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



JOHANNESBURG, March 8 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand was trading at its strongest level in over a month early on Friday, after a week of gains supported by surging gold prices.



At 0640 GMT, the rand traded at 18.6850 against the U.S. dollar&nbsp;ZAR=D3, about the same as its previous close. It was the strongest level seen since early February.



&#8220;The rand has enjoyed a stellar week so far, capitalising on some appreciation that began last week,&#8221; said ETM Analytics in a research note.



&#8220;The USD-ZAR has cracked below some key technical support and generated momentum of its own, but it is unclear whether the momentum is about to fade,&#8221; it added.



The rand has been boosted by the price of gold, one of South Africa&#8217;s key exports, which is hovering near a historic high.



But local economic data releases this week were broadly negative, with the current account deficit widening more than expected and net foreign reserves falling in February.



South Africa&#8217;s public enterprises minister Pravin Gordhan told Reuters on Friday that he would retire after this year&#8217;s general elections in May.



The poor performance of state-owned enterprises such as power utility Eskom and logistics firm Transnet has been a key factor in dragging down South Africa&#8217;s economic growth.



South Africa&#8217;s benchmark 2030 government bond&nbsp;ZAR2030=&nbsp;was marginally stronger in early deals, with the yield down 1 basis point to 10.055%.



(Reporting by Nellie Peyton; Editing by Mark Potter)

South African Economy As Inflation Rate Rises For First Time In 2017

South African rand set to end week on stronger note

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-820x547.jpg" alt="" class="wp-image-404443" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling.jpg 1254w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Macro view of a screen of trading terminal with abstract financial graph and digits. Trading and forex concept. 3D Rendering</figcaption></figure>



March 7 (Reuters)&nbsp;&#8211;&nbsp;Most currencies in Europe&#8217;s emerging markets traded in a tight range on Thursday as investors held back from making bets ahead of the European Central Bank&#8217;s latest monetary policy verdict, while a broader gauge of stocks nudged higher.



By 0908 GMT, MSCI&#8217;s index for emerging market stocks&nbsp;.MSCIEF&nbsp;gained 0.2%, touching fresh seven-month highs, while a gauge for currencies&nbsp;.MIEM00000CUS&nbsp;advanced 0.1%.



Equities in Taiwan&nbsp;.TWII&nbsp;closed 1.0% higher, and shares in South Korea&nbsp;.KS11&nbsp;gained 0.2%.



Thursday&#8217;s big-ticket event for global markets is the ECB&#8217;s interest rate decision at 1315 GMT. The bank is expected to keep rates at a record high of 4%. Its president, Christine Lagarde, will hold a press conference 30 minutes after the announcement.



&#8220;It may be too soon to change policy tack, but markets may get carried away with lower rates if Lagarde sounds reassuring on wages and the inflection point last quarter,&#8221; Societe Generale strategists wrote.



Poland&#8217;s zloty EURPLN= weakened 0.1% against the euro a day after its central bank lowered its inflation forecasts for 2024 and 2025 and kept interest rates unchanged at 5.75%.



The Hungarian forint&nbsp;EURHUF=&nbsp;lagged local peers, down 0.5%, while the Czech crown&nbsp;EURCZK=&nbsp;was flat at 25.352 per euro.



Stocks were off to a mixed start with Poland&#8217;s WIG 20&nbsp;.WIG20&nbsp;down 1.5%, while Turkish shares&nbsp;.XU100&nbsp;gained 1.7%.



Poland&#8217;s biggest lender PKO BPPKO.WA fell 2.6% after posting a 60% drop in fourth-quarter net profit.



South Africa&#8217;s rand&nbsp;ZAR=&nbsp;was flat against the dollar after rising for five straight sessions, supported by higher gold prices and a softer U.S. dollar.&nbsp;GOL/



The dollar index&nbsp;=USD&nbsp;remained on the back foot as traders backed the idea that the Federal Reserve could be looking to reduce lending costs this year despite some upside surprises on the inflation front.&nbsp;FRX/



Elsewhere, Malaysia&#8217;s ringgit MYR= strengthened 0.6% against the dollar after the Asian country&#8217;s central bank kept its benchmark interest rate unchanged for the fifth straight meeting.



Meanwhile, bets on lower interest rates in the United States, even with a cloudy outlook, were behind a fourth consecutive month of overall foreign net flows to emerging markets in February, the Institute of International Finance said.



(Reporting by Shashwat Chauhan in Bengaluru; Editing by Ros Russell)

Macro view of a screen of trading terminal with abstract financial graph and digits. Trading and forex concept. 3D Rendering

Most currencies hold steady ahead of ECB rate decision, stocks edge higher

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/WJJQC2DZSRPNJLG46HWROZZG7M-820x547.jpg" alt="" class="wp-image-463604" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/WJJQC2DZSRPNJLG46HWROZZG7M-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/WJJQC2DZSRPNJLG46HWROZZG7M-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/WJJQC2DZSRPNJLG46HWROZZG7M-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/WJJQC2DZSRPNJLG46HWROZZG7M-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/WJJQC2DZSRPNJLG46HWROZZG7M-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/WJJQC2DZSRPNJLG46HWROZZG7M-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Senegal&#8217;s President Macky Sall in Brussels, Belgium October 25, 2023. REUTERS/Johanna Geron/File Photo</figcaption></figure>



DAKAR, March 6 (Reuters)&nbsp;&#8211;&nbsp;Senegalese President Macky Sall has scheduled a delayed presidential election for March 24, the government said on Wednesday after a top court ruled that a proposal to hold the vote after his mandate expires on April 2 was unconstitutional.



The announcement caps a dramatic evening that saw Sall dissolve the government and replace Prime Minister Amadou Ba with Interior Minister Sidiki Kaba so that Ba, the ruling coalition&#8217;s presidential candidate, can focus on his electoral campaign, the presidency said.



Earlier the Constitutional Council ruled that a proposal from a national dialogue commission for the vote to be held on June 2 was not in line with the constitution.



&#8220;The President of the Republic informed the Council of Ministers that the date of the presidential election had been set for Sunday 24 March,&#8221; the council of ministers said soon after in a statement.



