<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/250424-donald-trump-hat-ew-203p-dbe2c4-820x547.jpg" alt="" class="wp-image-613531" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/250424-donald-trump-hat-ew-203p-dbe2c4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/250424-donald-trump-hat-ew-203p-dbe2c4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/250424-donald-trump-hat-ew-203p-dbe2c4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/250424-donald-trump-hat-ew-203p-dbe2c4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/250424-donald-trump-hat-ew-203p-dbe2c4.jpg 1500w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Photo; via CNBC</figcaption></figure>



The online store for the Trump Organization on Thursday began selling red hats and T-shirts bearing the message “Trump 2028,” fueling fresh questions about President Donald Trump attempting to seek a third term in the White House despite a constitutional bar on doing so.



The White House, when asked about the apparel, referred CNBC to the&nbsp;Trump&nbsp;Organization. The Trump Organization did not respond to a request for comment.



White House press secretary Karoline Leavitt told NBC News, “But it’s a cool hat and I suspect it will be highly popular!” The hat costs $50, and a red shirt bearing the “Trump 2028″ logo and “Rewrite the Rules” underneath it is selling for $36.



Trump has repeatedly teased the idea that he would run for a third term as president. This would require amending the U.S. Constitution.



The 22nd Amendment to the Constitution states in part, “No person shall be elected to the office of the President more than twice.” Trump was elected in 2016 and then again in 2024.



In late March, Trump did not rule out the possibility of seeking reelection in 2028.



“A lot of people want me to do it,” Trump told NBC News then. “But, I mean, I basically tell them we have a long way to go, you know, it’s very early in the administration.”



Asked by NBC if he wanted a third term, Trump said, “I like working.”



“I’m not joking,” Trump said. “But I’m not — it is far too early to think about it.”



“There are methods which you could do it,” the president said, referring to serving another term.



“I suspect I won’t be running again, unless you say, ‘He’s so good we’ve got to figure something else out,’” Trump reportedly told Republicans during a private meeting after his November electoral victory over Democratic former Vice President Kamala Harris.



In May 2024, while speaking to members of the National Rifle Association, Trump said, ″I don’t know, are we going to be considered three-term or two-term? Are we three-term or two-term if we win?″



Former White House advisor Steve Bannon said on “Real Time with Bill Maher” on April 11 that “President Trump is going to run for a third term, and President Trump is going to be elected again.”



“On the afternoon of January 20th of 2029, he’s going to be president of the United States,” Bannon predicted.



Bannon also said, “We have a team” of people looking to enable a third term for Trump.



Rep. Andy Ogles, R-Tenn., in early January introduced a House resolution to amend the Constitution to allow Trump and any other future president to be elected to a third term.



Ogles’ resolution is tailored specifically to permit Trump to serve a third term but not to allow the three living two-term former presidents to serve a third term.



″No person shall be elected to the office of the President more than three times, nor be elected to any additional term after being elected to two consecutive terms,” the amendment states.



Unlike Trump, former Presidents Bill Clinton, George W. Bush and Barack Obama all served two consecutive terms. Former President Joe Biden served one term.

250424-donald-trump-hat-ew-203p-dbe2c4

Trump Organization sells ‘Trump 2028’ hat and shirt, fueling questions about third term bid

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108136511-1745552401952-gettyimages-2211163539-AFP_43ER464-1-820x547.jpeg" alt="" class="wp-image-613528" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108136511-1745552401952-gettyimages-2211163539-AFP_43ER464-1-820x547.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108136511-1745552401952-gettyimages-2211163539-AFP_43ER464-1-300x200.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108136511-1745552401952-gettyimages-2211163539-AFP_43ER464-1-135x90.jpeg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108136511-1745552401952-gettyimages-2211163539-AFP_43ER464-1-768x512.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108136511-1745552401952-gettyimages-2211163539-AFP_43ER464-1-1536x1024.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108136511-1745552401952-gettyimages-2211163539-AFP_43ER464-1-scaled.jpeg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">US President Donald Trump steps off Marine One upon arrival at the Leesburg Executive Airport Landing Zone in Leesburg, Virginia, on April 24, 2025. Alex Wroblewski | Afp | Getty Images</figcaption></figure>



BEIJING — U.S. President Donald Trump on Thursday refuted China’s claims that there were no ongoing trade discussions between Beijing and Washington.



“They had a meeting this morning &#8230; It doesn’t matter who ‘they’ is. We may reveal it later, but they had meetings this morning, and we’ve been meeting with China,” Trump told reporters.



The statement followed China’s denial of any talks with the U.S. and calls for abolishing “unilateral” tariff measures for resolving trade issues.



“At present there are absolutely no negotiations on the economy and trade between China and the U.S.,” Ministry of Commerce spokesperson He Yadong told reporters in Mandarin, translated by CNBC. He added that “all sayings” regarding progress on bilateral talks should be dismissed.



“If the U.S. really wants to resolve the problem &#8230; it should cancel all the unilateral measures on China,” He said.



Trump and Treasury Secretary Scott Bessent this week indicated that there could be an easing in tensions with China. The White House earlier this month added 145% tariffs on Chinese goods, to which Beijing responded with duties of its own and increased restrictions on critical minerals exports to the U.S.



The Commerce Ministry’s comments echoed those of Chinese Foreign Ministry spokesperson Guo Jiakun, who said on Thursday afternoon that there were no ongoing talks, according to state media.



