<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="507" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-820x507.jpg" alt="" class="wp-image-533970" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-820x507.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-300x186.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-145x90.jpg 145w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-768x475.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-1536x950.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">South African bank notes featuring images of former South African President Nelson Mandela (R) are displayed next to the American dollar notes in this photo illustration in Johannesburg August 13 2014. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, May 6 (Reuters) &#8211; The South African rand held steadyfor much of Tuesday&#8217;s trading session after the release of a purchasing managers&#8217; index (PMI) survey that showed the country&#8217;s private sector showed signs of stabilisation in April.



At 1340 GMT, the rand traded at 18.25 against the dollar, little changed from Monday&#8217;s close.



The rand gained roughly 1% against a weaker dollar on Monday, after utility Eskom said it was optimistic about the power outlook over the next four months, aiming for no electricity cuts.



The dollar =USD last traded about 0.4% weaker against a basket of currencies as investors worried about U.S. President Donald Trump&#8217;s latest tariff threats. On Wednesday the global investor focus will shift to the Federal Reserve&#8217;s policy decision.



The S&amp;P Global South Africa PMI rose to the neutral 50-point mark in April, emerging from a four-month downturn as sales picked up slightly.



That was an improvement on last week&#8217;s local manufacturing PMI, which slumped further into contractionary territory.



On the Johannesburg Stock Exchange, the Top-40 index last traded 0.4% lower. The benchmark 2030 government bond slipped, as the yield rose 6.5 basis points to 8.93%.



(Reporting by Sfundo Parakozov; Editing by Alexander Winning and Franklin Paul)

Photo illustration of South African bank notes displayed next to the American dollar notes in Johannesburg

South African rand steady as PMI hits neutral mark

<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>



NAIROBI, May 6 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s central bank will hold its next interest rate-setting meeting on June 10, the bank said on its website.



At its last meeting in April, the bank cut its benchmark lending rate by 75 basis points to 10.0%.



(Reporting by George Obulutsa; Editing by Alexander Winning)

XRWAJLZOAVK3DL2J5JMRWBBQ6A

Kenya’s central bank to hold next rate-setting meeting on June 10

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="3000" height="2000" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/05/UAEGGMUWGNOR5C6IQ37UZWX4UM.avif" alt="" class="wp-image-617800"/><figcaption class="wp-element-caption">A 3D-printed miniature model of U.S. President Donald Trump with the United Nations logo in the background is seen in this illustration taken April 23, 2025. REUTERS/Dado Ruvic/Illustration/File photo</figcaption></figure>



BRUSSELS/LONDON, May 5 (Reuters)&nbsp;&#8211;&nbsp;The United States is seeking to weaken a global deal aimed at helping developing countries struggling with the impacts of climate change and other issues, an internal United Nations document seen by Reuters showed.



The Trump administration opposes draft reforms of the world&#8217;s financial system intended to help developing countries, including around taxation, credit ratings and fossil fuel subsidies. It also wants mentions of &#8220;climate,&#8221; &#8220;gender equality&#8221; and &#8220;sustainability&#8221; stripped out.



The previously unreported document sheds light on how the Trump administration is seeking to imprint an &#8220;America First&#8221; agenda, including opposition to efforts to slow climate change and promote diversity, on the institutions at the heart of fixing global systemic crises.



The once-a-decade, 4th International Conference on Financing for Development (FFD4) in Seville, Spain, in June aims to influence the strategic direction of the world&#8217;s development finance institutions. Countries agreed at FFD3, for example, to broaden tax cooperation efforts so that developing countries could help set the rules and as of last May more than 140 countries were involved.



&#8220;This conference is about bringing the world&#8217;s leaders together and setting the underlying rules and priorities for financing development goals over the next decade,&#8221; Tom Mitchell, executive director of the International Institute for Environment and Development, told Reuters.



Compiled by the permanent representatives to the U.N. of Mexico, Nepal, Norway, and Zambia, with help from the U.N. secretariat, the April 11 negotiating draft is annotated with the positions of the 193 nations involved in the discussions.



At U.N. negotiations over the FFD4 document in March, the U.S. mission said the draft at that time was too long and prescriptive and denounced &#8220;the ever-widening definition of sustainable development.&#8221;



&#8220;The international financial institutions have independent mandates and authorities, and we do not support attempts in the U.N. system to dictate their priorities or activities,&#8221; the U.S. statement from acting U.N. Economic and Social Council representative Jonathan Shrier said.



The U.N. does not hold direct authority over the multilateral development finance institutions.



With ongoing changes at the World Bank and International Monetary Fund in the fight against climate change already facing pushback from U.S. Treasury Secretary Scott Bessent, the document showed it was seeking to water down the U.N.&#8217;s reform prescriptions.



Among specific points in the text that refer to the systemic reform, the document shows the U.S. wants to remove a reference to a &#8220;package of reforms&#8221; for sustainable development. It wants to replace a line promising to &#8220;commit to reform the international financial architecture&#8221; with a pledge to &#8220;recognize the need to enhance its resilience and effectiveness in responding to present and future challenges and crises.&#8221;



Such changes in language signal the degree of shared commitment that can then be used as support for action or inaction in future talks.



U.N. Secretary-General António Guterres has acknowledged the need to overcome multiple challenges ahead of the conference, but urged &#8220;all countries to be at the table in Sevilla focused on solutions,&#8221; spokesperson Florencia Soto Niño said in an email to Reuters.



