<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="571" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/LZJDLC7DLROENA6JMXYHS2EK2E-820x571.jpg" alt="" class="wp-image-468260" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/LZJDLC7DLROENA6JMXYHS2EK2E-820x571.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/LZJDLC7DLROENA6JMXYHS2EK2E-300x209.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/LZJDLC7DLROENA6JMXYHS2EK2E-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/LZJDLC7DLROENA6JMXYHS2EK2E-768x535.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/LZJDLC7DLROENA6JMXYHS2EK2E-1536x1070.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/LZJDLC7DLROENA6JMXYHS2EK2E-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A woman uses a trolley as she shops at a Pick n Pay store at the Dobson Point Shopping Centre, in Soweto, South Africa, March 19, 2024. REUTERS/Siphiwe Sibeko/File photo</figcaption></figure>



JOHANNESBURG, March 20 (Reuters) &#8211; South Africa&#8217;s consumer inflation rose for the second month in a row in February to 5.6% year on year from 5.3% in January, statistics agency data showed on Wednesday.



The South African Reserve Bank, which targets inflation of between 3% and 6%, will announce a monetary policy decision next week.



The central bank is expected to wait until the third quarter of this year before announcing any rate cuts, a February poll showed.



Core inflation, which excludes food and fuel prices, accelerated in February to 5.0% in annual terms from 4.6% in January. 



(Reporting by Anait Miridzhanian; Editing by Olivia Kumwenda-Mtambo)

A woman uses a trolley as she shops at a Pick n Pay store, in Soweto

South Africa consumer inflation rises in February

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="573" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/G6IQ2EEFO5PCHEPUVS6EXIGITA-820x573.jpg" alt="" class="wp-image-466544" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/G6IQ2EEFO5PCHEPUVS6EXIGITA-820x573.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/G6IQ2EEFO5PCHEPUVS6EXIGITA-300x210.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/G6IQ2EEFO5PCHEPUVS6EXIGITA-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/G6IQ2EEFO5PCHEPUVS6EXIGITA-768x537.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/G6IQ2EEFO5PCHEPUVS6EXIGITA-1536x1074.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/G6IQ2EEFO5PCHEPUVS6EXIGITA-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Governor of the South African Reserve Bank Lesetja Kganyago speaks at a press conference ahead of South Africa&#8217;s Finance Minister Enoch Godongwana 2024 budget speech in Cape Town, South Africa, February 21, 2024. REUTERS/Esa Alexander/File Photo</figcaption></figure>



OHANNESBURG, March 15 (Reuters)&nbsp;&#8211;&nbsp;South African President Cyril Ramaphosa has extended the term of central bank governor Lesetja Kganyago for another five years from November and appointed Mampho Modise as a new deputy governor of the bank, the presidency said on Friday.



&#8220;The re-appointment of Governor Kganyago will ensure continuity and institutional stability at the reserve bank,&#8221; the presidency said in a statement.



Kganyago&#8217;s term was extended to 2029, which will make him one of the longest serving governors in democratic South Africa. He was first appointed in 2014.



Modise, who is currently a deputy director-general in the National Treasury, will start her role on April 1 for a term of five years, the statement said. She replaces former deputy governor Kuben Naidoo.



Minister of Finance Enoch Godongwana said in a statement that Modise was a competent leader who had a &#8220;keen appreciation of the challenging macroeconomic period the country is facing&#8221;.



According to the central bank, Modise will be responsible for financial stability and economic statistics and will be a member of the Monetary Policy Committee.



The MPC will announce its next interest rate decision on March 27.



(Reporting by Bhargav Acharya and Kopano Gumbi; Editing by Alexander Winning and Alison Williams)

Governor of the South African Reserve Bank Lesetja Kganyago speaks at a press conference ahead of 2024 budget speech, in Cape Town

South African president extends central bank governor’s term, appoints new deputy

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/GettyImages-2025403522-820x547.jpg" alt="" class="wp-image-466465" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/GettyImages-2025403522-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/GettyImages-2025403522-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/GettyImages-2025403522-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/GettyImages-2025403522-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/GettyImages-2025403522-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/GettyImages-2025403522-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Wally Adeyemo, deputy US Treasury secretary, during a Bloomberg Television interview in New York, US, on Friday, Feb. 23, 2024. Adeyemo said that the US is exploring options to use $300 billion in Russian state assets frozen at the outbreak of its Ukraine invasion to help pay for the war-torn country&#8217;s reconstruction. Photographer: Christopher Goodney/Bloomberg via Getty Images</figcaption></figure>



