
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1200" height="628" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/FYWWSVJ7GZPUZHCREMBLZUUK6I.avif" alt="" class="wp-image-585487"/><figcaption class="wp-element-caption">A view of the Bank of Zambia in Lusaka, Zambia February 23, 2024. REUTERS/Namukolo Siyumbwa/File Photo</figcaption></figure>



<p>LUSAKA, Feb 12 (Reuters)&nbsp;&#8211;&nbsp;Zambia&#8217;s central bank raised its main lending rate for the second meeting in a row to try to bring down inflation, which climbed last year because of the worst regional drought in living memory.</p>



<p>The 50-basis-point hike in the Bank of Zambia&#8217;s Monetary Policy Rate took it to 14.50%, its highest level since 2016.</p>



<p>Annual inflation stood at a more than three-year high of 16.7% in January, well above the central bank&#8217;s 6%-8% target range.</p>



<p>Bank of Zambia Governor Denny Kalyalya told reporters the bank needed to act to &#8220;adjust that feeling that inflation will continue to go up&#8221;.</p>



<p>Inflation is projected to average 14.6% this year, whereas at the central bank&#8217;s last monetary policy meeting in November the forecast was for average inflation of 13.9%.</p>



<p>Zambia&#8217;s economic growth slowed in 2024 because of the effects of the severe drought, but it is expected to rebound this year.</p>



<p>A presentation by Kalyalya gave a 6.6% economic growth forecast for 2025, the same rate targeted in the finance minister&#8217;s September budget speech.</p>



<p>The El Nino-induced drought wiped out crops and caused hydroelectric power generation on the Kariba dam, Zambia&#8217;s biggest power source, to plummet last year, spurring food and power imports.</p>



<p>Recent rains have since improved the outlook for agriculture and power generation.</p>



<p>A major copper producer, Zambia also hopes its mining sector will contribute to economic recovery.</p>



<p>(Reporting by Chris Mfula; Writing by Sfundo Parakozov; Editing by Alexander Winning and Barbara Lewis)</p>


FYWWSVJ7GZPUZHCREMBLZUUK6I

Zambia central bank raises key rate again as inflation above target


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="728" height="487" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/rand2-1.jpg" alt="" class="wp-image-568119" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/rand2-1.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/rand2-1-300x201.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/rand2-1-135x90.jpg 135w" sizes="auto, (max-width: 728px) 100vw, 728px" /><figcaption class="wp-element-caption">South African bank notes featuring an image of former South African President Nelson Mandela are displayed at an office in Johannesburg, File. REUTERS/Siphiwe Sibeko</figcaption></figure>



<p>JOHANNESBURG, Feb 12 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand was steady in early trade on Wednesday, as markets processed U.S. Federal Reserve Chair Jerome Powell&#8217;s comments on interest rate cuts and braced for an inflation reading from the world&#8217;s biggest economy later in the day.</p>



<p>At 0653 GMT, the rand traded at 18.5125 against the U.S. dollar, near its Tuesday closing level of 18.5075.</p>



<p>Powell told the U.S. Congress on Tuesday that the Fed was not in a hurry to cut interest rates and a reduction would be considered only if inflation eases or the job market weakens.</p>



<p>Markets will now look to January&#8217;s U.S. consumer price index print at 1330 GMT.</p>



<p>Like other risk-sensitive currencies, the rand often takes cues from global drivers such as U.S. monetary policy in the absence of major local drivers.</p>



<p>South Africa&#8217;s benchmark 2030 government bond was weaker in early deals, with the yield up 1 basis points at 9.16%.</p>



<p>(Reporting by Sfundo Parakozov; Editing by Tannur Anders and Sherry Jacob-Phillips)</p>


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South African rand stable after Powell’s cautious comments; US inflation in focus


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



<p>JOHANNESBURG, Feb 12 (Reuters)&nbsp;&#8211;&nbsp;The following equity and currency market moves may affect South African markets on Wednesday.</p>



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



<p>South Africa&#8217;s rand was flat on Tuesday as traders gauged the effects of U.S. President Donald Trump&#8217;s tariffs on steel and aluminum imports, which risk sparking a multi-front trade war.</p>



<p>On the Johannesburg Stock Exchange, the blue-chip Top-40 index closed 0.2% lower.</p>



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



<p>Stocks rose and U.S. Treasury yields firmed on Wednesday as investors assessed the latest U.S. tariff salvo along with Federal Reserve Chair Jerome Powell&#8217;s signal of a patient path for rate cuts.</p>



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



<p>Wall Street&#8217;s main indexes ended mixed on Tuesday as gains in Coca-Cola and Apple offset losses in Tesla, while investors parsed Federal Reserve Chair Jerome Powell&#8217;s latest comments.</p>