The&nbsp;Treasury Department and State&nbsp;Department&nbsp;both declined&nbsp;to comment. The White House did not respond to a request for comment.



While the U.S.&#8217; position on development has become tougher under Trump, the negotiating document shows it remains supportive of efforts that include developing countries working more closely with the private sector, and fostering innovation and financial literacy.



<h2 class="wp-block-heading" id="h-climate-change">CLIMATE CHANGE</h2>



A key goal of the global reforms is to better help poorer nations cope with weather disasters, which are worsening due to climate change, and to boost economic development using low-carbon energy rather than traditional fossil fuels.



President Donald Trump has quit the UN Paris climate agreement, slashed U.S. foreign development aid by more than 80% as part of a government overhaul led by billionaire Elon Musk and embarked on a trade war that is hurting many poorer nations.



Among areas of the FFD4 document that the U.S. objects to is a call for countries to explore &#8220;global solidarity levies&#8221; that could include taxes on highly polluting activities or on the super-rich to finance sustainable development.



If included, the levies could be taken up in U.N. negotiations on taxes this year and would bolster a task force led by France, Kenya and Barbados that aims to develop such taxes among smaller groups of countries.



Other countries to object include Russia, Saudi Arabia and China.



The U.S. is also seeking to delete a paragraph calling for companies to pay tax to the countries where economic activity occurs; a paragraph on helping developing countries bolster tax transparency; and another on phasing out inefficient fossil fuel subsidies, the document shows.



Many of the world&#8217;s poorest countries struggle with high debt and the costs of rebuilding after disastrous storms, but the FFD4 document shows the U.S. wants to strike a paragraph on reforming the credit-rating system.



That includes a push for raters to take a more forgiving approach to poorer nations that voluntarily restructure their debt to invest in green projects, it showed.



The U.S. also opposes a commitment to ensure countries receive &#8220;adequate and uninterrupted funding on appropriate terms of social protection and other essential social spending during shocks and crises,&#8221; the document shows.



While the U.S. has considerable influence as the biggest shareholder in both the World Bank, which provides loans and grants to developing countries, and the IMF, and is currently reviewing its role in both, the draft deal is likely to change further as countries continue negotiations in May, before reaching consensus on a final document in mid-June.



The U.S. position puts pressure on other countries to accept a weaker deal, since the talks aim to adopt a deal by consensus.



(Reporting by Kate Abnett and Simon Jessop in LondonAdditional reporting by David Lawder and Daphne Psaledakis in Washington Editing by Dawn Kopecki, Rod Nickel and Stephen Coates)

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US seeks to weaken global development finance efforts, UN document shows

<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>



May 6 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday.



EVENTS:



Kenya statistics office releases 2025 economic survey, giving details of the 2024 performance and possibly a forecast for 2025.



Release of Kenya&#8217;s Stanbic Bank PMI for April.



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



Global stocks held tight ranges on Tuesday and the dollar clawed back some of its recent losses against Asian counterparts as investors revived concerns about U.S. tariffs and their impact on economic growth.



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



Oil prices rebounded over 1% on Tuesday with technical rebound and dip buying after a drop in prior session by OPEC+ decision to accelerate increases in output, although concerns about the market surplus outlook persisted.



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



The South African rand strengthened on Monday to its highest levels in five weeks, after state utility Eskom said it was optimistic about the power outlook over the southern hemisphere winter, aiming for no electricity cuts in the next four months.



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



The Kenyan shilling strengthened a little against the dollar on Monday, London Stock Exchange Group (LSEG) data showed.



<h2 class="wp-block-heading" id="h-sudan-politics">SUDAN POLITICS</h2>



Multiple explosions and fires were seen and heard in Sudan&#8217;s capital Port Sudan early on Tuesday, a witness said, though the exact locations and causes were unclear, as a civil war rocks the previously quiet city for the third day.



<h2 class="wp-block-heading" id="h-sudan-justice">SUDAN JUSTICE</h2>



The International Court of Justice (ICJ) on Monday dismissed Sudan&#8217;s case accusing the United Arab Emirates of fueling genocide in Darfur by supplying weapons to paramilitary forces, saying it lacked jurisdiction.



<h2 class="wp-block-heading" id="h-congo-security">CONGO SECURITY</h2>



Congo and Rwanda have submitted a draft peace proposal as part of a process meant to end fighting in eastern Congo and attract billions of dollars of Western investment, U.S. President Donald Trump&#8217;s senior adviser for Africa said on Monday.



<h2 class="wp-block-heading" id="h-kenya-politics">KENYA POLITICS</h2>



Kenya&#8217;s President William Ruto fended off a shoe thrown at him during a speech about the cost of living which has been a source of public anger, social media videos showed, while a government official said it was accidentally lobbed at the president.



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on May 6

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="463" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/2PLENK7UEVP6LHO27XU5VACMUU.avif" alt="" class="wp-image-590509"/><figcaption class="wp-element-caption">South African Rand coins are seen in this illustration picture taken October 30, 2020. REUTERS/Mike Hutchings/Illustration/File Photo</figcaption></figure>



JOHANNESBURG, May 6 (Reuters)&nbsp;&#8211;&nbsp;The South African rand was stable in early trade on Tuesday ahead of the release of a purchasing managers&#8217; index (PMI) survey.