The decision is the latest twist in a month-old electoral crisis that has sparked violent unrest and warnings from Senegal&#8217;s international allies that its reputation as one of coup-hit West Africa&#8217;s more stable democracies is under threat.



The&nbsp;new date was welcomed by opposition presidential candidate Anta Babacar, who was among the majority of the 19 contenders in the race who were pushing for the vote to be held as soon as possible.



&#8220;I think this is very good news. This is the reason why we were fighting for these past weeks and days, because we knew that it was actually possible to hold these elections before April 2,&#8221; she told Reuters.



The turmoil originates in a thwarted bid by the authorities&nbsp;in early February&nbsp;to postpone the Feb. 25 poll to December. Sall cited concerns about electoral disputes for the move, but some of the opposition said it amounted to an attempted institutional coup.



Wednesday evening also saw parliament approve an amnesty law proposed by Sall in a bid to ease tensions&nbsp;as he navigates&nbsp;the&nbsp;standoff with the opposition.



The law could grant amnesty to hundreds of protesters and opposition members accused of crimes relating to anti-government protests in the last three years, but it would also likely let security forces off the hook for excessive and sometimes deadly use of force against protesters, Human Rights Watch (HRW) warned on Tuesday.



At least 40 people have been killed during violent clashes since March 2021 with no accountability, according to HRW.



Much of the political unrest was triggered by concerns that Sall was trying to muzzle his opponents and hold onto power past the end of his mandate, which he has denied.



A fresh round of protests broke out last month after he announced the plan to postpone the vote.



(Additional reporting by Portia Crowe, Sofia Christensen, Ngouda Dione; Writing by Sofia Christensen and Alessandra Prentice, Editing by William Maclean and Diane Craft)

FILE PHOTO: Senegal’s President Macky Sall

Senegal schedules presidential election for March 24

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/GettyImages-1840408269-820x547.jpg" alt="" class="wp-image-463361" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/GettyImages-1840408269-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/GettyImages-1840408269-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/GettyImages-1840408269-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/GettyImages-1840408269-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/GettyImages-1840408269-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/GettyImages-1840408269-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The Central Bank of West African States (BCEAO) headquarters in Dakar, Senegal, on Saturday, Nov. 25, 2023. West Africa&#8217;s growth slowed to 3.7% this year from 3.9% in 2022 due to the global economy and higher inflation, the Economic Community of West African States said. Photographer: Damian Lemaski/Bloomberg via Getty Images</figcaption></figure>



DAKAR, March 6 (Reuters)&nbsp;&#8211;&nbsp;West Africa&#8217;s&nbsp;regional central&nbsp;bank kept its main lending rate unchanged at 3.5% in a decision announced on Wednesday.



&#8220;This decision &#8230; takes into account the reduction in inflationary pressures and the improvement of the union&#8217;s external accounts,&#8221; the bank said in a statement following a Monetary Policy Committee meeting in Dakar.



The Central Bank of West African States (the BCEAO) covers Benin, Burkina Faso, Ivory Coast, Guinea-Bissau, Mali, Niger, Senegal and Togo.



This is a developing story&#8230;



(Reporting by Diadie Ba; Writing by Nellie Peyton; Editing by Alexander Winning)

Senegalese Economy as West African Bloc Sees Growth Slowdown

West Africa central bank leaves main lending rate at 3.5%

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/LSUYGZLQFJNSJMK2KNF3ABV4GM-820x429.jpg" alt="" class="wp-image-463313" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/LSUYGZLQFJNSJMK2KNF3ABV4GM-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/LSUYGZLQFJNSJMK2KNF3ABV4GM-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/LSUYGZLQFJNSJMK2KNF3ABV4GM-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/LSUYGZLQFJNSJMK2KNF3ABV4GM-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/LSUYGZLQFJNSJMK2KNF3ABV4GM.jpg 1200w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A customer compares prices while shopping at a Pick and Pay shop in East London, in the Eastern Cape province, South Africa, March 17, 2023. REUTERS/Siphiwe Sibeko/FILE PHOTO</figcaption></figure>



March 6 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s business confidence slipped in the first quarter of 2024 amid&nbsp;ongoing&nbsp;load shedding, port congestion and inflation, a survey showed on Wednesday.



The business confidence index fell to 30 points in the&nbsp;first quarter&nbsp;from 31 points in the previous three months, according to a survey by the Rand Merchant Bank (RMB) and compiled by the Bureau for Economic Research.



&#8220;The same supply constraints, including load-shedding, logistical challenges, and heightened global and domestic policy uncertainty, keep South African businesses in a stranglehold,&#8221; said Isaah Mhlanga, chief economist and head of research at RMB.



Retail confidence fell by 13 points quarter-on-quarter to 34 points, weighed&nbsp;down&nbsp;by poor demand for consumer durable goods and&nbsp;an overall&nbsp;fall in retailers&#8217; profitability.



The country&#8217;s manufacturing sector was dragged down by weaker domestic and export demand,&nbsp;according to the survey. Manufacturing confidence fell by five points to 21 points.



&#8220;Worryingly, respondents turned even more downbeat about investment and business conditions going forward,&#8221; it&nbsp;said.



On the other hand, builders, wholesalers and car dealers remained upbeat as contractor activity improved and demand for consumer goods rose.



Meanwhile, South Africa&#8217;s private sector activity expanded in February for the first time in six months as staffing and purchasing levels increased amid stronger confidence, an S&amp;P Global South Africa Purchasing Managers&#8217; survey showed on Tuesday.



&#8220;Looking further ahead, the expectation of moderating inflation&#8230; and possibly lower borrowing costs due to an expected shallow cutting cycle of the policy interest rate may help with local consumer demand in the second-half of the year,&#8221;&nbsp;RMB&#8217;s Mhlanga said.



