<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, March 18 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday.



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



Hong Kong shares rose to three-year highs and led Asian markets higher on Tuesday, as investors turn positive on the outlook for the world&#8217;s second-biggest economy and cheered recent data and promises to further support consumption.



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



Oil prices were little changed in early trading on Tuesday as global growth concerns, U.S. tariffs and Russia-Ukraine ceasefire talks offset increased instability in the Middle East that could impact supply.



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



The rand firmed on Monday against a weaker dollar, as market participants appeared to shrug off the United States&#8217; decision late last week to expel South Africa&#8217;s ambassador in yet another sign of the two countries&#8217; rapidly souring relations.



<h2 class="wp-block-heading" id="h-nigeria-inflation">NIGERIA INFLATION</h2>



Nigeria&#8217;s annual headline inflation eased to 23.18% in February, the country&#8217;s statistics agency said on Monday, a month after it rebased its Consumer Price Index to reflect changes in consumption patterns.



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



Kenya&#8217;s shilling weakened slightly on Monday, and was expected to ease further due to slowing dollar inflows, especially from non-governmental organisations, traders said.



<h2 class="wp-block-heading" id="h-kenya-imf">KENYA IMF</h2>



Kenya and the International Monetary Fund (IMF) will discuss a new lending programme and abandon the current one, as the country struggles to get its economy back on track after a borrowing spree led to a surge in debt-servicing costs.



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



Rwanda-backed M23 rebels on Monday pulled out of peace talks with the Democratic Republic of Congo&#8217;s government less than 24 hours before the warring parties in eastern Congo&#8217;s worst conflict in decades were due to convene in Angola.



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on March 18

<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, March 18 (Reuters) &#8211; The South African rand strengthened on Tuesday, helped by the gold price extending its historic run to a new all-time peak.



At 0814 GMT, the rand traded at 18.0175 against the dollar, about 0.4% stronger than its previous close.



Gold hit a record high of $3,018.66, continuing its rally as investors seek cover from trade tensions sparked by U.S. President Donald Trump&#8217;s tariff war. 



South Africa is a major producer of precious metals, and analysts say a record gold price could encourage local miners to boost output.



&#8220;At some point a gold price that continues to rise will excite local miners to make a greater effort to mine difficult-to-reach gold deposits. What may not have looked viable several years ago must be looking interesting now,&#8221; said ETM Analytics in a research note.



The rand has proved resilient despite an uncertain domestic and global backdrop.



The national budget is deadlocked for the first time in the post-apartheid era because of disagreements in the ruling coalition.



Relations with the United States have rapidly soured since Trump&#8217;s return to the White House in January, with the U.S. leader cutting aid to South Africa and analysts saying the African country&#8217;s preferential trade status under the U.S. African Growth and Opportunity Act (AGOA) could come under threat.



In terms of domestic data, the focus this week is on Wednesday&#8217;s inflation figures and Thursday&#8217;s monetary policy announcement. Economists polled by Reuters think the South African Reserve Bank could pause its rate-cutting cycle given abundant risks.



The Johannesburg Stock Exchange&#8217;s Top-40 index last traded up about 1%. The benchmark 2030 government bond was flat, with the yield at 9.17%.



(Reporting by Sfundo Parakozov; Editing by Alexander Winning and Susan Fenton)

South African Rand Rebound Snaps Streak of Weekly Losses

South African rand gains as gold scales new peak

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="3025" height="1994" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/HFMB3GH6JFJHVDFNQQEM23WYIE.avif" alt="" class="wp-image-598796"/><figcaption class="wp-element-caption">U.S. State Department spokesperson Tammy Bruce speaks during her first press briefing at the State Department in Washington, D.C., U.S., March 6, 2025. REUTERS/Kevin Lamarque/File Photo</figcaption></figure>



WASHINGTON, (Reuters) &#8211; Remarks by South Africa&#8217;s ambassador to the United States about President Donald Trump were &#8220;unacceptable,&#8221; a State Department spokesperson told reporters on Monday after Washington last week made the decision to expel the envoy.



Ties between the two countries have slumped since Trump cut U.S. financial aid to South Africa, citing disapproval of its land policy and its genocide case against Washington&#8217;s ally Israel at the International Court of Justice.



The expulsion of ambassador Ebrahim Rasool following an article that quoted him as saying President Donald Trump was leading a white supremacist movement, was the last straw.



Secretary of State Marco Rubio said on Saturday in a post on X that he was expelling Rasool, calling him a &#8220;race-baiting politician&#8221; who hates Trump, and reposting the article from right-wing website Breitbart.



&#8220;These remarks were unacceptable to the United States, not just to the president, but to every American,&#8221;&nbsp;State Department spokesperson Tammy Bruce,&nbsp;speaking at a daily briefing, told reporters.