At 0655 GMT, the rand traded at 18.2750 against the dollar, little changed from Monday&#8217;s close of 18.2650.



The currency gained roughly 1% against a weaker dollar on Monday, after state utility Eskom said it was optimistic about the power outlook over the southern hemisphere winter, aiming for no electricity cuts in the next four months.



Investors will look to the S&amp;P Global April whole-economy PMI at 0715 GMT for a window on business conditions in Africa&#8217;s biggest economy.



Last week a gauge of local manufacturing sentiment dropped sharply in April, with survey respondents citing uncertainty linked to global trade tensions and local politics.



South Africa&#8217;s benchmark 2030 government bond was also little changed in early deals, with the yield up 1 basis point at 8.875%.



(Reporting by Sfundo Parakozov; Editing by Alexander Winning)

2PLENK7UEVP6LHO27XU5VACMUU

South African rand stable before PMI data

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="4893" height="3123" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/05/G5RU4II5WFP75F4POZ2VUFIWME.avif" alt="" class="wp-image-617777"/><figcaption class="wp-element-caption">A general view shows the central business district in downtown Nairobi, Kenya February 18, 2022. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



NAIROBI, May 6 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s private sector growth accelerated to a 27-month high in April, driven by robust sales volumes and solid business activity, according to the Stanbic Bank Kenya Purchasing Managers&#8217; Index (PMI) released on Tuesday.



The PMI rose to 52.0 in April, up from 51.7 in March, marking its highest level since January 2023. A reading above 50.0 indicates growth in business activity, while below 50.0 signals contraction.



Strengthening customer demand led to the fastest rise in new orders since February 2022, prompting businesses to expand output and increase purchasing activities.



&#8220;The Kenya PMIs for April reveal a private sector expanding robustly, and at the fastest pace in over two years,&#8221; said Christopher Legilisho, Economist at Stanbic Bank.



Job creation quickened as firms sought to ease workload pressures, with employment growth reaching its strongest level in nearly a year. However, hiring was primarily focused on temporary staff.



Cost pressures picked up amid rising demand, but inflation remained modest compared to historical trends. Input costs rose to a three-month high, driven by supply shortfalls and increased taxation, yet the rate of inflation was below the long-term average.



Despite the positive momentum, business expectations remained among the weakest in the survey&#8217;s history, with only 5% of firms anticipating output growth over the next 12 months.



Legilisho noted, &#8220;Overall, the April PMI implies a steady return to growth at the start of Q2:25. Further, inflationary pressures remained muted. Despite an improvement in future expectations, sentiment remains among the weakest in the survey history.&#8221;



The PMI survey highlighted robust gains in services, agriculture, and construction sectors, contrasting with lower sales in manufacturing and wholesale &amp; retail.



(Reporting by Reuters; Editing by Toby Chopra)

G5RU4II5WFP75F4POZ2VUFIWME

Kenya’s private sector growth hits 27-month high in April, PMI shows

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3216" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/05/LC3HNESUZFNFZJPY4WR2ZAA2BI.avif" alt="" class="wp-image-617773"/><figcaption class="wp-element-caption">Electricity lights up the central business district of Cape Town, South Africa, June 18, 2019. REUTERS/Mike Hutchings/File Photo</figcaption></figure>



JOHANNESBURG, May 6 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s private sector showed signs of stabilisation in April, emerging from a four-month downturn as sales picked up slightly and supply chains strengthened, a survey showed on Tuesday.



The S&amp;P Global South Africa Purchasing Managers&#8217; Index (PMI) rose to 50.0 in April, up from 48.3 in March. A PMI reading above 50 indicates growth, while below 50 points to a contraction.



This marks the first time since November 2024 that the index has reached the neutral mark, signalling a mild recovery in business conditions.



New orders, output and employment all moved into growth territory, albeit at a modest pace. New orders increased for the first time in five months, driven by larger client orders and successful marketing campaigns, although economic uncertainty continued to weigh on customer spending.



Supply chains improved notably, with suppliers&#8217; delivery times shortening for the first time since June 2023, aided by eased port congestion at Durban. This led to a modest rise in purchasing activity, the first in four months, as firms sought to replenish their inventories.



However, input price pressures intensified sharply, reaching an eight-month high, largely due to a weakening rand against the U.S. dollar.



&#8220;Volatility in the rand especially during the first half of April made its mark on prices,&#8221; said David Owen, senior economist at S&amp;P Global Market Intelligence.



Despite the better trends in activity, optimism for the year ahead dipped, with firms expressing concerns over domestic and international politics, Owen added.



(Reporting by Johannesburg newsroom; Editing by Toby Chopra)

LC3HNESUZFNFZJPY4WR2ZAA2BI

South African business activity stabilises as PMI hits neutral mark

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3334" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/05/KL7PJSUB3BIZ3L2PC77XZFTHJ4.avif" alt="" class="wp-image-617503"/><figcaption class="wp-element-caption">Delegates attend a hearing at the International Court of Justice for a case brought by Sudan to the World Court demanding emergency measures against the UAE and accusing the Gulf state of violating obligations under the Genocide Convention by arming paramilitary forces, in The Hague, Netherlands, April 10, 2025. REUTERS/Piroschka van de Wouw/File Photo</figcaption></figure>



THE HAGUE, May 5 (Reuters)&nbsp;&#8211;&nbsp;The International Court of Justice (ICJ) on Monday dismissed Sudan&#8217;s case accusing the United Arab Emirates of fueling genocide in Darfur by supplying weapons to paramilitary forces, saying it lacked jurisdiction.



