<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="540" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/YPMFQQSS3NLHLJL3LP32C774LE-1-820x540.jpg" alt="" class="wp-image-486141" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/YPMFQQSS3NLHLJL3LP32C774LE-1-820x540.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/YPMFQQSS3NLHLJL3LP32C774LE-1-300x198.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/YPMFQQSS3NLHLJL3LP32C774LE-1-137x90.jpg 137w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/YPMFQQSS3NLHLJL3LP32C774LE-1-768x506.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/YPMFQQSS3NLHLJL3LP32C774LE-1-1536x1012.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/YPMFQQSS3NLHLJL3LP32C774LE-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A shopper walks past a Vodacom shop in Johannesburg, file. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



CAPE TOWN, (Reuters) &#8211; South Africa&#8217;s biggest mobile operator Vodacom is looking at taking a new low-price phone that uses the cloud to offer smartphone-style features to other African markets, an executive said on Wednesday.



Mobile internet penetration in sub-Saharan Africa was just 27% at the end of 2023, with millions struggling to access services because smartphones are too expensive or network coverage unavailable, according to the GSMA industry body.



The South African unit of Vodacom, majority-owned by Britain&#8217;s Vodafone, recently launched a cloud-based smart feature phone, which is manufactured by South African mobile phone firm Mobicel. Vodacom is a reseller.



Vodacom introduced it as a way to reduce the cost of smartphone access and to accelerate migrating customers from legacy 2G and 3G networks to modern 4G networks as South Africa starts phasing out these older networks.



&#8220;We have sold roughly a bit less than 100,000 devices in South Africa,&#8221; Davide Tacchino, managing executive for terminals at Vodacom South Africa, told Reuters at the Africa Tech conference, adding that the company was seeing interest from customers and distributors.



&#8220;At this stage, it&#8217;s South Africa, but we are evaluating to expand in the other markets.&#8221;



The phone, retailing at 199 rand ($11), leverages the power of cloud computing to deliver a range of features typically associated with entry smartphones at a more affordable cost.



It comes with popular applications such as YouTube, TikTok and Facebook, all accessed via the cloud, giving users a &#8220;smartphone lite&#8221; experience.



Mobile operators are racing to shift their customers to 4G and 5G networks as South Africa has proposed gradually phasing out and shutting down older networks by the end of 2027.



As well as introducing more affordable devices, operators are offering pre-paid device financing options, but they have also asked the government to cut taxes on smartphones.



South Africa&#8217;s Communications Minister Solly Malatsi told Reuters on Tuesday that he had held encouraging preliminary talks with the Treasury about his proposals to cut those taxes.



($1 = 18.1781 rand)



(Reporting by Nqobile Dludla. Editing by Mark Potter)

FILE PHOTO: A shopper walks past a Vodacom shop in Johannesburg

S.Africa’s Vodacom eyes taking cloud-based phone to other African markets

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-820x547.jpg" alt="" class="wp-image-529685" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: The International Monetary Fund (IMF) headquarters building is seen ahead of the IMF/World Bank spring meetings in Washington, U.S., April 8, 2019. REUTERS/Yuri Gripas/File Photo</figcaption></figure>



NAIROBI, Nov 13 (Reuters) &#8211; The International Monetary Fund should sell 4% of its gold to help offer debt relief to low income countries devastated by climate-related catastrophes, a study said as climate financing dominates early talks at the COP29 summit.



From the Caribbean to Africa, low income countries have turned to the IMF in recent years for support in the face of shocks like the COVID-19 pandemic, driving up repayments to the lender of last resort in subsequent years.



Although the IMF has a facility known as Catastrophe Containment Relief Trust (CCRT), this only covers 30 poor countries and has just $103 million available, said researchers from the Boston University Global Development Centre.



The CCRT is used to pay off an eligible member state&#8217;s loans to the IMF for up to two years, providing immediate relief and allowing those funds to be targeted at other priorities.



&#8220;Many climate-vulnerable countries have been unable to access the CCRT as its eligibility criteria fails to account for climate vulnerability &#8230; and funding is severely limited,&#8221; the researchers said in a report.



The solution lies in selling some of the IMF&#8217;s 90.5 million ounces of gold reserves, the report said, taking advantage of elevated prices to boost the fund and cover more countries.



Selling 4% of the IMF&#8217;s gold would generate $9.52 billion, the study said, covering debt relief for 86 countries.



&#8220;With current gold prices exceeding $2,600 per ounce, selling a small fraction of gold has the potential to generate significant revenues and easily replenish the CCRT,&#8221; it said.



Gold was trading at $2,606.42 per ounce on Wednesday.



IMF gold reserve sales are rare. The last was in 2009/10, when it offloaded an eighth of its reserves, which was triggered by the need to boost its lending capacity.



At its inception in 1944, member states used to pay their IMF quotas with gold, the research report said, meaning it accumulated reserves at a historical cost of just $45 per ounce.



Repayments of IMF loans are taking a bigger chunk of annual debt servicing costs for vulnerable economies, the report said.



The Indian Ocean island of Madagascar will pay $106 million to the IMF next year, a quarter of its debt service, rising to $158 million and 41% in 2026, the report added.



Mozambique will also experience an increase in repayments to the IMF during a similar period, the researchers found.



Any sale of IMF gold would require support from the bulk of its executive board members, and for member states to pledge to channel their share of the proceeds to the CCRT, they said.



