<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/Q335SYI6PFKZ7CGQZHEPIZ7L6Q.avif" alt="" class="wp-image-610166"/><figcaption class="wp-element-caption">Commonwealth Games &#8211; Closing Ceremony &#8211; Alexander Stadium, Birmingham, Britain &#8211; August 8, 2022 General view of fireworks during the closing ceremony REUTERS/Phil Noble/File Photo</figcaption></figure>



LONDON, April 16&nbsp;&#8211;&nbsp;Commonwealth sport has hit the jackpot with seven nations across four continents jostling to host future editions of the Commonwealth Games, as the race for the prestigious centennial 2030 celebration heats up.



Canada, India, and Nigeria had already publicly thrown their hats into the 2030 ring, with two mystery nations also now in the mix, the governing body said on Wednesday.



Meanwhile, two additional expressions of interest target future Games, including New Zealand, which has set its sights on 2034.



&#8220;We are thrilled with the incredible interest from around the Commonwealth,&#8221; CEO Katie Sadleir said on Wednesday.



&#8220;This positive response from four of our six regions underlines the importance and significance of the Commonwealth Games and its position as the major multi-sport event in the world sporting calendar alongside the Olympic Games and Paralympics.&#8221;



The flurry of interest follows a challenging period for the event after Australia&#8217;s Victoria state withdrew as 2026 hosts, citing cost concerns. Scotland stepped in with Glasgow taking the reins for 2026.



&#8220;We cannot understate the hugely significant role Scotland has played in this change,&#8221; Sadleir added.



&#8220;Glasgow 2026 will be a bridge to the Games of tomorrow – an important first step in our journey to reimagine and redefine the Games.&#8221;



Commonwealth Sport launched a new collaborative selection process in January, moving away from traditional bidding to allow potential hosts more flexibility and innovation.



&#8220;Considering the high level of interest, we will now discuss each submission further,&#8221; said Darren Hall, Director of Games and Assurance.



The next five months will see candidates developing detailed proposals, with Commonwealth Sport aiming to recommend a 2030 host for approval at its General Assembly in Glasgow in November 2025.



The new hosting framework promises reduced costs, flexible programming, and continued commitment to Para sports, with organisers hoping the reimagined model will enable more diverse nations to stage the Games in future.



The Commonwealth Games, first held in 1930 as the British Empire Games in Hamilton, Canada, brings together athletes from Commonwealth nations and territories every four years.



The event has grown to feature over 70 teams competing in more than 20 sports, with the most recent Games held in Birmingham, England in 2022.



(Repoorting by Ossian Shine; Editing by Ken Ferris)

Q335SYI6PFKZ7CGQZHEPIZ7L6Q

Commonwealth jackpot as seven nations battle for future Games

Are Elon Musk and Tesla giving up on EVs?

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108071122-1733319291213-gettyimages-2187589196-AFP_36PC93X-820x461.png" alt="" class="wp-image-610146" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108071122-1733319291213-gettyimages-2187589196-AFP_36PC93X-820x461.png 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108071122-1733319291213-gettyimages-2187589196-AFP_36PC93X-300x169.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108071122-1733319291213-gettyimages-2187589196-AFP_36PC93X-160x90.png 160w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108071122-1733319291213-gettyimages-2187589196-AFP_36PC93X-768x432.png 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108071122-1733319291213-gettyimages-2187589196-AFP_36PC93X.png 1200w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Cargo ships and containers at Qingdao port in eastern China’s Shandong province on Dec. 4, 2024. Stringer | Afp | Getty Images</figcaption></figure>



The World Trade Organization (WTO) warned on Wednesday that the outlook for global trade has “deteriorated sharply” in the wake of U.S. President Donald Trump’s tariffs regime.



“The outlook for global trade has deteriorated sharply due to a surge in tariffs and trade policy uncertainty,” the WTO said in its latest “Global Trade Outlook and Statistics” report out Wednesday.



Based on the tariffs currently in place, and including a 90-day suspension of “reciprocal tariffs,” the volume of world merchandise trade is now expected to decline by 0.2% in 2025, before posting a “modest” recovery of 2.5% in 2026.



The decline is anticipated to be particularly steep in North America, where exports are forecasted to drop by 12.6% this year.



The WTO also warned that “severe downside risks exist,” including the application of “reciprocal” tariffs and a broader spillover of policy uncertainty, “which could lead to an even sharper decline of 1.5% in global goods trade,” particularly hurting export-oriented, least-developed countries.



The recent tariff disturbances follow a strong year for world trade in 2024, during which merchandise trade grew 2.9% and commercial services trade expanded by 6.8%, the WTO said.



The new estimate of a 0.2% decline in world trade for 2025 is nearly three percentage points lower than it would have been under a “low tariff” baseline scenario, the WTO added, and marks a significant reversal from the start of the year when the trade body’s economists expected to see continued trade expansion supported by improving macroeconomic conditions.



“Risks to the forecast include the implementation of the currently suspended reciprocal tariffs by the United States, as well as a broader spillover of trade policy uncertainty beyond U.S.-linked trade relationships,” the WTO said.



“If enacted, reciprocal tariffs would reduce world merchandise trade growth by an additional 0.6 percentage points, posing particular risks for least-developed countries (LDCs), while a spreading of trade policy uncertainty (TPU) would shave off a further 0.8 percentage points. Taken together, the reciprocal tariffs and spreading TPU would lead to a 1.5% decline in world merchandise trade volume in 2025.”



