<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-820x547.jpg" alt="" class="wp-image-408693" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-120x80.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>A sign stands at the entrance to the offices of Anglo American Plc in the Marshalltown district of Johannesburg, South Africa, on Friday, Oct. 26, 2012. Anglo American Plc Chief Executive Officer Cynthia Carroll , the first woman, external hire and non-South African to hold the job, will quit after Anglo lost $14 billion in value in the more than five years she was in charge. Photographer: Chris Ratcliffe/Bloomberg via Getty Images</figcaption></figure>



HARARE, March 25 (Reuters)&nbsp;&#8211;&nbsp;Global mining giant Anglo American Plc&nbsp;AAL.L&nbsp;on Friday announced the sale of its remaining shareholding in Thungela Resources&nbsp;TGAJ.J, completing its exit from the South African coal business.



Under pressure from investors to exit coal businesses worldwide, the owner of gold, platinum and diamond mining companies, Anglo American hived off its entire stake in its South African coal mines into Thungela and distributed most of the shares to its shareholders through an initial public offering in June, barring 8%.



At the time of listing, investors had written off the prospects of Thungela amid global pressure on companies and countries to wean industries off of coal.



<h3 class="wp-block-heading" id="h-read-more-royal-bafokeng-platinum-delivers-blowout-quarter-supported-by-strong-metal-prices">Read more: <a href="https://www.cnbcafrica.com/2021/royal-bafokeng-platinum-delivers-blowout-quarter-supported-by-strong-metal-prices/">Royal Bafokeng Platinum delivers blowout quarter supported by strong metal prices</a></h3>



But rising coal prices turned the tables for Thungela and its shares are up six-fold in the last nine months.



Anglo said it sold its residual Thungela shareholding for 154 rand per share, realising gross proceeds of 1.67 billion rand ($115 million).



Thungela&#8217;s shares were trading at 160.68 rand at 0741 GMT on Friday, down 8.85%. The company listed at 25 rand per share in June.



On March 22, Thungela reported its first full-year profit for the year ended December 2021 of 6.9 billion rand, driven by higher coal prices.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N2VP19L&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



($1 = 14.5279 rand)



(Reporting by Nelson Banya; editing by Jason NeelyEditing by Promit Mukherjee)

Anglo American Plc’s South African Headquarters As CEO Cynthia Carroll Quits

Anglo American completes exit from South African coal miner Thungela

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/107035723-1648098747562-gettyimages-1387214727-vcg111374466081-820x461.jpeg" alt="" class="wp-image-416072" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/107035723-1648098747562-gettyimages-1387214727-vcg111374466081-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/107035723-1648098747562-gettyimages-1387214727-vcg111374466081-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/107035723-1648098747562-gettyimages-1387214727-vcg111374466081-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/107035723-1648098747562-gettyimages-1387214727-vcg111374466081-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/107035723-1648098747562-gettyimages-1387214727-vcg111374466081-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/107035723-1648098747562-gettyimages-1387214727-vcg111374466081.jpeg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>People line up for nucleic acid testing at a temporary Covid-19 testing site on March 22, 2022 in Shenzhen, Guangdong Province of China. Vcg | Visual China Group | Getty Images</figcaption></figure>



BEIJING — As mainland China battles its worst Covid-19 outbreak since early 2020, local governments increasingly say the new omicron BA.2 variant is to blame.



That’s the new Covid subvariant, which preliminary research indicates is even more transmissible than the original omicron variant — but doesn’t necessarily cause more severe illness.



Mainland China has reported well over 1,000 new confirmed Covid cases a day since March 12, with the number holding above 2,000 for the last three days. That’s not including the asymptomatic case count, which can be just as many, or far more, than the number of daily confirmed cases.



From the northern province of Jilin — which accounts for more than half of the new daily cases — to industrial centers like Tangshan and Shenzhen, local authorities have blamed omicron BA.2 for the latest wave of Covid.



“Omicron BA.2 caused this outbreak, and spreads faster and more easily than previous viruses,” the export-heavy province of Fujian said in an online statement Tuesday, according to a CNBC translation of the Chinese text.



The subvariant is also “stealthier” and harder to find, but infections are primarily mild or asymptomatic cases, the Fujian government said.



