<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="530" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/3PBH7NBXMROD5CZFOTBGE4JVVI-820x530.jpg" alt="" class="wp-image-461485" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/3PBH7NBXMROD5CZFOTBGE4JVVI-820x530.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/3PBH7NBXMROD5CZFOTBGE4JVVI-300x194.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/3PBH7NBXMROD5CZFOTBGE4JVVI-139x90.jpg 139w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/3PBH7NBXMROD5CZFOTBGE4JVVI-768x496.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/3PBH7NBXMROD5CZFOTBGE4JVVI-1536x992.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/3PBH7NBXMROD5CZFOTBGE4JVVI-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A worker takes a break from sorting avocados at a farm factory in Nelspruit in Mpumalanga province, about 51 miles (82 km) north of the Swaziland border, South Africa, June 14, 2018. REUTERS/Siphiwe Sibeko</figcaption></figure>



JOHANNESBURG, March 1 (Reuters) &#8211; South African manufacturing activity recovered in February after a steep slump the month before, a Purchasing Managers&#8217; Index (PMI) survey showed on Friday.



The seasonally-adjusted PMI increased to 51.7 points in February from 43.6 in January, rising above the 50-point mark that separates expansion from contraction.



The business activity sub-index and new sales orders performed better in February but remained in negative territory.



&#8220;Respondents were more upbeat about exports, possibly signalling some alleviation of the congestion and disruptions at local harbours,&#8221; Absa, which sponsors the PMI, said in a statement.



South Africa is facing record power shortages and a logistics crisis at its rail and port operator Transnet which have strangled business activity and slowed growth in Africa&#8217;s most industrialised economy.



(Reporting by Bhargav Acharya; Editing by Alexander Winning)

A worker takes a break from sorting avocados at a farm factory in Nelspruit in Mpumalanga province

South African factory activity recovers in February – Absa PMI

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="615" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/02/GettyImages-2036339260-820x615.jpg" alt="" class="wp-image-461198" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/02/GettyImages-2036339260-820x615.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/GettyImages-2036339260-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/GettyImages-2036339260-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/GettyImages-2036339260-768x576.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/GettyImages-2036339260-1536x1152.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/GettyImages-2036339260-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Photo taken on Feb. 27, 2024, shows the venue of a four-day World Trade Organization ministerial conference through Feb. 29 in Abu Dhabi, the United Arab Emirates. (Photo by Kyodo News via Getty Images)</figcaption></figure>



ABU DHABI, Feb 29 (Reuters)&nbsp;&#8211;&nbsp;Negotiations at the World Trade Organisation (WTO) ministerial meeting in Abu Dhabi were set to go into overtime on Thursday, with the trade body announcing the closing session had been delayed, and no sign of a breakthrough in negotiations.



The biennial conference is seeking deals on ending fishing subsidies and extending a moratorium on digital trade tariffs &#8211; a move that India and South Africa oppose.



The scheduled announcement of a final agreement after four days of intergovernmental talks was pushed back four hours until midnight in the Gulf State (2000 GMT).



Some delegates expressed scepticism that a deal would be reached by then, telling Reuters that serious differences remained on a range of issues meant to address global trade.



&#8220;Tense! Difficult,&#8221; said one delegate on condition of anonymity.



India&#8217;s trade minister said he was &#8220;sad&#8221; some countries were still obstructing significant outcomes. He gave little sign New Delhi would drop its opposition to extending a waiver on digital tariffs.



&#8220;Of course we feel sad that some countries are still obstructing significant outcomes that could have helped less developed countries and developing countries gain confidence in the working of&nbsp;WTO,&#8221; Piyush Goyal told reporters on the final day of the talks.



Still, he voiced optimism that &#8220;significant outcomes&#8221; could be achieved in the negotiations.



<h2 class="wp-block-heading" id="h-fisheries-draft-deal-faces-opposition">FISHERIES DRAFT DEAL FACES OPPOSITION</h2>



A grouping of Pacific islands, including Papua New Guinea and the Solomon Islands, were also opposing a draft deal on changes to fisheries subsidies, with Fiji&#8217;s deputy prime minister telling Reuters it did not go far enough.



&#8220;We would like the large subsidising countries to put a cap on the current level of subsidies,&#8221; Manoa Seru Kamikamica said.



India&#8217;s Goyal did not name the countries that he said were blocking results at the talks. But he said his top priority was fixing the&nbsp;WTO&#8217;s dispute system, adding he had raised the lack of progress with U.S. Trade Representative Katherine Tai in a Wednesday meeting.



&#8220;The first and highest priority is to get the Appellate Body of the dispute resolution mechanism in place because without that all the decisions we are taking cannot be adjudicated upon,&#8221; he said.



The WTO&#8217;s top appeals court has been hamstrung for four years due to U.S. opposition to judge appointments and remains out of service. Tai already ruled out an agreement on WTO dispute settlement appeals reform this week, but said negotiations were showing progress.



Asked whether India would drop its opposition to a waiver on tariffs on digital goods like film downloads, he said: &#8220;Let us see what everybody else is budging on&#8221;.



(Reporting by Emma Farge, Alexander Cornwell and Rachna Uppal; Editing by Alex Richardson and Emelia Sithole-Matarise)

WTO ministerial conference in Abu Dhabi

WTO talks head into overtime with no sign of breakthrough

<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>



Feb 29 (Reuters)&nbsp;&#8211;&nbsp;Emerging market stocks eyed strong monthly gains on Thursday, with a Chinese recovery fuelling the bulk of the gains, while most currencies were range-bound ahead of key U.S. inflation data, which is likely to set the tone for rate cut expectations.



At 0901 GMT, MSCI&#8217;s index for emerging market (EM) stocks&nbsp;.MSCIEF&nbsp;was up 0.1%, on track for a monthly advance of 4.5%, its best February performance since 2012.



Mainland Chinese shares&nbsp;.CSI300&nbsp;closed 1.9% higher following a more than 1% fall in the previous session, with a monthly gain of 9.4% snapping a six-month losing streak.



&#8220;Investor sentiment has stabilised since China&#8217;s markets reopened, in part supported by positive retail spending and travel data from the holiday period,&#8221; Wee Khoon Chong, APAC market strategist at BNY Mellon, wrote.



State-led buying and tighter regulations have been primarily responsible for pulling China&#8217;s blue-chip index off five-year lows, but more aggressive stimulus is needed for the momentum to continue amid a moribund economy.&nbsp;.SS



Stocks in emerging Europe also had a bright start, with Turkey&#8217;s main index&nbsp;.XU100&nbsp;gaining 0.7%, while shares in Warsaw&nbsp;.WIG20&nbsp;jumped 1.2%.