Both spokespersons held to the official line that China would be willing to talk to the U.S. subject to Beijing being treated as an equal.



“China definitely wants to see the trade war deescalate, as it hurts both economies,”&nbsp;said Yue Su, principal economist, China, at The Economist Intelligence Unit. “However, due to the inconsistency of Trump’s policies and the lack of clarity around what he actually wants, China’s strategy has shifted from focusing on ‘what you need’ to ‘what I need.’ Their request for the U.S. to cancel ‘unilateral’ tariffs reflects that shift.”



China earlier this week threatened countermeasures against countries that might make deals with the U.S. at the expense of Beijing’s interests.



“We also need to recognize that this is a ‘whatever it takes’ moment for China in terms of U.S.-China relations,” Su said. “I&nbsp;wouldn’t be surprised if China adopts a more hawkish stance if the U.S. continues to escalate tensions.”



Several Wall Street banks have cut their China gross domestic product outlook in the last few weeks in light of the tariffs and escalating tensions with the U.S.



The Commerce Ministry on Thursday&nbsp;emphasized government and business efforts to help companies sell goods meant for exports to the Chinese market instead.



“From China’s perspective, any meaningful negotiations will likely require the US to reduce tariffs to the previous 20% or even lower level,” said Jianwei Xu, senior economist for Greater China, at Natixis.



“But for the Trump administration, however, reducing tariffs too far could raise uncomfortable questions: What was the point of the confrontation if we end up back where we started?”



The U.S. is China’s largest trading partner on a single-country basis. But in the last several years, Southeast Asia has surpassed the European Union to become China’s largest trading partner on a regional basis.



Correction. Yue Su is principal economist, China, at The Economist Intelligence Unit. An earlier version misstated the name of the organization.

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Trump asserts trade talks with China are underway after Beijing denies any ongoing negotiations

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3334" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/PEXAU525ZRMAJIXP4TMU7ODMZE.avif" alt="" class="wp-image-613524"/><figcaption class="wp-element-caption">Lesetja Kganyago, the governor of the South African Reserve Bank, speaks during an interview on the sidelines of the G20 Finance Ministers meeting at the Cape Town International Convention Centre, Cape Town, South Africa, February 25, 2025. REUTERS/Nic Bothma/File Photo</figcaption></figure>



WASHINGTON, April 24 (Reuters)&nbsp;&#8211;&nbsp;Emerging economies will have to grapple with tighter global financing conditions for longer while the future of risk-free assets is very much in focus, the head of South Africa&#8217;s central bank told Reuters.



Speaking on the sidelines of the IMF and World Bank spring meetings in Washington, South African Reserve Bank Governor Lesetja Kganyago said it was too early to know the impact on global disinflation of the trade tensions triggered by U.S. President Donald Trump&#8217;s imports tariffs.



&#8220;We know &#8230; that tariffs are negative for economic growth &#8211; it&#8217;s a no-win game,&#8221; Kganyago said in an interview late on Wednesday.



&#8220;And for many of us who are from small, open economies, the impact on sentiment is such that global financing conditions remain tight or tighter for longer than what we had expected them to be.&#8221;



As part of the broad tariffs he announced in early April, Trump slapped a 31% levy on imports from South Africa. Many of the higher U.S. levies on dozens of countries have been put on hold.



The back and forth on tariffs also rocked U.S. Treasury markets, which form the bedrock of global fixed income markets and a baseline for global borrowing costs.



&#8220;If financial conditions tighten &#8230; then countries that are having external financing needs would have to meet those financing needs at higher cost, and that has got implications for capital flows, which would then have implications for exchange rates,&#8221; Kganyago said.



The future of risk-free assets, which traditionally include U.S. government bonds and the dollar, was one of the main issues at the meetings in Washington this week, he said.



&#8220;One of the puzzles of the past few weeks had been risk-free assets being sold and the dollar depreciating,&#8221; he said.



It was asked whether this was a structural break or simply people having too much cash riding on risk-free assets, he said.



&#8220;It&#8217;s too early to tell and we can&#8217;t quite say what the impact would be, but previous correlations that we knew had been that when you have got this amount of uncertainty, people run to the safe haven of the safe assets, and the safe assets behaved differently.&#8221;



(Reporting by Karin Strohecker and David Lawder; Editing by Paul Simao)

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Emerging economies face longer period of tighter financing, South African central banker says

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2713" height="1897" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/MF7YJCVU2JJNLNHDA33ALMRGHM.avif" alt="" class="wp-image-613520"/><figcaption class="wp-element-caption">South Africa&#8217;s Finance Minister Enoch Godongwana speaks at a press conference ahead of his 2025 budget speech in Cape Town, South Africa March 12, 2025. REUTERS/Esa Alexander/File Photo </figcaption></figure>



WASHINGTON, (Reuters) &#8211; South African Finance Minister Enoch Godongwana said on Thursday he will not resign after the government&#8217;s U-turn on a planned value-added tax hike, despite opposition calls for him to quit.



&#8220;My job is to introduce money bills &#8211; nothing says they must be popular,&#8221; he told Reuters on the sidelines of the International Monetary Fund and World Bank spring meetings in Washington.