Sudan had argued before the U.N.&#8217;s top court last month that the UAE was violating the Genocide Convention by supporting paramilitary forces in Darfur, but the UAE said the case should be thrown out.



The court on Monday agreed with the UAE&#8217;s arguments, rejected Sudan&#8217;s request for emergency measures and ordered the case be removed from its docket.



Due to the lack of jurisdiction &#8220;the court is precluded by its statute from taking any position on the merits of the claims made by Sudan,&#8221; a summary of the ruling said.



The UAE hailed it as a legal victory.



&#8220;This decision is a clear and decisive affirmation of the fact that this case was utterly baseless. The court’s finding that it is without jurisdiction confirms that this case should never have been brought,&#8221; Reem Ketait, deputy assistant minister for political affairs at the UAE&#8217;s Ministry of Foreign Affairs said in a statement.



&#8220;The facts speak for themselves: the UAE bears no responsibility for the conflict in Sudan. On the contrary, the atrocities committed by the warring parties are well-documented.&#8221;



By a vote of 14-to-two, the court threw out Sudan&#8217;s request for emergency measures to prevent genocidal acts against the Masalit tribe, which has been the focus of intense ethnic-based attacks by the paramilitary Rapid Support Forces and allied Arab militias.



Sudan accuses the UAE of arming the RSF, which has been fighting the Sudanese army in a two-year-old civil war. The UAE denies the charge but some U.N. experts and U.S. lawmakers have found it credible.



The ICJ is the U.N.&#8217;s highest court that deals with disputes between states and violations of international treaties. Sudan and the UAE are both signatories of the 1948 Genocide Convention.



(Reporting by Benoit Van Overstraeten and Anthony Deutsch. Editing by Gareth Jones and Mark Potter)

KL7PJSUB3BIZ3L2PC77XZFTHJ4

World court dismisses Sudan’s genocide case against UAE over alleged Darfur interference

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3334" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/05/EVFY2VMEMRMSJOTLJGNLZRU6IQ.avif" alt="" class="wp-image-617425"/><figcaption class="wp-element-caption">Eskom CEO Dan Marokane speaks to Reuters at the Eskom Head Office, in Johannesburg, South Africa June 28, 2024. REUTERS/Lelethu Madikane/File Photo</figcaption></figure>



JOHANNESBURG, May 5 (Reuters)&nbsp;&#8211;&nbsp;South African state utility Eskom said on Monday that it was optimistic about the power outlook over the southern hemisphere winter, aiming for no electricity cuts in the next four months if breakdowns stay around current levels.



Eskom&#8217;s difficulties supplying power to Africa&#8217;s biggest economy have curbed economic growth for more than a decade, but a turnaround in its plant performance last year saw no cuts for nine months, including throughout winter.



Chief Executive Dan Marokane told a briefing that Eskom expected there to be no electricity cuts until the end of August if unplanned outages remain below 13,000 megawatts, its base case.



If outages increase to 14,000 MW there would be one day of outages till the end of August, rising to 21 days if unplanned outages reach 15,000 MW.



Eskom had a nominal generating capacity of over 46,000 MW as of March 2024, mostly comprising coal plants, but it also operates a nuclear power station and some smaller plants that burn diesel or use water to generate electricity.



Marokane said the power system was in a more reliable position than in recent years.



He called the 14 days of power cuts in January-April this year a temporary setback and maintained electricity availability was improving.



Marokane added: &#8220;This year&#8217;s winter outlook prediction is built on an improvement in operational performance and overall efficiency.&#8221;



(Reporting by Sfundo Parakozov. Editing by Alexander Winning and Mark Potter)

EVFY2VMEMRMSJOTLJGNLZRU6IQ

South Africa’s Eskom aiming for no power cuts for next four months

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3321" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/5VNK2O52JZOARFRKCDAQ4WIGEU.avif" alt="" class="wp-image-609376"/><figcaption class="wp-element-caption">A small toy figure and gold imitation are seen in front of the Gold Fields logo in this illustration taken November 19, 2021. REUTERS/Dado Ruvic/Illustration/File Photo</figcaption></figure>



MELBOURNE, May 5 (Reuters) &#8211; South Africa&#8217;s Gold Fields will acquire Gold Road Resources in a sweetened deal valuing the Australian miner&#8217;s equity at A$3.7 billion ($2.4 billion), as sky-high bullion prices drive a wave of tie-ups.



Gold Road&#8217;s shares rallied as much as 12% on the offer, which was pitched at a 14.5% premium to the company&#8217;s last closing price.



The buyout, announced on Monday by both companies, will allow Gold Fields to consolidate ownership over the low-cost, long-life Gruyere gold mine in Western Australia, which it operates under a joint venture with Gold Road.



It is the third notable deal in six months in the sector that is one of the hottest spots globally for mergers and acquisitions, as rising geopolitical uncertainties power a record rally in the yellow metal.



Australian gold miner Northern Star Resources agreed to buy De Grey Mining in an all-share deal worth A$5 billion, while Ramelius Resources said it would take over smaller peer Spartan Resources to build a combined A$4.2 billion group.