Turkey&#8217;s economy grew 4.5% last year and 4.0% in the fourth quarter, beating expectations as strong domestic demand offset fallout from devastating earthquakes and a slowdown in main trading partners.



A broader gauge of EM currencies&nbsp;.MEIM00000CUS&nbsp;was flat at 1,726.73 points as caution prevailed ahead of the release of the Federal Reserve&#8217;s preferred inflation gauge later in the day &#8211; the personal consumer expenditures (PCE) price index, which is expected to set the tone for rate cut expectations in the world&#8217;s biggest economy.



Hungary&#8217;s forint&nbsp;EURHUF=&nbsp;edged 0.2% higher against the euro, though was on track to be the worst performing currency amongst local peers this month.



Earlier in the week, the National Bank of Hungary (NBH) slashed its base rate by 100 basis points to 9%.



The Polish zloty&nbsp;EURPLN=&nbsp;eased 0.1%, while the Czech crown&nbsp;EURCZK=&nbsp;also lost 0.1%.



Weakness in the dollar&nbsp;=USD&nbsp;helped South Africa&#8217;s rand&nbsp;ZAR=&nbsp;rise 0.4%, with Israel&#8217;s shekel&nbsp;ILS=&nbsp;also gaining 0.6%.



Meanwhile, Western powers butted heads over how to handle frozen Russian assets on Wednesday as G20 finance ministers kicked off a discussion of challenges for the global economy, trying to set aside deep geopolitical divisions.



The discussions will continue later in the day.



(Reporting by Shashwat Chauhan in Bengaluru;Editing by Mark Potter)

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

Stocks eye monthly gains on China rebound, currencies steady ahead of US inflation test

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="546" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/10/GettyImages-462743612-820x546.jpg" alt="" class="wp-image-412999" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/10/GettyImages-462743612-820x546.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/GettyImages-462743612-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/GettyImages-462743612-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/GettyImages-462743612-768x511.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/GettyImages-462743612-1536x1022.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/GettyImages-462743612-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A general view of the headquarter of the embattled South African main electricity provider ESKOM is pictured on February 4, 2015 in Johannesburg. South Africa power supply was under &#8220;extreme&#8221; pressure on February 2, 2015 and likely to remain so until end of the week after a technical fault at the country&#8217;s sole nuclear plant, electricity utility Eskom said. AFP PHOTO/GIANLUIGI GUERCIA (Photo by Gianluigi GUERCIA / AFP) (Photo by GIANLUIGI GUERCIA/AFP via Getty Images)</figcaption></figure>



JOHANNESBURG, Feb 29 (Reuters)&nbsp;&#8211;&nbsp;Dan Marokane is about to tackle the hardest job in South Africa: getting the lights back on.



As CEO of state power utility Eskom, he takes on an organisation hampered by alleged coal theft and sabotage, which faces financial and technical crises.



He will be working with a government shareholder that has a conflicted vision for the country&#8217;s future energy mix and is struggling to move forward on a major overhaul of its electricity supply industry.



As South Africa heads for national elections in May, turning Eskom around and solving a persistent power crunch could rescue Africa&#8217;s most industrialised economy from a cycle of decline, Eskom&#8217;s board chairman told Reuters.



Failure would mean the country is stuck with the status quo of crippling blackouts that currently cut off electricity for everything from homes and businesses to traffic lights and hospitals for up to 10 hours every day.



&#8220;There are two things here that need to be done simultaneously,&#8221; Mteto Nyati, the chairman of Eskom&#8217;s board of directors, said in an interview.



&#8220;One is to fix the current business. And the other is to reposition and restructure Eskom so that it can be relevant for the future.&#8221;



Nyati said the utility&#8217;s incoming boss, who holds degrees in chemical and petroleum engineering as well as an MBA, possesses the technical know-how and leadership skills to succeed where so many others have failed.



Marokane, who Eskom said will not speak publicly until he formally begins his tenure on Friday, previously served as a senior Eskom executive for five years until 2015.



&#8220;He&#8217;s going to be able to learn and hit the ground running,&#8221; Nyati said.



Others are less optimistic.



Eskom&#8217;s role in powering the country&#8217;s economy has made the CEO job South Africa&#8217;s most high-profile executive position. But its challenges mean fewer and fewer corporate high-flyers are willing to take it on.



&#8220;Dan is likely the most qualified person on the short list,&#8221; said Peter Attard Montalto, managing director of the consultancy firm Krutham. &#8220;But that is an exceptionally low bar.&#8221;



<h2 class="wp-block-heading" id="h-revolving-door">REVOLVING DOOR</h2>



Eskom&#8217;s top job has become a revolving door through which more than a dozen CEOs have passed over the past 15 years, serving in either a permanent or acting capacity.



Two of the previous permanent appointees were Phakamani Hadebe and Andre de Ruyter. The former left citing the damage the job had done to his health. The latter allegedly had poison slipped into his coffee.



Eskom is still recovering from a period of pervasive corruption that engulfed many South African state-owned companies under former President Jacob Zuma. Zuma denies wrongdoing.



Marokane has portrayed himself as a victim of the so-called state capture era, having been suspended from his Eskom job with several other executives.



&#8220;I was not a moderate performer,&#8221; he told a commission investigating state capture in 2020. &#8220;To be sitting at home with a cloud of suspicion and poor performance on you, it&#8217;s very painful,&#8221; he said, based on the transcript of his testimony before the commission.



Marokane comes to Eskom after a stint at Tongaat Hulett, where he attempted to rescue the sugar company following an accounting scandal that eventually saw it placed in bankruptcy protection.



On his return to Eskom, he will take on a distressed company dependent upon government bailouts and that needs to push through plans to unbundle it into separate generation, transmission and distribution businesses, a process that has become bogged down in bureaucracy and red tape.



He will face a daily struggle to keep Eskom&#8217;s fleet of ageing plants online while assuaging the concerns of donors that have pledged billions of dollars to wean South Africa off coal, which generates some 80% of its power.



Marokane will need to push for new generating capacity &#8211; largely in the form solar and wind &#8211; overcoming resistance to renewable power from some quarters of an African National Congress-led government.



&#8220;It&#8217;s an extremely tough job,&#8221; de Ruyter, who spent three years as CEO before his alleged poisoning and a falling out with the Eskom board, told Reuters.



