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



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



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



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



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



The company will release its half-yearly results on Feb. 24.



($1 = 18.6923 rand)



(Reporting by Nelson Banya; Editing by Subhranshu Sahu)

Sasol_Garage_in_Boksburg

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

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



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



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



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



On the stock market, the Top-40 index closed about 1.1% higher.



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



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



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



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



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



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



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



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



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



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



&#8211; Ramaphosa meets Elon Musk over Trump tirade



(Compiled by Sfundo Parakozov; Editing by Rashmi Aich)

istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on Feb. 5

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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on Feb 5

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



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



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



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



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



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



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



Elon Musk did not reply to multiple requests for comment from Reuters.



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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

QMAGGFXUKRJORFR6IGW2BMBO3E

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

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



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



Residents said they were moving towards the conflict zone.



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



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



Rwanda also has troops operating in east Congo.



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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

SJQO2OZKNVN5PJDPJPMPHI2LVU

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

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



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



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



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



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



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



(Reporting by Bhargav Acharya; Writing by Estelle Shirbon; Editing by Alexander Winning)

FILE PHOTO: South Africa’s President Cyril Ramaphosa

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

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="3694" height="2271" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/J5PMZMRCRFI65GQ2B62NYABQDM.avif" alt="" class="wp-image-574712"/><figcaption class="wp-element-caption">The Standard Chartered bank logo is seen at their headquarters in London, Britain, July 26, 2022. REUTERS/Peter Nicholls/File Photo</figcaption></figure>



LONDON, Feb 4 (Reuters) &#8211; Standard Chartered has appointed former South African bank CEO Maria Ramos as chair to succeed Jose Vinals, who is approaching the end of his nine-year term, the lender said on Tuesday.



Ramos, 65, joined StanChart&#8217;s board as an independent non-executive director in January 2021 and was the head of South African bank ABSA Group Ltd from 2009 to 2019, overseeing its exit from the ownership of Britain&#8217;s Barclays.



She will take on her new role as StanChart prepares to deal with rising trade tensions worldwide, particularly between the United States under President Donald Trump and Asian markets such as China where the bank&#8217;s strategy is focused.



The most important task in Ramos&#8217;s in-tray will be to oversee succession planning for CEO Bill Winters, who is nearing 10 years at the helm, by far the longest tenure among major British bank chiefs.



StanChart in October announced it would pare back retail banking to fund investment in its wealth business as, like rivals, it seeks more steady fee-based income to compensate for falling lending revenue as global interest rates dip.



Vinals oversaw a turbulent period for StanChart that included the COVID pandemic, and a subsequent period of sluggish share price performance when rumours the bank would be taken over resurfaced.



First Abu Dhabi Bank, the United Arab Emirates&#8217; biggest lender, said in January 2023 it had considered a bid for StanChart before abandoning the idea.



StanChart&#8217;s share price has since rallied sharply, rising nearly 80% in the past 12 months as the bank improved income across its business lines and returned more cash to shareholders.



Ramos will relocate to Britain to take up her new role, the bank said, and receive a salary of 1.3 million pounds ($1.6 million) per year.



Her appointment also improves gender diversity among the still heavily male-dominated top echelons of major European banks.



Vinals will step down at StanChart&#8217;s annual shareholder meeting on May 8, the bank said.



($1 = 0.8043 pounds)



(Reporting by Lawrence White in London and Yadarisa Shabong in Bengaluru. Editing by Susan Fenton and Mark Potter)

J5PMZMRCRFI65GQ2B62NYABQDM

StanChart picks former South African bank boss Ramos as new chair

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="534" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-154793123-820x534.jpg" alt="" class="wp-image-481529" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-154793123-820x534.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-154793123-300x195.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-154793123-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-154793123-768x500.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-154793123-1536x1000.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-154793123-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A visitor descends stairs outside the offices of Anglo American Plc in the Marshalltown district of Johannesburg, South Africa, on Friday, Oct. 26, 2012. Anglo American Plc Chief Executive Officer Cynthia Carroll , the first woman, external hire and non-South African to hold the job, will quit after Anglo lost $14 billion in value in the more than five years she was in charge. Photographer: Chris Ratcliffe/Bloomberg via Getty Images</figcaption></figure>



CAPE TOWN, Feb 4 (Reuters) &#8211; South African petrochemicals company Sasol, mining group Anglo American and its diamond business De Beers entered into a joint development agreement on Tuesday to pilot the production of renewable diesel from vegetable oil.



