&#8221; said the IMF&#8217;s Martin.



But, she said, the protracted restructuring negotiations were taking a toll on Zambia&#8217;s economic recovery, after it was hit by the pandemic and the default. Its kwacha currency has depreciated sharply against the dollar and inflation has risen in recent months.



Zambia&#8217;s government said the IMF board approval of the next loan payout was an endorsement of its reforms and said it would boost investor confidence. (Savage reported from London and Miridzhanian from Johannesburg; Additional reporting by Chris Mfula in Lusaka and Nellie Peyton in Johannesburg; Editing by Alexander Winning and Leslie Adler)

W3TRJMXBPRNATIXO27SFJRC77U

IMF releases $187 mln Zambia payout, says restructuring proposal being revised

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1209645576-1-820x461.jpg" alt="" class="wp-image-417984" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1209645576-1-820x461.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1209645576-1-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1209645576-1-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1209645576-1-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1209645576-1-1536x864.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1209645576-1-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The Maersk Line freighter stands at sunset in the Mediterranean port of Limassol. Cyprus, Friday, April 10, 2020. Global shipping giant Maersk has suspended its 2020 full-year guidance on earnings citing the severe impact of COVID-19 on international transport market and supply chains. (Photo by Danil Shamkin/NurPhoto via Getty Images)</figcaption></figure>



Danish shipping giant&nbsp;<a href="https://www.cnbc.com/quotes/DP4H-FF/">Maersk</a>&nbsp;confirmed on Tuesday that its vessels due to transit the Red Sea and Gulf of Aden would take the Cape of Good Hope route around the south of Africa after a&nbsp;<a href="https://www.cnbc.com/2023/12/18/how-houthi-attacks-in-red-sea-threaten-global-supply-chain.html">spate of attacks</a>&nbsp;by Houthi militants from Yemen.



Along with a host of other firms, the company had previously announced a temporary pause on all travel through the passages. The Gulf of Aden runs along the southern coast of Yemen, while the Red Sea provides a key link between Asia and Europe via Egypt’s Suez Canal.



Germany’s&nbsp;<a href="https://www.cnbc.com/quotes/HLAG-DE/">Hapag-Lloyd</a>&nbsp;on Monday announced its vessels would take the lengthier Cape of Good Hope route between the continents, citing an “unacceptable” safety risk after an attack on its ship, the Al Jasrah, in the Red Sea.



Around 30% of global container trade passes through the Suez Canal.



“The attacks we have seen on commercial vessels in the area are alarming and pose a significant threat to the safety and security of seafarers,” Maersk said in a statement provided to CNBC.



At least two ships were targeted with projectiles on Monday, according to official reports. Houthi leaders say they are pursuing Israel and all Israel-bound vessels as a result of the&nbsp;<a href="https://www.cnbc.com/2023/12/18/israel-launches-fresh-strikes-on-gaza-as-un-nears-vote-on-aid.html">war in the Gaza Strip</a>.



Maersk said that, after monitoring the situation since suspending the routes on Friday, it had decided all vessels currently on hold and previously scheduled to travel via the Red Sea would take the Cape of Good Hope.



The vessels will continue on diverted routes “as soon as operationally feasible,” the company added. As of Monday, Maersk said it had around 20 vessels stopped en route, around half of which are east of the Gulf of Aden. The remainder are located south of the Suez Canal in the Red Sea, or north of it in the Mediterranean Sea.



Decisions on future journeys will be made on a case-by-case basis, Maersk said, and could include diversions or “further contingency measures.”



The Cape of Good Hope route reduces an Asia-Europe trip’s effective capacity by 25%, according to analysts at UBS.



Market-watchers say the situation is likely to put pressure on&nbsp;<a href="https://www.cnbc.com/2023/12/18/how-houthi-attacks-in-red-sea-threaten-global-supply-chain.html">global supply chains</a>&nbsp;and drive up freight rates, as additional time for ships to reach their destination takes capacity out of the market.



But the shipping industry is currently in a state of oversupply following pandemic tightness, potentially easing overall supply chain disruption.



Some firms, including oil major&nbsp;<a href="https://www.cnbc.com/quotes/">BP</a>, have so far only&nbsp;<a href="https://www.cnbc.com/2023/12/18/global-supply-chains-face-another-major-hit-as-ships-avoid-suez-canal.html">confirmed</a>&nbsp;that Red Sea travel is on pause. BP declined to comment on potential reroutings when contacted by CNBC on Tuesday.



Amid the Red Sea turmoil, U.S. Defense Secretary Lloyd Austin on Monday <a href="https://www.cnbc.com/2023/12/18/us-to-expand-red-sea-defense-as-houthis-disrupt-trade.html">announced the formation of an international taskforce</a>, including the United Kingdom, Bahrain, Canada, France, Italy, the Netherlands, Norway, Seychelles and Spain, to “jointly address security challenges” in the region.



Details were not provided on what the countries have committed to or may provide. U.K. Defense Secretary Grant Shapps&nbsp;<a href="https://www.gov.uk/government/news/hms-diamond-joins-new-international-task-force-to-protect-shipping-in-the-red-sea" target="_blank" rel="noreferrer noopener">said Tuesday</a>&nbsp;that the Royal Navy’s HMS Diamond, an air-defence guided missile destroyer, would join the task force.



The Italian defense ministry meanwhile said the Italian navy would send one of its frigates to help protect the route, Reuters reported.



The U.S. has already provided support in the region, shooting down&nbsp;<a href="https://www.cnbc.com/2023/12/16/us-and-britain-say-their-navies-shot-down-15-attack-drones-over-the-red-sea.html">dozens</a>&nbsp;of Houthi drones targeting commercial ships.



Maersk said that it was “pleased to see global governments reacting promptly with joint efforts on international maritime security and capacity building in the area,” but that it remained difficult to determine when a return on the route would be possible for its vessels.

Cyprus Economy

Shipping giant Maersk begins rerouting ships due to Red Sea turmoil

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="541" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/E2LAHPZEEFN6VLWP7WHSXPENYQ-820x541.jpg" alt="" class="wp-image-425628" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/E2LAHPZEEFN6VLWP7WHSXPENYQ-820x541.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/E2LAHPZEEFN6VLWP7WHSXPENYQ-300x198.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/E2LAHPZEEFN6VLWP7WHSXPENYQ-136x90.jpg 136w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/E2LAHPZEEFN6VLWP7WHSXPENYQ-768x507.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/E2LAHPZEEFN6VLWP7WHSXPENYQ-1536x1013.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/E2LAHPZEEFN6VLWP7WHSXPENYQ-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: The logo of South Africa&#8217;s central reserve bank is seen during the delivery of a keynote address by South Africa&#8217;s central bank governor, Lesetja Kganyago, at the University of the Witwatersrand in Johannesburg, South Africa, November 1, 2022. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, Dec 1 (Reuters) &#8211; South African central bank deputy governor Fundi Tshazibana said on Friday there was a good case for domestic interest rates staying &#8220;higher for longer&#8221; as financial conditions had tightened and the government&#8217;s borrowing needs had risen.