<figure class="wp-block-image"><img decoding="async" src="https://image.cnbcfm.com/api/v1/image/108127151-17438709982025-04-04t234656z_1270263179_rc2xpdazxgbd_rtrmadp_0_usa-trump-tariffs.jpeg?v=1744047527&amp;w=1858&amp;h=1045&amp;vtcrop=y" alt="U.S. President Donald Trump delivers remarks on tariffs in the Rose Garden at the White House in Washington, D.C., U.S., April 2, 2025. REUTERS/Carlos Barria"/><figcaption class="wp-element-caption">U.S. President Donald Trump delivers remarks on tariffs in the Rose Garden at the White House in Washington, D.C., on April 2, 2025. Carlos Barria | Reuters</figcaption></figure>



Trump stunned trading partners and global markets in early April, when he announced a raft of “reciprocal” tariffs on imports from more than 180 countries. Beijing was hit the hardest of all, with the U.S. duty on Chinese imports now effectively totaling 145%. China in turn hit back at Washington with retaliatory tariffs of up to 125% on U.S. imports.



Widespread market turbulence following the tariffs announcement prompted a temporary climbdown by Trump, with the president last week announcing that the new duties on imports from most trading partners would be reduced to 10% for 90 days in order to allow for trade negotiations with Washington’s counterparts.



The WTO said in its Wednesday report that the impact of recent trade policy changes is likely to vary sharply from region to region.



In the adjusted forecast, North America now subtracts 1.7 percentage points from global merchandise trade growth in 2025, turning the overall figure negative.



Meanwhile, Asia and Europe continue to contribute positively, but less than in the baseline scenario, with Asia’s input halved to 0.6 percentage points.



The disruption in U.S.-China trade is expected “to trigger significant trade diversion,” the WTO added, raising concerns among third markets about increased competition from China.



“Chinese merchandise exports are projected to rise by 4% to 9% across all regions outside North America as trade is redirected. At the same time, U.S. imports from China are expected to fall sharply in sectors such as textiles, apparel and electrical equipment, creating new export opportunities for other suppliers able to fill the gap,” the trade organization remarked, noting that this could open the door for some least-developed countries to increase their exports to the U.S. market.

108071122-1733319291213-gettyimages-2187589196-AFP_36PC93X

Global trade outlook has ‘deteriorated sharply’ amid Trump tariff uncertainty, WTO warns

<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/N7NTFVJZNNKH5L7JQ3FQOLPYO4.avif" alt="" class="wp-image-610095"/><figcaption class="wp-element-caption">A view shows a PwC Australia logo in Melbourne, Australia, March 24, 2025. REUTERS/Hollie Adams/File Photo</figcaption></figure>



April 16 (Reuters)&nbsp;&#8211;&nbsp;PwC shut operations in nine Sub-Saharan African countries last month following a strategic review, the Big Four accounting firm said, in response to a media report that said the company exited over a dozen countries to avoid scandals.



PwC, which operates as a global network of locally owned partnerships, has shut operations in the Ivory Coast, Gabon, Cameroon, Madagascar, Senegal, the Democratic Republic of Congo (DRC), Congo Republic, Republic of Guinea and Equatorial Guinea, it said in a statement published on its website on March 31.



The accounting firm directed Reuters to the statement in response to queries on a Financial Times article published earlier in the day that said PwC had exited multiple countries that were deemed too small, risky or unprofitable.



The decision came due to mounting differences with local partners, who said they lost over a third of their business in recent years after pressure from PwC&#8217;s global executives to drop risky clients, the FT said, citing people familiar with the matter.



The PwC statement did not give a reason for the move.



The FT report, citing a register of PwC entities and local news reports, said PwC had also cut ties with member firms in Zimbabwe, Malawi and Fiji.



PwC has faced an exodus of clientele and layoffs across countries since last year.



PwC&#8217;s mainland China unit was hit with a $62 million fine and six-month suspension for audit failures related to property developer China Evergrande&#8217;s&nbsp;3333.HK&nbsp;$78 billion fraud.



Last month, Britain fined PwC about $6 million in relation to the audit of Wyelands Bank for financial year 2019.



The firm is working with Saudi Arabia and its sovereign wealth fund to mend relations after the kingdom suspended activities between the $925 billion fund&#8217;s holding company and PwC. ($1 = 0.7531 pounds)



(Reporting by Bipasha Dey, Kanjyik Ghosh and Harshita Meenaktshi in Bengaluru; Editing by Savio D&#8217;Souza and Mrigank Dhaniwala)

N7NTFVJZNNKH5L7JQ3FQOLPYO4

PwC shuts operations in nine African countries

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



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



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



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



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



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



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



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



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



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



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

YWWKJYXNFNKNXNNTA7PVQVR7QU (1)

Namibia holds key lending rate on global policy uncertainty

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="549" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-820x549.jpg" alt="" class="wp-image-425202" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-820x549.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-300x201.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-134x90.jpg 134w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-768x514.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-1536x1028.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">South African Rand coins are seen in this photo illustration . REUTERS/Mike Hutchings</figcaption></figure>



JOHANNESBURG, April 16 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand gained on Wednesday as the dollar was shaken by market uncertainty around U.S. tariffs and local investors awaited news on the future of the coalition government.