&#8220;Maybe he should avoid having a personalised coffee mug.&#8221;



(Additional reporting by Olivia Kumwenda-Mtambo in Johannesburg. Editing by Jane Merriman)

SAFRICA-ELECTRICITY-NUCLEAR-ECONOMY-ENERGY

New Eskom boss under pressure to turn South Africa’s lights back on

<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/LVIEU3HYJFIJTNLRMSDVJ6XM7E-820x547.jpg" alt="" class="wp-image-460825" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/02/LVIEU3HYJFIJTNLRMSDVJ6XM7E-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/LVIEU3HYJFIJTNLRMSDVJ6XM7E-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/LVIEU3HYJFIJTNLRMSDVJ6XM7E-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/LVIEU3HYJFIJTNLRMSDVJ6XM7E-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/LVIEU3HYJFIJTNLRMSDVJ6XM7E-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/LVIEU3HYJFIJTNLRMSDVJ6XM7E-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Delegates attend the 13th WTO ministerial conference in Abu Dhabi, United Arab Emirates, February 26, 2024. REUTERS/Abdel Hadi Ramahi/File Photo</figcaption></figure>



ABU DHABI, Feb 28 (Reuters)&nbsp;&#8211;&nbsp;India and South Africa have filed a formal objection against an investment agreement at a World Trade Organization meeting in Abu Dhabi, blocking its adoption, a document showed and delegates confirmed on Wednesday.



The Investment Facilitation for Development (IFD) Agreement, agreed by some 125 countries or about three-quarters of the WTO&#8217;s members, aims to simplify red tape, improve the investment environment and encourage foreign direct investment.



But according to WTO rules, any one of its 164 members can block a deal from being adopted by the body &#8211; a step which is necessary to ensure that countries are in compliance.



&#8220;We underscore that given the lack of exclusive consensus, this is not a matter for the&#8230;(meeting) agenda,&#8221; the document said. The Indian and South African delegations did not immediately comment publicly on the development.



Negotiations to set new global trade rules on a broad range of topics are due to wrap up on Thursday, although delegates said that little progress has so far been made, barring the formal accession of two new members to the body: East Timor and Comoros. A paragraph on climate change is confined to an annex of the draft package of deals since members cannot agree.



&#8220;It&#8217;s hard to tell if we are going to land something or if we are sleepwalking into failure,&#8221; said one trade delegate.



(Reporting by Rachna Uppal and Emma Farge; Editing by Alexander Cornwell, Kirsten Donovan)

Delegates attend the 13th WTO ministerial conference in Abu Dhabi

India, South Africa block investment deal at WTO talks

<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/GettyImages-2020618884-820x547.jpg" alt="" class="wp-image-460817" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/02/GettyImages-2020618884-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/GettyImages-2020618884-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/GettyImages-2020618884-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/GettyImages-2020618884-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/GettyImages-2020618884-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/GettyImages-2020618884-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Group of 20 signage at City Hall in Rio de Janeiro, Brazil, on Wednesday, Feb. 21, 2024. The Group of 20 nations is so split on the conflicts in Gaza and Ukraine that they may be forced to reduce the forum&#8217;s scope and avoid geopolitical issues altogether this year, according to people familiar with the matter. Photographer: Lucas Landau/Bloomberg via Getty Images</figcaption></figure>



SAO PAULO, Feb 28 (Reuters)&nbsp;&#8211;&nbsp;Brazil&#8217;s Finance Minister Fernando Haddad on Wednesday warned of global economic challenges, as G20 finance leaders gathered in Sao Paulo for a meeting overshadowed by deep divisions in the group over the wars in Ukraine and in Gaza.



As finance leaders kicked off their two-day discussions on Wednesday, their host Hadded said the global economic conjuncture was &#8220;challenging&#8221; and required the G20 to address issues ranging from climate change and poverty.



Brazil&#8217;s coordinator of the finance track at the G20, Tatiana Rosito, said negotiations for the economic portion of the group&#8217;s communique were successfully completed by finance ministry and central bank deputies in a &#8220;very positive&#8221; atmosphere.



But German Finance Minister Christian Lindner said his country will only agree on the G20 communique if geopolitical issues such as the war in Ukraine are mentioned.



He also said the G20 finance leaders are discussing financing for Ukraine to raise pressure on Russia, adding that funds could be mobilized for Kyiv by using proceeds from frozen Russian assets.



His remarks highlight challenges the group may face in agreeing on a G20 communique. A draft version, seen by Reuters on Tuesday, had made only a passing reference in their closing statement to regional conflicts due to deep divisions over wars in Gaza and Ukraine.



It was far shorter than previous years, reflecting Brazil&#8217;s hope to sidestep controversial geopolitical issues with language mentioning &#8220;wars&#8221; left in brackets, underscoring a lack of consensus on the matter.



The smaller G7 group of advanced nations also met on Wednesday, where they likely discussed measures to apply pressure on Russia.



U.S. Treasury Secretary Janet Yellen on Tuesday called on allies to move urgently to unlock the value of frozen Russian sovereign assets to help Ukraine, prompting an angry response from Russian officials.



Canada threw its support behind the U.S. idea with Finance Minister Chrystia Freeland saying on Tuesday the two countries agreed on the urgent need to move forward with confiscating frozen Russian sovereign assets to help Ukraine.



Finance officials and central bankers from the G20 are meeting at a time of lingering global economic uncertainties, increasing strains of record debt burdens, and worries that inflation may not yet be tamed.



Another source of tension is Brazil&#8217;s push to give developing nations of the Global South more voice in G20 meetings as well as global lenders like the International Monetary Fund and World Bank, where leadership is currently dominated by advanced economies.



(Reporting by Marcela Ayrer and Christian Kraemer; Writing by Leika Kihara; editing by Gabriel Araujo and Chizu Nomiyama)

G-20 Foreign Ministers Meeting in Rio de Janeiro

Brazil warns of global economic challenges as G20 finance chiefs meet

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/05/HPBGECXM2RM4DJT5RIFPZCG5KU-820x547.jpg" alt="" class="wp-image-424855" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/05/HPBGECXM2RM4DJT5RIFPZCG5KU-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/HPBGECXM2RM4DJT5RIFPZCG5KU-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/HPBGECXM2RM4DJT5RIFPZCG5KU-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/HPBGECXM2RM4DJT5RIFPZCG5KU-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/HPBGECXM2RM4DJT5RIFPZCG5KU-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/HPBGECXM2RM4DJT5RIFPZCG5KU-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: The United Nations headquarters building is pictured with a UN logo in the Manhattan borough of New York City, New York, U.S., March 1, 2022. REUTERS/Carlo Allegri/File Photo</figcaption></figure>



HARARE, Feb 28 (Reuters)&nbsp;&#8211;&nbsp;Africa&#8217;s public debt will stay above pre-pandemic levels in 2024 and 2025, with many countries still at risk of falling into debt distress as they continue to struggle to service international loans, a U.N. official said on Wednesday.



Addressing a United Nations Commission for Africa (UNECA) conference in Victoria Falls, the agency&#8217;s macroeconomics and governance director Adam Elhiraika said eight countries were in debt distress, while 13 were &#8220;expected to be at risk of debt distress&#8221;.