MARIKANA, South Africa, March 14 (Reuters) &#8211; The United States is looking to Africa to help loosen a Chinese stranglehold on battery metals and reduce Russia&#8217;s influence over the market for other minerals, U.S. Deputy Treasury Secretary Wally Adeyemo said on Thursday.



Coronavirus pandemic fallout and Moscow&#8217;s war in Ukraine have sent Western governments scrambling to reduce their reliance on Chinese supply chains and disentangle their economies from Russia.



But as Washington plots a course for its energy transition it is lagging behind China, which has spent the past decade securing access to minerals needed for the production of products like electric vehicle batteries and solar panels.



&#8220;We don&#8217;t want to be overly reliant on any one country or any one company for global supply chains for critical minerals,&#8221; Adeyemo told Reuters during a visit to a platinum mine in Marikana, South Africa, owned by Sibanye-Stillwater.



While the U.S. government has launched a raft of measures to incentivise increased production of strategic and critical minerals at home, notably under the Inflation Reduction Act, Adeyemo acknowledged that overseas resources were also vital.



&#8220;Africa is going to play a huge role,&#8221; he said. &#8220;A lot of critical minerals are located here.&#8221;



Chinese assets in Africa already include massive copper and cobalt projects in Democratic Republic of Congo and Zambia as well as lithium in Zimbabwe, where companies are assisted by heavy Chinese state investment in accompanying infrastructure.



Adeyemo said the United States was working with G7 allies to close that infrastructure gap.



The U.S. International Development Finance Corporation is, meanwhile, aiming to de-risk private investment in Africa. And the deputy secretary said Washington was incentivising U.S. manufacturing to boost demand for those minerals and create favourable market conditions for miners.



But he added that the White House also stood ready to ensure a level playing field.



&#8220;We are talking to our European allies &#8230; about some of the actions we can take using trade tools to make sure that a country like China can&#8217;t flood the market with things like electric vehicles and solar panels,&#8221; he said.



<h2 class="wp-block-heading" id="h-hold-accountable">HOLD ACCOUNTABLE</h2>



Regarding Russia, Adeyemo said countries like South Africa also had a role to play.



In the wake of Moscow&#8217;s 2022 full-scale invasion of Ukraine, the U.S. government slapped sanctions on a number of Russian miners and mineral exports. But it left Russian platinum group metals (PGM) largely untouched.



The United States is a major consumer of palladium, a PGM used in catalytic converters, with 32% of its imports of the metal coming from Russia between 2019 and 2022, according to the U.S. Geological Survey.



&#8220;South Africa has a real opportunity to help supply the global economy,&#8221; Adeyemo said. &#8220;And it gives us the ability to take other actions to hold Russia accountable.&#8221;



South Africa is a major palladium producer, and Sibanye-Stillwater mines the metal both in Marikana and at a U.S. project in Montana.



&#8220;Between what comes out of South Africa and what&#8217;s produced in the U.S., the U.S. does not need to be dependent on sources from any other country,&#8221; CEO Neal Froneman told Reuters.



However, he said companies like his needed U.S. government support.



&#8220;You can provide loans or introduce tariffs or whatever it might be,&#8221; he said. &#8220;That is a role that they need to think very differently about and help companies that are trying to source and provide these critical metals into those ecosystems.&#8221; 



(Reporting by Joe Bavier; Editing by Mark Potter)

Deputy US Treasury Secretary Wally Adeyemo Interview

Africa to play ‘huge role’ in US critical mineral strategy, says Treasury’s No. 2

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/3298090388_8ea8ea9c2a_k-820x547.jpg" alt="" class="wp-image-405408" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/3298090388_8ea8ea9c2a_k-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/3298090388_8ea8ea9c2a_k-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/3298090388_8ea8ea9c2a_k-120x80.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/3298090388_8ea8ea9c2a_k-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/3298090388_8ea8ea9c2a_k-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/3298090388_8ea8ea9c2a_k.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Standard Bank, photo: via Flickr</figcaption></figure>



JOHANNESBURG, March 14 (Reuters)&nbsp;&#8211;&nbsp;Africa&#8217;s biggest lender by assets Standard Bank&nbsp;SBKJ.J&nbsp;said on Thursday its annual profit jumped by 27% as high interest rates helped offset rising bad loans.



