<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="auto, (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="526" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/Sierra-Leone-president-says-calm-restored-most-leaders-of-barracks-attack-detained-820x526.jpg" alt="" class="wp-image-430401" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/Sierra-Leone-president-says-calm-restored-most-leaders-of-barracks-attack-detained-820x526.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/Sierra-Leone-president-says-calm-restored-most-leaders-of-barracks-attack-detained-300x192.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/Sierra-Leone-president-says-calm-restored-most-leaders-of-barracks-attack-detained-140x90.jpg 140w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/Sierra-Leone-president-says-calm-restored-most-leaders-of-barracks-attack-detained-768x492.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/Sierra-Leone-president-says-calm-restored-most-leaders-of-barracks-attack-detained-1536x985.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/Sierra-Leone-president-says-calm-restored-most-leaders-of-barracks-attack-detained-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Sierra Leone&#8217;s President and ruling party candidate Julius Maada Bio speaks to journalists after casting his vote for national elections at a polling station in Freetown, Sierra Leone, June 24, 2023. REUTERS/Cooper Inveen/File Photo</figcaption></figure>



FREETOWN, Nov 26 (Reuters) &#8211; Sierra Leone President Julius Maada Bio said most of the leaders of an attack on a military barracks in the capital Freetown earlier on Sunday had been arrested, adding that security operations and an investigation were ongoing.



&#8220;We will ensure that those responsible are held accountable,&#8221; Bio said on national television.



&#8220;As your commander-in-chief, I want to assure everybody who is resident in Sierra Leone that we have overcome this challenge,&#8221; he said, and calm had been restored.



Earlier, the government said security forces had repelled &#8220;renegade soldiers&#8221; who attempted to break into a military armoury in Freetown during the early hours of Sunday.



A nationwide curfew was imposed. Gunfire was heard across the city as the assailants attacked a prison and a police station.



It was not immediately clear if there were any casualties in the barracks attack or during the gunfire in Freetown on Sunday.



The country&#8217;s former president Ernest Bai Koroma, said in a statement that a military guard assigned to his residence in the capital was shot point blank, while another was &#8220;whisked away to an unknown location&#8221;.



Koroma did not say who shot the guard. He condemned the killing and the attack on the barracks.



&#8220;I am deeply concerned that once again our beloved nation could be subject to such insecurity,&#8221; he said.



The West African country&#8217;s civil aviation authority urged airlines to reschedule flights after the curfew was declared, while a soldier on its frontier with neighbouring Guinea told Reuters they had been instructed to shut the border.



A Reuters journalist, who earlier witnessed an armed group of men commandeer a police vehicle near the Wilberforce barracks, said streets were mostly empty on Sunday as residents hunkered down.



&#8220;We&#8217;ll clean this society. We know what we are up to. We are not after any ordinary civilians who should go about their normal business,&#8221; one of the masked men, who was dressed in military fatigues, said before driving away.



Sierra Leone has been tense since Bio was re-elected in June, a result rejected by the main opposition candidate and questioned by international partners including the United States and the European Union.



In August 2022, at least 21 civilians and six police officers were killed in anti-government protests in Sierra Leone, which is still recovering from a 1991-2002 civil war in which more than 50,000 were killed. Bio said the protests were an attempt to overthrow the government.



In his address to the nation on Sunday night, Bio called on Sierra Leone&#8217;s political and traditional leaders, and civil society to work to preserve peace.



&#8220;Let us not succumb to fear or division,&#8221; he said.



Information minister Chernor Bah said earlier on Sunday that security forces were making progress in apprehending those involved in the attack, but gave no further details.



A video on social media showed three men, two in fatigues and one in civilian clothes, with their arms tied behind their backs sitting in a military truck surrounded by soldiers. Reuters has not authenticated the video.



Bah said that major detention centres including the Pademba Road prisons were attacked and inmates released by the unidentified assailants.



It was not immediately clear how many prisoners had broken out of the facility, which a U.S. State Department report said was designed for 324 inmates but held more than 2,000 in 2019.



Videos posted on social media, which were not authenticated by Reuters, showed several people fleeing from the area of the prison, while gunshots could be heard in the background.



&#8220;The security forces were forced to make a tactical retreat. The prisons were thus overran,&#8221; said Bah, who had earlier declared a nationwide curfew and called for people to stay indoors.



The Economic Community of West African States condemned what it called an attempt by certain individuals to &#8220;acquire arms and disturb constitutional order&#8221; in Sierra Leone. The U.S. embassy in Freetown said such actions were not justified.



There have been eight military coups in West and Central Africa since 2020. (Reporting by Umaru Fofana; Writing by Bate Felix; Editing by Alexandra Zavis, David Goodman, Jan Harvey, Alexander Smith, Louise Heavens and Giles Elgood).

FILE PHOTO: Sierra Leone’s President and ruling party candidate Julius Maada Bio speaks after casting his vote at the 2023 Sierra Leone general election

Sierra Leone president says calm restored, most leaders of barracks attack detained

<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/IMF-World-Bank-to-proceed-with-annual-meetings-in-Morocco-in-October-820x547.jpg" alt="" class="wp-image-427563" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/IMF-World-Bank-to-proceed-with-annual-meetings-in-Morocco-in-October-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/IMF-World-Bank-to-proceed-with-annual-meetings-in-Morocco-in-October-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/IMF-World-Bank-to-proceed-with-annual-meetings-in-Morocco-in-October-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/IMF-World-Bank-to-proceed-with-annual-meetings-in-Morocco-in-October-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/IMF-World-Bank-to-proceed-with-annual-meetings-in-Morocco-in-October-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/IMF-World-Bank-to-proceed-with-annual-meetings-in-Morocco-in-October-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas/File Photo</figcaption></figure>



LONDON/JOHANNESBURG, Nov 24 (Reuters) &#8211; The collapse of Zambia&#8217;s $3 billion bond rework deal this week is reverberating well beyond the country&#8217;s borders, raising doubts about the very framework designed to get bankrupt nations back on track quickly.



Zambia&#8217;s government said on Monday an International Monetary Fund-approved deal with bondholders &#8211; agreed in principle less than a month ago &#8211; could not proceed due to objections from bilateral creditors, who say the terms of the deal are not comparable to relief offered by a group of countries including France, China and India.



The setback sent the bonds of countries in the midst of debt reworks such as Ghana and Sri Lanka tumbling. It also raised fresh questions about the commitment of Western nations and multilateral lenders to help poor countries claw their way out of unmanageable debt.



&#8220;To me there is a real problem, and the real problem goes beyond Zambia,&#8221; said Brad Setser, a Council on Foreign Relations fellow and former U.S. government official, suggesting the way debt sustainability and market accessibility for low income countries was assessed might need to be adjusted.



The core of the issue is the Common Framework, a G20-backed debt negotiation architecture that aimed to smooth and speed deals for insolvent low-income countries thrust into crisis during the COVID-19 pandemic with a historically complicated tangle of lenders that, for the first time, included China.



It established basic principles at its 2020 launch, with more to be defined and debated along the way. Progress has, however, proven more arduous than expected.



Zambia – the Framework&#8217;s test case &#8211; is entering its fourth year of default and its long, thorny path could deter other struggling countries such as Tunisia, Egypt and Kenya from Common Framework debt reworks.



International bondholders say the Framework failed to provide the transparency on other creditors&#8217; concessions needed to cut comparably fair deals. Most agree it provides no clarity on what fair treatment of various creditors would actually look like, nor how the value of concessions given to indebted nations should be calculated.



Milestones such as Zambia&#8217;s memorandum of understanding (MoU) with bilateral creditors on restructuring $6.3 billion of debt and similar successes for Ghana raised hopes the Framework was working. Now there are once again whispers that it&#8217;s failing.



&#8220;This has not been a success and we need a reset,&#8221; said Kevin Gallagher, director of Boston University&#8217;s Global Development Policy Center.



The IMF did not respond to a request for comment sent over a U.S. holiday.



<h2 class="wp-block-heading" id="h-a-question-of-fairness">A QUESTION OF FAIRNESS</h2>



The current rift centres on &#8220;Comparability of Treatment&#8221; &#8211; a principle from the Paris Club of wealthy creditor nations aimed at ensuring its members don&#8217;t give outsized concessions compared to private lenders or others outside the group.



Zambia&#8217;s government said the Official Creditor Committee (OCC) sank the bondholder deal because it fell afoul of that principle under a &#8220;base case&#8221; scenario. This outraged bondholders, who say they offered more debt relief than bilateral lenders on a net present value (NPV) basis and a principal haircut of 18% when official creditors tabled none.