(Reporting by Prerna Bedi in Bengaluru; Editing by Sonia Cheema)

LSUYGZLQFJNSJMK2KNF3ABV4GM

South Africa’s business confidence slips in Q1, survey shows

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/02/107308670-1695930955313-gettyimages-1478432952-118-820x462.jpeg" alt="" class="wp-image-452310" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/02/107308670-1695930955313-gettyimages-1478432952-118-820x462.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/107308670-1695930955313-gettyimages-1478432952-118-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/107308670-1695930955313-gettyimages-1478432952-118-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/107308670-1695930955313-gettyimages-1478432952-118-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/107308670-1695930955313-gettyimages-1478432952-118.jpeg 929w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Gold purchases from central banks led to last year’s surge, with purchases exceeding 1,000 tons for two consecutive years.
Traffic_analyzer | Istock | Getty Images</figcaption></figure>



March 6 (Reuters)&nbsp;&#8211;&nbsp;Gold prices held above the $2,100 level on Wednesday, near a record peak hit in the previous session as hopes for U.S. rates easing by mid-year mount, while traders awaited remarks on the economy&#8217;s health from Federal Reserve Chair Jerome Powell.



Spot gold&nbsp;XAU=&nbsp;edged down 0.1% at $2,126.13 per ounce, as of 0458 GMT. U.S. gold futures&nbsp;GCcv1&nbsp;fell 0.4% to $2,134.30.



Spot prices hit a record peak of $2141.59 per ounce overnight on Tuesday, rallying for a fifth straight session.



Gold&#8217;s rally is sentiment driven, which was triggered by last week&#8217;s poor U.S. economic data that gave little more clarity for a June rate cut, said Ajay Kedia, director at Kedia Commodities, Mumbai, adding, without other factors at play, such as dollar&#8217;s movement, or any surge in geopolitical tensions, gold could see profit taking.



Traders are weighing in risks to the U.S. economic health in a high-interest rate environment and would be tuning into Powell&#8217;s first day of semi-annual congressional testimony for more clarity on the same.



U.S. services industry growth slowed a bit in February amid a decline in employment and new orders for U.S.-manufactured goods dropped more than expected in January.



Data on the U.S. labour market due this week will also be closely watched for. Any downside surprise could help support gold.



Traders see a 71% chance for a June Fed rate cut. Lower rates boost the appeal of non-yielding bullion.



&#8220;The central banks are buying more than 1,000 tons of gold consecutively from last two years versus the historic average of 300 (tons). This has made-up for all the loss in the retail and ETF demand,&#8221; said Kunal Shah, head of research, Nirmal Bang Commodities, Mumbai.&nbsp;GOL/ETF



Spot platinum&nbsp;XPT=&nbsp;rose 0.4% to $884.16 per ounce, and palladium&nbsp;XPD=&nbsp;rose over 1% to $958.20, while silver&nbsp;XAG=&nbsp;dropped 0.3% to $23.63.



(Reporting by Harshit Verma in Bengaluru; Editing by Sherry Jacob-Phillips and Rashmi Aich)

107308670-1695930955313-gettyimages-1478432952-118

Gold holds above $2,100 near record high, focus on Powell testimony

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/02/STGRVJG24JLG5H7LHUH3IYPOV4-820x547.jpg" alt="" class="wp-image-459177" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/02/STGRVJG24JLG5H7LHUH3IYPOV4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/STGRVJG24JLG5H7LHUH3IYPOV4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/STGRVJG24JLG5H7LHUH3IYPOV4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/STGRVJG24JLG5H7LHUH3IYPOV4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/STGRVJG24JLG5H7LHUH3IYPOV4-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/STGRVJG24JLG5H7LHUH3IYPOV4-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A sign board is seen near the Sibanye gold mine in Westonaria, west of Johannesburg, April 6, 2016. REUTERS/Siphiwe Sibeko</figcaption></figure>



March 5 (Reuters)&nbsp;&#8211;&nbsp;Sibanye Stillwater&nbsp;SSWJ.J&nbsp;on Tuesday reported a $2 billion annual loss and scrapped its final dividend, hurt by a slump in platinum group metal (PGM) prices that is forcing South African mining companies to restructure and cut jobs.



The hit on Sibanye&#8217;s income comes as the company advances projects including a lithium mine in Finland and plans to develop another one in the U.S.



CEO Neal Froneman said Sibanye may consider a capital raise if the lower metal prices persist for longer, but he ruled out a rights issue.



&#8220;We are going to raise additional capital, but this perception that it&#8217;s going to be a rights issue is completely wrong,&#8221; he said during a results call.



The precious metals producer swung to the loss last year from a $1.2 billion profit the previous year and record earnings in 2021, when prices for rhodium and palladium rallied.



It reported impairments of $2.6 billion at its U.S. palladium mines, a nickel operation in France and a gold mine in South Africa due in part to the significant decline in metal prices and an uncertain outlook.



The loss comes after Sibanye embarked on a deal spree, buying battery metal assets in France, Finland, Australia and the U.S.



The fall in prices for PGMs, mostly used by automakers to curb toxic emissions, is forcing South African mining companies to restructure and cut jobs.



Froneman said in a statement that more restructuring might be required, especially at Sibanye&#8217;s U.S. PGM operations and the Sandouville nickel refinery in France.



&#8220;We recognize however that if low commodity prices persist, earnings are going to remain under pressure and, with ongoing inflationary cost pressure, there may be further restructuring required,&#8221; Froneman said.



Sibanye&#8217;s peers Anglo American PlatinumAMSJ.J and Impala PlatinumIMPJ.J are also restructuring loss-making operations and cutting costs, a process which will cost thousands of jobs.



(Reporting by Nelson Banya and Felix Njini; Editing by Jason Neely, Jan Harvey and David Evans)

FILE PHOTO: FILE PHOTO: A sign board is seen near the Sibanye gold mine in Westonaria

Sibanye falls to $2 bln loss, weighs capital raise if metal prices worsen

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="536" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/TWPFC2BD5BP3RMHTKU7RSFBWQM-820x536.jpg" alt="" class="wp-image-463006" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/TWPFC2BD5BP3RMHTKU7RSFBWQM-820x536.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/TWPFC2BD5BP3RMHTKU7RSFBWQM-300x196.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/TWPFC2BD5BP3RMHTKU7RSFBWQM-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/TWPFC2BD5BP3RMHTKU7RSFBWQM-768x502.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/TWPFC2BD5BP3RMHTKU7RSFBWQM-1536x1003.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/TWPFC2BD5BP3RMHTKU7RSFBWQM.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Binance logo is seen in this illustration taken March 31, 2023. REUTERS/Dado Ruvic/Illustration/File Photo </figcaption></figure>



Binance on Tuesday announced that it will discontinue all Nigerian naira services, amid an ongoing legal dispute between the U.S. cryptocurrency firm remains and Africa’s most populous country.



