<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)

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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)

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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)

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

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="427" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/05/O2FK4RQE2FNITFI75FX55L4UIU.avif" alt="" class="wp-image-616262"/><figcaption class="wp-element-caption">Nigerian multinational industrial conglomerate Dangote Group&#8217;s CEO Aliko Dangote attends the seventh &#8220;Choose France Summit&#8221;, aiming to attract foreign investors to the country, at the Chateau de Versailles, outside Paris, France on May 13, 2024. LUDOVIC MARIN/Pool via REUTERS/File Photo</figcaption></figure>



LAGOS, May 1 (Reuters) &#8211; Nigerian billionaire Aliko Dangote said on Thursday he was &#8220;comfortable&#8221; with the impact President Donald Trump&#8217;s tariffs would have on his urea exports to the U.S. because major competitor Algeria had been slapped with a higher levy.



Trump imposed a 14% tariff on imports from Nigeria, Africa&#8217;s largest oil exporter, as part of widespread trade measures introduced last month, later paused for 90 days.



Dangote told an investment conference in Lagos that Dangote Fertiliser, which began commercial operations in 2022, shipped 37% of its 3 million metric tonnes of urea production to the United States.



He said he was initially worried by Trump&#8217;s tariff on Nigeria, which also exports crude to the U.S.



&#8220;But when I checked who we are really competing with, we are competing with Algeria. So luckily for us Algeria were slapped with 30%,&#8221; said Dangote. &#8220;So it actually makes us a bit comfortable.&#8221;



Dangote, who built Africa&#8217;s largest petroleum refinery, said he expected revenues from Dangote Group, also a major cement producer, to grow to more than $30 billion next year from about $25 billion projected in 2025.



(Reporting by MacDonald Dzirutwe; Editing by Jan Harvey)

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Nigeria’s Aliko Dangote ‘comfortable’ with impact of Trump tariffs on urea exports

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="357" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/05/istockphoto-1030878162-612x612-1.png" alt="" class="wp-image-616259" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/05/istockphoto-1030878162-612x612-1.png 612w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/istockphoto-1030878162-612x612-1-300x175.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/istockphoto-1030878162-612x612-1-154x90.png 154w" 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>



NAIROBI, May 2 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Friday.



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



GLOBAL MARKETS



Asian stock markets and U.S. futures rose on Friday as signs of possible trade talks between the U.S. and China lifted risk sentiment after lacklustre earnings from tech bellwethers Apple and Amazon fuelled worries about the impact of tariffs.



WORLD OIL PRICES



Oil prices climbed on Friday after China said it was open for talks with the United States on tariffs, raising hopes of a de-escalation in a bitter trade war between the world&#8217;s two largest economies.



DEMOCRATIC REPUBLIC OF CONGO MINERALS



The U.S. is pushing Congo and Rwanda to sign a peace accord at the White House in about two months, accompanied by bilateral mineral deals that would bring billions of dollars of Western investment to the region, President Donald Trump&#8217;s senior advisor for Africa told Reuters on Thursday.



NIGERIA TARIFFS



Nigerian billionaire Aliko Dangote said on Thursday he was &#8220;comfortable&#8221; with the impact President Donald Trump&#8217;s tariffs would have on his urea exports to the U.S. because major competitor Algeria had been slapped with a higher levy.

istockphoto-1030878162-612×612-1

African Markets – Factors to watch on May 2

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="421" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/05/4OV4T4LXMJKKRFBV7SP6UEX2LE.avif" alt="" class="wp-image-616237"/><figcaption class="wp-element-caption">Members of the M23 rebel group mount their vehicles after the opening ceremony of Caisse Generale d&#8217;epargne du Congo in Goma, North Kivu province in the East of the Democratic Republic of Congo, April 7, 2025. REUTERS/Arlette Bashizi/File Photo</figcaption></figure>



DOHA, May 1 (Reuters)&nbsp;&#8211;&nbsp;The U.S. is pushing Congo and Rwanda to sign a peace accord at the White House in about two months, accompanied by bilateral mineral deals that would bring billions of dollars of Western investment to the region, President Donald Trump&#8217;s senior advisor for Africa told Reuters on Thursday.