At 0757 GMT, the rand traded at 18.9425 against the U.S. dollar, about 0.4% stronger than its previous close.



The dollar last traded about 0.7% weaker against a basket of currencies.



U.S. President Donald Trump&#8217;s tariffs have escalated tensions between the U.S. and China, South Africa&#8217;s biggest trading partner, driving uncertainty and hurting the greenback over recent weeks.



&#8220;There has been little change on the tariff front overnight, but the trade war between the US and China continues to escalate,&#8221; said Andre Cilliers, currency strategist at TreasuryONE.



Domestic-focused investors will look to South Africa&#8217;s business confidence index for March at 0930 GMT and retail sales data for February at 1100 GMT, in addition to developments over the country&#8217;s budget impasse.



The two biggest parties in South Africa&#8217;s government of national unity (GNU) have been at odds over a proposed value-added tax hike on May 1.



&#8220;The ZAR&#8217;s near-term recovery has largely played out, but it could extend to any more positive news from the GNU regarding a budget most parties can support,&#8221; said ETM Analytics in a research note.



On the Johannesburg Stock Exchange, the blue-chip Top-40 index was little changed in early deals.



South Africa&#8217;s benchmark 2030 government bond was slightly firmer, with the yield down 1 basis points to 9.21%.



(Reporting by Tannur Anders; Editing by Sharon Singleton)

South African Rand coins are seen in this photo illustration

South African rand gains as dollar slumps on tariff uncertainty

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="357" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg" alt="" class="wp-image-400669" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1-300x175.jpg 300w" sizes="auto, (max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">World map with charts and graphs as symbols of global finance</figcaption></figure>



NAIROBI, April 16 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Wednesday.



<h2 class="wp-block-heading" id="h-global-markets">GLOBAL MARKETS</h2>



Shares fell in Asia on Wednesday as AI darling Nvidia took a hit from U.S. curbs on chip sales to China, highlighting the damage to come in a tit-for-tat global trade war, while gold hit a record and the dollar stayed under pressure.



<h2 class="wp-block-heading" id="h-world-oil-prices">WORLD OIL PRICES</h2>



Oil prices edged lower on Wednesday, as shifting U.S. tariff policies fuelled uncertainty, prompting traders to weigh the potential impact of the U.S.-China trade war on economic growth and energy demand.



<h2 class="wp-block-heading" id="h-south-africa-markets">SOUTH AFRICA MARKETS</h2>



The South African rand retreated on Tuesday after the country&#8217;s central bank warned in a biannual review that the scope for monetary policy easing had narrowed because of global economic uncertainty.



<h2 class="wp-block-heading" id="h-nigeria-inflation">NIGERIA INFLATION</h2>



Nigeria&#8217;s headline consumer inflation edged up to 24.23% year-on-year in March from 23.18% in February, its statistics agency said on Tuesday.



<h2 class="wp-block-heading" id="h-nigeria-petroleum">NIGERIA PETROLEUM</h2>



Nigeria plans to establish a national strategic petroleum products stockpile this year to safeguard its economy against disruptions in the international market, the petroleum products regulator said at a press briefing on Tuesday.



<h2 class="wp-block-heading" id="h-kenya-markets">KENYA MARKETS</h2>



Kenya&#8217;s shilling was little changed against the U.S. dollar on Tuesday, data from the London Stock Exchange Group showed.



<h2 class="wp-block-heading" id="h-tullow-oil-kenya">TULLOW OIL KENYA</h2>



West Africa-focused oil and gas explorer Tullow Oil said on Tuesday it would sell its assets in Kenya to Gulf Energy Ltd for at least $120 million as it works to reduce its debt.



<h2 class="wp-block-heading" id="h-tanzania-politics">TANZANIA POLITICS</h2>



Tanzania&#8217;s main opposition party CHADEMA said on Tuesday its disqualification from elections due later this year was unconstitutional, days after its leader was arrested and charged with treason.



<h2 class="wp-block-heading" id="h-africa-crude-oil">AFRICA CRUDE OIL</h2>



A steep drop in crude oil prices largely due to U.S. President Donald Trump&#8217;s tariffs will squeeze budgets of emerging market oil exporters, analysts said, while the potential economic slowdown could also curb any benefits for importers.



<h2 class="wp-block-heading" id="h-barrick-gold-mali">BARRICK GOLD MALI</h2>



Malian authorities have shut the Canadian miner Barrick Gold&#8217;s office in the capital Bamako over the alleged non-payment of taxes, two sources close to the matter told Reuters, in the latest escalation of a protracted dispute over mining revenues.



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on April 16

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3527" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/WNZGV2SZIZJ25LFIJCLTHNYU2A.avif" alt="" class="wp-image-610056"/><figcaption class="wp-element-caption">A man walks inside a branch of the South African drug retailer Clicks, at the Mall of the North, in Polokwane in the Limpopo province of South Africa, March 31, 2024. REUTERS/Siphiwe Sibeko/ File Photo</figcaption></figure>



JOHANNESBURG, April 16 (Reuters) &#8211; South African pharmacy chain Clicks Group reported a 13.2% rise in half-year profit on Wednesday, helped by a growing market share in core health and beauty categories.



Basic headline earnings per share, a key metric in South Africa, rose to 603.9 cents in the six months to February 28, up from 533.6 cents over the same period a year earlier.