With no rules on how to calculate concessions, creditors can come to different conclusions regarding the figures.



&#8220;One of the founding principles of the Common Framework was indeed Comparability of Treatment. The fact that we&#8217;ve gotten this far without reaching a common understanding of what that is, is indeed unhelpful,&#8221; said Yvette Babb, a portfolio manager at William Blair.



Tallying different creditors&#8217; priorities is tricky: Bondholders target shorter-term cashflows but will accept principal writedowns, while official creditors favour maturity extensions.



&#8220;Are you willing to allow deals that allow bondholders to get a lot of money out before official creditors? And are you willing to let bondholders take money out when the IMF is putting money in?,&#8221; said Setser.



<h2 class="wp-block-heading" id="h-how-to-fix-it">HOW TO FIX IT</h2>



Zambia&#8217;s government said there was no consensus between OCC co-chairs China and France on the concessions needed from bondholders to secure a deal. The OCC statement also did not say which creditor country raised concerns, making it harder to address them, investors said.



Convincing China, which emerged as a key creditor after a decade-long lending spree, to cut deals alongside other creditors has been a core challenge.



China&#8217;s repeated assertions that it must safeguard its taxpayers&#8217; money, its rejection of blanket acceptance that multilateral lenders do not take haircuts and its objections to the IMF&#8217;s debt sustainability assessments have upended the official lenders&#8217; historic approaches to debt deals.



China&#8217;s central bank and finance ministry did not respond to requests for comment.



Already, a group called the Global Sovereign Debt Roundtable &#8211; comprised of development banks, G20 chair India and official and private creditors – is trying to work through the Framework&#8217;s snags and seek a consensus on net present values and comparability of treatment.



Any such consensus, William Blair&#8217;s Babb said, would eliminate &#8220;a large degree of this discretionary assessment&#8221;.



&#8220;That is a fundamental principle that I think could be agreed on to avoid this becoming a stumbling block in other discussions,&#8221; she added.



The IMF has also promised to rejig its debt sustainability calculations – key figures in restructurings – and make its process more transparent.



With a record $554 billion of sovereign debt in default globally, according to the Institute of International Finance, getting countries out of distress quickly is key.



Zambia&#8217;s finance minister has said the long delays have curtailed economic growth and hit the poorest of the population.



Some say the Framework, while flawed, is the only way, and that countries outside it, such as Suriname and Sri Lanka, have also struggled to finalise deals.



&#8220;Sovereign debt restructuring is a very ugly, messy process,&#8221; said Mark Sobel, a former U.S. representative at the IMF, adding its aim was also to cut through the web of competing domestic powers within China to allow it to give debtor countries much-need relief.



&#8220;To me, the Common Framework, for better or for worse, is the only game in town.&#8221;



(Reporting By Libby George and Rachel Savage. Additional reporting by Jorgelina do Rosario and Joe Cash. Graphic by Rodrigo Campos, editing by Karin Strohecker and Kirsten Donovan)

FILE PHOTO: The IMF logo is seen outside the headquarters building in Washington

Zambia bond debacle calls for debt restructure rethink

<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/ZBNZUOO7FFKPJEHOKA7AHZURUY-820x547.jpg" alt="" class="wp-image-429766" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/ZBNZUOO7FFKPJEHOKA7AHZURUY-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/ZBNZUOO7FFKPJEHOKA7AHZURUY-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/ZBNZUOO7FFKPJEHOKA7AHZURUY-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/ZBNZUOO7FFKPJEHOKA7AHZURUY-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/ZBNZUOO7FFKPJEHOKA7AHZURUY-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/ZBNZUOO7FFKPJEHOKA7AHZURUY-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: People crowd a market place in Lagos, Nigeria December 18, 2021. Picture taken December 18, 2021. REUTERS/Temilade Adelaja/File Photo</figcaption></figure>



ABUJA, Nov 24 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s economy recorded flat growth in the third quarter, data showed on Friday, as the oil sector contracted at a slower pace while the impact of government reforms aimed at boosting output were yet to take effect.



Africa&#8217;s largest economy grew by 2.54%, up from the 2.51% posted in the second quarter, but far from President Bola Tinubu&#8217;s ambition to expand the economy by at least 6% a year, which he promised during his inauguration in May.



Tinubu has vowed to lift barriers to investment, create jobs and tackle insecurity. He has embarked on Nigeria&#8217;s boldest reforms in decades to try to boost output, which has been sluggish for about a decade. But they have yet to impact growth.



&#8220;The performance of the GDP in the third quarter of 2023 was driven mainly by the services sector, which recorded a growth of 3.99% and contributed 52.7% to the aggregate GDP,&#8221; the National Bureau of Statistics (NBS) said.



Nigeria&#8217;s dominant oil sector, which accounts for the bulk of government revenue and 90% of foreign-exchange reserves, contracted 0.85% in the third quarter, a rise of 12.6% from the second quarter when the sector shrank by 13.43%.



Daily average oil output&nbsp;NGOIL=ECI&nbsp;stood at 1.45 million barrels per day (mbpd) in the three months to September, up from the 1.20 mbpd in the same period last year.



Tinubu in May scrapped a costly but popular petrol subsidy and lifted currency controls, which he said was to save the country from going under.



But his actions have worsened inflation currently in double-digits, fuelling anger and frustration for a population grappling with a cost of living crisis. Tinubu has been under pressure from unions to offer relief to workers.



He has travelled from Asia, Europe, Middle East and United States to promote investments to try to revive the economy rather than relying on borrowing.



The NBS said the agriculture and industrial sectors, which create jobs, contributed less to GDP in the third quarter of 2023, compared with the same quarter a year ago.



(Reporting by Chijioke Ohuocha; Editing by Alex Richardson and Alexander Smith)

FILE PHOTO: People crowd a market place in Lagos

Nigeria records flat Q3 growth as oil sector contraction slows

<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/GettyImages-545175688-820x547.jpg" alt="" class="wp-image-429762" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-545175688-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-545175688-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-545175688-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-545175688-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-545175688.jpg 1024w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">PRETORIA, SOUTH AFRICA &#8211; JULY 6: Olympic athlete Oscar Pistorius holds the hand of a relative after sentencing at the High Court on July 6, 2016 at the High Court in Pretoria, South Africa. Pistorius was sentenced to six years in prison for the murder of girlfriend Reeva Steenkamp at their home in 2013. (Photo by Marco Longari &#8211; Pool/Getty Images)</figcaption></figure>



<a href="https://www.nbcnews.com/news/world/oscar-pistorius-murdered-girlfriend-reeva-steenkamp-father-parole-rcna36449" target="_blank" rel="noreferrer noopener">Oscar Pistorius</a>, the disgraced South African Paralympian who&nbsp;<a href="https://www.nbcnews.com/news/world/blade-runner-oscar-pistorius-charged-murder-flna1c8371215" target="_blank" rel="noreferrer noopener">murdered his girlfriend</a>&nbsp;on Valentine’s Day 10 years ago, was granted parole at a hearing on Friday and will be released.



A double amputee sprinter known as the “Blade Runner” for his prosthetic legs, Pistorius, 37, was convicted of fatally shooting his girlfriend Reeva Steenkamp&nbsp;<a href="https://www.nbcnews.com/storyline/pistorius-trial/pistorius-i-knew-it-id-fired-four-shots-door-n74446" target="_blank" rel="noreferrer noopener">four times through a locked bathroom door</a>&nbsp;at his home in Pretoria in 2013.



Pistorius was told at a hearing in Pretoria, the administrative capital where he has been held, that he will be released on Jan. 5, 2024.



A model and law graduate, Steenkamp was 29. Tania Koen, a lawyer who has represented the Steenkamps throughout the parole process and Pistorius’ appeals, confirmed to NBC News that parole was granted.



Pistorius was <a href="https://www.nbcnews.com/news/world/oscar-pistorius-denied-parole-murder-reeva-steenkamp-rcna77550" target="_blank" rel="noreferrer noopener">denied parole at a hearing in March</a> after a judge ruled that, despite expectations that it would be granted, he had not served the minimum time needed to qualify for parole. The judge in that hearing said he wouldn’t be considered for parole until August 2024.