Africa has been hit by repeated economic shocks since 2020, from the COVID-19 pandemic to Russia&#8217;s invasion of Ukraine and rising U.S. interest rates, putting cash-strapped, debt-laden governments in a political and fiscal bind.



&#8220;Debt will (stay) above the pre-pandemic level. This is huge,&#8221; Elhiraika said, adding that the continent&#8217;s debt-to-GDP ratio was 62.5% at the end of 2022.



This ratio doubled to 57% in the decade to 2020 and could rise 10 percentage points in the next five years if Africa&#8217;s fiscal trajectory does not change, according to a recent International Monetary Fund (IMF) report.



&#8220;There is need for African countries to work with international partners to address debt distress,&#8221; Elhiraika said.



Africa&#8217;s fiscal deficit deteriorated to 4.6% of GDP last year, Elhiraika said, without citing previous years&#8217; figures, and is set to widen further to 5% in 2024.



Many African governments are having to slash spending, while interest payments are growing faster.



Zimbabwe Finance Minister Mthuli Ncube called for a rethink of the global financial system.



&#8220;Access to finance for Africa must be made cheaper and easier. Hence, there is a need to re-look at the international financial architecture to ensure that it is fit for purpose,&#8221; Ncube said, addressing the conference.



Zambia became the first African nation to default on its debt in late 2020, during the COVID-19 pandemic. Ghana followed in 2022, while Ethiopia became the latest last December.



(Reporting by Nyasha Chingono; Editing by Rachel Savage and Kevin Liffey)

FILE PHOTO: United Nations in New York City

Africa’s debt to stay above pre-pandemic levels through 2025, UN official says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="558" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/02/JQGFTS26MROVBPBXUG2OKL4EEY-820x558.jpg" alt="" class="wp-image-460736" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/02/JQGFTS26MROVBPBXUG2OKL4EEY-820x558.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/JQGFTS26MROVBPBXUG2OKL4EEY-300x204.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/JQGFTS26MROVBPBXUG2OKL4EEY-132x90.jpg 132w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/JQGFTS26MROVBPBXUG2OKL4EEY-768x523.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/JQGFTS26MROVBPBXUG2OKL4EEY-1536x1046.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/JQGFTS26MROVBPBXUG2OKL4EEY-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Trucks deliver containers to be loaded onto a ship at the port in Durban, South Africa, January 31, 2024. REUTERS/Rogan Ward/File Photo</figcaption></figure>



JOHANNESBURG, Feb 28 (Reuters)&nbsp;&#8211;&nbsp;South African fashion retailers are ramping up local production and using alternative sea ports and air freight to mitigate the impact of congestion at traditional ports that has caused massive delays in stock deliveries, executives told Reuters.



State-owned logistics company Transnet said in November the backlogs at the Port of Durban and congestion at Richards Bay were due to factors including under-investment in equipment and maintenance, warning that procuring some of the new equipment could take as long as 12 to 18 months.



Although South African fashion retailers have been moving production closer to home, they still rely heavily on imports, especially from Asia, for some products.



TFG&nbsp;TFGJ.J, the owner of Foschini clothing brand, has fared better than competitors after it expanded its local factories and bought new ones over the last seven years.



As a result, TFG had enough stock for the key December festive season, it told Reuters.



The company added that it did not expect any major disruptions to ranges for the upcoming southern hemisphere autumn and winter months and that it was taking the necessary action, such as ordering earlier and amending destination ports.



South Africa&#8217;s autumn season starts in March.



Woolworths&nbsp;WHLJ.J&nbsp;and Truworths&nbsp;TRUJ.J&nbsp;are also ramping up local clothes production, using local suppliers and placing orders earlier, executives told Reuters.



Woolworths is placing smaller orders, more frequently, to avoid having big shipments stuck at the harbour, CEO Roy Bagattini said.



It is also directing ships to ports with fewer backlogs, such as Walvis Bay in Namibia, and then trucking the products to Cape Town, Bagattini added.



&#8220;Sometimes we look to air freight depending on the product and category. We fly stuff in, obviously it is costly and is not sustainable,&#8221; he said, adding Woolworths would not rely on this heavily to avoid higher expenses.



For the autumn and winter seasons, Woolworths is in a much better shape in terms of stock but not at 100% levels yet, Bagattini said, while Truworths cautioned there may be some stock shortages in autumn.



Truworths said its mitigation strategy also included sourcing from different countries.



It&#8217;s not just fashion retailers grappling with the problem. South African food services firm Bid Corporation BIDJ.Jsaid last week it was holding buffer stocks to mitigate the impact.



(Reporting by Nqobile Dludla; Editing by Olivia Kumwenda-Mtambo and Mark Potter)

FILE PHOTO: Trucks deliver containers to be loaded onto a ship at the port in Durban

South African fashion retailers boost local production amid port delays

<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, Feb 28 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s takeover panel has ruled that French media company Groupe Canal+ SA is required to make a mandatory offer immediately to buy shares of pay-TV company MultiChoice&nbsp;MCGJ.J&nbsp;that it does not already own, MultiChoice said on Wednesday.



Canal Plus, the biggest shareholder, earlier this month offered to buy the rest of the company.



It held a 31.67% stake at the time which rose to 35.01% shortly afterwards, topping&nbsp;a 35%&nbsp;threshold where a mandatory offer is required.



Its offer of 105 rand per share was rejected by the board of MultiChoice, saying it significantly undervalued the group.



&#8220;The panel rules that Canal+ must take immediate action to comply with the requirements of.. the (Companies) Act and the regulations by making a mandatory offer to the remaining shareholders of MultiChoice,&#8221; the Takeover Regulations Panel (TRP) said in its ruling.



Canal Plus had argued it was not required to make a mandatory offer as MultiChoice&#8217;s memorandum of incorporation restricts foreign companies from holding more than 20% of the broadcaster&#8217;s voting rights.



The TRP rejected this argument.



($1 = 19.1285 rand)



(Reporting by Nqobile Dludla; editing by Jacqueline Wong)

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

S.Africa Regulator orders Canal Plus to offer MultiChoice buyout

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1076949610-612x612-1.jpg" alt="" class="wp-image-400697" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1076949610-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1076949610-612x612-1-300x200.jpg 300w" sizes="auto, (max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">Double exposure of coin stack with city background and world map, financial graph, world map and global network business concept idea, element by NASA.</figcaption></figure>



SINGAPORE, Feb 28 (Reuters)&nbsp;&#8211;&nbsp;Asian stocks eased on Wednesday in cautious trading ahead of a U.S. inflation reading this week that could influence the timing of the Federal Reserve&#8217;s easing cycle, while the New Zealand dollar fell after the central bank softened its hawkish stance.



