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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107422449-1717142477047-gettyimages-2154698181-ED_506321-820x462.jpeg" alt="" class="wp-image-492772" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107422449-1717142477047-gettyimages-2154698181-ED_506321-820x462.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107422449-1717142477047-gettyimages-2154698181-ED_506321-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107422449-1717142477047-gettyimages-2154698181-ED_506321-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107422449-1717142477047-gettyimages-2154698181-ED_506321-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107422449-1717142477047-gettyimages-2154698181-ED_506321.jpeg 929w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Voters during the South Africa general elections on May 29, 2024 in Johannesburg, South Africa.  Gallo Images | Gallo Images | Getty Images</figcaption></figure>



Live updates of partial results from South Africa’s parliamentary election reappeared on the electoral commission’s website, following a glitch of at least two hours.



The prints are closely watched amid early indications that the country’s governing African National Congress, the liberation party of Nelson Mandela, could lose its parliamentary majority for the first time in the 30 years since it assumed governance.



The electoral commission’s portal was briefly blank at 06:08 a.m. London time, but once more displayed results by 08:23 a.m. in London, according to CNBC monitoring.



The commission did not immediately respond to a CNBC request for comment on the interruption in updates. Reuters reported that the disruption was a result of a technical glitch that technicians at the results center in Midrand, north of Johannesburg, were attending to.



Once the portal returned online, its data showed support for the ANC at 41.86% off 55.63% of the ballots, with the Democratic Alliance (DA) at 23.67%, and the Marxist Economic Freedom Fighters (EFF) securing 19.98%.



A final result near the current preliminary 42% would be a steep tumble for the ANC, which last earned 57.5% of support in the 2019 election. It would also propel incumbent President Cyril Ramaphosa to begin negotiations for a coalition government, stoking political uncertainty that could bleed into the country’s economic prospects.

107422449-1717142477047-gettyimages-2154698181-ED_506321

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107406138-1714028301272-gettyimages-1247341097-AFP_339P4DN-820x461.jpeg" alt="" class="wp-image-491921" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107406138-1714028301272-gettyimages-1247341097-AFP_339P4DN-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107406138-1714028301272-gettyimages-1247341097-AFP_339P4DN-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107406138-1714028301272-gettyimages-1247341097-AFP_339P4DN-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107406138-1714028301272-gettyimages-1247341097-AFP_339P4DN-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107406138-1714028301272-gettyimages-1247341097-AFP_339P4DN-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107406138-1714028301272-gettyimages-1247341097-AFP_339P4DN.jpeg 1600w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The company logo adorns the side of the BHP gobal headquarters in Melbourne on February 21, 2023. &#8211; The Australian multinational, a leading producer of metallurgical coal, iron ore, nickel, copper and potash, said net profit slumped 32 percent year-on-year to 6.46 billion US dollars in the six months to December 31. (Photo by William WEST / AFP) (Photo by WILLIAM WEST/AFP via Getty Images) William West | Afp | Getty Images</figcaption></figure>



LONDON — BHP Group on Wednesday said it believes an extension to talks with takeover target Anglo American is necessary, as the deadline for discussions looms later in the session.



The Australian miner said in a statement that it had proposed a number of “socioeconomic measures” to address concerns over its bid, but added that more time was needed for discussions.



The offer values the company at £38.6 billion ($49.2 billion), according to previous Reuters calculations.



“BHP believes a further extension of the Deadline is required to allow for further engagement on its proposal,” it said in a statement.



The rival miners have until 5 p.m. London time Wednesday to reach an agreement following a week-long extension of last week’s deadline.



Anglo American told CNBC that it would respond to BHP’s request “in due course.”



BHP Group’s bumper takeover bid is part of an effort to create a copper mining juggernaut and capitalize on the base metal’s critical role in the green energy transition.



Anglo rejected BHP’s previous offers, saying they undervalued the company and its prospects.