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



<p>Gold prices retreated on Wednesday from an all-time high hit in the previous session, as Federal Reserve Chair Jerome Powell&#8217;s hawkish comment cemented views of slower rate cuts this year, while investors awaited a key U.S. inflation report.</p>



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



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



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



<p>&#8211; No Starlink soon with equity hoops to jump</p>



<p>&#8211; MPs rally around SA’s sovereignty amid Trump threats</p>



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


istockphoto-1076949610-612×612-1-2

South African Markets – Factors to watch on February 12


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3019" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/H3K4ULF7QBPTZIVJYRLJRCCIP4.avif" alt="" class="wp-image-585463"/><figcaption class="wp-element-caption">A logo of Brazil&#8217;s state-run Petrobras oil company is seen at their headquarters in Rio de Janeiro, Brazil October 16, 2019. REUTERS/Sergio Moraes/File Photo</figcaption></figure>



<p>NEW DELHI, Feb 12 (Reuters) &#8211; Brazil&#8217;s Petrobras wants to buy stakes in African oil assets, mainly in Angola, Namibia and South Africa, to boost its reserves as it expects output to fall after 2030, a senior executive said on Wednesday.</p>



<p>The Brazilian state energy firm is in talks with companies, including existing partners ExxonMobil, Shell and TotalEnergies, to buy a share of their African assets, Sylvia dos Anjos, the company&#8217;s director for exploration and production, told Reuters on the sidelines of the India Energy Week conference.</p>



<p>&#8220;In our portfolio, it makes better sense. It is economical. They are our partners in Brazil so it is easy to go anywhere (with them). So it is natural,&#8221; she said.</p>



<p>Petrobras hopes to produce 2.8 million barrels per day (bpd) in 2025 and has plans to raise that to 3.1 million bpd by 2029, dos Anjos said.</p>



<p>The company is comfortable with current oil prices as its projects are &#8220;sustainable at a very low price of $45 a barrel&#8221;, she added.</p>



<p>Global benchmark Brent snapped a three-day streak of gains on Wednesday to hover near $77 a barrel, weighed down by higher U.S. crude stockpiles and concern U.S. trade tariffs will hit the global economy.</p>



<p>Last month, Petrobras said that its estimated proven reserves of oil, condensate, and natural gas climbed to 11.4 billion barrels of oil equivalent (boe) in 2024, up from 10.9 billion boe in 2023.</p>



<p>(Reporting by Nidhi Verma in New Delhi; Additional reporting by Yagnoseni Das in Bengaluru; Editing Florence Tan, Tom Hogue and Barbara Lewis)</p>


H3K4ULF7QBPTZIVJYRLJRCCIP4

Brazil’s Petrobras seeks African oil assets to boost reserves


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



<p>Feb 12 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Wednesday.</p>



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



<p>Mauritius&#8217; central bank Governor Rama Krishna Sithanen is epxeced to hold a news conference after meeting with commercial bank executives.</p>



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



<p>Stocks rose and U.S. Treasury yields firmed on Wednesday as investors assessed the latest U.S. tariff salvo along with Federal Reserve Chair Jerome Powell&#8217;s signal of a patient path for rate cuts.</p>



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



<p>Oil prices fell on Wednesday as an industry report showed an increase in U.S. crude stockpiles and tariff worries weighed on sentiment, paring back three days of gains driven by increasing Middle East tensions and intensifying sanctions.</p>



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



<p>South Africa&#8217;s rand was flat on Tuesday as traders gauged the effects of U.S. President Donald Trump&#8217;s tariffs on steel and aluminum imports, which risk sparking a multi-front trade war.</p>



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



<p>The Kenyan shilling was unchanged against the U.S. dollar on Tuesday, data from the London Stock Exchange Group showed.</p>



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



<p>The Rwandan-backed M23 armed group in Democratic Republic of Congo threatened on Tuesday to advance on the provincial capital of Bukavu, citing a &#8220;dangerously deteriorating&#8221; situation, as Congo rejected a call for direct talks with the rebels.</p>



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



<p>Canadian miner Barrick Gold&#8217;s negotiations with the Malian government have been suspended without reaching an agreement to end the dispute over payments, Bloomberg News reported on Tuesday, citing people familiar with the government&#8217;s position.</p>



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



<p>The United Arab Emirates called on Tuesday for a ceasefire in Sudan during the coming holy month of Ramadan, a UAE official said, a call rejected by the Sudanese army, as the country&#8217;s civil war approaches the two-year mark.</p>



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



<p>South Sudan&#8217;s President Salva Kiir has dismissed his intelligence chief and two of the country&#8217;s vice-presidents, replacing one of his closest allies with a senior advisor whom analysts believe Kiir may be readying to succeed him.</p>