&#8220;When we sign the peace agreement &#8230; the minerals deal with the DRC (Democratic Republic of Congo) will be signed on that day, and then a similar package, but of a different size, will be signed on that day with Rwanda,&#8221; Massad Boulos said in an interview in the Qatari capital, Doha.



A U.S.-backed peace accord would come amid an unprecedented advance by Rwandan-backed M23 rebels in Congo, the latest cycle of violence in a decades-long conflict, in a region rich in minerals including tantalum and gold. Rwanda denies backing the group.



Rwanda and Congo are expected to submit separate drafts of a peace agreement on Friday, according to a peace process agreed in Washington last week as part of diplomatic efforts to end violence in eastern Congo.



The Congolese government did not immediately respond to Reuters&#8217; request for comment.



In mid-May U.S. Secretary of State Marco Rubio will meet in Washington with the Rwandan and Congolese foreign ministers in an effort to agree on a final draft peace accord, Boulos said.



But before that accord can be signed, Boulos said, Rwanda and Congo must finalise bilateral economic agreements with Washington that will see U.S. and Western companies invest billions of dollars in Congolese mines and infrastructure projects to support mining in both countries including the processing of minerals in Rwanda.



&#8220;The (agreement) with the D.R.C. is at a much bigger scale, because it&#8217;s a much bigger country and it has much more resources, but Rwanda also has a lot of resources and capacities and potential in the area of mining as well &#8230; not just the upstream, but also midstream and downstream to processing and refining and trading,&#8221; Boulos said.



Boulos said U.S. and Western companies have told Washington they would make multi-billon dollar investments in the region once the bilateral minerals deals are signed.



Boulos also said before the White House signing ceremony can go ahead, Washington expects both countries to address a number of security concerns. For example, Rwanda must pull its troops out of Congo and end its support for M23 rebels. Congo must address Rwanda&#8217;s security concerns with militias such as the Democratic Forces for the Liberation of Rwanda (FDLR).



Boulos said that on Wednesday a follow-up committee was appointed to monitor both countries&#8217; progress towards the peace deal, which includes the U.S., Qatar, France and Togo, which is representing the African Union.



(Reporting by Andrew Mills; Editing by Robbie Corey-Boulet and Peter Graff and Sandra Maler)

4OV4T4LXMJKKRFBV7SP6UEX2LE

EXCLUSIVE-US pushes Congo, Rwanda for peace accord and billion-dollar mineral deals

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/05/istockphoto-1076949610-612x612-1.jpg" alt="" class="wp-image-616234" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/05/istockphoto-1076949610-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/istockphoto-1076949610-612x612-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/istockphoto-1076949610-612x612-1-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">Double exposure of coin stack with city background and world map, financial graph, world map and global network business concept idea, element by NASA.</figcaption></figure>



JOHANNESBURG, May 2 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, equity and currency market moves may affect South African markets on Friday.



ECONOMIC EVENTS



Manufacturing-sector purchasing managers&#8217; index



Inflation-linked bond auction



April vehicle sales&nbsp;ZAVEHY=ECI



GLOBAL MARKETS



Asian stock markets and U.S. futures rose on Friday as signs of possible trade talks between the U.S. and China lifted risk sentiment after lacklustre earnings from tech bellwethers Apple and Amazon fuelled worries about the impact of tariffs. MKTS/GLOB



WALL STREET



U.S. stocks advanced on Thursday, with the Dow and S&amp;P 500 posting their eighth straight session of gains after strong results from megacaps Microsoft and Meta eased concerns about artificial intelligence spending. 



GOLD



Gold gained on Friday as investors rushed to buy the metal a day after its prices hit a two-week low amid receding trade tensions, while the market&#8217;s focus shifted to the U.S. non-farm payrolls report due later in the day. 