Godongwana,&nbsp;who&nbsp;landed in the U.S. capital this week already grappling with the worst rift in U.S.–South African relations in&nbsp;decades, was forced on Thursday&nbsp;to scrap a rise in&nbsp;the value-added tax that&nbsp;threatened the stability of the ruling coalition government.



The proposal to raise the VAT by 1 percentage point over two years, which was intended to boost state revenue, met resistance as Africa&#8217;s most industrialized economy grapples with sluggish growth and public discontent over rising living costs.



The about-turn blows a 75 billion rand ($4 billion)&nbsp;hole in the medium-term budget&nbsp;and leaves Godongwana with the task of drawing up what he said was &#8220;a different fiscal framework in line with the new realities of revenue and spending.&#8221;



&#8220;I still maintain that if the purpose for which the VAT was raised is taken into account, its reversal will have a negative impact on those issues&nbsp;&#8211;&nbsp;that cannot be disputed,&#8221;&nbsp;he&nbsp;said.



The revamped fiscal framework will be keenly watched by S&amp;P Global Ratings, which currently has a positive outlook on South Africa.



A credible outcome could secure the first credit rating upgrade for South Africa in two decades, while the opposite could raise future borrowing costs and dent investor appetite for the country.



&#8220;If you ask me, I don&#8217;t think what will inform them is the noise,&#8221; Godongwana said. &#8220;What will trigger them is whether the final product is a sustainable budget.&#8221;



($1 = 18.7792 rand)



(Reporting by Karin Strohecker in Washington and Colleen Goko in Johannesburg; Editing by Leslie Adler and Paul Simao)

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South Africa’s finance minister says he won’t resign after VAT U-turn

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3334" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/VZZUZJG5MVPPXDITWKEDW2SOB4.avif" alt="" class="wp-image-613502"/><figcaption class="wp-element-caption">Chinese Finance Minister Lan Foan attends a press conference about a bill on raising ceilings on local government debt, at the Great Hall of the People in Beijing, China November 8, 2024. REUTERS/Josh Arslan</figcaption></figure>



BEIJING, April 25 (Reuters)&nbsp;&#8211;&nbsp;China warned a G20 meeting that world economic growth was &#8220;insufficient&#8221; as tariff and trade wars exacerbated economic and financial instability and sapped growth momentum, its finance ministry and central bank said.



Speaking at the group&#8217;s meeting in Washington, Finance Minister Lan Foan called on all parties to strengthen multilateral cooperation, saying that China supported dialogue and consultation &#8220;on equal footing&#8221; to settle trade and tariff disputes.



Meanwhile, People&#8217;s Bank of China Governor Pan Gongsheng said that economic fragmentation and trade tensions had disrupted supply chains, weakening the momentum of global economic growth, the central bank said in a separate readout on Friday.



Pan also told the meeting, which took place on Wednesday and Thursday, that the world&#8217;s major economies should strengthen their participation in international macroeconomic and financial policy coordination.



Other participants at the finance ministers and central bank governors meeting also flagged the significant increase in risks to global growth from trade tensions, tighter financing conditions and long-term structural challenges, according to the PBOC statement.



They also called for strengthening dialogue and policy coordination, the statement said without referring to the United States.



The Group of 20 major economies were meeting in the wake of U.S. President Donald Trump&#8217;s announcement of hefty tariffs on imports that have triggered turmoil in financial markets and prompted the International Monetary Fund to cut its growth forecasts for most countries around the world.



While Trump later put some of the tariffs on hold, he raised China levies to 145%, and maintained a universal import tariff of 10% as well as 25% duties on cars, steel and aluminium.



The U.S. indicated talks were taking place with China on tariffs but Beijing on Thursday denied that, demanding the U.S. drop the levies.



Lan also urged for better implementation of the debt treatment mechanism under the G20&#8217;s Common Framework, and said all parties should pool more resources for Africa&#8217;s development and strengthen Africa&#8217;s capacity-building.



The finance ministry said Lan held bilateral meetings and exchanges with representatives from countries and organisations including South Africa, the European Commission, Pakistan, Germany, South Korea, Indonesia, Britain, Japan and the World Bank.



The meetings were mainly to discuss the macroeconomic situation, key issues of the G20 fiscal channels and bilateral cooperation, the readout said.



(Reporting by Liz Lee and Beijing newsroom; Editing by Himani Sarkar, Shri Navaratnam and Kate Mayberry)

VZZUZJG5MVPPXDITWKEDW2SOB4

China warns G20 global economic growth ‘insufficient’, trade tensions weaken momentum

How Ripple is building the connective tissue between banks and the blockchain

Ripple president on stablecoins

Ripple president on stablecoins, Trump and tokenization

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="505" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/BDK6EWDJAVI5TEOXLL66Y3L4OI-820x505.jpg" alt="" class="wp-image-613227" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/BDK6EWDJAVI5TEOXLL66Y3L4OI-820x505.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/BDK6EWDJAVI5TEOXLL66Y3L4OI-300x185.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/BDK6EWDJAVI5TEOXLL66Y3L4OI-146x90.jpg 146w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/BDK6EWDJAVI5TEOXLL66Y3L4OI-768x473.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/BDK6EWDJAVI5TEOXLL66Y3L4OI.jpg 1080w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A man walks beneath electricity pylons during frequent power outages from South African utility Eskom, caused by its ageing coal-fired plants, in Orlando, Soweto, South Africa, January 16, 2023. REUTERS/Siphiwe Sibeko </figcaption></figure>



JOHANNESBURG, April 24 (Reuters)&nbsp;&#8211;&nbsp;South African state power utility Eskom said on Thursday that it would implement &#8220;Stage 2&#8221; scheduled power cuts from 1600 local time (1400 GMT) until Friday morning.



