
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/istockphoto-1076949610-612x612-1-2.jpg" alt="" class="wp-image-573311" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/istockphoto-1076949610-612x612-1-2.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/istockphoto-1076949610-612x612-1-2-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/istockphoto-1076949610-612x612-1-2-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



<p>JOHANNESBURG, Feb 6 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled political event, company announcement, equity and currency market moves may affect South African markets on Thursday.</p>



<h2 class="wp-block-heading" id="h-political-event">POLITICAL EVENT</h2>



<p>South African President Cyril Ramaphosa&#8217;s annual State of the Nation Address at 1700 GMT</p>



<h2 class="wp-block-heading" id="h-companies">COMPANIES</h2>



<p>ArcelorMittal full-year financial results</p>



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



<p>South Africa&#8217;s rand gained against a weaker dollar on Wednesday, as investors awaited President Cyril Ramaphosa&#8217;s national address on Thursday and closely watched developments between the U.S. and China in their dispute over tariffs.</p>



<p>On the stock market, the Top-40 index closed about 0.3% higher.</p>



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



<p>Asia shares rose on Thursday, tracking gains on Wall Street following a see-saw session, while U.S. Treasury yields came under pressure after mixed economic data.</p>



<h2 class="wp-block-heading" id="h-wall-street">WALL STREET</h2>



<p>All three major stock indexes closed higher on Wednesday, rebounding from declines earlier in the session as investors brushed off disappointing Alphabet earnings and weighed the prospect of future interest rate cuts from the U.S. Federal Reserve.</p>



<h2 class="wp-block-heading" id="h-gold">GOLD</h2>



<p>Gold prices edged higher on Thursday, hovering near record highs hit in the previous session, as tensions in the China-U.S. trade war lifted safe-haven demand, while investors awaited the U.S. jobs data for clues on the future direction of interest rates.</p>



<p>&#8211; &#8211; &#8211; &#8211;</p>



<p>Some of the main stories out in the South African press:</p>



<h2 class="wp-block-heading" id="h-business-day">BUSINESS DAY</h2>



<p>&#8211; SA sets bold growth target, strips NHI from draft planning document</p>



<p>&#8211; Trump&#8217;s aid freeze puts more than 15,000 healthcare posts on the line, Motsoaledi says</p>



<h2 class="wp-block-heading" id="h-fin-24">FIN 24</h2>



<p>&#8211; Mining sector warns of growing water crisis, urges partnership with government</p>



<p>&#8211; Musk&#8217;s SpaceX a no-show at public hearing on SA satellite rules</p>



<p>(Compiled by Sfundo Parakozov)</p>


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South African Markets – Factors to watch on February 6


<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>



<p>NAIROBI, Feb 6 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Thursday.</p>



<h2 class="wp-block-heading" id="h-events">EVENTS:</h2>



<p>*Uganda&#8217;s and Zimbabwe&#8217;s central banks to announce their latest respective benchmark lending rate decisions.</p>



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



<p>Asia shares rose on Thursday, tracking gains on Wall Street following a see-saw session, while U.S. Treasury yields came under pressure after mixed economic data.</p>



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



<p>Oil prices ticked up in early Asian trading on Thursday, steadying from a sell-off the previous day after Saudi Arabia&#8217;s state oil company sharply raised March oil prices.</p>



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



<p>South Africa&#8217;s rand gained against a weaker dollar on Wednesday, as investors awaited President Cyril Ramaphosa&#8217;s national address on Thursday and closely watched developments between the U.S. and China in their dispute over tariffs.</p>



<h2 class="wp-block-heading" id="h-nigeria-budget">NIGERIA BUDGET</h2>



<p>Nigeria&#8217;s President Bola Tinubu has increased the size of the 2025 budget to 54.2 trillion naira ($36.4 billion) from 49 trillion naira, he said in a letter to the Senate published on Wednesday.</p>



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



<p>Kenya&#8217;s shilling was unchanged against the dollar on Wednesday, data from the London Stock Exchange Group showed.</p>



<h2 class="wp-block-heading" id="h-kenya-central-bank-rate">KENYA CENTRAL BANK RATE</h2>



<p>Kenya&#8217;s central bank cut its main interest rate for the fourth meeting in a row on Wednesday, saying it wanted to do more to support lending and boost economic growth.</p>



<h2 class="wp-block-heading" id="h-kenya-economy">KENYA ECONOMY</h2>



<p>Kenya has already started talks with International Monetary Fund officials to secure a new lending program when the current one expires in April, its finance minister told Reuters on Wednesday.</p>



<h2 class="wp-block-heading" id="h-kenya-pmi">KENYA PMI</h2>



<p>Kenya&#8217;s private sector activity expanded for a fourth straight month in January but only modestly and at a slower pace than in December, a survey showed on Wednesday.</p>



<h2 class="wp-block-heading" id="h-democratic-republic-of-congo-security">DEMOCRATIC REPUBLIC OF CONGO SECURITY</h2>



<p>Rwandan-backed M23 rebels have seized control of a mining town in eastern Democratic Republic of Congo&#8217;s South Kivu province, eight sources said on Wednesday, in an apparent violation of a unilateral ceasefire they declared this week.</p>