The 2014 trial attracted global attention as the&nbsp;<a href="https://www.nbcnews.com/storyline/pistorius-trial/pistorius-vomits-court-graphic-images-steenkamps-body-n51591" target="_blank" rel="noreferrer noopener">details of Steenkamp’s death</a>&nbsp;were beamed around the world. It immediately ended the career of Pistorius, then perhaps the world’s most high-profile disabled athlete, who made history by competing in an able-bodied field at the Olympics.&nbsp;&nbsp;



Pistorius claimed<a href="https://www.nbcnews.com/storyline/pistorius-trial/oscar-pistorius-my-car-was-shot-dad-was-hijacked-twice-n73506" target="_blank" rel="noreferrer noopener">&nbsp;he mistook Steenkamp for a burglar</a>&nbsp;and shot her in error. As a condition of the parole process,&nbsp;<a href="https://www.nbcnews.com/news/world/oscar-pistorius-murdered-girlfriend-reeva-steenkamp-father-parole-rcna36449" target="_blank" rel="noreferrer noopener">Pistorius met with Steenkamp’s father</a>, Barry, in June 2022. Her family opposed his release because they reject Pistorius’ account of their daughter’s killing.



As Pistorius has not yet served his full sentence of 13 years and five months, he will likely be forced to wear an electronic security tag and be banned from leaving Gauteng Province, which includes Johannesburg and Pretoria.



Originally, Pistorius was sentenced to six years in jail for murder, but prosecutors then appealed what they called a “<a href="https://www.nbcnews.com/storyline/pistorius-trial/oscar-pistorius-prosecutors-seek-longer-murder-sentence-n817166" target="_blank" rel="noreferrer noopener">shockingly lenient</a>” punishment and the sentence was increased.



Born with a congenital condition that led to both his legs being amputated below the knee when he was 11 months old, Pistorius became a successful athlete, leading out the South African team at the 2012 London Olympics opening ceremony. Days later he would become the first double amputee to compete at the Olympics.



The 2014 trial&nbsp;<a href="https://www.nbcnews.com/storyline/pistorius-trial/oscar-pistorius-kept-gun-him-all-time-ex-girlfriend-n46746" target="_blank" rel="noreferrer noopener">heard&nbsp;</a>that Pistorius had a gun with him “all the time,” including on his bedside table while he slept. He told the court that he lived in fear of a home invasion and said he had been&nbsp;<a href="https://www.nbcnews.com/storyline/pistorius-trial/oscar-pistorius-my-car-was-shot-dad-was-hijacked-twice-n73506" target="_blank" rel="noreferrer noopener">followed, shot at and hi-jacked</a>. When he shot Steenkamp he had assumed it was a burglar, he said.&nbsp;

Oscar Pistorius Is Sentenced In The Trial Over The Murder Of Reeva Steenkamp

Oscar Pistorius granted parole, to be released from prison nearly 11 years after murdering girlfriend Reeva Steenkamp

<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/DWS3TK7MAVPAPFKEL2YX7GYITI-820x547.jpg" alt="" class="wp-image-429066" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/DWS3TK7MAVPAPFKEL2YX7GYITI-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/DWS3TK7MAVPAPFKEL2YX7GYITI-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/DWS3TK7MAVPAPFKEL2YX7GYITI-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/DWS3TK7MAVPAPFKEL2YX7GYITI-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/DWS3TK7MAVPAPFKEL2YX7GYITI-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/DWS3TK7MAVPAPFKEL2YX7GYITI.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Zambia&#8217;s Finance Minister Situmbeko Musokotwane takes part in a panel during the annual meeting of the International Monetary Fund and the World Bank, following last month&#8217;s deadly earthquake, in Marrakech, Morocco, October 14, 2023. REUTERS/Susana Vera/File Photo</figcaption></figure>



LONDON, Nov 24 (Reuters)&nbsp;&#8211;&nbsp;Long delays in Zambia&#8217;s debt restructuring have hamstrung much needed investments, curtailed economic growth, weighed on local financial markets and added to living costs for its people, Finance Minister Situmbeko Musokotwane told Reuters.



Zambia defaulted three years ago and is trying to rework its debt under the G20 Common Framework, a programme designed to ensure swift and smooth debt overhauls for low-income nations.



But the process has been beset by delays, with Zambia suffering a major setback on Monday when official creditors rejected a preliminary deal agreed between the country and its bondholders to rework $3 billion over objections on whether it offered comparable debt relief.



The first African country to default in the COVID-19 era, Zambia&#8217;s debt restructuring had started with drawn-out negotiations with bilateral creditors including China.



&#8220;Zambia’s debt restructuring has dragged on too long,&#8221; Musokotwane said in emailed comments.



&#8220;During restructuring, we are experiencing vastly constrained fiscal space. We cannot attract vital foreign direct investment. We have no access to capital markets.&#8221;



Uncertainty or negative news on the restructuring progress have hit domestic bond markets, Musokotwane said, which may affect the government&#8217;s ability to fully finance the national budget.



They also made the currency more volatile, he added. The kwacha&nbsp;ZMW=&nbsp;stands at a record low of 23.525 to the dollar and has weakened more than 30% this year.



All this has resulted in a significant increase in the cost of living for Zambians and impacted the government&#8217;s ability to push through with vital investments.



&#8220;Projects in the water sector, among others, have been delayed in completion by over three years and have hence delayed the delivery of clean water and sanitation services to over 1.5 million Zambian people,&#8221; the minister said, adding infrastructure projects connecting some of Zambia&#8217;s poorest rural areas to markets and technology had also stalled.



&#8220;This undermines our development agenda and impacts the most vulnerable.&#8221;



Musokotwane said the country had implemented some serious reforms and committed to improving management of government finances and boosting growth.



&#8220;Problems facing Zambia are not simply numbers on a spreadsheet but impact the lives of real people. Continued delays serve the interests of no-one.&#8221;



He said the government would continue discussions in &#8220;good faith&#8221; to find a solution that was satisfactory to all sides.



(Reporting by Karin Strohecker, additional reporting by Rachel Savage, editing by Kim Coghill)

DWS3TK7MAVPAPFKEL2YX7GYITI

Zambia debt rework delaying impede key investments, hitting the ‘most vulnerable’ – FinMin

<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="auto, (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>



JOHANNESBURG, Nov 24 (Reuters)&nbsp;&#8211;&nbsp;The South African rand was stronger in early trade on Friday, extending its Thursday gains after the central bank kept its main interest rate unchanged.



At 0644 GMT, the rand traded at 18.7700 against the dollar&nbsp;ZAR=D3, 0.3% stronger than its previous close.



The dollar&nbsp;=USD&nbsp;last traded around 0.03% weaker against a basket of global currencies.



South Africa&#8217;s central bank stuck to its previous hawkish tone on Thursday as it kept its main lending rate unchanged for the third meeting in a row, boosting the rand, despite inflation quickening in October.



Next week investors will turn their attention to supply-side inflation when producer price index data is released.



South Africa&#8217;s benchmark 2030 government bond&nbsp;ZAR2030=&nbsp;was marginally stronger in early deals, with the yield down 0.5 basis point at 10.120%.



(Reporting by Tannur Anders; Editing by Jacqueline Wong)

Illustration photo of South African rand

South African rand extends gains after key rate left unchanged

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="573" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/OMZVR4AVEFLRFCSVUSQPSAY2HU-820x573.jpg" alt="" class="wp-image-429528" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/OMZVR4AVEFLRFCSVUSQPSAY2HU-820x573.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/OMZVR4AVEFLRFCSVUSQPSAY2HU-300x210.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/OMZVR4AVEFLRFCSVUSQPSAY2HU-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/OMZVR4AVEFLRFCSVUSQPSAY2HU-768x537.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/OMZVR4AVEFLRFCSVUSQPSAY2HU-1536x1074.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/OMZVR4AVEFLRFCSVUSQPSAY2HU-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The South African Reserve Bank (SARB) governor Lesetja Kganyago is seen during the SARB Biennial Conference in the Cape Town International Convention Centre, in Cape Town, South Africa, August 31, 2023. REUTERS/Esa Alexander</figcaption></figure>



PRETORIA, Nov 23 (Reuters) &#8211; South Africa&#8217;s central bank kept its main lending rate unchanged at 8.25% in a unanimous decision by its monetary policy committee (MPC) announced on Thursday.



It was the third meeting in a row that the bank has left its repo rate on hold. All economists polled by Reuters had forecast that the rate would be left unchanged.



Inflation rose sharply to 5.9% year-on-year in October from 5.4% in September, approaching the upper end of the central bank&#8217;s target range of 3%-6%.



&#8220;The uptick in inflation is unwelcome,&#8221; central bank Governor Lesetja Kganyago told a news conference, referring to October&#8217;s data. He also said &#8220;serious upside risks&#8221; to the inflation outlook remained.