The company said it saw strong growth in retail health and pharmacy, higher sales of private label products and



increased promotional sales.



&#8220;Long-term organic growth opportunities in Clicks and the increasing scale of the business should ensure that the group continues to deliver on its medium-term financial targets,&#8221; Clicks said in a statement.



Clicks also said the trading environment could remain constrained in the second half of the 2025 financial year as consumer spending is expected to be affected by a proposed value-added tax increase effective from May 1.



Clicks, which has 950 stores, declared&nbsp;an interim dividend of 238.0 cents per share.



(Reporting by Siyanda Mthethwa; Editing by Tannur Anders, David Goodman and Sharon Singleton)

WNZGV2SZIZJ25LFIJCLTHNYU2A

South African pharmacy chain Clicks Group posts 13% rise in half-year profit

<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/AA1yXNHy.jpg" alt="" class="wp-image-610037" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/AA1yXNHy.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/AA1yXNHy-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/AA1yXNHy-160x84.jpg 160w" sizes="auto, (max-width: 768px) 100vw, 768px" /><figcaption class="wp-element-caption">A general view of people visiting the Trafalgar Tavern pub decorated with bunting and string lights on the bank of the River Thames in Greenwich on December 16, 2023 in London, United Kingdom.  John Keeble | Getty Images News | Getty Images</figcaption></figure>



The U.K.’s annual inflation rate fell to 2.6% in March, coming in below analyst expectations, according to data released by the Office for National Statistics (ONS) on Wednesday.



Economists polled by Reuters had anticipated the consumer price index would hit 2.7% in the twelve months to March.



The rate of price rises in Britain hit 2.8% in February, after rising sharply to 3% in January.



Core inflation, which excludes more volatile energy, food, alcohol and tobacco prices, rose by 3.4% in the year to March, down slightly from 3.5% in February.



The largest downward contributions to the monthly change in the inflation rate came from recreation and culture, and motor fuels, the ONS said, while the largest upward driver was clothing.



Sterling was up 0.25% against the U.S. dollar at $1.3265, following the data release.



The latest data will be analyzed closely by policymakers at the Bank of England,&nbsp;who are expected to cut interest rates when they next convene on May 8. The BOE held rates at 4.5% at its previous meeting in March amid a forecasted inflation hike and uncertainty over economic growth and global trade under U.S. President Donald Trump’s tariffs.



There was good news for the U.K. last week, when the latest monthly growth data showed that the British economy grew by 0.5% month-on-month in February. The U.K. is also hoping to sign a trade deal with Washington, having escaped relatively unscathed from Trump’s tariffs regime with just a baseline 10% duty on imports to the States.



Traders will be looking closely at the BOE’s next policy statement on Thursday for its assessment of the economic outlook for the country.



In a statement out in March, the central bank said “global trade policy uncertainty has intensified, and the United States has made a range of tariff announcements, to which some governments have responded.”



“Other geopolitical uncertainties have also increased and indicators of financial market volatility have risen globally,” it added.



The BOE warned in February that it expected inflation to temporarily rise to 3.7% in the third quarter of this year, as energy costs are set to accelerate. At the time, it also halved its 2025 growth forecast for the U.K. to 0.75%.



Ruth Gregory, deputy chief U.K. economist at Capital Economics, was among the analysts noting that the slowdown in inflation was not expected to last.



“The dip &#8230; won’t be sustained for long, with inflation set to rise to around 3.5% in the coming months. But we think a weak economy will quash inflation eventually and that the tariff shock has tilted the balance of risks towards lower inflation and faster falls in interest rates,” she said in emailed comments Wednesday.



“For now, we are sticking to our view that inflation will gradually fall to 2.0% in 2026. But the risks to that forecast appear to be increasingly skewed to the downside,” she added.

AA1yXNHy

UK inflation slows to cooler-than-expected 2.6% in March

Why Americans Are Obsessed With Texas Roadhouse And LongHorn Steakhouse

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3333" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/TAOPHOKM7NIDBDA6H6FJ4X5RX4.avif" alt="" class="wp-image-609776"/><figcaption class="wp-element-caption">A general view of Tejuosho Market in Yaba, in Nigeria&#8217;s commercial capital Lagos, Nigeria, April 15, 2025. REUTERS/Sodiq Adelakun</figcaption></figure>



ABUJA, April 15 (Reuters) &#8211; Nigeria&#8217;s headline consumer inflation edged up to 24.23% year-on-year in March from 23.18% in February, its statistics agency said on Tuesday.



A report by the National Bureau of Statistics showed price rises for food and non-alcoholic beverages were the biggest contributor to annual inflation.



Inflation in Africa&#8217;s most populous country soared to repeated 28-year peaks last year, spurred by President Bola Tinubu&#8217;s moves to curb costly subsidies and devalue the naira currency after he came to power in 2023.



A rebasing exercise by the statistics bureau, in which the items in its reference basket were reweighted and the comparison period was updated from 2009 to 2024, saw the annual inflation rate fall from 34.80% in December to 24.48% in January.