The British miner has also raised concerns over demands for it to de-merge from two of its South African entities, which company Chairman Stuart Chambers previously said would create “substantial uncertainty” and executive risk for the company.



This is a breaking news story. Please check back from updates.

107406138-1714028301272-gettyimages-1247341097-AFP_339P4DN

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107420527-1716895336733-gettyimages-2154606751-cm1_5311_5trvbvmd-820x462.jpeg" alt="" class="wp-image-491655" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107420527-1716895336733-gettyimages-2154606751-cm1_5311_5trvbvmd-820x462.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107420527-1716895336733-gettyimages-2154606751-cm1_5311_5trvbvmd-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107420527-1716895336733-gettyimages-2154606751-cm1_5311_5trvbvmd-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107420527-1716895336733-gettyimages-2154606751-cm1_5311_5trvbvmd-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107420527-1716895336733-gettyimages-2154606751-cm1_5311_5trvbvmd.jpeg 929w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">President of the ruling African National Congress (ANC) and South African President, Cyril Ramaphosa at a rally on May 25, 2024 in Johannesburg, South Africa.  Chris Mcgrath | Getty Images News | Getty Images</figcaption></figure>



Some 30 years on from the peaceful transition from apartheid rule to democracy, South Africa could once again be on the cusp of change.



Since coming to power in South Africa’s first democratic election in 1994, the African National Congress has focused on making inclusivity a core pillar of the country’s economy.



But its efforts to raise the living standards of the disadvantaged haven’t always been successful, and in Wednesday’s election, the dominance of the party is expected to wane.



Current polling suggests that the ANC, led by President Cyril Ramaphosa, could see its share of the vote fall below 50% for the first time.



While the party of Nelson Mandela had 57.5% support in the last national election, it was already edging close to losing its stronghold in key areas like the economic hub of the country, Gauteng.



Of the 62-million-strong population, more than 27.6 million South Africans are registered to vote. And turnout may be a worry as voter apathy rises.



At the last national assembly election in 2019, turnout was 66%, already 7 percentage points lower than the previous vote. Even with the highest possible voter turnout, the ANC’s result is expected to drop below 50%.



<h2 class="wp-block-heading" id="h-blackouts-unemployment-corruption-and-crime"><a></a>Blackouts, unemployment, corruption and crime</h2>



The issues facing the country are many and remain systemic.



Africa’s most industrialized nation has a weak power grid which has led to hundreds of hours of blackouts hampering development and manufacturing.



It is also battling an unemployment rate of almost 33% — among the highest in the world — anemic economic growth that may not reach 1% this year, and corruption scandals that have pointed to weaknesses in governance by the ANC and its affiliates.



In addition to this, the country has one of the highest violent crime rates in the world, with 45 murders for every 100,000 people.  



Voters also have much more choice this time around, with many more candidates to choose from.



Some 14,889 candidates will stand in contention for 887 seats across at least 70 parties.



While the incumbent Ramaphosa stands again, his biggest rivals include John Steenhuisen from Democratic Alliance and Julius Malema from Economic Freedom Fighters.



All face a familiar foe who could serve as king-maker in this election. Former President Jacob Zuma is currently leader of uMkhonto weSizwe, a political party only created in December 2023.



Zuma, who was sentenced to 15 months in prison for failing to appear at an inquiry into corruption, has recently won a court battle allowing him to run for parliament.



<h2 class="wp-block-heading"><a></a>‘Significantly adverse market reaction’</h2>



If polls are to be believed, the election results will see South Africa end up with its first coalition government.



Analysts from Fitch Solutions expect the ANC to form a coalition with smaller parties, “allowing it to remain the main policy driver.”



However they flagged a number of unexpected — but possible — outcomes that could be negatively received by markets.



“We continue to flag three alternative scenarios: the ANC scraping a slim majority, an ANC-Economic Freedom Fighters (EFF) coalition, or a win by the opposition coalition, the Multi-Party Charter,” the Fitch Solutions analysts wrote earlier this month.