MSCI&#8217;s broadest index of Asia-Pacific shares outside Japan&nbsp;.MIAPJ0000PUS&nbsp;was 0.44% lower at 525.40 points but hovering around a near seven-month peak of 531.56 after a strong rally. The index is up 4.4% for the month, its strongest February performance in more than a decade.



Asia&#8217;s tentative trading on Wednesday is likely to be mimicked in Europe, with Eurostoxx 50 futures&nbsp;STXEc1&nbsp;down 0.12%, while German DAX futures&nbsp;FDXc1&nbsp;were up 0.06%.



Investor focus is squarely on the personal consumption expenditures price index (PCE) for January, the Fed&#8217;s preferred inflation measure, due on Thursday. The PCE is expected to have risen 0.3% on a monthly basis in January, up slightly from the 0.2% increase seen in December, a Reuters poll showed.



A slew of strong economic data along with inflation that has proven to be sticky has resulted in traders drastically dialling back their initial expectations of deep and early interest rate cuts from the Fed.



Markets now anticipate June to be the starting point of the easing cycle compared with March at the start of the year. Traders now expect 77 basis points of cuts this year versus pricing in 150 bps of easing at the start of the year.



Yuting Shao, macro strategist at State Street Global Markets, said individual data releases carry weight for a data-dependent Fed and will impact risk sentiment given the near-neutral positioning from investors.



&#8220;Although one data point does not make a trend, latest inflation and employment readings have raised the prospect that perhaps no landing scenario is driving many asset markets.&#8221;



Other data due this week that could help shape expectations from the Fed include the second estimate of gross domestic product, jobless claims and manufacturing activity.



Fed policymakers have also in recent days pushed back against cutting rates too early, with Governor Michelle Bowman on Tuesday saying she was in no rush to cut U.S. interest rates, particularly given upside risks to inflation that could stall progress or even cause a resurgence of price pressures.



<h2 class="wp-block-heading" id="h-trapped-kiwi">TRAPPED KIWI</h2>



The Reserve Bank of New Zealand (RBNZ) held the cash rate steady at 5.5% on Wednesday, reiterating that previous rate hikes had helped dampen prices, but adding that the risk of further rate hikes had been reduced.



That sent the New Zealand dollar&nbsp;NZD=D3&nbsp;down more than 1% to a nearly two-week low of $0.6101. The kiwi was last at $0.6111.



&#8220;The RBNZ has closed the door to further rate hikes, which was a surprise to somewhat hawkish expectations,&#8221; said Charu Chanana, head of currency strategy at Saxo.



&#8220;This may give room for NZD longs to unwind in the short term, but NZD still provides a strong carry in this low volatility environment.&#8221;



Meanwhile, the Australian dollar wobbled a bit in early trading after data showed consumer price inflation held at a two-year low in January, reinforcing market expectations interest rates would not need to increase any further. The Aussie&nbsp;AUD=D3&nbsp;was 0.43% lower at $0.6515.



The dollar index&nbsp;=USD, which measures the U.S. currency against six rivals, rose 0.116%.



The yen&nbsp;JPY=EBS&nbsp;remained bolted to the psychologically key 150 per dollar level and was last at 150.625 per dollar. The Nikkei&nbsp;.N225&nbsp;ended marginally lower on the day, having touched fresh record peaks this week.



China stocks slid as investors booked profits after a recent rally, while worries over the property sector lingered after a liquidation petition was filed against developer Country Garden.



Hong Kong&#8217; Hang Seng index&nbsp;.HSI&nbsp;fell 1.1% and China&#8217;s blue-chip CSI300 index&nbsp;.CSI300&nbsp;was down 0.27%.



U.S. crude&nbsp;CLc1&nbsp;fell 0.41% to $78.55 per barrel and Brent&nbsp;LCOc1&nbsp;was at $83.30, down 0.42% on the day, as the prospect of a delayed U.S. rate cutting cycle offset the boost provided by talk of extensions to production cuts from OPEC+.&nbsp;O/R



Spot gold XAU= rose 0.1% to $2,030.83 an ounce.



(Reporting by Ankur Banerjee; Editing by Muralikumar Anantharaman and Jamie Freed)

istockphoto-1076949610-612×612-1

Asian shares lose ground as US inflation data awaits; kiwi slides

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/3UP4IYO7MZPNFONHCCNZJCCYTU-820x547.jpg" alt="" class="wp-image-449453" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/3UP4IYO7MZPNFONHCCNZJCCYTU-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/3UP4IYO7MZPNFONHCCNZJCCYTU-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/3UP4IYO7MZPNFONHCCNZJCCYTU-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/3UP4IYO7MZPNFONHCCNZJCCYTU-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/3UP4IYO7MZPNFONHCCNZJCCYTU-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/3UP4IYO7MZPNFONHCCNZJCCYTU-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Central Bank of Nigeria&#8217;s logo is seen on the headquarters building in Abuja, Nigeria January 22, 2018. REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



ABUJA, Feb 27 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s central bank hiked interest rates by 4 percentage points on Tuesday, as trade unions protested over soaring food and fuel prices that have increased hardship in Africa&#8217;s biggest economy.



Central Bank of Nigeria Governor Olayemi Cardoso said the rise in the bank&#8217;s main lending rate to 22.75% from 18.75%&nbsp;NGCBIR=ECI&nbsp;was needed to arrest inflation, which has soared to its highest in almost three decades.



&#8220;The previous policy rate hikes have slowed the rise in inflationary pressure but not to a desirable extent. Members concluded that inflation could become more persistent in the medium term and pose more regulatory challenges if not effectively anchored,&#8221; Cardoso told a news conference.



He said all 12 members of the Monetary Policy Committee participated in the rate decision, which was the first since Cardoso took office last September.



Economists had predicted a big hike but were divided on the size the central bank would go for.



Nigeria&#8217;s international dollar bonds rose as Cardoso spoke, having fallen in price earlier in the day. The 2029 maturity was up the most, by about 0.3 cents to 95.5 cents, according to Tradeweb data.&nbsp;XS2445169985=TE



Inflation has been spurred by bold but unpopular reforms implemented by President Bola Tinubu in his first year in charge, including ending a costly fuel subsidy and devaluing the local naira currency twice&nbsp;NGN=D1.



Tinubu has defended those reforms, saying they were needed to boost growth and attract investment, but they have prompted public anger and, in some cases, desperation.



On Friday, some people were killed and others injured when authorities ran out of stock at a food distribution centre in Lagos, causing a stampede, the Nigeria Customs Service said.



&#8220;The crowd became desperate and charged through our barricades in search of rice bags inside emptied containers,&#8221; it said in a statement, adding that more than 5,000 people had showed up for the distribution.



The government this week approved the immediate resumption of cash transfers to 12 million vulnerable households, but labour unions want Tinubu&#8217;s administration to go further.