(Reporting by Elisha Bala-Gbogbo; Additional reporting by Mohd Edrees and Bhargav Acharya; Editing by Alexander Winning)

TAOPHOKM7NIDBDA6H6FJ4X5RX4

Nigeria’s annual inflation picks up to 24.23% in March

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="817" height="800" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/IMG_0604-1-817x800.jpg" alt="" class="wp-image-609712" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/IMG_0604-1-817x800.jpg 817w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/IMG_0604-1-300x294.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/IMG_0604-1-92x90.jpg 92w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/IMG_0604-1-768x752.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/IMG_0604-1-1536x1504.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/IMG_0604-1-scaled.jpg 2048w" sizes="auto, (max-width: 817px) 100vw, 817px" /><figcaption class="wp-element-caption">Madelain Roscher, CEO of PR Worx, Africa’s Best Public Relations Agency</figcaption></figure>



In the high-stakes world of business, influence isn’t just a competitive edge, it’s the foundation of power, longevity, and profitability. Yet, too many professionals treat communication as a secondary skill &#8211; something to be outsourced to a PR team or polished up for the occasional keynote speech.



Here’s the reality: communication is everything. It determines whether you get the deal, keep the deal, or lose the deal. It decides how people perceive you, how much they trust you, and ultimately, how much they are willing to invest in you, your company, or your ideas.



I’ve spent more than two decades advising business leaders, high-profile personalities, and even presidents on how to control their narrative, navigate crises, and maintain influence in industries where reputations can be made or destroyed overnight. I’ve seen firsthand how poor communication decisions have cost companies millions and toppled careers, while strategic positioning has built billion-dollar brands and secured legacies.



But influence isn’t just about keeping your name clean in the media. It’s about ensuring you always have a seat at the table &#8211; not just today, but for years to come.



That’s why I’m offering two high-impact masterclasses:



<ul class="wp-block-list">
<li>The Masterclass in strategic influence &#8211; A no-nonsense approach to brand authority, reputation management, and crisis control, designed for senior executives, corporate leaders, and high-profile professionals who need to own their influence and keep it.</li>
</ul>



<ul class="wp-block-list">
<li>Building and monetizing your own online course &#8211; A roadmap for turning industry expertise into a scalable business, creating new revenue streams while positioning yourself as a go-to authority in your field.</li>
</ul>



These aren’t abstract lectures or textbook theories. These are hard-hitting, real-world strategies used by the most influential leaders in business, politics, and global markets.



The Cost of overlooking communication



One of the biggest mistakes executives make is assuming that their work speaks for itself. It doesn’t.



The world isn’t fair, and it isn’t about who is the best &#8211; it’s about who positions themselves as the best. If you aren’t actively shaping how people perceive you, your competitors will happily do it for you.



I’ve seen CEOs lose out on promotions because they failed to establish their leadership presence. I’ve seen brilliant strategists overlooked in boardrooms because they didn’t know how to frame their ideas in a way that commands attention. I’ve seen businesses struggle, not because their products weren’t strong, but because they failed to communicate their value effectively.



Strategic communication isn’t just a tool &#8211; it’s a necessity for survival.



1. Mastering strategic influence: Owning your authority and reputation



In my Masterclass in strategic influence, I teach executives how to:



<ul class="wp-block-list">
<li>Position themselves as industry authorities &#8211; because if you aren’t seen as the expert, someone else will take that title.</li>



<li>Command influence in boardrooms, media, and high-stakes negotiations &#8211; because business is won by those who control the conversation.</li>



<li>Maintain long-term credibility and protect their seat at the table &#8211; because influence isn’t just about gaining power, it’s about keeping it.</li>



<li>Navigate crises without losing reputation or stakeholder confidence &#8211; because even the strongest brands face attacks, and the best leaders know how to control the fallout.</li>



<li>Master your executive presence to command respect &#8211; because every conversation, negotiation, and decision shapes how investors, stakeholders, and employees perceive your leadership and long-term influence.</li>
</ul>



This is about more than PR &#8211; this is about ensuring that when decisions are made, your name is at the forefront of the conversation.



From influence to profit: The power of knowledge-based business



Once you’ve established your authority, the next logical step is to monetize it. Influence isn’t just about public perception &#8211; it’s about turning expertise into a tangible business asset.



That’s where my second offering comes in:



2. Building and monetizing your own online course



The digital economy has created a global demand for industry-specific knowledge. Senior professionals, executives, and entrepreneurs are realizing that their expertise is more valuable than they ever imagined &#8211; but most have no idea how to package it into a business.



This masterclass is designed for those who want to:



<ul class="wp-block-list">
<li>Turn their industry experience into a high-value course &#8211; because knowledge is an asset that can generate long-term revenue.</li>
</ul>



<ul class="wp-block-list">
<li>Create a compelling, well-structured course that attracts paying students &#8211; because a strong course isn’t just about what you teach, it’s about how you frame it.</li>
</ul>



<ul class="wp-block-list">
<li>Position themselves as the definitive expert in their field &#8211; because when people think of your industry, they should think of you.</li>
</ul>



<ul class="wp-block-list">
<li>Scale their influence beyond corporate leadership and into thought leadership &#8211; because the best leaders teach, they don&#8217;t just lead.</li>
</ul>



One of my recent clients, a former cover model for the world’s most iconic glamour magazine, wanted to shift her career focus and regain control of her public image. Instead of letting the media dictate her next chapter, we built a course that played to her strengths &#8211; an empowerment-focused program teaching women body confidence, self-branding, and personal authority.