Under the terms of the deal signed at the annual African Mining Indaba in Cape Town, the partners will assess the technical and commercial viability of feedstock production, company officials told reporters.



De Beers is providing the more than 20-hectare tracts of land on which the crops for the trial vegetable oil feedstock &#8211; initially the Solaris and Moringa plants &#8211; will be grown, Anglo American&#8217;s Director of Projects and Development Alison Atkinson said.



Atkinson said pre-feasibility studies have been approved and renewable diesel production trials have been initiated. The resulting fuel will be used at De Beers operations.



Biofuels, derived from plant material or animal waste, are among the alternative fuels promoted to reduce carbon emissions.



Although renewable diesel production in South Africa is not yet at a commercial scale, customer demand and decarbonisation targets indicate that the country&#8217;s renewable fuels market is promising, according to Sasol.



&#8220;Renewable diesel is transformative. It meets the technical standards of conventional diesel while significantly reducing greenhouse gas emissions,&#8221; Sarushen Pillay, executive vice president of Sasol&#8217;s Business Building, Strategy and Technology portfolio, said at the signing ceremony.



(Reporting by Nqobile Dludla; Editing by Jan Harvey)

Anglo American Plc’s South African Headquarters As CEO Cynthia Carroll Quits

Sasol, Anglo American and De Beers to pilot renewable diesel in South Africa

<figure class="wp-block-image size-full is-resized"><img loading="lazy" decoding="async" width="720" height="468" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/37FGDAI5XNJEHG5XRZ5GUCM4NU-1.avif" alt="" class="wp-image-582333" style="width:840px;height:auto"/><figcaption class="wp-element-caption">A man rises a Nigeria Labour Congress flag during a protest rally on closure of Nigerian Universities at the National Assembly complex in Abuja, Nigeria July 27, 2022. REUTERS/Afolabi Sotunde</figcaption></figure>



ABUJA, Feb 4 (Reuters) &#8211; Nigeria&#8217;s largest labour union has suspended a planned nationwide protest against a 50% hike in telecommunications tariffs and will negotiate with the government to resolve the dispute within two weeks, both sides said on Tuesday.



The Nigeria Labour Congress (NLC), representing millions of workers, had slated a Feb. 4 demonstration after rejecting the tariff increase approved last month by the telecoms regulator -the first such rise in over a decade.



Operators have cited surging operational costs linked to inflation nearing 35% and a weakening naira currency as reasons for the tariff rise. The union called the hike &#8220;insensitive&#8221; and threatened a telecoms service boycott or strike unless the government engaged in talks.



The tariff dispute underscores broader tensions over living costs in Africa&#8217;s most populous nation, where President Bola Tinubu&#8217;s economic reforms, including fuel subsidy cuts, power hikes and currency devaluations have worsened financial strain.



Following talks late on Monday, the NLC and government agreed to form a 10-member committee with equal representation to review the hike and to propose solutions by Feb. 17.



&#8220;The outcome of this committee will determine our next line of action in terms of protest, in terms of boycott, and in terms of even withdrawal of services,&#8221; NLC President Joe Ajaero told reporters.



Both sides committed to a &#8220;stay action&#8221; halting further escalation pending the committee’s findings.



(Reporting by Camillus Eboh; Writing by Elisha Bala-Gbogbo; Editing by Bernadette Baum)

37FGDAI5XNJEHG5XRZ5GUCM4NU (1)

Nigeria union suspends planned protest over telecom tariff, enters talks with government

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3333" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/UUYZET5LUJINVGAODHS5PI2XNQ.avif" alt="" class="wp-image-582314"/><figcaption class="wp-element-caption">U.S. President Donald Trump takes questions as he speaks to reporters about Wednesday&#8217;s deadly midair collision between a U.S. Army Black Hawk helicopter and American Eagle flight 5342 near Ronald Reagan Washington National Airport, in the Brady Press Briefing Room at the White House in Washington, U.S., January 30, 2025. REUTERS/Elizabeth Frantz</figcaption></figure>



LAGOS/JOHANNESBURG, (Thomson Reuters Foundation) &#8211; President Donald Trump&#8217;s decision to put a halt to U.S. foreign aid sparked intense and swift panic last month, but a partial U-turn has done little to calm nerves, fuelling a debate about the viability of the global aid system.



Hours after his inauguration on Jan. 20, Trump ordered a 90-day pause in foreign aid, including the supply of drugs for HIV treatment under the President&#8217;s Emergency Plan for AIDS Relief (PEPFAR), the world&#8217;s leading HIV initiative.



