<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="439" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/rand-Dec.avif" alt="" class="wp-image-568249"/><figcaption class="wp-element-caption">South African Rand coins are seen in this illustration picture taken October 28, 2020. REUTERS/Mike Hutchings/Illustration/File Photo</figcaption></figure>



JOHANNESBURG, Jan 30 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand was little changed early on Thursday ahead of an interest rate decision by the South African Reserve Bank.



At 0650 GMT, the rand traded at 18.5675 against the dollar, near its previous close of 18.5750.



The dollar was also little changed as markets digested the Federal Reserve&#8217;s decision to hold interest rates steady on Wednesday.



The SARB will announce its first interest rate decision for the year later on Thursday, when it is expected to cut rates by 25 basis points to 7.50% according to economists polled by Reuters.



&#8220;Markets expect a 25bp cut, but recent financial market volatility, a strong ZAR, and Trump-related risks could push the SARB to hold,&#8221; said Andre Cilliers, currency strategist at TreasuryONE.



Local investors will also be looking at the December budget balance reading and producer inflation data, which could give clues on the health of Africa&#8217;s most industrialised economy.



South Africa&#8217;s benchmark 2030 government bond was stronger in early deals, with the yield down 1.5 basis points to 8.955%.



(Reporting by Sfundo Parakozov, Editing by Bhargav Acharya and Kate Mayberry)

rand Dec

South African rand stable ahead of rate decision

<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>



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



South African December money supply data



South Africa December budget balance data



South Africa December producer inflation figures



South African central bank interest rate announcement



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



Energy regulator Nersa&#8217;s decision on Eskom&#8217;s electricity tariffs



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



South Africa&#8217;s rand was unchanged on Wednesday ahead of an interest rate decision by the U.S. Federal Reserve.



On the stock market, the Top-40 was last up about 1%. 



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



Asian share markets were mixed in thin trading on Thursday as much of the region was on holiday for the Lunar New Year, while the U.S. dollar trod water after the Federal Reserve signalled a pause in policy easing.



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



U.S. stocks ended lower on Wednesday, but off their lows of the day, with the Federal Reserve holding interest rates steady as expected and Fed Chair Jerome Powell offering soothing comments for investors. 



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



Gold traded in a relatively narrow price range on Thursday as investors focused on U.S. President Donald Trump&#8217;s tariff plans and a key inflation report for monetary policy cues. 



&#8211; &#8211; &#8211; &#8211;



Some of the main stories out in the South African press:



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



&#8211; Auditor-general slams Eskom’s continued lack of governance



&#8211; RMB winds down debt sponsor business



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



&#8211; Musk&#8217;s SpaceX says SA&#8217;s BEE rules are a big barrier



(Compiled by Sfundo Parakozov)

istockphoto-1076949610-612×612-1-2

South African Markets – Factors to watch on Jan 30

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3338" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/A7M7YHTKLZMKZHKW5UBBPCVSYQ.avif" alt="" class="wp-image-580185"/><figcaption class="wp-element-caption">Namibians queue to vote in an the extension of the presidential and national assembly elections after delays on the offical election day earlier this week in Windhoek, Namibia, November 29, 2024. REUTERS/Noah Tjijenda/File Photo</figcaption></figure>



WINDHOEK, Jan 29 (Reuters)&nbsp;&#8211;&nbsp;Namibia&#8217;s unemployment rate rose to 36.9% in 2023 from 33.4% in 2018, the statistics office said on Wednesday.



The country of about three million people has one of the highest official unemployment levels in the world, having overtaken neighbouring South Africa whose unemployment rate fell to 32.1% in the third quarter of 2024 after the formation of a coalition government.



Statistician General Alex Shimuafeni said that 320,442 individuals were employed in Namibia in 2023, of the total 867,247 people in the labour force.



Namibia&#8217;s unemployment rate now excludes discouraged workers, making the actual number of people without jobs higher.



The broader unemployment rate stands at 54.8%, as reported in the 2023 Labour Force report, said Tannan Groenewald, head of data and analytics at Cirrus Capital.



Namibia&#8217;s President-elect Netumbo Nandi-Ndaitwah in December pledged &#8220;radical shifts&#8221; to fix the country&#8217;s high levels of poverty and unemployment.