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2022/pfizer-ceo-says-two-covid-vaccine-doses-arent-enough-for-omicron/">Pfizer CEO says two Covid vaccine doses aren’t ‘enough for omicron’</a></h3>



Scientists have also described BA.2 as a “stealth” variant because it contains mutations that could make it harder to distinguish from the older delta variant using PCR tests.



Despite apparent changes in the virus’ severity, China has maintained its stringent zero-Covid policy of using swift, regional lockdowns to control outbreaks. The strategy had helped the economy quickly return to growth after the initial shock of the pandemic in early 2020.



Different provinces or cities can impose quarantines or travel restrictions on people coming from other regions, or at least require valid virus tests, adding hurdles to commercial travel.



For example, a company had to change its truck driver to a local one before the vehicle entered a city in the Guangxi region, said Klaus Zenkel, chair of the south China chapter of the EU Chamber of Commerce in China. “Otherwise he cannot enter the area where he needs to deliver the goods to.”



Zenkel is based in the southern city of Shenzhen, which ended a week-long lockdown Sunday night.



“If you compare this lockdown for the seven days last week, 14 to 21 of March, it was almost tougher than two years ago when the pandemic started,” he said, referring to the tighter government restrictions on international travel and stay-home policies.



<h2 class="wp-block-heading" id="h-smaller-businesses-hurt-more"><a></a>Smaller businesses hurt more</h2>



More than half of mainland China shut down in February 2020 for an extended Lunar New Year holiday in an effort to control the initial outbreak of Covid-19 in the country. The economy contracted that quarter, but quickly rebounded.



This time around, multinational corporations could maintain production by keeping workers in the same area as factories, but smaller businesses lost a week of output, Zenkel said Wednesday. He said district governments are asking businesses to share what their losses were, for potential compensation plans.



Shenzhen is pretty much returning to normal, but many people were still getting tested every day so they could present valid negative results as needed for in-person business meetings, he said. “Let’s hope [with] all these experiences and all the China data, the Chinese government can find a way to go from zero-Covid to ‘live with Covid.’”



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2022/moderna-patent-application-raises-fears-for-africa-covid-vaccine-hub/">Moderna patent application raises fears for Africa COVID vaccine hub</a></h3>



Across the country, Covid tests remain a primary way for authorities to confirm whether people are allowed into a city or whether a neighborhood can end its lockdown. These tests — which can’t yet be self-administered at home — now only cost about 8 yuan ($1.25) in Beijing, or free if arranged by community leaders.



At a Shanghai city press briefing Wednesday, Wu Fan, deputy dean of Shanghai Medical College at Fudan University, emphasized the need for the public to maintain social distancing, comply with testing and health code checks, and monitor themselves carefully.



“This time, the omicron BA.2 variant seems to be running very quickly,” Wu said, according to CNBC translation of the Chinese remarks. “Just chasing it isn’t enough. [We] also need to cut off the path ahead of it.”

107035723-1648098747562-gettyimages-1387214727-vcg111374466081

Omicron ‘stealth’ variant BA.2 is spreading rapidly in China

Slightly bearish bond market expected over thin liquidity

How NATO is defending Eastern Europe

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/5NNR4W6ISFNVDO64DUH2IOITLI-820x547.jpg" alt="" class="wp-image-416069" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/5NNR4W6ISFNVDO64DUH2IOITLI-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/5NNR4W6ISFNVDO64DUH2IOITLI-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/5NNR4W6ISFNVDO64DUH2IOITLI-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/5NNR4W6ISFNVDO64DUH2IOITLI-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/5NNR4W6ISFNVDO64DUH2IOITLI.jpg 1080w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Ivorian President Alassane Ouattara, and Chairman in office of the West African Economic and Monetary Union, speaks during the summit of the Heads of state from the eight-nation West African Economic and Monetary Union (UEMOA) in Abidjan, Ivory Coast July 12, 2019. REUTERS/Luc Gnago/File Photo</figcaption></figure>



BAMAKO, March 24 (Reuters)&nbsp;&#8211;&nbsp;The court of the West African Economic and Monetary Union (UEMOA) on Thursday ordered suspension of the eight-nation body&#8217;s sanctions against Mali, imposed in January after the junta delayed elections.



