<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/RF6QPT3DIFJPRLPHBWFFYB7MZA-820x547.jpg" alt="" class="wp-image-429220" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/RF6QPT3DIFJPRLPHBWFFYB7MZA-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/RF6QPT3DIFJPRLPHBWFFYB7MZA-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/RF6QPT3DIFJPRLPHBWFFYB7MZA-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/RF6QPT3DIFJPRLPHBWFFYB7MZA-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/RF6QPT3DIFJPRLPHBWFFYB7MZA-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/RF6QPT3DIFJPRLPHBWFFYB7MZA-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">German Chancellor Olaf Scholz shakes hands with Nigerian President Bola Tinubu, during the &#8220;Compact with Africa&#8221; investment summit, at the Chancellery in Berlin, Germany, November 20, 2023. REUTERS/Fabrizio Bensch</figcaption></figure>



ABUJA, Nov 21 (Reuters)&nbsp;&#8211;&nbsp;Nigerian and German companies on Tuesday signed two accords in Berlin that include a $500 million renewable energy pact and a gas export deal, further strengthening economic ties between the two nations, a presidential spokesperson said.



Union Bank of Nigeria and Germany&#8217;s DWS Group signed a memorandum of understanding (MoU) on renewable energy. The agreement seeks to harness $500 million in investment in renewable energy projects across Nigeria, mostly in rural communities, spokesperson Ajuri Ngelale said in a statement.



A second MoU on gas export partnership was agreed between Riverside LNG of Nigeria and Germany&#8217;s Johannes Schuetze Energy Import AG. Under the accord, Nigeria will supply 850,000 tons of natural gas to Germany annually which is expected to rise to 1.2 million. The first deliveries will be in 2026, Ngelale said.



The deal will help process about 50 million cubic feet per day of natural gas that otherwise would have flared.



Nigeria holds Africa&#8217;s largest gas reserves of more than 200 trillion cubic feet, but flares, or burns off, about 300 million cubic feet daily due to inadequate processing facilities.



President Bola Tinubu, who is attending the G20 Compact with Africa conference in Berlin, welcomed the deals, Ngelale said.



On Monday German Chancellor Olaf Scholz said Germany will invest 4 billion euros in green energy projects in Africa until 2030, noting these could in turn help Europe&#8217;s largest economy achieve its own transition to carbon neutrality.



Germany will need to import large quantities of green hydrogen going forward, including from Africa, if it is to achieve its goal of net zero emissions by 2045, he said at a German-African business forum in Berlin.



The forum preceded the G20 Compact with Africa summit that aims to drum up investment in the world&#8217;s poorest but fast-growing continent by coordinating the development agendas of reform-minded countries and identifying business opportunities.



Under Tinubu, Nigeria has embarked on the boldest reforms in decades, scrapping a popular petrol subsidy and lifting restrictions on foreign exchange trading.



Tinubu is seeking to make Nigeria attractive to investors as he strives to revive its economy that is weighed down by sluggish growth, record debt, double-digit inflation and theft of crude oil, its main export.



(Writing by Elisha Bala-Gbogbo; editing by David Evans)

‘Compact with Africa’ summit in Berlin

Nigeria and Germany sign $500 mln renewable energy and gas deal

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="514" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/CIWWXST6P5OXHKLQUY2JZE7B4U-820x514.jpg" alt="" class="wp-image-429207" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/CIWWXST6P5OXHKLQUY2JZE7B4U-820x514.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/CIWWXST6P5OXHKLQUY2JZE7B4U-300x188.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/CIWWXST6P5OXHKLQUY2JZE7B4U-144x90.jpg 144w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/CIWWXST6P5OXHKLQUY2JZE7B4U-768x481.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/CIWWXST6P5OXHKLQUY2JZE7B4U-1536x962.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/CIWWXST6P5OXHKLQUY2JZE7B4U-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Supporters of South Africa&#8217;s ruling African National Congress (ANC) and various political parties including civil society groups gather in solidarity with the Palestinian people outside the Israeli embassy in Pretoria, South Africa, October 20, 2023. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



CAPE TOWN, Nov 21 (Reuters) &#8211; South African lawmakers voted on Tuesday in favour of closing down the Israeli embassy in Pretoria and suspending all diplomatic relations until a ceasefire is agreed in its war with Palestinian Islamist group Hamas in Gaza.



The resolution is largely symbolic as it will be up to President Cyril Ramaphosa&#8217;s government whether to implement it; a presidency spokesperson said Ramaphosa &#8220;notes and appreciates&#8221; parliament&#8217;s guidance on South Africa&#8217;s diplomatic relations with Israel, particularly on the status of the embassy.



&#8220;The president and cabinet are engaged over the matter, which remains the responsibility of the national executive,&#8221; Vincent Magwenya said.



Ramaphosa and senior foreign ministry officials have been vocally critical of Israel&#8217;s leadership during its devastating military campaign against Hamas in the densely populated Gaza Strip, calling on the International Criminal Court to investigate them for potential war crimes.



The Israeli embassy did not immediately respond to a request for comment.



On Monday, the Israeli ambassador in Pretoria was recalled to Tel Aviv for consultations ahead of the vote, which on Tuesday was resoundingly adopted by a 248-91 margin.



The parliamentary resolution was brought by the opposition Economic Freedom Fighters (EFF) party last week when the governing African National Congress pledged to support what has been a central diplomatic stance for South Africa since Nelson Mandela became the country&#8217;s first democratically elected president in 1994.



The chief whip of the ANC, Pemmy Majodina, amended the last point of the EFF draft resolution calling for the embassy&#8217;s closure and diplomatic suspension, to include the words: &#8220;&#8230; until a ceasefire is agreed to by Israel and Israel commits to binding United Nations-facilitated negotiations whose outcome must be a just, sustainable and lasting peace.&#8221;



South Africa has backed the Palestinian cause for statehood in Israeli-occupied territories for decades, likening the plight of Palestinians to those of the Black majority during the repressive apartheid-era, a comparison Israel vehemently denies.



The EFF proposed the motion on Thursday in solidarity with the Palestinian people over the Israeli bombardment and invasion of Hamas-ruled Gaza, prompted by a deadly incursion by Hamas militants into Israel on Oct. 7.



(Reporting by Wendell Roelf; editing by Mark Heinrich and Jonathan Oatis)

FILE PHOTO: Demonstrators gather outside the Israeli embassy in Pretoria

South African lawmakers vote to suspend diplomatic ties with Israel, shut embassy

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="507" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/6KC77RFN7RNKTEDE5FOCEDTGIM-820x507.jpg" alt="" class="wp-image-429194" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/6KC77RFN7RNKTEDE5FOCEDTGIM-820x507.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/6KC77RFN7RNKTEDE5FOCEDTGIM-300x185.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/6KC77RFN7RNKTEDE5FOCEDTGIM-146x90.jpg 146w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/6KC77RFN7RNKTEDE5FOCEDTGIM-768x474.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/6KC77RFN7RNKTEDE5FOCEDTGIM-1536x949.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/6KC77RFN7RNKTEDE5FOCEDTGIM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: 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>



Nov 21 (Reuters) &#8211; South Africa&#8217;s business confidence slipped in the fourth quarter, mainly due to weak local demand for vehicles as consumer incomes remained under pressure in the face of high borrowing costs, data showed on Tuesday.