The lender posted headline earnings of 42.9 billion rand ($2.31 billion) for the year ended Dec. 31, while total net income grew by 20% to 177.6 billion rand, driven by net interest income growth of 25% and non-interest revenue growth of 13%.



The top five private South African banks, including Standard Bank &#8211; among the continent&#8217;s biggest &#8211; are generally known to have well-capitalised balance sheets and conservative lending practices.



But inflationary pressures, high interest rates, regular power blackouts and logistical bottlenecks are taking a toll on their most sensitive retail and small business customers, leading to defaults.



Standard Bank said credit impairment charges increased by 22% to 16.3 billion rand, which pushed the lender&#8217;s credit loss ratio- a measure of bad loans as a percentage of total loans- up to 98 basis points (bps) from 83 bps and close to the upper range of its target of 100 bps.



As a result, total provisions increased by 15% to 64 billion rand.



The lender&#8217;s loans and advances grew by 7% to 1.7 trillion rand as strong growth in corporate and sovereign lending offset subdued retail lending growth together with a decline in business lending.



&#8220;Our clients are likely to remain constrained until interest rates start to decline,&#8221; the bank said. It said credit impairment charges were expected to peak in the first half of 2024, driven primarily by ongoing strain in personal and private banking.



Meanwhile the credit loss ratio is expected to remain within the target but near the top of its range.



($1 = 18.6104 rand)



(Reporting by Nqobile Dludla; Editing by Muralikumar Anantharaman and Tomasz Janowski)

Standard Bank, photo: via Flickr

South Africa’s Standard Bank posts 27% jump in annual profit

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="531" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/FVXMR5IP2RPR5GK36AFACMY2CM-1-820x531.jpg" alt="" class="wp-image-466137" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/FVXMR5IP2RPR5GK36AFACMY2CM-1-820x531.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/FVXMR5IP2RPR5GK36AFACMY2CM-1-300x194.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/FVXMR5IP2RPR5GK36AFACMY2CM-1-139x90.jpg 139w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/FVXMR5IP2RPR5GK36AFACMY2CM-1-768x497.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/FVXMR5IP2RPR5GK36AFACMY2CM-1-1536x994.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/FVXMR5IP2RPR5GK36AFACMY2CM-1-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Supporters of the African National Congress (ANC) wait beneath posters of South African President Cyril Ramaphosa, with a fenced-off statue of Boer war leader Paul Kruger, a controversial figure in the history of South Africa, ahead of the launch of an election manifesto at the church square in Pretoria, South Africa, September 27, 2021. REUTERS/Siphiwe Sibeko</figcaption></figure>



JOHANNESBURG, March 14 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s ruling African National Congress (ANC) party is betting on retaining its parliamentary majority in a May election and is not in talks with other parties on a possible coalition government, the party&#8217;s deputy secretary general said.



South Africans will go to polls on May 29 to elect a new National Assembly, which will then choose the next president.



&#8220;We will not go to war having accepted defeat. We are going to war to win,&#8221; ANC veteran Nomvula Mokonyane told Reuters in an interview, adding that the party was aware that &#8220;stakes are high because not everybody is comfortable with us in power.&#8221;



Surveys show that the ANC is likely to lose its parliamentary majority for the first time since Nelson Mandela led it to power at the fall of apartheid 30 years ago. This would open up the prospect of coalition rule.



&#8220;A coalition government won&#8217;t work for now,&#8221; said Mokonyane, pointing to failed power-sharing attempts at the local government level, where coalitions have largely proved unstable due to a lack of legislation to regulate the partnerships.



But the ANC is open to working with anyone as long as they agree on &#8220;the task at hand&#8221;, Mokonyane added.



The ANC&#8217;s image has been tarnished in the past decade by economic stagnation, rising unemployment and repeated corruption scandals involving its top officials.