Inflation is close to the upper end of the South African Reserve Bank&#8217;s preferred target range of between 3% and 6% &#8211; it rose to 5.9% in October, the latest month for which data is available.



In November at its final monetary policy meeting of 2023, the central bank kept its main lending rate unchanged at 8.25% , its third pause in a row following 10 consecutive hikes starting in November 2021.



&#8220;There still seems to be a good case for keeping rates higher for longer domestically,&#8221; Tshazibana told a Bank of America conference in Johannesburg.



Tshazibana said that was because the government needed to borrow more at a time when global interest rates were higher and the country was seen as riskier.



The treasury outlined increased borrowing plans in its mid-term budget statement in November, citing higher-than-budgeted-for public wage increases and rising pressure to bail out struggling state-owned entities among the reasons.



Tshazibana made clear on Friday that higher rates were not the central bank&#8217;s preference given economic stresses, calling them a second-best outcome.



&#8220;The underlying drivers of interest rates are going up. To maintain the value of the currency – that is, to stabilise inflation – actual rates must rise too,&#8221; she said.



For lower rates, the deputy governor said there needed to be different macroeconomic settings. She cited reforms to bring down the country&#8217;s risk premium and a lower inflation target among potential ways to achieve that.



&#8220;Higher for longer is not inevitable. We have to control inflation, but if we have different macro arrangements, that could be done more cheaply,&#8221; Tshazibana said. (Reporting by Kopano Gumbi Editing by Alexander Winning and Andrew Heavens)

FILE PHOTO: South Africa’s central bank governor to delivers keynote address

South Africa central bank’s Tshazibana sees case for rates staying higher for longer

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Zambia-selects-UAEs-IHC-unit-as-new-partner-in-Mopani-Copper-Mines-820x547.jpg" alt="" class="wp-image-431603" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Zambia-selects-UAEs-IHC-unit-as-new-partner-in-Mopani-Copper-Mines-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Zambia-selects-UAEs-IHC-unit-as-new-partner-in-Mopani-Copper-Mines-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Zambia-selects-UAEs-IHC-unit-as-new-partner-in-Mopani-Copper-Mines-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Zambia-selects-UAEs-IHC-unit-as-new-partner-in-Mopani-Copper-Mines-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Zambia-selects-UAEs-IHC-unit-as-new-partner-in-Mopani-Copper-Mines-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Zambia-selects-UAEs-IHC-unit-as-new-partner-in-Mopani-Copper-Mines-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Bull statues are placed in font of screens showing the Hang Seng stock index and stock prices outside Exchange Square, in Hong Kong, China, August 18, 2023. REUTERS/Tyrone Siu/File Photo</figcaption></figure>



LUSAKA, Dec 1 (Reuters) &#8211; Zambia has selected United Arab Emirates&#8217; International Resources Holdings (IRH) as the new strategic equity partner in Mopani Copper Mines, the miner&#8217;s owner ZCCM-IH said late on Thursday.



IRH, which is linked to Abu Dhabi&#8217;s most valuable listed company, International Holdings Company (IHC), will invest funds into Mopani to help with short-term working capital and finance the completion of the mine development to unlock Mopani&#8217;s long-term potential as well as restructure the copper miner&#8217;s balance sheet, ZCCM said.



Mopani is currently owned by ZCCM, the Zambian government&#8217;s investment arm.



The new investor is also expected to &#8220;reset&#8221; Mopani&#8217;s existing relationship with Glencore, ZCCM said.



Mines Minister Paul Kabuswe told journalists in Lusaka on Friday that details on IRH&#8217;s investment and level of equity participation in Mopani would be provided when the negotiations are completed.



Zambia has been searching for a new investor for Mopani since it took control of the assets from Glencore in 2021 after agreeing to pay the Swiss commodities giant $1.5 billion in a deal funded by debt.



As part of the deal, Glencore retained off take rights for copper from Mopani.



The proposed partnership should enable Mopani to increase copper production to at least 200,000 metric tons per annum, ZCCM said.



Mopani requires $300 million investment to expand output over the next three years and an additional $150 million to sustain operations, ZCCM said in September.



The UAE firm is taking steps to invest in critical metals and develop a new entity that encompasses the entire metals and mining supply chain.



&#8220;The proposed investment in Mopani is the largest single investment to date by IRH and represents a key step in the development of its strategy to become a major player in the African minerals sector,&#8221; ZCCM said.



The Zambia state firm was being advised by Rothschild &amp; Co on the Mopani sale.



Other firms that were bidding for Mopani include South Africa&#8217;s Sibanye Stillwater and China&#8217;s Zijin, Reuters reported on Oct. 10, citing a source.



(Reporting by Chris Mfula, Writing by Felix Njini; Editing by Sonali Paul, Stephen Coates and Susan Fenton)

Bull statues are placed in font of screens showing the Hang Seng stock index and stock prices outside Exchange Square, in Hong Kong

Zambia selects UAE’s IHC unit as new partner in Mopani Copper Mines

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/LYW554QLQNJ4RACN24N6DUUM3E-820x547.jpg" alt="" class="wp-image-430732" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/LYW554QLQNJ4RACN24N6DUUM3E-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/LYW554QLQNJ4RACN24N6DUUM3E-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/LYW554QLQNJ4RACN24N6DUUM3E-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/LYW554QLQNJ4RACN24N6DUUM3E-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/LYW554QLQNJ4RACN24N6DUUM3E-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/LYW554QLQNJ4RACN24N6DUUM3E-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A general view of Shaft 11 at Impala Platinum Mine, in Rustenburg, South Africa, November 28, 2023. REUTERS/Sumaya Hisham</figcaption></figure>



JOHANNESBURG, Nov 28 (Reuters)&nbsp;&#8211;&nbsp;Impala Platinum&nbsp;IMPJ.J&nbsp;on Tuesday temporarily halted operations at its Rustenburg mining complex in South Africa after 11 workers died and 75 were injured in what the CEO said was &#8220;the darkest day&#8221; in the company&#8217;s history.



The Johannesburg-based platinum miner said in a statement that 86 workers were involved in the incident at its No. 11 shaft. All the injured had been admitted to four hospitals in the area. The company spokesperson said medical physicians classified 14 workers in the hospital as&nbsp;&#8220;high priority&#8221;.



&#8220;Today is the darkest day in the history of Impala and our hearts are heavy for the lives lost and the individuals affected by this devastating incident,&#8221; CEO Nico Muller said in a statement.



Impala said workers were being brought to the surface at the end of their shift on Monday, when the conveyance system, which carries workers up and down an underground shaft 1,000 meters (3,280.84 ft) deep, started a rapid descent.



All mining operations at the Rustenburg complex in South Africa&#8217;s North West province were suspended on Tuesday. The halt could be extended to Wednesday to allow the company to &#8220;mourn and heal emotionally&#8221;, Johan Theron, Impala&#8217;s spokesperson said.



He also said investigations into the cause of the accident had begun.