&#8220;The removal of the petroleum subsidy and the dollar issue have caused untold hardship,&#8221; said Ibrahim Tajo Siraj, chair of a union of academic staff in the northern city of Kano, who joined a protest against the government&#8217;s economic policies on Tuesday.



(Reporting by Chijioke Ohuocha and Elisha Bala-GbogboAdditional reporting by Hamza Ibrahim in Kano, and Camillus Eboh and Ahmed Kingimi in Abuja, Rachel Savage in JohannesburgWriting by Bhargav Acharya and Nellie PeytonEditing by Alexander Winning and Christina Fincher)

Central Bank of Nigeria’s logo is seen on the headquarters building in Abuja

Nigeria hikes interest rates as unions protest economic hardship

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="540" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/02/HLW4U4DXTJI5LDOTA3PBSSGI4M-820x540.jpg" alt="" class="wp-image-460423" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/02/HLW4U4DXTJI5LDOTA3PBSSGI4M-820x540.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/HLW4U4DXTJI5LDOTA3PBSSGI4M-300x197.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/HLW4U4DXTJI5LDOTA3PBSSGI4M-137x90.jpg 137w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/HLW4U4DXTJI5LDOTA3PBSSGI4M-768x506.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/HLW4U4DXTJI5LDOTA3PBSSGI4M-1536x1011.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/HLW4U4DXTJI5LDOTA3PBSSGI4M-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Cooling towers are pictured at a coal-based power station owned by state power utility Eskom in Duhva, South Africa, February 18, 2020. Picture taken February 18, 2020. REUTERS/Mike Hutchings</figcaption></figure>



JOHANNESBURG, Feb 27 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s delay in taking coal-fired power stations offline will only harm its commitment to net-zero emissions by 2050 if the plants continue to burn well into the 2030s, the head of its donor-funded green energy plan said on Tuesday.



Officials admitted privately in November that South Africa will miss its binding 2030 carbon emissions targets under the Paris climate agreement, as Africa&#8217;s most industrialised country will run eight coal-fired power plants for longer than planned.



Countries around the world, including Canada, Britain and Germany have delayed or watered down energy transition plans.



South Africa is the 15th biggest emitter in the world, according to the Global Carbon Atlas, a significant drop from previous years. This is mostly owing to power shortages at state power provider Eskom. But its emissions are still much bigger than more developed economies like Britain, Vietnam or Italy.



&#8220;I think that if we delay well into the 2030s, we will have a problem in meeting our NDC (nationally determined contribution) commitments,&#8221; said Joanne Yawitch, head of the green energy overhaul which Western and multilateral donors are partly funding.



&#8220;(But) I don&#8217;t think South Africa is backtracked from (its climate commitments) in any way whatsoever,&#8221; she added.



The country committed under the Paris deal to cut emissions to between 350 and 420 million tonnes annually by 2030, from 442 million tonnes this decade. To do this, it planned to decommission eight coal-fired power plants, six by 2030 and the remaining by 2034, but has since backed away from closing them.



The economy has been hit by brutal daily power shortages.



&#8220;Over the last couple of years, we have certainly been on track to be below reasonably below that 420 megatons of carbon equivalent (the 2030 goal),&#8221; Yawitch said, adding that &#8220;we haven&#8217;t had any indications that there is risk to the (donor) &#8230; financing&#8221; from delays to decommissioning coal plants.



(Reporting by Tim Cocks, editing by Ed Osmond)

Cooling towers are pictured at a coal-based power station owned by Eskom in Duhva

South Africa says climate targets on track if coal switch not delayed again

<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/SXGKQXEHZNJHHKDBGEFSY7CHIU-820x547.jpg" alt="" class="wp-image-460329" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/02/SXGKQXEHZNJHHKDBGEFSY7CHIU-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/SXGKQXEHZNJHHKDBGEFSY7CHIU-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/SXGKQXEHZNJHHKDBGEFSY7CHIU-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/SXGKQXEHZNJHHKDBGEFSY7CHIU-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/SXGKQXEHZNJHHKDBGEFSY7CHIU-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/SXGKQXEHZNJHHKDBGEFSY7CHIU-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Senegal&#8217;s President Macky Sall arrives for the closing session of the New Global Financial Pact Summit, Friday, June 23, 2023 in Paris, France. Lewis Joly/Pool via REUTERS/File Photo</figcaption></figure>



DAKAR, Feb 26 (Reuters)&nbsp;&#8211;&nbsp;Senegal&#8217;s President Macky Sall on Monday urged participants in a national dialogue to reach a consensus on a date to hold a delayed presidential election, failing which he will ask the Constitutional Council to find his replacement when his mandate ends on April 2.



The West African nation, set to become an oil and gas producer by the end of the year, has been thrown into an unprecedented political crisis after Sall postponed the election initially scheduled for Feb. 25.



Senegal&#8217;s Constitutional Council, the highest election authority, later ruled that Sall&#8217;s decision to postpone the election, and a subsequent 10-month postponement voted by parliament, were unconstitutional.



The electoral crisis has led to violent protests and warnings of authoritarian overreach in one of coup-hit West Africa&#8217;s more stable democracies.



Sall has declared that his mandate will end on April 2 as stipulated by the constitution so as to assuage fears he wanted to extend his rule in the country. However, the process to elect a new president was unlikely to be concluded by that date.



&#8220;If we reach a consensus, I will set the date for the election,&#8221; Sall said late on Monday while concluding the first of two days of the national dialogue. Participants included some candidates, political parties, civil society and traditional and religious organizations.



&#8220;Otherwise, I will ask the Constitutional Council to find my a replacement on April 2,&#8221; Sall warned.



The talks were boycotted by 15 of the 19 approved candidates who want him to hold the election as soon as possible and leave office when his mandate ends on April 2.



Sall told the national dialogue that the government will propose a general amnesty for those detained between 2021 and 2024 due to the political crisis.



The amnesty could see the release of firebrand opposition leader Ousmane Sonko who was excluded from the race, and his handpicked successor Bassirou Diomaye Faye, who are both detained.



(Reporting by Portia Crowe and Diadie Ba; Writing by Bate Felix; Editing by David Gregorio)

FILE PHOTO: New Global Financial Pact Summit in Paris

Senegal seeks consensus on date for delayed presidential election

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/05/XYLRJGDDEBIFFEYH3ILGDOLHJM-820x547.jpg" alt="" class="wp-image-424605" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/05/XYLRJGDDEBIFFEYH3ILGDOLHJM-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/XYLRJGDDEBIFFEYH3ILGDOLHJM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/XYLRJGDDEBIFFEYH3ILGDOLHJM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/XYLRJGDDEBIFFEYH3ILGDOLHJM-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/XYLRJGDDEBIFFEYH3ILGDOLHJM-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/XYLRJGDDEBIFFEYH3ILGDOLHJM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A man counts Nigerian naira notes in a market place as people struggle with the economic hardship and cashflow problems ahead of Nigeria&#8217;s Presidential elections, in Yola, Nigeria, February 22, 2023. REUTERS/Esa Alexander/File Photo</figcaption></figure>



ABUJA, Feb 26 (Reuters)&nbsp;&#8211;&nbsp;Nigeria will outlaw street-trading of foreign currency in the country under new regulations set out by the central bank which also stipulate higher minimum capital levels for bureau de change operators.