Analysts say losing its majority might jolt the party to do better on service delivery, expand the economy and address other ills like crime and corruption. But coalitions could also end up being fractious and impeding already poor service delivery.



Potential coalition partners for the ANC could include the largest opposition party, the Democratic Alliance, and the far-left Economic Freedom Fighters party.



Mokonyane portrayed the ANC as having learned from its mistakes, such as extending the country&#8217;s electricity network to more people without boosting generation capacity or investing in renewables. Power cuts are now a part of daily life in South Africa.



Thirty years after the end of white minority rule, more than 30% of South Africans are unemployed, the murder rate is rising, and income inequality is among the highest in the world.



&#8220;We are quite certain that with our challenges and imperfections, those happened because we&#8217;re doing something that was never done,&#8221; said Mokonyane.



She criticized foreign ownership of land and mineral resources and said the ANC would do more to put national interests first, while emphasizing the progress it has made in areas such as social welfare and girls&#8217; education.



&#8220;The inequality that we see&#8230; it&#8217;s very stubborn,&#8221; she said. &#8220;We&#8217;ve tried to turn it around, and 30 years is not a (long) enough period to turn things around.&#8221;



(Reporting by Olivia Kumwenda-Mtambo and Nellie Peyton, Editing by William Maclean)

Supporters of the African National Congress (ANC) wait for the launch of an election manifesto in Pretoria

South Africa’s ANC wary of post-election coalition, says it ‘won’t work’

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="443" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/Transaction-Capital-820x443.png" alt="" class="wp-image-465876" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/Transaction-Capital-820x443.png 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/Transaction-Capital-300x162.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/Transaction-Capital-160x87.png 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/Transaction-Capital-768x415.png 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/Transaction-Capital.png 993w" sizes="(max-width: 820px) 100vw, 820px" /></figure>



South Africa&#8217;s largest vehicle reseller, WeBuyCars plans to its boost monthly car sales by more than three quarters in the next five years by expanding its sales footprint across the country.



The company&#8217;s&nbsp;Chief Financial Officer Chris Rein told CNBC Africa&#8217;s Zanele Morrison that through a combination of organic growth and leveraging of technologies, the company hoped to almost double its market share to 23 percent from the current 12 percent.



Webuycars will be listed on April 11, completing an unbundling process its owners Transaction Capital hope will unlock value for its shareholders. In its pre-listing statement to the stock exchange the company said four month sales to the end of January rose 17 percent compared with a year ago.



WeBuyCars was started 36 years ago by brothers Faan and Dirk van der Walt. The company was acquired by Transaction Capital in 2020. It primarily trades used vehicles through its e-commerce platform and dealerships, which also offer funding and insurance.&nbsp;



South African consumer spending has been hit by high interest rates and inflation, reducing demand for cars and white consumer goods. The country narrowly&nbsp;escaped a recession last year as transport bottlenecks and a severe shortage of power constrained economic activity, forcing the government to rope in the private sector to improve efficiencies at its ports and improve its rail network.

Transaction-Capital

South Africa’s WeBuyCars poised for growth after unbundling

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="562" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/N3IOJDZWQZL2TF6OEGJSEQTQFU-820x562.jpg" alt="" class="wp-image-464028" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/N3IOJDZWQZL2TF6OEGJSEQTQFU-820x562.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/N3IOJDZWQZL2TF6OEGJSEQTQFU-300x206.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/N3IOJDZWQZL2TF6OEGJSEQTQFU-131x90.jpg 131w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/N3IOJDZWQZL2TF6OEGJSEQTQFU-768x526.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/N3IOJDZWQZL2TF6OEGJSEQTQFU-1536x1053.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/N3IOJDZWQZL2TF6OEGJSEQTQFU-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: U.S. Deputy Treasury Secretary Wally Adeyemo speaks at the Royal United Services Institute in London, Britain, October 27, 2023. REUTERS/Hannah McKay/File Photo</figcaption></figure>



March 13 (Reuters)&nbsp;&#8211;&nbsp;U.S. Deputy Treasury Secretary Wally Adeyemo on Wednesday urged South Africa to step up its battle against corruption, saying that work could help boost job creation in a country facing an unemployment rate of 43% among those under 35.