As charities and development agencies reeled at the speed and scale of the policy change, people like Harrison Ibeh, a 32-year-old gay Nigerian who is HIV positive, wondered how they would cope without life-saving antiretroviral (ARV) therapies.



&#8220;I’m mentally down right now,&#8221; Ibeh told&nbsp;the Thomson Reuters Foundation&nbsp;in Lagos, Nigeria.



&#8220;With no job at the moment, how can I afford to buy ARV?&#8221;



Daniel Chukwuka, a HIV-positive bisexual man who lives in Port Harcourt in southern Nigeria,&nbsp;said he was due to pick up new medication in two weeks.



&#8220;I am scared. I don&#8217;t want to die,&#8221; Chukwuka said.



Then, as aid agencies grappled with the effect of Trump&#8217;s executive order on their operations, U.S. Secretary of State Marco Rubio issued an emergency waiver for life-saving humanitarian assistance on Jan. 28.&nbsp;Ibeh and Chukwuka spoke to the Thomson Reuters Foundation before the waiver was announced.



UNAIDS welcomed the waiver and said it would allow access to HIV treatment for people in 55 countries worldwide that are funded by the U.S.&nbsp;But there was still some confusion over what treatments would be exempted from the freeze and concern over what it all meant for the future of U.S. aid funding.



On Saturday, the State Department confirmed PEPFAR was covered by Rubio&#8217;s waiver and clarified what activities were allowed, including life-saving HIV care and treatment services, prevention and treatment of infections including tuberculosis (TB), laboratory services, and procurement and supply chain for commodities/medicines.



PEPFAR directly supports more than 20 million people living with HIV, or around two-thirds of all people receiving HIV treatment globally, according to UNAIDS.



In Nigeria, around 2 million people were living with HIV in 2023, according to UNAIDS, and around 1.6 million of those are on treatment.



Although&nbsp;there has been a reprieve for PEPFAR for now, Trump&#8217;s decision to pause foreign aid, and other orders and declarations relating to LGBTQ+ rights, have forced NGOs to wonder how secure future U.S. funding will be.



On Saturday, Reuters quoted two sources as saying that Trump&#8217;s administration was also moving to put USAID under State Department control in what would be a significant overhaul of how Washington allocates U.S. foreign aid.



And on Monday, billionaire Elon Musk, who is heading Trump&#8217;s drive to shrink the federal government, said work is underway to shut down USAID, which he described in a social media talk as &#8220;beyond repair&#8221;.



For some, the damage has already been done.



Nigerian community worker Moses, who did not want to give his last name for fear of repercussions, said he was let go from his job helping those living with HIV just days after Trump&#8217;s original announcement of a freeze.



&#8220;We knew something like this might happen but we didn&#8217;t imagine it would be so sudden,&#8221; he said.



&#8220;This funding freeze on PEPFAR would greatly reduce the quality of life and we would see more new cases if nothing urgent is done about this,&#8221; he said last Tuesday.



Experts warn that interruptions in ARV treatment can lead to increased viral loads and transmission rates and could even see the development of drug-resistant strains of HIV.



&#8220;The ripple effects of this decision could undermine global efforts to end AIDS as a public health threat,&#8221; Moses said.



Before Rubio’s waiver was announced, the World Health Organization expressed similar concerns, saying a prolonged funding halt for HIV programmes could lead to rises in new infections and deaths, &#8220;reversing decades of progress&#8221;.



Compounding international uncertainty, Trump also pledged to pull out of the&nbsp;WHO&nbsp;&#8211; although he later said he might rejoin &#8211;&nbsp;and promised&nbsp;to put a halt to a U.S. refugee resettlement programme.



The United States is by far the largest donor of aid globally. In fiscal year 2023, it disbursed $72 billion of assistance worldwide on everything from women&#8217;s health in conflict zones to access to clean water, HIV/AIDS treatments, energy security and anti-corruption work.



<h2 class="wp-block-heading" id="h-urgent-need-for-alternative-funding">&#8216;URGENT NEED FOR ALTERNATIVE FUNDING&#8217;</h2>



In South Africa, at the Triangle Project, a rights organisation advocating for LGBTQ+ communities, the effects of Trump&#8217;s orders are already filtering through.



Even though the Project does not receive funding directly from PEPFAR or USAID, it works closely with groups that do, and they have already been affected.