A survey by the Rand Merchant Bank (RMB) and compiled by the Bureau for Economic Research showed the business confidence index fell to 31 points in the fourth quarter, from 33 points in the previous three months.



Confidence among new vehicle dealers, who have been reporting very high inventory levels, dropped 24 points &#8211; the lowest level since the second quarter of 2020, when South Africa imposed its strictest COVID-19 lockdown.



Rising borrowing costs in Africa&#8217;s third-largest economy has curtailed consumer spending, while businesses are struggling to pass on higher input costs to buyers.



Respondents on the survey also pointed to logistical challenges, ranging from delays at the harbours to dealing with potholes and a struggle to receive timely payments for delivered goods.



The bright spot, however, was a 15-point jump in confidence among respondents in the retail sector, which has struggled with high operating costs due to power cuts.



While the cost pressures have slightly eased, non-durable retailers reported a steep decline in volumes due to price increases of late, according to the survey.



&#8220;Structural supply constraints around infrastructure and electricity remain a key challenge to operating in the South African business environment. However, the decline in the RMB/BER Business Confidence Index also reflects underlying demand weakness,&#8221; said Isaah Mhlanga, chief economist and head of research at RMB.



(Reporting by Eva Mathews in Bengaluru; Editing by Dhanya Ann Thoppil)

South Africans face more interest rate hike pain as inflation sticks

South Africa’s business confidence slips in fourth quarter – survey

<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/copper-1711056_1920-820x547.jpg" alt="" class="wp-image-403458" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/copper-1711056_1920-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/copper-1711056_1920-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/copper-1711056_1920-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/copper-1711056_1920-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/copper-1711056_1920.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Photo: via Pixabay</figcaption></figure>



Nov 21 (Reuters)&nbsp;&#8211;&nbsp;Copper prices hit their highest in two months on Tuesday due to supply concerns in Peru and Panama, while a weaker U.S. dollar also lent support.



Three-month copper on the London Metal Exchange (LME)&nbsp;CMCU3&nbsp;rose 0.3% to $8,456 per metric ton by 0744 GMT, after earlier reaching $8,464.50, the highest since Sept. 15.



The most-traded December copper contract on the Shanghai Futures Exchange (SHFE)&nbsp;SCFcv1&nbsp;closed up 0.6% at 68,280 yuan ($9,468.74) a ton. It hit 68,550 yuan earlier in the session, the highest since Sept. 21.



&#8220;Renewed copper mine supply concerns have supported this move,&#8221; ANZ analysts said in a note.



Workers at Las Bambas copper mine in Peru will kick off an &#8220;indefinite&#8221; strike from next week, and First Quantum Minerals FM.TO will carry out maintenance at its Cobre Panama mine from Nov. 23 due to coal supplies being blocked by protesters.



The dollar index&nbsp;.DXY&nbsp;hit its lowest since Sept. 1 on expectation that U.S. interest rates would fall next year, making greenback-priced metals cheaper to holders of other currencies.



&#8220;We have seen bigger upside moves across the base metals complex, supported by a weaker dollar. Overall, we are becoming slightly more bullish for metals in the coming weeks,&#8221; broker Sucden Financial said in a note.



LME aluminium&nbsp;CMAL3&nbsp;rose 0.4% to $2,253.50 a ton, nickel&nbsp;CMNI3&nbsp;edged down 0.5% at $16,875, zinc&nbsp;CMZN3&nbsp;dipped 0.2% to $2,558, lead&nbsp;CMPB3&nbsp;eased 0.1% to $2,273.50 and tin&nbsp;CMSN3&nbsp;lost 0.1% to $24,860.



SHFE aluminium&nbsp;SAFcv1&nbsp;eased 0.1% to 18,920 yuan a ton, zinc&nbsp;SZNcv1&nbsp;was down 0.8% at 21,210 yuan, while lead&nbsp;SPBcv1&nbsp;fell 1.6% to 16,830 yuan and tin&nbsp;SSNcv1&nbsp;shed 1.3% to 207,320 yuan.



Meanwhile, SHFE nickel hit a 14-month low of 132,370 yuan a ton. The contract is down 34% so far this year, the worst performer across all base metals on the SHFE due to oversupply concerns.



For the top stories in metals and other news, click&nbsp;TOP/MTL&nbsp;or&nbsp;MET/L



($1 = 7.2111 yuan)



(Reporting by Mai Nguyen in Hanoi; Editing by Subhranshu Sahu, Varun H K and Mrigank Dhaniwala)

copper-1711056_1920

Copper hits 2-month high on supply concerns, soft dollar

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="422" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/Platinum-prices-to-climb-as-palladium-sinks.jpg" alt="" class="wp-image-429179" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/Platinum-prices-to-climb-as-palladium-sinks.jpg 640w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/Platinum-prices-to-climb-as-palladium-sinks-300x198.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/Platinum-prices-to-climb-as-palladium-sinks-136x90.jpg 136w" sizes="auto, (max-width: 640px) 100vw, 640px" /></figure>



LONDON, Nov 21 (Reuters) &#8211; Platinum will register a smaller supply deficit in 2024 after a record one in 2023 due to lower consumption and higher output, the World Platinum Investment Council (WPIC), whose members are major Western platinum producers, said on Tuesday.



 Demand for platinum, which is used in catalytic converters to reduce harmful emissions from vehicle exhaust systems among other applications, is expected to decline by 6% to 7.7 million troy ounces in 2024 due to reduced consumption by glassmaking and chemical sectors, the WPIC said in a quarterly report.



 Yet, demand from the auto sector is expected to increase for the fourth consecutive year in 2024. Stricter emissions regulation, higher jewellery consumption and widening substitution by automakers of palladium for cheaper platinum will further support demand.



 Supply, meanwhile, is expected to rise by 3% to 7.3 million ounces due to higher output in South Africa, though downside risks for both mined and recycling supply persist after this year&#8217;s decrease in the platinum group metals&#8217; price.



 That will leave the market under supplied by 353,000 ounces in 2024 compared with the record deficit of 1.07 million ounces this year, the WPIC said, adding that the platinum market is now facing consecutive deficits.



 The WPIC expects availability of above-ground stocks to continue to decline with most of the stocks held in China and not readily able to be exported. At the end of 2023, the above-ground stocks will be at a three-year low, equal to five months of demand.