&#8220;At the very least, what we should expect is a standard of some respect &#8211; basic, low-level respect &#8211; if you&#8217;re in a position that is going to help facilitate any kind of diplomatic relationship with another country.&#8221;



She added that Rasool&#8217;s privileges as ambassador expired on Monday and he must leave the country by Friday.



South Africa&#8217;s embassy in Washington did not immediately respond to a request for comment on the Breitbart article or Bruce&#8217;s comments.



<h2 class="wp-block-heading" id="h-review-of-ties">REVIEW OF TIES</h2>



South Africa previously called&nbsp;the expulsion&nbsp;regrettable in statements from its presidency and international relations department, but said it remained committed to building mutually beneficial relations.



Asked&nbsp;by reporters&nbsp;whether other ambassadors&nbsp;to&nbsp;the&nbsp;United States&nbsp;could criticize Trump without fear of being expelled, Bruce said: &#8220;You want people in each embassy who can actually facilitate a relationship.&#8221;



Rasool presented his credentials to then-President Joe Biden on January 13, a week before Trump took office, according to the embassy&#8217;s website.&nbsp;It was his second stint in Washington.



Bruce also said&nbsp;the Trump administration was conducting a serious review of Washington&#8217;s South Africa policy, citing South Africa&#8217;s&nbsp;land policy,&nbsp;its growing&nbsp;ties with countries like Russia and Iran and &#8220;aggressive positions&#8221; toward the U.S. and allies, including accusing Israel of genocide.



Trump has said, without citing evidence, that South Africa is confiscating land&nbsp;and&nbsp;that &#8220;certain classes of people&#8221; were&nbsp;being treated very badly.



South African President Cyril Ramaphosa signed into law a bill in January aimed at making it easier for the state to expropriate land in the public interest, in some cases without compensating the owner.



Ramaphosa has defended the policy as evening out racial disparities in ownership in the Black-majority nation and said the government had not confiscated any land.



(Reporting by Humeyra Pamuk; Writing by Daphne Psaledakis; Editing by Chizu Nomiyama and Nia Williams)

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US says South African ambassador’s remarks were ‘unacceptable’

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="480" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/3GWHJ24G6BNGHDPVWY36IOPFFQ.jpg" alt="" class="wp-image-596532" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/3GWHJ24G6BNGHDPVWY36IOPFFQ.jpg 720w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/3GWHJ24G6BNGHDPVWY36IOPFFQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/3GWHJ24G6BNGHDPVWY36IOPFFQ-135x90.jpg 135w" sizes="auto, (max-width: 720px) 100vw, 720px" /><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>



JOHANNESBURG, March 17 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s lawmakers will scrutinise the 2025 budget in the coming weeks, with amendments not ruled out as political parties weigh up a contentious plan to raise value-added tax.



<h2 class="wp-block-heading" id="h-what-has-happened-so-far">WHAT HAS HAPPENED SO FAR?</h2>



Finance Minister Enoch Godongwana tabled a revised budget on March 12 that was rejected by most big parliamentary parties despite a reduction in the size of the proposed VAT hike from 2 percentage points to 1 point, spread over two years.



There is now no clear path for the budget to be passed before the current fiscal year ends on March 31, the first time that has happened in the post-apartheid era.



Godongwana&#8217;s African National Congress (ANC) needs the support of at least one other big party for the budget to pass.



<h2 class="wp-block-heading" id="h-what-s-next-after-the-budget-was-tabled">WHAT&#8217;S NEXT AFTER THE BUDGET WAS TABLED?</h2>



Godongwana&#8217;s budget will be considered by lawmakers in three stages.



In the first stage, lawmakers vote on the fiscal framework and revenue proposals that lay out economic policy and revenue projections and set the overall limits for government spending.



Next they consider the division of revenue bill, which outlines how funds will be shared between the three spheres of government &#8211; national, provincial, and local government.



Last to be voted on is the appropriation bill, which allocates money to specific departments and programs.



Each bill must be passed before moving to the next stage.



According to parliament, lawmakers have until April 3, which is 16 working days after the budget was tabled, to approve the fiscal framework and related revenue proposals, but there is flexibility if delays occur.



Lawmakers have the power to amend the budget, within limits. According to parliamentary laws, any changes cannot exceed the revenue or spending estimates set out in the budget.



<h2 class="wp-block-heading" id="h-what-happens-if-the-budget-is-not-passed-by-april-1">WHAT HAPPENS IF THE BUDGET IS NOT PASSED BY APRIL 1?</h2>



If the budget is not passed by April 1, the start of the new fiscal year, the law allows the government to continue spending up to 45% of the previous year&#8217;s budget until parliament approves the new budget.



The government cannot implement new budgetary allocations without parliamentary approval.