The central bank issued the guidelines in a document published late on Friday but did not say when they would come into effect.



The moves are part of broader reforms to Nigeria&#8217;s currency market, which has suffered chronic dollar shortages after foreign investors fled following a previous oil price collapse and introduction of capital controls in 2015.



Hard currency is sold on the streets in the business districts of Lagos and Abuja by individuals or agents of bureaus de change officials who operate outside offices to cut down operating costs.



The central bank said in its guidelines that bureau de change operators will be required to have at least 2 billion naira ($1.28 million) in capital in order to be national operators, up from 35 million naira currently.



Exchange bureaus operating regionally will be required to have a minimum capital of 500 million naira.



Under the new regulations, individuals will not be able to take out more than $500 in hard currency in cash at a time, as higher amounts will need to be settled through the bank.



The bank will end a two-day policy meeting on Tuesday with analysts expecting it to lift interest rates by 225 basis points to 21.00%. It is Governor Olayemi Cardoso&#8217;s first meeting since he took office in September.



On Monday, the naira firmed to 1,550 per dollar on the parallel market, a similar level to on the official market, from 1,800 naira a week earlier.



The naira&#8217;s official exchange rate has been trading at levels close to the parallel market level after the currency was devalued last month, its second adjustment in less than a year as the crippling dollar shortage pushed the Nigerian currency lower.



The anti-graft agency raided bureau de change operators in Abuja on Friday and over the weekend, and held some officials. The agency has in the past accused operators of speculating on the currency.



The Economic and Financial Crimes Commission did not respond to a request for comment.



Under the new guidelines, the central bank capped the amount and frequency of purchases by individuals seeking foreign currency for travel, school fees and hospital bills.



($1 = 1,560.00 naira)



(Additional reporting by Camillus Eboh and Felix Onuah; Editing by Susan Fenton)

FILE PHOTO: Man counts Nigerian naira notes in a market place ahead of Nigeria’s Presidential elections in Yola

Nigeria outlaws street-trading by FX bureaus in new rules to stem naira slide

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



Feb 26 (Reuters)&nbsp;&#8211;&nbsp;South African petrochemical firm Sasol&nbsp;SOLJ.J&nbsp;is committed to a 30% cut in carbon emissions by 2030, but wants &#8220;a balanced debate&#8221; that weighs the economic impact of climate targets, its CFO said on Monday.



Sasol, the world&#8217;s biggest producer of fuels and chemicals from coal and gas, and a major carbon emitter, has recently faced criticism from environmental activists and some investors over its climate targets.



The company was forced to cancel its annual general meeting last November after it was disrupted by climate protesters.



A major part of Sasol&#8217;s plans to cut emissions is a 25% reduction in the use of coal, both as a key input and energy source. It plans to replace coal as a raw material, first with gas and eventually biomass, once it becomes economically viable, CFO Hanre Rossouw said.



Sasol has signed up 600 megawatts (MW) of renewable energy supply contracts, with 500 MW having reached financial close.



Sasol was &#8220;fully committed&#8221; to its decarbonisation targets, Rossouw said, &#8220;but we&#8217;ve got to be clear about what&#8217;s going to drive economic growth, jobs and energy security in South Africa. It&#8217;s not just energy transition at all costs.&#8221;



Sasol says it is one of South Africa&#8217;s biggest employers and tax payers, contributing 5% of the country&#8217;s gross domestic product.



On Monday, Sasol reported 34% decline in half-year profit, to 12.85 billion rand ($665.23 million) in the six months to Dec.31, from 19.39 billion previously mainly due to weaker oil and petrochemical prices as well as higher costs.



The company announced an interim dividend of 2 rand per share, down from 7 rand previously.



Rossouw said Sasol was considering changing its dividend policy, which is tied to core headline earnings, to base payouts on cash flow generation.



Sasol&#8217;s shares were 2.9% down at 141.77 rand at 1416 GMT.



($1 = 19.3167 rand)



(Reporting by Nelson Banya; Editing by Clarence Fernandez, Kim Coghill and David Evans)

Sasol_Garage_in_Boksburg

Sasol committed to climate targets, but not “at all costs”

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="511" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/02/VUWEHZ7LJVPHXABMJEQQZHIP5M-820x511.jpg" alt="" class="wp-image-460080" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/02/VUWEHZ7LJVPHXABMJEQQZHIP5M-820x511.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/VUWEHZ7LJVPHXABMJEQQZHIP5M-300x187.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/VUWEHZ7LJVPHXABMJEQQZHIP5M-144x90.jpg 144w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/VUWEHZ7LJVPHXABMJEQQZHIP5M-768x478.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/VUWEHZ7LJVPHXABMJEQQZHIP5M-1536x957.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/VUWEHZ7LJVPHXABMJEQQZHIP5M-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: U.S. dollar banknotes are seen in this illustration taken March 10, 2023. REUTERS/Dado Ruvic/Illustration</figcaption></figure>



LONDON, Feb 26 (Reuters)&nbsp;&#8211;&nbsp;The dollar inched lower on Monday ahead of a macro-packed week that could shed more light on the global rate outlook, with a U.S. inflation reading taking centre stage.



The core personal consumption expenditures (PCE) price index, the Federal Reserve&#8217;s preferred measure of inflation, is due on Thursday, with a 0.4% rise on a monthly basis forecast.



Inflation figures in the euro zone, Japan and Australia also land this week, alongside a rate decision from the Reserve Bank of New Zealand (RBNZ) and China PMI surveys.



The euro&nbsp;EUR=EBS&nbsp;was up 0.3% at $1.0854, after gains against the dollar in eight of the last nine trading sessions.



ECB officials have reiterated their focus on inflation in the euro zone, particularly the service sector and wage growth.



European Central Bank President Christine Lagarde on Friday said wage growth had moderated, but it was too early to assume inflation had been conquered.



&#8220;Euro zone inflation is expected to cool to 2.5% and yet the ECB minutes still show the reluctance from the ECB to even talk about cutting rates,&#8221; City Index market strategist Fiona Cincotta said.



&#8220;We also saw inflation expectations in the euro zone ticked up very slightly, but also that upbeat mood on the back of earnings has been pulling some safe-haven flows out of the dollar and has pushed the euro higher,&#8221; she said.