In an update posted on its website, Binance said that, starting this Friday, any remaining naira balances in user accounts will be automatically converted to Tether, a cryptocurrency stablecoin pegged to the U.S. dollar.



The company will not support any deposits of Naira after 2 p.m. UTC on Tuesday and will no longer support withdrawals of the currency after 6 a.m. UTC on Friday, the announcement said.



Nigeria is also one of the world’s biggest crypto markets, but the Nigerian government has demanded almost $10 billion in compensation from Binance, which it accuses of manipulating foreign exchange rates via currency speculation and rate fixing, and arrested two of the firm’s senior executives last week, according to multiple media reports.



The Nigerian naira has lost almost 70% of its value over the past few months, as Africa’s largest economy faces a currency crisis and soaring inflation.

TWPFC2BD5BP3RMHTKU7RSFBWQM

Binance to discontinue Nigerian currency services as legal squabble deepens

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/TAQBB7LBMNPSFNKLQIHOTWTOJM-1-820x547.jpg" alt="" class="wp-image-462971" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/TAQBB7LBMNPSFNKLQIHOTWTOJM-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/TAQBB7LBMNPSFNKLQIHOTWTOJM-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/TAQBB7LBMNPSFNKLQIHOTWTOJM-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/TAQBB7LBMNPSFNKLQIHOTWTOJM-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/TAQBB7LBMNPSFNKLQIHOTWTOJM-1-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/TAQBB7LBMNPSFNKLQIHOTWTOJM-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A view shows solar panels at the green hydrogen proof-of-concept site in Vredendal, Western Cape, South Africa, November 15, 2022. REUTERS/Esa Alexander</figcaption></figure>



CAPE TOWN, March 5 (Reuters)&nbsp;&#8211;&nbsp;The Southern African Power Pool (SAPP) and investment advisers Climate Fund Managers on Tuesday launched a new $1.3 billion target fund to build&nbsp;high-voltage transmission lines linking countries in the region.



The Regional Transmission Infrastructure Financing Facility (RTIFF) starts with $20 million in commitments from SAPP, and aims for a first close of $500 million in 2025 in a bid to overcome a key obstacle constraining growth in an evolving energy sector.



Finance will be raised from public and private sector investors locally and internationally, a joint statement said.



Despite an abundance of energy sources in Africa, a lack of connections between countries has hampered integration and trade among SAPP&#8217;s 12 members, which include regional economic heavyweight South Africa and top copper exporter Zambia.



&#8220;RTIFF dismantles this by enabling the private sector to work alongside public sector utilities to roll out new transmission lines at scale,&#8221;&nbsp;Victor Mapani, chairperson of the SAPP executive committee, said&nbsp;in a statement.



The facility,&nbsp;with&nbsp;a fund life of between 20 and 25&nbsp;years, is&nbsp;expected to reach a final close of $1.3 billion within two years.



A renewable energy&nbsp;push, including wind, solar and&nbsp;hydro, has highlighted the dearth of connections across the region where projects, often in remote areas, are unable to connect to national grids.



A competitive electricity market with daily trades, SAPP is aiming to connect Angola, Malawi and Tanzania to the platform and has identified eight priority transmission projects, officials said at a press launch.



&#8220;Since Malawi is already being connected to Mozambique and Tanzania is being connected to Zambia, the next key project is the connection of Angola to Namibia,&#8221; Stephen Dihwa, executive director of SAPP told Reuters.



The Angola-Namibia interconnector is estimated to cost $356 million, he said, around a tenth of the total investment needed for transmission lines by 2040 to enhance regional integration.



South Africa&#8217;s debt-ridden power utility Eskom, which requires around 350 billion rand ($18.41 billion) over the next decade to upgrade its transmission network, is wooing the private sector for investment to overcome the country’s worst electricity shortages on record.



&#8220;The lack of investment in grid infrastructure is one of the reasons for ongoing blackouts in many parts of Southern Africa,&#8221; Amit Mohan, head of private credit at CFM said.



($1 = 19.0136 rand)



(Reporting by Wendell Roelf; Editing by Kirsten Donovan and Chizu Nomiyama)

Greener pastures: Is South Africa ready to profit from green hydrogen?

New $1.3 bln energy fund for transmission links across Southern 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/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-820x547.jpg" alt="" class="wp-image-423556" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Illustration photo shows a two-rand coin above a South African flag April 12, 2017. REUTERS/Thomas White/Illustration</figcaption></figure>



PRETORIA, March 5 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s economy grew 0.1% in the fourth quarter of 2023 in quarter-on-quarter seasonally adjusted&nbsp;terms, narrowly avoiding a technical recession,&nbsp;statistics agency data showed on Tuesday.



The economy grew 0.6% in 2023, said Statistics South Africa.



The fourth quarter growth rate was slightly lower than&nbsp;the 0.3% growth&nbsp;economists polled by Reuters had predicted&nbsp;ZAGDPN=ECI.



Tuesday&#8217;s data is the last gross domestic product (GDP) release before national and provincial elections in May.



Africa&#8217;s most industrialised economy has stagnated over the last decade,&nbsp;with GDP averaging 0.8% since 2012.



Inefficiencies at state-owned power utility Eskom and port and freight rail company Transnet are one reason why growth has been so weak.



A cost-of-living crisis that has squeezed consumer spending has also dented growth.



A technical recession is defined as two consecutive quarters of contracting economic output. The economy shrunk 0.2% in the third quarter of 2023.