<h2 class="wp-block-heading" id="h-central-african-republic-memecoin">CENTRAL AFRICAN REPUBLIC MEMECOIN</h2>



<p>Central African Republic has launched a meme coin in what President Faustin-Archange Touadera said was a bid to raise the profile of one of the world&#8217;s poorest countries.</p>



<h2 class="wp-block-heading" id="h-tanzania-lng">TANZANIA LNG</h2>



<p>Tanzania is discussing tax incentives with investors in a stalled project to construct a $42 billion liquefied natural gas plant in the country, Energy Minister Doto Biteko said on Tuesday, adding the talks could be completed by June.</p>



<h2 class="wp-block-heading" id="h-uganda-oil">UGANDA OIL</h2>



<p>Uganda will not begin oil production this year, a government spokesperson said on Tuesday, missing a long-standing target to begin extracting crude from its western fields this year.</p>



<h2 class="wp-block-heading" id="h-uganda-health">UGANDA HEALTH</h2>



<p>The number of confirmed Ebola cases in Uganda has risen to nine from three, the country&#8217;s health ministry said.</p>



<h2 class="wp-block-heading" id="h-somalia-violence">SOMALIA VIOLENCE</h2>



<p>The Islamic State armed group attacked military bases in Somalia&#8217;s northeastern Puntland state overnight with suicide car and motorbike bombs, but government forces repelled the assault and airstrikes killed 70 militants, a military official said on Tuesday.</p>



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


World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on February 12


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3334" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/W6G6MVOXZ5MAPCA7IMBJFSHWMM.avif" alt="" class="wp-image-585151"/><figcaption class="wp-element-caption">U.S. President Donald Trump holds a joint press conference with Japanese Prime Minister Shigeru Ishiba in the East Room at the White House in Washington, U.S., February 7, 2025. REUTERS/Kent Nishimura/File Photo</figcaption></figure>



<p>JOHANNESBURG, Feb 11 (Reuters) &#8211; U.S. President Donald Trump&#8217;s attacks on what he alleges is South Africa&#8217;s mistreatment of its white minority are being met with mockery on social media by some white South Africans poking fun at their own privilege.</p>



<p>Trump said last week that &#8220;certain classes of people&#8221; were being treated &#8220;very badly&#8221; in South Africa, referring to a bill signed by President Cyril Ramaphosa aimed at addressing racial disparities in land ownership.</p>



<p>He then cut aid to South Africa and offered refugee resettlement in the United States to Afrikaners, the descendants of early European settlers, stating they were &#8220;victims of unjust racial discrimination&#8221;.</p>



<p>&#8220;USA, USA, USA!&#8221; comedian Bouwer Bosch chants in a TikTok video as he tells a friend he is moving to the United States.</p>



<p>&#8220;Why did you get refugee status?&#8221; the friend asks.</p>



<p>&#8220;Cause I&#8217;m white, bro!&#8221; he responds, before adding that he will be back to his South African beach house in the summer, to attend a golf tournament and go to AfrikaBurn &#8211; South Africa&#8217;s answer to the Burning Man festival.</p>



<p>In an Instagram video titled &#8220;A day in the life of an oppressed white South African&#8221;, a woman lies yawning in bed.</p>



<p>&#8220;My husband brought me an iced coffee today because the most oppressive thing about this country is actually the sun,&#8221; she says.</p>



<p>South African-born billionaire Elon Musk, who is now a key adviser to Trump, has amplified the president&#8217;s attacks on South Africa, writing in a post on his social media platform X last week that the country has &#8220;openly racist ownership laws&#8221;.</p>



<p>In another Instagram video, South African Indian comedian Sed Pillay plays the character of a white Afrikaner farmer applying for asylum in the United States who doesn&#8217;t want to leave behind his Black farm workers.</p>



<p>&#8220;I need to put in a special request: if I could please bring Sipho and Thandeka with me,&#8221; he says.</p>



<p>South Africa&#8217;s Foreign Ministry said on Saturday that Trump&#8217;s executive order cutting aid &#8220;lacks factual accuracy and fails to recognize South Africa&#8217;s profound and painful history of colonialism and apartheid&#8221;.</p>



<p>Three decades after the end of racist apartheid rule, white South Africans, who make up less than 10% of the population, still own most of the country&#8217;s farmland. Land reform policies since the first multi-racial elections in 1994 have never involved the forced seizure of white-owned land.</p>



<p>The mostly white-led Democratic Alliance party, the top coalition partner in Ramaphosa&#8217;s unity government, opposes the recent land bill and has filed a court challenge against it. However the DA also released a statement last week saying it is not true that the act allows land to be seized arbitrarily and that it does require fair compensation.</p>