 &#8220;The economic aftershocks of the past three years are still being felt in the platinum market and continue to affect market behaviour and prices today,&#8221; Trevor Raymond, the WPIC chief executive, said in the report. Platinum prices are down 15% so far this year.



 As previously accumulated inventories in the automotive sector decline &#8220;with continued growth in vehicle production and sales, we foresee a return to more typical automaker platinum buying patterns, which could further tighten the market and place upward pressure on the platinum price,&#8221; Raymond added.



 PLATINUM SUPPLY/DEMAND (&#8216;000 oz)* 2022 2023 2024 2023/2022 2024/2023 estimate forecast change change 



SUPPLY



Refined Production: 5,522 5,551 5,743 1% 3%



<ul class="wp-block-list">
<li>South Africa 3,915 3,905 4,099 0% 5%</li>



<li>Zimbabwe 480 502 506 5% 1%</li>



<li>North America 263 268 302 2% 13%</li>



<li>Russia 663 684 634 3% -7%</li>



<li>Other 201 193 201 -4% 4% Change in producer +43 +57 0 inventory Total mining supply 5,565 5,608 5,743 1% 2% Recycling: 1,696 1,471 1,567 -13% 7%</li>



<li>Autocatalyst 1,255 1,048 1,132 -16% 8%</li>



<li>Jewellery 372 353 362 -5% 3%</li>



<li>Industrial 68 70 73 2% 4% <code>Total 7,261 7,079 7,310 -3% 3%</code> supply <code>DEMAND</code> Automotive 2,867 3,262 3,312 14% 2% Jewellery 1,899 1,852 1,903 -3% 3% Industrial: 2,335 2,652 2,367 14% -11%</li>



<li>Chemical 685 753 585 10% -22%</li>



<li>Petroleum 193 170 156 -12% -8%</li>



<li>Electrical 106 92 90 -13% -3%</li>



<li>Glass 505 756 623 50% -18%</li>



<li>Medical 273 283 292 4% 3%</li>



<li>Other 573 598 620 4% 4% Investment: -640 385 82 N/A -79%</li>



<li>Change in 225 305 172 36% -44% bars/coins</li>



<li>Change in ETF -558 50 -120 holdings</li>



<li>Change in stocks -307 30 30 held by exchanges Total 6,461 8,150 7,663 26% -6% Demand <code>Balance 800 -1,071 -353 Above 4,687 3,615 3,262 -23% -10%&lt;/code&gt;&lt;/pre&gt;Ground Stocks Source: World Platinum Investment Council, Platinum Quarterly Q3 2023. (Reporting by Polina Devitt Editing by Sharon Singleton)</code></li>
</ul>

Platinum-prices-to-climb-as-palladium-sinks

Platinum market faces smaller deficit in 2024, WPIC says

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="360" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/03/istockphoto-1250489640-640x640-1.jpg" alt="" class="wp-image-400524" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/03/istockphoto-1250489640-640x640-1.jpg 640w, https://cms.cnbcafrica.com/wp-content/uploads/2021/03/istockphoto-1250489640-640x640-1-300x169.jpg 300w" sizes="auto, (max-width: 640px) 100vw, 640px" /><figcaption class="wp-element-caption">World Bank on glass building. Mirrored sky and city modern facade. Global capital, business, finance, economy, banking and money concept seamless and loopable 3D rendering animation.</figcaption></figure>



NAIROBI, Nov 20 (Reuters)&nbsp;&#8211;&nbsp;The World Bank said on Monday that it foresaw $12 billion of support to Kenya over the next three years, potentially a major boost to the East African country&#8217;s strained finances.



The bank said in a statement that the total amount was subject to the approval of its executive directors and other factors that could influence its lending capacity.



Kenya&#8217;s public finances have been pressured by the legacy of the COVID-19 pandemic and frequent climate change-induced droughts.



&#8220;The World Bank is fully committed to support Kenya in its journey to become an upper-middle-income country by 2030,&#8221; the statement said.



&#8220;Subject to the World Bank Executive Directors approval of new operations, and to factors which may affect the bank&#8217;s lending capacity, this implies a total financial package of $12 billion over the three years.&#8221;



World Bank Country Director Keith Hansen said the $12 billion comprised money Kenya currently had available from the International Development Association, the International Bank for Reconstruction and Development, the International Finance Corporation and the Multilateral Investment Guarantee Agency, &#8220;plus what we expect to provide in the coming three years&#8221;.



&#8220;This will likely include Development Policy Operations as well as new investments in a wide range of sectors such as energy, health, transport and water,&#8221; Hansen said.



Kenya has faced acute liquidity challenges caused by uncertainty over its ability to access funding from financial markets before a $2 billion Eurobond matures next June.



Last week the International Monetary Fund reached a staff-level agreement with Kenya, unlocking immediate access to another $682 million tranche of funding and boosting its current lending programme by $938 million.



Hansen said in light of recent government announcements and the IMF staff agreement, the World Bank wanted to &#8220;make clear the likely magnitude of resources Kenya can count on&#8221;.



(Reporting by George Obulutsa and Elias Biryabarema; Editing by Alexander Winning and Alex Richardson)

istockphoto-1250489640-640×640

World Bank sees $12 billion support to Kenya over next 3 years

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="740" height="416" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106917267-1627376925447-gettyimages-969639316-SOUTH_AFRICA_PORT-1.jpeg" alt="" class="wp-image-410779" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106917267-1627376925447-gettyimages-969639316-SOUTH_AFRICA_PORT-1.jpeg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106917267-1627376925447-gettyimages-969639316-SOUTH_AFRICA_PORT-1-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106917267-1627376925447-gettyimages-969639316-SOUTH_AFRICA_PORT-1-140x80.jpeg 140w" sizes="auto, (max-width: 740px) 100vw, 740px" /><figcaption class="wp-element-caption">Transnet
Bloomberg | Bloomberg | Getty Images</figcaption></figure>



Nov 20 (Reuters)&nbsp;&#8211;&nbsp;South African state-owned logistics company Transnet said on Monday it was suspending processing trucks carrying coal to its Richards Bay terminal in order to restore order after unprecedented traffic coming into the port.



The company is struggling to provide sufficient freight rail and port capacity to transport bulk minerals coal, iron ore, manganese and chrome to export markets as its rail operations are hobbled by shortages of locomotives and spares as well as cable theft and vandalism. Ports operated by Transnet have also struggled with bad weather and underinvestment in equipment.



Transnet was suspending ship booking services for coal loads brought by trucks at least until current bookings, which run up to February 2024, are cleared, said Richards Bay Terminal&#8217;s managing executive Thulasizwe Dlamini.



&#8220;We have seen an unprecedented number of trucks coming to the terminal. We will temporarily freeze vessel nominations,&#8221; Dlamini told a media briefing, using the industry term for booking shipments.



A surge in demand for coal in Europe and Asia over the past two years, and particularly since Russia&#8217;s invasion of Ukraine last year, has brought hundreds of trucks onto the route leading to South Africa&#8217;s main coal export terminal in Richards Bay on the east coast.