The sanctions severed Mali&#8217;s access to regional financial markets and have contributed to its default on about $180 million in debt payments and jobs losses.<a href="https://www.reutersconnect.com/all?search=all%3AL1N2V410B&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a><a href="https://www.reutersconnect.com/all?search=all%3AL1N2UR1UP&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



It was not immediately clear whether UEMOA would follow the court decision.



&#8220;It is a suspension measure pending a detailed ruling of the court,&#8221; spokesperson Aminata Mbodj said.



UEMOA instructed all financial institutions under its umbrella to suspend Mali after the junta decided to delay elections intended to restore democratic rule after coups in 2020 and 2021.



The measures were imposed in conjunction with sanctions by the 15-nation Economic Community of West African States (ECOWAS), which froze Malian state assets, closed its borders and suspended non-essential financial transactions.



<h3 class="wp-block-heading" id="h-read-more-west-africa-bloc-chairman-says-mali-s-coup-was-contagious">Read more: <a href="https://www.cnbcafrica.com/2022/west-africa-bloc-chairman-says-malis-coup-was-contagious/">West Africa bloc chairman says Mali’s coup was “contagious”</a></h3>



Malian authorities have repeatedly asked for the sanctions to be lifted and filed a legal complaint with the UEMOA court last month, saying they would have severe consequences for the population.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N2UW3H6&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



A regional banking source said the decision to unfreeze Malian assets can only be made by the heads of state who imposed the sanctions.



ECOWAS heads of state are due to meet on Friday in Ghana to discuss the post-coup situation in Mali. They will also discuss Guinea and Burkina Faso, which also had military takeovers in the last year.



Mali&#8217;s interim President Assimi Goita, who was invited to attend the meeting in person, responded on Thursday saying he could only join via video link but would send minister-representatives.



The government later announced on Twitter that it would no longer be sending those ministers because discussions would only involve heads of state and take place behind closed doors.



It was not immediately clear whether Goita still planned to participate virtually.



(Reporting by Thiam Ndiaga in Ouagadougou and Tiemoko Diallo in Bamako; Additional reporting by Diadie Ba; Writing by Nellie Peyton and Sofia Christensen; Editing by Aaron Ross, Nick Macfie and Grant McCool)

5NNR4W6ISFNVDO64DUH2IOITLI

West African court orders lifting of some sanctions against Mali

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/03/Lesetja_Kganyago_WEF-820x547.jpg" alt="" class="wp-image-400177" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/03/Lesetja_Kganyago_WEF-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/03/Lesetja_Kganyago_WEF-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/03/Lesetja_Kganyago_WEF-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/03/Lesetja_Kganyago_WEF.jpg 830w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Lesetja Kganyago, governor of South Africa&#8217;s central bank (SARB), poses for a photograph following a Bloomberg Television interview on the opening day of the 28th World Economic Forum (WEF) on Africa in Cape Town, South Africa, on Wednesday, Sept. 4, 2019. The World Economic Forum on Africa meeting runs from 4-6 September. Photographer: Waldo Swiegers/Bloomberg</figcaption></figure>



JOHANNESBURG, March 24 (Reuters) – South Africa raised its main lending rate by 25 basis points to 4.25% on Thursday as expected, citing inflation risks linked to the war in Ukraine.



The decision by the South African Reserve Bank (SARB) was in line with a Reuters poll, but the five-member Monetary Policy Committee was split 3-2, with two members preferring a larger 50-basis-point move.



It was the third hike in a row following similar moves in January and November. The rand extended gains after Governor Lesetja Kganyago announced the hike.



Kganyago said headline inflation had increased well above the midpoint of the SARB’s 3%-6% inflation target band and that it was forecast to breach that band in the second quarter.



“Global producer price and food price inflation continued to surprise higher in recent months and could do so again, particularly if the war in the Ukraine persists into the growing season,” the SARB said in its latest policy statement.



“Oil prices increased strongly through 2021 and are up again sharply year to date, propelled higher also by the war and economic sanctions,” the SARB said.



The bank now forecasts headline inflation this year of 5.8% from 4.9% seen in January, with the forecast raised primarily due to higher food and fuel prices. It sees 2022 economic growth of 2.0%, better than the 1.7% forecast previously because of higher commodities prices and stronger growth than expected in 2021.



Commodities like coal, iron ore, gold and platinum group metals are major South African exports. A commodities rally last year supported an economic rebound from the COVID-19 pandemic.