Impala&#8217;s shares in Johannesburg declined 6.74% at 0847 GMT.



South Africa has some of the world&#8217;s deepest, oldest and most costly platinum and gold mining shafts.



The deaths at Rustenberg add to the 41 fatalities that had been recorded in South Africa&#8217;s mining industry this year so far. Last year, 49 workers died in South Africa&#8217;s mines, which was the lowest number of fatalities to date, Minerals Council South Africa, the industry lobby group, said.



Spokesman Theron said he could not be precise about the impact of the stoppage on Impala&#8217;s metals output.



&#8220;It&#8217;s impossible to quantify the impact on production save to say (the) shaft on its own is a very large complex and contributes roughly 15% of Impala Rustenburg&#8217;s production,&#8221; Theron said.



&#8220;To the extent that it&#8217;s stopped for any length of time, it will have a corresponding impact on the entire company.&#8221;



(Reporting by Felix Njini and Nelson Banya; Editing by Kim Coghill, Jamie Freed, Louise Heavens and Barbara Lewis)

A general view of Shaft 11 at Impala Platinum Mine, in Rustenburg

Impala Platinum halts some South African mines after 11 workers died

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="541" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/Mozambique-fine-tunes-new-80-bln-energy-transition-blueprint-820x541.jpg" alt="" class="wp-image-430432" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/Mozambique-fine-tunes-new-80-bln-energy-transition-blueprint-820x541.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/Mozambique-fine-tunes-new-80-bln-energy-transition-blueprint-300x198.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/Mozambique-fine-tunes-new-80-bln-energy-transition-blueprint-136x90.jpg 136w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/Mozambique-fine-tunes-new-80-bln-energy-transition-blueprint-768x507.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/Mozambique-fine-tunes-new-80-bln-energy-transition-blueprint-1536x1014.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/Mozambique-fine-tunes-new-80-bln-energy-transition-blueprint-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Mozambique&#8217;s President Filipe Nyusi attends a signing ceremony following the talks with Russia&#8217;s President Vladimir Putin in Moscow, Russia August 22, 2019. Sputnik/Alexey Nikolsky/Kremlin via REUTERS</figcaption></figure>



CAPE TOWN, Nov 27 (Reuters) &#8211; Mozambique has approved an ambitious new energy transition plan until 2050, hoping to attract investments of some $80 billion to boost renewable energy capacity and increase electricity availability, a senior energy official said on Monday.



Mozambican President Filipe Nyusi is expected to officially present the energy strategy to international partners and potential donors on Dec. 2 during the COP 28 climate summit in Dubai.



Priority plans between next year and 2030 include adding 2,000 megawatts of new hydropower capacity by upgrading existing plants and completing the new Mphanda Nkuwa hydro project, expanding the national electricity grid and switching to electric vehicles to reduce emissions from the transport sector.



&#8220;We are still fine tuning the document and hope to publicly release it later this week,&#8221; Pedro Simao, special advisor to the minister of energy, told Reuters on Monday.



The document was approved by Mozambique&#8217;s Council of Ministers on Nov. 21.



The southern African country exported its first liquefied natural gas in November, 2022 and is hoping huge gas discoveries, together with its renewable energy potential, will propel economic growth and help lift millions out of poverty. (Reporting by Wendell Roelf; Editing by Sharon Singleton)

FILE PHOTO: Mozambique’s President Nyusi attends a signing ceremony in Moscow

Mozambique fine tunes new $80 bln energy transition blueprint

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/SWAZI-820x547.jpg" alt="" class="wp-image-427786" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/SWAZI-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/SWAZI-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/SWAZI-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/SWAZI-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/SWAZI-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/SWAZI-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Election awareness posters are seen in a street ahead of Eswatini&#8217;s parliamentary elections in Mbabane, Eswatini, September 28, 2023 REUTERS/Esa Alexander</figcaption></figure>



MBABANE, Sept 29 (Reuters)&nbsp;&#8211;&nbsp;Voters in Eswatini will cast their ballots on Friday in parliamentary elections whose outcome will make little difference to the politics of a country controlled by Africa&#8217;s last absolute monarch. 



King Mswati III has ruled the southern African kingdom of about 1.2 million people since 1986, when he inherited the crown from his father, Sobhuza II.



Political parties are banned, but individual candidates can run for seats in the House of Assembly every five years.



The power of the politicians elected in these polls consists mainly of being able to make suggestions to the king, who is free to ignore them.



The election will be dominated by monarchists and other candidates sympathetic to the ruler, said Louw Nel, a senior political analyst at Oxford Economics Africa, in a note.



Two members of the previous parliament who supported the pro-democracy movement were jailed, and a third fled the country, he added.



&#8220;It is a misnomer to call what is happening in Swaziland elections,&#8221; Sivumelwano Nyembe, spokesperson for Eswatini&#8217;s Multi Stakeholder Forum, a pro-democracy activist group, said.



Anger against the governing system has been building for years, and&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N2OB1AN&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">pro-democracy protests</a>&nbsp;turned violent in 2021.



Campaigners say the king has consistently evaded calls for meaningful reforms that would nudge Eswatini, which changed its name from Swaziland in 2018, in the direction of democracy.



Mswati&#8217;s opponents also say he uses public money to fund a lavish lifestyle which he shares with his 15 wives, while most of the country&#8217;s population is made up of struggling subsistence farmers.



The 55-year-old king denies being an autocrat and is unapologetic about his riches.



Eswatini is rated &#8220;Not Free&#8221; by the U.S.-based organisation Freedom House, which says the king exercises ultimate authority over all branches of the national government and effectively controls local governance through his influence over traditional chiefs.



The South African Development Community (SADC) has sent an electoral observation mission to Eswatini at the kingdom&#8217;s invitation, and will release a preliminary statement on Sunday.



(Reporting by Nellie Peyton and Carien du Plessis Editing by Tim Cocks and Peter Graff)

Eswatini holds parliamentary elections

Eswatini holds parliamentary elections under monarch’s control

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="540" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/OC2PVVRQ6NOYLFNQOHVPDORUKI-1-820x540.jpg" alt="" class="wp-image-427539" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/OC2PVVRQ6NOYLFNQOHVPDORUKI-1-820x540.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/OC2PVVRQ6NOYLFNQOHVPDORUKI-1-300x198.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/OC2PVVRQ6NOYLFNQOHVPDORUKI-1-137x90.jpg 137w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/OC2PVVRQ6NOYLFNQOHVPDORUKI-1-768x506.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/OC2PVVRQ6NOYLFNQOHVPDORUKI-1-1536x1012.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/OC2PVVRQ6NOYLFNQOHVPDORUKI-1-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Bob van Dijk, CEO of e-commerce group Naspers, poses for a photograph in front of the company logo after holding a media briefing in Johannesburg, South Africa, October 9, 2019. REUTERS/Siphiwe Sibeko/File photo</figcaption></figure>



JOHANNESBURG, Sept 18 (Reuters)&nbsp;&#8211;&nbsp;Dutch-listed technology investor Prosus NV&nbsp;PRX.AS&nbsp;and its South African parent Naspers&nbsp;NPNJn.J&nbsp;said on Monday Bob van Dijk has stepped down as chief executive officer from both companies.