Adeyemo highlighted the need for increased anti-corruption efforts, continued work to accelerate South Africa&#8217;s just transition to renewable energy, and steps to foster growth in its diverse service sector in a speech prepared for the American Chamber of Commerce in Johannesburg.



U.S. Treasury Secretary Janet Yellen hammered home similar messages during her visit to South Africa just over a year ago.



&#8220;Investments alone cannot unlock the potential of your economy,&#8221; Adeyemo said on the third day of his visit to the United States&#8217; biggest trading parter in Africa.



&#8220;My conversations with South Africans from a diversity of backgrounds makes clear that progress on reliable energy and addressing all the other challenges this great country faces is inhibited by corruption.&#8221;



Adeyemo, whose visit includes stops in Cape Town, Pretoria and Johannesburg, said Washington stood ready to build upon a joint effort to combat illicit wildlife trafficking &#8211; a trade fueled by corruption and organized crime &#8211; that both countries launched during Yellen&#8217;s visit last year.



&#8220;We want to build upon this work to leverage international frameworks to combat corruption and promote transparency in various sectors, ensuring that resources are allocated efficiently for the benefit of all citizens,&#8221; Adeyemo said.



He noted that U.S. Treasury Department recently released its National Risk Assessment on Money Laundering, which highlights the costs of corruption in the U.S. and how to end it.



&#8220;No nation is immune from these challenges. We humbly want to be your partner as the South African people take steps to address corruption,&#8221; he said.



Doing so, he said, would create a positive environment for job creation in South Africa, given the high unemployment rate among young people and challenges in its educational system.



Adeyemo&#8217;s trip comes amid strains between Washington and Africa’s most industrialized economy over Russia&#8217;s February 2022 invasion of Ukraine, and more recently Pretoria&#8217;s criticism of Israel&#8217;s offensive in Gaza.



Corruption has been an ongoing challenge in South Africa, which was added to the &#8220;grey list&#8221; of countries under special scrutiny by the international financial crime watchdog, the Financial Action Task Force (FATF), last year.



Adeyemo also urged South Africa to summon the political will to make decisions needed to modernize its electrical grid and enable new generation sources to come online, saying more transmission investments were needed to jumpstart the country&#8217;s energy transition and solve its energy crisis.



To help smooth the transition, South Africa also needed &#8220;the right economic incentives&#8221; to persuade companies to invest in extraction of critical minerals, Adeyemo said.



&#8220;This can and must be done in a way in which the benefits of investments in this sector are not concentrated in the hands of a few,&#8221; he said, adding that the United States was ready to continue supporting efforts to build clean energy supply chains that invested in workers and protected the environment.



(Reporting by Andrea Shalal; Editing by Shri Navaratnam)

FILE PHOTO: U.S. Deputy Treasury Secretary Wally Adeyemo speaks at the Royal United Services Institute in London

US Treasury’s No. 2 urges South Africa to boost fight against corruption

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="437" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/Z7WYPZPJW5OBHIDH2OEK6FYVC4-820x437.jpg" alt="" class="wp-image-465502" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/Z7WYPZPJW5OBHIDH2OEK6FYVC4-820x437.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/Z7WYPZPJW5OBHIDH2OEK6FYVC4-300x160.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/Z7WYPZPJW5OBHIDH2OEK6FYVC4-160x85.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/Z7WYPZPJW5OBHIDH2OEK6FYVC4-768x409.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/Z7WYPZPJW5OBHIDH2OEK6FYVC4-1536x818.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/Z7WYPZPJW5OBHIDH2OEK6FYVC4-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Container ships wait to load and offload goods in port during a 21-day nationwide lockdown aimed at limiting the spread of coronavirus disease (COVID-19) in Cape Town, South Africa, April 17, 2020. REUTERS/Mike Hutchings/File Photo</figcaption></figure>



Namibia and South Africa are in talks to launch infrastructure projects worth R7bn ($377 million) over the next three years to address current rail and port inefficiencies.



The Namibian Executive Director for the Ministry of Finance and Public Enterprises, Titus Ndove told CNBC Africa that his ministry is mobilising an initial R2bn this year as part of the project linking the two nations and other parts of the Southern Africa region.