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



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



BUSINESS DAY



&#8211; Trump&#8217;s about-turn on car component tariffs fuels uncertainty



&#8211; De Beers the elephant in the room as Anglo lets Amplats loose



FIN 24



&#8211; SA seeking to develop its own nuclear fuel in the next decade



(Compiled by Sfundo Parakozov)

istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on May 2

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="427" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/05/ET33OHMM6JPKRFYNSMV634XUYQ.avif" alt="" class="wp-image-616231"/><figcaption class="wp-element-caption">Coffee beans are seen in this illustration taken December 17, 2024. REUTERS/Dado Ruvic/Illustration/File Photo</figcaption></figure>



KAMPALA, May 2 (Reuters)&nbsp;&#8211;&nbsp;Uganda&#8217;s coffee exports nearly doubled in March from the same month last year, according to a report by the agriculture ministry, boosted by a good harvest.



The East African country shipped a total of 642,981 60-kilogram bags of the beans in March, over 90% more than in the same month last year, the report showed.



Uganda, which primarily cultivates the robusta variety, is Africa&#8217;s largest exporter of coffee, followed by Ethiopia.



In value terms, the shipments in March earned $198.6 million, more than 200% higher than in March 2024.



The ministry attributed the steep surge in volumes exported and earnings to a good crop and favourable global prices.



Uganda&#8217;s exports of coffee have been rising sharply in recent months, mostly due to high global prices and newly-planted trees that are maturing.



The country earned $1.8 billion from the shipments in the 12 months to March, up from about $1 billion in the previous 12-month period.



(Reporting by Elias Biryabarema; Editing by Alexander Winning and Mark Potter)

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Ugandan coffee shipments nearly doubled in March, agriculture ministry says

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="423" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/05/B6IT6UX6YZL43P46QXVFCGWBZA.avif" alt="" class="wp-image-616228"/><figcaption class="wp-element-caption">A South African Rand is seen in this illustration picture taken October 30, 2020. REUTERS/Mike Hutchings/Illustration/File Photo</figcaption></figure>



JOHANNESBURG, May 2 (Reuters)&nbsp;&#8211;&nbsp;The South African rand firmed in early trade on Friday, ahead of the release of a purchasing managers&#8217; index (PMI) survey for the local manufacturing sector.



At 0633 GMT, the rand was trading at 18.4375 against the dollar&nbsp;ZAR=D3, up roughly 0.5% on Thursday&#8217;s closing level.



The dollar index&nbsp;=USD&nbsp;was down about 0.3% on global markets, as investors awaited the U.S. non-farm payrolls report for an indication of when the Federal Reserve will resume cutting interest rates.



Rand traders are looking to South Africa&#8217;s April manufacturing PMI due for release around 0900 GMT to shed light on business conditions in Africa&#8217;s most industrialised economy.



The PMI has been in contractionary territory for the past five months, weighed down by strained South Africa-U.S. relations, power cuts and logistics bottlenecks.



April vehicle sales&nbsp;ZAVEHY=ECI&nbsp;figures are also expected around 1200 GMT.



South Africa&#8217;s benchmark 2030 government bond&nbsp;ZAR2030=&nbsp;was marginally stronger in early deals, with the yield down 2.5 basis points at 8.795%.



(Reporting by Sfundo Parakozov; Editing by Alexander Winning and Emelia Sithole-Matarise)

B6IT6UX6YZL43P46QXVFCGWBZA

South African rand firms before local manufacturing PMI

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="390" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Z7OUSBHECZMJVEHQT7G2AZVSQU-1.avif" alt="" class="wp-image-615600"/><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, April 30 (Reuters)&nbsp;&#8211;&nbsp;The South African rand slipped&nbsp;on&nbsp;Wednesday&nbsp;following mixed local economic data and&nbsp;as the dollar gained after data showed the U.S. economy contracted in the first quarter.



At&nbsp;1329 GMT, the rand traded at 18.62 against&nbsp;the dollar&nbsp;ZAR=D3, roughly 0.4% weaker than Tuesday&#8217;s closing level.



Domestic data showed South Africa recorded a trade surplus of 24.77 billion rand ($1.33 billion) in March, while the budget deficit stood at 13.11 billion rand in the same month.