(Reporting by Alexander Winning, Olivia Kumwenda-Mtambo and Promit Mukherjee Editing by James Macharia Chege)

Opening Day Of The 28th World Economic Forum on Africa

South Africa raises rates citing inflation risks linked to Ukraine war.

Equities dip further

Sarb raises key interest rate to 4.25% (full speech)

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="615" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/MYS3QSEAHFILLDMUWDPI2V7TJM-820x615.jpg" alt="" class="wp-image-416059" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/MYS3QSEAHFILLDMUWDPI2V7TJM-820x615.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/MYS3QSEAHFILLDMUWDPI2V7TJM-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/MYS3QSEAHFILLDMUWDPI2V7TJM-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/MYS3QSEAHFILLDMUWDPI2V7TJM-768x576.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/MYS3QSEAHFILLDMUWDPI2V7TJM.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Nkateko Muyimane a medical student who was studying in Ukraine before the war looks on during his interview with Reuters in Johannesburg, South Africa, March 18, 2022. REUTERS/Shafiek Tassiem</figcaption></figure>



JOHANNESBURG, March 24 (Reuters)&nbsp;&#8211;&nbsp;Nkateko Muyimane and six fellow African students hid in a subway while Russian shells pounded Kharkiv, before fleeing on a train to Budapest they very nearly failed to board.



Now their main concern is how to salvage the degrees they sacrificed so much to start.



South African Muyimane, 24, and classmate Mandisa Malindisa, 25, were both studying medicine with a year to go before graduating. Now, they say, there is no university left.



&#8220;It&#8217;s been bombed out and turned to rubble,&#8221; Muyimane said at his brother&#8217;s apartment in a northern Johannesburg suburb. &#8220;Even if we do continue online, medicine is practical: you need to be physically there with the patient.&#8221;



They are among tens of thousands of African students whose studies were upended by Russia&#8217;s war on its neighbour, many of whom were drawn to Ukraine&#8217;s world class educational facilities available at a fraction of the cost of Western universities.



Ukraine&#8217;s history of attracting Africans to its academies dates back to the Cold War, when Soviet states wooed students from newly independent African nations with the promise of a subsidised education.



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2022/ramaphosa-says-south-africa-has-been-asked-to-mediate-russia-ukraine/">Ramaphosa says South Africa has been asked to mediate Russia-Ukraine</a></h3>



Like many parents, Malindisa&#8217;s mother, a nurse, and father, a civil engineer, tightened their belts, saved and borrowed to put her through Ukraine&#8217;s Kharkiv National Medical University.



&#8220;It was a big sacrifice for the school fees, and the apartment she was renting,&#8221; her mother Zandile told Reuters.



Malindisa&#8217;s anxiety about losing her qualification, after all her parents had invested, had kept her in Ukraine, but as war approached, she decided to fly out rather than risk staying.



Her mother booked her three tickets; all got cancelled. She, Muyimane and the five other African classmates endured days of bombardments before fleeing to Pivdennyi Vokzal station. There, they said, they had to fight to get on a train including against a passenger who bit one of them to try to prevent her boarding.



Compared with that horror, finding her a new school seems less daunting.



&#8220;I haven&#8217;t lost hope,&#8221; Zandile said. &#8220;Something will come up for her.&#8221;



<h2 class="wp-block-heading" id="h-online-option">ONLINE OPTION</h2>



Malindisa worries that she has no certificate to show prospective universities what she has accomplished &#8211; getting her transcripts from what is now a war zone isn&#8217;t going to be easy.



Her fears are shared by many students who returned from Ukraine in recent weeks.



Muyimane&#8217;s mother is a doctor, and she was proud to have a son follow in her footsteps, he said, adding: &#8220;I must make a plan: medicine is my dream&#8221;.



At her house in Ghana&#8217;s capital on March 5, 23-year-old medical student Maame Akousa Addo stood over two small duffel bags containing the few things she&#8217;d managed to bring back with her to Accra and wondered whether she would be able to go back after the war.



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2022/south-africa-sees-food-inflation-opportunity-from-russia-ukraine-war/">South Africa sees food inflation, opportunity from Russia-Ukraine war</a></h3>



&#8220;We&#8217;re just waiting to hear from our schools,&#8221; she said. &#8220;To see if they will establish a sort of online option.&#8221;



For Nigerian student Joshua Adebowale, 32, the hope is that things will calm down soon so he can return to Kyiv Medical University, which his parents and brothers were paying for. &#8220;Otherwise these will be wasted years and money,&#8221; he said.