Analysts expect the central bank to cut interest rates in early 2024, but some have warned it might delay its easing cycle until later over high inflation.



The South African Reserve Bank&#8217;s MPC has said it wants to see inflation sustainably around the midpoint of its target range before considering rate cuts.



(Reporting by Kopano Gumbi, Anait Miridzhanian and Tannur Anders; Writing by Bhargav Acharya Editing by Alexander Winning)

South African Reserve Bank’s Biennial Conference in Cape Town

South African central bank holds main rate but warns on inflation risks

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/05/Investment-management-820x547.jpg" alt="" class="wp-image-424734" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/05/Investment-management-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/Investment-management-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/Investment-management-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/Investment-management-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/Investment-management.jpg 1200w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Stock</figcaption></figure>



Nov 23 (Reuters)&nbsp;&#8211;&nbsp;Most emerging markets stocks edged up on Thursday and currencies were steady in holiday-thinned trade, though investors geared up for monetary policy decisions from Turkey and South Africa.



Turkey&#8217;s lira&nbsp;TRYTOM=D3&nbsp;was little changed at 28.82 against the dollar ahead of the local central bank&#8217;s interest rate decision where economists largely expect a 250 basis points raise to 37.5%. The decision is due at 1100 GMT.



&#8220;The one-week repo rate will likely peak around 40%,&#8221; said Bartosz Sawicki, market analyst at Conotoxia fintech.



&#8220;The Turkish central bank might opt to reduce the pace of rate hikes as the annual inflation rate inched lower in October and external price pressure dynamics have turned a tad more favorable.&#8221;



The lira has weakened more than 30% since the late-May election which was followed by a subsequent loosening of controls on the foreign exchange market and a pivot to more orthodox monetary policy.



Turkish stocks&nbsp;.XU100&nbsp;were up 0.6% during the session and have gained more than 75% since the vote.



More broadly, MSCI&#8217;s index tracking developing markets stocks&nbsp;.MSCIEF&nbsp;climbed 0.4%, hovering near a two and-a-half month high hit earlier in the week, while a basket of currencies&nbsp;.MIEM00000CUS&nbsp;inched up 0.1% against the dollar at 1005 GMT.



Trading worldwide was expected to be quiet due to the Thanksgiving holiday in the U.S.



In focus later in the day will also be an interest rate decision in South Africa, where economists largely expect the local central bank to hold borrowing costs steady at 8.25% at 1300 GMT.



Uncertainty remains on the outlook for monetary policy after data on Wednesday showed&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N3CN1SC&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">inflation rose unexpectedly in October</a>, nearing the top-end of the regulator&#8217;s target range.



Also in Africa, Kenya&#8217;s President William Ruto said the government was&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N3CO0EJ&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">poised to privatise 35 state companies</a>&nbsp;and was looking at a further 100 firms after enacting a law last month to cut down on bureaucracy.



Meanwhile, a Reuters poll of equity strategists believe&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N3CN34A&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">India&#8217;s stock market will hit new highs</a>&nbsp;in the next six months and rise over 10% from here by end-2024, driven by a sustained expansion in the fastest-growing major economy.



Moves on the south Asian country&#8217;s blue-chip indexes Nifty 50&nbsp;.NSEI&nbsp;and Sensex&nbsp;.BSESN&nbsp;were subdued on Thursday, however they have gained nearly 10% year-to-date.



Russia&#8217;s rouble&nbsp;RUBUTSTN=MCX&nbsp;strengthened, trading at 88.17 to the dollar and&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N3CO0DC&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">was heading towards a near five-month high</a>&nbsp;hit earlier this week, helped by month-end tax payments, exporters&#8217; forced foreign currency sales and high interest rates.



(Reporting by Johann M Cherian in Bengaluru, Editing by William Maclean)

Investment-management

Stocks climb higher; Turkey, South Africa central bank decisions on tap

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107337930-1700665715409-gettyimages-1258459514-AFP_33GZ4VK-820x461.jpeg" alt="" class="wp-image-429467" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107337930-1700665715409-gettyimages-1258459514-AFP_33GZ4VK-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107337930-1700665715409-gettyimages-1258459514-AFP_33GZ4VK-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107337930-1700665715409-gettyimages-1258459514-AFP_33GZ4VK-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107337930-1700665715409-gettyimages-1258459514-AFP_33GZ4VK-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107337930-1700665715409-gettyimages-1258459514-AFP_33GZ4VK-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107337930-1700665715409-gettyimages-1258459514-AFP_33GZ4VK.jpeg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Sam Altman (L), US entrepreneur, investor, programmer, and founder and CEO of artificial intelligence company OpenAI, and the company’s co-founder and chief scientist Ilya Sutskever, speak together at Tel Aviv University in Tel Aviv on June 5, 2023. Jack Guez | Afp | Getty Images</figcaption></figure>



After several days of crisis and tumult, Sam Altman has returned as the CEO of OpenAI. Three new board members have replaced the previous leadership that ousted Altman.



OpenAI’s new board doesn’t appear to be fully built. Negotiations are reportedly underway to install representation from Microsoft, which has invested billions of dollars in OpenAI, or other major investors.



There’s a notable change in the board’s experience. The previous board included academics and researchers, but OpenAI’s new directors have extensive backgrounds in business and technology.



Microsoft CEO Satya Nadella said in an interview with CNBC on Monday that governance at OpenAI needed to change. Nadella said Wednesday he is “encouraged” by the changes to the company’s board, according to a post on X, formerly known as Twitter.



“We believe this is a first essential step on a path to more stable, well-informed, and effective governance,” he said.



Microsoft, Sequoia Capital, Thrive Capital and Tiger Global are among the OpenAI investors that lack representation on the board but had been pushing to reinstate Altman, as CNBC previously reported.



Here’s who’s in, who’s out, and what the changes may mean.



<h2 class="wp-block-heading"><a></a>Here are the newest members of OpenAI’s board</h2>



<h3 class="wp-block-heading" id="h-bret-taylor-board-chair">Bret Taylor, board chair</h3>



Bret Taylor is currently a board member at the e-commerce platform Shopify. He’s also the former co-CEO of Salesforce and was Twitter’s final board chair prior to Elon Musk’s acquisition of the social media platform.



Taylor co-founded Quip, a collaboration platform that was acquired by Salesforce in 2016. That acquisition propelled him into the most senior ranks of the enterprise software company, where he would eventually take the co-CEO title in 2021. Taylor left Salesforce in January.



The executive launched his own artificial intelligence venture alongside a former Google executive in February. It isn’t clear whether Taylor’s involvement with his own AI startup will cease with his appointment to lead OpenAI’s board. 



Taylor did not immediately respond to CNBC’s request for comment.



<h3 class="wp-block-heading">Larry Summers</h3>



Larry Summers served as Treasury secretary during the Clinton administration and was the president of Harvard University. An economist by training, Summers also led the Obama administration’s National Economic Council during the Global Financial Crisis.&nbsp;



His connections in Washington could be valuable for OpenAI as the company faces continued regulatory scrutiny from lawmakers.&nbsp;



In December, Summers called OpenAI’s popular generative chatbot ChatGPT a “profound thing for humanity” during an interview with Bloomberg. He compared the advent of the technology to the introduction of the printing press and electricity. 



“This could be the most important general-purpose technology since the wheel or fire,” Summers said.&nbsp;



Summers also serves on the board of Block, a financial technology company led by Twitter co-founder Jack Dorsey, and on the board of Skillsoft, an educational technology company. 



Summers stepped down in 2006 from Harvard’s presidency following backlash on campus about comments he made on gender representation in STEM fields at a diversity conference. Summers later apologized for the remarks, saying in a 2005 letter that he was “wrong to have spoken in a way that has resulted in an unintended signal of discouragement to talented girls and women.”



A representative for Summers declined to comment.



<h3 class="wp-block-heading">Adam D’Angelo</h3>



Adam D’Angelo is the only member of OpenAI’s previous board who still holds a seat. He joined in 2018 and reportedly played a major role in the negotiations that brought Altman back to the helm. 



D’Angelo is the CEO of Quora, a platform where users can publicly ask and answer questions. He is also developing an AI chat platform called Poe, which he announced in February. He spent several years at Meta, formerly known as Facebook, and served as CTO from 2006 to 2008.



He has not commented publicly since Altman’s ouster Friday, but he retweeted a post on X that suggested his motives were not “crazy” or “vindictive.” OpenAI’s board fired Altman on Friday after determining he was “not consistently candid in his communications,” but its members never elaborated further.&nbsp;



D’Angelo did not immediately respond to CNBC’s request for comment.