The companies named investment chief Ervin Tu, a previous VisionBank manager and Goldman Sachs technology banker, as interim CEO.



The companies did not provide a reason for Van Dijk&#8217;s departure. However it coincides with the unwinding Monday of a cross-structure between Prosus and Naspers.



Van Dijk oversaw Prosus&#8217;s 2019 IPO and the company&#8217;s stock boomed during the COVID-19 pandemic. However he struggled to close a valuation gap between Prosus, Naspers and the value of their biggest asset: Chinese software giant Tencent0700.HK&nbsp;.



Prosus holds a 26% stake Tencent, which is currently worth around $387 billion.



The company now faces a fight to ease the discount between the value of the Tencent stake and Naspers.



In the post-pandemic bust, shares have declined along with a fall in valuation of high-growth technology investments.



More recently, Prosus was forced to dispose of some of its most attractive smaller assets in Russia at a discount in the wake of the invasion of Ukraine.



Van Dijk, who has led Naspers since 2014 and Prosus since 2019, has agreed to remain as a consultant until Sept. 30, 2024, the companies said in a statement.



&#8220;The group&#8217;s strategic goals remain unchanged and it is on target to deliver on its commitments,&#8221; the global consumer internet companies said in a statement.



(Reporting by Tannur Anders in Johannesburg, Toby Sterling in Amsterdam and Radhika Anilkumar in Bengaluru; Editing by Sherry Jacob-Phillips, Stephen Coates and Michael Perry)

Bob van Dijk, chief executive officer of Naspers Ltd.

Naspers & Prosus CEO steps down, M&A chief Ervin Tu is successor

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/XGZ3ANUZZ5JLDNF2QVFCFDLSCM-820x547.jpg" alt="" class="wp-image-427259" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/XGZ3ANUZZ5JLDNF2QVFCFDLSCM-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/XGZ3ANUZZ5JLDNF2QVFCFDLSCM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/XGZ3ANUZZ5JLDNF2QVFCFDLSCM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/XGZ3ANUZZ5JLDNF2QVFCFDLSCM-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/XGZ3ANUZZ5JLDNF2QVFCFDLSCM-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/XGZ3ANUZZ5JLDNF2QVFCFDLSCM-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Taiwan&#8217;s President Tsai Ing-wen speaks during the Ketagalan forum in Taipei, Taiwan August 8, 2023. REUTERS/Carlos Garcia Rawlins/File Photo</figcaption></figure>



TAIPEI/MBABANE, (Reuters) &#8211; Taiwan President Tsai Ing-wen arrived on Tuesday in Eswatini, Taipei&#8217;s last African ally, saying the island will continue to confidently engage with the world and show it is a force for good.



Taiwan, which China claims as its own territory with no right to state-to-state relations, now has formal ties with&nbsp;only 13 countries, almost all small, less developed nations in Latin America, the Caribbean and the Pacific, like Belize and Nauru.



In March, Honduras&nbsp;ended decades of ties&nbsp;with Taiwan.



The Taiwanese delegation signed three memoranda of understanding with the southern&nbsp;African country after it met with Eswatini&#8217;s King Mswati III.



Taiwan committed to providing $1 million to help the kingdom establish a fund, aimed at supporting women in initiating businesses, Eswatini&#8217;s Ministry of Foreign Affairs said.



Tsai, speaking at the airport before leaving, said Eswatini was a &#8220;familiar old friend&#8221;.



&#8220;Not only will Taiwan&#8217;s footsteps to the world not stop, we will continue to move forward more firmly and self-confidently, so that the world can see Taiwan&#8217;s steady force for good,&#8221; she said, in comments broadcast live by the presidential office.



Tsai is in Eswatini, formerly known as Swaziland, from Sept. 5 to 7 for the 55th anniversary of the country&#8217;s independence, and also marking 55 years of bilateral relations.



Eswatini is almost entirely surrounded by South&nbsp;Africa, which Chinese President Xi Jinping visited last month.



Tsai is flying directly to Eswatini and not having to stop over anywhere, unlike visits to Latin America which require transits via the United States that always anger China.



Tsai last&nbsp;visited Eswatini in 2018, and this time is being accompanied by Economy Minister Wang Mei-hua.



Taiwan has provided large amounts of aid to the small southern&nbsp;African country ruled by an absolute monarchy, including in 2021 antiviral medication to help King Mswati III recover from COVID.



(Reporting by Ben Blanchard and Lunga Masuku; Additional reporting by Anait Miridzhanian; Editing by Michael Perry, Josie Kao, William Maclean)

FILE PHOTO: Taiwan’s President Tsai Ing-wen speaks during the Ketagalan forum in Taipei

Taiwan president arrives in Eswatini to visit last African ally

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="558" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/07/Q7JLQ4HGHNJ35KKCJBXFPSN3O4-820x558.jpg" alt="" class="wp-image-426272" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/07/Q7JLQ4HGHNJ35KKCJBXFPSN3O4-820x558.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/Q7JLQ4HGHNJ35KKCJBXFPSN3O4-300x204.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/Q7JLQ4HGHNJ35KKCJBXFPSN3O4-132x90.jpg 132w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/Q7JLQ4HGHNJ35KKCJBXFPSN3O4-768x523.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/Q7JLQ4HGHNJ35KKCJBXFPSN3O4-1536x1046.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/Q7JLQ4HGHNJ35KKCJBXFPSN3O4-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Zimbabwe&#8217;s President Emmerson Mnangagwa attends the event to commission the Prospect Lithium mine and processing plant in Goromonzi, Zimbabwe July 5, 2023. REUTERS/Philimon Bulawayo</figcaption></figure>



HARARE, Sept 1 (Reuters)&nbsp;&#8211;&nbsp;Zimbabwe&#8217;s main opposition party called on Friday for nationwide protests and a re-run of elections that it said fraudulently handed President Emmerson Mnangagwa a second term in office.



The appeal from the Citizens Coalition for Change (CCC) came a day after Mnangagwa said the vote was valid and warned there would be a crackdown on anyone spreading chaos.



&#8220;I warn anybody who may want to bring any chaos in this country we are ready,&#8221; he said during a ceremony to open a lithium plant. &#8220;Whoever shall preach hate speech will be responsible for their hate speech, our prisons are not full.&#8221;



The electoral commission said late on Saturday Mnangagwa had secured roughly 53% of the vote, leaving CCC leader Nelson Chamisa in second place on 44%. Mnangagwa&#8217;s ruling ZANU-PF party was named winner of the parliamentary election but fell just short of the two-thirds majority needed to change the constitution.



Analysts have questioned the credibility of the elections, which were marred by arrests of vote monitors. ZANU-PF has said there were no irregularities and Mnangagwa has urged anyone with complaints to go to the courts.