&#8220;Community health workers were immediately told to stop working, leaving gaps in care,&#8221; said Ling Sheperd, the Triangle Project&#8217;s communications director, noting that the affected organisations included those working on HIV prevention, substance abuse programmes and maternal health.



&#8220;People who rely on these services are now left without clarity on where to turn,&#8221; she said.



&#8220;The funding pause puts people&#8217;s lives at risk. Access to HIV treatment and prevention is already a challenge for many LGBTQ+ people due to stigma and discrimination in healthcare,&#8221; she said.



Aurora Krotoa Moses, a 23-year-old South African transgender activist, found out on Facebook last week that the health clinic where she gets her hormone medication was closing its doors for now.



Her hormone therapy is funded by the local government but administered at a clinic that&#8217;s also funded by USAID and PEPFAR, just one example of the broader impacts of an aid shutdown.



&#8220;I was hit by a brick of emotions &#8230; I had to rush to the clinic to go at least take some medication for the time being and I did luckily,&#8221; she said.



&#8220;My friend, she only has two weeks of medication. If you don&#8217;t take it every day, the process of de-transitioning starts and the stress of gender dysphoria and all of that starts creeping back,&#8221; she added.



The clinic told Moses and her friend that they would have to seek the medication at a private hospital, an expense many cannot afford, or go through the public healthcare system &#8211; but this made her fearful.



&#8220;Are they willing to accept us as we are? Will they understand us? I don&#8217;t know.&#8221;



The Triangle Project&#8217;s Sheperd said the funding freeze also exposes a deeper problem &#8211; local reliance on foreign aid, a dependency, she said, that mirrored the dynamics of resource exploitation.



&#8220;The recent freeze in U.S. aid shows just how vulnerable this system makes us: vital programmes like HIV treatment, maternal health, and TB prevention could come to a halt, putting millions at risk with a stroke of a pen,&#8221; she said.



&#8220;We need urgent alternative funding solutions, both from local government and international partners committed to sustaining health programmes.&#8221;



Transgender activist Moses agreed that local authorities needed to step up, particularly on gender-affirming care, and she said the aid freeze had already taken a toll.



&#8220;It&#8217;s the hopelessness on people&#8217;s faces. Looking at the clinic staff, they have to smile and to kind of keep us at ease. But they are also now jobless.&#8221;



(Reporting by Kim Harrisberg and Nelson Chigozirim; Writing by Clar Ni Chonghaile; Editing by Ana Nicolaci da Costa. The Thomson Reuters Foundation is the charitable arm of Thomson Reuters.)

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‘I don’t want to die’: Trump’s aid plans raise fear in Africa

<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>



JOHANNESBURG, Feb 4 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand weakened early on Tuesday against a buoyant U.S. dollar as markets digested U.S. President Donald Trump&#8217;s changing tariff stance.



At 0555 GMT, the rand traded at 18.79 against the dollar, about 0.4% lower than Monday&#8217;s close. The dollar last traded about 0.3% firmer against a basket of currencies.



Trump on Monday suspended his threat of steep tariffs on Mexico and Canada, agreeing to a 30-day pause in return for concessions on border and crime enforcement with the two neighbouring countries.



The U.S. imposed tariffs on Chinese imports on Tuesday and China quickly responded.



&#8220;What we are seeing is that Trump is looking for concessions, while he negotiates,&#8221; said Adam Phillips, treasury specialist at Umkhulu Treasury.



&#8220;What is clear is that a risk premium is being added into the foreign exchange market and this is going to be around for a while.&#8221;



The rand traded turbulently on Monday, slumping almost 2% in early trade on news that Trump would suspend funding to South Africa, but staged a recovery later to close roughly flat.



South Africa&#8217;s benchmark 2030 government bond was stronger in early deals on Tuesday, with the yield down 5.5 basis points to 9.09%.



(Reporting by Tannur Anders; Editing by Sumana Nandy)

South African Rand Rebound Snaps Streak of Weekly Losses

South African rand weaker on Trump’s changing tariff stance

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3467" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/33NPQPB6S5KGJPHSP3RWXXTEIM.avif" alt="" class="wp-image-582009"/><figcaption class="wp-element-caption">U.S. President Donald Trump speaks to reporters after stepping from Air Force One upon his return to Washington, at Joint Base Andrews in Maryland, U.S., February 2, 2025. REUTERS/Kevin Lamarque </figcaption></figure>



JOHANNESBURG, Feb 3 (Reuters) &#8211; President Cyril Ramaphosa defended South Africa&#8217;s land policy on Monday after Donald Trump&#8217;s threat to cut off funding because of what he said were land confiscations.