&#8220;Replenishing the CCRT should be considered a high priority because, in contrast to other IMF lending programs, the CCRT comes with no conditionality,&#8221; they concluded.



(Reporting by Duncan Miriri; Editing by Alexander Smith)

FILE PHOTO: The International Monetary Fund (IMF) headquarters building is seen ahead of the IMF/World Bank spring meetings in Washington

IMF urged to cash in on gold price to help poor countries hit by climate change

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="546" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-452758655-820x546.jpg" alt="" class="wp-image-553742" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-452758655-820x546.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-452758655-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-452758655-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-452758655-768x511.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-452758655-1536x1022.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-452758655-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">JOHANNESBURG, SOUTH AFRICA &#8211; DECEMBER 01: Danny Jordaan (SAFA president) during the arrival of the FIFA World Cup Trophy at Lanseria Airport on December 01, 2013 in Johannesburg, South Africa. (Photo by Lee Warren/Gallo images)</figcaption></figure>



JOHANNESBURG, Nov 13 (Reuters)&nbsp;&#8211;&nbsp;South African Football Association (SAFA) President Danny Jordaan was arrested on Wednesday over allegations he used the organisation&#8217;s money for his own purposes, according to local media reports.



Jordaan, who was a leading figure in bringing the 2010 World Cup to South Africa, had tried to interdict his imminent arrest on Tuesday, but the Johannesburg High Court is only scheduled to hear his submission on Thursday.



The arrest stems from a raid by police on the SAFA offices in March, after which police spokesperson Katlego Mogale said the allegations are that &#8220;between 2014 and 2018, the president of SAFA used the organisation&#8217;s resources for his personal gain, including hiring a private security company for his personal protection and a public relations company, without authorisation from the SAFA board.&#8221;



Jordaan, 73, and his reported co-accused, SAFA chief financial officer Gronie Hluyo and businessman Trevor Neethling, are due to appear in court later on Wednesday.



Neither Jordaan nor SAFA responded to a request for comment from Reuters, but in his affidavit to court seeking to block his arrest, he denies any wrongdoing.



(Reporting by Nick Said; Editing by Christian Radnedge)

FIFA World Cup Trophy arrives at Lanseria Airport

South Africa FA president Danny Jordaan arrested

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UGANDA-SHILLING.jpg" alt="" class="wp-image-524644" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UGANDA-SHILLING.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UGANDA-SHILLING-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UGANDA-SHILLING-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UGANDA-SHILLING-768x512.jpg 768w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Uganda shillings. Uganda. (Photo by: Godong/Universal Images Group via Getty Images)</figcaption></figure>



KAMPALA, Nov 13 (Reuters) &#8211; The Ugandan shilling stable on Wednesday, although it was expected to strengthen, lifted by dollar inflows from remittances, traders said.



At 0719 GMT, commercial banks quoted the shilling at 3,665/3,675, compared with Tuesday&#8217;s closing rate of 3,668/3,678.



(Reporting by Elias Biryabarema; Editing by George Obulutsa)

UGANDA SHILLING

Ugandan shilling stable; to firm due to remittance inflows

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="728" height="485" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/CORIUWLHAJI4LNBBJBT32ZAVTI.jpg" alt="" class="wp-image-422769" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/CORIUWLHAJI4LNBBJBT32ZAVTI.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/CORIUWLHAJI4LNBBJBT32ZAVTI-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/CORIUWLHAJI4LNBBJBT32ZAVTI-135x90.jpg 135w" sizes="auto, (max-width: 728px) 100vw, 728px" /><figcaption class="wp-element-caption">Kenya Central Bank Governor Patrick Njoroge displays Kenyan shilling bank notes during a news conference at the Central Bank in Nairobi, Kenya, June 3, 2019. REUTERS/Baz Ratner</figcaption></figure>



NAIROBI, Nov 13 (Reuters) &#8211; The Kenyan shilling weakened slightly against the dollar on Wednesday, one trader said, as the U.S. currency has strengthened globally following the presidential election, increasing local demand.



At 0700 GMT, the shilling traded at 129.00/129.30 to the dollar, compared to Tuesday&#8217;s closing rate of 128.50/129.50.



&#8220;We&#8217;ve been seeing the dollar appreciate against all currencies globally, including the shilling,&#8221; the trader said.



&#8220;Because of the dollar being attractive we are now seeing investors starting to buy dollars to repatriate them back to the U.S. markets.&#8221;



(Reporting by Sonia Rao; Editing by George Obulutsa)

Kenya Central Bank Governor Patrick Njoroge displays the newly designed Kenyan shilling bank notes during a news conference at the Central Bank in Nairobi

Kenyan shilling weakens slightly as dollar demand increases

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="615" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/ZTA2SOQSIFIDVMFOYKRV5C5I24-820x615.jpg" alt="" class="wp-image-553691" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/ZTA2SOQSIFIDVMFOYKRV5C5I24-820x615.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/ZTA2SOQSIFIDVMFOYKRV5C5I24-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/ZTA2SOQSIFIDVMFOYKRV5C5I24-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/ZTA2SOQSIFIDVMFOYKRV5C5I24-768x576.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/ZTA2SOQSIFIDVMFOYKRV5C5I24-1536x1152.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/ZTA2SOQSIFIDVMFOYKRV5C5I24-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Zainab Abubakar eats cooked food with her children at Gubio IDP camp in Maiduguri, Nigeria October 28, 2024. REUTERS/Abraham Achirga</figcaption></figure>



GUBIO, Nigeria, Nov 13 (Reuters)&nbsp;&#8211;&nbsp;Unrelenting price rises and a brutal insurgency had already made it hard for Nigerians in northeastern Borno State to feed their families. When a dam collapsed in September, flooding the state capital and surrounding farmland, many people ran out of options.