The dollar=USD was last trading up about 0.25% against a basket of currencies, after a Commerce Department report showed U.S. gross domestic product (GDP) fell 0.3% in the first quarter.



The data was worse than market expectations, but better than the dire predictions touted by some of the biggest U.S. banks.



Earlier on Wednesday, South African Finance Minister Enoch Godongwana briefed reporters on the next steps for the local budget after he scrapped a fiercely-opposed increase in value-added tax and a court set aside parliament&#8217;s adoption of the fiscal framework.



He said a new budget would be presented on May 21, which would maintain a government focus on stabilising public debt.



Separately, central&nbsp;bank data showed private sector credit extension slowed slightly in March&nbsp;ZACRED=ECI&nbsp;to 3.45% year-on-year from 3.68% in February.



On the stock market, the Top-40&nbsp;.JTOPI&nbsp;index was last trading about 0.3% higher.



The benchmark 2030 government bond&nbsp;ZAR2030=&nbsp;was&nbsp;little changed,&nbsp;with the yield&nbsp;up 0.5 basis point at&nbsp;8.815%.



(Reporting by Sfundo Parakozov and Bhargav Acharya; Editing by Alexander Winning, Sharon Singleton and Mark Heinrich)

Z7OUSBHECZMJVEHQT7G2AZVSQU

South Africa’s rand weakens after mixed local data, US GDP dip

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="427" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/CBN3E2M4SFJYBDTJWK6AHBOLS4.avif" alt="" class="wp-image-615597"/><figcaption class="wp-element-caption">A general view of the gold mine site, operated by Endeavour Mining Corporation in Hounde, Burkina Faso February 13, 2020. Picture taken February 13, 2020. Reuters/Anne Mimault/File Photo</figcaption></figure>



DAKAR, April 30 (Reuters)&nbsp;&#8211;&nbsp;International mining companies should consider joint ventures with local partners and dual listings on regional stock exchanges to navigate an increasingly complex landscape in West Africa, the head of a regional lobby group said.



Military-led governments across West Africa have upended the mining sector by rewriting contracts, detaining executives and suspending operations as they demand greater control over natural resources.



Mining companies also face growing security challenges from jihadist groups that have forced the suspension of some exploration activities.



The new reality means big miners must adapt, including by meeting governments&#8217; growing demands for localisation, Adama Soro, president of the West African Federation of Chambers of Mines, told Reuters.



Dual listings on regional exchanges and joint ventures with local partners could go a long way towards strengthening these companies&#8217; positions, he said.



&#8220;We&#8217;re pushing at the regional level to get dual listing on the regional stock market &#8230; so that the local investor can also benefit,&#8221; Soro said. &#8220;The big companies are open, they know this is the reality (and) you can&#8217;t go against the winds.&#8221;



Despite regulatory changes affecting major players such as Barrick&nbsp;ABX.TO, Endeavour&nbsp;EDV.L, Resolute Mining&nbsp;RSG.AX&nbsp;and Fortuna&nbsp;FVI.TO&nbsp;in Mali and Burkina Faso, West Africa&#8217;s mineral wealth continues to attract global interest.



The region boasts deep reserves with Ghana, Mali and Burkina Faso collectively accounting for over 10% of worldwide gold production in 2024, while Guinea dominates global bauxite exports.



&#8220;Operating a mine in Africa is more profitable. Other regions have stability but (are) less profitable,&#8221; Soro said.



Record gold prices this year, fuelled by U.S. President Donald Trump&#8217;s trade policies and geopolitical uncertainty, have escalated tensions among stakeholders, Soro said.



&#8220;When you have the gold price rising, you see all stakeholders trying to pull everything to their side,&#8221; he said. &#8220;The best thing is to have open discussions.&#8221;



Soro said national governments and international mining companies seem to be on board with his group&#8217;s push for increased localisation, but the capacity of the region&#8217;s stock markets remains a challenge.



Nevertheless, he predicted some local listings could occur soon, without providing details.