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



<h2 class="wp-block-heading" id="h-what-is-trump-talking-about">WHAT IS TRUMP TALKING ABOUT?</h2>



The U.S. president did not specify who was being &#8220;treated badly&#8221;, but the land reference suggests he&#8217;s referring to white landowners who still possess three quarters of South Africa&#8217;s freehold farmland.



This contrasts with 4% owned by Blacks, according to the latest 2017 land audit, who make up 80% of the population, compared with about 8% for whites.



Partly in an effort to redress this imbalance, Ramaphosa signed a law last month allowing the state to expropriate land &#8220;in the public interest&#8221;, in some cases without compensating the owner, despite objections from the main partner in his coalition government, the mostly white-led Democratic Alliance.



No land has yet been expropriated under the act.



<h2 class="wp-block-heading" id="h-how-did-we-get-here">HOW DID WE GET HERE?</h2>



South Africa has a history of colonial conquest and dispossession which pushed the Black majority into crowded urban townships and rural reserves.



The country&#8217;s British imperial masters gave most farmland to whites. In 1950, the Afrikaner National Party, representing descendants of Dutch settlers, passed a law taking 85% of territory for themselves and kicking 3.5 million Black people off their ancestral homelands.



In the 30 years that the African National Congress (ANC) has been in power, some land restitution has happened under a &#8220;willing buyer, willing seller&#8221; model, but critics have denounced it as painfully slow and accuse white landowners of hoarding.



<h2 class="wp-block-heading" id="h-what-is-the-expropriation-act-and-why-is-it-controversial">WHAT IS THE EXPROPRIATION ACT AND WHY IS IT CONTROVERSIAL?</h2>



The law has been the subject of lengthy and often acrimonious debate for years. It repeals a past expropriation act that South Africa&#8217;s apartheid rulers had used to seize land off the Black majority.



The ANC&#8217;s most powerful rival in its increasingly fractious coalition, the DA, argues that land expropriation is unconstitutional, violates basic property rights and will deter badly-needed foreign investment.



However, the party put out a statement on Monday expressing concern over Trump&#8217;s threat and correcting a misconception that the act allows land to be seized arbitrarily.



After years of exhaustive parliamentary debate, the law is carefully worded. It forbids seizing land unless it can be demonstrated it is in the public interest. It also requires authorities to first try to reach an agreement with the owner.



<h2 class="wp-block-heading" id="h-what-can-trump-do-to-south-africa">WHAT CAN TRUMP DO TO SOUTH AFRICA?</h2>



The United States committed nearly $440 million in assistance to South Africa in 2023, according to the most recent U.S. government data.



Ramaphosa said U.S. funding accounted for 17% of South Africa&#8217;s HIV/AIDS programme but it was reliant on &#8220;no other significant funding&#8221; from the United States.



U.S. data backs that up, with $315 million going to HIV/Aids, and much smaller sums going to other health issues, farming, education, trade policy and energy.



A much bigger worry than aid is trade: a quarter of South Africa&#8217;s $15 billion exports to the U.S. get preferential tariffs under the African Growth and Opportunities Act (AGOA), according to a 2023 AGOA factsheet, while South Africa estimates AGOA makes up 2% of its total exports.



<h2 class="wp-block-heading" id="h-white-genocide">&#8216;WHITE GENOCIDE&#8217;?</h2>



During his first administration, Trump said the U.S. would investigate large-scale killings of white farmers in South Africa and violent takeovers of land.



There is no evidence of such killings or takeovers of land, of the sort that did happen in Zimbabwe in 2000.



In 2023, Trump&#8217;s ally, South African-born Elon Musk accused the government of seeking a &#8220;genocide of white people.&#8221;



That notion, which circulates in far-right chat rooms, attempts to link land reform to murders of white farmers during robberies, saying the killings are acts of state-sponsored ethnic cleansing aiming to scare them off their land.



Of the roughly 20,000 murders committed in South Africa every year, around 50 of them are of white farmers.



Most of the victims are Black.



(Reporting by Tim Cocks; Editing by Ros Russell)

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What is behind Trump’s aid threat to South Africa over land?