(Reporting by Kopano Gumbi and Sfundo Parakozov; Writing by Nellie Peyton; Editing by Alexander Winning)

Illustration photo of South African rand

South Africa narrowly avoids technical recession in Q4

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/WGOK2WU4INNKBOOKDM7ZFW7OWM-820x547.jpg" alt="" class="wp-image-462896" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/WGOK2WU4INNKBOOKDM7ZFW7OWM-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/WGOK2WU4INNKBOOKDM7ZFW7OWM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/WGOK2WU4INNKBOOKDM7ZFW7OWM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/WGOK2WU4INNKBOOKDM7ZFW7OWM-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/WGOK2WU4INNKBOOKDM7ZFW7OWM-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/WGOK2WU4INNKBOOKDM7ZFW7OWM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: The logo of French TV channel &#8216;Canal Plus&#8217; is pictured outside a company building in Issy-les-Moulineaux near Paris, France, August 17, 2022. REUTERS/Sarah Meyssonnier/File Photo</figcaption></figure>



JOHANNESBURG, March 5 (Reuters)&nbsp;&#8211;&nbsp;French media group Vivendi&#8217;s&nbsp;VIV.PA&nbsp;Canal+ has raised its offer to buy all the shares of South Africa&#8217;s MultiChoice&nbsp;MCGJ.J&nbsp;that it does not already own, the companies said on Tuesday.



Canal+, the biggest shareholder in MultiChoice, will offer 125 rand per share, valuing the pending shares at about 33.7 billion rand ($1.77 billion) according to Reuters calculations, after its previous offer of 105 rand was rejected last month.



On Monday, Canal+ said it would make a firm offer by no later than April 8 after the Takeover Regulations Panel said it should immediately announce one because its 35.01% shareholding in MultiChoice triggered a mandatory offer requirement.



MultiChoice, Africa&#8217;s biggest pay-tv company, had said the 105 rand per share offer significantly undervalued the group.



Both companies said they intend to mutually co-operate and &#8220;accordingly, MultiChoice will give customary exclusivity undertakings to Canal+.&#8221;



Once the mandatory offer is made, the Independent Board of MultiChoice will be constituted and will, after receipt of the independent expert&#8217;s opinion, provide its opinion and recommendation on the offer, the companies added.



($1 = 19.0542 rand)



(Reporting by Nqobile Dludla in Johannesburg and Radhika Anilkumar in Bengaluru; Editing by Varun H K)

FILE PHOTO: The logo of French TV channel ‘Canal Plus’ is pictured outside a company building in Issy-les-Moulineaux

Canal+ raises bid for South Africa’s MultiChoice

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="573" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/02/EU77SXNC7VKF5PUJALHFIPSWDU-820x573.jpg" alt="" class="wp-image-460717" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/02/EU77SXNC7VKF5PUJALHFIPSWDU-820x573.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/EU77SXNC7VKF5PUJALHFIPSWDU-300x210.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/EU77SXNC7VKF5PUJALHFIPSWDU-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/EU77SXNC7VKF5PUJALHFIPSWDU-768x537.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/EU77SXNC7VKF5PUJALHFIPSWDU-1536x1074.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/EU77SXNC7VKF5PUJALHFIPSWDU-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A MultiChoice logo is displayed outside the company&#8217;s building in Cape Town, South Africa February 2, 2024. REUTERS/Esa Alexander/File Photo</figcaption></figure>



JOHANNESBURG, March 4 (Reuters)&nbsp;&#8211;&nbsp;Vivendi&#8217;s&nbsp;VIV.PA&nbsp;French media company Canal+ will publish a firm intention to buy shares of South African pay-TV company MultiChoice&nbsp;MCGJ.J&nbsp;that it does not already own by no later than April 8, it said on Monday.



This follows a ruling on Wednesday by South Africa&#8217;s Takeover Regulations Panel that required Canal+ to immediately make a firm intention announcement because its 35.01% shareholding in MultiChoice triggered a mandatory offer requirement when it raised its stake earlier in February.



&#8220;Canal+ respects the decision taken by the Panel, and will comply with it. On this basis, Canal+ confirms that it has applied for and received from the Panel an exemption from adhering to the timing requirements,&#8221; the media group said.



The panel has extended the time period by 25 business days, it added.



Last month Canal+, the biggest shareholder in MultiChoice, offered to buy the rest of the company for 105 rand per share, however MultiChoice rejected its offer, saying it significantly undervalued the group.



MultiChoice said it notes the announcement and that the board will continue to act in the best interests of the company and its shareholders.



Shares in the owner of DStv and on-demand video streaming platform Showmax were up 2.56% at 0840 GMT.



(Reporting by Nqobile Dludla, Editing by Louise Heavens and Angus MacSwan)

FILE PHOTO: MultiChoice logo is displayed outside the company in Cape Town

Canal+ to make firm offer to buy remainder of S.Africa’s MultiChoice by April 8

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/FDBBWF6ACROQDKEJOGUF5E2RYU-820x547.jpg" alt="" class="wp-image-462583" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/FDBBWF6ACROQDKEJOGUF5E2RYU-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/FDBBWF6ACROQDKEJOGUF5E2RYU-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/FDBBWF6ACROQDKEJOGUF5E2RYU-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/FDBBWF6ACROQDKEJOGUF5E2RYU-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/FDBBWF6ACROQDKEJOGUF5E2RYU-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/FDBBWF6ACROQDKEJOGUF5E2RYU-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Chickens are seen at a poultry farm at Hartbeesfontein, a settlement near Klerksdorp, in the North West province, South Africa, August 15, 2018. REUTERS/Siphiwe Sibeko</figcaption></figure>



JOHANNESBURG, March 4 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s RCL&nbsp;RCLJ.J&nbsp;will unbundle its Rainbow Chicken business and list it on the Johannesburg stock exchange as part of a strategic review, the food producer said on Monday as it reported half-year earnings growth of 52.6%.



RCL, which owns brands such as Selati sugar, Ouma rusks and Yum Yum peanut butter, has been assessing whether its portfolio delivers sustainable earnings and value for shareholders.



It had resolved to bulk up its fast-moving consumer goods business through acquisitions while separating its chicken, sugar and Vector Logistics into separate legal entities. Vector was eventually sold last year.



On Monday, RCL said the board gave its preliminary approval on March 1 to pursue the formal separation of Rainbow through an unbundling.



&#8220;The board is of the view that the unbundling of Rainbow will enable both businesses to pursue their respective growth ambitions and investment theses in a focused manner and with improved alignment on capital allocation priorities,&#8221; the food producer added.



The poultry unit had been the company&#8217;s mainstay business until about 10 years ago when its purchase of Foodcorp gave it exposure to branded consumer products like grocery.