<h2 class="wp-block-heading" id="h-ghana-cocoa">GHANA COCOA</h2>



<p>Cocoa arrivals at official Ghanaian warehouses neared 550,000 metric tons by end-January, putting the world&#8217;s No. 2 producer within reach of its output target for this season, said a source with access to data from sector regulator Cocobod.</p>



<h2 class="wp-block-heading" id="h-mali-mining">MALI MINING</h2>



<p>A new mining law in Mali that raises taxes and seeks to hand over big stakes in assets to the state and local investors will need to be loosened up if gold companies are to invest in new projects there, company CEOs told Reuters.</p>



<h2 class="wp-block-heading" id="h-namibia-petroleum">NAMIBIA PETROLEUM</h2>



<p>French oil major TotalEnergies expects to take a final investment decision (FID) on its Namibian offshore oil discovery in 2026, CEO Patrick Pouyanne said on Wednesday at a press briefing.</p>



<p>((Compiled by Nairobi Newsroom))</p>


World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on Feb 6


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3333" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/ZQW3IQWM3JIBJJZB3I5KOZGR4I.avif" alt="" class="wp-image-583114"/><figcaption class="wp-element-caption">U.S. Secretary of State Marco Rubio speaks after a tour of a migrant return center and a demonstration of a dog trained to sniff out narcotics, at La Aurora International Airport in Guatemala City, February 5, 2025. Mark Schiefelbein/Pool via REUTERS</figcaption></figure>



<p>WASHINGTON, Feb 5 (Reuters) &#8211; U.S. Secretary of State Marco Rubio will not attend an upcoming G20 meeting in South Africa, the top U.S. diplomat said on Wednesday, days after President Donald Trump threatened to cut off funding to the African country.</p>



<p>South Africa will host a meeting of foreign ministers of the G20 group of countries from February 20-21 in Johannesburg. South Africa has the G20 presidency from December 2024 to November 2025.</p>



<h2 class="wp-block-heading" id="h-why-it-s-important">WHY IT&#8217;S IMPORTANT</h2>



<p>Trump said on Sunday, without citing evidence, that &#8220;South Africa is confiscating land&#8221; and &#8220;certain classes of people&#8221; were being treated &#8220;very badly&#8221;. He said he would cut funding until the matter was investigated.</p>



<p>President Cyril Ramaphosa defended South Africa&#8217;s land policy after Trump&#8217;s threat, saying the government had not confiscated any land and the policy was aimed at ensuring equitable public access to land.</p>



<h2 class="wp-block-heading" id="h-key-quotes">KEY QUOTES</h2>



<p>&#8220;South Africa is doing very bad things. Expropriating private property. Using G20 to promote solidarity, equality, &amp; sustainability. In other words: DEI and climate change,&#8221; Rubio said in his post on X, without giving details.</p>



<p>South Africa&#8217;s foreign ministry said in response to Rubio&#8217;s post that &#8220;there is no arbitrary dispossession of land / private property. This law is similar to the Eminent domain laws.&#8221;</p>



<h2 class="wp-block-heading" id="h-context">CONTEXT</h2>



<p>Trump has complained about South Africa&#8217;s land policy. South African-born billionaire Elon Musk, who is close to Trump, also accused South Africa, without evidence, of having &#8220;openly racist ownership laws&#8221;, suggesting white people were the victims.</p>



<p>The question of land ownership is highly politically charged in South Africa due to the legacy of the colonial and apartheid eras when Black people were dispossessed of their lands and denied property rights.</p>



<p>White landowners still possess&nbsp;three-quarters&nbsp;of South Africa&#8217;s freehold farmland. This contrasts with 4% owned by Black people, who make up 80% of the population compared with about 8% for whites, according to the latest 2017 land audit.</p>



<p>Partly in an effort to redress this imbalance, Ramaphosa signed a law last month allowing the state to expropriate land &#8220;in the public interest&#8221;.</p>



<p>The Trump administration has attempted to dismantle diversity, equity and inclusion programs across the U.S. government. Rights groups say DEI programs help deal with inequities faced by marginalized groups. Trump calls DEI anti-merit.</p>



<p>(Reporting by Kanishka Singh and Jasper Ward in Washington; Additional reporting by Olivia Kumwenda-Mtambo in Johannesburg; Editing by Sandra Maler, Michael Perry and Saad Sayeed)</p>


ZQW3IQWM3JIBJJZB3I5KOZGR4I

US top diplomat Rubio will not attend G20 meeting in South Africa


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="530" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-820x530.jpg" alt="" class="wp-image-433145" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-820x530.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-300x194.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-139x90.jpg 139w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-768x497.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-1536x994.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A general view shows the Central Bank of Kenya headquarters building along Haile Selassie Avenue in Nairobi, Kenya November 28, 2018. REUTERS/Njeri Mwangi/</figcaption></figure>



<p>NAIROBI, Feb 5 (Reuters) &#8211; Kenya&#8217;s central bank cut its benchmark lending rate by 50 basis points to 10.75% on Wednesday, its monetary policy committee said.</p>



<p>The decision was in line with the forecast of a Reuters poll of four economists.</p>



<p>The central bank also cut banks&#8217; Cash Reserve Ratio by 100 basis points to 3.25% to support a lowering of lending rates, the committee said in a statement.</p>