(Reporting by Maxwell Akalaare Adombila; Editing by Robbie Corey-Boulet, Kirsten Donovan)

CBN3E2M4SFJYBDTJWK6AHBOLS4

West Africa upheaval requires joint mining ventures, local listings, lobby group says

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="425" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/BCL2V6MOJVKVRHJHNIF7JTB6QQ.avif" alt="" class="wp-image-615579"/><figcaption class="wp-element-caption">Raw copper from Zambia awaits export in a warehouse at Newlyn Terminal at Bayhead at the port in Durban, South Africa, April 4, 2024. REUTERS/Rogan Ward/File photo</figcaption></figure>



LUSAKA, April 30 (Reuters)&nbsp;&#8211;&nbsp;Zambia&#8217;s copper production was up about 30% on the previous year in the first quarter of 2025, reaching roughly 224,000 metric tons from around 173,000 metric tons in the first quarter of 2024, Mines Minister Paul Kabuswe said on Wednesday.



Kabuswe said in a statement that higher production by two big companies, Konkola Copper Mines and Mopani Copper Mines, contributed to the increased overall output.



(Reporting by Chris Mfula; Editing by Alexander Winning)

BCL2V6MOJVKVRHJHNIF7JTB6QQ

Zambia copper production up 30% year on year in Q1, minister says

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="427" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/AXTQND6WLFKFNC2T36FCP2DLTI.avif" alt="" class="wp-image-615576"/><figcaption class="wp-element-caption">A view of smelted gold bars at a smelting facility in Accra, Ghana August 22, 2024. REUTERS/Francis Kokoroko</figcaption></figure>



ACCRA, April 30 (Reuters)&nbsp;&#8211;&nbsp;Ghana has reached a deal with nine more mining companies to purchase 20% of their gold production, a government body said on Wednesday, aiming to consolidate a gold purchase programme meant to boost the country&#8217;s gold reserves and stabilise its currency.



Africa&#8217;s top gold producer signed an agreement with members of an industry group that included Gold Fields GFIJ.J, Newmont NEM.N, AngloGold Ashanti AU.N, and Asanko Mining in 2022 to purchase 20% of their annual output for the central Bank of Ghana. Purchases are settled in the Ghanaian cedi currency.



Bank of Ghana&#8217;s gold holdings rose to 30.8 metric tons in February from 8.77 tons in 2022, helping its gross reserves to hit $9.4 billion this year.



The new deal covers mining companies not participating in the central bank&#8217;s arrangement, according to a statement on X from GoldBod, a government body set up to streamline gold purchases from small-scale miners, increase their earnings, and reduce the impact of smuggling.



The companies are Golden Team Mining Company Limited, Akroma Gold Limited, Adamus Resources Limited, Cardinal Namdini Mining Limited, Goldstone Akrokeri Limited, Earl International Group (GH) Limited, Xtra Gold Mining Limited, Prestea Sankofa Gold Limited and Gan He Mining Resource Development Limited.



Gold mining countries have sought increased value from the precious metal as prices rose 29% this year, boosted by U.S. President Donald Trump&#8217;s tariffs and geopolitical uncertainty.



&#8220;Under the agreement, the mining companies will deliver 20% of any gold they seek to export out of the country to the GoldBod in the form of doré bars,&#8221; the GoldBod statement said.



&#8220;This agreement represents a significant step toward optimising national benefits from Ghana&#8217;s gold resources.&#8221;



The mining companies will receive payment in Ghanaian cedis, discounted at one percent of the London Bullion Market Association (LBMA) spot price.



The nine gold miners produce approximately 200 kilograms of gold monthly, GoldBod&#8217;s spokesperson told Reuters.



(Reporting by Christian Akorlie; Writing by Maxwell Akalaare Adombila; Editing by Ayen Deng Bior and Ros Russell)

AXTQND6WLFKFNC2T36FCP2DLTI

Ghana secures deal with nine more gold miners to buy 20% of their output

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="427" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/3GWHJ24G6BNGHDPVWY36IOPFFQ.avif" alt="" class="wp-image-615524"/><figcaption class="wp-element-caption">South Africa&#8217;s Finance Minister Enoch Godongwana speaks during his 2023 budget speech in Cape Town, South Africa, February 22, 2023. REUTERS/Shelley Christians/File Photo</figcaption></figure>



PRETORIA, April 30 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s finance ministry said on Wednesday that a new budget would be presented on May 21 which would maintain the government&#8217;s focus on stabilising public debt.