The group now wants to focus on those businesses rather than &#8220;commodity non-core investment areas&#8221;, Group Chief Financial Officer Rob Field told Reuters.



Well into the second year of the turnaround phase, Rainbow&#8217;s underlying earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by 225.1 million rand ($11.83 million) to 286.8 million rand in the six months to end-December, notwithstanding the 184 million rand impact of Avian Influenza.



Rainbow&#8217;s performance, including a 10.8% rise in revenue to 7.2 billion rand, was mainly due to better agricultural performance aided by a new breed rollout, cost control, improved margins and higher retail and wholesale volumes.



&#8220;We feel like we&#8217;ve sufficiently turned the corner now. There is proper evidence of the turnaround and that the business is sustainable into the future,&#8221; Field said.



RCL reported headline earnings per share from continuing operations &#8211; a profit measure &#8211; of 81.2 cents and group revenue growth of 8.4% to 20.1 billion rand, largely due to higher volumes at Rainbow, higher sugar prices and the inclusion of the Sunshine bread bakery business.



($1 = 19.1122 rand)



(Reporting by Nqobile Dludla; Editing by Clarence Fernandez and Janane Venkatraman, Kirsten Donovan )

Chickens are seen at a poultry farm at Hartbeesfontein, a settlement near Klerksdorp, in the North West province

South Africa’s RCL Foods to spin-off and list Rainbow Chicken business

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="539" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/WCWD7IWFJNOLJEYIJRGNYD7QSI-820x539.jpg" alt="" class="wp-image-462535" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/WCWD7IWFJNOLJEYIJRGNYD7QSI-820x539.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/WCWD7IWFJNOLJEYIJRGNYD7QSI-300x197.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/WCWD7IWFJNOLJEYIJRGNYD7QSI-137x90.jpg 137w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/WCWD7IWFJNOLJEYIJRGNYD7QSI-768x504.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/WCWD7IWFJNOLJEYIJRGNYD7QSI-1536x1009.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/WCWD7IWFJNOLJEYIJRGNYD7QSI-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: People participate in a protest against the postponement of the presidential election scheduled on February 25 in Dakar, Senegal February 24, 2024. REUTERS/Zohra Bensemra/File Photo</figcaption></figure>



DAKAR, March 4 (Reuters)&nbsp;&#8211;&nbsp;Writer Moustapha Gueye voted for Senegalese President Macky Sall at the last two elections.



But disappointment in Sall&#8217;s second term and the president&#8217;s thwarted attempt to postpone the next vote have shaken Gueye&#8217;s allegiance to the ruling Benno Bokk Yakaar (BBY) coalition.



Reclining on a sofa at his home in Dakar, Gueye said he was saddened that Sall&#8217;s presidency had culminated in a bitter electoral tussle with the opposition and in unrest that has dented Senegal&#8217;s reputation as one of West Africa&#8217;s more stable nations.



&#8220;These are domestic issues that Senegal should have grown out of,&#8221; he said.



Sall&#8217;s shock decision to issue a decree delaying the election just weeks before it was due to take place in February revived widespread fears that he was trying to tweak the constitution to stay in power longer.



Sall denies this. A court later overruled his order, but too late to keep to the original electoral schedule.



Mechanic Ousmane Sene said he was tired of second-guessing the ruling party&#8217;s intentions.



&#8220;The reason I won&#8217;t vote for Benno (BBY) anymore is simply that I trusted them, but not anymore. That trust has been betrayed,&#8221; he said at his roadside repair shop in a Dakar suburb.



Authorities have still not confirmed a new date for the vote.



As the process grinds on, BBY and Sall will be gauging how the unresolved crisis is swaying other long-time supporters like Gueye and Sene and how it is affecting the chances of their handpicked candidate in the presidential race, Amadou Ba.



<h2 class="wp-block-heading" id="h-total-confusion">&#8216;TOTAL CONFUSION&#8217;</h2>



Sall cited concerns over potential election disputes as the reason for the delay. But many believe BBY and Sall tried to postpone the vote because they were unsure about their own candidate and wanted time to think.



Sall has publicly stood by Ba. But equally public critics of the candidate include at least two cabinet ministers and senior BBY member Souleymane Jules Diop, who took to the radio in late 2023 to accuse Ba of being bland and uninspiring, local media reported.



&#8220;It&#8217;s very evident that the election delay would not have taken place if Macky Sall believed that Amadou Ba was clearly capable of winning the presidency,&#8221; Tochi Eni-Kalu, Africa analyst at political risk consultancy Eurasia Group, said.



A 10-month delay could have bought enough time for a reshuffle of the candidate list, but on Feb. 15 a top court ruled that such a postponement would be unlawful and ordered the election be scheduled as soon as possible.



With Ba still on the ticket for now, the crisis may turn out to have been a politically costly miscalculation by Sall and BBY if their electoral manoeuvring has put off many other voters like Gueye and Sene.



With no official public election polls, shifts in voter intention are hard to measure.



But of those who voted for Sall in the last election in 2019, only 60% are believed to be planning to vote for BBY&#8217;s candidate this time, said statistician Moubarak Lo who, as adviser to the prime minister, produces strategic analysis for the authorities.



Lo said he thought the estimated fall was less a response to the recent upheaval than a natural drop-off in support over the course of a presidential term.



He cautioned against drawing any conclusions about the election outcome at this stage. &#8220;Today, it&#8217;s total confusion,&#8221; he told Reuters on Feb. 24.



<h2 class="wp-block-heading" id="h-opposition-momentum">OPPOSITION MOMENTUM</h2>



All eyes are on whether Sall agrees with a June 2 election date proposed on Tuesday after talks that were boycotted by most of the opposition presidential candidates. Some of them have formed an informal alliance in response to the electoral turmoil.



This closer collaboration could influence the result of the election if it leads to them rallying around a single candidate in a second round in the event no contender secures more than 50% in the first round.



&#8220;It&#8217;s very clear the momentum is on the opposition side now and that could have a bearing on the election,&#8221; Eurasia Group analyst Eni-Kalu said.