It transformed her reputation and opened new revenue opportunities that had nothing to do with her past and everything to do with where she wanted to go next.



This approach applies across industries. Whether you’re a corporate strategist, financial executive, leadership coach, or industry specialist, you already have the knowledge people are willing to pay for. You just need the right strategy to turn it into a business model that works for you.



What kind of courses would your expertise sell?



It’s not always the topics you expect. Some of the most valuable courses are based on knowledge gaps professionals don’t even realize they need to fill. For example:



<ul class="wp-block-list">
<li>How to truly build a business on the golf course &#8211; Because deals don’t always happen in boardrooms.</li>
</ul>



<ul class="wp-block-list">
<li>Teaching senior executives the basics of accounting without anyone knowing you lack financial knowledge &#8211; Because not every leader is a numbers expert, but no one wants to admit it.</li>
</ul>



<ul class="wp-block-list">
<li>Mastering the subtle art of office politics &#8211; Because knowing how to navigate power dynamics can be just as important as performance.</li>
</ul>



<ul class="wp-block-list">
<li>The unwritten rules of corporate success &#8211; Because what gets you promoted isn’t always in the job description.</li>
</ul>



<ul class="wp-block-list">
<li>Reading body language like a pro &#8211; Because understanding unspoken cues can give you the upper hand in negotiations, meetings, and leadership.</li>
</ul>



If you’re an expert at something, there is an audience willing to pay to learn from you.



Why this matters now more than ever



The world is changing fast. AI is disrupting industries, markets are shifting, and traditional career paths are no longer secure. The professionals who will thrive are the ones who know how to communicate, influence, and teach.



Executives who don’t take control of their narrative will be left behind. Leaders who fail to position themselves as authorities will be replaced by those who do. Professionals who ignore the opportunity to monetize their expertise will watch others cash in on their industry knowledge.



The choice is simple &#8211; lead the conversation or be sidelined by it.



I didn’t build PR Worx by waiting for recognition &#8211; I positioned myself as the go-to authority in the marketing-communications sector and made sure my work was undeniable. That’s the same strategy I teach in my masterclasses.



Whether you want to own your influence in the boardroom or build a high-value online business, these masterclasses give you the roadmap.



Your reputation is your greatest asset. Your knowledge is your most valuable product. If you’re ready to take control, build your authority, and create new revenue streams, I’ll see you in class.



Spaces are limited. For more information or to secure your spot, contact me directly at ceo@prworx.co.za or visit www.prworx.co.za/contact to submit your interest.



Photographs by @Munro_Nel

IMG_0604 1

Madelain Roscher: The PR Guru & Strategist Teaching Influence In Africa

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-2147860031-820x547.jpg" alt="" class="wp-image-478968" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-2147860031-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-2147860031-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-2147860031-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-2147860031-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-2147860031-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-2147860031-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">WASHINGTON DC, USA &#8211; APRIL 16: Financial Counsellor and Director of the Monetary and Capital Markets Department Tobias Adrian hold the press briefing of the Global Financial Stability Report at the International Monetary Fund during the 2024 Spring Meetings of the International Monetary Fund (IMF) and the World Bank Group in Washington DC, United States on April 16, 2024. (Photo by Celal Gunes/Anadolu via Getty Images)</figcaption></figure>



ACCRA, April 15 (Reuters)&nbsp;&#8211;&nbsp;The International Monetary Fund and Ghana&#8217;s government have reached a staff-level agreement on a fourth review of its $3 billion loan programme, unlocking another $370 million on completion by the Fund&#8217;s Executive Board.



The gold, oil, and cocoa-producing nation is recovering from its most severe economic crisis in decades, with its cocoa and gold industries facing challenges.



The IMF said in a statement on Tuesday that Ghana&#8217;s overall performance under the programme had deteriorated markedly at the end of 2024. However, authorities had since taken measures to address policy and reform slippages, it added.



&#8220;Discussions with the authorities centred on possible additional measures needed to address structural weaknesses in the public financial management,&#8221; the statement said.



(Reporting by Christian Akorlie; Writing by Anait Miridzhanian; Editing by Alexander Winning)

2024 Spring Meetings of the World Bank and International Monetary Fund

IMF and Ghana agree programme review that will unlock $370 million

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3333" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/V6NUKK56AFOQRIE7VW57VUR2DU.avif" alt="" class="wp-image-609645"/><figcaption class="wp-element-caption">Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., April 14, 2025. REUTERS/Brendan McDermid/File Photo</figcaption></figure>



LONDON, April 15 (Reuters)&nbsp;&#8211;&nbsp;Global investors have slashed their holdings of U.S. stocks by a record amount in the past two months, a trend that is likely to continue given a record number of managers say they plan to keep cutting their exposure, BofA Global Research said on Tuesday.



Respondents to BofA&#8217;s monthly survey of fund managers were a net 36% underweight U.S. equities, the most in nearly two years, a number that has plunged by 53 percentage points since February, the biggest such fall on their records.



A majority think a trade war that triggers global recession is the biggest risk for markets, according to the survey.



U.S. President Donald Trump&#8217;s aggressive tariff plans have sparked a selloff in U.S. assets, including stocks, the dollar and Treasury bonds. The market rebounded on Monday, but the broad-market S&amp;P 500 index is still down about 8% so far this year.



BofA polled 164 investors with $386 billion of assets under management.



There were further signs of nervousness in the survey, particularly about U.S assets.