“While any of the coalition groupings will pose headwinds to policymaking, negatively impacting investor sentiment, we flag that an ANC-EFF coalition would likely result in a significantly adverse market reaction, negatively impacting bond yields and the rand.”

107420527-1716895336733-gettyimages-2154606751-cm1_5311_5trvbvmd

South Africa prepares for pivotal election that could see ANC lose its grip on power

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107420495-1716891456938-gettyimages-2151869385-ef_11330_laasronv-820x462.jpeg" alt="" class="wp-image-491637" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107420495-1716891456938-gettyimages-2151869385-ef_11330_laasronv-820x462.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107420495-1716891456938-gettyimages-2151869385-ef_11330_laasronv-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107420495-1716891456938-gettyimages-2151869385-ef_11330_laasronv-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107420495-1716891456938-gettyimages-2151869385-ef_11330_laasronv-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107420495-1716891456938-gettyimages-2151869385-ef_11330_laasronv.jpeg 929w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Labour’s Shadow Chancellor of the Exchequer Rachel Reeves gives a speech on the British economy ahead of the Bank of England monetary policy release on May 07, 2024 in London, England. Dan Kitwood | Getty Images News | Getty Images</figcaption></figure>



LONDON — More than 100 business leaders on Tuesday voiced their support for the U.K.’s center-left opposition Labour Party, nearly five weeks before the country heads to the polls.



The group, which includes Wikipedia founder Jimmy Wales and former vice-chairman of JP Morgan Cazenove Charles Harman, said in an open letter to The Times newspaper: “We, as leaders and investors in British business, believe it is time for a change.”



The writers of the letter claim that the U.K. economy has suffered from a decade of stagnation amid a lack of both political stability and a long-term, consistent economic strategy. The country has been “denied the skills and infrastructure it needs to flourish,” the letter says.



The Labour Party has “shown it has changed and wants to work with business to achieve the UK’s full economic potential,” they said.



Signatories also include WPP’s U.K. President Karen Blackett, JD Sports and British Retail Consortium Chair Andrew Higginson, and the former CEOs of Tesco Bank and Heathrow Airport. Few current FTSE 250 chief executives appear on the list.



The right-wing Conservative Party has been in power since 2010, initially as part of a coalition with the smaller, centrist Liberal Democrat Party. The U.K. has had five prime ministers during that period.



The last U.K. general election was held in 2019 and resulted in a decisive victory for the Conservatives under former U.K. Prime Minister Boris Johnson, who resigned in 2022 following a series of controversies.



Political polls for the last two years have pointed to a likely Labour victory, despite the major turnover in the national vote that will be required.



Incumbent Prime Minister Rishi Sunak last week called a surprise election for July 4. In his speech and in comments to media, Sunak said his government had overseen a fall in inflation and a return to economic growth.



The U.K. economy expanded by 0.6% in the first quarter, after falling into a shallow recession last year.



Labour has placed a major focus on committing to fiscal discipline in the party’s campaign messaging. In a release Tuesday, Labour said its pledges include establishing a new publicly owned energy company and bringing train operators under public ownership.



Labour’s shadow finance minister and former banker Rachel Reeves, has meanwhile made a long-running effort to woo business and finance executives.



In a speech on Tuesday, Reeves said the Labour Party would cap corporation tax at its current level, work with the private sector to drive U.K. investment and publish a business tax roadmap within six months of taking power, the BBC reported.



Delivering his own speech on the campaign trail, Sunak said that Labour would not bring financial security to people, according to the BBC.



CNBC has contacted the Conservative Party for comment.

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Nestle to launch Vital Pursuit frozen-food brand

South Africa’s election portal resumes showing partial results after brief glitch

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Why Copper Demand Is Skyrocketing

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South Africa prepares for pivotal election that could see ANC lose its grip on power

More than 100 business leaders including Wikipedia’s Jimmy Wales sign open letter backing Britain’s center-left opposition

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Saudi Crown Prince to visit Iran

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