&#8220;Higher-than-expected electricity demand, the loss of generation units, and extensive planned maintenance have placed strain on the system,&#8221; Eskom said in a statement.



(Reporting by Bhargav Acharya; Writing by Sfundo Parakozov; Editing by Alexander Winning)

BDK6EWDJAVI5TEOXLL66Y3L4OI

South African power utility to implement ‘Stage 2’ power cuts

How Salt Lake City transformed into one of the hottest housing and job markets in the U.S.

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="615" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/GettyImages-2191254056-820x615.jpg" alt="" class="wp-image-613204" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/GettyImages-2191254056-820x615.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/GettyImages-2191254056-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/GettyImages-2191254056-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/GettyImages-2191254056-768x576.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/GettyImages-2191254056-1536x1152.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/GettyImages-2191254056-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">ZANZIBAR, TANZANIA &#8211; DECEMBER 14: A view of the Rock Restaurant, located on famous Paje Beach in Zanzibar, Tanzania, stands out for its unique location and atmosphere on December 14, 2024. Built on a rock in the middle of the Indian Ocean, this iconic restaurant offers its visitors an unforgettable experience with a landscape that changes with the tides. Known for its seafood menu and natural beauty, the restaurant is not only a popular dining spot but also one of Zanzibar&#8217;s landmarks, attracting both local and international tourists. (Photo by Mehmet Aslan/Anadolu via Getty Images)</figcaption></figure>



DAR ES SALAAM, April 24 (Reuters)&nbsp;&#8211;&nbsp;Tanzania has banned the importation of agricultural products from Malawi and South Africa, saying it was retaliation for similar hostile trade measures from both countries.



The three countries all belong to a regional economic bloc, the Southern African Development Community, SADC.



Tanzania had demanded that both countries rescind bans on imports of agricultural goods from Tanzania by Wednesday, but they had not done so, agriculture minister Hussein Bashe said in a video posted on his X account late on Wednesday.



Malawi had recently banned imports of Tanzanian commodities like maize flour, rice, ginger, and bananas, among others, while South Africa has also proscribed the import of bananas shipped by Dar es Salaam.



&#8220;I would like to officially announce that from this night&#8230; we won&#8217;t allow any agricultural products from South Africa in our country,&#8221; Bashe said, adding a similar ban was being imposed on Malawi.



Talks to resolve the trade impasse, however, would continue with both countries, he said.



He said Tanzania will start prohibiting the transit of agricultural goods from other countries through its territory to land-locked Malawi, and will also ban the export of Tanzanian fertilizer to Malawi.



&#8220;We are taking this measure to protect our business. This is business, and we should all respect each other,&#8221; Bashe said.



(Reporting by Nuzulack Dausen; Writing by Elias Biryabarema; Editing by William Maclean)

The Rock Restaurant on Zanzibar’s Paje Beach

Tanzania bans agriculture imports from South Africa, Malawi

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="4630" height="2675" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/I626AAIJRJP7DJDRYXCYV56KLA-1.avif" alt="" class="wp-image-613046"/><figcaption class="wp-element-caption">The Hillbrow Tower, an iconic tower used to identify the Johannesburg skyline, is seen as the sun rises, in Johannesburg, South Africa, June 20, 2019. REUTERS/Siphiwe Sibeko</figcaption></figure>



JOHANNESBURG, April 24 (Reuters)&nbsp;&#8211;&nbsp;South Africa on Thursday scrapped plans to raise value-added tax after a political backlash that threatened the stability of the ruling coalition government.



The proposal to raise VAT by 1 percentage point over two years, intended to boost state revenue, met resistance as Africa&#8217;s biggest economy grapples with sluggish growth and public discontent over rising living costs.



The dominant African National Congress backed the hike, saying there were no other sustainable revenue sources, while the second largest coalition party, the Democratic Alliance, said the move would pile more pressure on struggling households.



As the DA celebrated the decision, announced by the finance ministry, senior party official Helen Zille said there was a lack of trust between the two groups, leaving the future of the coalition uncertain.



ANC Secretary-General Fikile Mbalula described the differences over the VAT hike as a learning experience for the former liberation movement.



&#8220;If we had a wealth of experience, we may have approached this differently, meaning negotiations and engagement with political parties, with Treasury and parliament oversight prior the passing of the budget,&#8221; Mbalula told a media briefing.



VAT will be maintained at 15%,&nbsp;the finance ministry said.&nbsp;Finance Minister Enoch Godongwana will introduce a revised version of the Appropriation Bill and Division of Revenue Bill within the next few weeks,&nbsp;it added.



&#8220;Political flip-flopping about tax proposals has created confusion, which sends the wrong message to foreign investors,&#8221; Jee-A van der Linde, a senior economist at Oxford Economics Africa, said.



<h2 class="wp-block-heading" id="h-lost-revenue">LOST REVENUE</h2>



Without the VAT increase, estimated revenue is expected to fall short by around 75 billion rand ($4.02 billion) over the medium term,&nbsp;the ministry said.