Africa&#8217;s biggest economy will adjust revenue and spending projections and growth forecasts after scrapping a contentious increase in value added tax that exposed deep rifts in the coalition government.



Finance Minister Enoch Godongwana&nbsp;said there would be thorough consultations with all political parties in the coalition before the revised budget is tabled in parliament, adding that fiscal consolidation was still in place.



His ministry issued a statement saying that debt stabilisation was &#8220;a crucial element in strengthening our public finances&#8221;.



Months of political wrangling over this year&#8217;s budget has caused investor unease, hurting the rand currency&nbsp;ZAR=D3.



The budget was postponed in February because of disagreements in the coalition over a plan to increase VAT from 15% to 17%.



A revised version in March proposed raising VAT by 1 percentage point over two years, but that plan was also deeply unpopular.



The Democratic Alliance, the second-biggest party in the Government of National Unity coalition, took the budget to court before agreeing an out-of-court settlement with the finance minister.



Godongwana acknowledged on Wednesday that the budget process had been messy.



&#8220;We are in a coalition government and we have to do things differently,&#8221; he said.



(Additional reporting by Bhargav Acharya and Sfundo Parakozov; Writing by Alexander Winning; Editing by Ed Osmond)

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South Africa says revised budget will keep focus on stabilising debt

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="357" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/istockphoto-1030878162-612x612-1.png" alt="" class="wp-image-615497" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/istockphoto-1030878162-612x612-1.png 612w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/istockphoto-1030878162-612x612-1-300x175.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/istockphoto-1030878162-612x612-1-154x90.png 154w" 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>



EVENTS:



Uganda releases April inflation statistics



GLOBAL MARKETS



Shares struggled for direction on Wednesday and oil prices slid as relief over a potential easing of global trade tensions was offset by a worsening economic outlook and dour signals from corporates swept up by Donald Trump&#8217;s tariffs.



WORLD OIL PRICES



Oil prices extended declines on Wednesday and were set for their largest monthly drop in more than three years as the global trade war eroded the outlook for fuel demand, while fears of mounting supply also weighed.



SOUTH AFRICA MARKETS



The South African rand weakened on Tuesday as investors waited for the finance minister to say when he will present another revised national budget.



KENYA MARKETS



The Kenyan Shilling was steady against the dollar in early trade on Tuesday with traders noting minimal activity on both the demand and supply sides.



KENYA INFLATION



Kenya&#8217;s inflation rate in April rose to 4.1% year-on-year, up from 3.6% a month before, the statistics office said on Wednesday.



KENYA DEFICIT



Kenya will cap its fiscal deficit at 4.5% of GDP in 2025/26, down from 5.1% the previous year, and revise its initial budget of 4.3 trillion Kenyan shillings ($33 billion) substantially, its cabinet said on Tuesday.



SOMALIA TAIWAN DIPLOMACY



Somalia has banned entry to Taiwan passport holders citing compliance with a United Nations resolution, the island&#8217;s foreign ministry said, blaming Chinese pressure on Mogadishu at a time Taiwan is boosting ties with Somaliland.



MALI POLITICS



A national conference of political actors in Mali has recommended naming junta leader Assimi Goita, who seized power following coups in 2020 and 2021, as president with a five-year mandate, it said in a statement on Tuesday.



CONGO SECURITY



Rwanda escorted the troops of a Southern African force through Rwandan territory to Tanzania on Tuesday as they pulled out from eastern Democratic Republic of Congo, Rwanda&#8217;s foreign minister and army spokesperson said.