<p>(Reporting by Nellie Peyton; Editing by Joe Bavier and Frances Kerry)</p>


W6G6MVOXZ5MAPCA7IMBJFSHWMM

Trump’s accusations against South Africa spark ‘white privilege’ self-mockery

5GNVC2OMLFLIPCLKL5K6SSE2UU

China builds space alliances in Africa as Trump cuts foreign aid


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1.jpg" alt="" class="wp-image-524583" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



<p>JOHANNESBURG, Feb 11 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, equity and currency market moves may affect South African markets on Tuesday.</p>



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



<p>South African government bond auction</p>



<p>December manufacturing output </p>



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



<p>South Africa&#8217;s rand was little changed on Monday after U.S. President Donald Trump announced more tariff plans, adding to worries over a global trade war.</p>



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



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



<p>Gold hit a record high, the dollar was firm and Hong Kong shares advanced to a four-month peak on Tuesday as investors navigated shifts in U.S. trade policy and waited to hear from Federal Reserve Chair Jerome Powell on tariffs and inflation.</p>



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



<p>Wall Street&#8217;s main indexes closed higher on Monday, lifted by Nvidia and other AI-related stocks, while steelmakers surged after U.S. President Donald Trump said he would impose additional tariffs on steel and aluminium imports.</p>



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



<p>Gold prices soared to a record high on Tuesday, as investors flocked to the safe-haven asset after U.S. President Donald Trump imposed new 25% tariffs on steel and aluminium imports, fuelling concerns over a potential trade war and inflation.</p>



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



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



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



<p>&#8211; Treasury tells departments to reprioritise budgets for G20 funding</p>



<p>&#8211; US embassy confirms Pepfar programmes exempt from Trump’s freeze on SA aid</p>



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



<p>&#8211; SA steel and aluminium on edge amid Trump tariff uncertainty</p>



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


istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on February 11


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



<p>JOHANNESBURG, Feb 11 (Reuters) &#8211; South Africa&#8217;s rand weakened early on Tuesday as traders gauged the effects of U.S. President Donald Trump&#8217;s tariffs on steel and aluminium imports, which risk sparking a multi-front trade war.</p>



<p>At 0727 GMT, the rand traded at 18.4725 against the U.S. dollar, about 0.1% softer than its previous close.</p>



<p>Trump imposed tariffs on steel and aluminium imports on Monday to a flat 25% &#8220;without exceptions or exemptions&#8221; aiming to benefit production in the world&#8217;s biggest economy.</p>



<p>ETM Analytics said in a research note that South Africa &#8220;will be minimally affected&#8221;.</p>



<p>&#8220;For now, the USD-ZAR will trade cautiously and without clear direction, until Trump&#8217;s policies are understood and the implications are more quantifiable than they are now,&#8221; the note added.</p>



<p>South Africa-focussed investors will look to December manufacturing data due around 1100 GMT, for signs on the health of Africa&#8217;s most industrialised economy. Economists polled by Reuters expect manufacturing output to fall 1.7%.</p>



<p>South Africa&#8217;s benchmark 2030 government bond was weaker in early deals, with the yield up 1 basis point to 9.11%.</p>



<p>On the Johannesburg Stock Exchange, the blue-chip Top-40 index last traded about 0.4% weaker. Shares in steel producer ArcelorMittal South Africa traded 2% weaker on the news of Trump&#8217;s tariffs.</p>



<p>(Reporting by Sfundo Parakozov; Editing by Tannur Anders and Ed Osmond)</p>


South African Rand coins are seen in this photo illustration

South African rand softer, markets focus on Trump steel tariff impact


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



<p>Feb 11 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday.</p>



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



<p>Gold hit a record high, the dollar was firm and Hong Kong shares advanced to a four-month peak on Tuesday as investors navigated shifts in U.S. trade policy and waited to hear from Federal Reserve Chair Jerome Powell on tariffs and inflation.</p>



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



<p>Oil prices extended gains on Tuesday after a report showed Russian oil production fell short of quota and on fears of more supply disruptions, but gains were limited by worries that escalating trade tariffs could dampen global economic growth.</p>



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



<p>South Africa&#8217;s rand was little changed on Monday after U.S. President Donald Trump announced more tariff plans, adding to worries over a global trade war.</p>



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



<p>The Kenyan shilling was flat against the dollar on Monday, data from the London Stock Exchange Group (LSEG) showed.</p>



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



<p>South Africa has sent additional troops and military equipment to Democratic Republic of Congo in recent days, political and diplomatic sources said, after 14 of its soldiers were killed in fighting with Rwanda-backed rebels last month.</p>



<h2 class="wp-block-heading" id="h-uganda-central-bank">UGANDA CENTRAL BANK</h2>



<p>Uganda has named a new central bank governor and deputy governor, President Yoweri Museveni&#8217;s office said on Monday.</p>