&#8220;It&#8217;s become very obvious that it&#8217;s going to be very difficult for Amadou Ba to win outright in the first round,&#8221; he added. &#8220;A lot depends on what happens in the next few weeks in terms of the opposition closing ranks and presenting a united front ahead of a run-off.&#8221;



The electoral turbulence has not deterred all BBY supporters. A pro-BBY rally in Dakar on Feb. 24 attracted hundreds of people, comparable in size to a pro-opposition rally a week earlier.



The crowd chanted and waved Senegalese flags handed out by organisers. One man carried a homemade cardboard sign that said &#8220;Macky, Senegal loves you.&#8221;



Penda, who gave only her first name, said her support for BBY was unchanged by recent events.



&#8220;We are here to show everyone, including the President, that those who love him continue to do so,&#8221; she said.



($1 = 602.7500 CFA francs)



(Additional reporting by Cooper Inveen and Diadie Ba; Editing by Andrew Heavens and Crystal Chesters)

FILE PHOTO: Senegalese civil society groups protest over delayed presidential election in Dakar

Senegal election crisis shakes support for Macky Sall’s coalition 

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="518" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/7VFJAVAAS5MPLCGIMEWXWDNEG4-820x518.jpg" alt="" class="wp-image-461443" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/7VFJAVAAS5MPLCGIMEWXWDNEG4-820x518.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/7VFJAVAAS5MPLCGIMEWXWDNEG4-300x190.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/7VFJAVAAS5MPLCGIMEWXWDNEG4-142x90.jpg 142w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/7VFJAVAAS5MPLCGIMEWXWDNEG4-768x485.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/7VFJAVAAS5MPLCGIMEWXWDNEG4-1536x970.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/7VFJAVAAS5MPLCGIMEWXWDNEG4-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A logo is seen at the World Trade Organization (WTO) headquarters before a news conference in Geneva, Switzerland, October 5, 2022. REUTERS/Denis Balibouse/File Photo</figcaption></figure>



ABU DHABI, March 1 (Reuters)&nbsp;&#8211;&nbsp;World Trade Organization (WTO) negotiators extended talks again in Abu Dhabi on Friday as they struggled to break a political deadlock after five days of high-level negotiations.



It was far from clear whether a consensus could be reached among the WTO&#8217;s 164 members before a new deadline of 10 p.m. local time (1800 GMT). Several delegates warned that countries remained far apart as organisers announced a fifth extension.



&#8220;I think we&#8217;re leaving here empty-handed,&#8221; one delegate said.



On the fifth day of the ministerial meeting, most ministers had already gone home, although India&#8217;s Piyush Goyal and European Trade Commissioner Valdis Dombrovskis remained.



Goyal was smiling and shaking hands outside a meeting room barely 30 minutes from an informal ministerial meeting, as delegates gathered in small groups next to a coffee stand.



Delegates were seen earlier on Friday huddled outside meeting rooms, drinking coffee while others were poring over documents or typing urgently on mobile phones. One participant mimed pulling the pin out of a hand grenade.



Negotiators released new draft deals on Friday, which showed that all-night talks failed to reach a breakthrough.



The biennial high-level meeting of trade ministers from around the world is seeking to revise global commerce rules on a broad range of issues from fishing and farming to e-commerce.



A document circulated by the WTO said that &#8220;time is running out&#8221;. &#8220;It is everyone&#8217;s hope that this postponement allows reaching agreement,&#8221; it said.



WTO spokesperson Ismaila Dieng said the discussions were &#8220;intensive and difficult&#8221;.



India, along with South Africa, has opposed extending a moratorium on digital trade tariffs &#8211; a move that has overwhelming support of most governments and from business.



WTO talks have failed before and this year&#8217;s negotiations, held in the oil-rich Gulf state the United Arab Emirates, has highlighted fissures between some of the world&#8217;s top economies.



<h2 class="wp-block-heading" id="h-brics-disagreement">BRICS DISAGREEMENT</h2>



U.S. President Joe Biden&#8217;s trade chief Katherine Tai said in an interview with Reuters late on Thursday that if talks failed, fragmentation among the BRICS group would have contributed.



India and China, core members of the BRICS group of nations, have disagreed on key issues including on investment. India&#8217;s commerce minister joined the negotiations two days after they started and after his Chinese counterpart had left Abu Dhabi.



Pacific islands nations have also complained at the talks about feeling marginalized and overlooked by most major powers.



U.S. support for global trade and multilateral groups like the WTO has been renewed under Biden. But negotiators are mindful that former President Donald Trump, who disrupted the multilateral system, could win a second term in the U.S. presidential election in November.



So far, no deals have been agreed after nearly five days of talks in Abu Dhabi and even the formal acceptance of completed negotiations on improving investment was blocked at an organisation where all 164 members must agree by consensus.



However, many of the disputes are seen as political theatre and so one breakthrough could lead nations to drop opposition to other deals, as happened at the Geneva conference in 2022.



A consensus is also seen as important to the United Arab Emirates, which in recent years has appeared to place an increased emphasis on multilateralism and dialogue and a turnaround from the assertive foreign policy it was pursuing a decade ago.



It has served as a non-permanent member of the U.N. Security Council, hosted the U.N. COP28 Climate Conference, joined China and India as members of the BRICS grouping of nations, established ties with Israel and repaired fractured relations.



Ahead of the talks, UAE foreign minister Sheikh Abdullah bin Zayed Al Nahyan, a member of Abu Dhabi&#8217;s ruling family, announced a $10 million grant to support WTO initiatives.



(Reporting by Emma Farge and Rachna Uppal, writing by Alexander Cornwell and Emma Farge; Editing by Jacqueline Wong, Kim Coghill, Angus MacSwan and Emelia Sithole-Matarise)

FILE PHOTO: A logo is seen at the WTO in Geneva

Deadlocked WTO talks drag into fifth day with no breakthrough

<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-820x568.jpg" alt="" class="wp-image-461589" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/F6D7PI4SJVK4DG7HSVQSJ637XA-820x568.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/F6D7PI4SJVK4DG7HSVQSJ637XA-300x208.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/F6D7PI4SJVK4DG7HSVQSJ637XA-130x90.jpg 130w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/F6D7PI4SJVK4DG7HSVQSJ637XA-768x532.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/F6D7PI4SJVK4DG7HSVQSJ637XA-1536x1065.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/F6D7PI4SJVK4DG7HSVQSJ637XA-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 1 (Reuters)&nbsp;&#8211;&nbsp;Africa&#8217;s biggest telecoms operator MTN Group&nbsp;MTNJ.J&nbsp;flagged on Friday an up to 80% fall in full-year profit as a sharp devaluation in the Nigerian naira pushed its biggest unit MTN Nigeria&nbsp;MTNN.LG&nbsp;to a loss.