The strong gold price and Australia&#8217;s relatively weaker dollar have made Australian gold producers particularly attractive, said one investment banker.



Bellevue Gold, with a A$1.3 billion market capitalisation, is expected to be the next to follow suit after it last month hired UBS to conduct a review of its business.



<h2 class="wp-block-heading" id="h-looking-out-for-good-opportunities">LOOKING OUT FOR GOOD OPPORTUNITIES</h2>



Asked if Gold Fields was interested in Bellevue Gold, Gold Fields CEO Mike Fraser said the company continued to look at opportunities to strengthen its portfolio. Gold Fields operates the Agnew mine not far from Bellevue&#8217;s own project.



&#8220;Given what we have just announced today, I think our focus in the coming months will be on that, but we continue to look out for good opportunities to improve our portfolio,&#8221; he told reporters on a conference call.



Fraser told Reuters in an interview that the gold sector was likely to see more transactions with larger miners acquiring smaller, single asset companies despite relatively high valuations due to the gold price rally.



&#8220;If you believe the outlook for gold, I still think that gold equities are relatively well priced on a value basis and therefore it wouldn’t surprise me to see more transactions emerge,&#8221; he said.



He added that the Gold Road acquisition would give Gold Fields access to a huge land package that is currently not consolidated in the Gruyere joint venture, with potential to lift output and extend mine life.



Under the terms announced on Monday, Gold Road shareholders will receive a fixed cash consideration of A$2.52 per share and a variable cash component equal to the full value of each shareholder&#8217;s stake in Northern Star Resources.



That was up from Gold Fields&#8217; offer in March of A$2.27 cash per share plus the variable cash component which Gold Road rejected as &#8220;highly opportunistic&#8221;.



As of Friday&#8217;s close, the deal equates to A$3.40 per Gold Road share.



Goldman Sachs and Gresham acted for Gold Road, while JPMorgan acted for Gold Fields.



($1 = 1.5504 Australian dollars)



(Reporting by Himanshi Akhand in Bengaluru, Melanie Burton in Melbourne and Nelson Banya in Harare; Editing by Kim Coghill, Sonali Paul and Emelia Sithole-Matarise)

5VNK2O52JZOARFRKCDAQ4WIGEU

South Africa’s Gold Fields to buy Australia’s Gold Road for $2.4 billion

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1920" height="1005" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/05/2IDKENTU7BNNJH4WV6W2RG7ZTQ.avif" alt="" class="wp-image-617387"/><figcaption class="wp-element-caption">The SpaceX Falcon 9 rocket carrying Starlink satellites is seen over Sebastian Inlet after launching from Cape Canaveral, Florida, U.S., February 26, 2025. REUTERS/Sam Wolfe/File Photo/File Photo</figcaption></figure>



May 4 (Reuters) &#8211; SpaceX CEO Elon Musk said on Sunday in an X post that the company&#8217;s satellite system Starlink is now available in Congo.



Democratic Republic of Congo said on Friday that it had become the latest African country to grant a license to Starlink, reversing an earlier ban.



The Congolese government said in March 2024 that use of Starlink was banned, with military officials warning that it could be used by rebel groups including Rwandan-backed M23, which has seized more territory than ever before in the east of the country this year.



War-torn Congo has low connectivity, with just around 30% of the population using the internet as of 2023, according to the International Telecommunication Union.



The satellite internet provider is rapidly expanding its services in Africa and is live in more than a dozen countries.



(Reporting by Angela Christy in Bengaluru; Editing by Mark Porter)

2IDKENTU7BNNJH4WV6W2RG7ZTQ

Starlink is now available in Congo, Musk says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/IMF-World-Bank-to-proceed-with-annual-meetings-in-Morocco-in-October-820x547.jpg" alt="" class="wp-image-427563" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/IMF-World-Bank-to-proceed-with-annual-meetings-in-Morocco-in-October-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/IMF-World-Bank-to-proceed-with-annual-meetings-in-Morocco-in-October-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/IMF-World-Bank-to-proceed-with-annual-meetings-in-Morocco-in-October-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/IMF-World-Bank-to-proceed-with-annual-meetings-in-Morocco-in-October-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/IMF-World-Bank-to-proceed-with-annual-meetings-in-Morocco-in-October-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/IMF-World-Bank-to-proceed-with-annual-meetings-in-Morocco-in-October-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas/File Photo</figcaption></figure>



NAIROBI, May 5 (Reuters)&nbsp;&#8211;&nbsp;A team of officials from the International Monetary Fund will visit Angola this week, the IMF said, as the country edges closer to a new loan deal with the lender due to pressure following the slide in crude oil prices.



The southern African nation, which is Sub-Saharan Africa&#8217;s second-biggest crude oil exporter, had to pay $200 million last month after JPMorgan demanded more security for its Total Return Swap, a loan backed by Angola&#8217;s dollar bonds.



The IMF did not immediately provide more details on the mission to Angola and the expected outcomes.



Finance Minister Vera Daves de Sousa told Reuters that the drop in oil prices had made a new loan deal with the IMF more likely, adding that the government was studying the potential full impact on its finances.