But for compatriot Jasper Ahamefula, 19, who had just started a business studies course, a degree no longer seems an option. He plans to try and start up a business &#8212; tailoring perhaps &#8212; without a qualification.



&#8220;It doesn&#8217;t matter,&#8221; he said. &#8220;My parents, yes it&#8217;s a lost investment, but they care that I&#8217;m alive. That&#8217;s great, I guess.&#8221;



(Additional reporting by Sisipho Skweyiya in Johannesburg, Cooper Inveen in Accra and MacDonald Dzirutwe in Lagos; Editing by Alexandra Zavis and Emelia Sithole-Matarise)

MYS3QSEAHFILLDMUWDPI2V7TJM

African students wonder what next after Ukraine war upends education

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="800" height="800" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/271600100_227444999559589_6631611609925370466_n-800x800.jpg" alt="" class="wp-image-416054" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/271600100_227444999559589_6631611609925370466_n-800x800.jpg 800w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/271600100_227444999559589_6631611609925370466_n-300x300.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/271600100_227444999559589_6631611609925370466_n-90x90.jpg 90w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/271600100_227444999559589_6631611609925370466_n-768x768.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/271600100_227444999559589_6631611609925370466_n.jpg 806w" sizes="auto, (max-width: 800px) 100vw, 800px" /></figure>



‘Now isn’t the time for pessimism’



Despite the geo-political tension in Eastern Europe, the global economy appears to be on a firm path to recovery after a period of turmoil caused by the Covid-19 pandemic. While some of the hardest hit economies including ours remain vulnerable, emerging green shoots in our economy give us comfort to assert that the worst of the pandemic is certainly behind us.



As President Ramaphosa alluded to in his recent State of the Nation address, South Africa is alive with opportunities and it’s time for contrarians to embrace the opportunities coming our way. Post-Covid and as our industries are rebounding, we envisage a vastly transformed economic order in which sustainable and equitable economic growth will become a dominant theme.



Most encouraging is the gradual but steady realignment of supply chains across the globe which were disrupted at the height of the pandemic. This is cause for optimism. And make no mistake, our economy will re-discover its lustre. A unique but key character trait of our country and its people is our ability to persevere and rise above our challenges even in the face of adversity.



As<a> the Economic Reconstruction and Recovery Plan </a>– government’s economic blueprint unveiled by President Cyril Ramaphosa in 2020 begins to take root, we are optimistic that the various infrastructure development projects such as construction of bulk water infrastructure, construction of new road networks, energy capacity expansion plans, improvement of our port infrastructure among others, present great opportunities for sustainable as well as inclusive growth.



This provides a great opportunity for our country to create a new crop of Black Industrialists, women including youth entrepreneurs who for long were consigned to the periphery of productive sectors of the economy. In addition, the planned auction of spectrum which is now closer to reality will usher in a new technology and competitive pricing regime in SA’s telecoms landscape.



Other than increased access to broadband we expect communication costs to come down enabling for a competitive positioning of our economy. Needless to remind, our country is endowed with abundant natural resources and renewable energy sources. This ably positions us to adapt to the green revolution.



In addition, our natural resources, solar, wind, biomass for power generation &#8211; skills and technological capacities put us in a prime position to take the lead in the hydrogen economy and the green hydrogen value chain for the benefit of our people. Our ultimate objective is to position our country as a leading supplier to the global green market.



Most important, the development of the hydrogen industry will be a key enabler in South Africa’s just transition to a decarbonised future. It’s been proven that Hydrogen has the potential to decarbonise various industrial sectors and we as government intend on getting involved in the development of those catalytic projects needed to develop this new industry.



In this regard, government has officially launched a road map to identify high-level outcomes for a South African hydrogen economy. The Hydrogen Society Roadmap will serve as a national coordinating framework to facilitate the integration of hydrogen related technologies in various sectors of the local economy thereby stimulating economic recovery in line with objectives of the Economic Reconstruction and Recovery Plan.