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/TEARGEYJVBNJZJNNXKQV4QH2KQ-820x547.jpg" alt="" class="wp-image-581989" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/TEARGEYJVBNJZJNNXKQV4QH2KQ-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/TEARGEYJVBNJZJNNXKQV4QH2KQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/TEARGEYJVBNJZJNNXKQV4QH2KQ-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/TEARGEYJVBNJZJNNXKQV4QH2KQ-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/TEARGEYJVBNJZJNNXKQV4QH2KQ-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/TEARGEYJVBNJZJNNXKQV4QH2KQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Former U.S. President Donald Trump speaks to an audience at the &#8220;American Freedom Tour&#8221; event in Memphis, Tennessee, U.S., June 18, 2022. REUTERS/Karen Pulfer Focht/File Photo</figcaption></figure>



JOHANNESBURG, Feb 3 (Reuters) &#8211; South African President Cyril Ramaphosa defended his land reform policy on Monday against an attack by Donald Trump that laid bare deep divisions within South Africa over racial disparities in ownership, an issue festering since apartheid.



The U.S. president said on Sunday, without citing evidence, that &#8220;South Africa is confiscating land&#8221; and &#8220;certain classes of people&#8221; were being treated &#8220;very badly&#8221;, adding that he would cut off funding to the country in response.



Ramaphosa said the government had not confiscated any land and he looked forward to engaging with Trump to foster a better understanding over a policy he said ensures equitable public access to land.



Trump&#8217;s attack was echoed by his South African-born billionaire backer Elon Musk, who said in a post on X the country had &#8220;openly racist ownership laws&#8221;, suggesting white people were the victims.



White landowners possess three quarters of South Africa&#8217;s freehold farmland, compared with 4% for Black landowners. Black people make up about 80% of South Africa&#8217;s total population, while about 8% are white.



Ramaphosa signed into law a bill last month aimed at addressing the disparity by making it easier for the state to expropriate land in the public interest.



His African National Congress, the biggest party in the ruling coalition, accused Trump of amplifying misinformation propagated by AfriForum, a right-wing lobby group that promotes what it sees as the interests of white Afrikaans speakers.



The ANC said Trump&#8217;s attack was &#8220;a direct result of the lobby group&#8217;s ongoing efforts to mislead the global community and protect apartheid-era land ownership&#8221;.



AfriForum CEO Kallie Kriel said his group would ask the U.S. government &#8220;to directly punish senior ANC leaders and not the people of South Africa&#8221; over land reform. A spokesperson confirmed the group had lobbied in the United States.



<h2 class="wp-block-heading" id="h-worries-over-trade-deal">WORRIES OVER TRADE DEAL</h2>



The mostly white-led Democratic Alliance, the second-biggest party in the coalition government, said it wanted the land reform law to be amended to address certain flaws, but nevertheless corrected Trump on the specifics.



&#8220;It is not true that the Act allows land to be seized by the state arbitrarily, and it does require fair compensation for legitimate expropriations,&#8221; the DA said.



The mining minister, Gwede Mantashe of the ANC, said African countries should &#8220;withhold minerals&#8221; from the United States in response to any aid cut. Ramaphosa&#8217;s spokesperson Vincent Magwenya told Reuters those words should be &#8220;taken in jest&#8221; and the government was not seriously advocating such a policy.



Washington committed $440 million in assistance to South Africa in 2023, of which $315 million was for HIV/AIDS. Ramaphosa said U.S. funding accounted for 17% of South Africa&#8217;s HIV/AIDS programme but was not significant in other areas.



Bilateral relations were already strained because of South Africa&#8217;s warm relations with China and Russia, and its legal action against Israel, a staunch U.S. ally, which Pretoria accuses of genocide.



South Africa&#8217;s rand, stocks and government bonds fell after Trump&#8217;s comments, and economists said any U.S. measures against it could hurt the economy at a time when the U.S./Africa AGOA trade deal is due for renewal and Ramaphosa has been struggling to boost growth and attract investors.



&#8220;Do you want to set up a factory in a country where today, Trump&#8217;s cutting off all aid? Maybe tomorrow, he&#8217;s ripping up AGOA and maybe on Wednesday, he&#8217;s adding 25% tariffs because they&#8217;re too close to China&#8221; said Charles Robertson, an emerging markets specialist at FIM Partners.



South African exports to the U.S. through AGOA represented 1% of GDP in 2023, of which about half was transportation equipment, according to research by economist David Omojomolo of Capital Economics. He said 56% of exports from South Africa&#8217;s automotive sector were AGOA-eligible.



Trade Minister Parks Tau said the government would engage with the U.S. administration and both parties represented in Congress on the continuation of AGOA, which expires this year.