South Africa’s economy barely escaped a recession last year as transport bottlenecks and a severe shortage of power constrained economic activity, forcing the government to rope in the private sector to improve efficiencies at its ports and improve its rail network.



“We are elevating our bi-national arrangements with the government and [we have identified] different areas of collaborations ranging from tourism, border protection, water issues, trade facilities and seeking ways to go hunt together for more markets,” Ndove said.



South Africa is Namibia’s largest trading partner and both countries are members of the Southern African Customs Union, the world’s oldest customs union. &nbsp;



Ndove told delegates at the second annual NinetyOne Infrastructure Forum that it was vital that South Africa resolves its logistics and port crisis by investing in key infrastructure.



“Most of our goods- about 70% of them coming from South Africa- move on the road and that has complications in the form of high maintenance costs for the roads. Sometimes we transport dangerous goods, which ideally, we want to get them off the road and carry on the rail.”



His call was backed by Helvi Fillipus, a senior government adviser who added that Namibia was specifically targeting rail infrastructure investments to help alleviate existing pressures.



“We are looking at the rail infrastructure because current ones are out-dated and aged and therefore need to be upgraded. In addition, we have an ambition as a country to position Namibia as a logistics hub in the Southern Africa region, and specifically, we are targeting to provide services to our landlocked neighbours,” she said.



“We need to stabilize the system so that we are able to move heavier cargo on the rail. We also need to increase the speed at which the trains can move because at the moment it takes a longer to get the goods from one point to another.” At the conference, Namibia presented several infrastructure projects ranging from energy, rail, port expansion and green hydrogen to oil and gas.

FILE PHOTO: Container ships in Cape Town, South Africa

South Africa, Namibia seek to build $377mn Transport Infrastructure Fund

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="527" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/BC2INHB6KNOFXJ2PWMWZ7RIFQU-820x527.jpg" alt="" class="wp-image-465072" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/BC2INHB6KNOFXJ2PWMWZ7RIFQU-820x527.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/BC2INHB6KNOFXJ2PWMWZ7RIFQU-300x193.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/BC2INHB6KNOFXJ2PWMWZ7RIFQU-140x90.jpg 140w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/BC2INHB6KNOFXJ2PWMWZ7RIFQU-768x494.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/BC2INHB6KNOFXJ2PWMWZ7RIFQU-1536x988.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/BC2INHB6KNOFXJ2PWMWZ7RIFQU-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">An African National Congress (ANC) supporter waves a flag during the 112th anniversary celebrations of the founding of the party, at Mbombela Stadium in Mpumalanga province, South Africa, January 13, 2024. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, March 11 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s African National Congress (ANC) is likely to lose its parliamentary majority in May for the first time since Nelson Mandela led it to power at the fall of apartheid 30 years ago, a survey showed, opening up the prospect of coalition rule.



South Africans go to polls on May 29 to elect a new National Assembly, which will then choose the next president.



A survey of voter opinion in February by Johannesburg-based think tank The Brenthurst Foundation and the SABI Strategy Group estimated support for the ANC at 39%, down from 41% in October and 44% in November 2022.



The survey was modelled on the 66% turnout of the last general election in 2019, when the ANC got more than 57% of the vote.



A result below 50% in May would mean the former liberation movement would be forced to enter into a coalition with smaller parties to govern the country, a far cry from its best-ever result in 2004 under Thabo Mbeki when it secured almost 70% of the vote.



The ANC&#8217;s image has been tarnished in the past decade by economic stagnation, rising unemployment and repeated corruption scandals involving its top officials.



Its current leader, President Cyril Ramaphosa, has tried to clean up the party&#8217;s reputation and revive the economy since replacing Jacob Zuma in 2018, but has struggled to make much headway.



Rolling power cuts that have become part of daily life are symptomatic of the ANC&#8217;s lacklustre track record on service delivery.



Ramaphosa said last month that the ANC would work to resolve the country&#8217;s challenges should it win decisively at the polls.



Over three-quarters of the Brenthurst/SABI survey&#8217;s respondents said they would be happy with a coalition government.



The survey showed support for the biggest opposition party the Democratic Alliance at 27%, up from 23% in October&#8217;s survey, while support for the far-left Economic Freedom Fighters party fell to 10% from 17% in October.