<h2 class="wp-block-heading" id="h-botswana-economy">BOTSWANA ECONOMY</h2>



<p>Botswana sees 3.3% growth in 2025 amid upturn in diamond market.</p>



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


African Markets – Factors to watch on Feb 11


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="4032" height="3024" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/2SIQMB7RZ5KDFNVECNMIHSHXSA.avif" alt="" class="wp-image-585046"/><figcaption class="wp-element-caption">An aerial view of Shaft 11 at Impala Platinum Mine, in Rustenburg, South Africa, November 28, 2023. REUTERS/Shafiek Tassiem/File Photo</figcaption></figure>



<p>Feb 11 (Reuters) &#8211; Impala Platinum  expects its half-year profit to fall by as much as 49% in the six months to December 2024 as low metal prices persist, the South African company said on Tuesday.</p>



<p>Impala, the world&#8217;s second-largest producer of platinum group metals that are used to curb emissions from motor vehicles, said it expects headline earnings to be between 1.65 billion rand and 1.95 billion rand ($89.39 million-$105.65 million) for the six months to December 31, down from 3.26 billion rand previously.</p>



<p>The miner said its income had been affected by lower dollar pricing for its metals as well as the strengthening rand exchange rate, which more than offset the benefit of improved production and sales volumes.</p>



<p>Impala&#8217;s refined output increased by 2% to 1.79 million ounces, while sales rose 5% to 1.77 million ounces in the six months.</p>



<p>Anglo American Platinum, Impala&#8217;s bigger rival, expects its profit for the 2024 financial year to drop by as much as 46% in response to low metal prices and costs associated with restructuring and a demerger from its parent company.</p>



<p>The company will release its half-year financial results on February 27.</p>



<p>($1 = 18.4578 rand)</p>



<p>(Reporting by Nelson Banya; editing by Barbara Lewis)</p>


2SIQMB7RZ5KDFNVECNMIHSHXSA

Impala Platinum expects deeper profit fall on low platinum prices


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="3000" height="2000" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/M6LR22CX2ZL6BF5FULJQBJKP7I.avif" alt="" class="wp-image-585028"/><figcaption class="wp-element-caption">The MOODY&#8217;S logo and a decreasing stock graph are seen in this illustration taken on January 29, 2025. REUTERS/Dado Ruvic/Illustration/File Photo</figcaption></figure>



<p>LONDON, Feb 10 (Reuters)&nbsp;&#8211;&nbsp;The triple-A ratings of the World Bank and other top multilateral lenders would be at risk if U.S. President Donald Trump slashed his country&#8217;s support for them, credit rating agency Moody&#8217;s&nbsp;has&nbsp;warned,&nbsp;adding such a move was unlikely.</p>



<p>Last week, Trump signed an Executive Order to review U.S. government support to all international intergovernmental organisations of which it is a member and to withdraw from some United Nations organisations.</p>



<p>&#8220;The US is a key shareholder in a number of rated MDBs (multilateral development banks), hence it would be credit negative if it materially reduced its commitment to them,&#8221; Moody&#8217;s said in a report published on Monday.</p>



<p>The U.S. is the single biggest shareholder in the World Bank Group&#8217;s institutions, with a 16.4% share in its largest, the International Bank for Reconstruction and Development (IBRD), and a 19% stake in International Development Association (IDA) which provides concessional loans and grants to the world&#8217;s poorest countries.</p>



<p>The World Bank declined to comment on the Moody&#8217;s note.</p>



<p>It has an even higher 30% share in the Inter-American Development Bank in Latin America, a 15.6% stake in the Asian Development Bank and 10% in the European Bank of&nbsp;Reconstruction&nbsp;of Development that was set up in the wake of the Cold War.</p>



<p>The Trump-ordered review of Washington&#8217;s support for development banks is due to take roughly six months.</p>



<p>The set-ups of most of the institutions allow for an &#8220;orderly withdrawal&#8221; of a shareholder.</p>



<p>Moody&#8217;s said it was &#8220;unlikely that the U.S. would take drastic steps regarding its participation in key MDBs,&#8221; for several reasons, including the loss of influence over those institutions&#8217; lending policies.</p>



<p>In&nbsp;the World Bank&#8217;s case, the U.S. has paid in capital of around $3.7 billion in the IBRD and has callable capital commitments of $49.2 billion, compared to disbursed and outstanding IBRD loans and guarantees of around $263 billion.</p>



<p>The average maturity of the IBRD&#8217;s loan portfolio is 8.4 years although some loans are for up to 50 years meaning that, &#8220;the US would remain on the hook for IBRD&#8217;s lending portfolio for many years to come,&#8221; Moody&#8217;s said.</p>



<p>A withdrawal would also open the door for other countries to fill the void, something unlikely to fit with Trump&#8217;s geopolitical strategy.</p>