<h2 class="wp-block-heading">Here’s who’s no longer on OpenAI’s board </h2>



<h3 class="wp-block-heading">Helen Toner</h3>



Helen Toner is a researcher and director of strategy and foundational research grants at Georgetown University’s Center for Security and Emerging Technology. Toner was a former employee at Open Philanthropy, serving as an advisor on AI policy.&nbsp;



Toner offered what could be seen as public criticism of OpenAI in an October paper, a decision with which Altman reportedly took issue. The paper suggested that OpenAI’s launch of ChatGPT undermined the company’s efforts to develop AI safely, by spurring other tech companies into launching their own competing chatbots and forcing them to “accelerate or circumvent internal safety and ethics review processes.”



She was one of the directors involved in pushing Altman out. She has not responded to CNBC’s previous attempts to contact her.



<h3 class="wp-block-heading">Tasha McCauley</h3>



Tasha McCauley joined OpenAI’s board in 2018. She is an adjunct senior management scientist at Rand Corporation, and formerly served as the CEO of GeoSim Systems, which developed an automated city modeling system.&nbsp;



She is married to actor and filmmaker Joseph Gordon-Levitt, who announced the union in 2015. 



McCauley has not commented publicly since Altman’s firing Friday. She did not respond to CNBC’s requests for comment. 



<h3 class="wp-block-heading">Ilya Sutskever</h3>



Ilya Sutskever co-founded OpenAI and serves as its chief scientist. He also aligned himself, for a time, with the board members who ousted Altman.



Sutskever is the author or co-author of more than 130 research papers on artificial intelligence, neural networks, and generative AI, according to his Google Scholar profile. He holds a Ph.D. in computer science from the University of Toronto and had a brief post-doctoral stint at Stanford, according to his LinkedIn profile.



Sutskever co-led OpenAI alongside president Greg Brockman, an idea that Altman at the time described as “non-traditional.” Sutskever is close with Brockman and officiated his wedding at OpenAI headquarters in 2019. 



A personal plea from Brockman’s wife reportedly helped bring Sutskever back into Altman’s camp. Sutskever was one of the first signatories on a letter signed by the vast majority of OpenAI employees that demanded the board’s resignation over the weekend. He repudiated his support for the board in a post on X.



Despite his about-face, Sutskever was removed from the board. His status as an OpenAI executive does not appear to have changed.



<h2 class="wp-block-heading">What’s next?</h2>



Semafor reported that Altman had been pushing for months to add more directors at OpenAI, and reports suggest it’s unlikely that OpenAI’s board will remain this small.



Bloomberg said Thursday that among the changes Microsoft wanted was a larger and more experienced board. The board is currently smaller, and it’s unclear what, if any, kind of other protections or role on the board Microsoft might get.



The composition of the new board — experienced technology and business executives — suggests that OpenAI may be transforming into a more conventional Silicon Valley startup on paper, not just in spirit.



The new governance, however, does not change the fact that OpenAI remains a “capped-profit” entity owned by a nonprofit, with excess profits continuing to flow up to that nonprofit.&nbsp;

107337930-1700665715409-gettyimages-1258459514-AFP_33GZ4VK

Sam Altman’s back. Here’s who’s on the new OpenAI board and who’s out

<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/HV3OXVMTAJNSBPE3ZZLYUIZMTM-1-820x547.jpg" alt="" class="wp-image-429348" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/HV3OXVMTAJNSBPE3ZZLYUIZMTM-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/HV3OXVMTAJNSBPE3ZZLYUIZMTM-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/HV3OXVMTAJNSBPE3ZZLYUIZMTM-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/HV3OXVMTAJNSBPE3ZZLYUIZMTM-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/HV3OXVMTAJNSBPE3ZZLYUIZMTM-1-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/HV3OXVMTAJNSBPE3ZZLYUIZMTM-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Nigerian naira banknotes are seen in this picture illustration, September 10, 2018. Picture taken September 10, 2018. REUTERS/Afolabi Sotunde/Illustration/File Photo</figcaption></figure>



ABUJA, Nov 22 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s Senate passed the medium-term expenditure framework for 2024-2026 on Wednesday, setting out the government&#8217;s fiscal plan for the next three years.



Lawmakers in the House of Representatives, the lower arm of parliament, had passed the framework on Tuesday.



The framework, a key document in the Nigerian budget process, ensures that government spending aligns with its economic and social goals. It is a three-year rolling plan that sets out the government&#8217;s spending priorities and how it will fund them.



The passage of the framework by Nigeria&#8217;s two arms of parliament paves the way for President Bola Tinubu to send the country&#8217;s 2024 budget proposal of 26 trillion naira ($34 billion) to parliament for approval.



The document, which was agreed by Tinubu&#8217;s cabinet before going to lawmakers for approval, expects the naira currency to trade around 700 per dollar next year before firming slightly in 2025 and 2026.



(Writing by Elisha Bala-Gbogbo; Editing by Kirsten Donovan)

FILE PHOTO: Nigerian naira banknotes are seen in this picture illustration

Nigeria lawmakers approve mid-term fiscal plan for next three years

At the beginning of 2023, in January, as per Forbes, the African continent’s 19 billionaires were worth an estimated $81.8 billion. Nigeria’s Aliko Dangote was Africa’s richest person for the 12th year in a row, followed by South African luxury goods magnate Johann Rupert with $10.7 billion. The African country with the most billionaires, five in all, was South Africa, followed by Egypt with four and Nigeria with three.



Fortunes rise and fall but never the drive and tenacity of these men driving African business. We present a ranking of the African continent’s 11 richest people today, as per real-time net worth figures from Forbes as of November 22 2023.



<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/GettyImages-1500244451-820x547.jpg" alt="" class="wp-image-429294" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-1500244451-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-1500244451-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-1500244451-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-1500244451-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-1500244451.jpg 1024w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">ACCRA, GHANA &#8211; JUNE 18: Mr. Aliko Dangote, Chairman and CEO, Dangote Group speaks at the African Export-Import Bank (Afreximbank) Annual Meeting on June 18, 2023 at the Accra International Conference Center in Accra, Ghana. | (Photo by Ernest Ankomah/Getty Images)</figcaption></figure>



Aliko Dangote’s real-time net worth is $10.1 billion. The 66-year-old self-made billionaire in cement and sugar founded and chairs Dangote Cement, the continent&#8217;s largest cement producer, which has the capacity to produce 48.6 million metric tons annually and has operations across Africa. After many years in development, Dangote&#8217;s fertilizer plant in Nigeria began operations in March 2022. Dangote told Forbes that when he was young, he bought sweets, gave them to others to sell, and he kept the profits. 



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="546" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-1726096135-820x546.jpg" alt="" class="wp-image-429293" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-1726096135-820x546.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-1726096135-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-1726096135-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-1726096135-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-1726096135.jpg 1024w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Johann Rupert, The Chairman and CEO of Richemont embraces Matt Fitzpatrick of England on the 18th green during Round Three on Day Five of the Alfred Dunhill Links Championship at the Old Course St. Andrews on October 09, 2023 in St Andrews, Scotland. (Photo by Octavio Passos/Getty Images)</figcaption></figure>



Johann Rupert and family is worth $9.7 billion as of November 22 2023. The 73-year-old South African luxury business magnate residing in Cape Town is chairman of Swiss luxury goods firm Compagnie Financiere Richemont that’s best known for the brands Cartier and Montblanc. He is Africa’s second richest man and is married with three children.



Nicky Oppenheimer and family, with a net worth of $8.3 billion, is at number three on the African continent. The South Africa-based Oppenheimer, 77, heir to the DeBeers diamond fortune, sold his 40% of the firm to mining group Anglo American for $5.1 billion in cash in 2012. For 85 years until 2012, the Oppenheimer family occupied a controlling spot in the world&#8217;s diamond trade.



Nassef Sawiris is the Cairo resident, with a real-time net worth of $6.9 billion. An investor and a scion of Egypt&#8217;s wealthiest family, his most valuable asset is a nearly 6% stake in sportswear maker Adidas. The 62-year-old in construction and investments also runs OCI, one of the world&#8217;s largest nitrogen fertilizer producers, with plants in Texas and Iowa.



Also from Nigeria, the continent’s biggest economy, is Abdulsamad Rabiu with a real-time net worth of $6.4 billion. The 63-year-old’s origin of wealth is cement and sugar. He is the founder of BUA Group, a Nigerian conglomerate active in cement production, sugar refining and real estate. In early January 2020, Rabiu merged his privately-owned Obu Cement company with listed firm Cement Co. of Northern Nigeria, which he controlled.