<h2 class="wp-block-heading" id="h-can-the-vat-hike-be-implemented-before-the-budget-is-passed">CAN THE VAT HIKE BE IMPLEMENTED BEFORE THE BUDGET IS PASSED?</h2>



The National Treasury said it can implement the VAT hike on May 1, even if the budget has not been passed in parliament.



&#8220;The alteration will be effective from a date determined by the Minister in that announcement, and continues to apply for a period of 12 months from that date,&#8221; said the National Treasury.



Should parliamentarians scrap the VAT increase after it has been implemented, subsequent adjustments to tax laws would need to be made within 12 months and the existing tax would not require repayment, a parliamentary spokesperson said.



<h2 class="wp-block-heading" id="h-what-is-the-anc-s-next-move">WHAT IS THE ANC&#8217;S NEXT MOVE?</h2>



The budget has been the biggest test for the fractious coalition formed last year when the ANC lost its parliamentary majority for the first time in the democratic era.



ANC Secretary-General Fikile Mbalula said on Thursday that the party was prepared to talk to all political parties to find a way to pass the budget.



Godongwana has said he was open to hearing proposals from lawmakers on how to change the budget, but they needed to understand the difficult trade-offs involved.



(Reporting by Kopano Gumbi; Editing by Olivia Kumwenda-Mtambo and Hugh Lawson)

3GWHJ24G6BNGHDPVWY36IOPFFQ

What’s next for South Africa’s budget and planned VAT hike?

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="568" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/F6D7PI4SJVK4DG7HSVQSJ637XA-1-820x568.jpg" alt="" class="wp-image-469791" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/F6D7PI4SJVK4DG7HSVQSJ637XA-1-820x568.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/F6D7PI4SJVK4DG7HSVQSJ637XA-1-300x208.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/F6D7PI4SJVK4DG7HSVQSJ637XA-1-130x90.jpg 130w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/F6D7PI4SJVK4DG7HSVQSJ637XA-1-768x532.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/F6D7PI4SJVK4DG7HSVQSJ637XA-1-1536x1065.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/F6D7PI4SJVK4DG7HSVQSJ637XA-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A man walks past an MTN logo outside the company&#8217;s headquarters in Johannesburg, South Africa, March 13, 2023. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, March 17 (Reuters) &#8211; The CEO of MTN Group said the worst should be over for the company as its Nigeria unit recovers, after a naira devaluation pushed the group to an annual pre-tax loss of 4.4 billion rand ($243 million).



Nigeria has suffered chronic dollar shortages that have forced authorities to devalue the naira as part of the government&#8217;s measures to stabilise the currency and attract investment.



Coupled with high inflation and interest rates, this has driven up costs and widened MTN Nigeria&#8217;s pre-tax loss by more than 200% to 550.3 billion naira ($355.76 million).



At group level, South Africa-headquartered MTN reported a loss before tax of 4.4 billion rand in the year to December 31, from a 2023 profit of 12.2 billion rand.



The Nigeria business has a number of initiatives aimed at restoring profit and addressing its position when liabilities exceed assets, including renegotiating tower leases and a tariff hike, which was approved in January.



&#8220;That pain which we&#8217;ve had for 18 months, is abating somewhat &#8230; the business is growing very strongly. So I&#8217;m actually very bullish and confident that we&#8217;ll see strong recovery in Nigeria,&#8221; Group CEO Ralph Mupita said in a media call.



MTN Group, which has 291 million customers across 16 markets in Africa, saved 3.8 billion rand in costs, with 1.2 billion coming from the renegotiated tower leases, CFO Tsholofelo Molefe told Reuters.



In Sudan, the group&#8217;s operational and financial performance was hampered by the armed conflict in the country, resulting in impairments of 11.7 billion rand.



Mupita said that MTN has &#8220;started to see sites coming back on air&#8221; in areas where there was ongoing conflict such as in the capital Khartoum, where its network was down since April 2023.



By 1220 GMT, MTN shares were 2.39% higher.



&#8220;If you look at the underlying performance, which is service revenue at constant currency, it does look strong. Management team is executing well,&#8221; Peter Takaendesa, head of equities at Mergence Investment Managers, said.



&#8220;The challenge is just those macro and currency issues, which they really have limited control over.&#8221;



Group service revenue decreased by 15% to 177.8 billion rand but rose 14% in constant currency terms.



($1 = 1,546.8200 naira)



($1 = 18.1888 rand)



(Reporting by Nqobile Dludla; Editing by David Goodman and David Evans, Kirsten Donovan)

FILE PHOTO: MTN downgrades medium-term margin target for South Africa on power outages

South Africa’s MTN annual profit slumps as Nigeria currency devaluation weighs

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="480" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/BLUQMZADUZKOLHER6AWH47IIC4.avif" alt="" class="wp-image-598481"/><figcaption class="wp-element-caption">M23 rebels gather around a truck during the escort of captured FDLR members (not pictured) to Rwanda for repatriation, at the Goma-Gisenyi Grande Barrier border crossing, March 1, 2025. REUTERS/Arlette Bashizi/File Photo</figcaption></figure>



NAIROBI, March 17 (Reuters)&nbsp;&#8211;&nbsp;Belgium and Rwanda announced the expulsion of each other&#8217;s diplomats, as relations deteriorated over allegations about their respective roles in the conflict in eastern Democratic Republic of Congo.