A major driver behind the euro&#8217;s strength has been the narrowing gap between where traders believe U.S. and euro zone interest rates will finish the year.



Only two weeks ago, investors were assuming the Fed would cut rates by around 80 basis points this year, compared with around 100 bps from the ECB. By Monday, that gap had all but disappeared.



<h2 class="wp-block-heading" id="h-spotlight-on-inflation">SPOTLIGHT ON INFLATION</h2>



The main event for investors this week will be Thursday&#8217;s U.S. core PCE. Hotter readings of producer and consumer inflation have increased the likelihood that this measure might top expectations as well, which could further push back expectations for when the Fed might deliver its first cut.



Markets are currently pricing in just about a 20% chance that the Fed will begin easing rates in May, versus a nearly 90% chance a month ago, according to the CME FedWatch tool.



&#8220;If anything, the (data) may be stronger than markets currently expect, and that will likely give a modest boost to the dollar,&#8221; said Carol Kong, a currency strategist at Commonwealth Bank of Australia (CBA).



The dollar index&nbsp;=USD&nbsp;was down 0.2% at 103.74.



Japan&#8217;s nationwide consumer prices are due on Tuesday and are forecast to show core inflation slowed to an annual rate of 1.8% in January, the lowest since March 2022.



That would complicate the Bank of Japan&#8217;s (BOJ) plans to end negative interest rates in coming months, keeping the yen under pressure in the near term.



The yen&nbsp;JPY=EBS&nbsp;was last steady at 150.57 per dollar, having already fallen more than 6% against it this year.



&#8220;News that Japan fell into technical recession in H2 2023 will have dampened some of the market&#8217;s enthusiasm regarding the pace of monetary tightening from the BOJ,&#8221; said Jane Foley, head of FX strategy at Rabobank.



Sterling&nbsp;GBP=D3, meanwhile, rose 0.2% to $1.2696, but eased by 0.1% against the euro&nbsp;EURGBP=D3&nbsp;to 85.50 pence.



In cryptocurrencies, ether ETH= rose by as much as 6.5% above $3,130 to another two-year high. It was last up 3.9% at $3,055, while bitcoin BTC= rose 0.3% to $51,140.



(Additional reporting by Rae Wee in Singapore; Editing by Jamie Freed, Jacqueline Wong, Ed Osmond and Alexander Smith)

FILE PHOTO: Illustration shows U.S. dollar banknotes

Dollar lower before inflation-heavy data deluge

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="800" height="508" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/02/LYNXMPEBBS0LW.jpg" alt="" class="wp-image-460039" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/02/LYNXMPEBBS0LW.jpg 800w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/LYNXMPEBBS0LW-300x191.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/LYNXMPEBBS0LW-142x90.jpg 142w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/LYNXMPEBBS0LW-768x488.jpg 768w" sizes="auto, (max-width: 800px) 100vw, 800px" /><figcaption class="wp-element-caption">A general picture shows the skyline of Tanzania&#8217;s port city of Dar es Salaam, July 12, 2013. REUTERS/Andrew Emmanuel</figcaption></figure>



DAR ES SALAAM, Feb 26 (Reuters)&nbsp;&#8211;&nbsp;Tanzania has switched on the first turbine of a new hydroelectric plant set to double power generation capacity but which has drawn stiff opposition from conservationists because of its location in a U.N.-designated World Heritage Site.



Doto Biteko, energy minister and deputy prime minister, said while visiting the 2,115 megawatt (MW) Julius Nyerere Hydropower Plant on Sunday that the turbine, with a capacity of 235 MW, was now contributing power to the grid.



He said the turbine would help reduce months-long power rationing, adding that rationing would end when the second turbine of the nine-turbine plant joins the grid next month.



Before construction of the hydro project began in 2019, conservationists warned that building a dam on a major river that runs through the Selous Game Reserve could affect wildlife and their habitats downstream.



The reserve is among the largest protected areas in Africa, harbouring one of the most significant concentrations of animals including elephant, black rhino and cheetah and a large variety of habitats, according to United Nations agency UNESCO.



The government forged ahead with the project under former President John Magufuli and his successor Samia Suluhu Hassan&#8217;s administration considers it a key part of efforts to boost power supply in a country where less than half of the population has access to electricity.



Biteko said the government would ensure all hydroelectric projects respect water sustainability.



Before the first turbine of the Julius Nyerere Hydropower Plant was connected to the grid, Tanzania had an installed generation capacity of 1,900 MW, with natural gas contributing nearly two-thirds of that amount.



(Reporting by Nuzulack Dausen; Editing by Alexander Winning and Miral Fahmy)

Reuters

South African factory activity recovers in February – Absa PMI

WTO talks head into overtime with no sign of breakthrough

Stocks eye monthly gains on China rebound, currencies steady ahead of US inflation test

New Eskom boss under pressure to turn South Africa’s lights back on

India, South Africa block investment deal at WTO talks

Brazil warns of global economic challenges as G20 finance chiefs meet

Africa’s debt to stay above pre-pandemic levels through 2025, UN official says

South African fashion retailers boost local production amid port delays

S.Africa Regulator orders Canal Plus to offer MultiChoice buyout

Asian shares lose ground as US inflation data awaits; kiwi slides

Nigeria hikes interest rates as unions protest economic hardship

South Africa says climate targets on track if coal switch not delayed again

Senegal seeks consensus on date for delayed presidential election

Nigeria outlaws street-trading by FX bureaus in new rules to stem naira slide

Sasol committed to climate targets, but not “at all costs”

Dollar lower before inflation-heavy data deluge

Tanzania switches on first turbine of hydro plant in World Heritage Site

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Reuters

South African factory activity recovers in February – Absa PMI

WTO talks head into overtime with no sign of breakthrough

Stocks eye monthly gains on China rebound, currencies steady ahead of US inflation test

New Eskom boss under pressure to turn South Africa’s lights back on

India, South Africa block investment deal at WTO talks

Brazil warns of global economic challenges as G20 finance chiefs meet

Africa’s debt to stay above pre-pandemic levels through 2025, UN official says

South African fashion retailers boost local production amid port delays

S.Africa Regulator orders Canal Plus to offer MultiChoice buyout

Asian shares lose ground as US inflation data awaits; kiwi slides

Nigeria hikes interest rates as unions protest economic hardship

South Africa says climate targets on track if coal switch not delayed again

Senegal seeks consensus on date for delayed presidential election

Nigeria outlaws street-trading by FX bureaus in new rules to stem naira slide

Sasol committed to climate targets, but not “at all costs”

Dollar lower before inflation-heavy data deluge

Tanzania switches on first turbine of hydro plant in World Heritage Site

News Tips

Advertise With Us

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