There is scope in this strategy because in developed economies, hydrogen is already powering commercial buses. It is our hope that in the not-too-distant future, locally manufactured cars will be powered by green hydrogen. And the fact that it can be used in many commercial applications including welding metal to dying fabrics to making electronics, plastics, and fertilizers makes for a compelling case for early adoption.



That said, the pronouncement last month by the South African Reserve Bank at its monthly policy meeting to the effect that the local economy would register a 1.7% growth this year is cause for optimism. To achieve this growth, we are cognisant of the need to inject massive capital into the economy which effectively ties in with objectives of the South African Investment Conference (SAIC). In his foresight, President Ramaphosa in 2018 committed to raising over R1.2 trillion worth of investments over a five-year period.



Since its launch, SAIC has raised R774 billion in investment pledges to date. Off key significance, this annual gathering of business titans and government leaders has always served to provide a reality check as to whether the private and public sectors are living up to their commitments in helping the country address the triple challenges of unemployment, poverty, and inequality. We are therefore hopeful that the 4th edition of this event scheduled for the 23-24th March in Johannesburg will serve its purpose.



We are also hopeful that the conference will nudge us closer to achieving the investment target set by the presidency in 2018. As the President summed it up in his SONA address, Now isn’t the time for pessimism. it’s time for business especially the private sector to come to the party and show us what they are made off so together we can forge a sustained partnership and rebuild our economy.



*The author is a SAIC Presidential Envoy

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SA is on a cusp of an economic rebound

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-94942899-820x547.jpg" alt="" class="wp-image-411734" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-94942899-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-94942899-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-94942899-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-94942899-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-94942899-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-94942899-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>UNITED STATES &#8211; APRIL 25: Situmbeko Musokotwane, finance minister of Zambia, left, speaks as Mustafa Mkulo, finance minister of Tanzania, center, and Charles Koffi Diby, finance minister of the Ivory Coast, listen during a press briefing in Washington, D.C., U.S., Saturday, April 25, 2009. The global economic crisis may force as many as 90 million more people into extreme poverty this year and make it harder to meet goals to improve health and education, the World Bank and International Monetary Fund said yesterday. (Photo by Joshua Roberts/Bloomberg via Getty Images)</figcaption></figure>



JOHANNESBURG, March 23 (Reuters)&nbsp;&#8211;&nbsp;Zambia&#8217;s public sector debt rose 18% to $31.74 billion by the end of 2021 from end-June, a finance ministry document published on Wednesday showed, at a time when the country is negotiating to restructure its crippling debt.



Foreign currency debt accounts for 54% of Zambia&#8217;s borrowing, rising 2% in the second half of 2021 to $17.27 billion. Local currency debt jumped 43% to $14.47 billion.



In 2020, Zambia became the first country to have defaulted in the pandemic-era, buckling under a debt burden of more than 120% of GDP.



It reached a staff-level agreement with the International Monetary Fund (IMF) in December 2021 on a $1.4bn three-year extended credit facility.



Finance minister Situmbeko Musokotwane told Reuters in February that he hoped to get a formal IMF agreement signed off in May, but the timeline was deemed ambitious by analysts as the group of Paris Club creditors and China have yet to form a creditor committee.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N2UC3R2&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



President Haikainde Hichilema pledged to deal with the &#8220;unsustainable&#8221; debt burden when sworn in as Zambia&#8217;s new leader in August 2021.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N2PV33O&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



(Reporting by Rachel Savage; Additional reporting by Karin Strohecker; Editing by Emma Rumney and Vinay Dwivedi)

Situmbeko Musokotwane, finance minister of Zambia, left, spe

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<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="740" height="416" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/107021838-1646031589017-gettyimages-1233496076-SKOREA_SK_TELECOM.jpeg" alt="" class="wp-image-416034" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/107021838-1646031589017-gettyimages-1233496076-SKOREA_SK_TELECOM.jpeg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/107021838-1646031589017-gettyimages-1233496076-SKOREA_SK_TELECOM-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/107021838-1646031589017-gettyimages-1233496076-SKOREA_SK_TELECOM-160x90.jpeg 160w" sizes="auto, (max-width: 740px) 100vw, 740px" /><figcaption>An employee wearing HTC’s Vive virtual reality headset plays a video game at the T.UM showroom in the SK Telecom Co. headquarters in Seoul, South Korea, on June 11, 2021. SeongJoon Cho | Bloomberg | Getty Images</figcaption></figure>



Imagine discussing a confidential multimillion-dollar deal with your boss. The conversation ends, and you both leave.