African Markets – Factors to watch on April 30

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1080" height="720" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/AWIZDBZH5VO2XJX7G2VI2D5PBI.avif" alt="" class="wp-image-615478"/><figcaption class="wp-element-caption">Ragui El-Etreby, Assistant Minister for Multilateral International and Regional Economic Affairs of Egypt, UAE Deputy Prime Minister and Minister of Interior and Reem bint Ebrahim Al Hashimy , Russian Foreign Minister Sergei Lavrov , Ethiopian Foreign Minister Gedion Timothewos, Brazilian Foreign Minister Mauro Vieira, Chinese Foreign Minister Wang Yi, Indonesian Foreign Minister Sugiono, South African Minister of International Relations and Cooperation Ronald Lamola, Iranian Deputy Foreign Minister on Economic Diplomacy, Seyed Rasoul Mohajer and Ambassador Dammu Ravi pose for a family picture, on the day of the BRICS Meeting of Ministers of Foreign Affairs in Rio de Janeiro, Brazil, April 28, 2025. REUTERS/Pilar Olivares</figcaption></figure>



RIO DE JANEIRO, April 29 (Reuters)&nbsp;&#8211;&nbsp;Foreign ministers from the BRICS group of developing nations failed to agree on a joint communique on Tuesday, highlighting differences within the fast-growing diplomatic bloc,&nbsp;while&nbsp;the chair Brazil issued a statement condemning trade protectionism.



In the statement, Brazil said the group&#8217;s foreign ministers expressed &#8220;serious concern at the prospect of a fragmented global economy and the weakening of multilateralism&#8221; at their gathering in Rio de Janeiro.



The statement did not name the United States, which has taken a sharp protectionist shift under President Donald Trump, whose unilateral tariffs have raised concerns about a global economic slowdown.



The failure to reach a joint declaration was unexpected, a diplomatic source said, adding that there was room to iron out differences before July, when BRICS leaders will gather in Rio.



The expanded BRICS group, which includes Brazil, Russia, India, China and South Africa as well as new joiners Egypt, Saudi Arabia, the United Arab Emirates, Ethiopia, Indonesia and Iran, faces daunting challenges from U.S. trade actions.



&#8220;The ministers voiced serious concerns about the rise of unjustified unilateral protectionist measures inconsistent with WTO rules, including indiscriminate raising of reciprocal tariffs and non-tariff measures,&#8221; the statement said.



The statement reflected a broad consensus among the 11 countries, although a person involved in the negotiations said China &#8211; affected by 145% levies in the trade war with the U.S. &#8211; had pushed for a harsher tone.



&#8220;There was a consensus among all the countries, which is expressed in the declaration,&#8221; said Brazilian Foreign Relations Minister Mauro Vieira.



Still, the final declaration was a &#8220;chair statement,&#8221; falling short of a joint statement as the countries could not reach an agreement on all issues. Egypt and Ethiopia refused to accept some of the language calling for reform of the United Nations, including its Security Council, a longstanding aspiration of Brazil, India and South Africa.



That difference underscores the group&#8217;s new composition&nbsp;after&nbsp;new&nbsp;members that have&nbsp;competing views on some issues&nbsp;joined in 2024. The&nbsp;diplomatic source told Reuters that the new African members took issue with putting forward South Africa as a preferred BRICS candidate for a reformed Security Council.



&#8220;The expansion has its costs. Of course we have to work more to reach a consensus. But, at the same time, an expanded group has more power, more resources, more space for cooperation,&#8221; said the source.



Brazilian diplomats stressed the importance of a strong shared position on the central issue of &#8220;unjustified&#8221; trade barriers condemned in the declaration, which cited tariffs and non-tariff measures, such as the abuse of green policies for protectionist purposes.



&#8220;The main&nbsp;thing for BRICS is to ensure that the multilateral trade system doesn&#8217;t fall apart completely&#8221;, a diplomat told Reuters.