(Reporting by Duncan Miriri; Editing by Mark Potter

FILE PHOTO: The IMF logo is seen outside the headquarters building in Washington

International Monetary Fund team to visit Angola this week

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/42CTWLL6LJPYDHMYIWIJ6ISWHI-1-820x547.jpg" alt="" class="wp-image-510152" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/42CTWLL6LJPYDHMYIWIJ6ISWHI-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/42CTWLL6LJPYDHMYIWIJ6ISWHI-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/42CTWLL6LJPYDHMYIWIJ6ISWHI-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/42CTWLL6LJPYDHMYIWIJ6ISWHI-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/42CTWLL6LJPYDHMYIWIJ6ISWHI-1-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/42CTWLL6LJPYDHMYIWIJ6ISWHI-1.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">President William Kipchirchir Ruto of Kenya speaks during a plenary session of the Summit on peace in Ukraine, in Stansstad near Lucerne, Switzerland, June 16, 2024. URS FLUEELER/Pool via REUTERS/File Photo</figcaption></figure>



NAIROBI, May 5 (Reuters) &#8211; Kenya&#8217;s President William Ruto fended off a shoe thrown at him during a speech about the cost of living which has been a source of public anger, videos shared on social media showed.



Ruto has been compelled to abandon tax hikes and invite opposition members into cabinet, but discontent remains high in the East African nation.



On Sunday at the rally in Migori county in western Kenya, Ruto blocked the flying footwear with his arm and did not appear to be injured, according to three videos.



&#8220;We have said we are reducing the price of fertilizer, true or false?&#8221; he said as the shoe bounced off him, kicking up a small cloud of dust.



Interior Minister Kipchumba Murkomen said police had arrested three people, The Star newspaper reported.



Then U.S. President George W. Bush famously had a shoe thrown at him by an Iraqi journalist in 2008 in protest at the chaos following the U.S.-led invasion.



(Reporting by Hereward Holland and Humphrey Malalo; Editing by Ammu Kannampilly and Andrew Cawthorne)

42CTWLL6LJPYDHMYIWIJ6ISWHI (1)

Shoe thrown at Kenya’s President Ruto during rally

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="800" height="507" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/09/JFN5R5LQLJOE7L4Y2UY425AGMU.jpg" alt="" class="wp-image-412065" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/09/JFN5R5LQLJOE7L4Y2UY425AGMU.jpg 800w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/JFN5R5LQLJOE7L4Y2UY425AGMU-300x190.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/JFN5R5LQLJOE7L4Y2UY425AGMU-142x90.jpg 142w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/JFN5R5LQLJOE7L4Y2UY425AGMU-768x487.jpg 768w" sizes="auto, (max-width: 800px) 100vw, 800px" /><figcaption class="wp-element-caption">A 3D printed oil pump jack is seen in front of displayed stock graph and Opec logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/Illustration/File Photo</figcaption></figure>



LONDON/DUBAI, May 3 (Reuters)&nbsp;&#8211;&nbsp;OPEC+ has agreed to accelerate oil production hikes for a second consecutive month, raising output in June by 411,000 barrels per day, the group said on Saturday, despite falling prices and expectations of weaker demand.



Following an online meeting lasting just over an hour, the producer group announced the supply increase, saying the fundamentals of the oil market were healthy and inventories were low.



Oil prices fell to a four-year low in April below $60 per barrel after OPEC+ announced a bigger-than-expected production boost for May, and as U.S. President Donald Trump&#8217;s tariffs raised concerns of global economic weakness.



OPEC+ sources have said Saudi Arabia is pushing OPEC+ to accelerate the unwinding of earlier output cuts to punish fellow members Iraq and Kazakhstan for poor compliance with their production quotas.



The hikes also follow calls from Trump on OPEC+ to raise output. Trump will visit Saudi Arabia later in May.



In December, eight OPEC+ countries that have been implementing the group&#8217;s most recent output cut of 2.2 million bpd agreed to gradually phase it out in monthly increases of about 138,000 bpd from April 2025.



The June increase from the eight will take the total combined hike for April, May and June to 960,000 bpd, representing a 44% unwinding of the 2.2 million bpd cut, according to Reuters calculations.



Brent crude futures&nbsp;LCOc1&nbsp;lost more than 1% on Friday to $61.29 a barrel as traders braced for more oil from OPEC+.



Oil prices will fall on Monday due to the OPEC+ news amid trade tensions and concerns about economic growth, said UBS&#8217;s analyst Giovanni Staunovo.



&#8220;We continue to call this a &#8216;managed&#8217; unwind of cuts and not a fight for market share”, he said.



After his participation, Kuwait&#8217;s oil minister said the OPEC+ meeting on Saturday would significantly affect production policy formulation in the coming period.



Reuters reported this week that officials from Saudi Arabia, the de facto leader of OPEC+, have briefed allies and industry officials that they are unwilling to prop up oil markets with further supply cuts.



&#8220;Compliance again appears to be the key focus, with Kazakhstan and Iraq continuing to miss their compensation targets, alongside Russia to a lesser extent,&#8221; said Helima Croft of RBC Capital Markets.



Kazakhstan defied OPEC+ this month when its energy minister said he will prioritise national interests over those of the OPEC+ group when deciding on oil production levels. Kazakhstan&#8217;s April oil output exceeded its OPEC+ quota despite a 3% fall.