<p>&#8220;Those shareholders in particular include China, which has long coveted a larger share in the IBRD, a desire strongly opposed by consecutive U.S. governments,&#8221; Moody&#8217;s said.</p>



<p>(Reporting by Marc Jones, additional reporting by Andrea Shalal in Washington; editing by Libby George, Toby Chopra and Nick Zieminski)</p>


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Moody’s warns World Bank’s triple-A rating threatened if Trump pulls support


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="3984" height="2656" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/7VMZIX5RVNP4HCXIAHIZO4ZVIQ.avif" alt="" class="wp-image-584781"/><figcaption class="wp-element-caption">Former South African president Jacob Zuma&#8217;s uMkhonto we Sizwe (MK) party members gather in front of Cape Town Central police station where the MK party opened a treason case against AfriForum &#8211; an Afrikaner-led group, in Cape Town, South Africa, February 10, 2025. REUTERS/Esa Alexander</figcaption></figure>



<p>CAPE TOWN, Feb 10 (Reuters)&nbsp;&#8211;&nbsp;The party of South Africa&#8217;s ex-president Jacob Zuma on Monday filed a treason complaint against AfriForum, a group championing the white Afrikaner minority, after Donald Trump attacked the country&#8217;s new law aimed at redistributing white-owned land.</p>



<p>AfriForum has lobbied against the law in U.S. media and political circles, portraying it as part of a wider onslaught against Afrikaners, and Zuma&#8217;s MK party accused it in a criminal complaint of spreading misinformation to influence Trump.</p>



<p>The U.S. president last week signed an executive order cutting financial assistance to South Africa, citing the land expropriation act and Pretoria&#8217;s genocide case against Israel, Washington&#8217;s close ally, at the International Court of Justice.</p>



<p>The Trump administration said Afrikaners, the descendants of predominantly Dutch 17th century settlers, could come to the United States as refugees, lending credence to AfriForum&#8217;s complaint that they are being persecuted, which is disputed by the South African government and most political parties.</p>



<p>The government has defended the land reform law as an attempt to rectify the injustices of the past and has pushed back against what it says is misinformation, pointing out that no expropriations have yet taken place under the law.</p>



<p>White farmers own three quarters of South Africa&#8217;s privately held land, while white people make up 8% of the population.</p>



<p>Trump&#8217;s criticism has exacerbated stark divisions on racial issues that persist in South Africa 30 years after the end of apartheid, partly because of yawning inequality between racial groups.</p>



<p>Underscoring those divisions, the mostly white-led Democratic Alliance (DA) &#8211; top coalition partner in President Cyril Ramaphosa&#8217;s unity government &#8211; said on Monday it had filed a court challenge to the act, calling it unconstitutional.</p>



<p>&#8220;No government in a democratic country should be given such sweeping powers to expropriate property without compensation,&#8221; senior DA politician Helen Zille said in a statement.</p>



<p>Zuma&#8217;s MK party is a populist opposition party that strongly advocates land redistribution and rose quickly to come third in last year&#8217;s general elections, taking significant support away from the ruling African National Congress, which lost its majority.</p>



<p>MK took its complaint against AfriForum to Cape Town&#8217;s central police station, where dozens of supporters wearing the party&#8217;s trademark green military camouflage outfits sang anti-apartheid freedom songs.</p>



<h2 class="wp-block-heading" id="h-plotting">&#8216;PLOTTING&#8217;</h2>



<p>&#8220;Treason has been committed, we contend, by them, because they are plotting against our government,&#8221; said John Hlophe, the party&#8217;s parliamentary leader, just after filing the complaint.</p>



<p>&#8220;Based on those lies, those fraudulent misrepresentations, Trump decided to issue an executive order against South Africa,&#8221; he told reporters.</p>



<p>AfriForum&#8217;s CEO Kallie Kriel said the accusation of treason was absurd.</p>



<p>&#8220;It is the duty of civil society &#8230; to put the spotlight on legislation and actions that threaten the welfare of citizens and the country,&#8221; he said in a statement.</p>



<p>A decision on whether to prosecute AfriForum for treason will rest with the National Prosecuting Authority, which acts based on evidence presented by the police.</p>



<p>The ruling ANC last week also blamed AfriForum for Trump&#8217;s actions, though it has not taken legal action against the group.</p>



<p>The expropriation act empowers the government to seize land owned by white farmers, in rare cases without compensation, in order to redistribute it to poor Blacks.</p>



<p>AfriForum rejects the law as an assault on property rights and has been campaigning actively for years in the United States against South African land reform efforts.</p>



<p>(Reporting by Wendell Roelf; Writing by Tim Cocks; Editing by Estelle Shirbon, Aidan Lewis and Christina Fincher)</p>