<p>(Reporting by George Obulutsa; Editing by Alexander Winning)</p>


XRWAJLZOAVK3DL2J5JMRWBBQ6A

Kenya central bank cuts main lending rate to 10.75%


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-820x547.jpg" alt="" class="wp-image-529685" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: The International Monetary Fund (IMF) headquarters building is seen ahead of the IMF/World Bank spring meetings in Washington, U.S., April 8, 2019. REUTERS/Yuri Gripas/File Photo</figcaption></figure>



<p>NAIROBI, Feb 5 (Reuters)&nbsp;&#8211;&nbsp;Kenya has already started talks with International Monetary Fund officials to secure a new lending program when the current one expires in April, its finance minister told Reuters on Wednesday.</p>



<p>The East African nation needs continued support from the Washington, D.C.-based lender to keep its economy on track, Finance Minister John Mbadi said in an interview.</p>



<p>Kenya&#8217;s debt-servicing costs have surged due to a borrowing spree over the past decade, while it abandoned a plan to raise revenue via tax hikes last year in the wake of deadly protests.</p>



<p>&#8220;Maybe before the current program comes to a close in April, there should be some indicators whether we are starting a new program and what that new program will entail,&#8221; he said.</p>



<p>A $1.5 billion commercial loan from the United Arab Emirates, at an 8.25% interest rate, was still an option for the government to fund its budget this fiscal year, he said, but they are also considering other sources, including issuing a Eurobond.</p>



<p>&#8220;We have the option of taking that&#8230; or we go to the market which is open now, and with our good and positive credit,&#8221; he said.</p>



<p>The decision by the administration of U.S. President Donald Trump to freeze foreign aid could hit Kenya hard, as it lacks the fiscal space to replace the funding, Mbadi said, adding that he hoped the United States would reconsider.</p>



<p>&#8220;We don&#8217;t have that fiscal space&#8230; We will have to rearrange the budget and rechannel the domestic resources,&#8221; he said.</p>



<p>(Reporting by Duncan Miriri, editing by Libby George and Hugh Lawson)</p>


FILE PHOTO: The International Monetary Fund (IMF) headquarters building is seen ahead of the IMF/World Bank spring meetings in Washington

Kenya has begun talks with IMF for new lending program, finance minister says


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="427" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/RXHBRIN7LJNSFFFWOTPXXEJNUY-1.avif" alt="" class="wp-image-582810"/><figcaption class="wp-element-caption">The TotalEnergies logo sits on the company&#8217;s headquarter skyscraper in the La Defense business district in Paris, France, March 24, 2022. REUTERS/Benoit Tessier/File Photo</figcaption></figure>



<p>PARIS, Feb 5 (Reuters)&nbsp;&#8211;&nbsp;TotalEnergies&nbsp;TTEF.PA&nbsp;CEO Patrick Pouyanne said on Wednesday that financing from the United States for its $20 billion Mozambique LNG project is expected to be approved in coming weeks, with other credit agencies to follow in the months after.</p>



<p>The company is waiting for loan re-approvals from the United States, UK and Dutch export credit agencies before lifting a force majeure on the project that has been in place since 2021.</p>



<p>Speaking to journalists after reporting fourth-quarter earnings, Pouyanne said he expected a prior loan approval to be restored fairly quickly under the Trump administration.</p>



<p>He added that the project completion date would need to be pushed back to 2029-2030, from a previously planned 2027.</p>



<p>The U.S. Export-Import Bank had previously agreed a $4.7 billion loan for the project but it needs to be re-approved, after construction on the project was frozen in 2021 due to violent unrest in the northern Cabo Delgado region near the project site — before any disbursements were made.</p>



<p>Pouyanne said that Britain, which has pledged around $800 million to $1 billion, is looking to see if it has a legal right to exit, but noted it had already signed a contract on the financing.</p>



<p>&#8220;I am waiting to see how they will explain it to us,&#8221; he said.</p>



<p>(Reporting by Benjamin Mallet and America Hernandez. Writing by Dominique Patton; Editing by Emelia Sithole-Matarise)</p>


RXHBRIN7LJNSFFFWOTPXXEJNUY

TotalEnergies CEO says US financing for Mozambique LNG project expected in coming weeks


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3333" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/RXHBRIN7LJNSFFFWOTPXXEJNUY.avif" alt="" class="wp-image-582774"/><figcaption class="wp-element-caption">The TotalEnergies logo sits on the company&#8217;s headquarter skyscraper in the La Defense business district in Paris, France, March 24, 2022. REUTERS/Benoit Tessier/File Photo</figcaption></figure>



<p>PARIS, Feb 5 (Reuters)&nbsp;&#8211;&nbsp;French oil major TotalEnergies expects to take a final investment decision (FID) on its Namibian offshore oil discovery in 2026, CEO Patrick Pouyanne said on Wednesday at a press briefing.</p>



<p>The development would have a production capacity of 150,000 barrels per day, down from an initial 160,000 barrels per day discussed at its investor day in October.</p>



<p>Pouyanne had previously targeted the end of 2025 for a decision on FID at a results call last April.</p>



<p>The French oil major has said it is struggling to achieve breakeven at under $20 per barrel, an internal requirement for FID.</p>



<p>Promising offshore discoveries in Namibia, which has no oil and gas production, have been complicated by a high amount of gas that will make development more expensive.</p>



<p>Last month Shell wrote down its Namibian discoveries, while Chevron declared its initial findings commercially unviable.</p>



<p>(Reporting by America Hernandez and Benjamin Mallet in Paris, Editing by Louise Heavens and Emelia Sithole-Matarise)</p>