Now they queue for handouts in camps for those displaced by fighting between extremist Boko Haram rebels and the military. When those run out, they seek work on local farms where they risk being killed or raped by local bandits.



&#8220;I can&#8217;t even cry anymore. I&#8217;m too tired,&#8221; said Indo Usman, who tried to start again in the state capital Maiduguri, rearing animals for the two annual Muslim holy days, after years of repeatedly fleeing rebel attacks in rural Borno.



The flood washed that all away, driving her, her husband and their six children to a bare room at Gubio, an unfinished housing project about 96 km (60 miles) northwest of Maiduguri that has become a displacement camp.



Torrential rains and floods in 29 of Nigeria&#8217;s 36 states this year have destroyed more than 1.5 million hectares of cropland, affecting more than nine million people, according to the Food and Agriculture Organization of the United Nations.



Climate change is a factor, as is Nigeria&#8217;s poorly maintained or non-existent infrastructure as well as vulnerabilities caused by the weakening Naira currency and the scrapping of a government fuel subsidy.



The cost of staples like rice and beans has doubled, tripled or even quadrupled in a year, depending on location &#8212; an unmanageable shock for millions of poor families.



Mass kidnappings for ransom in the northwest and conflict between farmers and pastoralists in the central belt, traditionally the nation&#8217;s bread basket, have also disrupted agriculture and squeezed food supplies.



<h2 class="wp-block-heading" id="h-hungriest-of-the-hungry">&#8216;HUNGRIEST OF THE HUNGRY&#8217;</h2>



Roughly 40% of Nigeria&#8217;s more than 200 million people live below the international poverty line of $2.15 per person per day, the World Bank estimates.



Already, 25 million people live in acute food and nutrition insecurity &#8211; putting their lives or livelihoods in immediate danger, according to a joint analysis by the government and U.N. agencies. That number is expected to rise to 33 million by next June-August.



&#8220;The food crisis in Nigeria is immense because what we are seeing is a crisis within a crisis within a crisis,&#8221; said Trust Mlambo, head of programme for the northeast at the World Food Programme, in an interview with Reuters in Maiduguri.



With international donors focused on emergencies in Gaza, Ukraine and Sudan, Mlambo said there was not enough funding to fully meet Nigeria&#8217;s growing need for food aid.



&#8220;We are really prioritising the hungriest of the hungry,&#8221; he said.



In Borno, the Alau dam, upriver from Maiduguri, gave way on Sept. 9, four days after state officials had told the public it was secure. Local residents and engineers had been warning that it was under strain.



Hundreds of people were killed in the resulting flood, according to aid workers who did not wish to be identified for fear of offending the state government. A spokesperson for the state government did not respond to requests for comment.



Zainab Abubakar, a self-employed tailor in the city who lived in relative comfort with her husband and six children in a house with a refrigerator, was awoken at midnight by water rushing into her bedroom.



They ran for their lives while the flood destroyed their house and carried everything away, including her sewing machine. Now, they are sheltering at Gubio and collecting rice from aid agencies in a plastic bucket.



&#8220;There is no alternative,&#8221; she said.



In Banki, on Nigeria&#8217;s border with Cameroon about 133 km (83 miles) southeast of Maiduguri, Mariam Hassan lost crops of maize, pepper and then okra in repeated flooding of her subsistence farm this year, leaving her with nothing to eat or sell.



&#8220;I beg the neighbours or relatives to give me food, not even for me but for my children, for us to survive,&#8221; said Hassan, who has eight children. &#8220;The situation has turned me into a beggar.&#8221;



(Additional reporting by Ahmed Kingimi and MacDonald Dzirutwe; Writing by Estelle Shirbon; Editing by Philippa Fletcher)

More Nigerians face hunger as floods worsen impact of inflation, conflict

Millions of Nigerians go hungry as floods compound hardship

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1.jpg" alt="" class="wp-image-524583" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



JOHANNESBURG, Nov 13 (Reuters)&nbsp;&#8211;&nbsp;The following equity and currency market moves may affect South African markets on Wednesday.



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



South Africa&#8217;s rand hit a three-month low on Tuesday, hurt by a stronger dollar and weaker gold prices, as markets grappled with what another Donald Trump presidency will mean for U.S. policy and trade relations.



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



Asian stocks slumped on Wednesday as a sharp rise in U.S. bond yields unnerved investors ahead of key inflation data that could inform the pace of Federal Reserve policy easing.



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



Wall Street&#8217;s three major indexes closed lower on Tuesday as investors booked some profits from a post-election rally and waited anxiously for U.S. inflation data due this week.



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



Gold prices edged up on Wednesday as investors sought bargains after steep declines in the previous session, while the spotlight shifted to U.S. inflation data, which could shed more light on the Federal Reserve&#8217;s path for monetary policy.