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South African party accuses white group of treason over Trump attack


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="4595" height="3063" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/TSXEJAVPAZO77C5HSGIMQIYINE.avif" alt="" class="wp-image-584746"/><figcaption class="wp-element-caption">Michael Atingi-Ego speaks during the ReutersNEXT Newsmaker event in New York City, New York, U.S., November 9, 2023. REUTERS/Brendan McDermid/File Photo</figcaption></figure>



<p>KAMPALA, Feb 10 (Reuters)&nbsp;&#8211;&nbsp;Uganda has named Michael Atingi-Ego its central bank governor, President Yoweri Museveni&#8217;s spokesperson said on Monday.</p>



<p>Atingi-Ego previously worked for the central bank in a senior position, then left and returned in 2020 as deputy governor.</p>



<p>He has been the acting head of the bank since the death of long-serving former governor, Emmanuel Tumusiime-Mutebile, in 2022.</p>



<p>Sandor Walusimbi, President Yoweri Museveni&#8217;s spokesperson, confirmed the appointment of Atingi-Ego.</p>



<p>The bank has appointed Augustus Nuwagaba, an economist at Uganda&#8217;s largest public university, Makerere, as Atingi-Ego&#8217;s deputy, NTV Uganda, Daily Monitor newspaper and Uganda Broadcasting Corporation reported.</p>



<p>(Reporting by Elias Biryabarema; Editing by George Obulutsa and Aidan Lewis)</p>


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Uganda names new central bank governor, president’s spokesperson 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/2024/07/GettyImages-1161864863-820x547.jpg" alt="" class="wp-image-505639" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A South African one rand coin sits on South African rand banknotes in this arranged photograph in Pretoria, South Africa, on Wednesday, Aug. 14, 2019. The rand ended a tumultuous week on a positive note, gaining against the dollar for a second day and heading for its first weekly advance in four as technical indicators suggested recent declines are overdone. Photographer: Waldo Swiegers/Bloomberg via Getty Images</figcaption></figure>



<p>JOHANNESBURG, Feb 10 (Reuters) &#8211; South Africa&#8217;s rand and bonds weakened on Monday after U.S. President Donald Trump announced fresh tariff plans, adding to worries over a global trade war.</p>



<p>At 1011 GMT, the rand traded at 18.4650 against the U.S. dollar, about 0.2% weaker than its previous close.</p>



<p>The dollar was little changed after Trump said on Sunday he would introduce new 25% tariffs on all steel and aluminium imports into the U.S., on top of existing metals duties.</p>



<p>Analysts said South Africa may face further risks after Trump signed an executive order cutting U.S. financial assistance to the country on Friday, citing disapproval of its land policy and of its genocide case at the International Court of Justice against Washington&#8217;s ally Israel.</p>



<p>&#8220;SA needs to forge a path without US assistance, which this government must’ve foreseen as a real possibility given its geopolitical position towards Russia, BRICS and Israel/Palestine,&#8221; said ETM Analytics in a research note.</p>



<p>South Africa&#8217;s longer-dated bonds also slid, with the 2052 maturity falling as much as 0.47 cents to bid at 88.66 cents on the dollar at 1010 GMT in contrast to most African sovereigns, which broadly traded flat.</p>



<p>The shorter-dated maturities fell by smaller amounts and the 2025 was slightly positive.</p>



<p>South Africa&#8217;s benchmark 2030 government bond was weaker, with the yield up 6.5 basis points to 9.13%.</p>



<p>On the stock market, the Top-40 index last traded about 0.1% higher.</p>



<p>(Reporting by Sfundo Parakozov; Additional reporting by Libby George and Tannur Anders, Editing by Bhargav Acharya, Hugh Lawson and Sharon Singleton)</p>


South African Rand Rebound Snaps Streak of Weekly Losses

South African rand, bonds slip on Trump’s new tariff threats


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3334" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/7PQPUDNLRFNEHOE2URISJZW7ZY.avif" alt="" class="wp-image-584693"/><figcaption class="wp-element-caption">A view of the Mild Hydrocracking Unit (MHC) at the Dangote Petroleum Refinery in Lagos, Nigeria, July 20, 2024. REUTERS/Marvellous Durowaiye/File Photo</figcaption></figure>



<p>LAGOS, Feb 10 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s Dangote Oil refinery, Africa&#8217;s largest, could begin operating at full capacity in 30 days, the head of the refinery said on Monday.</p>



<p>The 650,000-barrel-per-day refinery built by Nigerian billionaire Aliko Dangote in Lagos began processing crude into products, including diesel, naphtha and jet fuel, in January last year and started processing petrol in September.</p>



<p>It aims to compete with European refiners when operating at full capacity but had been struggling to secure sufficient crude locally.</p>