A while later, you both meet again and you bring up your earlier conversation — but your boss has absolutely no recollection of the deal.



What just happened?



In the metaverse, this might mean you were the victim of a hacked avatar or deepfake,&nbsp;said Prabhu Ram, head of the industry intelligence group at CyberMedia Research, a research and consulting firm. Deepfakes refer to manipulated digital figures that look or sound like someone else.



The metaverse has drawn hype in recent months, with companies like Meta, formerly known as Facebook, and Ralph Lauren, rushing to get their foot in the door. But unless cybersecurity risks in the metaverse are addressed, these companies may not see the success they’re hoping for.



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Cybercrime in the real world is already becoming more rampant.



Cybersecurity firm Check Point reported a 50% increase in overall attacks per week on corporate networks in 2021 compared to a year earlier. As businesses rush to plant their flag in the metaverse, not all may realize the full dangers of this new world, said Ram.



“Since the contours and potential of metaverse are yet to be fully realized, the overt concerns around privacy and security issues in the metaverse remain confined to only a few ‘tech-aware’ companies,” Ram said.



“As new attack vectors emerge, they will require a fundamental realignment of today’s security paradigms to identify, verify and secure the metaverse,” he added.



<h2 class="wp-block-heading" id="h-identity-security"><a></a>Identity security</h2>



JPMorgan released a white paper in February which recognized user identification and privacy safeguards as important elements for interacting and transacting in the metaverse.



“Verifiable credentials [should be] easily structured to enable easier identification of fellow community or team members, or to enable configurable access to varying virtual world locations and experiences,” according to the white paper.



Gary Gardiner, who is head of security engineering for Asia-Pacific and Japan at Check Point Software Technologies, agreed.



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2022/how-a-i-is-set-to-evolve-in-2022/">How A.I. is set to evolve in 2022</a></h3>



The same mindset for internet security needs to be applied to the metaverse, he said, adding that security protocols should be as user-interactive as possible.



People are looking at blockchain to identify users, or “using tokens that could be assigned by an organization, or biometrics in a headset you’re wearing so there’s that level of trust so you actually know who you’re talking to,” he said.



Gardiner also suggested having “little exclamation marks” above avatars’ heads to signal that a person is untrustworthy.



<h2 class="wp-block-heading"><a></a>Data breaches</h2>



As users leave trails of data around the metaverse, one major problem in the real world may also cross into the virtual reality world — the invasion of user privacy by tech companies.



The 2018 Facebook and Cambridge Analytica scandal, for example, saw millions of users’ data harvested and used without consent. In the metaverse, there may be even more data available for these companies to feed on if strict regulations are not put in place to protect users.



When users are wearing devices like virtual reality headsets, organizations can collect data such as their head and eye movement or their voice, said Philip Rosedale, founder of Second Life, an online world that allows people to hang out, eat and shop virtually.



“Meaning within a few seconds, we can identify it is you exactly wearing the device. This is a very serious potential privacy problem for the virtual world,” he said.



<h2 class="wp-block-heading"><a></a>What can be done</h2>



Microsoft co-founder Bill Gates predicted in a blog post in December that within the next two to three years, most virtual meetings will move to the metaverse.



For businesses to safely operate in the metaverse, Gardiner said, it’s important to train staff well.



“The weakest point in any organization from a cybersecurity perspective is the user,” he explained.



If an attack hits the metaverse, users will be in a stronger position if they have that level of training and understanding of what is suspicious, he said.



While companies should implement risk mitigation strategies, both Rosedale and Gardiner said that maintaining privacy ultimately depends on the type of security platforms and safety models the metaverse puts in place for organizations.



Citing LinkedIn, a professional networking site, as an example, Rosedale said users will need to be able to use a “web of trust” to exchange information with others to establish trust more easily.



Identifying people you trust and sharing that information with other trusted people will allow you to assess whether you have friends in common with someone new, he added.



Meanwhile, Gardiner said companies involved in designing the metaverse will have to work together to establish a common standard that will enable security protocols to be deployed effectively.



“The foundation [of the metaverse] has to be done well because if the foundation is weak and it’s not done well, people will lose confidence in the platform and we’ll stop using it,” Gardiner said.

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