(Reporting by Nyasha Nyaungwa; Editing by Tannur Anders and Peter Graff)

A7M7YHTKLZMKZHKW5UBBPCVSYQ

Namibia’s unemployment rate rises to 36.9%

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="3460" height="2202" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/JY3IL6MOW5MZZP4PQIU6XATSJE.avif" alt="" class="wp-image-580167"/><figcaption class="wp-element-caption">Delegates attend the Africa Energy Summit in Dar es Salaam, Tanzania January 27, 2025. REUTERS/Emmanuel Herman/File Photo</figcaption></figure>



DAR ES SALAAM, Jan 29 (Reuters)&nbsp;&#8211;&nbsp;An initiative to connect 300 million Africans to electricity in the next six years has won new pledges worth more than $8 billion from lenders including the Islamic Development Bank and the Asia Infrastructure Investment Bank.



The Mission 300 initiative, launched by the World Bank and the African Development Bank in April, is projected to cost $90 billion. Its implementation faces challenges because the economies of countries in the region are severely constrained, mainly due to sluggish revenue and high debt service costs.



&#8220;Our national balance sheets are insufficient&#8230; to achieve Mission 300&#8217;s objectives,&#8221; Zambian President Hakainde Hichilema told an Africa energy summit in Tanzania.



Funding for the project is expected to come from multilateral development banks, development agencies, private businesses and philanthropic organisations such as the Rockefeller Foundation, which is part of the initiative.



Muhammad al Jasser, chairman of the IsDb, said in a statement released during the summit that ended on Tuesday that the Jeddah-headquartered bank was committing $2.65 billion in project financing and another $2 billion to insure power projects in Africa.



Beijing-based AIIB is set to provide $1-1.5 billion in financing.



&#8220;Six hundred million people in Africa without access to electricity is intolerable,&#8221; said AIIB President Jin Liqun.



Others funding the project include the French Development Agency (AFD), which committed to providing 1 billion euros ($1.04 billion), and the OPEC Fund for International Development, which made an initial commitment of $1 billion, the AfDB said in a closing statement.



The additional finance builds on commitments of up to $48 billion from the World Bank and the AfDB, officials at the summit said. The two organisations&#8217; contributions could be increased during implementation, they said.



Provision of 300 million people with access to electricity, half of those currently without power on the continent, is a crucial building block for boosting Africa&#8217;s development by creating new jobs, said World Bank President Ajay Banga.



Half of the targeted new connections will get electricity from existing national grids, officials said at the summit, while the other half will be from renewable energy sources, including wind and solar mini-grids.



Apart from lighting up homes and businesses, Mission 300 is expected to boost the provision of clean cooking energy to homes, cutting reliance on wood and charcoal which are harmful, said Tanzania&#8217;s president, Samia Suluhu Hassan.



($1 = 0.9589 euros)



(Reporting by Duncan Miriri, Editing by Timothy Heritage)

JY3IL6MOW5MZZP4PQIU6XATSJE

Plan to get electricity to more Africans wins $8 billion in new pledges

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="3260" height="2173" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/7MYMOOPDYFJ6NMSH3YT5ODN52I.avif" alt="" class="wp-image-580094"/><figcaption class="wp-element-caption">Rwanda&#8217;s President Paul Kagame addresses the delegates at the FIA General Assembly at the Kigali Convention Center, in Kigali, Rwanda December 13, 2024. REUTERS/Jean Bizimana/File Photo</figcaption></figure>



GOMA, Democratic Republic of Congo, Jan 29 (Reuters)&nbsp;&#8211;&nbsp;Rwanda&#8217;s President Paul Kagame said he agreed with the U.S. government on the need for a ceasefire in eastern Congo but gave no indication of bowing to calls for Rwandan troops and the M23 rebels they support to withdraw from Goma.



The rebels marched into Goma, the largest city in Congo&#8217;s east, on Monday in the worst escalation of a long-running conflict in more than a decade, leaving hospitals overwhelmed treating patients with gunshot, mortar and shrapnel wounds.



The U.S. urged the United Nations Security Council on Tuesday to consider unspecified measures to halt the rebel offensive, which has forced tens of thousands from their homes. The council has the authority to impose sanctions.



In Goma, the capital of Democratic Republic of Congo&#8217;s (DRC) North Kivu province, shops and houses had been looted but, after several days of intense fighting, the city was largely calm apart from some sporadic gunfire on Wednesday, residents said.



&#8220;Had a productive conversation with Secretary (of State Marco) Rubio on the need to ensure a ceasefire in Eastern DRC and address the root causes of the conflict once and for all,&#8221; Kagame wrote on X on Wednesday.