TotalEnergies’ Namibia project seen smaller, later than expected


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_DORM6MMFZVJAVPOWT5FC26PKGU-820x429.jpg" alt="" class="wp-image-527123" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_DORM6MMFZVJAVPOWT5FC26PKGU-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_DORM6MMFZVJAVPOWT5FC26PKGU-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_DORM6MMFZVJAVPOWT5FC26PKGU-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_DORM6MMFZVJAVPOWT5FC26PKGU-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_DORM6MMFZVJAVPOWT5FC26PKGU.jpg 1200w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A small toy figure and gold imitation are seen in front of the Harmony logo in this illustration taken November 19, 2021. REUTERS/Dado Ruvic/Illustration</figcaption></figure>



<p>Feb 5 (Reuters) &#8211; Five people were killed in incidents at two of Harmony Gold&#8217;s South African mines, the company reported on Wednesday.</p>



<p>Three employees died on Tuesday after a collapse at Joel Mine in the Free State province, about 290 km (180 miles) southwest of Johannesburg, Harmony said in a statement.</p>



<p>Two other employees died in another incident on Tuesday morning at Doornkop Mine, 30 km (19 miles) west of Johannesburg, the company said.</p>



<p>Harmony, South Africa&#8217;s top gold producer, said the causes of the two incidents were being investigated.</p>



<p>South Africa&#8217;s mining industry reported 42 deaths last year, the lowest number to date and a 24% improvement on the previous year, according to official statistics released last month.</p>



<p>In January, the bodies of 78 miners were pulled from an illegal gold mine after a heavily-criticised police operation lasting several months that tried to force them to the surface.</p>



<p>(Reporting by Nelson Banya; Editing by Ros Russell)</p>


https___cloudfront-us-east-2.images.arcpublishing.com_reuters_DORM6MMFZVJAVPOWT5FC26PKGU

South Africa’s Harmony Gold reports five deaths at two mines


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="471" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/SA-INFLATION.avif" alt="" class="wp-image-524647"/><figcaption class="wp-element-caption">Shoppers look for items as they shop at an outlet of retailer Checkers in Sandton City mall, in Sandton, South Africa, August 28, 2024. REUTERS/Lelethu Madikane </figcaption></figure>



<p>JOHANNESBURG, Feb 5 (Reuters)&nbsp;&#8211;&nbsp;South African private sector activity contracted sharply in January as output fell due to lower sales, a survey showed on Wednesday.</p>



<p>The S&amp;P Global South Africa Purchasing Managers&#8217; Index (PMI) fell to 47.4 in January from 49.9 in December, its lowest since July 2021. A reading above 50 shows growth.</p>



<p>&#8220;New orders dropped solidly, leading to a marked cutback in output, with weakness especially observed among service sector businesses,&#8221; said David Owen, senior economist at S&amp;P Global Market Intelligence.</p>



<p>The findings suggest companies struggled to win back customers at the start of the year, which could affect growth in the first quarter, Owen said.</p>



<p>Despite the downturn, the survey showed domestic supply chains improved, with some respondents suggesting that the drop-off in demand provided vendors with additional capacity and eased bottlenecks.</p>



<p>(Reporting by Bhargav Acharya; Editing by Christina Fincher)</p>


SA INFLATION

South Africa business activity contracts again in January, PMI shows


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3035" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/CXYS7WC5YRPUPNY2HNXRUOQOYQ.avif" alt="" class="wp-image-582750"/><figcaption class="wp-element-caption">An aerial view shows the skyline of downtown in Nairobi, Kenya October 8, 2024. Picture taken on October 8, 2024. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



<p>NAIROBI, Feb 5 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s private sector activity expanded for a fourth straight month in January but only modestly and at a slower pace than in December, a survey showed on Wednesday.</p>



<p>The Stanbic Bank Kenya Purchasing Managers&#8217; Index (PMI) slipped to 50.5 in January from 50.6 a month earlier. Readings above 50.0 signal an expansion in activity.</p>



<p>&#8220;The index was above the 50.0 neutral mark for the fourth successive month, thereby extending the current period of private sector growth,&#8221; Stanbic Bank said in comments accompanying the survey.</p>



<p>In January, the finance ministry estimated growth slowed to 4.6% in 2024 from 5.6 percent in 2023 but predicted it would pick up this year.</p>



<p>Inflation rose in January, reaching 3.3% year-on-year from 3.0% a month earlier, data from the statistics office showed.</p>



<p>&#8220;Kenyan businesses reported an increase in purchase prices for imported commodities, albeit a slower one than the preceding month, still attributed to higher taxes,&#8221; said Christopher Legilisho, an economist at Stanbic Bank.</p>



<p>&#8220;Output prices increased but less briskly,&#8221; he added. &#8220;We would therefore foresee a slight easing in inflationary pressure during January than was the case in December.&#8221;</p>



<p>(Reporting by George Obulutsa; Editing by Christina Fincher)</p>


CXYS7WC5YRPUPNY2HNXRUOQOYQ

Kenya private sector activity expands weakly in January, PMI shows


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-820x547.jpg" alt="" class="wp-image-423556" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Illustration photo shows a two-rand coin above a South African flag April 12, 2017.   REUTERS/Thomas White/Illustration</figcaption></figure>