The CCC has accused ZANU-PF of suppressing the vote in areas where it polls well, but has so far not lodged a legal complaint.



On Friday it called for protests in Zimbabwe&#8217;s 10 provinces and asked activists to launch online campaigns and share evidence of voting malpractice.



&#8220;We are encouraging people to behave in a peaceful manner. The protests are up to the people. We just want their vote to find expression,&#8221; CCC spokesman Promise Mkwananzi told Reuters.



The CCC wants other African countries to intervene and mediate in its dispute with the ruling party, but analysts say its chances of overturning the election results via the courts are slim given the judicial system is viewed as being controlled by ZANU-PF.



The CCC has seven days from the results declaration to lodge a court appeal.



(Reporting by Nyasha Chingono; Editing by Alexander Winning and Andrew Heavens)

Zimbabwe’s President Emmerson Mnangagwa attends the event to commission the Prospect Lithium mine and processing plant in Goromonzi

Zimbabwe opposition calls for nationwide protests over disputed vote

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/08/DDF5MFGBVZOMPF3MGP2DE7HGTM-820x547.jpg" alt="" class="wp-image-427043" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/08/DDF5MFGBVZOMPF3MGP2DE7HGTM-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/DDF5MFGBVZOMPF3MGP2DE7HGTM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/DDF5MFGBVZOMPF3MGP2DE7HGTM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/DDF5MFGBVZOMPF3MGP2DE7HGTM-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/DDF5MFGBVZOMPF3MGP2DE7HGTM-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/DDF5MFGBVZOMPF3MGP2DE7HGTM-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Zimbabwe&#8217;s President Elect Emmerson Mnangagwa speaks to the media at State House in Harare, August 27, 2023. REUTERS/Philimon Bulawayo</figcaption></figure>



JOHANNESBURG, (Reuters)&nbsp;&#8211;&nbsp;South Africa and the U.S. separately on Monday noted observers&#8217; concerns with last week&#8217;s presidential and parliamentary&nbsp;elections in Zimbabwe&nbsp;and called for peace, after the opposition&nbsp;called the vote a fraud.



The elections commission declared incumbent President&nbsp;Emmerson Mnangagwa, 80, the winner late on Saturday, but analysts have widely questioned the credibility of the result.



Mnangagwa&#8217;s main challenger,&nbsp;Nelson Chamisa&nbsp;of the opposition Citizens&#8217; Coalition for Change party, indicated on Sunday that he was counting on the international community to apply pressure over the way the elections were conducted.



South African President Cyril Ramaphosa said his country had &#8220;taken note of the preliminary pronouncements by &#8230; the African Union (AU) and the South African Development Community (SADC) &#8230; Observer Missions,&#8221; urging all parties in Zimbabwe to work together.



SADC&#8217;s mission flagged voting delays, the banning of opposition rallies and biased state media coverage as concerns, while the head of the European Union&#8217;s observer mission said on Friday the elections took place in a &#8220;climate of fear&#8221;.



Ramaphosa&#8217;s statement showed his government was ready to help resolve the impasse between the Zimbabwean government and the opposition, foreign policy analyst Lwazi Somya said.



Somya, a senior researcher at think-tank the Southern Africa Liaison Office, said South Africa would likely try to deal with the aftermath of the elections in a multilateral format such as regional bloc SADC.



A U.S. State Department spokesperson said on Monday that the U.S. noted &#8220;systemic bias&#8221; against Zimbabwe&#8217;s opposition in the pre-election period and strongly condemned the &#8220;intimidation and disruption of lawful election observers throughout the electoral period&#8221;.



The U.S. was engaging with regional leaders to share its concerns, spokesperson Matthew Miller said.



Analysts said before the vote that the electoral playing field was heavily skewed in favour of Mnangagwa and the ruling ZANU-PF party, which has been in power for more than four decades.



ZANU-PF denies it had an unfair advantage, and Mnangagwa has encouraged those with complaints about the results to go to court.



(Reporting by Carien du Plessis and Bhargav Acharya; Editing by Alexander Winning and Josie Kao)

Zimbabwe election results announced

South Africa and US note observer concerns on Zimbabwe elections

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/08/DDF5MFGBVZOMPF3MGP2DE7HGTM-820x547.jpg" alt="" class="wp-image-427043" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/08/DDF5MFGBVZOMPF3MGP2DE7HGTM-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/DDF5MFGBVZOMPF3MGP2DE7HGTM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/DDF5MFGBVZOMPF3MGP2DE7HGTM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/DDF5MFGBVZOMPF3MGP2DE7HGTM-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/DDF5MFGBVZOMPF3MGP2DE7HGTM-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/DDF5MFGBVZOMPF3MGP2DE7HGTM-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Zimbabwe&#8217;s President Elect Emmerson Mnangagwa speaks to the media at State House in Harare, August 27, 2023. REUTERS/Philimon Bulawayo</figcaption></figure>



HARARE, Aug 27 (Reuters) &#8211; Zimbabwe&#8217;s re-elected President Emmerson Mnangagwa suggested on Sunday that anyone questioning the results of last week&#8217;s election take their case to court as an opposition leader accused him of &#8220;gigantic fraud&#8221;.



Mnangagwa, 80, won the election with 52.6% of the vote while the opposition Citizens&#8217; Coalition for Change (CCC) leader Nelson Chamisa got 44%, the election commission said on Saturday.



Chamisa said on Sunday the CCC would not accept the results.



He said the opposition would form the new government, without giving details. He did not answer questions on whether his party would challenge the results in court.



“We will not wait for five years. There has to be a change now,” Chamisa told journalists and party officials.



Two observers&#8217; groups said police raided their data centres and arrested staff and volunteers so they could not independently verify the results.



The Election Resource Centre and the Zimbabwe Election Support Network said in a statement that this “cast a shadow over the entire election process&#8221;. The police were not immediately available for comment.



Observers from regional body SADC and from the African Union also criticised the election process.



Analysts and observers said the contest was heavily skewed in favour of the ZANU-PF ruling party, which has been in power for more than four decades. ZANU-PF denies it has an unfair advantage or seeks to influence the outcome of elections through rigging.



Chamisa, speaking on social media platform X, formerly Twitter, said of the election: &#8220;It&#8217;s a blatant and gigantic fraud.&#8221;



He indicated he was counting on diplomatic pressure on the government.



&#8220;Do not leave us, particularly our fellow brothers and sisters in the region and on the continent,” he said. “We count on your solidarity as we seek to resolve this political crisis.”



Mnangagwa&nbsp;first became president&nbsp;when longtime strongman Robert Mugabe was toppled in a 2017 military coup after 37 years in power. Mnangagwa&#8217;s&nbsp;first term was marked by runaway inflation, currency shortages and sky-high unemployment.



Mnangagwa welcomed the result.



&#8220;I competed with them and I am happy that I have won the race,&#8221; he said at State House on Sunday amid heavy police presence in parts of the capital.



&#8220;Those who feel the race was not run properly should know where to go to.&#8221;



This is Mnangagwa’s second and possibly last term as the constitution limits presidential terms to two.