The high volumes of trucks rolling into the port were disrupting business, causing congestion on the roads and raising safety problems for the municipal authorities, Dlamini said.



&#8220;The intention is not to frustrate the movement of coal out of the country, but to create order,&#8221; he added.



Mining companies, which say they have lost billions of rand in potential export revenue due to Transnet&#8217;s infrastructure problems, have resorted to trucking minerals to ports, a more expensive and environmentally damaging option.



In 2022, about 41 million metric tons of mineral ores, requiring the capacity of nearly 1.4 million 30-ton trucks, were transported to South African ports by road, according to the country&#8217;s Minerals Council.



(Reporting by Nelson Banya; Editing by Susan Fenton)

106917267-1627376925447-gettyimages-969639316-SOUTH_AFRICA_PORT-1

South Africa’s Transnet curbs coal trucks at Richards Bay terminal due to congestion

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="459" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/D2QJG35CFJKZBIP4BJKWJG4LEE-820x459.jpg" alt="" class="wp-image-416146" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/D2QJG35CFJKZBIP4BJKWJG4LEE-820x459.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/D2QJG35CFJKZBIP4BJKWJG4LEE-300x168.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/D2QJG35CFJKZBIP4BJKWJG4LEE-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/D2QJG35CFJKZBIP4BJKWJG4LEE-768x430.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/D2QJG35CFJKZBIP4BJKWJG4LEE-1536x860.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/D2QJG35CFJKZBIP4BJKWJG4LEE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: The logo of the Organisation of the Petroleum Exporting Countries (OPEC) sits outside its headquarters ahead of the OPEC and NON-OPEC meeting, Austria December 6, 2019. REUTERS/Leonhard Foeger/File Photo</figcaption></figure>



Nov 20 (Reuters)&nbsp;&#8211;&nbsp;The Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, are known as OPEC+ and will meet in Vienna, Austria, on Nov. 26 to discuss their joint output policy.



Below are key facts about OPEC+ and its role.



<h2 class="wp-block-heading" id="h-what-are-opec-and-opec">What are OPEC and OPEC+?</h2>



OPEC was founded in 1960 in Baghdad by Iraq, Iran, Kuwait, Saudi Arabia and Venezuela with an aim of coordinating petroleum policies and securing fair and stable prices. Now, it includes 13 countries, which are mainly from the Middle East and Africa. They produce around 30% of the world&#8217;s oil.



There have been some challenges to OPEC&#8217;s influence over the years, often resulting in internal divisions, and a global push towards cleaner energy sources and a move away from fossil fuels could ultimately diminish its dominance.



OPEC formed the so-called OPEC+ coalition with 10 of the world&#8217;s major non-OPEC oil-exporting nations, including Russia, at the end of 2016.



OPEC+ represents around 40% of world oil production and its main objective is to regulate the supply of oil to the world market. The leaders are Saudi Arabia and Russia, which produce around 9 and 9.5 million barrels per day (bpd) of oil, respectively.



<h2 class="wp-block-heading" id="h-how-does-opec-influence-global-oil-prices">How does OPEC influence global oil prices?</h2>



OPEC member states&#8217; exports make up around 60% of global petroleum trade. In 2021, OPEC estimated that its member countries accounted for more than 80% of the world&#8217;s proven oil reserves.



Because of the large market share, the decisions OPEC makes can affect global oil prices. Its members meet regularly to decide how much oil to sell on global markets.



As a result, when they lower supply when demand falls, oil prices tend to rise. Prices tend to fall when the group decides to supply more oil to the market.



At the last OPEC+ meeting in June, Saudi Arabia pledged to make a deep cut of 1 million bpd to its output in July on top of a broader OPEC+ deal to limit supply into 2024 as the group sought to boost flagging oil prices.



Since then, Saudi Arabia has extended the additional voluntary cut until the end of this year.



Oil prices on Nov. 16 slumped by about 5% to a four-month low amid economic growth concerns. They have since recovered some ground on expectations that OPEC+ will take action to shore up prices.



Prices, however, have largely brushed off rising tensions in the Middle East.



<h2 class="wp-block-heading" id="h-how-do-opec-decisions-affect-the-global-economy">How do OPEC decisions affect the global economy?</h2>



Some of the production cut decisions have had significant effects on the global economy.



During the 1973 Arab-Israeli War, Arab members of OPEC imposed an embargo against the United States in retaliation for its decision to re-supply the Israeli military, as well as other countries that supported Israel. The embargo banned petroleum exports to those nations and introduced cuts in oil production.



The oil embargo pressured an already strained U.S. economy which had grown dependent on imported oil. Oil prices jumped, causing high fuel costs for consumers and fuel shortages in the United States. The embargo also brought the United States and other countries to the brink of a global recession.



In 2020, during COVID-19 lockdowns around the world, crude oil prices slumped. After that development, OPEC+ slashed oil production by 10 million barrels a day, which is equivalent to around 10% of global production, to try to bolster prices.



<h2 class="wp-block-heading" id="h-which-countries-are-opec-members">Which countries are OPEC members?</h2>



The current members of OPEC are: Saudi Arabia, United Arab Emirates, Kuwait, Iraq, Iran, Algeria, Angola, Libya, Nigeria, Congo, Equatorial Guinea, Gabon and Venezuela.



Non-OPEC countries in the global alliance of OPEC+ are represented by Russia, Azerbaijan, Kazakhstan, Bahrain, Brunei, Malaysia, Mexico, Oman, South Sudan and Sudan.



Sources: Reuters news, World Economic Forum website, OPEC website, U.S. Department of State website



(Reporting by Nina Chestney, Ahmad Ghaddar and Olesya Astakhova; Editing by Emelia Sithole-Matarise)

FILE PHOTO: The logo of the Organisation of the Petroleum Exporting Countries (OPEC) sits outside its headquarters in Vienna

What is OPEC+ and how does it impact oil prices?

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/547EIZJLXJKH5IPLJO5YPR5XDM-820x547.jpg" alt="" class="wp-image-429150" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/547EIZJLXJKH5IPLJO5YPR5XDM-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/547EIZJLXJKH5IPLJO5YPR5XDM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/547EIZJLXJKH5IPLJO5YPR5XDM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/547EIZJLXJKH5IPLJO5YPR5XDM-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/547EIZJLXJKH5IPLJO5YPR5XDM-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/547EIZJLXJKH5IPLJO5YPR5XDM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Opposition Unity Party and Liberia President-elect Joseph Boakai speaks during an interview with Reuters at his home in Monrovia, November 19, 2023. REUTERS/Carielle Doe/ File Photo</figcaption></figure>



MONROVIA, Nov 20 (Reuters)&nbsp;&#8211;&nbsp;Liberian President-elect Joseph Boakai, who defeated President George Weah in the Nov. 14 presidential runoff, says his administration will take a close look at mining concessions to ensure they benefit the country.