<p>Edwin Devakumar, head of the Dangote oil refinery said it was currently operating at 85% capacity and &#8220;we can go 100 percent in 30 days.&#8221;</p>



<p>Last year, the refinery turned to importing crude after it was unable to secure sufficient volumes despite an agreement with the Nigerian government to buy crude in the local naira currency.</p>



<p>It has asked for 550,000 bpd of crude for January-June this year from oil producers in Nigeria, according to the oil regulator, which has also said it would block export permits for oil cargoes from producers who fail to meet their stipulated supply quota to local refineries.</p>



<p>The Dangote Oil Refinery is exploring new markets for its refined products. Founder Aliko Dangote told a group of Nigerian professionals who visited last week that it was sending two cargoes of jet fuel to Saudi Aramco as part of its plans to expand.</p>



<p>&#8220;We are looking at all the markets right now,&#8221; said Devakumar.</p>



<p>(Reporting by Isaac Anyaogu; Editing by Edwina Gibbs)</p>


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Nigeria’s Dangote Refinery to operate at full capacity in 30 days, executive 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/2021/05/Stock-value-rising-and-falling-820x547.jpg" alt="" class="wp-image-404443" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling.jpg 1254w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Macro view of a screen of trading terminal with abstract financial graph and digits. Trading and forex concept. 3D Rendering</figcaption></figure>



<p>NAIROBI, Feb 10 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Monday.</p>



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



<p>Asian shares dithered and the dollar edged higher on Monday after U.S. President Donald Trump warned more tariffs were imminent including on steel and aluminium, an inflationary move that could limit the scope for rate cuts.</p>



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



<p>Oil prices ticked higher on Monday even as investors weighed U.S. President Donald Trump&#8217;s latest tariff threat, this time on all steel and aluminium imports, which could dampen global economic growth and energy demand.</p>



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



<p>South Africa&#8217;s rand firmed on Friday after President Cyril Ramaphosa said his government would launch a second wave of reforms to try to boost economic growth. </p>



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



<p>Kenya&#8217;s shilling strengthened against the dollar on Friday, London Stock Exchange Group data showed.</p>



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



<p>Leaders at an unprecedented joint summit of Eastern and Southern African blocs aimed at defusing the crisis in Eastern Congo urged all parties to hold direct talks, including with Rwanda-backed rebels whose advance has fanned fears of a wider war. </p>



<h2 class="wp-block-heading" id="h-ethiopia-debt">ETHIOPIA DEBT</h2>



<p>Ethiopia is in the &#8220;final stages&#8221; of negotiations with its creditors in an ongoing plan to restructure its debt, its finance minister, Ahmed Shide, said on Sunday. </p>



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



<p>Mali&#8217;s industrial gold production plunged 23% to 51 metric tons last year from 66.5 tons in 2023, the West African country&#8217;s mines ministry said. </p>



<h2 class="wp-block-heading" id="h-rwanda-congo-war">RWANDA-CONGO WAR</h2>



<p>Rwanda said on Friday it had proof of an intended major attack by the Democratic Republic of Congo and denied it was fomenting conflict inside its neighbour&#8217;s border.</p>



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


Reuters

Zambia central bank raises key rate again as inflation above target

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South African rand softer, markets focus on Trump steel tariff impact

African Markets – Factors to watch on Feb 11

Impala Platinum expects deeper profit fall on low platinum prices

Moody’s warns World Bank’s triple-A rating threatened if Trump pulls support

South African party accuses white group of treason over Trump attack

Uganda names new central bank governor, president’s spokesperson says

South African rand, bonds slip on Trump’s new tariff threats

Nigeria’s Dangote Refinery to operate at full capacity in 30 days, executive says

African Markets – Factors to watch on Feb 10

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Reuters

Zambia central bank raises key rate again as inflation above target

South African rand stable after Powell’s cautious comments; US inflation in focus

South African Markets – Factors to watch on February 12

Brazil’s Petrobras seeks African oil assets to boost reserves

African Markets – Factors to watch on February 12

Trump’s accusations against South Africa spark ‘white privilege’ self-mockery

China builds space alliances in Africa as Trump cuts foreign aid

South African Markets – Factors to watch on February 11

South African rand softer, markets focus on Trump steel tariff impact

African Markets – Factors to watch on Feb 11

Impala Platinum expects deeper profit fall on low platinum prices

Moody’s warns World Bank’s triple-A rating threatened if Trump pulls support

South African party accuses white group of treason over Trump attack

Uganda names new central bank governor, president’s spokesperson says

South African rand, bonds slip on Trump’s new tariff threats

Nigeria’s Dangote Refinery to operate at full capacity in 30 days, executive says

African Markets – Factors to watch on Feb 10

News Tips

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