&#8220;We are optimistic that we will remain part of AGOA,&#8221; he told Reuters on the sidelines of an African mining conference in Cape Town.



(Additional reporting by Tannur Anders and Sfundo Parakozov in Johannesburg, Thando Hlophe in Pretoria, Wendell Roelf and Nqobile Dludla in Cape Town and Libby George in London; Writing by Estelle Shirbon; Editing by Andrew Cawthorne)

FILE PHOTO: “American Freedom Tour” event in Memphis, TN

Trump attack on South Africa exposes divisions over race and land

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3333" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/R565IRQJ2ZMVPBNPTB2P6AQWL4.avif" alt="" class="wp-image-581931"/><figcaption class="wp-element-caption">A view shows the Taipei Liaison Office in South Africa which is Taiwan&#8217;s representative office in South Africa&#8217;s administrative capital, Pretoria, South Africa, October 22, 2024. REUTERS/Alet Pretorius/File Photo</figcaption></figure>



TAIPEI, Feb 3 (Reuters)&nbsp;&#8211;&nbsp;The South African government has given Taiwan a deadline of the end of March to relocate the island&#8217;s de facto embassy outside of the capital city Pretoria, the Taiwanese Foreign Ministry said, blaming Chinese pressure for the move.



South Africa severed official diplomatic ties with Taiwan in 1997 and only maintains formal &#8211; and very close &#8211; relations with China, which views the democratically governed island as Chinese territory with no right to the trappings of a state.



In a statement late on Sunday, Taiwan&#8217;s Foreign Ministry said South Africa&#8217;s government had sent a letter in late January demanding the de facto Taiwanese embassy leave Pretoria before the end of March and &#8220;even be renamed as a trade office&#8221;.



The demand &#8220;shows China&#8217;s suppression against us in South Africa is becoming more serious&#8221;, it added, saying, however, that negotiations between Taiwan and South Africa were ongoing.



China&#8217;s foreign ministry said South Africa was a &#8220;good friend and partner&#8221; of China, and the country was doing exactly what it should when it comes to upholding the &#8220;one China principle&#8221; &#8211; which states Taiwan is part of China.



&#8220;Taiwan independence does not enjoy popular support, and will fail,&#8221; the ministry said in a statement to Reuters.



South Africa made a request last year for what is called the Taipei Liaison Office to leave Pretoria.



&#8220;Our department is coordinating with the Taipei liaison office regarding administrative matters related to accurately representing its diplomatic classification in South Africa,&#8221; a spokesperson for the South Africa&#8217;s foreign ministry told Reuters.



China is South Africa&#8217;s largest trading partner globally and one with which it is looking to expand cooperation in areas such as renewable energy.



Taiwan&#8217;s government rejects China&#8217;s sovereignty claims and says it has a right to forge ties with other countries.



Taiwan only has formal diplomatic ties with 12 countries, and in Africa it only has a single ally left, Eswatini, which is almost entirely surrounded by South Africa.



(Reporting by Ben Blanchard; Additional reporting by Ryan Woo in Beijing and Tannur Anders in Johannesburg; Editing by Sandra Maler and Toby Chopra)

R565IRQJ2ZMVPBNPTB2P6AQWL4

Taiwan says S.Africa gives March deadline to move office from Pretoria

<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/BQI34QFZORKWJOBUQ6WWLAU7QQ.avif" alt="" class="wp-image-581953"/><figcaption class="wp-element-caption">People walk past Ghana&#8217;s Ministry of Finance building in Accra, Ghana, December 13, 2024. REUTERS/Francis Kokoroko/File Photo</figcaption></figure>



ACCRA, Feb 3 (Reuters) &#8211; Ghana&#8217;s consumer inflation dipped slightly to 23.5% year-on-year in January from 23.8% in December, the statistics service said on Monday.



Government statistician Samuel Kobina Annim told a news conference that the latest&nbsp;decline&nbsp;was&nbsp;driven by a slowdown in non-food inflation.



&#8220;Although rate of inflation has slowed down by 0.3 percentage points, the figure of 23.5% is the second highest in the last nine months,&#8221; Annim said,&nbsp;adding that food prices continued to rise.



The west African country is emerging from its worst economic crisis in a generation, with turmoil in the vital cocoa and gold industries.



However, its inflation remains well above Bank of Ghana&#8217;s 8% target with a margin of error of 2 percentage points either side.