Rubio told Kagame that Washington was &#8220;deeply troubled&#8221; by the escalation in the three-decade conflict, which is rooted in the long fallout from the Rwandan genocide and the struggle for control of Congo&#8217;s mineral resources.



Congo and the head of U.N. peacekeeping have said Rwandan troops are present in Goma, backing up their M23 allies. Rwanda has said it is defending itself against the threat from Congolese militias, without directly commenting on whether its troops have crossed the border.



&#8220;The Secretary urged an immediate ceasefire in the region, and for all parties to respect sovereign territorial integrity,&#8221; the U.S. State Department said in a statement.



The Congolese and Rwandan army exchanged fire across their shared border on Monday, UN sources said, as the rebels tried to consolidate control of Goma, a gateway for the trade of valuable tin and tantalum ores, for the second time in 13 years.



<h2 class="wp-block-heading" id="h-sporadic-gunfire-looting">SPORADIC GUNFIRE, LOOTING</h2>



At a stadium in Goma on Tuesday, hundreds of unarmed government soldiers and militia fighters sat on the football pitch while others lined up in what the M23 fighters described as a disarmament process, according to an unverified video seen by Reuters.



&#8220;Sporadic explosions and gunfire are still heard in the outlying districts of Goma. Quiet night after the rebels took over the city centre but looting of businesses. Airport, internet, electricity and water cut off,&#8221; one resident said in a phone message.



M23 is the latest in a string of ethnic Tutsi-led, Rwandan-backed insurgencies that have roiled Congo since the aftermath of the genocide in Rwanda 30 years ago, when Hutu extremists killed Tutsis and moderate Hutus, and then were toppled by the Tutsi-led forces led by Kagame.



Rwanda says some of the ousted perpetrators have been sheltering in Congo since the genocide, forming militias with alliances with the Congolese government, and pose a threat to Congolese Tutsis and Rwanda itself.



Congo rejects Rwanda&#8217;s complaints, and says Rwanda has used its proxy militias to control and loot lucrative minerals such as coltan, which is used in smartphones.



In the Congolese capital Kinshasa, 1,600 km (1,000 miles) west of Goma, protesters attacked a U.N. compound and embassies including those of Rwanda, France and the United States on Tuesday, angered at what they said was foreign interference.



(Reporting by Congo newsroom; Writing by Hereward Holland, Editing by Raju Gopalakrishnan)

7MYMOOPDYFJ6NMSH3YT5ODN52I

Rwanda’s Kagame says he agrees with US on need for ceasefire in Congo

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3335" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/7WPZDEJJ4VPPJOVLSDZQJHV4X4.avif" alt="" class="wp-image-580077"/><figcaption class="wp-element-caption">Marco Rubio speaks after he is sworn in as Secretary of State by U.S. Vice President JD Vance at the Eisenhower Executive Office Building in Washington, U.S., January 21, 2025. REUTERS/Kevin Lamarque/File Photo </figcaption></figure>



WASHINGTON, Jan 28 (Reuters)&nbsp;&#8211;&nbsp;U.S. Secretary of State Marco Rubio told Rwandan President Paul Kagame on Tuesday that Washington was &#8220;deeply troubled&#8221; by escalation in the conflict in the Democratic Republic of Congo, particularly the fall of the city of Goma to Rwandan-backed rebels.



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



The call came as the United States urged the United Nations Security Council on Tuesday to consider measures to halt an offensive by Rwandan troops and M23 rebel forces in eastern Congo as a conflict there escalates.



The Rwandan-backed M23 rebels marched into Goma, the largest city in eastern Congo, on Monday in the worst escalation of a long-running conflict in more than a decade.



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



&#8220;The Secretary urged an immediate ceasefire in the region, and for all parties to respect sovereign territorial integrity,&#8221; the State Department said in a statement.



&#8220;Secretary Rubio stressed the United States is deeply troubled by escalation of the ongoing conflict in eastern DRC, particularly the fall of Goma to the Rwandan-backed M23 armed group,&#8221; the State Department said in a statement.



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



Congo accused Rwanda of sending its troops over the border, while Rwanda said fighting near the border threatened its security, without directly commenting on whether its troops were in Congo.



U.N. Secretary-General Antonio Guterres spoke to the Congolese and Rwandan presidents on Tuesday over the escalating conflict that has killed several U.N. peacekeepers, a U.N. spokesperson said earlier.