Kigali said it was severing diplomatic relations and giving Belgian diplomats 48 hours to leave the East African country, accusing Brussels of &#8220;using lies and manipulation to secure an unjustified hostile opinion of Rwanda.&#8221;



Belgium&#8217;s foreign affairs minister Maxime Prevot said the move was &#8220;disproportionate and shows that when we disagree with Rwanda they prefer not to engage in dialogue.&#8221;



Brussels will reciprocate by declaring Rwandan diplomats persona non grata, he added.



African leaders have been trying to establish a lasting ceasefire in Congo, where the Rwandan government is accused of supporting an offensive by M23 rebels in eastern Congo.



(Reporting by Anait Miridzhanian; Writing by Hereward Holland; Editing by Bate Felix)

BLUQMZADUZKOLHER6AWH47IIC4

Rwanda and Belgium expel each other’s diplomats over Congo conflict

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1080" height="720" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/TWV5ODKIWNI75BNZPE3VSGMPAA.avif" alt="" class="wp-image-598410"/><figcaption class="wp-element-caption">M23 rebels sit on a truck during the escort of captured FDLR members (not pictured) to Rwanda for repatriation, at the Goma-Gisenyi Grande Barrier border crossing, March 1, 2025. REUTERS/Arlette Bashizi/File Photo</figcaption></figure>



March 16 (Reuters)&nbsp;&#8211;&nbsp;Democratic Republic of Congo will send a delegation to Angola on Tuesday for talks aiming to resolve a spiralling conflict against Rwandan-backed rebels in the east, the presidency said on Sunday.



Angola said last week that direct peace talks between Congo and M23 rebels would begin in the Angolan capital Luanda on March 18.



President Felix Tshisekedi, who has long ruled out dialogue with M23, had been considering changing his position after a string of defeats as regional support for Congo has waned.



&#8220;At this stage, we can&#8217;t say who will make up the delegation,&#8221; presidency spokesperson Tina Salama said.



M23 has acknowledged receipt of Angola&#8217;s invitation,&nbsp;its spokesperson&nbsp;Lawrence Kanyuka said on X on Sunday,&nbsp;without saying whether it would participate.



M23 made a series of demands after the talks were announced, including asking Tshisekedi to publicly express his commitment to negotiate with them directly.



Angola has been trying to mediate a lasting ceasefire and lower tensions between Congo and neighbouring Rwanda, which has been accused of backing the Tutsi-led rebel group. Rwanda denies those allegations.



The conflict, which has blighted eastern Congo for decades, is rooted in the spillover into Congo of Rwanda&#8217;s 1994 genocide and the struggle for control of Congo&#8217;s vast mineral resources.



It escalated significantly this year, with M23 gaining ground it had never controlled before, including east Congo&#8217;s two biggest cities and a host of smaller localities.



Congo&#8217;s government has said at least 7,000 people have died in the fighting since January. At least 600,000 people have been displaced by the fighting since November, according to the U.N. humanitarian affairs office.



Angolan President Joao Lourenco on Saturday urged all parties to cease hostilities from midnight to create a conducive climate for the talks.



&#8220;The ceasefire must include all possible hostile actions against the civilian population and the occupation of new positions,&#8221; he said in a statement.



Both Congo and M23 have repeatedly accused each other of violating ceasefires in the past.



Fighting did not appear to have stopped on Sunday, as a local official reported clashes in the Walikale region.



(Reporting by Sonia Rolley and Congo newsroom; Additional reporting by Olivia Kumwenda in Johannesburg; Writing by Sofia Christensen; Editing by Louise Heavens and Kevin Liffey)

TWV5ODKIWNI75BNZPE3VSGMPAA

Congo says it will join peace talks with Rwanda-backed rebels on Tuesday

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="4012" height="2529" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/2E6MGWCZGVPIXHSSM74HEJZDI4.avif" alt="" class="wp-image-598407"/><figcaption class="wp-element-caption">Absa Group logo is seen on a smartphone in front of displayed same logo in this illustration taken, December 1, 2021. REUTERS/Dado Ruvic/Illustration/File Photo</figcaption></figure>



JOHANNESBURG, March 17 (Reuters) &#8211; South Africa&#8217;s Absa Group on Monday named former Standard Bank South Africa chief Kenny Fihla as its new CEO, effective June 17.