<p>JOHANNESBURG, Feb 5 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand firmed against a weaker dollar early on Wednesday, as investors awaited President Cyril Ramaphosa&#8217;s national address on Thursday and closely watched developments between the U.S. and China.</p>



<p>At 0752 GMT, the rand traded at 18.6125 against the U.S. dollar, about 0.3% stronger than its previous close.</p>



<p>The dollar&nbsp;=USD&nbsp;last traded about 0.3% weaker against a basket of currencies after China retaliated to tariffs imposed by U.S. President Trump.</p>



<p>Ramaphosa will on Thursday deliver the annual State of the Nation Address (SONA), the first under his coalition government. Investors will pay particular attention to comments on reforms and fiscal discipline.</p>



<p>&#8220;Rand sentiment hinges on SONA and U.S.-China trade war developments. Stronger messaging on reforms and fiscal discipline could support South African assets,&#8221; said Andre Cilliers, currency strategist at TreasuryONE.</p>



<p>&#8220;Investors remain cautious, with global trade tensions keeping risk appetite subdued,&#8221; Cilliers added.</p>



<p>On the stock market, the Top-40 index last traded up about 0.4%.</p>



<p>South Africa&#8217;s benchmark 2030 government bond was firmer in early deals, with the yield down 4.5 basis points to 9.04%.</p>



<p>(Reporting by Tannur Anders and Sfundo Parakozov; Editing by Christina Fincher)</p>


Illustration photo of South African rand

South African rand firms ahead of president’s address


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="615" src="https://cms.cnbcafrica.com/wp-content/uploads/2020/07/Sasol_Garage_in_Boksburg-820x615.jpg" alt="" class="wp-image-375629" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/07/Sasol_Garage_in_Boksburg-820x615.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2020/07/Sasol_Garage_in_Boksburg-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/07/Sasol_Garage_in_Boksburg-768x576.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2020/07/Sasol_Garage_in_Boksburg-1536x1152.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2020/07/Sasol_Garage_in_Boksburg-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2020/07/Sasol_Garage_in_Boksburg-1110x833.jpg 1110w, https://cms.cnbcafrica.com/wp-content/uploads/2020/07/Sasol_Garage_in_Boksburg-696x522.jpg 696w, https://cms.cnbcafrica.com/wp-content/uploads/2020/07/Sasol_Garage_in_Boksburg-1068x801.jpg 1068w, https://cms.cnbcafrica.com/wp-content/uploads/2020/07/Sasol_Garage_in_Boksburg-1920x1440.jpg 1920w, https://cms.cnbcafrica.com/wp-content/uploads/2020/07/Sasol_Garage_in_Boksburg-600x450.jpg 600w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Photo: via Flickr</figcaption></figure>



<p>Feb 5 (Reuters) &#8211; South African petrochemical firm Sasol forecast a fall of up to 36% in half-yearly earnings on Wednesday, mainly due to a decline in oil prices and lower sales volumes.</p>



<p>Sasol said in a trading update that it expects its headline earnings per share (HEPS), a profit measure widely used in South Africa, to come in between 13 rand and 15 rand ($0.6955-$0.8025), down from 20.37 rand in the same period last year.</p>



<p>The company, which produces chemicals and liquid fuels from coal and gas, said the decline was primarily because of a 13% fall in the average rand Brent crude oil price per barrel, as well as a significant drop in refining margins and fuel price differentials.</p>



<p>A 5% decrease in sales volumes due to lower production and market demand also hurt income, Sasol said.</p>



<p>The company will release its half-yearly results on Feb. 24.</p>



<p>($1 = 18.6923 rand)</p>



<p>(Reporting by Nelson Banya; Editing by Subhranshu Sahu)</p>


Sasol_Garage_in_Boksburg

Sasol sees up to 36% drop in half-yearly profit on lower oil prices


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/istockphoto-1076949610-612x612-1-2.jpg" alt="" class="wp-image-573311" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/istockphoto-1076949610-612x612-1-2.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/istockphoto-1076949610-612x612-1-2-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/istockphoto-1076949610-612x612-1-2-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



<p>JOHANNESBURG, Feb 5 (Reuters)&nbsp;&#8211;&nbsp;The following equity and currency market moves may affect South African markets on Wednesday.</p>



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



<p>South Africa&#8217;s rand edged higher on Tuesday as markets digested U.S. President Donald Trump&#8217;s changing tariff stance.</p>



<p>On the stock market, the Top-40 index closed about 1.1% higher.</p>



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



<p>Asian stock markets struggled to make headway as Wall Street futures took a knock from earnings disappointment, and the dollar backtracked on the yen following a fall in Treasury yields.</p>



<h2 class="wp-block-heading" id="h-wall-street">WALL STREET</h2>



<p>The three major stock indexes closed higher on Tuesday, aided by energy stocks, while investors saw reason for optimism for a trade breakthrough between the U.S. and China after President Donald Trump delayed tariffs for Canada and Mexico.</p>



<h2 class="wp-block-heading" id="h-gold">GOLD</h2>



<p>Gold prices hit a record high, bolstered by fears of a new trade war between the United States and China after Beijing slapped tariffs on U.S. imports in response to new U.S. duties on Chinese goods.</p>



<p>&#8211; &#8211; &#8211; &#8211;</p>



<p>Some of the main stories out in the South African press:</p>



<h2 class="wp-block-heading" id="h-business-day">BUSINESS DAY</h2>



<p>&#8211; World Bank a little more upbeat on SA growth but warns of persistent risks</p>