(Reporting by Kanishka Singh in Washington; Editing by Cynthia Osterman)

7WPZDEJJ4VPPJOVLSDZQJHV4X4

Rubio tells Rwandan president US wants ceasefire in Congo

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="534" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/BBDPQPV6XFMSXA4NZNPNRY52FM.avif" alt="" class="wp-image-579816"/><figcaption class="wp-element-caption">People queue to withdraw money from a bank in Harare, Zimbabwe&#8217;s capital, March 8, 2017. REUTERS/Philimon Bulawayo/File Photo</figcaption></figure>



HARARE, Jan 28 (Reuters)&nbsp;&#8211;&nbsp;Zimbabwe&#8217;s inflation rate rose sharply in January in both U.S. dollar and local currency terms, spurred by food and housing prices.



In dollar terms inflation accelerated to 14.6% year on year after rising by 2.5% in December. On a local currency basis inflation rose to 10.5% month on month in January compared to an increase of 3.7% in December, statistics agency data showed on Tuesday.



Independent economist Prosper Chitambara said last year&#8217;s severe regional drought and additional taxes introduced this month had likely contributed to the inflation increase.



&#8220;It could be the new taxes that have taken effect this month. The huge cost is passed on to consumers. Before the next harvest season we are likely to see an upward trend of inflation as drought continues to exert inflationary pressures,&#8221; Chitambara said.



In his latest budget Finance Minister Mthuli Ncube introduced a 0.5% tax on fast food and a 10% tax on all sports betting proceeds, which took effect this month.



Another independent economist, Tony Hawkins, said U.S. dollar inflation had been &#8220;grossly understated&#8221; and authorities in the Southern African country were playing catch-up.



Zimbabwe launched a new gold-backed currency in April last year, but it was sharply devalued in September and foreign currencies like the U.S. dollar are still used for most local transactions.



Since the devaluation, the Zimbabwe Gold currency has fallen further. It was trading around 26.3 to the dollar on Tuesday, according to the central bank&#8217;s website.



(Reporting by Nyasha Chingono and Bhargav Acharya; Editing by Alexander Winning, Sfundo Parakozov and Christina Fincher)

BBDPQPV6XFMSXA4NZNPNRY52FM

Zimbabwe inflation rises sharply, spurred by food and housing

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="455" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/H5UJYCYVIVJ5NOW5DBSYMDIX3Q.avif" alt="" class="wp-image-579812"/><figcaption class="wp-element-caption">A shopper makes her selection at a grocery store in Johannesburg July 7, 2015. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



PRETORIA, Jan 28 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s statistics agency has updated its consumer inflation basket for the first time since 2022, including items like rosé wine, air fryers and streaming services to reflect changes in spending habits.



Patrick Kelly, head of price statistics at Statistics South Africa, said it was difficult to gauge what impact the update would have on upcoming inflation releases given subtle shifts in the weighting of some items.



Consumer inflation currently sits at the bottom of the central bank&#8217;s target range, which has allowed it to cut interest rates at its last two meetings. Another rate cut is expected this week.



The update involved adding 71 products to the basket, removing 53 and reorganising 29 through merging, splitting or reclassification, the statistics agency said on Tuesday.



There are now 391 items in the basket, down from 396 previously.



Housing and utilities, food and non-alcoholic beverages, and transport continue to have the biggest weightings in the basket.



Statistics South Africa&#8217;s Kelly said the weight of the food and non-alcoholic beverages category had risen while it had fallen for housing and utilities, suggesting the overall impact on headline inflation was likely to be muted.



The changes were informed by the results of a 2022/23 household income and expenditure survey.



The survey showed real average annual household income fell to about 204,000 rand ($10,900) in 2023 from 206,000 rand in 2015.



It also highlighted persistent racial disparities more than three decades after apartheid ended, with more than 45% of Black African households spending less than around 25,000 annually, showing they experience the worst financial constraints.



($1 = 18.6665 rand)



(Reporting by Kopano Gumbi; Editing by Alexander Winning and Christina Fincher)

H5UJYCYVIVJ5NOW5DBSYMDIX3Q

South African statistics agency updates its inflation basket

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3109" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/JJTN6U4RXVOGBC6M5G6ATJZLDY.avif" alt="" class="wp-image-579747"/><figcaption class="wp-element-caption">A shopper walks to a Woolworths store in Johannesburg, South Africa, March 2, 2022. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, Jan 28 (Reuters) &#8211; South African upmarket retailer Woolworths Holdings warned of a decline of up to 27% in its first-half profit on Tuesday due to weaker-than-expected performances in its clothing businesses at home and in Australia and New Zealand.