Fihla joined Standard Bank Group in 2006 and has held numerous senior roles, including that of Chief Executive Officer of its corporate investment banking (CIB) unit, Deputy Chief Executive Officer of Standard Bank Group and CEO Standard Bank South Africa.



&#8220;Under his guardianship as Chief Executive from 2017 to 2024, CIB doubled its headline earnings to 20.5 billion rand and achieved a compound annual growth rate of 8.6%,&#8221; Standard Bank said in a separate statement.



Charles Russon remains the interim CEO of Absa Group and Absa Bank until June 16. Russon will work with Fihla to ensure a smooth leadership transition, thereafter he will take a key senior role within the group executive committee, Absa said.



(Reporting by Chandini Monnappa in Bengaluru; Editing by Mrigank Dhaniwala and Louise Heavens)

2E6MGWCZGVPIXHSSM74HEJZDI4

Absa Group names Standard Bank South Africa head Kenny Fihla as new CEO

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-1251784570-820x547.jpg" alt="" class="wp-image-484765" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-1251784570-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-1251784570-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-1251784570-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-1251784570-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-1251784570-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-1251784570-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The International Monetary Fund (IMF) headquarters during the spring meetings of the IMF and World Bank Group in Washington, DC, US, on Thursday, April 13, 2023. The IMF trimmed its global-growth projections, warning of high uncertainty and risks as financial-sector stress adds to pressures emanating from tighter monetary policy. Photographer: Samuel Corum/Bloomberg via Getty Images</figcaption></figure>



NAIROBI, March 17 (Reuters)&nbsp;&#8211;&nbsp;The International Monetary Fund has received a formal request for a new programme from Kenyan authorities and will engage with them going forward, it said on Monday.



A ninth review under its current extended fund facility and extended credit facility programmes will not proceed, IMF said in a statement.



The IMF did not specify the kind of programme Kenya was seeking. Finance Minister John Mbadi told Reuters last month that it would be a financing programme.



The East African economy needs continued help from the lender to keep its economy on track after its debt-servicing costs surged due to a borrowing spree over the past decade.



The government has been scrambling for new financing after deadly protests last year forced it to abandon a plan to raise extra revenue via tax hikes.



(Reporting by George Obulutsa and Duncan Miriri; Editing by Jamie Freed)

Spring Meetings Of The International Monetary Fund And World Bank

IMF has received a formal request for a new Kenya financing programme

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="545" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/QJNXCFIWLRLG5CVFJF3DG2WJ3A-820x545.jpg" alt="" class="wp-image-479321" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/QJNXCFIWLRLG5CVFJF3DG2WJ3A-820x545.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/QJNXCFIWLRLG5CVFJF3DG2WJ3A-300x199.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/QJNXCFIWLRLG5CVFJF3DG2WJ3A-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/QJNXCFIWLRLG5CVFJF3DG2WJ3A-768x511.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/QJNXCFIWLRLG5CVFJF3DG2WJ3A.jpg 1325w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: The logo of Anglo American is seen on a jacket of an employee at the Los Bronces copper mine, in the outskirts of Santiago, Chile March 14, 2019 REUTERS/Rodrigo Garrido</figcaption></figure>



(Reuters) &#8211; Anglo American has begun a consultation process in the United Kingdom and South Africa to cut jobs, amid a broader restructuring aimed at refocusing its operations on copper and iron ore mining, a spokesperson said on Thursday.



As part of the strategic overhaul, the company is set to spin off its Anglo American Platinum unit by mid-year. It also sold its coal and nickel assets and plans to divest its De Beers diamond unit.



Bloomberg News earlier&nbsp;in the day reported&nbsp;that Anglo was planning to cut more jobs at its corporate office.



The company has sent notices to employees who are likely to be affected, the report added, citing people with knowledge of the matter.



&#8220;These are clearly significant changes to our global business that naturally require adjustment to the resourcing of our corporate offices, so we are beginning consultation processes in the UK and South Africa to discuss proposed organisational changes,&#8221; a company spokesperson told Reuters in an email.



Anglo American has about 55,000 employees across the globe, according to its 2024 annual report.



(Reporting by Shanima A and Prerna Bedi, additional reporting by Dhanush Vignesh Babu in Bengaluru; Editing by Devika Syamnath)

FILE PHOTO: Logo of Anglo American is seen on a jacket of an employee at the Los Bronces copper mine, in the outskirts of Santiago

Anglo American begins consultation to cut jobs amid business overhaul

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3333" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/PZJDEL4AJBOQRBQVBFB3WB6VNI.avif" alt="" class="wp-image-597019"/><figcaption class="wp-element-caption">South Africa&#8217;s President Cyril Ramaphosa and European Commission President Ursula von der Leyen, attend the 8th EU-South Africa summit, in Cape Town, South Africa, March 13, 2025. REUTERS/Esa Alexander</figcaption></figure>



CAPE TOWN, March 13 (Reuters)&nbsp;&#8211;&nbsp;European Commission President Ursula von der Leyen on Thursday&nbsp;announced&nbsp;a new 4.7 billion euro ($5.10 billion) investment package for South Africa&nbsp;on a visit to the country.