Support for the newly-formed uMkhonto weSizwe party, which has been endorsed by Zuma, was seen at 13%.



The telephone survey was nationally representative, targeted only registered voters and had a 3% margin of error at the 95% confidence level.



The Brenthurst Foundation was set up by the Oppenheimers, heirs to the De Beers diamond fortune.



(Reporting by Olivia Kumwenda-Mtambo; Editing by Alexander Winning, William Maclean)

African National Congress (ANC) 112th anniversary celebrations

South Africa’s ANC likely to lose parliamentary majority in May vote, survey shows

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="562" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/N3IOJDZWQZL2TF6OEGJSEQTQFU-820x562.jpg" alt="" class="wp-image-464028" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/N3IOJDZWQZL2TF6OEGJSEQTQFU-820x562.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/N3IOJDZWQZL2TF6OEGJSEQTQFU-300x206.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/N3IOJDZWQZL2TF6OEGJSEQTQFU-131x90.jpg 131w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/N3IOJDZWQZL2TF6OEGJSEQTQFU-768x526.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/N3IOJDZWQZL2TF6OEGJSEQTQFU-1536x1053.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/N3IOJDZWQZL2TF6OEGJSEQTQFU-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: U.S. Deputy Treasury Secretary Wally Adeyemo speaks at the Royal United Services Institute in London, Britain, October 27, 2023. REUTERS/Hannah McKay/File Photo</figcaption></figure>



WASHINGTON, March 8 (Reuters)&nbsp;&#8211;&nbsp;U.S. Deputy Treasury Secretary Wally Adeyemo will visit South Africa next week, a Treasury spokesperson told Reuters, where he will seek to advance the economic relationship between the two countries even as ties have been marked by tensions.



The spokesperson said Adeyemo will discuss issues such as illicit finance, clean energy transition, investment in young entrepreneurs and leaders, work against wildlife trafficking and U.S. sanctions in his visit, first reported by Reuters.



He will meet with government counterparts, business leaders and students, among others, on the trip from March 11-15, the spokesperson said. The trip will include visits to Cape Town, Pretoria and Johannesburg.



The trip comes as relations between Washington and Africa’s most industrialized economy have been marked by tensions over the past two years.



In the wake of Russia&#8217;s February 2022 invasion of Ukraine, U.S. and European officials have attempted to rally opposition to Moscow&#8217;s actions among African governments. Most African states, however, have shied away from taking sides.



Despite Pretoria&#8217;s declared neutrality, perceived close ties between Russia and South Africa, an important U.S. trading partner in Africa, have ruffled feathers in Washington.



The United States and its allies have imposed rafts of sanctions on Moscow since its invasion of Ukraine, including against its military industrial base, financial sector and Russian President Vladimir Putin.



Adeyemo will discuss sanctions while on the trip, the spokesperson said, including recent changes to the Zimbabwe sanctions program.



Further straining relations, South Africa has been among the most outspoken critics of Israel&#8217;s offensive in Gaza.



In a case it has brought before the International Court of Justice, South Africa has accused Israel of state-led genocide in the Palestinian enclave, a charge Washington has denounced as baseless.



While in South Africa, Adeyemo will meet with government counterparts and on Thursday will attend an interagency meeting on countering illicit finance, the spokesperson said.



He will also attend a roundtable with government officials, the private sector and NGO participants on work against wildlife trafficking.



The U.S. Treasury Department and South Africa&#8217;s National Treasury last year agreed to form a task force to step up efforts to halt illegal trade in wildlife, announced by Treasury Secretary Janet Yellen in a visit to the country.



The group, which is intended to boost information sharing by the countries&#8217; financial intelligence units and to strengthen controls to combat money laundering and terrorist financing, held its first meeting in June.



Adeyemo will also visit with students, participants in a youth employment accelerator, entrepreneurs and business leaders as he seeks to focus on investment in the next generation of South Africans, the spokesperson said.



The spokesperson said that engagement with South Africa&#8217;s National Treasury is important to Washington, with the U.S. standing as the country&#8217;s third-largest trading partner, and that Adeyemo&#8217;s visit is intended to deepen economic integration.