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



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



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



&#8211; Coalition govt aims to review bilateral trade agreements



<h2 class="wp-block-heading" id="h-fin-24">FIN 24</h2>



&#8211; Tax the rich? Treasury says it is considering a wealth tax



(Compiled by Alexander Winning)

istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on Nov 13

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/WTO-820x547.jpg" alt="" class="wp-image-553664" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/WTO-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/WTO-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/WTO-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/WTO-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/WTO-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/WTO-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Meghan, Duchess of Sussex (not pictured), co-hosts an event of Women in Leadership with Dr Ngozi Okonjo-Iweala, Director General of the World Trade Organization in Abuja, Nigeria, May 11, 2024. REUTERS/Marvellous Durowaiye/File Photo</figcaption></figure>



GENEVA, Nov 12 (Reuters)&nbsp;&#8211;&nbsp;The World Trade Organization&nbsp;is&nbsp;planning&nbsp;a special meeting of its top decision-making body later this month where a call could be made on the reappointment of its&nbsp;Director-General Ngozi Okonjo-Iweala, a document showed on Tuesday.



Trade sources said such a meeting appeared to be a route that could fast-track the appointment process to avoid any risk of it getting blocked by U.S. President-elect Donald Trump, whose teams and allies have criticised both Okonjo-Iweala and the trade watchdog in the past.



The&nbsp;WTO document sent by the General Council chair said the first day of the Nov. 28-29 meeting would allow Okonjo-Iweala, a former Nigerian finance minister, to present her vision for the 166-member organisation and answer delegates&#8217; questions. The second day could provide &#8220;an opportunity for Members to take a decision on the appointment of the next Director-General&#8221;, it said.



Okonjo-Iweala, 70, is the sole candidate for the job and told Reuters she wants to complete &#8220;unfinished business&#8221; from her first term which includes new rules on cutting fishing subsidies and finding a fix for its hobbled appeals court.



Dozens of countries have voiced support in recent WTO meetings for her reappointment after her term expires on Aug. 31,&nbsp;2025. But some have privately observed that the WTO&#8217;s election process, which typically lasts months, could allow for Trump&#8217;s team to oppose her candidacy.



Trump is set to be inaugurated on Jan. 20.



In 2020, his administration gave its support to a rival candidate and sought to block her first term. She secured U.S. backing only when President Joe Biden succeeded Trump in the White House.



Those who follow the trade body say it is likely to face a messy, recriminatory period for trade under Trump. He has vowed to impose new tariffs of 10%-20% on global imports and 60% on goods from China, well above the rates it has committed to under WTO rules and upending global trade flows.



Asked about the potential to speed the WTO&#8217;s reappointment of Okonjo-Iweala, Trump&#8217;s transition team responded with a non-specific answer.



&#8220;The American people reelected President Trump because they trust him to lead our country and restore peace through strength around the world. When he returns to the White House, he will take the necessary action to do just that,&#8221; a Trump-Vance transition spokesperson said in an emailed statement.



The U.S. Trade Representative&#8217;s office, still controlled by the Biden administration, declined to comment.



There is no guarantee that WTO members, which approve decisions by consensus, will agree to a second term for Okonjo-Iweala at the November meeting and the chair could opt to postpone the decision, trade sources said.



If they do pursue it, it might backfire, suggested Keith Rockwell, a former WTO director and senior fellow at the Hinrich Foundation. &#8220;Let&#8217;s see how the United States likes being pushed into a corner,&#8221; he said, calling the actions to speed up the appointment process &#8220;unprecedented.&#8221;



(Reporting by Emma Farge; Additional reporting by David Lawder in Washington; editing by Thomas Seythal, Alexandra Hudson and Richard Chang)

Meghan, Duchess of Sussex, co-hosts an event of Women in Leadership with Dr Ngozi Okonjo-Iweala, Director General of the World Trade Organization in Abuja

WTO may seek to reappoint chief ahead of Trump presidency

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="564" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/5ZABZJ64ORN6FNDDUVALDCPACU-820x564.jpg" alt="" class="wp-image-553370" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/5ZABZJ64ORN6FNDDUVALDCPACU-820x564.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/5ZABZJ64ORN6FNDDUVALDCPACU-300x206.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/5ZABZJ64ORN6FNDDUVALDCPACU-131x90.jpg 131w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/5ZABZJ64ORN6FNDDUVALDCPACU-768x528.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/5ZABZJ64ORN6FNDDUVALDCPACU-1536x1056.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/5ZABZJ64ORN6FNDDUVALDCPACU-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A shopper walks past the DSTV satellite TV subscription store, a product of MultiChoice Group Limited, a South Africa-based entertainment company, at the Mall of the North, in Polokwane, in the Limpopo province of South Africa, March 31, 2024. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, Nov 12 (Reuters) &#8211; South African pay television company MultiChoice Group reported a 99% fall in half-year profit on Tuesday and described the operating environment as &#8220;extremely hostile&#8221;.



The owner of DStv, whose pay-TV business operates across 50 countries in sub-Saharan Africa, said its performance was marred by weaker local currencies and constrained consumer spending particularly in Nigeria and extreme power disruptions in Zambia.



Multichoice said its adjusted core headline earnings per share &#8211; its measure of the underlying performance &#8211; fell to 2 cents per share for the six months ended Sept. 30, down from 356 cents per share a year earlier.



Overall group revenue at Multichoice fell by 10% to 25.4 billion rand ($1.41 billion) on a reported basis but grew by 4% on an organic basis, which excludes the impact of foreign exchange effects and mergers and acquisitions.