OPEC+, which includes the Organization of the Petroleum Exporting Countries and allies such as Russia, is still cutting output by almost 5 million bpd and many of the cuts are due to remain in place until the end of 2026. The group plans to hold a full ministerial meeting on May 28.



(Reporting by Alex Lawler, Maha El Dahan and Ahmad Ghaddar; Writing by Alex Lawler and Dmitry Zhdannikov; Editing by Barbara Lewis and Frances Kerry)

JFN5R5LQLJOE7L4Y2UY425AGMU

OPEC+ agrees another accelerated oil output hike for June

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="480" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/05/QNXH2W24F5N4TBKD2Z4CF3FOSU.avif" alt="" class="wp-image-616628"/><figcaption class="wp-element-caption">SpaceX founder and Tesla CEO Elon Musk speaks on a screen during the Mobile World Congress (MWC) in Barcelona, Spain, June 29, 2021. REUTERS/Nacho Doce/ File Photo</figcaption></figure>



KINSHASA, May 2 (Reuters)&nbsp;&#8211;&nbsp;Democratic Republic of Congo said on Friday it had become the latest African country to grant a licence to tech billionaire Elon Musk&#8217;s Starlink and that the company would begin operations soon.



A unit of SpaceX, the satellite internet provider is rapidly expanding its services on the continent and is live in more than a dozen countries. It was granted licences by Somalia and Lesotho in April.



War-torn Congo has low connectivity, with just around 30% of the population using the internet as of 2023, according to the International Telecommunication Union.



The government had previously resisted allowing access to Starlink, with military officials warning it could be used by rebel groups including Rwandan-backed M23, which has seized more territory than ever before in the east of the country this year.



In March 2024, the Congolese Post and Telecommunications Regulatory Authority said use of Starlink was banned and violators would face sanctions.



The same entity announced on Friday that the company had been given a licence and &#8220;will proceed with the launch of its services in the coming days.&#8221;



An official at the authority did not immediately respond to a request for comment.



Starlink is also trying to establish a presence in neighbouring Uganda. Ugandan President Yoweri Museveni said on Tuesday that he had a productive meeting with Starlink representatives.



(Reporting by Congo newsroom; Writing by Robbie Corey-Boulet; Editing by Daniel Wallis)

QNXH2W24F5N4TBKD2Z4CF3FOSU

Congo grants licence to Starlink, reversing earlier ban

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="402" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/05/6T7ZIBA6PZNMFHKYUGN6RFCHGE.avif" alt="" class="wp-image-616332"/><figcaption class="wp-element-caption">The logo of Deutsche Bank is seen in Brussels, Belgium December 6, 2022. REUTERS/Yves Herman/File Photo</figcaption></figure>



May 2 (Reuters)&nbsp;&#8211;&nbsp;Difficult economic conditions and persistently weak demand for many products have forced companies across Europe to freeze hiring or cut jobs.



Here are some of the layoffs announced since the beginning of March:



CAR AND CAR PARTS MAKERS



* PORSCHE P911_p.DE: The German automaker will cut 2,000 jobs on top of the 1,900 already announced, and will negotiate with unions further cuts in the second half of the year, it said on March 12.



* RENAULT RENA.PA: The French carmaker said on March 11 it would cut 300 jobs at its van factory in Sandouville in response to slowing demand for commercial vehicles in Europe.



*STELLANTIS STLAM.MI: The group said on April 3 it would temporarily lay off 900 workers at five U.S. facilities in response to the Trump administration&#8217;s tariff announcement.



On April 2, the Fiom union said Stellantis had agreed with trade unions 350 job cuts at its plants in southern Italy as part of its long-term production plan.



* VOLKSWAGEN VOWG_p.DE: The German carmaker&#8217;s CFO said on April 30 it had cut headcount in Germany by around 7,000 since starting cost savings in late 2023.



Audi, which belongs to Volkswagen, said on March 18 it would cut up to 7,500 jobs in Germany by 2029 in areas, such as administration and development.



* VOLVO VOLVb.ST: The Swedish truck maker planned to lay off as many as 800 workers at three U.S. facilities over the next three months due to tariff-driven market uncertainty and demand concerns, a spokesperson said on April 18.



BANKS



* DEUTSCHE BANK DBKGn.DE: Germany&#8217;s largest bank will cut its retail bank&#8217;s workforce by almost 2,000 people in 2025, with a &#8220;significant&#8221; reduction in the number of branches, its CEO said on March 19.



* SANTANDER UK SANS_pa.L: The British arm of Spain&#8217;s Banco Santander SAN.MC said on March 19 that fresh branch closures in Britain meant around 750 staff could lose their jobs.



* UBS UBSG.S: Switzerland&#8217;s largest bank informed unions in Italy on April 1 of plans to cut 180 jobs in the country, around a third of the total, documents reviewed by Reuters showed.



INDUSTRIALS AND ENGINEERING



* SIEMENS SIEGn.DE: The German engineering group said on March 18 it would cut 5,600 jobs at its Digital Industries business as it adapts to weak market conditions in Germany and China.



* STMICRO SMPA.PA: The French-Italian chipmaker said on April 30 it would cut around 1,000 jobs in France, more than a third of the 2,800 layoffs planned in its cost-cutting program.



* THYSSENKRUPP TKAG.DE: The German conglomerate plans to cut around 1,800 jobs due to the prolonged weakness in the car sector it supplies, it said on March 6.