ZANU-PF spokesman Christopher Mutswangwa said the party, which mustered 136 of 209 seats in the parliamentary elections, was shy of a two-thirds majority.



“We will concentrate more on governance than probably trying to amend the constitution,” he told journalists on Sunday.



Term limits are a contentious issue in the southern African country given the length of Mugabe&#8217;s rule.



(Reporting by Nyasha Chingono, Additional reporting by Nelson Banya, Writing by Carien du Plessis, Editing by Bhargav Acharya and Nick Macfie, Kirsten Donovan)

Zimbabwe president denies poll fraud as opposition rejects his re-election

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="613" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/08/RIELM4GLH5MVFJ5WWSKVIFDXJM-820x613.jpg" alt="" class="wp-image-427016" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/08/RIELM4GLH5MVFJ5WWSKVIFDXJM-820x613.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/RIELM4GLH5MVFJ5WWSKVIFDXJM-300x224.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/RIELM4GLH5MVFJ5WWSKVIFDXJM-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/RIELM4GLH5MVFJ5WWSKVIFDXJM-768x574.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/RIELM4GLH5MVFJ5WWSKVIFDXJM-1536x1148.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/RIELM4GLH5MVFJ5WWSKVIFDXJM-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">People queue to withdraw money from a local bank in central Harare, Zimbabwe, August 24, 2023. REUTERS/Philimon Bulawayo</figcaption></figure>



HARARE, Aug 25 (Reuters)&nbsp;&#8211;&nbsp;Early parliamentary results in Zimbabwe showed the ruling party and the main opposition neck and neck on Friday, after an election in which President Emmerson Mnangagwa&#8217;s ZANU-PF party was widely expected to maintain its 43-year grip on power.



Presidential results have yet to be announced after Wednesday&#8217;s vote, which was extended into Thursday in some neighbourhoods due to late printing of ballot papers.



Mnangagwa, 80, is seeking re-election at a time when the southern African country is grappling with soaring inflation and high unemployment, with many Zimbabweans reliant on dollar remittances from relatives abroad to make ends meet.



His main challenger is 45-year-old lawyer and pastor Nelson Chamisa.



Zimbabwe&#8217;s chances of resolving a debt crisis and obtaining World Bank and International Monetary Fund loans are at stake, as foreign lenders have said a free and fair vote is a pre-condition for any meaningful talks.



The government and the electoral commission have promised a clean election, but some political analysts have said it is likely to be heavily skewed in Mnangagwa&#8217;s favour, based on his party&#8217;s history of using state institutions to manipulate results.



Police sealed off roads around the election results centre on Friday morning, and members of the public were being stopped for questioning, a Reuters reporter in the capital Harare said.



ZANU-PF secretary for finance Patrick Chinamasa told reporters late on Thursday that the ruling party was on course to achieve a two-thirds majority in the National Assembly.



However, results announced so far by the Zimbabwe Electoral Commission showed ZANU-PF winning 38 parliamentary constituencies and the main opposition party Citizens Coalition for Change (CCC) winning 32, out of a total of 210 single-member constituencies.



The early results showed ZANU-PF retaining its rural base, while the CCC captured the urban vote, as has been the case in previous elections.



In the highest-profile loss yet for the ruling party, the electoral commission said on Friday that Finance Minister Mthuli Ncube had lost his parliamentary contest to a CCC challenger.



Results from the presidential election are expected within five days of voting.



ZANU-PF&#8217;s Chinamasa said the party was &#8220;on target&#8221; to achieve 60-65% for President Mnangagwa, and dismissed Chamisa&#8217;s claim that he was leading in the polls as &#8220;day-dreaming&#8221;.



Mnangagwa took over from longtime strongman Robert Mugabe after a 2017 coup and won a disputed election in 2018.



(Reporting by Nelson Banya and Nyasha Chingono; Writing by Bhargav Acharya and Nellie Peyton; Editing by Alexander Winning and Devika Syamnath)

People queue to withdraw money from a local bank in central Harare

Zimbabwe braces for close election as early parliamentary results come in

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="572" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/08/HFB7544T2RMOJANSJ4EG23IUAI-820x572.jpg" alt="" class="wp-image-426975" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/08/HFB7544T2RMOJANSJ4EG23IUAI-820x572.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/HFB7544T2RMOJANSJ4EG23IUAI-300x209.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/HFB7544T2RMOJANSJ4EG23IUAI-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/HFB7544T2RMOJANSJ4EG23IUAI-768x536.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/HFB7544T2RMOJANSJ4EG23IUAI-1536x1071.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/HFB7544T2RMOJANSJ4EG23IUAI-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Locals wait to cast their votes during the Zimbabwe general elections in Kwekwe, outside Harare, Zimbabwe August 23, 2023. REUTERS/Siphiwe Sibeko</figcaption></figure>



HARARE, Aug 23 (Reuters)&nbsp;&#8211;&nbsp;Zimbabwe has extended voting in selected&nbsp;wards&nbsp;by a day after the late distribution of ballot papers delayed polling, according to a presidential decree issued late Wednesday.



Voters in the southern&nbsp;African country waited for hours to vote on Wednesday, saying they were&nbsp;hungry for change&nbsp;from&nbsp;economic chaos, but analysts were sceptical that the ruling ZANU-PF party would allow a credible election or any loosening of its stranglehold on power.



According to Zimbabwean law, voting is supposed to take place within one day.



The presidential notice listed 40 wards it said were affected by the delays. Although the named areas make up less than 1% of the country&#8217;s 12,374 wards, they include 11 wards in the capital Harare, which has the highest number of registered voters.



According a notice&nbsp;from President Emmerson Mnangagwa announcing the extra day, the affected wards are in three of Zimbabwe’s 10 provinces &#8211; opposition stronghold Harare, Mashonaland Central, where the ruling party is traditionally dominant, and Manicaland, which is a key battleground.



Mnangagwa is seeking re-election after a first term during which runaway inflation, currency shortages and sky-high unemployment left many Zimbabweans reliant on dollar remittances from relatives abroad to make ends meet.



Mnangagwa, 80, took over when longtime strongman Robert Mugabe was toppled in a 2017 military coup. He faces 10 other candidates, including his main challenger, lawyer and pastor&nbsp;Nelson Chamisa, 45, of the Citizens Coalition for Change.



&#8220;I am expecting change. We are struggling and hungry,&#8221; said Mabel Fambi, 67, who cares for five of her grandchildren because their parents cannot find jobs. She was waiting to cast her ballot in the Kuwadzana constituency in the capital Harare.



In Harare and the country&#8217;s second biggest city Bulawayo, both opposition strongholds, a significant number of polling stations opened hours late, forcing voters to wait for most of the day.



&#8220;I see this delay as a deliberate attempt to disenfranchise me,&#8221; said Fortune Sikireta, who had been waiting to vote since dawn at Maranatha Christian High School in the middle-income Harare suburb of Tynwald. By late afternoon he had yet to vote but was determined to see it through.