Multichoice said subscriptions fell by 5% and 15% respectively in its South African and Rest of Africa operations.



It said profit was further hit by incremental investments in streaming platform Showmax, which Multichoice is prioritising to fight off competition from streaming giants Netflix, Amazon and Disney.



&#8220;Stripping out Showmax, the group would have seen reported trading profit increase by 28% on an organic basis,&#8221; said Multichoice, whose shares were down 0.3% at 1212 GMT.



(Reporting by Sfundo Parakozov; Editing by Tannur Anders, Jan Harvey and Alexander Smith)

A shopper walks past the DSTV satellite TV subscription store, in Polokwane

South Africa’s Multichoice profit plunges as subscriptions slip

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="527" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/KB3XP45BC5OJRD6EVRXRJ2KARA-1-820x527.jpg" alt="" class="wp-image-553304" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/KB3XP45BC5OJRD6EVRXRJ2KARA-1-820x527.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/KB3XP45BC5OJRD6EVRXRJ2KARA-1-300x193.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/KB3XP45BC5OJRD6EVRXRJ2KARA-1-140x90.jpg 140w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/KB3XP45BC5OJRD6EVRXRJ2KARA-1-768x494.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/KB3XP45BC5OJRD6EVRXRJ2KARA-1-1536x988.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/KB3XP45BC5OJRD6EVRXRJ2KARA-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Job seekers wait beside a road for casual work offered by passing motorists in Eikenhof, south of Johannesburg, South Africa, November 20, 2023. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



PRETORIA, Nov 12 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s unemployment rate fell in the three months after the formation of a coalition government that has boosted business confidence and led to hopes for more progress on economic reform, data showed on Tuesday.



The official unemployment rate fell to 32.1% in the third quarter of 2024, from 33.5% in the second quarter, the first time the official rate had fallen in a year, Statistics South Africa figures showed.



The coalition government was formed in June after the African National Congress lost its parliamentary majority for the first time in 30 years, pushing it into a broad alliance with the market-friendly Democratic Alliance and other smaller parties.



Investor optimism over the coalition fuelled a rally in the country&#8217;s rand currency and local-currency debt.



The decline in joblessness in the latest three-month period was driven by rising employment in six of the 10 industries tracked by the statistics agency: community and social services, construction, trade, agriculture, mining and utilities.



There were job losses in transport, manufacturing, private households and finance.



However, South Africa still has one of the highest unemployment rates in the world, and Black South Africans continue to experience the worst unemployment levels relative to the country&#8217;s other racial groups.



Statistician-General Risenga Maluleke told a press conference that the long-term unemployment rate had risen more than 10 percentage points in the last decade, rooted in a mismatch between people&#8217;s skills and the jobs on offer.



Under an expanded definition of unemployment, which includes those discouraged from seeking work, 41.9% of the labour force was jobless in the third quarter, down from 42.6% in the second.



(Reporting by Kopano Gumbi; Additional reporting by Tannur Anders; Editing by Alexander Winning and Alex Richardson)

Job seekers wait beside a road for casual work offered by passing motorists

South African unemployment rate dips under coalition government

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/O54XSCJWJJMT5LVMUWPPJYCAQE-820x547.jpg" alt="" class="wp-image-553286" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/O54XSCJWJJMT5LVMUWPPJYCAQE-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/O54XSCJWJJMT5LVMUWPPJYCAQE-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/O54XSCJWJJMT5LVMUWPPJYCAQE-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/O54XSCJWJJMT5LVMUWPPJYCAQE-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/O54XSCJWJJMT5LVMUWPPJYCAQE-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/O54XSCJWJJMT5LVMUWPPJYCAQE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: People work out on the outskirts of Dakar, Senegal October 29, 2024. REUTERS/Zohra Bensemra/File Photo</figcaption></figure>



NAIROBI/DAKAR, Nov 11 (Reuters)&nbsp;&#8211;&nbsp;Senegal will have to wait until at least June to get any sort of resolution of its lending programme with the International Monetary Fund that could lead to fresh disbursements, a source with knowledge of the process told Reuters.



There was no immediate comment from the finance ministry on the prospect of a delay that will be a test for a government seeking quick support to help it deal with an increasingly precarious fiscal situation.



A $1.9 billion IMF programme agreed in June 2023 has been on hold since a government audit three months later uncovered larger debt and deficit figures than the previous administration had reported, sending yields on the West African nation&#8217;s dollar bonds soaring and triggering credit ratings downgrades.



Dakar is seeking a new programme with the Fund, but the source said the IMF will not even consider the request before the audit findings, which are scheduled to be certified by Senegal&#8217;s court of auditors mid-December, are subsequently reviewed by the Fund&#8217;s executive board.



&#8220;They need to start by sorting out the issues identified in the audit,&#8221; the source said. Following the certification, the Fund&#8217;s board was expected to determine the next steps towards a resolution, a process expected to take another six months, the source added.



Senegal&#8217;s finance ministry did not immediately respond to a request for comment.



Senegal secured in June last year $1.526 billion under a three-year IMF Extended Fund Facility and Extended Credit Facility programme plus additional financing of $371.1 million from the Resilience and Sustainability Facility providing long-term concessional cash for climate-related spending.