Issad Rebrab and family have a net worth of $4.6 billion. The 79-year-old Algerian founded Cevital and served as its CEO for more than 50 years. He named his son, Malik, CEO in July 2022. Cevital, Algeria&#8217;s biggest privately-held company, owns one of the largest sugar refineries in the world, with the capacity to produce 2 million tons a year.



Mohamed Mansour’s net worth is at $3.6 billion. The self-made 75-year-old Egyptian businessman oversees family conglomerate Mansour Group, which was founded by his father Loutfy (d. 1976) in 1952 and has 60,000 employees. Mansour established General Motors dealerships in Egypt in 1975, later becoming one of GM&#8217;s biggest distributors worldwide.



<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/GettyImages-1043360968-820x547.jpg" alt="" class="wp-image-429291" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-1043360968-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-1043360968-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-1043360968-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-1043360968-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-1043360968.jpg 1024w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">HURGHADA, EGYPT &#8211; SEPTEMBER 28: Egyptian businessman and founder of El Gouna FIlm Festival Naguib Sawiris takes to the red carpet at the closing ceremony of the 2nd El Gouna Film Festival on September 28, 2018 in Hurghada, Egypt. (Photo by Jonathan Rashad/Getty Images)</figcaption></figure>



Naguib Sawiris with a real-time net worth of $3.3 billion is a scion of Egypt&#8217;s wealthiest family. His brother Nassef is also a billionaire. He built a fortune in telecom, selling Orascom Telecom in 2011 to Russian telecom firm VimpelCom (now Veon) in a multibillion-dollar transaction.



Yet another notable businessman from Nigeria is the 70-year-old Mike Adenuga, whose real-time net worth is $3.1 billion as per Forbes. He built his fortune in telecom and oil production.The self-made Lagosianis known for having made his first million at age 26 selling lace and distributing soft drinks.



Cape Town-based Koos Bekker, 70, is worth $2.4 billon as of November 22, and is revered for transforming South African newspaper publisher Naspers into an e-commerce investor and cable TV powerhouse. His Babylonstoren estate, nearly 600 acres in South Africa&#8217;s Western Cape region, features architecture dating back to 1690, a farm, orchard and vineyard and more.



<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/GettyImages-1470197532-820x547.jpg" alt="" class="wp-image-429292" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-1470197532-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-1470197532-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-1470197532-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-1470197532-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-1470197532.jpg 1024w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">PARIS, FRANCE &#8211; FEBRUARY 27: Patrice Motsepe poses for a photo on the Green Carpet ahead of The Best FIFA Football Awards 2022 on February 27, 2023 in Paris, France. (Photo by Lionel Hahn/Getty Images)</figcaption></figure>



Patrice Motsepe has a net worth today of $2.3 billion. The mining tycoon is the founder and chairman of African Rainbow Minerals. He became a billionaire in 2008 – the first black African on the Forbes list. In 2016, he launched a private equity firm, African Rainbow Capital, focused on investing in Africa. Motsepe is also the president and owner of Mamelodi Sundowns, one of the most valuable clubs in Africa. In March 2021, he was elected president of the Confederation of African Football.

The International Monetary Fund and World Bank Annual Meetings

The Richest People In Africa

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="350" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1040865674-612x612-1.jpg" alt="" class="wp-image-400879" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1040865674-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1040865674-612x612-1-300x172.jpg 300w" sizes="auto, (max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">Stock market report. 3d illustration</figcaption></figure>



Nov 22 (Reuters)&nbsp;&#8211;&nbsp;Emerging markets stocks and currencies took a breather on Wednesday after a recent rally, while investors parsed South Africa&#8217;s inflation report and Israeli stocks and bonds gained on hopes of a temporary lull in the war with Hamas.



MSCI&#8217;s basket of developing markets currencies&nbsp;.MIEM00000CUS&nbsp;weakened 0.4%, while the index tracking equities&nbsp;.MSCIEF&nbsp;dipped 0.5% by 0926 GMT.



EM currencies had six straight days of gains and had hit an over one-and-a-half-year high on Tuesday on hopes that U.S. rates had peaked.



Also spurring some caution were minutes from the U.S. Federal Reserve&#8217;s last policy meet where policymakers said they would proceed &#8220;carefully&#8221; and only raise interest rates if progress in controlling inflation faltered.



South Africa&#8217;s rand ZAR= slipped 0.5% and stocks .JTOPI gained 1.1% after data showed headline consumer inflation, rose to 5.9% on an annual basis in October from September.



But the reading was still marginally below the higher end of the domestic central bank&#8217;s target range of 3% to 6%, leaving investors jittery ahead of an interest rate decision on Thursday where economists largely expect rates to be on hold.



&#8220;Food and transport (fuel) have once again lead local CPI inflation higher&#8230; (and) might create some angst for tomorrow&#8217;s interest rate decision by the SARB (South African Reserve Bank),&#8221; Shaun Murison, senior market analyst at IG markets said.



&#8220;There is however still a slight chance that the SARB will raise by another 25 basis points although this is not our base case.&#8221;



Meanwhile, the blue-chip Tel Aviv 35 index .TA35 rose 0.7% and government bond prices rose as much as 0.4% after Israel&#8217;s government and Hamas agreed to a four-day pause to over of a month of fighting that had the world on edge.



The local shekel&nbsp;ILS=&nbsp;however, dipped 0.4%.



&#8220;A ceasefire is a step forward but it is temporary and does not suggest that an end to the conflict is imminent,&#8221; said Hasnain Malik, head of equity research at Tellimer.



India&#8217;s rupee INR=IN strengthened nearly 0.1% and was last trading at 83.32 as the currency got a boost by IPO-related inflows.



Sri Lanka&#8217;s benchmark index .CSE edged up 0.4% and the country&#8217;s dollar bonds gained after the country&#8217;s treasury secretary said it expects the International Monetary Fund&#8217;s executive board to approve the first review of its $2.9 billion bailout by Dec. 6.



The local central bank is expected to hold interest rates steady on Friday, as per a poll.



China&#8217;s blue-chips index .CSI300 closed 1.0% down and the Hang Seng index .HSI ended flat, though Reuters reported that Chinese government advisers will recommend economic growth targets for 2024 ranging from 4.5% to 5.5% to an annual policymakers&#8217; meeting next month.



(Reporting by Johann M Cherian in Bengaluru; Editing by Shailesh Kuber)

Stock market report. 3d illustration

Markets ease after rally; South African, Israeli assets in focus

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107327233-16988648212023-11-01t185128z_685341700_rc2i44a4cb6s_rtrmadp_0_usa-economy-fed-820x461.jpeg" alt="" class="wp-image-429232" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107327233-16988648212023-11-01t185128z_685341700_rc2i44a4cb6s_rtrmadp_0_usa-economy-fed-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107327233-16988648212023-11-01t185128z_685341700_rc2i44a4cb6s_rtrmadp_0_usa-economy-fed-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107327233-16988648212023-11-01t185128z_685341700_rc2i44a4cb6s_rtrmadp_0_usa-economy-fed-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107327233-16988648212023-11-01t185128z_685341700_rc2i44a4cb6s_rtrmadp_0_usa-economy-fed-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107327233-16988648212023-11-01t185128z_685341700_rc2i44a4cb6s_rtrmadp_0_usa-economy-fed-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107327233-16988648212023-11-01t185128z_685341700_rc2i44a4cb6s_rtrmadp_0_usa-economy-fed.jpeg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Photo: via CNBC</figcaption></figure>



Federal Reserve officials at their most recent meeting expressed little appetite for cutting interest rates anytime soon, particularly as inflation remains well above their goal, according to minutes released Tuesday.&nbsp;



The summary of the meeting, held Oct. 31-Nov. 1, showed that Federal Open Market Committee members still worry that inflation could be stubborn or move higher, and that more may need to be done.



At the least, they said policy will need to stay “restrictive” until data shows inflation on a convincing trek back to the central bank’s 2% goal.



“In discussing the policy outlook, participants continued to judge that it was critical that the stance of monetary policy be kept sufficiently restrictive to return inflation to the Committee’s 2 percent objective over time,” the minutes said.



Along with that, however, the minutes showed that members believe they can move “proceed carefully” and make decisions “on the totality of incoming information and its implications for the economic outlook as well as the balance of risks.”



The release comes amid overwhelming sentiment on Wall Street that the Fed is done hiking.