Von der Leyen said the Global Gateway investment package was to support a just energy transition, vaccine manufacturing, and digital and physical connectivity.



She made the remarks at the beginning of talks with South African President Cyril Ramaphosa, sitting alongside European Council President Antonio Costa.



($1 = 0.9223 euros)



(Reporting by Wendell Roelf; Writing by Sfundo Parakozov; Editing by Alexander Winning)

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European Union announces 4.7 billion euro investment package for South Africa

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3089" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/CVXKTNP76NMWJHEFTALQL7UPHQ.avif" alt="" class="wp-image-596982"/><figcaption class="wp-element-caption">A company logo for the South African supermarket chain SPAR Group is seen on a trolley outside a store in Johannesburg, South Africa, June 7, 2022. Picture taken June 7, 2022. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, March 13 (Reuters) &#8211; South Africa&#8217;s SPAR Group is planning a chain of about 30 to 40 high-end grocery stores, with the first set to open in the fourth quarter of this year, an executive said on Thursday, as the retailer targets affluent shoppers.



South African grocery retailers are increasingly tailoring stores to wealthy or low-income customers in a market that is becoming more polarised.



&#8220;The strategy includes converting high-end niche SPAR stores while also opening new locations in strategic sites. We anticipate around 30 to 40 Gourmet stores in the future, though no fixed timeline has been set,&#8221; Max Oliva, SPAR Southern Africa CEO, told Reuters.



The South African retailer owns several SPAR country licences of the Dutch SPAR group.



Presenting on Wednesday at the company&#8217;s capital markets day, Oliva told investors that the new SPAR Gourmet format would target customers in high-end residential and urban areas.



&#8220;Key focus areas include premium food solutions, coffee, bakery, and indulgent products, with a curated assortment tailored to meet the needs of a more affluent customer base,&#8221; he said.



SPAR Gourmet and discount chain SaveMor are part of the group&#8217;s segmentation strategy, similar to what rivals Pick n Pay and Shoprite have been doing in recent years.



To strengthen its position in the competitive discount grocery sector, SPAR will also be revamping the SaveMor chain.



South Africa&#8217;s higher-end grocery market is dominated by Woolworths, followed by Shoprite&#8217;s Checkers chain. In the discount space, Shoprite has Usave and Pick n Pay has Boxer.



(Reporting by Siyanda Mthethwa and Nqobile Dludla. Editing by Mark Potter)

CVXKTNP76NMWJHEFTALQL7UPHQ

South Africa’s SPAR plans chain of up to 40 high-end grocery stores

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3496" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/YPYZLCVLKZMVJOWUT7HMSPRWEE.avif" alt="" class="wp-image-596933"/><figcaption class="wp-element-caption">A woman walks past a Standard Bank logo at the Investing in African Mining Indaba 2024 conference in Cape Town, South Africa February 7, 2024. REUTERS/Esa Alexander/File Photo</figcaption></figure>



JOHANNESBURG, March 13 (Reuters) &#8211; Standard Bank, Africa&#8217;s biggest lender by assets, on Thursday reported a 4% jump in annual profit and forecast headline earnings per share (HEPS) growth of 8%-12% in the medium term.



The South Africa-based lender said its headline earnings rose to 44.5 billion rand ($2.42 billion) in the year ended December 31 from 42.9 billion rand in the previous year.



It also said that the HEPS was up 4% at 26.91 rand.



The new medium-term target for HEPS is for 2026 to 2028, the bank said. Its return on equity target range for the period is 18%-22%.



For the current reporting period, the lender&#8217;s net income grew 2% to 181.7 billion rand, driven by a 3% increase in its net interest income to 101 billion rand.



Growth in loans and advances rose a mere 2%&nbsp;due to lower consumer affordability and demand for credit&nbsp;as interest rates remained high, on average, in 2024, the bank said.



Credit impairment charges fell 7% to 15 billion rand, largely due to a slowdown in early arrears and inflows into non-performing loans in the retail and business segments.



($1 = 18.3709 rand)



(Reporting by Nqobile Dludla; Editing by Christopher Cushing)

YPYZLCVLKZMVJOWUT7HMSPRWEE

Standard Bank’s annual profit rises, forecasts growth in medium term

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2560" height="1440" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/RJQQJCNPY5N5TEMOPIA3PHPUWY.avif" alt="" class="wp-image-596924"/><figcaption class="wp-element-caption">A drone view shows construction on the 3.2 kilometre Kigongo–Busisi Bridge, named John Pombe Magufuli Bridge that crosses the southern end of Lake Victoria at a cost of approximately $300 million USD, in Mwanza, Tanzania October 14, 2024. REUTERS/Emmanuel Herman/File Photo</figcaption></figure>



DAR ES SALAAM, March 13 (Reuters)&nbsp;&#8211;&nbsp;Tanzania plans to increase overall spending by 13.4% in the fiscal year from July, according to a draft budget that focuses on the country&#8217;s debt repayment needs, the cost of a coming general election, and U.S. President Donald Trump&#8217;s pause in overseas aid.