Senegal got payouts of $216 million when it reached the loan agreement with the Fund and another $279 million in December last year after getting sign off on the first review by the executive board.



Subsequent reviews and IMF board sign-off, the step that ultimately triggers more payouts, have not been completed.



The IMF board is expected to consider various remedies for the misreporting, the source said, including demanding potential reimbursements for any loans advanced on the basis of the misreported data.



Another source confirmed a resolution would take &#8220;a few months&#8221;.



The Fund said last month it was assessing the implications of the data revisions.



<h2 class="wp-block-heading" id="h-cash-strapped">CASH-STRAPPED</h2>



Senegal had already been grappling with slower-than-projected growth and a worsening budget deficit before the revelations about the larger debt and deficit figures.



President Bassirou Diomaye Faye&#8217;s government reopened a privately placed international bond last month to raise $300 million.



Public debt averaged 76.3% of GDP, compared with the previously reported 65.9%, the audit found. The end-2023 budget deficit stood at over 10%, more than double the original indication.



&#8220;The hidden fiscal cost revelations under the previous government have raised markets&#8217; concerns around Senegal&#8217;s debt sustainability,&#8221;&nbsp;J.P.Morgan&nbsp;said in a research note.



The yield on Senegal&#8217;s 2048 bond rose above 10% for the first time since early August, in the sessions following the release of the initial audit findings.



The bonds inched down in early trading on Tuesday.



Faye, elected in March on the back of youth voters&#8217; disenchantment with the previous government&#8217;s economic policies, has called a snap legislative election for Sunday.



He blamed the previous parliament&#8217;s refusal to initiate a new budget law, and its pushback against a plan to abolish wasteful state bodies for the move.



His Pastef party will need to secure a majority of the 165 seats to implement his economic reforms. Pastef held just 26 seats in the dissolved legislature.



&#8220;Parliamentary elections can provide some needed political capital for the new government to commence the now heavier lifting required to correct the trajectory of fiscal accounts,&#8221; J.P.Morgan said.



Implications of misreporting to IMF generally make investors nervous. The Fund suspended disbursements to Mozambique in 2016 after it failed to disclose more than $1 billion in external loans.



(Reporting by Duncan Miriri and Portia Crowe; Editing by Karin Strohecker and Andrew Heavens)

FILE PHOTO: People work out on the outskirts of Dakar

Senegal will have to wait at least until June for IMF loan resolution, source says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="576" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LA24V6GG4VKUROZCEGVVO63DKQ-1-820x576.jpg" alt="" class="wp-image-534754" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LA24V6GG4VKUROZCEGVVO63DKQ-1-820x576.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LA24V6GG4VKUROZCEGVVO63DKQ-1-300x211.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LA24V6GG4VKUROZCEGVVO63DKQ-1-128x90.jpg 128w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LA24V6GG4VKUROZCEGVVO63DKQ-1-768x540.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LA24V6GG4VKUROZCEGVVO63DKQ-1-1536x1079.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LA24V6GG4VKUROZCEGVVO63DKQ-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A street money changer counts South African Rands in Harare, Zimbabwe, file. REUTERS/Philimon Bulawayo/File Photo</figcaption></figure>



JOHANNESBURG, Nov 12 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand extended its losses in early trade on Tuesday to hit a two-and-a-half month low, ahead of third quarter unemployment figures and September manufacturing data.



At 0805 GMT, the rand traded at 18.0375 against the dollar, about 0.6% softer than its previous close, and its weakest level since mid-August.



The currency has traded turbulently since Donald Trump&#8217;s U.S. election win last week.



The dollar firmed against a basket of currencies.



Local investors will look to third quarter unemployment numbers at 0930 GMT and September manufacturing output data at 1100 GMT, which could give clues on the health of Africa&#8217;s most industrialised economy.



&#8220;The labour market remains a significant drag on growth,&#8221; said Andre Cilliers, currency strategist at TreasuryONE.



&#8220;While reforms under the government of national unity (GNU) may offer a glimmer of hope, businesses are likely to remain cautious on hiring until clearer signs of sustained economic momentum emerge,&#8221; Cilliers added.



On the Johannesburg stock market, the Top-40 index was down about 0.8%.



South Africa&#8217;s benchmark 2030 government bond was weaker in early deals, with the yield up 5.7 basis points to 9.282%.



(Reporting by Tannur Anders; Editing by Alex Richardson)

FILE PHOTO: A street money changer counts South African Rands in Harare

South African rand extends losses before unemployment, manufacturing data

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1.jpg" alt="" class="wp-image-524583" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



JOHANNESBURG, Nov 12 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, company announcements, equity and currency market moves may affect South African markets on Tuesday.



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



Q3 unemployment rate



September manufacturing output



Government bond auction&nbsp;SARB24



<h2 class="wp-block-heading" id="h-companies">COMPANIES</h2>



Premier Group interim results



Multichoice half-year results



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



South Africa&#8217;s rand slumped on Monday, buffeted by global headwinds including a softer gold price, the sputtering Chinese economy and uncertainty over future U.S. policy after Donald Trump&#8217;s election victory.



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



Asian stocks eased while the dollar held at four-month highs on Tuesday, though the excitement was centred on bitcoin as it soared to a record peak on investor bets on assets that are likely to benefit from Donald Trump&#8217;s election win.



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



Wall Street&#8217;s main indexes notched record high closes on Monday, lifted by stocks expected to benefit from Republican President-elect Donald Trump&#8217;s potential fiscal policies.