Traders in the fed funds futures market are indicating virtually no probability that policymakers will increase rates again this cycle, and in fact are pricing in cuts starting in May. Ultimately, the market expects that the Fed will enact the equivalent of four quarter percentage point cuts before the end of 2024.



<h2 class="wp-block-heading" id="h-no-mention-of-cuts"><a></a>No mention of cuts</h2>



However, the minutes gave no indication that members even discussed when they might start lowering rates, which was reflected in Chairman Jerome Powell’s post-meeting news conference.



“The fact is, the Committee is not thinking about rate cuts right now at all,” Powell said then.



The fed’s benchmark funds rate, which sets short-term borrowing costs, is currently targeted in a range between 5.25%-5.5%, the highest level in 22 years.



The meeting occurred amid market worries over rising Treasury yields, a topic that appeared to generate substantial discussion during the meeting. The same day, Nov. 1, when the Fed released its post-meeting statement, the Treasury Department announced its borrowing needs over the next few months, which actually were a bit smaller than markets had anticipated.



Since the meeting, yields have receded off 16-year highs as markets digest the impact of heavy debt-fueled borrowing from the government and views over where the Fed is headed with rates.



Officials concluded that the rise in yields had been fueled by rising “term premiums,” or the extra yield investors demanded to hold longer-term securities. The minutes noted that policymakers viewed the rising term premium as a product of greater supply as the government finances its huge budget deficits. Other issues included the Fed’s stance on monetary policy and views on inflation and growth.



“However, they also noted that, whatever the source of the rise in longer-term yields, persistent changes in financial conditions could have implications for the path of monetary policy and that it would therefore be important to continue to monitor market developments closely,” the minutes said.



<h2 class="wp-block-heading">Economic growth to slow</h2>



In other business, officials said they expect economic growth in the fourth quarter to “slow markedly” from the 4.9% increase in Q3 gross domestic product. They said that risks to broader economic growth are probably skewed to the downside, while risks to inflation are to the upside.



As for current policy, members said it “was restrictive and was putting downward pressure on economic activity and inflation,” the minutes said.



Public remarks from Fed officials have been split between those who think the central bank can hold here while it weighs the impact that its previous 11 hikes, totaling 5.25 percentage points, have had on the economy, and those who believe more increases are warranted.



Economic data also has been split, though generally favorable for inflation trends.



The Fed’s key inflation indicator, the personal consumption expenditures price index, showed core inflation running at a 3.7% 12-month pace in September. The number has improved considerably, dropping a full percentage point since May, but is still well above the Fed’s target.



Some economists think getting inflation down from here could be tricky, particularly with wage increases running strong and more stubborn components such as rent and medical care elevated. Indeed, so-called sticky prices rose 4.9% over the past year, according to an Atlanta Fed gauge.



On employment, perhaps the most critical factor in getting inflation lower, the jobs market is strong though moderating. Nonfarm payrolls increased by 150,000 in October, one of the slowest months of the recovery, though the unemployment rate has climbed to 3.9%. The half percentage point increase of the jobless rate, if it persists, is commonly associated with recessions.



Economic growth, after a robust first three quarters in 2023, is expected to slow considerably. The Atlanta Fed’s GDPNow tracker is pointing to growth of 2% in the fourth quarter.

107327233-16988648212023-11-01t185128z_685341700_rc2i44a4cb6s_rtrmadp_0_usa-economy-fed

Fed gave no indication of possible rate cuts at last meeting, minutes show

<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/RF6QPT3DIFJPRLPHBWFFYB7MZA-820x547.jpg" alt="" class="wp-image-429220" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/RF6QPT3DIFJPRLPHBWFFYB7MZA-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/RF6QPT3DIFJPRLPHBWFFYB7MZA-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/RF6QPT3DIFJPRLPHBWFFYB7MZA-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/RF6QPT3DIFJPRLPHBWFFYB7MZA-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/RF6QPT3DIFJPRLPHBWFFYB7MZA-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/RF6QPT3DIFJPRLPHBWFFYB7MZA-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">German Chancellor Olaf Scholz shakes hands with Nigerian President Bola Tinubu, during the &#8220;Compact with Africa&#8221; investment summit, at the Chancellery in Berlin, Germany, November 20, 2023. REUTERS/Fabrizio Bensch</figcaption></figure>



ABUJA, Nov 21 (Reuters)&nbsp;&#8211;&nbsp;Nigerian and German companies on Tuesday signed two accords in Berlin that include a $500 million renewable energy pact and a gas export deal, further strengthening economic ties between the two nations, a presidential spokesperson said.



Union Bank of Nigeria and Germany&#8217;s DWS Group signed a memorandum of understanding (MoU) on renewable energy. The agreement seeks to harness $500 million in investment in renewable energy projects across Nigeria, mostly in rural communities, spokesperson Ajuri Ngelale said in a statement.



A second MoU on gas export partnership was agreed between Riverside LNG of Nigeria and Germany&#8217;s Johannes Schuetze Energy Import AG. Under the accord, Nigeria will supply 850,000 tons of natural gas to Germany annually which is expected to rise to 1.2 million. The first deliveries will be in 2026, Ngelale said.



The deal will help process about 50 million cubic feet per day of natural gas that otherwise would have flared.



Nigeria holds Africa&#8217;s largest gas reserves of more than 200 trillion cubic feet, but flares, or burns off, about 300 million cubic feet daily due to inadequate processing facilities.



President Bola Tinubu, who is attending the G20 Compact with Africa conference in Berlin, welcomed the deals, Ngelale said.



On Monday German Chancellor Olaf Scholz said Germany will invest 4 billion euros in green energy projects in Africa until 2030, noting these could in turn help Europe&#8217;s largest economy achieve its own transition to carbon neutrality.



Germany will need to import large quantities of green hydrogen going forward, including from Africa, if it is to achieve its goal of net zero emissions by 2045, he said at a German-African business forum in Berlin.



The forum preceded the G20 Compact with Africa summit that aims to drum up investment in the world&#8217;s poorest but fast-growing continent by coordinating the development agendas of reform-minded countries and identifying business opportunities.



Under Tinubu, Nigeria has embarked on the boldest reforms in decades, scrapping a popular petrol subsidy and lifting restrictions on foreign exchange trading.



Tinubu is seeking to make Nigeria attractive to investors as he strives to revive its economy that is weighed down by sluggish growth, record debt, double-digit inflation and theft of crude oil, its main export.



(Writing by Elisha Bala-Gbogbo; editing by David Evans)

‘Compact with Africa’ summit in Berlin

Nigeria and Germany sign $500 mln renewable energy and gas deal

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107337316-1700585872532-gettyimages-1239957235-FRANCE_BLOCKCHAIN-820x547.jpeg" alt="" class="wp-image-429211" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107337316-1700585872532-gettyimages-1239957235-FRANCE_BLOCKCHAIN-820x547.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107337316-1700585872532-gettyimages-1239957235-FRANCE_BLOCKCHAIN-300x200.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107337316-1700585872532-gettyimages-1239957235-FRANCE_BLOCKCHAIN-135x90.jpeg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107337316-1700585872532-gettyimages-1239957235-FRANCE_BLOCKCHAIN-768x512.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107337316-1700585872532-gettyimages-1239957235-FRANCE_BLOCKCHAIN-1536x1024.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107337316-1700585872532-gettyimages-1239957235-FRANCE_BLOCKCHAIN-scaled.jpeg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Zhao Changpeng, founder and chief executive officer of Binance, speaks at the Blockchain Week Summit in Paris, France, on Wednesday, April 13, 2022.  Benjamin Girette | Bloomberg | Getty Images</figcaption></figure>



Binance chief Changpeng Zhao pleaded guilty Tuesday to criminal charges and stepped down as the company’s CEO as part of a $4.3 billion settlement with the Department of Justice, according to court documents. The plea arrangement with the government resolves a multiyear investigation into the world’s largest cryptocurrency exchange.



Zhao appeared before Judge Brian Tsuchida in a Seattle courtroom to enter his plea. Zhao and others were charged with violating the Bank Secrecy Act by failing to implement an effective anti-money-laundering program and for willfully violating U.S. economic sanctions “in a deliberate and calculated effort to profit from the U.S. market without implementing controls required by U.S. law,” according to the Justice Department.



Zhao said Tuesday in a post on X, formerly Twitter, that he had “made mistakes” and “must take responsibility.” He said Richard Teng, the company’s former global head of regional markets, has been named the new CEO of Binance.