(Reporting by Lisandra Paraguassu; Additional reporting and writing by Andre Romani; Editing by Brad Haynes, Gabriel Araujo and Nia Williams)

AWIZDBZH5VO2XJX7G2VI2D5PBI

Growing BRICS group shows internal rifts as ministers fall short of joint statement

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="407" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/A5FFDDCYVFKINPBJBDQEWDIARU.jpg" alt="" class="wp-image-615460" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/A5FFDDCYVFKINPBJBDQEWDIARU.jpg 640w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/A5FFDDCYVFKINPBJBDQEWDIARU-300x191.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/A5FFDDCYVFKINPBJBDQEWDIARU-142x90.jpg 142w" sizes="auto, (max-width: 640px) 100vw, 640px" /><figcaption class="wp-element-caption">The Glencore logo is pictured in Baar, Switzerland, November 20, 2012. REUTERS/Arnd Wiegmann/File Photo</figcaption></figure>



LONDON, April 30 (Reuters)&nbsp;&#8211;&nbsp;Glencore&nbsp;GLEN.L&nbsp;on Wednesday reported lower copper production in the first quarter, and said it expects 2025 profit at its trading division to be in the middle of its long-term annual guidance.



The miner and trader reported a 30% drop in first-quarter copper production to 167,900 metric tons, but maintained its full-year forecast for 2025 at 850,000-910,000 tons, expecting higher output in coming months.



Last year it produced around 952,000 tons of the metal used in electric vehicle wiring and batteries, green energy plants and data centres.



Glencore&#8217;s share price opened 3.4% lower in London.



Worries about global trade tensions have weighed on prices of most industrial metals this year, but analysts anticipate growing demand for copper, cobalt and other transition minerals, driven by the shift towards electric vehicles and renewable infrastructure.



First-quarter production of cobalt rose 44% on higher grades and volumes at its Mutanda mine, while nickel production fell 21%, it said. The company kept 2025 production guidance unchanged for both.



Glencore forecasts full-year marketing earnings before interest and tax (EBIT) in the middle of its long-term guidance of $2.2 billion-$3.2 billion this year, compared to $3.2 billion in 2024, as commodities markets continue to fluctuate due to &#8220;U.S. tariff newsflow and uncertainty&#8221;.



&#8220;Owing to the various proposed and currently being implemented tariffs across commodity supply chains, it is likely that some physical trade flow re-orientation and dislocation will manifest over the coming months,&#8221; it said in a statement.



The trading division, whose profit hit a record $6.4 billion in 2022, includes coal, oil, liquefied natural gas and related products, as well as metals.



&#8220;Disappointing that in these volatile times with significant regional arbitrage in copper that marketing guidance was not at the top end of the range,&#8221; RBC Capital Markets analysts said.



Glencore&#8217;s first-quarter thermal coal production fell 7% to 23.4 million tons from 25.2 million tons a year before on lower output from its Australian mines.



The company is one of the largest producers and exporters of thermal coal, mining 99.6 million tons in 2024.



It said in March it would begin reducing production at its Colombia mine Cerrejon by between 5 million and 10 million tons annually.



(Reporting by Clara Denina, Chandini Monnappa; Editing by Sumana Nandy and Jan Harvey)

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African Markets – Factors to watch on April 30

Growing BRICS group shows internal rifts as ministers fall short of joint statement

Glencore posts 30% drop in first-quarter copper production

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Reuters

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

Nigeria’s Aliko Dangote ‘comfortable’ with impact of Trump tariffs on urea exports

African Markets – Factors to watch on May 2

EXCLUSIVE-US pushes Congo, Rwanda for peace accord and billion-dollar mineral deals

South African Markets – Factors to watch on May 2

Ugandan coffee shipments nearly doubled in March, agriculture ministry says

South African rand firms before local manufacturing PMI

South Africa’s rand weakens after mixed local data, US GDP dip

West Africa upheaval requires joint mining ventures, local listings, lobby group says

Zambia copper production up 30% year on year in Q1, minister says

Ghana secures deal with nine more gold miners to buy 20% of their output

South Africa says revised budget will keep focus on stabilising debt

African Markets – Factors to watch on April 30

Growing BRICS group shows internal rifts as ministers fall short of joint statement

Glencore posts 30% drop in first-quarter copper production

News Tips

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