The electoral commission blamed the delays on late printing of ballot papers caused by court challenges, saying in a morning statement that only 23% of Harare&#8217;s polling stations had opened on time.



Few or no delays were reported in other parts of the country.



Analysts said that, as in previous Zimbabwean elections, ZANU-PF, which has been in power for 43 years, had been using state institutions to ensure it would stay in power.



&#8220;The electoral playing field is heavily skewed in favour of the ruling party,&#8221; said private firm&nbsp;Africa&nbsp;Risk Consulting.



<h2 class="wp-block-heading" id="h-little-change-since-mugabe-era">LITTLE CHANGE SINCE MUGABE ERA</h2>



Zimbabwe&#8217;s chances of resolving a debt crisis and obtaining World Bank and International Monetary Fund loans are at stake, as foreign lenders have said a free and fair election is a pre-condition for any meaningful talks.



&#8220;We want change. We want a younger president,&#8221; said shoe mender Jonathan Darare, 47, who came out early to vote in Kuwadzana.



Polls had been scheduled to open at 7 a.m. (0500 GMT) and close at 7 p.m., with some 6.6 million people registered to vote in the nation of about 15 million. Parliamentary results are expected to trickle in on Thursday morning. The presidential result is expected later, though well ahead of a five-day deadline.



Chamisa was mobbed by supporters chanting his name as he arrived to vote in Kuwadzana. He predicted he would win but said the ruling party and the electoral commission would seek to deny him his victory.



&#8220;Funny games or no funny games, our victory is certain. We are going to continue to insist on a credible election and making sure we have a legitimate result out of this election,&#8221; he said.



The government and the electoral commission have said the election would be free and fair.



Mnangagwa voted at Sherwood Primary School in the city of Kwekwe.



The Zimbabwe dollar has fallen by about 85% since the start of 2023 and inflation has reached triple digits, pushing people deeper into poverty in a nation where only 30% hold formal jobs.



&#8220;Five years into Mnangagwa&#8217;s rule, conditions have not changed much from the Mugabe era,&#8221; said&nbsp;Africa&nbsp;Risk Consulting.



The Economist Intelligence Unit predicted Mnangagwa and ZANU-PF would win by a narrower margin and not by fair means, raising the risk of disputes over the results and public protests.



To win the presidency, a candidate must get more than 50% of the vote. If there is no outright winner, a run-off between the top two candidates will be held on Oct. 2.



Parliamentary and local council candidates only need a simple majority of votes cast.



(Writing by Estelle Shirbon; Editing by Olivia Kumwenda-Mtambo, Giles Elgood, Tomasz Janowski, William Maclean and Jonathan Oatis)

Zimbabwe general elections

Zimbabwe sets extra day of voting in selected wards after delays

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-820x547.jpg" alt="" class="wp-image-423556" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Illustration photo shows a two-rand coin above a South African flag April 12, 2017. REUTERS/Thomas White/Illustration</figcaption></figure>



Aug 23 (Reuters)&nbsp;&#8211;&nbsp;Most emerging market currencies were subdued on Wednesday with investors cautious ahead of the U.S. Federal Reserve chair&#8217;s speech this week, while South&nbsp;Africa&#8217;s rand rallied after data showed inflation slowed in&nbsp;Africa&#8217;s largest economy.



The MSCI&#8217;s index for EM currencies&nbsp;.MIEM00000CUS&nbsp;was flat at 0900 GMT, while the stocks index&nbsp;.MSCIEF&nbsp;inched 0.1% higher.



The South African randZAR= extended gains to a fifth straight day against the dollar and was last up 0.6%, after headline consumer inflation fell to 4.7% year-on-year in July from 5.4% in June.



&#8220;While Deputy Governor Tshazibana said that it&#8217;s not &#8216;a solid pause&#8217; when the South&nbsp;African Reserve Bank (SARB) left the policy rate unchanged at 8.25% in July, it&#8217;s reasonable to argue that finding a majority for more rate hikes could be even more difficult when the SARB meets on Sept. 21,&#8221; said Piotr Matys, senior FX analyst at In Touch Capital Markets.



South Africa and China also signed deals covering emissions technology, electricity transmission and distribution, and nuclear power on the sidelines of a summit in Johannesburg where leaders of the BRICS nations &#8211; Brazil, Russia, India, China and South Africa &#8211; are meeting.



This is part of the government&#8217;s efforts to end record power cuts, with Electricity Minister Kgosientsho Ramokgopa saying one of the deals would see Chinese companies share technology to help South&nbsp;Africa&#8217;s struggling state utility Eskom cut emissions from its coal-fired power plants.



The Russian roubleRUBUTSTN=MCX weakened against the dollar, ahead of three OFZ treasury bond auctions, while oil major Lukoil&#8217;s sharesLKOH.MM shed 1% after Tuesday&#8217;s sharp gains on a report that it could buy back a chunk of shares at a 50% discount.



The BRICS summit could impact Russian assets, especially as member states look to boost the use of their local currencies.



Also on top of the agenda at this year&#8217;s summit is a potential expansion of the bloc, with some hoping to forge it into a counterweight to Western dominance of global institutions.



The New Development Bank of the BRICS group of nations is registering an Indian rupee bond programme worth $2.5 billion over 5 years, its CFO Leslie Maasdorp said during a panel discussion



China&#8217;s blue-chip CSI 300 Index .CSI300 and the Shanghai Composite Index .SSEC fell more than 1% each as investors stayed cautious amid a deepening crisis in the country&#8217;s real estate sector and as a raft of share buybacks did little to boost confidence.



Chinese President Xi Jinping said on Tuesday at the BRICS summit that China&#8217;s economy was resilient and that the fundamentals for its long-term growth remained unchanged.



Also in focus, Argentine Economy Minister Sergio Massa said he expects the International Monetary Fund (IMF) board to approve the latest reviews of its huge loan program on Wednesday, unlocking $7.5 billion that the embattled country desperately needs.



Investors eyed a rate decision by Zambia&#8217;s central bank later in the day. 



(Reporting by Bansari Mayur Kamdar in Bengaluru; Editing by Devika Syamnath)

Illustration photo of South African rand

South African rand rises for fifth day after inflation data

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/08/Zimbabweans-vote-but-hopes-of-ending-economic-freefall-appear-dim-820x547.jpg" alt="" class="wp-image-426934" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/08/Zimbabweans-vote-but-hopes-of-ending-economic-freefall-appear-dim-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/Zimbabweans-vote-but-hopes-of-ending-economic-freefall-appear-dim-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/Zimbabweans-vote-but-hopes-of-ending-economic-freefall-appear-dim-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/Zimbabweans-vote-but-hopes-of-ending-economic-freefall-appear-dim-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/Zimbabweans-vote-but-hopes-of-ending-economic-freefall-appear-dim-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/Zimbabweans-vote-but-hopes-of-ending-economic-freefall-appear-dim-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">People queue to cast their vote in a general election at Kuwadzana school in Harare, Zimbabwe, August 23, 2023. REUTERS/Philimon Bulawayo</figcaption></figure>



HARARE, Aug 23 (Reuters) &#8211; Zimbabweans voted on Wednesday with many citizens desperate for change after two decades of relentless economic chaos but sceptical that the ruling ZANU-PF party will allow a credible election or any loosening of its stranglehold on power.