Boakai, 78, a former vice president who lost to Weah in the 2017 runoff and campaigned on a promise to &#8220;rescue&#8221; Liberia, told Reuters in an interview on Sunday evening that he expected a lot of challenges, particularly with the economy.



&#8220;The first step of rescuing Liberia is taking it from these people. It has been rescued. The next thing is to deal with the issues that have being hanging over this country,&#8221; Boakai said, citing corruption and lack of basic services.



Boakai said a key area from which Liberians had not benefited was the mining sector, despite the West&nbsp;African country&#8217;s rich mineral reserves, including diamonds, gold, iron ore and timber.



&#8220;To be frank with you, the mining sector has been one of the problems in this country. I have seen our resources exploited and the life of the people remains the worse,&#8221; Boakai said, adding that he would take a close look at the sector.



Asked if this would include reviewing mining concessions, Boakai said reviews would be pursued if warranted.



&#8220;We have to, because we are inheriting,&#8221; he said.



Several companies operate in Liberia&#8217;s mining sector, including ArcelorMittal&nbsp;MT.LU&nbsp;and Bao Chico Resources in iron ore mining concessions, Bea Mountain Mining and Avesoro Resources, which operates Liberia&#8217;s first commercial gold mine in gold.



Liberia&#8217;s economy grew 4.8% in 2022, driven by gold production and a relatively good rice harvest, but more than 80% of the population still face moderate or severe food insecurity, according to the World Bank.



(Reporting by Alphonso Toweh, Writing by Bate Felix, Editing by Sofia Christensen and Ed Osmond)

Liberia president-elect Joseph Boakai attends an interview at his home in Monrovia

Liberia’s President-elect Boakai to review mining concessions

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/AXIZJVFVSJPH5JV3TFFSZSORV4-820x547.jpg" alt="" class="wp-image-429146" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/AXIZJVFVSJPH5JV3TFFSZSORV4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/AXIZJVFVSJPH5JV3TFFSZSORV4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/AXIZJVFVSJPH5JV3TFFSZSORV4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/AXIZJVFVSJPH5JV3TFFSZSORV4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/AXIZJVFVSJPH5JV3TFFSZSORV4-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/AXIZJVFVSJPH5JV3TFFSZSORV4-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Zambia&#8217;s Finance Minister Situmbeko Musokotwane attends the Annual Meetings of the International Monetary Fund and World Bank in Washington, U.S., October 15, 2022. REUTERS/James Lawler Duggan/File Photo</figcaption></figure>



JOHANNESBURG, Nov 20 (Reuters) &#8211; Zambia suffered a major setback in its debt restructuring efforts, after the government said on Monday a revised deal to rework $3 billion of Eurobonds could not be implemented at this time due to objections from official creditors, including China.



Zambia and the country&#8217;s official creditor committee (OCC) and the International Monetary Fund (IMF) had been at odds over whether the initial deal struck with a group of bondholders in late October offered comparable debt relief from bilateral as well as commercial lenders. The IMF approved a tweaked deal, but official creditors again rejected it, Zambia said.



&#8220;The OCC, through its Co-chairs, concluded that Comparability of Treatment would not be achieved in the Base Case scenario, although would be achieved in the Upside Case scenario,&#8221; the government said in a statement, referring to a two pronged-approach that foresaw different levels of debt relief depending on the country&#8217;s economic performance.



OCC co-chairs China and France said there was no consensus among official creditors on the magnitude of additional concessions that would be required from bondholders in the base case to comply with the Comparability of Treatment principle, according to Zambia&#8217;s government.



The country&#8217;s External Bondholder Steering Committee said it was deeply concerned with recent developments and that its latest offer would provide more debt relief than official creditors on a net present value basis, as well as a principal haircut when official creditors were offering none.



Zambia defaulted on its debts three years ago and its restructuring has been beset by delays. Western officials accused China of holding up the process, something China has consistently denied, while international bondholders complained about being shut out of negotiations.



Zambia&#8217;s international bonds dropped more than 2.6 cents on the dollar following the statement, Tradeweb data showed.&nbsp;XS1056386714=TEXS1267081575=TE



&#8220;The OCC is demanding debt relief from commercial creditors that is materially higher than either the Government or the IMF deem necessary to restore debt sustainability,&#8221; the bondholder committee said in a statement.



&#8220;It is creating very clear inter-creditor equity issues and is going far beyond the OCC&#8217;s envisaged role under the Common Framework in verifying Comparability of Treatment.&#8221;



Zambia&#8217;s debt restructuring is taking place under the Common Framework, a process set up in response to COVID-19 by the G20 to bring in China, India and other bilateral creditors that are not members of the Paris Club of creditor nations. The Common Framework has been severely criticised, as it is yet to provide any countries with debt relief.



An IMF staff assessment found that the first proposed deal with bondholders would have breached the fund&#8217;s Debt Sustainability Analysis (DSA) targets, Zambia&#8217;s government said.



The ratio of debt service to government revenue would have reached 16.7% in 2024, 2.7 percentage points higher than the 14% target. Meanwhile, the present value of the debt to exports ratio would have been 1 percentage point higher than the 2027 target, at 85%, it said.



The IMF did not immediately respond to a request for comment.



(Reporting by Rachel Savage, Bhargav Acharya and Karin Strohecker, Editing by Alexander Winning, William Maclean)

FILE PHOTO: Zambia’s Finance Minister Situmbeko Musokotwane attends the Annual Meetings of the International Monetary Fund and World Bank in Washington

Zambia says international bond deal can’t be implemented at this time

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="590" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/JHXDMXCSE5LZJG7LNLI4TT4SNI-820x590.jpg" alt="" class="wp-image-429138" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/JHXDMXCSE5LZJG7LNLI4TT4SNI-820x590.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/JHXDMXCSE5LZJG7LNLI4TT4SNI-300x216.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/JHXDMXCSE5LZJG7LNLI4TT4SNI-125x90.jpg 125w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/JHXDMXCSE5LZJG7LNLI4TT4SNI-768x553.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/JHXDMXCSE5LZJG7LNLI4TT4SNI-1536x1106.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/JHXDMXCSE5LZJG7LNLI4TT4SNI-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">President Felix Tshisekedi, leader of Union for Democracy and Social Progress (UDPS) walks with his wife Denise Nyekeru Tshisekedi as he arrives during the launch of the first official day of the campaign for the presidential election of December 20, in Kinshasa, Democratic Republic of Congo, November 19, 2023. REUTERS/Benoit Nyemba</figcaption></figure>



KINSHASA, Nov 19 (Reuters)&nbsp;&#8211;&nbsp;Democratic Republic of Congo President Felix Tshisekedi launched his re-election bid on Sunday in a packed-to-capacity stadium in the capital Kinshasa, urging voters to give him another mandate to consolidate his achievements.