&#8220;Parliament will be requested to adjust expenditure in a manner that ensures that the loss of revenue does not harm South Africa&#8217;s fiscal sustainability,&#8221;&nbsp;the finance ministry said.



The withdrawn tax hike was a significant retreat from an initial proposal by the National Treasury in February to raise VAT by 2 percentage points to fund spending on health, transport and education.



The DA had challenged the planned tax hike in court and voted against the budget&#8217;s fiscal framework in parliament because of it.



Finance Minister Godongwana had argued in court papers that failure to raise the VAT would cause severe harm to state finances.



The DA had argued the government should cut expenditure instead and some smaller political parties had also proposed deeper expenditure cuts.



The finance ministry said while some suggestions were worthwhile, they &#8220;would not provide an immediate avenue for further revenue in the short term to replace a VAT increase&#8221;.



($1 = 18.6741 rand)



(Reporting by Olivia Kumwenda-Mtambo; Additional reporting by Sfundo Parakozov, Alexander Winning and Kopano Gumbi; Editing by Kim Coghill, Alison Williams and Andrew Heavens)

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South Africa abandons planned VAT hike after pushback

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-820x461.jpg" alt="" class="wp-image-400641" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-820x461.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-1536x864.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A collection of mixed denomination South African rand coins sit in an arranged photo in Johannesburg, South Africa, on Thursday, June 22, 2017. South Africas inflation rate rose for the first time this year in May after food-price growth quickened from the slowest pace since December 2015. Photographer: Waldo Swiegers/Bloomberg via Getty Images</figcaption></figure>



JOHANNESBURG, April 24 (Reuters) &#8211; The South African rand was stable on Thursday after the finance ministry said it was withdrawing a contentious increase in value-added tax (VAT) that was due to take effect next month and as investors awaited clarity on the budget plans.



The country&#8217;s biggest parties have clashed over the budget&#8217;s proposal to raise VAT by 0.5 percentage points on May 1 and another 0.5 points next year, which threatened the stability of the coalition government and roiled South African markets over recent weeks.



At 1303 GMT, the rand traded at 18.68 against the dollar, near its closing level of 18.6875 on Wednesday.



Danny Greeff, co-head of Africa at ETM Analytics, said that he believed the scrapping of the VAT hike was yet to be fully priced into the market.



&#8220;With a long weekend approaching, we expect the USD-ZAR to trade in a range-bound manner today and tomorrow, absent any major new developments,&#8221; Greeff added.



The VAT hike has caused political wrangling for weeks, exposing deep rifts between coalition government heavyweights, the African National Congress (ANC) and the Democratic Alliance (DA).



The DA, which is the second-biggest party in the Government of National Unity (GNU) stoked fears that it could leave the coalition after challenging the tax increase in court and voting against the fiscal framework in parliament.



&#8220;While the move (to withdraw the VAT hike) suggests the GNU is likely to remain intact, providing a measure of stability, uncertainty persists,&#8221; said Zain Vawda, market analyst at MarketPulse by OANDA.



Vawda said the currency remains under pressure until the government outlines plans for alternative funding or potential budget cuts, leaving room for potential setbacks in the rand&#8217;s recent gains.



The rand hit an all-time low this month on the VAT dispute and risk aversion over U.S. President Donald Trump&#8217;s tariffs.



It has since staged a recovery, but is still down about 2% since the start of the month.



On the Johannesburg Stock Exchange, the blue-chip Top-40 index last traded about 0.7% higher.



The benchmark 2030 government bond was stronger, as the yield fell 15 basis points to 8.89%.



(Additional reporting by Sfundo Parakozov, Alexander Winning and Bhargav Acharya; Editing by Kate Mayberry, Sharon Singleton and David Evans)

South African Economy As Inflation Rate Rises For First Time In 2017

South African rand stable after VAT hike withdrawn, markets await budget clarity

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3186" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/M2ZI6JYVCRIEJFPLEKGFTIN3BA.avif" alt="" class="wp-image-613097"/><figcaption class="wp-element-caption">South Africa&#8217;s Minister of International Relations and Cooperation Ronald Lamola greets Ukraine&#8217;s President Volodymyr Zelenskiy on his arrival ahead of talks with South African president Cyril Ramaphosa in Pretoria, South Africa April 24, 2025. Jacoline Schoonees/DIRCO/Handout via REUTERS</figcaption></figure>



KYIV, April 24 (Reuters) &#8211; Ukrainian President Volodymyr Zelenskiy said he would cut short a trip to South Africa on Thursday and return to Kyiv following a Russian missile attack on the Ukrainian capital.



Zelenskiy, who has been trying to shore up international support for Ukraine&#8217;s defence against Russia&#8217;s invasion, said he would immediately travel back to Ukraine after meeting South African President Cyril Ramaphosa.



&#8220;The Minister of Foreign Affairs of Ukraine will hold all necessary meetings in South Africa to fully inform the country&#8217;s political and public leaders about the situation,&#8221; Zelenskiy wrote on the Telegram app.



Russia pounded Kyiv with missiles and drones overnight, killing at least eight people, wounding more than 70 and smashing buildings in the biggest attack on the Ukrainian capital this year.