The central bank said last week that it would take longer for inflation to return within the 6%-10% range.



(Reporting by Maxwell Akalaare Adombila and Christian Akorlie; Writing by Anait Miridzhanian; Editing by Bate Felix)

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Ghana consumer inflation slows to 23.5% year-on-year in January

<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>



JOHANNESBURG, Feb 3 (Reuters) &#8211; South Africa&#8217;s rand, stocks and government bonds slumped on Monday after U.S. President Donald Trump said he would suspend aid to the country.



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



South African President Cyril Ramaphosa, who recently signed into law legislation allowing land to be expropriated under specific conditions, said his government had not confiscated any and he would talk to Trump to foster a better understanding.



At 1330 GMT, the rand traded at 18.8450 against the U.S. dollar, 0.7% weaker than its closing level on Friday. Earlier in the day it was down almost 2%.



On the Johannesburg Stock Exchange, the Top-40 index was 0.5% lower, while the benchmark 2030 government bond price slid and the cost of insuring South African debt against default rose to its highest since early August.



U.S. funding to South Africa mainly involves supporting its HIV/AIDS programme, but Trump&#8217;s comments caused investor unease about the potential for a broad review of diplomatic and economic ties.



Casey Sprake, an investment analyst at Anchor Capital, said the autos and agriculture sectors were especially vulnerable as South Africa currently enjoys duty-free access to the U.S. market under a Clinton-era trade initiative.



Annabel Bishop, an Investec economist, said the rand was also under pressure due to Trump&#8217;s tariffs on Canada, Mexico and China, which sent global currencies to multi-year lows.



South African manufacturers, meanwhile, posted a deterioration in business conditions for a third month in a row.



(Additional reporting by Sfundo Parakozov in Johannesburg and Libby George in London; Editing by Alexander Winning, Bernadette Baum, Barbara Lewis and Alexander Smith)

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South African markets slump after Trump suspends US aid

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/GettyImages-2196996771-820x547.jpg" alt="" class="wp-image-581853" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/GettyImages-2196996771-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/GettyImages-2196996771-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/GettyImages-2196996771-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/GettyImages-2196996771-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/GettyImages-2196996771.jpg 1024w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">WASHINGTON, DC &#8211; JANUARY 31: U.S. President Donald Trump talks to reporters after signing an executive order, &#8220;Unleashing prosperity through deregulation,&#8221; in the Oval Office on January 31, 2025 in Washington, DC. (Photo by Chip Somodevilla/Getty Images)</figcaption></figure>



WASHINGTON, Feb 2 (Reuters) &#8211; U.S. President Donald Trump said on Sunday, without citing evidence, that &#8220;certain classes of people&#8221; in South Africa were being treated &#8220;very badly&#8221; and that he would cut off funding for the country until the matter is investigated.



&#8220;South Africa is confiscating land, and treating certain classes of people VERY BADLY,&#8221; Trump said in a Truth Social post.



&#8220;The United States won&#8217;t stand for it, we will act. Also, I will be cutting off all future funding to South Africa until a full investigation of this situation has been completed!&#8221; he said.



It is unclear what led to Trump&#8217;s post.



The South African embassy in Washington D.C. did not respond to a request for comment outside of regular business hours.



The United States obligated nearly $440 million in assistance to South Africa in 2023, the most recent U.S. government data showed.



South Africa currently holds the G20 presidency, after which the U.S. takes over.



Last month, South African President Cyril Ramaphosa&nbsp;<a href="https://www.reuters.com/world/south-africa-not-worried-about-relationship-with-us-under-trump-ramaphosa-says-2025-01-22/">said</a>&nbsp;he was not worried about the country&#8217;s relationship with Trump. He said he had spoken to Trump after the latter&#8217;s election victory and looked forward to working with his administration.



During his&nbsp;<a href="https://www.reuters.com/article/world/trump-and-land-fears-boost-south-africas-white-right-state-idUSKCN1NQ0GG/">first</a>&nbsp;administration, Trump said the U.S. would investigate unproven large-scale killings of white farmers in South Africa and violent takeovers of land. Pretoria at the time said Trump was misinformed. It is unclear whether the Trump administration carried out an investigation.



Trump&#8217;s close ally Elon Musk was born in South Africa. In 2023, Musk replied on X to a video of a far-left South African political party singing an old anti-apartheid song, &#8220;Kill the Boer&#8221;, by stating: &#8220;They are openly pushing for genocide of white people in South Africa.&#8221;

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