A net 42% of investors said they expected a global recession, the most since June 2023 and the fourth-highest level in the past 20 years.



In addition, 73% said they thought the theme of &#8220;U.S. exceptionalism&#8221; has peaked &#8211; the idea has powered markets in recent months &#8211; and relatedly 49% said they thought the most crowded trade in markets was now &#8220;long gold&#8221;, displacing bets on U.S. tech giants for the first time in 24 months.



A net 61% expect the U.S. dollar to depreciate over the next 12 months, the most since May 2006. The currency has tumbled sharply against most others in the past few weeks, with the euro, Japanese yen and Swiss franc all gaining sharply.



(Reporting by Alun John; Editing by Amanda Cooper and Hugh Lawson)

V6NUKK56AFOQRIE7VW57VUR2DU

Global investors dump US stocks at record pace, BofA survey says

<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/AA1CW0me.jpg" alt="" class="wp-image-609642" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/AA1CW0me.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/AA1CW0me-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/AA1CW0me-160x84.jpg 160w" sizes="auto, (max-width: 768px) 100vw, 768px" /><figcaption class="wp-element-caption">A shopper at a farmer’s market in San Francisco, California, U.S., on Thursday, March 27, 2025. Bloomberg | Bloomberg | Getty Images</figcaption></figure>



A day without major tariff developments from U.S. President Donald Trump’s administration is, for markets, a period of cautious optimism (or at least what passes as “optimism” in such unusual times). There was breathing room on Monday for markets to make tentative moves upward, especially after the news out late Friday of a last-minute exception for electronics from so-called reciprocal tariffs.&nbsp; White House officials are still making their rounds on major news channels to preach the sense of Trump’s economic policy. The latest to do so is National Economic Council Director Kevin Hassett, who, on Fox Business, said Monday the country would “100% not” fall into a recession this year. Consumers don’t share that faith. A Federal Reserve survey, conducted in March and released on Monday, is the latest in a series of consumer polls that show sentiment over the economy slumping. Any gains in the market, then, could last only as far as tariff don’t run further amok and cause economic damage, despite White House officials’ attempts to reassure on the latter front.



<h2 class="wp-block-heading" id="h-what-you-need-to-know-today"><a></a>What you need to know today</h2>



Markets across the globe rise U.S. stocks rose Monday, aided by a slight recovery in tech names on news of a tariff exemption for electronic goods. The S&amp;P 500 added 0.79%, the Dow Jones Industrial Average climbed 0.78% and the Nasdaq Composite advanced 0.64%. Asia-Pacific markets were mostly positive Tuesday. India’s Nifty 50 popped more than 2% at its open. Market watchers are awaiting the country’s March inflation figures, out later today. China’s CSI 300 fell around 0.3% amid UBS downgrading its forecast of the country’s 2025 economic growth.



Hassett says no chance of recession U.S. National Economic Council Director Kevin Hassett said Monday that “more than 10” countries had made “very good, amazing” trade deal offers to the U.S. He also said that there was no chance at all that the U.S. will experience a recession in 2025. A Federal Reserve Bank of New York survey released the same day — but conducted before April 2 — showed consumer worries in March growing over inflation, unemployment and the stock market.



Volatility from zero-day options Zero-day-to-expiration options are partly to blame for the wild swings in the stock market recently. Zero-day options, which are contracts that expire the same day they’re traded, have surged 23% in trading volume from the start of the year to April, according to JPMorgan data. “We find that 0DTE (+1DTE) have been instrumental in driving more intraday volatility, Maxwell Grinacoff, UBS’ head of U.S. equity derivatives research, said in a note.



Nvidia to build supercomputer in U.S. Nvidia said Monday it plans to produce up to $500 billion of artificial intelligence infrastructure in the U.S. via its manufacturing partnerships over the next four years. Its Blackwell AI chips have started production in Phoenix at Taiwan Semiconductor plants, the chipmaker wrote in a blog post. Nvidia is also building manufacturing plants in Texas to produce AI super computers — the first time Nvidia will make one entirely in the U.S.



Semiconductor support package amid probe South Korea on Tuesday announced a support package of 33 trillion won ($23.25 billion) for its semiconductor industry. That amount is about a quarter more than the 26 trillion won committed last year, according to a press release from the finance ministry, possibly in response to U.S. trade policy. The U.S. Commerce Department is conducting a national security investigation into imports of semiconductor technology and related downstream products, according to a Federal Register notice put online Monday. 



‘Prepare to be fooled’ on tariffs: Morgan Stanley Despite recent concessions on tariffs by Trump, Morgan Stanley cautioned investors not to let their guard down. “Investors should prepare to be fooled many more times,” the firm’s strategists led by Matthew Hornbach said in a note to clients titled “Fool Me Once, Shame On You. Fool Me Twice, Shame On Me.”