(Reporting by Olena Harmash and Tom Balmforth; Editing by)

M2ZI6JYVCRIEJFPLEKGFTIN3BA

Zelenskiy cuts short S.Africa trip after Russian strike on Kyiv

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1080" height="720" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/HZRODE5UBVK35L6PSBZDHSBEBI.avif" alt="" class="wp-image-613079"/><figcaption class="wp-element-caption">Chinese President Xi Jinping and Kenyan President William Ruto attend a welcome ceremony at The Great Hall of The People on April 24, 2025 in Beijing, China. IORI SAGISAWA/Pool via REUTERS</figcaption></figure>



BEIJING, April 24 (Reuters)&nbsp;&#8211;&nbsp;China and Kenya announced they had upgraded ties to a &#8220;new level&#8221; on Thursday during a meeting between President Xi Jinping and Kenyan President William Ruto in Beijing, as they both pledged to create an &#8220;all weather&#8221; China-Africa community.



In a joint China-Kenya statement, both leaders said they were &#8220;committed to injecting more stability into the world with the certainty of China-Africa solidarity and cooperation&#8221;.



This would provide a backbone to safeguard the &#8220;common interests of developing countries&#8221;, it said, and defend the multilateral system, via &#8220;inclusive economic globalisation&#8221;.



The decision to upgrade China-Kenya relations was made &#8220;in the face of a turbulent international situation&#8221;, the Chinese president was quoted as saying in a separate media pool report.



Africa is a key focus of Xi&#8217;s ambitious Belt and Road Initiative, launched in 2013 to extend China&#8217;s geopolitical and economic influence through global infrastructure development.



Kenya has been a key BRI recipient, and Nairobi has taken a slew of loans from China to finance infrastructure construction projects that have made China the east African nation&#8217;s biggest bilateral lender.



Among the projects, China is helping fund the development of a modern railway line from the port of Mombasa into the hinterland.



Xi and Ruto signed 20 documents together on Thursday, according to a media pool report. These included agreements on science and technology cooperation, vocational education, water resources, ecommerce, intelligent transport systems and the railway sector.



Kenyan officials have been engaging with their Chinese counterparts to secure funds for more projects, including the extension of a railway line to the border with Uganda.



The country has been struggling with a heavy debt load and the accompanying cost of servicing it.



Ruto, who took office in September 2022, has promised that his government will not default on its external debt, pledging to cut waste and boost revenue to tackle the challenge.



It is Ruto&#8217;s first state visit to China as president of Kenya.



<h2 class="wp-block-heading" id="h-increased-cooperation">INCREASED COOPERATION</h2>



Ruto and Xi&#8217;s joint statement said both countries would continue to uphold the World Trade Organisation&#8217;s values and basic principles and &#8220;resolutely oppose new hegemonic tactics such as illegal unilateral sanctions, &#8216;decoupling and chain breaking&#8217;, tariff barriers and technological blockades&#8221;.



The two sides said they would deepen peace and security exchanges by strengthening cooperation in personnel training, the military industry, counter-terrorism, joint exercises and training.



Chinese companies can cooperate with Kenya in building a local medical and health industry according to Kenya&#8217;s needs, the statement said.



Both sides are also willing to rely on major projects such as the Mombasa-Nairobi railway to enhance infrastructure construction and connectivity within Africa.



The opening of direct flights between Beijing and Nairobi was also being &#8220;actively explored&#8221; it said.



(Reporting by Farah Master in Hong Kong, Liz Lee and Beijing newsroom; Editing by Himani Sarkar, Kate Mayberry and Michael Perry)

HZRODE5UBVK35L6PSBZDHSBEBI

China, Kenya upgrade ties amid ‘turbulent international situation’

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="234" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/blog2099x600fm-ch1-rising-global-debt-requires-countries-to-put-their-fiscal-house-in-ordercimf-phot-820x234.jpg" alt="" class="wp-image-612798" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/blog2099x600fm-ch1-rising-global-debt-requires-countries-to-put-their-fiscal-house-in-ordercimf-phot-820x234.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/blog2099x600fm-ch1-rising-global-debt-requires-countries-to-put-their-fiscal-house-in-ordercimf-phot-300x86.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/blog2099x600fm-ch1-rising-global-debt-requires-countries-to-put-their-fiscal-house-in-ordercimf-phot-160x46.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/blog2099x600fm-ch1-rising-global-debt-requires-countries-to-put-their-fiscal-house-in-ordercimf-phot-768x220.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/blog2099x600fm-ch1-rising-global-debt-requires-countries-to-put-their-fiscal-house-in-ordercimf-phot-1536x439.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/blog2099x600fm-ch1-rising-global-debt-requires-countries-to-put-their-fiscal-house-in-ordercimf-phot-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">(Credit: IMF Photo/Tuane Fernandes)</figcaption></figure>



Major policy shifts underway have heightened global uncertainty. The series of recent tariff announcements by the United States, and countermeasures by other countries have increased financial market volatility, weakened growth prospects, and increased risks. They come in the context of rising debt levels in many countries and already strained public finances, which in many cases will also need to accommodate new and permanent increases in spending, such as defense. Rising yields in major economies and widening spreads in emerging markets further complicate the fiscal landscape.