The action against Binance and its founder was a joint effort by the Department of Justice, the Commodity Futures Trading Commission and the Treasury Department. The Securities and Exchange Commission was notably absent.



Treasury Secretary Janet Yellen said in a release Tuesday that the exchange allowed illicit actors to make more than 100,000 transactions that supported activities such as terrorism and illegal narcotics and that it allowed more than 1.5 million virtual currency trades that violated U.S. sanctions.



It also allowed transactions associated with terrorist groups such as Hamas’ Al-Qassam Brigades, Palestinian Islamic Jihad, al-Qaida and ISIS, Yellen said in the release, noting Binance “never filed a single suspicious activity report.”



U.S. Attorney General Merrick Garland said in a press conference Tuesday that the fine is “one of the largest penalties we have ever obtained.”



“Using new technology to break the law does not make you a disruptor. It makes you a criminal,” Garland said.



“Binance prioritized its profits over the safety of the American people,” he said.



According to a 92-page consent order between Binance and Treasury’s Financial Crimes Enforcement Network, or FinCen, the crypto exchange “even developed a process to notify VIP users if they became the subject of a law enforcement inquiry.”



Zhao personally pleaded guilty to violating and causing a financial institution to violate the Bank Secrecy Act, according to the plea agreement. The DOJ is also recommending that the court impose a $50 million fine on Zhao.



Zhao has been released on a $175 million personal recognizance bond secured by $15 million in cash and has a sentencing hearing scheduled for Feb. 23.



Binance will continue to operate but with new ground rules. The company will be required to maintain and enhance its compliance program to ensure its business is in line with U.S. anti-money-laundering standards. The company is required to appoint an independent compliance monitor.



The case against Binance, which was unsealed Tuesday, shows that three criminal charges were brought against the exchange, including conducting an unlicensed money-transmitting business, violating the International Emergency Economic Powers Act, and conspiracy.



Binance has agreed to forfeit $2.5 billion to the government, as well as to pay a fine of $1.8 billion.



The Justice Department said in its filing Tuesday that Binance “knowingly and willfully” caused the supply of services to Iran, in breach of U.S. sanctions. It follows a report that Binance processed billions of dollars worth of Iranian transactions.



“Let me be clear: We are also sending a message to the virtual currency industry more broadly, today and for the future,” Yellen wrote in a press brief.



The settlement comes after FTX founder Sam Bankman-Fried was found guilty of several criminal counts of fraud and conspiracy on Nov. 2 following just three hours of deliberation by the jury. Experts told CNBC that, for a high-profile monthlong trial that involved nearly 20 witnesses and hundreds of exhibits, they’d never seen such a speedy decision.



CNBC reached out to Zhao for comment but did not immediately hear back. Binance did not respond to several CNBC requests for comment.



The charges follow civil suits brought earlier this year by both the Securities and Exchange Commission and the Commodity Futures Trading Commission.



Binance has been the center of intense regulatory scrutiny over how it operates, with officials in multiple jurisdictions flagging concerns about the company’s approach toward launching in certain markets even when it lacks the authority to do so, and allegations of involvement in illicit dealings such as money laundering and securities fraud.



The SEC targeted the company with an expansive lawsuit in June, alleging that Binance was running an illegal securities exchange and mishandling customer funds.



The SEC hit rival exchange Coinbase with a similar lawsuit shortly after, alleging it is operating as an unauthorized securities exchange, broker and clearing agency.



And on Monday the SEC sued Kraken, alleging that the exchange commingled $33 billion in customer crypto assets with its own company assets, creating the potential for a significant risk of loss to its users.



In the 13 charges brought against Binance by the SEC, the agency accused Binance of commingling billions of dollars in customer money with Binance’s own funds, similar to allegations made against the now-bankrupt crypto exchange FTX. SEC Chair Gary Gensler added, “Zhao and Binance entities engaged in an extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion of the law.”



Started by the Chinese-born entrepreneur in 2017, Binance went from being a relatively obscure name to being a major force in crypto in a matter of weeks. Binance remains the world’s largest crypto exchange globally, processing billions of dollars in trading volume every year.



While its holding company is based in the Cayman Islands, Binance doesn’t have a global headquarters and Zhao frequently resisted calls to create one, saying he wanted the platform to run on a “decentralized” operating model.



In 2021, the U.K.’s Financial Conduct Authority barred Binance’s U.K. unit from operating in the country, saying it wasn’t authorized to carry out regulated activities. More recently, Binance scrapped plans to pursue a full U.K. license after the regulator said its know-your-customer and anti-money-laundering controls didn’t meet its requirements.



In the CFTC’s complaint, the regulator alleged that Binance, Zhao, and the company’s ex-chief compliance officer, Samuel Lim, operated an “illegal” exchange, ran a “sham” compliance program, and violated the Commodity Exchange Act, including laws “designed to prevent and detect money laundering and terrorism financing.”



Binance and Zhao filed a motion in July to dismiss the CFTC’s suit. The U.S. arm of the exchange is also pushing back on the SEC’s lawsuit, filing a protective order against what they call the SEC’s “fishing expedition.”



Of particular concern for the crypto industry are the implications of the agency’s crackdown on crypto for myriad tokens and blockchains — not just the exchanges. The SEC maintains that several of the tokens Binance and Coinbase offer on their platforms — such as Solana’s sol, Cardano’s ada, and Polygon’s matic — are securities that should have been registered with the agency.



— CNBC’s Kevin Breuninger contributed to this report.

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Binance CEO Changpeng Zhao pleads guilty to federal charges, steps down

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="514" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/CIWWXST6P5OXHKLQUY2JZE7B4U-820x514.jpg" alt="" class="wp-image-429207" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/CIWWXST6P5OXHKLQUY2JZE7B4U-820x514.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/CIWWXST6P5OXHKLQUY2JZE7B4U-300x188.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/CIWWXST6P5OXHKLQUY2JZE7B4U-144x90.jpg 144w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/CIWWXST6P5OXHKLQUY2JZE7B4U-768x481.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/CIWWXST6P5OXHKLQUY2JZE7B4U-1536x962.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/CIWWXST6P5OXHKLQUY2JZE7B4U-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Supporters of South Africa&#8217;s ruling African National Congress (ANC) and various political parties including civil society groups gather in solidarity with the Palestinian people outside the Israeli embassy in Pretoria, South Africa, October 20, 2023. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



CAPE TOWN, Nov 21 (Reuters) &#8211; South African lawmakers voted on Tuesday in favour of closing down the Israeli embassy in Pretoria and suspending all diplomatic relations until a ceasefire is agreed in its war with Palestinian Islamist group Hamas in Gaza.



The resolution is largely symbolic as it will be up to President Cyril Ramaphosa&#8217;s government whether to implement it; a presidency spokesperson said Ramaphosa &#8220;notes and appreciates&#8221; parliament&#8217;s guidance on South Africa&#8217;s diplomatic relations with Israel, particularly on the status of the embassy.



&#8220;The president and cabinet are engaged over the matter, which remains the responsibility of the national executive,&#8221; Vincent Magwenya said.



Ramaphosa and senior foreign ministry officials have been vocally critical of Israel&#8217;s leadership during its devastating military campaign against Hamas in the densely populated Gaza Strip, calling on the International Criminal Court to investigate them for potential war crimes.



The Israeli embassy did not immediately respond to a request for comment.



On Monday, the Israeli ambassador in Pretoria was recalled to Tel Aviv for consultations ahead of the vote, which on Tuesday was resoundingly adopted by a 248-91 margin.



The parliamentary resolution was brought by the opposition Economic Freedom Fighters (EFF) party last week when the governing African National Congress pledged to support what has been a central diplomatic stance for South Africa since Nelson Mandela became the country&#8217;s first democratically elected president in 1994.



The chief whip of the ANC, Pemmy Majodina, amended the last point of the EFF draft resolution calling for the embassy&#8217;s closure and diplomatic suspension, to include the words: &#8220;&#8230; until a ceasefire is agreed to by Israel and Israel commits to binding United Nations-facilitated negotiations whose outcome must be a just, sustainable and lasting peace.&#8221;



South Africa has backed the Palestinian cause for statehood in Israeli-occupied territories for decades, likening the plight of Palestinians to those of the Black majority during the repressive apartheid-era, a comparison Israel vehemently denies.



The EFF proposed the motion on Thursday in solidarity with the Palestinian people over the Israeli bombardment and invasion of Hamas-ruled Gaza, prompted by a deadly incursion by Hamas militants into Israel on Oct. 7.



(Reporting by Wendell Roelf; editing by Mark Heinrich and Jonathan Oatis)

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