RETAIL AND CONSUMER GOODS



*LVMH LVMH.PA: Financial Times reported on May 1, citing an internal video, that the French luxury group&#8217;s wine and spirit unit Moet Hennessy would cut its workforce by about 1,200 employees.



* MORRISONS: The British supermarket said on March 24 that about 365 employees could lose their jobs as part of a reduction of store operations aimed at offsetting what it called &#8220;significant cost increases&#8221;.



* NESTLE NESN.S: The world&#8217;s largest packaged food company said on March 20 it would divest two factories in Germany, impacting about 225 jobs, citing overcapacity.



* PUMA PUMG.DE: The German sportswear maker will cut 500 jobs worldwide as part of a cost-reduction programme, it said on March 12.



OTHERS



* BIONTECH 22UAy.DE: The German COVID-19 vaccine maker said on March 10 it planned to cut between 950 and 1,350 full-time positions by 2027, including at its late-stage mRNA manufacturing site in Marburg, Germany and at research operations in Europe and North America.



* DHL&nbsp;DHLn.DE: The German logistics group announced on March 6 plans to cut about 8,000 jobs in Germany to save more than 1 billion euros ($1.15 billion).



* UPM UPM.HE: The Finnish forestry company said on March 11 it would permanently close a paper mill in Germany and implement cost-cutting measures that will impact 462 jobs, citing a changing market and overcapacity.



Sources: Regulatory filings, Reuters reporting and company websites



($1 = 0.8696 euros)



(Compiled by Boleslaw Lasocki and Bernadette Hogg in Gdansk; Edited by Milla Nissi and Tomasz Janowski)

6T7ZIBA6PZNMFHKYUGN6RFCHGE

FACTBOX-European companies cut jobs in response to slowing economy

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="425" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/05/FN6SHZMGJVMXJICANZS4G326BA.avif" alt="" class="wp-image-616284"/><figcaption class="wp-element-caption">A general view shows the Tetra Pak factory floor in Durban, South Africa, April 4, 2024. REUTERS/Rogan Ward/File Photo</figcaption></figure>



JOHANNESBURG, May 2 (Reuters)&nbsp;&#8211;&nbsp;A gauge of South African manufacturing sentiment dropped sharply in April, with survey respondents citing uncertainty linked to global trade tensions and local politics.



The seasonally-adjusted Purchasing Managers&#8217; Index (PMI) sponsored by South African bank Absa declined to 44.7 points in April from 48.7 in March.



It was the sixth straight month that the headline PMI has been below 50, reflecting a contraction in activity.



U.S. President Donald Trump&#8217;s April 2 &#8220;Liberation Day&#8221; tariff announcement ushered in sweeping duties on most imports to the United States, sparking a trade war with China and uncertainty for companies worldwide.



Trump later paused most of the steepest tariffs for 90 days, but economists say many businesses have been left in a state of paralysis.



In South Africa months of wrangling over the budget culminated in the finance minister scrapping a planned increase in value-added tax (VAT), meaning he will have to present a new budget next month.



&#8220;Global tariff developments and local political uncertainty because of the VAT saga and open disagreements within the government likely weighed on sentiment,&#8221; Absa said in a statement.



Other local factors dampening the mood included excessive rains and the return of scheduled power cuts.



(Reporting by Sfundo Parakozov; Editing by Alexander Winning)

Reuters

South African rand steady as PMI hits neutral mark

Kenya’s central bank to hold next rate-setting meeting on June 10

US seeks to weaken global development finance efforts, UN document shows

African Markets – Factors to watch on May 6

South African rand stable before PMI data

Kenya’s private sector growth hits 27-month high in April, PMI shows

South African business activity stabilises as PMI hits neutral mark

World court dismisses Sudan’s genocide case against UAE over alleged Darfur interference

South Africa’s Eskom aiming for no power cuts for next four months

South Africa’s Gold Fields to buy Australia’s Gold Road for $2.4 billion

Starlink is now available in Congo, Musk says

International Monetary Fund team to visit Angola this week

Shoe thrown at Kenya’s President Ruto during rally

OPEC+ agrees another accelerated oil output hike for June

Congo grants licence to Starlink, reversing earlier ban

FACTBOX-European companies cut jobs in response to slowing economy

South African factory mood sours sharply in April, Absa PMI shows

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Reuters

South African rand steady as PMI hits neutral mark

Kenya’s central bank to hold next rate-setting meeting on June 10

US seeks to weaken global development finance efforts, UN document shows

African Markets – Factors to watch on May 6

South African rand stable before PMI data

Kenya’s private sector growth hits 27-month high in April, PMI shows

South African business activity stabilises as PMI hits neutral mark

World court dismisses Sudan’s genocide case against UAE over alleged Darfur interference

South Africa’s Eskom aiming for no power cuts for next four months

South Africa’s Gold Fields to buy Australia’s Gold Road for $2.4 billion

Starlink is now available in Congo, Musk says

International Monetary Fund team to visit Angola this week

Shoe thrown at Kenya’s President Ruto during rally

OPEC+ agrees another accelerated oil output hike for June

Congo grants licence to Starlink, reversing earlier ban

FACTBOX-European companies cut jobs in response to slowing economy

South African factory mood sours sharply in April, Absa PMI shows

News Tips

Advertise With Us

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