We project global public debt to increase by 2.8 percentage points this year—more than twice the estimates for 2024—pushing debt levels above 95 percent of gross domestic product. This upward trend is likely to continue, with public debt nearing 100 percent of GDP by the end of the decade, surpassing pandemic levels. These numbers are based on the&nbsp;<a href="https://www.imf.org/en/Publications/WEO/Issues/2025/04/22/world-economic-outlook-april-2025?cid=bl-com-SM2025-WEOEA2025001&amp;utm_medium=email&amp;utm_source=govdelivery" target="_blank" rel="noreferrer noopener">World Economic Outlook</a>&nbsp;reference projections, reflecting tariff announcements made between Feb. 1 and April 4. Amid substantial policy uncertainty and a shifting economic landscape, debt levels could rise even further.



<figure class="wp-block-image"><a href="https://www.imf.org/en/Blogs/Articles/2025/04/23/rising-global-debt-requires-countries-to-put-their-fiscal-house-in-order?utm_medium=email&amp;utm_source=govdelivery" target="_blank" rel="noreferrer noopener"><img decoding="async" src="https://content.govdelivery.com/attachments/fancy_images/USIMF/2025/04/11470108/fm-chart1_original.png" alt="Chart1_v1"/></a></figure>



In this environment, fiscal policy faces critical trade-offs: balancing debt reduction, building buffers against uncertainties, and meeting urgent spending needs amid weaker growth prospects and higher financing costs. Navigating these complexities will be essential for fostering stability and growth.



Risk of higher debt



Debt risks were already elevated. According to the&nbsp;<a href="https://www.youtube.com/watch?utm_medium=email&amp;utm_source=govdelivery&amp;v=yab69j8mnOc" target="_blank" rel="noreferrer noopener">Fiscal Monitor’s debt-at-risk</a>, which&nbsp;utilizes data up to December 2024, in a severely adverse scenario global public debt could reach 117 percent of GDP by 2027. This would represent the highest level since World War II, exceeding reference projections by almost 20 percentage points.



Risks to the fiscal outlook have further intensified. Debt levels may rise even further than the debt-at-risk estimates if revenues and economic output decline more significantly than current forecasts due to increased tariffs and weakened growth prospects. Additionally, escalating geoeconomic uncertainties could heighten debt risks, driving up public debt through increased expenditures, particularly in defense. Demands for fiscal support could also rise for those vulnerable to severe disruptions from trade shocks, pushing up spending. The&nbsp;<a href="https://www.imf.org/en/Publications/FM/Issues/2025/04/23/fiscal-monitor-April-2025?cid=bl-com-SM2025-FMOEA2025001&amp;utm_medium=email&amp;utm_source=govdelivery" target="_blank" rel="noreferrer noopener">Fiscal Monitor</a>&nbsp;estimates that a significant rise in geoeconomic uncertainty could lead to a public debt increase of approximately 4.5 percent of GDP in the medium term.



<figure class="wp-block-image"><a href="https://www.imf.org/en/Blogs/Articles/2025/04/23/rising-global-debt-requires-countries-to-put-their-fiscal-house-in-order?utm_medium=email&amp;utm_source=govdelivery" target="_blank" rel="noreferrer noopener"><img decoding="async" src="https://content.govdelivery.com/attachments/fancy_images/USIMF/2025/04/11470109/fm-chart2_original.png" alt="Chart2"/></a></figure>



Tighter and more volatile financial conditions in the United States may have ripple effects on emerging markets and developing economies, leading to higher financing costs. This significantly impacts commodity prices, resulting in lower prices and heightened price volatility. Limited fiscal improvements may further heighten risks from rising interest rates, especially as many countries have substantial financing needs. High interest rates could limit essential spending on social programs and public investments. Additionally, reduced foreign aid, due to shifting priorities among advanced economies complicates financing for low-income countries.



Complex policy tradeoffs



In an uncertain and rapidly changing world,&nbsp;countries will need to first and foremost put their own fiscal house in order. This means implementing prudent policies within robust fiscal frameworks to build public confidence and help reduce uncertainty.



Fiscal policy should prioritize reducing public debt and establishing and widening buffers to address spending pressures and economic shocks. This means finding the right balance between adjustment and supporting economic growth, tailored to each country&#8217;s unique situation, available resources, and overall economic conditions.



Countries with limited room in government budgets should implement gradual and credible consolidation plans and allow automatic stabilizers, like unemployment benefits, to work effectively. Any new spending needs should be offset by spending cuts elsewhere or new revenues. For countries with greater fiscal flexibility, it is important to utilize available resources judiciously within well-defined medium-term plans. Fiscal support for businesses and communities impacted by severe trade dislocations should be both temporary and targeted, with a strong emphasis on transparency and effective cost management.



More generally, advanced economies should tackle issues related to aging populations by reprioritizing spending, advancing pension and healthcare reforms, and broadening the tax base. In emerging and developing economies, enhancing the tax system is crucial due to historically low revenues. Low-income developing countries should stay the course on fiscal adjustments given financing challenges. Timely and orderly debt restructuring alongside such adjustments is essential for countries facing debt distress.



Additionally, fiscal policy, alongside other structural policies, should focus on enhancing potential growth. This can help ease challenging tradeoffs between growth and debt sustainability. For instance, well-designed&nbsp;<a href="https://www.imf.org/en/Blogs/Articles/2025/04/16/how-to-build-public-support-for-energy-subsidy-and-pension-reforms?utm_medium=email&amp;utm_source=govdelivery">pensions and energy subsidy reforms</a>&nbsp;can generate savings that can be used to support social programs and infrastructure investments.