(Reporting by Daphne Psaledakis and Joe Bavier; Editing by Michael Perry)

US Treasury’s No. 2 to visit South Africa next week

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



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



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



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



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



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



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



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



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



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



(Reporting by Nellie Peyton; Editing by Mark Potter)

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

South African rand set to end week on stronger note

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="509" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/4O2DETTBGVMQDJTFUHDOCNWL3A-820x509.jpg" alt="" class="wp-image-463714" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/4O2DETTBGVMQDJTFUHDOCNWL3A-820x509.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/4O2DETTBGVMQDJTFUHDOCNWL3A-300x186.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/4O2DETTBGVMQDJTFUHDOCNWL3A-145x90.jpg 145w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/4O2DETTBGVMQDJTFUHDOCNWL3A-768x477.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/4O2DETTBGVMQDJTFUHDOCNWL3A-1536x954.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/4O2DETTBGVMQDJTFUHDOCNWL3A-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: The logo of South Africa&#8217;s largest insurer Sanlam is seen outside the company&#8217;s headquarters in Cape Town, South Africa March 12, 2020. REUTERS/Mike Hutchings/File Photo</figcaption></figure>



Sanlam, Africa’s biggest insurer reported record 2023 earnings, powered by acquisitions, India and new business growth in its South African market.



The Cape Town-based insurer said headline earnings per share advanced 48 percent as the life insurance portfolio grew 19 percent, general insurance jumped 21 percent and a 14 percent jump in investment management earnings after the acquisition of ABSA Group’s asset management unit.



“This set of results reflects our focus over the past three years on improving the performance of existing operations, while investing in the group’s long‑term growth path,’’ CEO Paul Hanratty said in a statement. &#8220;We remain optimistic about future growth and performance, with the group being well positioned to serve our customers across all our operations.”



Sanlam is benefitting from a diversification drive that has seen it expand its presence to North Africa through the acquisition of Saham, the purchase of banking group ABSA Group’s asset management unit and the creation of SanlamAllianz, with a presence in 27 countries. Last month, the company said it agreed to buy Assupol, a 110-year-old insurer based in Pretoria.



Hanratty said the general insurance division was one of the star performers in 2023, driven by the Sanlam Allianz joint venture, lifting earnings up by 25 percent. The company’s Indian operation also starred, he said, praising what he called the country’s &#8220;well-managed entrepreneurial economy.’’ ABSA’s former asset management unit had also been integrated faster than expected, he said.



Despite the challenging economic environment in South Africa and across the continent, Hanratty said Sanlam was thriving as people prioritized savings and investments. While the African countries continued to fiscal constraints and volatility in its currencies, opportunities for growth remain, he said. &#8220;India, of course, also shooting the lights out, growing and highly profitable. We think it will continue to run hard,’’ Hanratty told CNBC Africa. &#8220;So we&#8217;re very excited about what&#8217;s happening. And despite our consumers being under pressure across the African continent, I think the fact that we managed to grow our new business is really great.’’



India’s economy grew 8.4 percent in last quarter of 2023, faster than analysts’ estimates, buoyed by strong private consumption and upbeat manufacturing and construction activity. Reuters estimates had forecast growth in the October to December period at 6.6%.

FILE PHOTO: The logo of South Africa’s largest insurer Sanlam is seen outside the company’s headquarters in Cape Town

Sanlam reports record 2023 earnings on acquisitions, India growth spurt

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



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



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



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



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



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



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



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



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



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



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

LSUYGZLQFJNSJMK2KNF3ABV4GM

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

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



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



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



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



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



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



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



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



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



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



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



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



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

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

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

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-820x547.jpg" alt="" class="wp-image-423556" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Illustration photo shows a two-rand coin above a South African flag April 12, 2017. REUTERS/Thomas White/Illustration</figcaption></figure>



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



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



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



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



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



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



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



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



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

Illustration photo of South African rand

South Africa narrowly avoids technical recession in Q4

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



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



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



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



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



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



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



($1 = 19.0542 rand)



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

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

Canal+ raises bid for South Africa’s MultiChoice

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



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



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



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



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



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



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



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



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

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

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Canal+ raises bid for South Africa’s MultiChoice

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

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