The company, which also owns food stores in South Africa, said its headline earnings per share were expected to decline by 22% to 27% for the 26 weeks ended Dec. 29 from 203.3 cents in the prior period ended Dec. 24, 2023.



By 0721 GMT, shares in Woolworths were down 2.74% at 56.88 rand.



Group turnover and concession sales for the period rose by 5.7%, and in constant currency by 6.2%, buoyed by the retailer&#8217;s food business, which it said delivered market-leading sales growth of 11.4% and 7.3% on a comparable-store basis.



However, group sales growth for the last eight weeks of the period, particularly over Black Friday, Cyber Monday and the festive season, eased to 4.3%, partly due to a shift in the trading calendar for the period versus the prior period, Woolworths said.



Growth in its food business was &#8220;driven by positive underlying volume growth from improved availability, ongoing innovation, and our enhanced value proposition&#8221;, the retailer said.



Fashion, beauty and home sales in South Africa rose by 2.5%, with sales growth in the last eight weeks constrained to 0.9%.



This was impacted in part by temporary delays in product flow arising from late supplier deliveries, as well as processes and system changes in its distribution centre related to its value chain.



In Australia and New Zealand, where it owns the Country Road fashion chain and where the clothing trading environment remains heavily promotional, driven by price-sensitive consumers, sales declined by 6.2%. However, in the last eight weeks of the period, the decline slowed to a 2.7% fall.



Both fashion businesses in the two markets are undergoing significant transformation, with Country Road reconfiguring its operating model following the sale of and separation from David Jones.



(Reporting by Nqobile Dludla; Editing by Subhranshu Sahu and Emelia Sithole-Matarise)

JJTN6U4RXVOGBC6M5G6ATJZLDY

S.Africa’s Woolworths flags lower half-year profit on weak clothing sales

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1080" height="695" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/Z5PBDCODG5PA5OPNKZ5BGEW7TA.avif" alt="" class="wp-image-579730"/><figcaption class="wp-element-caption">Shoppers leave the Shoprite store in Daveyton, South Africa May 23, 2018. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, Jan 28 (Reuters)&nbsp;&#8211;&nbsp;Shoprite Holdings&nbsp;SHPJ.J, South Africa&#8217;s biggest supermarket retailer, said on Tuesday its half-year sales from continuing operations grew by 9.6%, as both upmarket and discount customers stocked up on food during the festive season.



Shoprite, with more than 2,700 stores excluding OK Franchise across 10 countries, said sales in the six-month period ended Dec. 29 came in at 128.6 billion rand ($6.84 billion).



The group&#8217;s core business, Supermarkets South Africa, contributing 83.7% to group sales, achieved sales growth of 10.4%, with like-for-like sales growth of 6.1%.



Shoprite&#8217;s rest of Africa supermarkets business, which operates in nine countries, saw a 4.1% increase in sales.



In the three-month quarter ended December, which included the Christmas and Black Friday period, Shoprite saw sales grow by 8.7%.



($1 = 18.8013 rand)



(Reporting by Nqobile Dludla; Editing by Himani Sarkar and Sherry Jacob-Phillips)

Z5PBDCODG5PA5OPNKZ5BGEW7TA

S.African retailer Shoprite posts half-year sales growth on festive demand

<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>



Jan 28 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday.



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



U.S. stock futures steadied, the dollar ticked higher and tech stocks in Asia slid on Tuesday following a wave of selling as apparent advances by a Chinese AI startup cast doubt on U.S. dominance and spending in one of the market&#8217;s hottest sectors.



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



Oil prices ticked up but hovered near a two-week low on Tuesday after weak economic data from China and warming weather forecasts elsewhere soured the demand outlook.



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



South Africa&#8217;s rand slipped on Monday ahead of a week packed with domestic and international data releases, with eyes set on interest rate decisions from the Federal Reserve and the South African Reserve Bank (SARB).



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



Kenya&#8217;s shilling was unchanged against the dollar on Monday, data from the London Stock Exchange Group showed.



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



Rwandan-backed rebels marched into eastern Congo&#8217;s largest city Goma on Monday, and the U.N. said they were supported by at least some regular Rwandan troops, in the worst escalation of a long-running conflict for more than a decade.



<h2 class="wp-block-heading" id="h-ghana-rates">GHANA RATES</h2>



Ghana&#8217;s central bank left its main interest rate unchanged on Monday, saying that inflation was expected to start falling again and that detailed talks on monetary policy were difficult before the new government publishes its economic policy plans.