<h2 class="wp-block-heading" id="h-and-finally"><a></a>And finally&#8230;</h2>



<figure class="wp-block-image"><img decoding="async" src="https://image.cnbcfm.com/api/v1/image/108131519-1744643962951-gettyimages-2209073831-ECP_fc1250932.jpeg?v=1744678236&amp;w=1858&amp;h=1045&amp;vtcrop=y" alt="HANGZHOU, CHINA - APRIL 11 2025: A worker rests in a factory making steel bike rims for export to the U.S. in Hangzhou in east China's Zhejiang province Friday, April 11, 2025. (Photo credit should read Feature China/Future Publishing via Getty Images)"/><figcaption class="wp-element-caption">A worker rests in a factory making steel bike rims for export to the U.S. in Hangzhou in east China’s Zhejiang province Friday, April 11, 2025.  Feature China | Future Publishing | Getty Images</figcaption></figure>



If China is going to lose some manufacturing as a result of&nbsp; Trump’s tariffs, the U.S. manufacturing sector won’t be the main beneficiary, according to a new CNBC Supply Chain Survey. The Trump administration says a reshoring boom is coming, but most companies tell CNBC that the costs could as much as double to bring supply chains back and instead a new search for low-tariff regimes around the world will commence.



Nearly three-quarters of those surveyed (74%) said cost was the top reason for saying they would not be reshoring production, followed by the challenge of finding skilled labor (21%). The Trump administration has promised&nbsp;tax cuts for companies&nbsp;that bring back manufacturing, but the survey found taxes lower in the ranking of costs that impact manufacturing site decision making.

AA1CW0me

Consumers don’t agree with the White House that the economy will be fine

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864874-820x547.jpg" alt="" class="wp-image-505638" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864874-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864874-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864874-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864874-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864874-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864874-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A South African one rand coin sits on South African rand banknotes in this arranged photograph in Pretoria, South Africa, on Wednesday, Aug. 14, 2019. The rand ended a tumultuous week on a positive note, gaining against the dollar for a second day and heading for its first weekly advance in four as technical indicators suggested recent declines are overdone. Photographer: Waldo Swiegers/Bloomberg via Getty Images</figcaption></figure>



JOHANNESBURG, April 15 (Reuters)&nbsp;&#8211;&nbsp;The South African rand extended gains in early trade on Tuesday, bolstered by bets that the country&#8217;s coalition government will remain intact despite disagreements over the budget.



At 0725 GMT the rand traded at 18.84 against the U.S. dollar, about 0.4% firmer on the day.



The rand fell to a record low last Wednesday on risk aversion over U.S. President Donald Trump&#8217;s trade war and concerns that South Africa&#8217;s national unity government could split.



But it has recovered sharply since, helped by signs that the coalition partners are trying to resolve the budget impasse and a Sunday news report that the biggest political party, the African National Congress, may back down on a plan to raise value-added tax, the budget&#8217;s most contentious element.



&#8220;News doing the rounds that the ANC may backtrack on their VAT increase as support from the other smaller parties is waning has &#8230; helped the local unit to better levels,&#8221; Rand Merchant Bank analysts said.



Analysts cautioned that Trump&#8217;s changing tariff plans were likely to be a source of ongoing volatility. But they said the rand&#8217;s recovery could have further to run if local political headlines stay positive.



South Africa&#8217;s benchmark 2030 government bond was marginally stronger in early deals, as the yield fell 2 basis points to 9.195%.



(Reporting by Tannur Anders; Editing by Alexander Winning and Ros Russell)

South African Rand Rebound Snaps Streak of Weekly Losses

South African rand recovers further on bets coalition will hold

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



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



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



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



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



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



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



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



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



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



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

home

Commonwealth jackpot as seven nations battle for future Games

Are Elon Musk and Tesla giving up on EVs?

Global trade outlook has ‘deteriorated sharply’ amid Trump tariff uncertainty, WTO warns

PwC shuts operations in nine African countries

Namibia holds key lending rate on global policy uncertainty

South African rand gains as dollar slumps on tariff uncertainty

African Markets – Factors to watch on April 16

South African pharmacy chain Clicks Group posts 13% rise in half-year profit

UK inflation slows to cooler-than-expected 2.6% in March

Why Americans Are Obsessed With Texas Roadhouse And LongHorn Steakhouse

Nigeria’s annual inflation picks up to 24.23% in March

Madelain Roscher: The PR Guru & Strategist Teaching Influence In Africa

IMF and Ghana agree programme review that will unlock $370 million

Global investors dump US stocks at record pace, BofA survey says

Consumers don’t agree with the White House that the economy will be fine

South African rand recovers further on bets coalition will hold

Lesotho grants operating licence to Musk’s Starlink

News Tips

Advertise With Us

home

Commonwealth jackpot as seven nations battle for future Games

Are Elon Musk and Tesla giving up on EVs?

Global trade outlook has ‘deteriorated sharply’ amid Trump tariff uncertainty, WTO warns

PwC shuts operations in nine African countries

Namibia holds key lending rate on global policy uncertainty

South African rand gains as dollar slumps on tariff uncertainty

African Markets – Factors to watch on April 16

South African pharmacy chain Clicks Group posts 13% rise in half-year profit

UK inflation slows to cooler-than-expected 2.6% in March

Why Americans Are Obsessed With Texas Roadhouse And LongHorn Steakhouse

Nigeria’s annual inflation picks up to 24.23% in March

Madelain Roscher: The PR Guru & Strategist Teaching Influence In Africa

IMF and Ghana agree programme review that will unlock $370 million

Global investors dump US stocks at record pace, BofA survey says

Consumers don’t agree with the White House that the economy will be fine

South African rand recovers further on bets coalition will hold

Lesotho grants operating licence to Musk’s Starlink

News Tips

Advertise With Us

Newsletters