More than 43 million registered voters are eligible to take part in the general election and presidential polls on Dec. 20.



Tshisekedi, 60, who came to power in 2018 following a disputed election in the world&#8217;s largest producer of battery material cobalt and a major copper producer, is seeking another term following a turbulent five years in office.



Speaking at the 80,000-capacity Kinshasa Martyrs Stadium, packed with his coalition supporters decked in party colours and carrying effigies of its leaders, Tshisekedi told the cheering crowd he had delivered free basic education and planned to soon introduce universal healthcare.



&#8220;In just two years we have been able to do all of these actions that you have seen, but we can do better. Vote for me to consolidate the gains we already have,&#8221; Tshisekedi said, adding that his first two years in office were constrained by a power-sharing agreement with former president Joseph Kabila.



&#8220;The others will come and start from scratch, it is better to consolidate what we have started,&#8221; he said.



Tshisekedi will face 25 other candidates in the presidential race, including old rival Martin Fayulu, a 66-year-old former Exxon Mobil executive who came second in the 2018 election.



Other challengers include Nobel Peace Prize-winning gynaecologist Denis Mukwege, who is running for the first time, Moise Katumbi, a millionaire businessman and former governor of the copper-rich Katanga region, and former prime minister Augustin Matata Ponyo.



Tshisekedi, son of long-term opposition leader Etienne Tshisekedi, had on taking office promised to root out corruption and authoritarian rule, rebuild the economy, tackle inequalities and deal with Congo&#8217;s prolonged security crisis, but critics say he has fallen short on these issues.



His first term has been mired by economic hardship, the COVID-19 pandemic, Ebola outbreaks and persistent insecurity, particularly in the east where the resurgent M23 rebel group seized swathes of territory displacing over 1 million.



&#8220;I&#8217;m backing Tshisekedi because he is the ideal choice for Congo given what he has done already. He has proven that if we give him another mandate, he&#8217;ll do even better,&#8221; said Alidor Ilunga, a 35-year-old supporter.



Rival Fayulu launched his campaign in Bandundu, around 400km (249 miles) northeast of the capital, also on Sunday, while other candidates including Katumbi are expected to launch theirs from Monday.



(Reporting by Ange Kasongo; Writing by Bate Felix; Editing by David Holmes)

Congolese President Tshisekedi launches electoral campaign with Kinshasa rally

Congo’s Tshisekedi kicks off re-election bid with vow to consolidate achievements

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/YSW2TYFMANPY5KAJ4TA277YGZA-820x547.jpg" alt="" class="wp-image-429134" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/YSW2TYFMANPY5KAJ4TA277YGZA-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/YSW2TYFMANPY5KAJ4TA277YGZA-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/YSW2TYFMANPY5KAJ4TA277YGZA-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/YSW2TYFMANPY5KAJ4TA277YGZA-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/YSW2TYFMANPY5KAJ4TA277YGZA-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/YSW2TYFMANPY5KAJ4TA277YGZA-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Ivory Coast President Alassane Ouattara is welcomed by German Chancellor Olaf Scholz before the &#8220;Compact with Africa&#8221; summit in Berlin, Germany, November 19, 2023. REUTERS/Fabrizio Bensch</figcaption></figure>



BERLIN, Nov 19 (Reuters) &#8211; Leaders from more than a dozen African countries will gather in Germany over the next two days for the G20 Compact with Africa conference, which aims to help bolster private investment in the world&#8217;s poorest, but fast-growing, continent.



Underscoring renewed interest in Africa, European Commission President Ursula von der Leyen, French President Emmanuel Macron and Dutch Prime Minister Mark Rutte will be among those attending the summit in Berlin, hosted by German Chancellor Olaf Scholz, according to German government officials.



Scholz, who has visited Africa several times since taking office in late 2021, will hold bilateral talks with several African countries on Sunday, before hosting a German-African investment summit at Berlin&#8217;s Marriott Hotel on Monday morning.



Europe and the United States are jostling with Russia and China for geopolitical influence, critical minerals and new economic opportunities in the world&#8217;s second most populous continent.



Those include Africa&#8217;s potential for renewable energy production, in particular green hydrogen, that could help its northern neighbor&#8217;s transition to a carbon neutral economy. The stability and prosperity of the continent is also seen as key to reducing illegal migration.



The Compact with Africa, which was created in 2017 under the German G20 presidency, aims to bring together reform-minded African countries, international organizations and bilateral partners to coordinate development agendas and discuss investment opportunities.



The event officially takes place on Monday afternoon in the German chancellery, preceded by a news conference with leaders of the African Union, which in September was made a permanent member of the group of the G20 group of the world&#8217;s most powerful countries.



&#8220;We will not make a common declaration, we do not want to force our African partners into a tight corset,&#8221; a German government official said on Friday. &#8220;Instead, we want concrete results.&#8221;



German government officials say Africa can play a key role in helping Germany better diversify its supply chains, secure skilled labour, reduce illegal migration and achieve its green transition.



African countries have long complained that while Europe talks about investment, China actually provides financing without any moral lecturing. Still, Chinese lending in Africa is in decline, while European interest is rising as it seeks to diversify supply chains.



German trade with Africa was 60 billion euros ($65.4 billion) last year, which is a fraction of its trade with Asia but up 21.7% on 2021.



Nearly two thirds of German companies want to expand their business in Africa, according to a study by KPMG and the German-African Business Association.



The member countries of the G20 Compact are Morocco, Tunisia, Egypt, Senegal, Guinea, Ivory Coast, Ghana, Togo, Benin, Burkina Faso, Rwanda, Democratic Republic of Congo and Ethiopia.



($1 = 0.9168 euros)



Reporting by Sarah Marsh and Andreas Rinke; Editing by Mike Harrison

G20-led summit for Africa highlights renewed interest in fast-growing continent

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/OMV4VRBVPNPIZPTCJKOJU2NR5Q-820x547.jpg" alt="" class="wp-image-429113" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/OMV4VRBVPNPIZPTCJKOJU2NR5Q-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/OMV4VRBVPNPIZPTCJKOJU2NR5Q-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/OMV4VRBVPNPIZPTCJKOJU2NR5Q-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/OMV4VRBVPNPIZPTCJKOJU2NR5Q-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/OMV4VRBVPNPIZPTCJKOJU2NR5Q-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/OMV4VRBVPNPIZPTCJKOJU2NR5Q-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Madagascar&#8217;s President and a presidential candidate Andry Rajoelina flanked by his wife Mialy Rajoelina as he arrives to cast his ballot at a polling station, during the presidential election in Ambatobe, Antananarivo, Madagascar November 16, 2023. REUTERS/Zo Andrianjafy</figcaption></figure>



ANTANANARIVO, Nov 17 (Reuters) &#8211; Madagascar&#8217;s President Andry Rajoelina took a predictably commanding early lead on Friday in his bid for re-election in a vote marked by low turnout and an opposition boycott, preliminary results showed.