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



Mali&#8217;s government and Barrick Gold will start a new round of negotiations on Tuesday to resolve a deepening dispute over the alleged nonpayment of taxes by the Canadian miner and the seizure of its gold stocks by authorities in the country, two sources familiar with the matter told Reuters.



<h2 class="wp-block-heading" id="h-sudan-war">SUDAN WAR</h2>



After a week of whirlwindgains for the Sudanese army and allies in the capital Khartoum, leaders hailed a turning point in the civil war, speaking to reporters from inside the army&#8217;s main headquarters that had been besieged since April 2023.



<h2 class="wp-block-heading" id="h-africa-power">AFRICA POWER</h2>



Several African nations committed on Monday to open up their electricity sectors to attract investors and light up homes of 300 million people currently lacking power in the next six years.



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on Jan 28

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3031" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/73EXY37Q6NO7LAJCPMU3KDMKFY.avif" alt="" class="wp-image-579711"/><figcaption class="wp-element-caption">Boxes of Jungle Oats, one of South Africa&#8217;s Tiger Brands original products, are displayed on a shelf at a Pick n Pay store in Johannesburg, South Africa, March 29, 2022. REUTERS/Siphiwe Sibeko/File Photo </figcaption></figure>



Jan 28 (Reuters) &#8211; Tiger Brands, South Africa&#8217;s biggest food producer, said on Tuesday it would sell its 24.4% stake in food producer Empresas Carozzi back to Chilean parent Carozzi for $240 million to focus on its domestic business.



Tiger Brands is in the middle of a turnaround plan that includes adjusting its product pricing, cutting costs and reducing the number of brands and products it sells.



Carozzi, a more-than-125-year-old company that sells everything from sauces and dressings to powdered beverages and pet foods, already owns 75.6% of Empresas Carozzi.



Tiger Brands bought the stake in Empresas Carozzi in 1999 to expand its presence in Latin America.



Due to its new strategy to grow business at home, further expansion into Latin America was &#8220;no longer a strategic priority,&#8221; the South African company said in a statement.



It said it would invest proceeds of the stake sale into its core business and any excess cash will be returned to shareholders through share buybacks or special dividends.



(Reporting by Shashwat Awasthi; Editing by Savio D&#8217;Souza)

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SA’s Tiger Brands to sell Empresas Carozzi stake for $240 mln, focus at home

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3333" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/YYERAJUE3JOPHHY65DDUCKZGTE.avif" alt="" class="wp-image-579414"/><figcaption class="wp-element-caption">World Bank President Ajay Banga speaks at the meeting on methane and non-CO2 greenhouse gases at the United Nations COP29 climate change conference in Baku, Azerbaijan November 12, 2024. REUTERS/Murad Sezer/File Photo</figcaption></figure>



DAR ES SALAAM, Jan 27 (Reuters)&nbsp;&#8211;&nbsp;Policymakers around the globe should not react in haste to announcements by U.S. President Donald Trump&#8217;s administration, and be prepared to argue their case, World Bank President Ajay Banga told Reuters.



Trump&#8217;s first week in office has seen a flurry of executive orders and policy plans, ranging from tariffs on Canada, Mexico and China to a review on all existing foreign assistance.



&#8220;My only advice to everyone is don&#8217;t be in too much of a hurry to respond or judge,&#8221; Banga told Reuters in an interview on the sidelines of the Mission 300 Africa Energy Summit in Tanzania&#8217;s commercial capital of Dar Es Salaam.



Policymakers should wait to see what policies are actually executed, Banga added.



&#8220;I have dealt with him (Trump) in the past. He is a very practical man, he understands numbers, he understands leverage and he understands advantage. You have to go to him and explain to him what you bring.&#8221;



The U.S. and Colombia pulled back from the brink of a trade war on Sunday after the White House said its third-largest U.S. trading partner in Latin America had agreed to accept military aircraft carrying deported migrants.



Washington&#8217;s draft measures &#8211; now on hold &#8211; had included imposing steep and rising tariffs on all Colombian imports, a travel ban and visa revocations on Colombia government officials.



The World Bank could feel the effects of any travel restrictions.



&#8220;If their visas don&#8217;t work, that&#8217;s a problem,&#8221; said Banga.



Asked about Friday&#8217;s &#8220;stop-work&#8221; order issued by the U.S. State Department on all existing and future foreign assistance, Banga said the Washington-based lender was &#8220;not yet&#8221; affected as it operated differently to bilateral aid.