<p>&#8211; Ramaphosa meets Elon Musk over Trump tirade</p>



<p>(Compiled by Sfundo Parakozov; Editing by Rashmi Aich)</p>


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South African Markets – Factors to watch on Feb. 5


<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>



<p>NAIROBI, Feb 5 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Wednesday.</p>



<h2 class="wp-block-heading" id="h-events">EVENTS:</h2>



<p>*Kenya&#8217;s central bank to announce its latest benchmark lending rate decision.</p>



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



<p>Asian stock markets tried to steady on Wednesday amid hopes U.S. tariffs would not be as painful for the global economy as feared just a day ago, though Wall Street futures took a knock from a sharp drop in Alphabet shares as earnings disappointed.</p>



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



<p>Oil prices were little changed on Wednesday after volatile trading in the previous session as investors shrugged off the impact of China&#8217;s tariffs on U.S. energy imports though President Donald Trump&#8217;s renewed push to eliminate Iranian crude exports provided some support.</p>



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



<p>South Africa&#8217;s rand edged higher on Tuesday as markets digested U.S. President Donald Trump&#8217;s changing tariff stance.</p>



<h2 class="wp-block-heading" id="h-nigeria-labour">NIGERIA LABOUR</h2>



<p>Nigeria&#8217;s largest labour union has suspended a planned nationwide protest against a 50% hike in telecommunications tariffs and will negotiate with the government to resolve the dispute within two weeks, both sides said on Tuesday.</p>



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



<p>Kenya&#8217;s shilling gained slightly against the dollar on Tuesday, data from the London Stock Exchange Group showed.</p>



<h2 class="wp-block-heading" id="h-mauritius-central-bank-rate">MAURITIUS CENTRAL BANK RATE</h2>



<p>The Bank of Mauritius said on Tuesday that its Monetary Policy Committee (MPC) had decided to raise its key interest rate by 50 basis points to 4.50%.</p>



<h2 class="wp-block-heading" id="h-democratic-republic-of-congo-security">DEMOCRATIC REPUBLIC OF CONGO SECURITY</h2>



<p>The U.N. Human Rights Council will hold a special meeting to discuss the situation in the eastern Congo city of Goma after it was seized by Rwanda-backed M23 rebels, a U.N. statement said.</p>



<h2 class="wp-block-heading" id="h-ivory-coast-tax">IVORY COAST TAX</h2>



<p>Ivory Coast collected around 4.2 trillion CFA francs ($6.65 billion) in taxes in 2024, up 13.7% from 2023, according to a document of the tax authority seen by Reuters on Tuesday.</p>



<p>((Compiled by Nairobi Newsroom))</p>


African Markets – Factors to watch on Feb 5


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1080" height="720" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/QMAGGFXUKRJORFR6IGW2BMBO3E.avif" alt="" class="wp-image-582706"/><figcaption class="wp-element-caption">Errol Musk, father of Tesla CEO and X owner Elon Musk, gestures as he speaks during an interview with Reuters, in Langebaan, Western Cape, South Africa February 4, 2025. REUTERS/Esa Alexander </figcaption></figure>



<p>LANGEBAAN, South Africa, (Reuters) &#8211; South Africa&#8217;s president needed to call Elon Musk on Monday evening.</p>



<p>The billionaire had publicly accused his post-apartheid government of anti-white racism, and now Musk&#8217;s ally, U.S. President Donald Trump, said he would cut more than $400 million in funding to the country.</p>



<p>So Bejani Chauke, an adviser to Cyril Ramaphosa, the South African president, called Musk&#8217;s father, Errol, a 78-year-old engineer who lives in a luxury double-storey coastal villa&nbsp;a two-hour&nbsp;drive from Cape Town, Musk senior said.</p>



<p>&#8220;I was asked if I can arrange a quick talk between Ramaphosa and Elon last night &#8230; so I did and then they spoke a few minutes later,&#8221; Errol Musk told Reuters at his home in Langebaan, a&nbsp;mostly white&nbsp;enclave looking onto a lagoon fed by the Atlantic Ocean where he keeps a Bentley and a&nbsp;Rolls-Royce.</p>



<p>He briefly showed an exchange of WhatsApp messages between himself and Chauke that&nbsp;backed&nbsp;up his account. Chauke did not respond to questions by Reuters about his role in contacting Musk&#8217;s father. Ramaphosa&#8217;s office confirmed the phone conversation with Elon Musk, who was born in South Africa, in a post on the tycoon&#8217;s X social media platform.</p>



<p>Contacted by Reuters, Ramaphosa&#8217;s spokesperson declined to comment on how the conversation with Elon Musk came about or on its content, only saying: &#8220;Errol Musk is a private citizen, his views are his personal views.&#8221;</p>



<p>Elon Musk did not reply to multiple requests for comment from Reuters.</p>



<p>The trigger for the sudden flurry of backdoor diplomacy was a post on Sunday by Trump who said &#8211; without citing evidence &#8211; that &#8220;South Africa is confiscating land&#8221; and &#8220;certain classes of people&#8221; were being treated &#8220;very badly&#8221;.</p>



<p>He added that he would cut off funding to the country in response, prompting a nearly 2% slide in South Africa&#8217;s rand in early trading on Monday, and a fall in stocks and government bonds. The cost of insuring South African debt against default rose to its highest since early August.</p>