The 49-year-old entrepreneur and former DJ rose to power on the Indian Ocean island in a 2009 coup, stepped down after almost five years as leader of a transitional authority, then won a 2018 election.



The opposition says he should not have run again in Thursday&#8217;s poll because he acquired French nationality in 2014 &#8211; which they say automatically revokes his Malagasy one &#8211; and has created unfair election conditions.



He says both accusations are baseless political tactics.



In preliminary results from the electoral commission CENI, Rajoelina had garnered more than 72.9% of the estimated total of 6.2% counted so far.



Votes counted so far indicated a turnout of 39.5%, compared to 55% in the equivalent first round of voting in 2018.



<h2 class="wp-block-heading" id="h-enthusiasm-not-there">&#8216;ENTHUSIASM NOT THERE&#8217;</h2>



There were 11 million people out of a population of roughly 30 million registered to vote in this year&#8217;s polls, which were preceded by weeks of opposition-led protests.



Of 12 opposition candidates originally, only two took part in the vote. One was Marc Ravalomanana, the former president ousted in 2009, the other Siteny Randrianasoloniaiko.



&#8220;Enthusiasm was not there,&#8221; said Andriamanambe Raoto, editor-in-chief of Politika, a monthly publication.



The United States voiced concern on Thursday over low turnout, inadequate training for election staff and irregularities by party officials.



The opposition said participation was the lowest in Madagascar&#8217;s history and vowed to keep protesting.



Rajoelina says the constitution does not require the head of state to exclusively hold Malagasy nationality, and that any loss of nationality is subject to signed authorization by the government.



The opposition also called for changes to the makeup of electoral commission and for the formation of a special court to hear election disputes.



Regional observer groups did not respond to requests for comment on the early results. Full provisional results are expected on Nov. 24 while the High Constitutional Court is due to certify them on Nov. 30.



(Reporting by Lovasoa Rabary, writing by Giulia Paravicini, editing by Andrew Cawthorne)

Madagascar’s President and a presidential candidate Andry Rajoelina flanked by his wife Mialy Rajoelina as he arrives to cast his ballot at a polling station, during the presidential election in Ambatobe

Madagascar president takes huge lead in early results of low turnout vote

<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/Investment-management-820x547.jpg" alt="" class="wp-image-424734" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/05/Investment-management-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/Investment-management-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/Investment-management-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/Investment-management-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/Investment-management.jpg 1200w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Stock</figcaption></figure>



Nov 17 (Reuters)&nbsp;&#8211;&nbsp;Emerging market shares fell from two-month highs on Friday, led by a slump in Chinese e-commerce giant Alibaba, while currencies were set for their best week in four months as weak U.S. economic data boosted rate cut bets.



Alibaba&#8217;s Hong Kong listed shares 9988.HK dropped 8%, after the company scrapped plans to spin off its cloud business, citing uncertainties created by U.S. export curbs on chips used in artificial intelligence applications.



Its U.S. shares&nbsp;BABA.N&nbsp;closed down 9% on Thursday.



Hong Kong&#8217;s main index&nbsp;.HSI&nbsp;dropped 2.1% in the sharpest single-day drop in a month, while MSCI&#8217;s index of emerging market stocks&nbsp;.MSCIEF&nbsp;slipped 0.6%.



The EM index, however, is set to end the week about 3% higher as risk sentiment improved this week thanks to cooling U.S. inflation data as well as figures that showed the U.S. labour market was weakening.



Investors are betting that the U.S. Federal Reserve could begin interest rate cuts as soon as the second quarter of next year and lower the main rate by almost 100 basis points through the year.



As the dollar headed for weekly losses, developing market currencies&nbsp;.MIEM00000CUS&nbsp;ticked up, set for the best week since July, up 1.1%.&nbsp;FRX/



Most analysts expect emerging market assets, especially currencies, to perform well next year.



&#8220;Compared with developed market assets, our targets suggest modest outperformance for emerging markets next year,&#8221; said strategist at Goldman Sachs, citing a more &#8220;benign&#8221; global and EM macro outlook – with steady growth, lower inflation and the potential for rate cuts.



South Africa&#8217;s rand&nbsp;ZAR=&nbsp;was flat on Friday ahead of S&amp;P Global Ratings&#8217; review of South Africa&#8217;s sovereign credit rating later in the day.&nbsp;.J



S&amp;P downgraded its outlook to stable from positive in March, citing infrastructure constraints and a severe power crisis, and made no changes to the country&#8217;s sovereign credit rating or outlook in May.



Taiwan&#8217;s currencyTWD= rose 0.3%, boosted by the prospects of an easing in cross-strait tensions, while China&#8217;s yuan CNY=CFXS was also set for its biggest weekly gain in two months.



The Polish zloty&nbsp;EURPLN=&nbsp;hovered near record highs, while Hungary&#8217;s forint&nbsp;EURHUF=&nbsp;dipped slightly for the week amid calls for rate cuts by economic development minister Marton Nagy.



In EM bonds, hard currency bonds have returned 1% this week and 3.2% this month, which is the bulk of the year&#8217;s 3.6% rise.



(Reporting by Susan Mathew in Bengaluru; Editing by Shinjini Ganguli)

Investment-management

Alibaba slide dents stocks; FX set for best week in four months

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/BKHSPZMTG5JYPAQWLN2ZAM4CNQ-820x547.jpg" alt="" class="wp-image-429102" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/BKHSPZMTG5JYPAQWLN2ZAM4CNQ-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/BKHSPZMTG5JYPAQWLN2ZAM4CNQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/BKHSPZMTG5JYPAQWLN2ZAM4CNQ-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/BKHSPZMTG5JYPAQWLN2ZAM4CNQ-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/BKHSPZMTG5JYPAQWLN2ZAM4CNQ-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/BKHSPZMTG5JYPAQWLN2ZAM4CNQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A man walks in the Central Business District on a rainy day, in Beijing, China, July 12, 2023. REUTERS/Thomas Peter/File Photo</figcaption></figure>



LONDON, Nov 16 (Reuters)&nbsp;&#8211;&nbsp;Global debt edged up to a record $307.4 trillion in the third quarter, and the debt-to-output ratio in emerging markets hit an all-time high, the Institute of International Finance said on Thursday.



The financial services trade group estimated that global debt will hit $310 trillion by the end of the year, a more than 25% increase in five years, and warned that a shift towards political populism could push debt even higher next year.



Emre Tiftik, director of sustainable research at the IIF, counted more than 50 elections coming in 2024, including the United States, India, South Africa, Turkey and Pakistan.



&#8220;In the face of increasing political polarization and heightened geopolitical tensions, these forthcoming elections might pave the way for populist policies,&#8221; he said, adding it could increase government borrowing and spending, and loosen fiscal discipline.



&#8220;This can create further volatility in the markets,&#8221; Tiftik said in a press briefing to present the report.