Asked about return to office plans for World Bank staff, Banga said he had no plans to change the mandate beyond the current four days a week.



&#8220;I expect World Bank employees to be back four days a week&#8230;There&#8217;s no plan to increase that to five.&#8221;



Trump has ordered federal workers to return to the office five days a week.



(Reporting by Duncan Miriri, writing by Karin Strohecker, editing by Christina Fincher)

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World Bank president cautions against hasty reaction to Trump policies

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1800" height="1200" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/VFKU2JNBTBIDVNPMOMLDRAUIO4.avif" alt="" class="wp-image-560171"/><figcaption class="wp-element-caption">Pedestrians walk in front of Ghana&#8217;s central bank building in Accra, Ghana, November 16, 2015. REUTERS/Francis Kokoroko/File Photo</figcaption></figure>



ACCRA, Jan 27 (Reuters) &#8211; Ghana&#8217;s central bank kept its main interest rate at 27.00% for the second meeting in a row on Monday, after inflation rose last month.



The West African gold and cocoa producer, which defaulted on most of its external borrowing in December 2022, is emerging from its worst economic crisis in a generation, helped by a $3 billion loan programme from the International Monetary Fund.



Bank of Ghana Governor Ernest Addison told reporters that the inflation profile remained elevated, &#8220;largely driven by food prices movement especially in the last quarter of the year.&#8221;



Ghana&#8217;s consumer inflation rose in December to 23.8% in annual terms, the highest rate in eight months. It remains well above the central bank&#8217;s 8% target with a margin of error of 2 percentage points either side.



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

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Ghana central bank holds policy rate for second meeting in a row

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="439" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/rand-Dec.avif" alt="" class="wp-image-568249"/><figcaption class="wp-element-caption">South African Rand coins are seen in this illustration picture taken October 28, 2020. REUTERS/Mike Hutchings/Illustration/File Photo</figcaption></figure>



JOHANNESBURG, Jan 27 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand slipped on Monday, ahead of a week packed with domestic and international data releases, with eyes set on interest rate decisions from the Federal Reserve and the South African Reserve Bank (SARB).



At 0657 GMT, the rand traded at 18.50 against the dollar, about 0.5% weaker than its previous close.



The dollar last traded about 0.1% stronger against a basket of currencies as traders pondered the ramifications of U.S. President Donald Trump&#8217;s tariff plans.



Global investor focus will be on the Fed this week, which will conclude its two-day meeting on Wednesday. It is widely expected to hold interest rates steady.



Domestic investors will then shift their attention towards the SARB&#8217;s first interest rate decision for 2025 on Thursday. Economists polled by Reuters estimate a 25 basis point cut to 7.50%.



&#8220;Despite soft inflation, uncertainties around fiscal policy, Eskom tariff hikes, and Trump&#8217;s global economic stance could push the SARB to adopt a cautious approach,&#8221; said Andre Cilliers, currency strategist at TreasuryONE.



South Africa&#8217;s benchmark 2030 government bond was weaker in early deals, with the yield up 6.5 basis points to 9.045%.



(Reporting by Sfundo Parakozov; Editing by Bhargav Acharya and Rashmi Aich)

South African rand weakens ahead of data-filled week

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="3635" height="2633" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/VBIWQECG2BIYTB5AT2YWGLXVKE.avif" alt="" class="wp-image-578255"/><figcaption class="wp-element-caption">One of the rail-mounted stacker reclaimers that scoop up and transfer coal into and out of the yard is seen at Africa&#8217;s largest coal export facility, the Richards Bay Coal Terminal, Richards Bay harbour, South Africa, June 21, 2018. REUTERS/Tanisha Heiberg/File Photo</figcaption></figure>



Jan 24 (Reuters)&nbsp;&#8211;&nbsp;Coal exports from South Africa&#8217;s Richards Bay Coal Terminal (RBCT) rose 10% to 52.08 million metric tons in 2024, the highest in three years, amid signs of improving freight rail performance.



South Africa&#8217;s coal shipments have declined from 76 million tons in 2017, mainly due to state-owned freight rail and port operator Transnet&#8217;s lack of capacity to haul commodities to export markets.



Coal exports through RBCT, South Africa&#8217;s main coal export terminal, fell to 47.21 million tons in 2023, the lowest since 1992.