The east African country plans to spend 57.04 trillion shillings ($22 billion) in the 12 months starting in July, up from 50.29 trillion shillings this year, according to a budget paper seen by Reuters.



Finance Minister Mwigulu Nchemba presented a paper titled &#8220;Budget Framework and Expenditure Ceiling For 2025/26&#8221; to a parliamentary committee on Tuesday.



The final budget for the coming fiscal year will be read in June.



Of the total amount, the government expects to raise 40.97 trillion shillings from domestic revenue sources and the rest through both domestic and external debt, according to the paper.



Tanzania is taking steps to reduce its dependence on unpredictable sources of revenue or debt with unfavourable terms, the paper showed.



Like some other developing countries Tanzania has also been hit hard by U.S. President Donald Trump&#8217;s freeze on all foreign aid for 90 days.



The budget has taken into consideration, the paper said, &#8220;the potential impact that is likely to happen due to changes of policies from development partners, especially the United States.&#8221;



In the next financial year the government will focus on boosting production of manufactured goods and services, and the promotion of trade and investment among other factors, the paper said.



&#8220;Specific priorities include covering costs on government debt repayment, salaries, the general election of 2025 and promotion of democracy in the country,&#8221; Nchemba said in the paper.



Tanzania is set to hold a general election in October in which voters will choose the next president, lawmakers and local government officials.



President Samia Suluhu Hassan will be seeking re-election for a second term of five years, having come to power in 2021 after the death of her predecessor.



($1 = 2,610.0000 Tanzanian shillings)



(Reporting by Nuzulack Dausen; Editing by Elias Biryabarema and Hugh Lawson)

RJQQJCNPY5N5TEMOPIA3PHPUWY

Tanzania plans to raise spending by 13% in fiscal year from July, draft shows

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3333" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/TK6CHSZXDJPLLBYFHHDN2UBZGY.avif" alt="" class="wp-image-596859"/><figcaption class="wp-element-caption">South Africa&#8217;s Finance Minister Enoch Godongwana delivers his 2025 budget speech in Cape Town, South Africa, March 12, 2025. REUTERS/Esa Alexander/File Photo</figcaption></figure>



CAPE TOWN, March 13 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s budget may be tweaked further as more talks between political parties will try to overcome differences over a contentious plan to raise value-added tax, the country&#8217;s finance minister told Reuters.



Most big parliamentary parties rejected Finance Minister Enoch Godongwana&#8217;s revised budget on Wednesday, despite it scaling back the size of the proposed VAT hike from 2 percentage points to 1 point, spread over two years.



Godongwana&#8217;s African National Congress needs the support of at least one other big party for the budget to pass, but its main coalition partner, the Democratic Alliance, is dead-set against any tax increases, as are other big parties outside the coalition.



The budget has been the biggest test for the fractious coalition formed last year when the ANC lost its parliamentary majority for the first time since the end of apartheid.



&#8220;There will be engagement which may lead to some amendments in the budget. It is the nature of the thing,&#8221; Godongwana said in an interview in his parliamentary office late on Wednesday.



He said he was open to hearing proposals from lawmakers on how to change the budget, but they needed to understand the difficult trade-offs involved.



&#8220;Where we sit (as government), we say we&#8217;ve done our job and then it&#8217;s for parliament to make the final call, but if they scrap the VAT which is 14 billion (rand of additional revenue) they must then say from an expenditure side what should be scrapped,&#8221; Godongwana said.



He said a suggestion by some politicians that money could be saved by cutting the country&#8217;s bloated cabinet would not yield the sort of money the government needs to fund spending on frontline services like health and education.



Godongwana said the budget now before parliament could be the most controversial for years because the government was not likely to try to raise taxes again soon.



He said he thought the budget, which sees public debt peaking next fiscal year and the deficit falling gradually over the next three years, would be viewed favourably by ratings agencies but their main fear would be whether it gets through parliament.



&#8220;That&#8217;s a test we&#8217;ve got to pass,&#8221; he said.



(Reporting by Wendell Roelf; Editing by Alexander Winning and Lincoln Feast.)