South Africa-headquartered MTN said its headline earnings per share &#8211; one of the main profit measures &#8211; would fall between 60% and 80% in the year ended Dec. 31 from 1,154 cents a year earlier.



Nigeria&#8217;s central bank in June adopted new forex rules that MTN said had since led to an approximately 96.7% devaluation in the exchange rate to 907.1 naira per dollar by the end of December.



The operator said the devaluation drove higher operating and net finance costs and foreign exchange losses for MTN Nigeria, which are expected to impact the group&#8217;s financial performance.



MTN Nigeria reported a net forex loss of 740.4 billion naira ($569.54 million) in 2023, raising its net finance costs 341.9% to 951.5 billion naira.



MTN Group shares fell 7% in morning trade before paring losses to stand 1.20% lower by 1236 GMT with the group saying it still expects to declare a dividend in line with guidance of a minimum 330 cents per share.



Shares in MTN Nigeria tumbled 9.96%.



MTN Nigeria reported a loss after tax of 137 billion naira compared to a restated profit after tax of 348.7 billion naira in 2022.



The Nigeria operator withheld its final dividend for 2023 and also suspended is medium-term guidance for earnings before interest, tax, depreciation and amortisation margins.



($1 = 1,300.0000 naira)



(Reporting by Nqobile Dludla; Editing by Mrigank Dhaniwala, Kirsten Donovan)

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

South Africa’s MTN flags 2023 profit slump on naira devaluation

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/08/DDF5MFGBVZOMPF3MGP2DE7HGTM-820x547.jpg" alt="" class="wp-image-427043" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/08/DDF5MFGBVZOMPF3MGP2DE7HGTM-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/DDF5MFGBVZOMPF3MGP2DE7HGTM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/DDF5MFGBVZOMPF3MGP2DE7HGTM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/DDF5MFGBVZOMPF3MGP2DE7HGTM-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/DDF5MFGBVZOMPF3MGP2DE7HGTM-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/DDF5MFGBVZOMPF3MGP2DE7HGTM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Zimbabwe&#8217;s President Elect Emmerson Mnangagwa speaks to the media at State House in Harare, August 27, 2023. REUTERS/Philimon Bulawayo</figcaption></figure>



HARARE, March 1 (Reuters)&nbsp;&#8211;&nbsp;Zimbabwe&#8217;s President Emmerson Mnangagwa abandoned a trip to Victoria Falls on Friday due to an anonymous threat of attack against the country&#8217;s airports, his spokesperson said.



On Friday morning, Zimbabwe airport authorities were made aware of an email sent through Fastjet Airline claiming a &#8220;credible bomb/firearm threat&#8221; targeting Zimbabwean airports, presidency spokesperson George Charamba said in a statement.



&#8220;As a precaution, the country&#8217;s security systems are now on heightened alert following this message whose source and credibility is also being investigated,&#8221; he said.



He said that Mnangagwa was due to address a meeting in the resort town but had suspended his trip to allow for investigations, and urged the public to remain calm.



&#8220;While our country is peaceful, and all our ports of entry are well secured, such alerts on possible terrorist attacks are taken and treated very seriously,&#8221; the statement said.



Local media had reported earlier on Friday that Mnangagwa&#8217;s private plan made a U-turn minutes before landing at Victoria Falls airport, and went back to the capital Harare.



An Air Zimbabwe plane with passengers on board was detained at Victoria Falls, while a Kenyan Airways flight rerouted to land in Livingstone, Zambia, according to local news reports.



(Reporting by Nyasha Chingono; Editing by Nellie Peyton and Alex Richardson)

Reuters

South African rand set to end week on stronger note

Most currencies hold steady ahead of ECB rate decision, stocks edge higher

Senegal schedules presidential election for March 24

West Africa central bank leaves main lending rate at 3.5%

South Africa’s business confidence slips in Q1, survey shows

Gold holds above $2,100 near record high, focus on Powell testimony

Sibanye falls to $2 bln loss, weighs capital raise if metal prices worsen

Binance to discontinue Nigerian currency services as legal squabble deepens

New $1.3 bln energy fund for transmission links across Southern Africa

South Africa narrowly avoids technical recession in Q4

Canal+ raises bid for South Africa’s MultiChoice

Canal+ to make firm offer to buy remainder of S.Africa’s MultiChoice by April 8

South Africa’s RCL Foods to spin-off and list Rainbow Chicken business

Senegal election crisis shakes support for Macky Sall’s coalition

Deadlocked WTO talks drag into fifth day with no breakthrough

South Africa’s MTN flags 2023 profit slump on naira devaluation

Zimbabwean president reroutes flight due to airport threat

News Tips

Advertise With Us

Reuters

South African rand set to end week on stronger note

Most currencies hold steady ahead of ECB rate decision, stocks edge higher

Senegal schedules presidential election for March 24

West Africa central bank leaves main lending rate at 3.5%

South Africa’s business confidence slips in Q1, survey shows

Gold holds above $2,100 near record high, focus on Powell testimony

Sibanye falls to $2 bln loss, weighs capital raise if metal prices worsen

Binance to discontinue Nigerian currency services as legal squabble deepens

New $1.3 bln energy fund for transmission links across Southern Africa

South Africa narrowly avoids technical recession in Q4

Canal+ raises bid for South Africa’s MultiChoice

Canal+ to make firm offer to buy remainder of S.Africa’s MultiChoice by April 8

South Africa’s RCL Foods to spin-off and list Rainbow Chicken business

Senegal election crisis shakes support for Macky Sall’s coalition

Deadlocked WTO talks drag into fifth day with no breakthrough

South Africa’s MTN flags 2023 profit slump on naira devaluation

Zimbabwean president reroutes flight due to airport threat

News Tips

Advertise With Us

Newsletters