Transnet&#8217;s struggles are blamed on a lack of locomotives and spares, as well as cable theft and vandalism of its infrastructure. This has forced some minerals exporters to resort to trucking to port, with some commodity cargo now going through Mozambique.



However, some major coal exporters, including Thungela Resources and Exxaro Resources, said they noted improved freight rail performance during the second half of 2024.



RBCT said in a performance update on Friday that 6,342 trains were offloaded at the terminal in 2024, up from 5,820 the year before. The average number of trains also edged up to 17 per day in 2024, from 16 the previous year.



In 2024, Asia&#8217;s share of South Africa&#8217;s coal exports increased to 43.99 million tons, or 84.5% of the total, up from 37.1 million the previous year. India accounted for 25.75 million tons of the exports, while Pakistan imported 2.37 million tons.



Shipments to Europe, which surged to 14.3 million tons in 2022 after the European Union banned coal from Russia following the invasion of Ukraine, further declined to 3.54 million tons last year, after falling to 6.8 million tons in 2023.



(Reporting by Nelson Banya; Editing by Mark Potter)

VBIWQECG2BIYTB5AT2YWGLXVKE

S.Africa’s Richards Bay exports up 10% in 2024 amid rail improvement

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-820x461.jpg" alt="" class="wp-image-400641" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-820x461.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-1536x864.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A collection of mixed denomination South African rand coins sit in an arranged photo in Johannesburg, South Africa, on Thursday, June 22, 2017. South Africas inflation rate rose for the first time this year in May after food-price growth quickened from the slowest pace since December 2015. Photographer: Waldo Swiegers/Bloomberg via Getty Images</figcaption></figure>



JOHANNESBURG, Jan 24 (Reuters) &#8211; South Africa&#8217;s rand firmed on Friday against a weaker dollar after U.S. President Donald Trump demanded lower interest rates from the Federal Reserve, driving down Treasury yields.



At 0848 GMT, the rand traded at 18.35 against the U.S. dollar, about 1% stronger than its previous close. The greenback last traded about 0.6% weaker against a basket of currencies.



Data out of the world&#8217;s biggest economy on Thursday showed a rise in weekly jobless claims, while Trump, speaking virtually at the World Economic Forum meeting at Davos, said he would demand lower interest rates.



The&nbsp;jobless claims and Trump&#8217;s remarks&nbsp;led to a revision of U.S. rate cut expectations and drove&nbsp;U.S. Treasury yields lower on Friday, ETM Analytics said in a research note.



&#8220;In turn, the dollar has come under renewed pressure, with the rand taking advantage as it trades to its strongest levels since before Christmas. Whether the rand bulls can sustain this momentum into the weekend remains to be seen.&#8221;



But analysts said that although dollar weakness supports the local currency, tariff risks posed by Trump and a fragile global sentiment could limit further gains.



Next week, domestically focused investors will look to the South African Reserve Bank (SARB) when it announces its first interest rate decision for 2025 on Jan. 30.



&#8220;With the SARB, Fed and (European Central Bank) meetings ahead, central bank guidance will heavily influence (foreign exchange) and bond markets,&#8221; said Andre Cilliers, currency strategist at TreasuryONE.



South Africa&#8217;s benchmark 2030 government bond was stronger, with the yield down 8 basis points to 8.975%.



On the Johannesburg Stock Exchange, the blue-chip Top-40 index last traded up more than 1%.



(Reporting by Tannur Anders; additional reporting by Sfundo Parakozov; editing by Rashmi Aich and Mark Heinrich)

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Reuters

South African rand stable ahead of rate decision

South African Markets – Factors to watch on Jan 30

Namibia’s unemployment rate rises to 36.9%

Plan to get electricity to more Africans wins $8 billion in new pledges

Rwanda’s Kagame says he agrees with US on need for ceasefire in Congo

Rubio tells Rwandan president US wants ceasefire in Congo

Zimbabwe inflation rises sharply, spurred by food and housing

South African statistics agency updates its inflation basket

S.Africa’s Woolworths flags lower half-year profit on weak clothing sales

S.African retailer Shoprite posts half-year sales growth on festive demand

African Markets – Factors to watch on Jan 28

SA’s Tiger Brands to sell Empresas Carozzi stake for $240 mln, focus at home

World Bank president cautions against hasty reaction to Trump policies

Ghana central bank holds policy rate for second meeting in a row

South African rand weakens ahead of data-filled week

S.Africa’s Richards Bay exports up 10% in 2024 amid rail improvement

South African rand rallies against weaker dollar, US Fed rates in focus

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