<p>Trump was referring to a bill signed into law by Ramaphosa last month with the aim of addressing racial disparities in land ownership that have persisted in South Africa since apartheid ended 30 years ago &#8212; a target of public criticism by Elon Musk and many white farmers.</p>



<p>The law allows the state to expropriate land &#8220;in the public interest&#8221;, in some cases without compensating the owner. South Africa had previously set a target for the government to transfer 30% of farmland to Black hands that has been repeatedly pushed&nbsp;back. As&nbsp;of 2018, only 8% had been transferred, according to a government survey of title deeds.</p>



<p>White landowners possess three quarters of South Africa&#8217;s freehold farmland, compared with 4% for Black landowners, according to the most recent state audit. Black people make up about 80% of South Africa&#8217;s total population, while about 8% are white.</p>



<p>Ramaphosa responded to Trump&#8217;s comments on Monday, saying the government had not confiscated any land and he looked forward to engaging with Trump to foster a better understanding of a policy designed to ensure equitable public access to land.</p>



<p>Trump&#8217;s attack was echoed by backer Elon Musk, who addressed Ramaphosa in a post on X on Monday accusing South Africa of having &#8220;openly racist ownership laws.&#8221;</p>



<p>Errol Musk, an engineer who said he works in property development and for his son&#8217;s U.S. satellite company Starlink, said Trump would be right to cut funding to South Africa.</p>



<p>He said he did not know if his son had exerted influence over Trump on the issue, but did not think that was necessary as he said Washington was right to scrutinise how U.S. funding was being used abroad.</p>



<p>&#8220;He (Elon) would point out things about South Africa, but the Americans themselves are not stupid &#8230; Everyone wants money from them, that is what it boils down to,&#8221; he said.</p>



<p>&#8220;I would like to know why American taxpayers have to pay nearly $500 million a year for treatment for South African HIV sufferers. Why?&#8221;</p>



<p>Washington committed $440 million in assistance to South Africa in 2023, of which $315 million was for HIV/AIDS. Ramaphosa said U.S. funding accounted for 17% of South Africa&#8217;s programme to prevent and treat HIV/AIDS, which disproportionately affects poor and Black people.</p>



<p>&#8220;I can only imagine that Elon would have said (to Ramaphosa) &#8216;we want to help you but you have to quit this war on white people in South Africa&#8217;,&#8221; said Musk senior.</p>



<p>&#8220;I&#8217;d imagine he&#8217;d be saying &#8216;do you want Zimbabwe here?&#8217;,&#8221; he said.</p>



<p>Violent seizures of white-owned farms instigated by late Zimbabwean president Robert Mugabe in the 2000s prompted an exodus of thousands of white farmers. Their departure was widely seen as having been a disaster for the country&#8217;s agriculture and wider economy. Reuters could not establish if Zimbabwe arose in Elon Musk&#8217;s conversation with Ramaphosa.</p>



<p>South Africa&#8217;s land reform policies since the end of apartheid in 1994 have never involved the forced seizure of white-owned land.</p>



<p>(Reporting by Wendell Roelf and Sisipho Skweyiya; Additional reporting by Alexander Winning, Bhargav Acharya, Tannur Anders, Sfundo Parakozov and Olivia Kumwenda-Mtambo in Johannesburg; Editing by Estelle Shirbon, Silvia Aloisi and Lisa Shumaker)</p>


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Musk’s dad says he arranged son’s call with South African leader


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3334" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/SJQO2OZKNVN5PJDPJPMPHI2LVU.avif" alt="" class="wp-image-582446"/><figcaption class="wp-element-caption">Members of the United Nations Organization Stabilization Mission in the Democratic Republic of the Congo (MONUSCO) ride on a pickup truck as they secure the evacuation of non-essential UN staff, following the fight between M23 rebels and the Armed Forces of the Democratic Republic of the Congo (FARDC), in Goma, North Kivu province, Democratic Republic of Congo, January 25, 2025. REUTERS/Arlette Bashiz</figcaption></figure>



<p>NAIROBI, Feb 4 (Reuters) &#8211; Uganda has deployed more than 1,000 extra soldiers into east Congo in the last week near an area where the Kinshasa government is fighting M23 rebels, four diplomatic and U.N. sources said, heightening fears of a regional escalation.</p>



<p>Residents said they were moving towards the conflict zone.</p>



<p>The Rwandan-backed M23 recently captured regional capital Goma in an anarchic and mineral-rich part of Democratic Republic of Congo where wars in 1996-1997 and 1998-2003 drew in outside nations and killed millions, mostly from hunger and disease.</p>



<p>The extra Ugandan deployment north of Goma would raise its numbers there &#8211; officially to back Congo President Felix Tshisekedi&#8217;s army against another rebel force &#8211; to about 4,000-5,000, according to U.N. sources.</p>



<p>Rwanda also has troops operating in east Congo.</p>



<p>Uganda has been helping Congo fight the Islamist Allied Defence Forces since 2021, and the new deployment of between 1,000-2,000 troops was under that auspice in a push called Operation Shujaa, the sources said.</p>



<p>In a region of complex and often-shifting alliances, U.N. experts say Uganda has also backed the ethnic Tutsi-led M23, which is the latest in a string of Rwanda-backed rebellions to take up arms in the name of Congo&#8217;s Tutsis.</p>