He also warned that servicing debt was consuming an increasing chunk of revenues worldwide, and had hit &#8220;alarming&#8221; levels in Pakistan and Egypt. In the United States, government interest expenses are projected to hit 15% of revenue by 2026, up from less than 10% currently.



Two-thirds of last quarter&#8217;s debt increase came from developed markets, led by the United States, Japan, France and the United Kingdom. Emerging markets China, India, Brazil and Mexico also notched sharp increases.



While the global debt-to-GDP ratio was little changed at 333%, it hit 255% in emerging markets &#8211; 32 percentage points above the same period five years ago &#8211; driven by Russia, China, Saudi Arabia and Malaysia. Chile, Colombia and Ghana experienced the largest declines in the ratio.



The IIF said government debt had the biggest increase in the third quarter, adding that budget deficits remain well above pre-pandemic levels in many countries.



The report noted that sovereign debt in default hit a record high above $554 billion through the end of 2022, roughly half of which is bonded debt.



The IIF warned that the debt burden for households and corporations is still rising in major economies, including China and the United States, with ramifications for everything from elections to the clean energy transition.



&#8220;With firms&#8217; borrowing appetite at multi-year lows amid still-tightening funding conditions and heightened geoeconomic fragmentation, the prospects for climate finance look increasingly at risk in recent quarters, as evidenced by a marked slowdown in ESG debt issuance,&#8221; it said.



(Reporting By Libby George in London, additional reporting by Rodrigo Campos in New York; Editing by Sharon Singleton, Kirsten Donovan)

FILE PHOTO: A man walks in the Central Business District on a rainy day, in Beijing

Global debt edges to fresh record, populism could push it higher- IIF

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="800" height="530" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/download-74.jpg" alt="" class="wp-image-429098" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/download-74.jpg 800w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/download-74-300x199.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/download-74-136x90.jpg 136w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/download-74-768x509.jpg 768w" sizes="auto, (max-width: 800px) 100vw, 800px" /><figcaption class="wp-element-caption">Photo: via Reuters</figcaption></figure>



JOHANNESBURG, Nov 17 (Reuters)&nbsp;&#8211;&nbsp;South African petrochemical company Sasol&nbsp;SOLJ.J&nbsp;on Friday said Simon Baloyi will take on the role of President and CEO from April 1, 2024.



Baloyi succeeds Fleetwood Grobler, who will continue with the company as an executive advisor until Dec. 31, 2024 to ensure a seamless handover.



Baloyi, currently Executive Vice President of Energy Operations and Technology, was selected from both internal and external candidates and has served in various management positions since joining the company in 2002.



&#8220;We believe that his strategic outlook, excellent leadership skills, technical and business acumen and deep experience of our operations will stand him in excellent stead to take over the helm,&#8221; Sasol said in its statement.



(Reporting by Tannur Anders in Johannesburg and Chandini Monnappa in Bengaluru; Editing by Nivedita Bhattacharjee and Janane Venkatraman)

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South African petrochemical company Sasol names new CEO

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="550" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/LO273AE3F5N4PLTPOFI563WO6I-820x550.jpg" alt="" class="wp-image-429094" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/LO273AE3F5N4PLTPOFI563WO6I-820x550.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/LO273AE3F5N4PLTPOFI563WO6I-300x201.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/LO273AE3F5N4PLTPOFI563WO6I-134x90.jpg 134w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/LO273AE3F5N4PLTPOFI563WO6I-768x516.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/LO273AE3F5N4PLTPOFI563WO6I-1536x1031.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/LO273AE3F5N4PLTPOFI563WO6I-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A police officer walks next to an electric mass transit bus assembled by electric vehicle manufacturer Roam at the Green Park Terminus in Nairobi, Kenya October 19, 2022. REUTERS/Monicah Mwangi/File Photo</figcaption></figure>



NAIROBI, Nov 17 (Reuters)&nbsp;&#8211;&nbsp;Kenya could lose up to 7.25% of economic output by 2050 if it does not take strong action to adapt to climate change and mitigate its effects, the World Bank said on Friday.



Like other so-called frontier economies, the East African nation has been suffering from the effects of global heating, including prolonged droughts, in recent years.



&#8220;By 2050, inaction against climate change could result in a decline in real GDP of 3.61–7.25 percent,&#8221; the World Bank said in a new publication called Kenya Country Climate and Development Report.



&#8220;The impact of climate change on the economy could be partly buffered by a higher annual growth rate and structural transformation,&#8221; it said.



If Kenya&#8217;s economy grows 7.5% per year through to 2050, in line with the government&#8217;s target, the damage of climate change to economic output would drop to 2.78–5.3%, the report said.



It called for increased investments in water resources management, farming, energy, transport and digital systems to help reduce the impact of climate change.



With about 90% of its electricity coming from renewable sources like hydro-generation and geothermal wells, Kenya is well positioned to provide solutions to other countries looking to lower their emissions, the report said.



&#8220;If Kenya maintains a low-carbon growth path, it could seize opportunities created by the global decarbonization trend and create green jobs,&#8221; it said.



While achieving a carbon-free electricity energy system by 2030 will require investments of up to $2.7 billion, it will be cost effective in the long run as the investments will be offset by lower fossil fuel costs, the report said.



It also urged the government to broaden the range of climate financing available by increasing the scope of projects to make them national and bankable.



&#8220;Finance directed toward climate in the development budget disproportionately targets the renewable energy sector,&#8221; it said. &#8220;Agriculture, forestry and land use, transport, water management, and other key sectors are significantly underfunded.&#8221;



(Reporting by Duncan Miriri; Editing by Mark Potter)

FILE PHOTO: A police officer walks next to an electric mass transit bus assembled by electric vehicle manufacturer Roam at the Green Park Terminus in Nairobi

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Reuters

Nigeria and Germany sign $500 mln renewable energy and gas deal

South African lawmakers vote to suspend diplomatic ties with Israel, shut embassy

South Africa’s business confidence slips in fourth quarter – survey

Copper hits 2-month high on supply concerns, soft dollar

Platinum market faces smaller deficit in 2024, WPIC says

World Bank sees $12 billion support to Kenya over next 3 years

South Africa’s Transnet curbs coal trucks at Richards Bay terminal due to congestion

What is OPEC+ and how does it impact oil prices?

Liberia’s President-elect Boakai to review mining concessions

Zambia says international bond deal can’t be implemented at this time

Congo’s Tshisekedi kicks off re-election bid with vow to consolidate achievements

G20-led summit for Africa highlights renewed interest in fast-growing continent

Madagascar president takes huge lead in early results of low turnout vote

Alibaba slide dents stocks; FX set for best week in four months

Global debt edges to fresh record, populism could push it higher- IIF

South African petrochemical company Sasol names new CEO

Kenya could lose up to 7.25% of GDP to climate change, World Bank says

News Tips

Advertise With Us

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