President Emmerson Mnangagwa is seeking re-election after a first term during which runaway inflation, currency shortages and sky-high unemployment made life a misery for Zimbabweans, many of whom rely on U.S. dollar remittances from relatives abroad to make ends meet.



The cash-strapped country&#8217;s chances of resolving a debt crisis that prevents it from accessing World Bank and International Monetary Fund loans are at stake, as foreign lenders have said a free and fair election is a pre-condition for any meaningful talks on the issue.



Mnangagwa, who took over when longtime strongman Robert Mugabe was toppled in a 2017 military coup, faces 10 other candidates including his main challenger, lawyer and pastor Nelson Chamisa of the Citizens Coalition for Change (CCC).



It is the second contest between the two after Mnangagwa won a closely contested poll in 2018, which the opposition alleged was rigged. The country&#8217;s constitutional court upheld Mnangagwa&#8217;s election.



Polls opened at 7 a.m. (0500 GMT) and were due to close at 7 p.m. (1700 GMT). Some 6.6 million people are registered to vote in the nation of about 15 million.



At Sherwood Primary School in the city of Kwekwe, where Mnangagwa is registered to vote and will cast his ballot later, dozens of voters lined up from 6 a.m. and chatted in hushed tones waiting for voting to start.



Communal farmer Beatrice Sibanda, 65, said: &#8220;I want a better life for my children. They need jobs. I hope that after voting life will become better.&#8221;



In the capital Harare, in the Kuwadzana constituency where Chamisa will vote, people also said they were hungry for change.



&#8220;We are struggling and hungry. I have five grand-children that I am taking care of. I&#8217;m fortunate that I own a house and can shelter them as their fathers don&#8217;t work,&#8221; said Mabel Fambi, a 67-year-old grandmother.



Vote-counting will start as soon as polling stations close, and parliamentary results are expected to trickle in over the course of Thursday morning. The presidential result is expected to come later, though well ahead of a five-day deadline.



LITTLE CHANGE SINCE MUGABE ERA



Political analysts say Zimbabwe&#8217;s unending economic maelstrom could tip the contest in favour of the opposition if the election is clean.



The local currency has weakened by about 85% since the start of the year and inflation has reached triple digit levels, pushing people further into poverty in a country where only 30% hold formal jobs.



But analysts say ZANU-PF, which has been in power for more than four decades, has an unfair advantage as it wields control over the police and other key institutions.



&#8220;The electoral playing field is heavily skewed in favour of the ruling party, which has used state institutions to close the democratic space,&#8221; said Africa Risk Consulting, a private firm, in a pre-election note.



&#8220;Five years into Mnangagwa&#8217;s rule, conditions have not changed much from the Mugabe era,&#8221; it said.



ZANU-PF and the police deny seeking to influence the outcome.



&#8220;I have told the Zimbabwe Electoral Commission that what happened in 2018 cannot be repeated. We will not accept a rigged vote,&#8221; Chamisa said at his last campaign rally on Monday.



Mnangagwa has repeatedly called for peace and tolerance in his campaign speeches.



&#8220;We will deal with those who want to perpetrate violence,&#8221; he told supporters on Saturday in Shurugwi, more than 300 km (190 miles) south of Harare.



To win the presidency, a candidate must get more than 50% of the vote. If there is no outright winner, a run-off between the top two candidates will be held on Oct. 2.



Parliamentary and local council candidates only need a simple majority of votes cast.



(Editing by Olivia Kumwenda-Mtambo, Estelle Shirbon and Giles Elgood)

People queue to cast their vote in a general election in Harare

Zimbabweans vote but hopes of ending economic freefall appear dim

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="526" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/08/UNXPTNGYARKUTLTTXSEHAFTDMI-1-820x526.jpg" alt="" class="wp-image-426860" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/08/UNXPTNGYARKUTLTTXSEHAFTDMI-1-820x526.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/UNXPTNGYARKUTLTTXSEHAFTDMI-1-300x192.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/UNXPTNGYARKUTLTTXSEHAFTDMI-1-140x90.jpg 140w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/UNXPTNGYARKUTLTTXSEHAFTDMI-1-768x492.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/UNXPTNGYARKUTLTTXSEHAFTDMI-1-1536x985.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/UNXPTNGYARKUTLTTXSEHAFTDMI-1-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Smoke rises from chimneys at Hwange Power station in Hwange, Zimbabwe, October 19, 2021. Picture taken October 19, 2021 REUTERS/Philimon Bulawayo</figcaption></figure>



HARARE, Aug 18 (Reuters)&nbsp;&#8211;&nbsp;Zimbabwe will allow developers of carbon credits to keep as much as 70% of the proceeds for the first decade of the project, with 30% paid as an environmental levy, the government said in regulations published on Friday.



Environment minister Mangaliso Ndlovu moved against what he called &#8220;climate washing&#8221; in May, saying the government would take 50% of carbon project revenue, with 20% on top of that going to communities, in a move that surprised global markets.



The government said at the time that carbon credit projects were largely unregulated and needed to be registered with authorities within two months.



The global $2 billion voluntary carbon offset market involves companies buying credits from emission-reducing projects such as renewable energy or tree planting to offset their own emissions.



&#8220;All existing carbon credit projects deemed null and void shall be given 60 days&#8230; to comply with the provisions,&#8221; the new regulations document said.



&#8220;From the eleventh year of the project, the share of proceeds shall be renegotiated taking into account the prevailing circumstances,&#8221; it said.



The government did not immediately comment on the latest regulations.



(Reporting by Nyasha Chingono; Writing by Rachel Savage; Editing by Mark Potter)

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Southern Africa

IMF releases $187 mln Zambia payout, says restructuring proposal being revised

Shipping giant Maersk begins rerouting ships due to Red Sea turmoil

South Africa central bank’s Tshazibana sees case for rates staying higher for longer

Zambia selects UAE’s IHC unit as new partner in Mopani Copper Mines

Impala Platinum halts some South African mines after 11 workers died

Mozambique fine tunes new $80 bln energy transition blueprint

Eswatini holds parliamentary elections under monarch’s control

Naspers & Prosus CEO steps down, M&A chief Ervin Tu is successor

Taiwan president arrives in Eswatini to visit last African ally

Zimbabwe opposition calls for nationwide protests over disputed vote

South Africa and US note observer concerns on Zimbabwe elections

Zimbabwe president denies poll fraud as opposition rejects his re-election

Zimbabwe braces for close election as early parliamentary results come in

Zimbabwe sets extra day of voting in selected wards after delays

South African rand rises for fifth day after inflation data

Zimbabweans vote but hopes of ending economic freefall appear dim

Zimbabwe to take 30% of carbon credit revenue

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