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



Gold hovered near a one-month low on Tuesday, as investors awaited a set of key U.S. economic data and comments from Federal Reserve officials for further clarity on the interest rate trajectory. 



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



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



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



&#8211; City Power averts Joburg power crisis



&#8211; Climate finance: The impact of potential US withdrawal for Africa



<h2 class="wp-block-heading" id="h-fin-24">FIN 24</h2>



&#8211; Transnet scrambles with equipment delivery as peak fruit exports loom



(Compiled by Alexander Winning)

South African Markets – Factors to watch on Nov 12

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-820x547.jpg" alt="" class="wp-image-381494" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-1110x740.jpg 1110w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-696x464.jpg 696w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-1068x712.jpg 1068w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-1920x1280.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Kenyan shilling banknotes and coins sit arranged at a market stall in Mombasa, Kenya, on Thursday, Nov. 23, 2017. The countrys Treasury has already cut this years growth target to 5 percent from 5.9 percent as the protracted election furor damped investment and a drought curbed farm output. Photographer: Luis Tato/Bloomberg</figcaption></figure>



NAIROBI, Nov 12 (Reuters) &#8211; The Kenyan shilling was stable against the dollar on Tuesday, data from the London Stock Exchange Group showed.



At 0610 GMT, the shilling traded at 128.50/129.50 to the dollar, the same as Monday&#8217;s closing rate.



(Reporting by Sonia Rao; Editing by George Obulutsa)

General Economy As Kenya Faces Bleak 2018 Outlook In Vote Aftermath

Kenyan shilling stable versus dollar – LSEG data

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



NAIROBI, Nov 12 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday.



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



Asian stocks eased while the dollar held at four-month highs on Tuesday, though all the excitement was centred on bitcoin as it soared to a record peak underpinned by investor bets on assets that are likely to benefit from Donald Trump&#8217;s election win.



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



Oil prices were little changed in early trading on Tuesday, awaiting further price direction from OPEC&#8217;s monthly report after China&#8217;s stimulus plan and oversupply concerns took the wind out of markets in prior sessions.



SOUTH AFRICA MARKETS



South Africa&#8217;s rand slumped on Monday, buffeted by global headwinds including a softer gold price, the sputtering Chinese economy and uncertainty over future U.S. policy after Donald Trump&#8217;s election victory.



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



The Kenyan shilling was steady against the dollar on Monday, as inflows from the agriculture and tourism sectors matched demand from general goods importers and oil marketing companies, traders said.



<h2 class="wp-block-heading" id="h-mauritius-election">MAURITIUS ELECTION</h2>



Mauritius&#8217; incumbent Prime Minister Pravind Jugnauth said on Monday his political alliance was headed for a major defeat to a rival coalition led by a three-time former premier following Sunday&#8217;s parliamentary election.



<h2 class="wp-block-heading" id="h-zambia-economy">ZAMBIA ECONOMY</h2>



The International Monetary Fund said on Monday that it reached a staff-level agreement for the fourth review of Zambia&#8217;s loan program that would release about $185.5 million to Lusaka upon approval by the IMF&#8217;s management and its executive board.



<h2 class="wp-block-heading" id="h-senegal-economy">SENEGAL ECONOMY</h2>



Senegal will have to wait until at least June to get any sort of resolution of its lending programme with the International Monetary Fund that could lead to fresh disbursements, a source with knowledge of the process told Reuters.



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



Cocoa arrivals at ports in top grower Ivory Coast reached 455,000 metric tons by Nov. 10 since the start of the season on Oct. 1, up 30% from the same period last season, exporters estimated on Monday.



<h2 class="wp-block-heading" id="h-ghana-politics">GHANA POLITICS</h2>



Ghana&#8217;s main opposition leader John Dramani Mahama looks set to win December&#8217;s presidential election, an opinion poll showed on Monday, placing him ahead of his main challenger, ruling party candidate Muhamudu Bawumia.



<h2 class="wp-block-heading" id="h-botswana-politics">BOTSWANA POLITICS</h2>



Botswana&#8217;s Vice President Ndaba Gaolathe will double as finance minister, new President Duma Boko said on Monday, announcing the first ministerial positions in his cabinet.



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on Nov 12

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="590" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/5U27LJVU5BN7XKS2NTCXPR65SQ-820x590.jpg" alt="" class="wp-image-550088" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/5U27LJVU5BN7XKS2NTCXPR65SQ-820x590.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/5U27LJVU5BN7XKS2NTCXPR65SQ-300x216.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/5U27LJVU5BN7XKS2NTCXPR65SQ-125x90.jpg 125w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/5U27LJVU5BN7XKS2NTCXPR65SQ-768x553.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/5U27LJVU5BN7XKS2NTCXPR65SQ-1536x1105.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/5U27LJVU5BN7XKS2NTCXPR65SQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A branch of South African mobile communications provider Vodacom in Cape Town is shown in this picture taken November 10, 2015. REUTERS/Mike Hutchings/File Photo</figcaption></figure>



JOHANNESBURG, Nov 11 (Reuters) &#8211; South Africa&#8217;s biggest telecoms operator Vodacom said on Monday it will not look into other M&amp;A deals after its proposed merger with fibre group Maziv was blocked by regulators last month.