As significant policy changes and heightened uncertainty reshape the global economic landscape, the fiscal outlook has worsened. To effectively navigate these challenges, governments should focus on building public trust, ensuring fair taxation, and managing resources wisely. By doing so, they can foster resilience and promote sustainable growth in uncertain times.



—This blog is based on Chapter 1 of the April 2025 Fiscal Monitor,&nbsp;“<a href="https://www.imf.org/en/Publications/FM/Issues/2025/04/23/fiscal-monitor-April-2025?cid=bl-com-SM2025-FMOEA2025001&amp;utm_medium=email&amp;utm_source=govdelivery">Fiscal Policy under Uncertainty.</a>”

blog2099x600fm-ch1-rising-global-debt-requires-countries-to-put-their-fiscal-house-in-ordercimf-phot

Rising Global Debt Requires Countries to Put their Fiscal House in Order

Why You Are Getting So Many Fake Job Offers By Text

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="768" height="402" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/AA1DsPom.jpg" alt="" class="wp-image-612780" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/AA1DsPom.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/AA1DsPom-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/AA1DsPom-160x84.jpg 160w" sizes="auto, (max-width: 768px) 100vw, 768px" /><figcaption class="wp-element-caption">Selim Korkutata | Anadolu Agency | Getty Images</figcaption></figure>



Bitcoin rose for a third day in a broad relief rally after President Donald Trump softened his tone on China tariffs and ratcheted down his rhetoric against Federal Reserve Chair Jerome Powell.



The price of the flagship cryptocurrency was last higher by 2.4% at $93,660, according to Coin Metrics. Earlier, it rose as high as $94,499.86, its highest level since March 3. Bitcoin has now given back more than half of its losses since Inauguration Day and is hovering just under the flat line for the year.



“This recent surge primarily reflects a market seizing the opportunity to capitalize on a dip in an asset that consistently proves its value as a compelling option for portfolio diversification and hedge against macroeconomic uncertainty and U.S. dollar volatility,” Joel Kruger, market strategist at LMAX, told CNBC.



On Tuesday, exchange-traded funds tracking the price of bitcoin saw a spike in inflows as interest in the cryptocurrency’s potential as a hedge strengthened amid continued stock market turbulence and a diving dollar. Bitcoin ETFs logged $936.43 million in daily inflows, their biggest day since Jan. 17, according to data from SoSoValue.



Bitcoin’s rally this week has forced short sellers to buy bitcoin back from the market to close their positions, thereby pushing the price even higher. In the past 24 hours, bitcoin has seen more than $300 million in short liquidations across exchanges, according to CoinGlass.



Demand for spot bitcoin has been contracting on a monthly basis, although that contraction has slowed in recent days, taking downward pressure off the price, Julio Moreno, head of research at crypto data provider CryptoQuant, told CNBC. However, he warned, the demand growth indicators have a ways to go before getting to late 2024 levels, which is what bitcoin would need to sustain its rally and see new all-time highs.

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Trump Organization sells ‘Trump 2028’ hat and shirt, fueling questions about third term bid

Trump asserts trade talks with China are underway after Beijing denies any ongoing negotiations

Emerging economies face longer period of tighter financing, South African central banker says

South Africa’s finance minister says he won’t resign after VAT U-turn

China warns G20 global economic growth ‘insufficient’, trade tensions weaken momentum

How Ripple is building the connective tissue between banks and the blockchain

Ripple president on stablecoins, Trump and tokenization

South African power utility to implement ‘Stage 2’ power cuts

How Salt Lake City transformed into one of the hottest housing and job markets in the U.S.

Tanzania bans agriculture imports from South Africa, Malawi

South Africa abandons planned VAT hike after pushback

South African rand stable after VAT hike withdrawn, markets await budget clarity

Zelenskiy cuts short S.Africa trip after Russian strike on Kyiv

China, Kenya upgrade ties amid ‘turbulent international situation’

Rising Global Debt Requires Countries to Put their Fiscal House in Order

Why You Are Getting So Many Fake Job Offers By Text

Bitcoin heads toward $95,000, rising for a third day and turning positive on the year

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Trump Organization sells ‘Trump 2028’ hat and shirt, fueling questions about third term bid

Trump asserts trade talks with China are underway after Beijing denies any ongoing negotiations

Emerging economies face longer period of tighter financing, South African central banker says

South Africa’s finance minister says he won’t resign after VAT U-turn

China warns G20 global economic growth ‘insufficient’, trade tensions weaken momentum

How Ripple is building the connective tissue between banks and the blockchain

Ripple president on stablecoins, Trump and tokenization

South African power utility to implement ‘Stage 2’ power cuts

How Salt Lake City transformed into one of the hottest housing and job markets in the U.S.

Tanzania bans agriculture imports from South Africa, Malawi

South Africa abandons planned VAT hike after pushback

South African rand stable after VAT hike withdrawn, markets await budget clarity

Zelenskiy cuts short S.Africa trip after Russian strike on Kyiv

China, Kenya upgrade ties amid ‘turbulent international situation’

Rising Global Debt Requires Countries to Put their Fiscal House in Order

Why You Are Getting So Many Fake Job Offers By Text

Bitcoin heads toward $95,000, rising for a third day and turning positive on the year

News Tips

Advertise With Us

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