<p>Residents in the town of Butembo told Reuters they had seen columns of Ugandan soldiers heading south towards the front line with the M23 since the weekend.</p>



<p>Ugandan army spokesperson Felix Kulayigye denied a major new deployment, saying its forces had changed their &#8220;posture to offensive defence&#8221;, without giving further details.</p>



<p>Congo&#8217;s Communications Minister Patrick Muyaya did not respond when asked if more troops had arrived, but stressed the priority of Ugandan soldiers in the area was to fight the ADF though combat against M23 and Rwandan soldiers was also possible.</p>



<p>&#8220;There&#8217;s still a lot of suspicion about Uganda, a lot of suspicion about what&#8217;s generally happening with the M23,&#8221; he told Reuters.</p>



<h2 class="wp-block-heading" id="h-uganda-s-surge">UGANDA&#8217;S &#8216;SURGE&#8217;</h2>



<p>Corneille Nangaa, head of the Alliance Fleuve Congo, an umbrella organisation that includes the M23 fighters, told Reuters that Uganda provided no support but nor did he expect hostility.</p>



<p>Uganda denies U.N. reports that it has helped train some M23 fighters and given the group a rear base to move men and arms.</p>



<p>Having seized much of North Kivu province, M23 rebels have been consolidating their hold on Goma and moving on Bukavu, a town some 200 km (125 miles) to the south. After meeting resistance from Congolese and Burundian forces, they have said they do not plan to take the city.</p>



<p>Uganda and Rwanda have both entered east Congo in the past in the name of protecting their borders but faced accusations of looting natural resources, especially gold.</p>



<p>Zobel Behalal, a senior expert at the Global Initiative Against Transnational Organized Crime think tank, said eastern Congo is as important for Uganda&#8217;s economy as it is for Rwanda&#8217;s, and the country would do what it needed to protect its interests.</p>



<p>&#8220;The surge is preparation for this,&#8221; he said, referring to Uganda&#8217;s efforts to ensure that it managed any spreading conflict so that it continued to benefit from wealth and trade over their shared border.</p>



<p>Uganda has been helping Tshisekedi&#8217;s army hunt down the Islamic State-allied ADF which originated in Uganda but has been based in Congo since the late 1990s. Ground and air attacks have disrupted ADF operations and forced them to flee strongholds.</p>



<p>Adding to concerns over Uganda&#8217;s potentially ambiguous position, Muhoozi Kainerugaba, the influential son of Uganda&#8217;s president and head of the military, has been publicly supportive of Rwanda&#8217;s President Paul Kagame and his government.</p>



<p>In 2022, he referred to M23 as &#8220;brothers of ours&#8221; fighting for the rights of Tutsis in Congo.</p>



<p>(Reporting by David Lewis in Nairobi, Sonia Rolley in Paris, Elias Biryabarema in Kampala, Ange Kasongo in Kinshasa;Editing by Andrew Cawthorne)</p>


SJQO2OZKNVN5PJDPJPMPHI2LVU

Uganda sends 1,000 more soldiers to east Congo near M23 conflict, sources say


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GAJOROW4UVLYLPNNLHMSHRLWIU-1-820x547.jpg" alt="" class="wp-image-556534" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GAJOROW4UVLYLPNNLHMSHRLWIU-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GAJOROW4UVLYLPNNLHMSHRLWIU-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GAJOROW4UVLYLPNNLHMSHRLWIU-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GAJOROW4UVLYLPNNLHMSHRLWIU-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GAJOROW4UVLYLPNNLHMSHRLWIU-1-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GAJOROW4UVLYLPNNLHMSHRLWIU-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: South Africa&#8217;s President Cyril Ramaphosa gives a statement on the coronavirus disease (COVID-19) vaccination, during a European Union &#8211; African Union summit, in Brussels, Belgium February 18, 2022. REUTERS/Johanna Geron/Pool/File Photo</figcaption></figure>



<p>JOHANNESBURG, Feb 4 (Reuters) &#8211; South African President Cyril Ramaphosa spoke to Elon Musk on the subject of misinformation about South Africa, the presidency said on Tuesday, after U.S. President Donald Trump said he would suspend aid to the country over its land reform policy.</p>



<p>Trump on Sunday accused South Africa of confiscating land and badly treating &#8220;certain classes of people&#8221;. Ramaphosa responded on Monday that the government had not confiscated any land and the policy was aimed at ensuring equitable public access to land.</p>



<p>South African-born billionaire Musk, who is close to Trump, had waded into the dispute on Monday with a post on X accusing South Africa of having &#8220;openly racist ownership laws&#8221;, suggesting white people were the victims.</p>



<p>The presidency said on X that Ramaphosa and Musk had spoken on Monday &#8220;on issues of misinformation and distortions&#8221; about South Africa.</p>



<p>&#8220;In the process, the President reiterated South Africa&#8217;s constitutionally embedded values of the respect for the rule of law, justice, fairness and equality,&#8221; it said, giving no further details.</p>



<p>(Reporting by Bhargav Acharya; Writing by Estelle Shirbon; Editing by Alexander Winning)</p>


Reuters

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South African Markets – Factors to watch on February 6

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US top diplomat Rubio will not attend G20 meeting in South Africa

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South African leader spoke to Elon Musk about misinformation after Trump attack

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