The decision by the country&#8217;s Competition Tribunal was a blow to Vodacom&#8217;s ambitions of expanding its fibre footprint nationwide.



It followed an extensive 26-day hearing where the merger parties, the Competition Commission, government and rivals of Vodacom and Maziv argued for or against the deal which was initially proposed in 2021.



Vodacom Chief Executive Shameel Joosub said that looking at other M&amp;A deals is off the table.&nbsp;&#8220;We don&#8217;t want to be stuck in the competition authorities for another three years,&#8221; he told a media call on Monday after the group reported a 19.4% drop in half-year earnings, hurt by start-up losses at its Ethiopian operations and foreign currency depreciation.



Vodacom shares were down 4.53% at 1122 GMT.



The group, which is majority owned by Britain&#8217;s Vodafone, is still awaiting the Tribunal&#8217;s detailed reasons for blocking the Maziv merger. &#8220;It&#8217;s a travesty for South Africa that we&#8217;ve lost the opportunity for such a material investment, which would have been between 14 and 17 billion (rand) investment, plus an additional 25 billion in capex,&#8221; Joosub said.



The Tribunal can take up to two months to detail the grounds for its ruling but Joosub said that he hopes to receive it more quickly to help the group prepare for a potential appeal.



Vodacom also cut its interim dividend by 6.6% from a year earlier after its results on Monday.



It launched Safaricom Ethiopia last year with a consortium led by Kenya&#8217;s Safaricom, which is part-owned by the South African company and Vodafone, betting that the new unit would break even in year four &#8211; but this has been pushed back.



&#8220;As a result of the currency impact in Ethiopia Safaricom (we) revised the EBITDA break-even target for Ethiopia to FY 2027 from FY 2026,&#8221; Joosub said.



Group service revenue declined 1.2% in the six months ended Sept. 30 to 58.6 billion rand ($3.33 billion) due to currency headwinds. However, on a normalised basis it grew 9.9%.



($1 = 17.6023 rand)



(Reporting by Sfundo Parakozov; Editing by Kim Coghill, Eileen Soreng and Susan Fenton)

FILE PHOTO: A branch of South African mobile communications provider Vodacom in Cape Town

Vodacom not looking for other M&A deals after blocked Maziv merger

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/PF6IQXVCF5LOJEVE5HYYCWGDZE-820x547.jpg" alt="" class="wp-image-552870" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/PF6IQXVCF5LOJEVE5HYYCWGDZE-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/PF6IQXVCF5LOJEVE5HYYCWGDZE-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/PF6IQXVCF5LOJEVE5HYYCWGDZE-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/PF6IQXVCF5LOJEVE5HYYCWGDZE-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/PF6IQXVCF5LOJEVE5HYYCWGDZE-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/PF6IQXVCF5LOJEVE5HYYCWGDZE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Prime Minister of Mauritius Pravind Kumar Jugnauth addresses the 78th Session of the U.N. General Assembly in New York City, U.S., September 22, 2023. REUTERS/Brendan McDermid/File Photo</figcaption></figure>



PORT LOUIS, Nov 11 (Reuters) &#8211; Mauritius&#8217; incumbent Prime Minister Pravind Jugnauth said on Monday his political alliance was headed for a major defeat to a rival coalition led by a three-time former premier following Sunday&#8217;s parliamentary election.



Jugnauth said the Alliance du Changement headed by 77-year-old veteran politician Navin Ramgoolam was poised to win the vote on the Indian Ocean archipelago of about 1.3 million people.



With a cost of living crisis uppermost in voters&#8217; minds, Rangoolam&#8217;s alliance had said it planned to increase pensions as well as introduce free transport and internet services, and reduce fuel prices.



Jugnauth had promised to raise minimum wages, increase pensions and reduce value-added tax on some goods. He also negotiated an October agreement for Britain to cede the Chagos Islands while retaining the U.S.-UK Diego Garcia air base.



But his successes and promises did not appear to have swayed voters, with some wanting a new direction.



&#8220;L&#8217;Alliance Lepep is heading towards a huge defeat. I have tried to do what I can for the country and the population. The population has decided to choose another team. I wish good luck to the country,&#8221; Jugnauth told reporters.



<h2 class="wp-block-heading" id="h-final-results-due-soon">FINAL RESULTS DUE SOON</h2>



Earlier this month, his government blocked social media platforms until a day after the election, citing national security concerns after conversations between public figures were leaked. It lifted the ban a day later after opposition parties criticized the move.



Voters went to the polls to elect lawmakers for the 62 seats in parliament for the next five years, from a list of 68 parties and five political alliances.



Whichever party or coalition gets more than half the seats in parliament also wins the prime minister&#8217;s post.



Voter turnout stood at 79.3% of just over 1 million registered voters, election commission data showed.



It was due to announce the final results later on Monday.



Jugnauth became prime minister in 2017, when his father stepped down from the post, and won the election five years ago despite opposition complaints that it had been obtained through bribery and undue influence.



Ramgoolam, son of the man who led Mauritius to independence in 1968, was prime minister from 1995 to 2000 and won office again in 2005 and 2010. He first practiced as a doctor and lawyer before turning to politics full time.



(Reporting by Villen Anganan; Writing by George Obulutsa; Editing by Hereward Holland, Bate Felix, and Ammu Kannampilly)

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Reuters

S.Africa’s Vodacom eyes taking cloud-based phone to other African markets

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