TK6CHSZXDJPLLBYFHHDN2UBZGY

South Africa’s budget may be tweaked further, finance minister says

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1080" height="720" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/HVJ54EB5MJKU5FY7ZFM3AURKJQ.avif" alt="" class="wp-image-596587"/><figcaption class="wp-element-caption">South Africa&#8217;s leader of the Democratic Alliance (DA) party John Steenhuisen attends the first sitting of the National Assembly following elections, at the Cape Town International Convention Center (CTICC) in Cape Town, South Africa June 14, 2024. REUTERS/Nic Bothma/File Photo</figcaption></figure>



JOHANNESBURG, March 12 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s Democratic Alliance party said the National Treasury&#8217;s proposal to raise value-added tax in a budget tabled on Wednesday, which the DA has refused to support, put the coalition government at risk.



&#8220;The people of South Africa will be poorer, and the future of the government is at risk,&#8221; DA leader John Steenhuisen said in a statement.



(Reporting by Alexander Winning; Writing by Nellie Peyton; Editing by Olivia Kumwenda-Mtambo)

HVJ54EB5MJKU5FY7ZFM3AURKJQ

South Africa’s DA party says budget puts future of government at risk

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3340" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/BX2ACVSUS5NCLBWMNCPTHS4WVE.avif" alt="" class="wp-image-596568"/><figcaption class="wp-element-caption">An interior of a BMW iX xDrive40 displaying battery power range, is seen at a BMW dealership in Sandton, South Africa, October 27, 2023. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



PRETORIA, March 12 (Reuters)&nbsp;&#8211;&nbsp;South Africa will spend 1 billion rand ($54.27 million) to support the local production of new energy vehicles and batteries, as well as related manufacturing projects, the National Treasury said on Wednesday.



The country is the largest automotive manufacturing hub in sub-Saharan Africa, hosting brands such as Toyota&nbsp;7203.T, Ford&nbsp;F.N, Isuzu&nbsp;7202.T, Volkswagen&nbsp;VOWG.DE&nbsp;and Mercedes&nbsp;MBGn.DE, among others.



The industry has said that government incentives and policy interventions will encourage original equipment manufacturers to invest more in the production of electric vehicles in the country.



South Africa released its Electric Vehicles White Paper in 2023, outlining the country&#8217;s strategy to transition the automotive industry from primarily producing internal combustion engine vehicles to a mix that includes electric vehicles by 2035.



In its annual budget review, the treasury said the department of trade and industry in partnership with the department of mineral resources, planned to approve and implement a regional critical minerals strategy, without giving a timeline.



Critical minerals such as copper, cobalt and lithium are needed for the production of products like electric vehicle batteries and solar panels, and are key to the world&#8217;s energy transition.



The treasury said 1 billion rand was being set aside over the medium term for the industrial development support programme, an incentive scheme that aims to increase participation and investment in infrastructure by firms in selected manufacturing sectors such as automotive.



&#8220;The purpose of the incentive is to enhance the local production and assembly of new-energy vehicles, batteries and projects focused on operational efficiency and competitiveness in new manufacturing projects,&#8221; the treasury added.



The incentive is expected to attract 30 billion rand in investment from the private sector, it added.



($1 = 18.4275 rand)



(Reporting by Nqobile Dludla; Editing by Olivia Kumwenda-Mtambo, Kirsten Donovan)

Reuters

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Absa Group names Standard Bank South Africa head Kenny Fihla as new CEO

IMF has received a formal request for a new Kenya financing programme

Anglo American begins consultation to cut jobs amid business overhaul

European Union announces 4.7 billion euro investment package for South Africa

South Africa’s SPAR plans chain of up to 40 high-end grocery stores

Standard Bank’s annual profit rises, forecasts growth in medium term

Tanzania plans to raise spending by 13% in fiscal year from July, draft shows

South Africa’s budget may be tweaked further, finance minister says

South Africa’s DA party says budget puts future of government at risk

South Africa to incentivise local EV production

News Tips

Advertise With Us

Reuters

African Markets – Factors to watch on March 18

South African rand gains as gold scales new peak

US says South African ambassador’s remarks were ‘unacceptable’

What’s next for South Africa’s budget and planned VAT hike?

South Africa’s MTN annual profit slumps as Nigeria currency devaluation weighs

Rwanda and Belgium expel each other’s diplomats over Congo conflict

Congo says it will join peace talks with Rwanda-backed rebels on Tuesday

Absa Group names Standard Bank South Africa head Kenny Fihla as new CEO

IMF has received a formal request for a new Kenya financing programme

Anglo American begins consultation to cut jobs amid business overhaul

European Union announces 4.7 billion euro investment package for South Africa

South Africa’s SPAR plans chain of up to 40 high-end grocery stores

Standard Bank’s annual profit rises, forecasts growth in medium term

Tanzania plans to raise spending by 13% in fiscal year from July, draft shows

South Africa’s budget may be tweaked further, finance minister says

South Africa’s DA party says budget puts future of government at risk

South Africa to incentivise local EV production

News Tips

Advertise With Us

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