<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3334" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/YVDA4CPNEBJLPBBXUIV6MNSDKQ.avif" alt="" class="wp-image-555754"/><figcaption class="wp-element-caption">Community members watch as Senzo Mchunu, South African police minister, inspects outside the mineshaft where it is estimated that hundreds of illegal miners are believed to be hiding underground, after police cut off food and water as part of police operations against illegal miners, in Stilfontein, South Africa, November 15, 2024. REUTERS/Ihsaan Haffejee</figcaption></figure>



JOHANNESBURG, Nov 18 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s President Cyril Ramaphosa said on Monday lives should not be put at risk in a standoff between police and hundreds of illegal miners stuck underground in a disused mine shaft and the miners should be recovered safely.



The police have blocked miners&#8217; supplies of food and water to force them out and arrest them for illegally entering the abandoned mine in North West province in search of leftover gold &#8211; an issue that has plagued South Africa for decades.



More than 1,000 illegal miners have resurfaced in recent weeks but police said last week that hundreds could still be underground. Local residents and human rights groups have criticized authorities for blocking their supplies.



In a weekly newsletter, Ramaphosa said the situation was precarious and could potentially turn volatile.



&#8220;The Stilfontein mine is a crime scene where the offence of illegal mining is being committed. It is standard police practice everywhere to secure a crime scene and to block off escape routes that enable criminals to evade arrest,&#8221; he said.



Ramaphosa urged the police to respect the miners&#8217; rights and not put their lives at risk and said his government would work with the mining industry on the issue of illegal mining.



&#8220;The police will carry out their duties and responsibilities to bring the illegal miners to the surface safely,&#8221; he said.



Illegal mining has thrived in South Africa through small-time pilfering and organised criminal networks, costing the economy billions of rands in lost income and royalties.



It was unclear if those still in the mine were unwilling or unable to get out. Public broadcaster SABC said that volunteers had brought 12 miners to the surface since last Wednesday.



(Reporting by Bhargav Acharya; Editing by Nellie Peyton and Ros Russell)

YVDA4CPNEBJLPBBXUIV6MNSDKQ

South Africa’s Ramaphosa calls for safe recovery of illegal miners stuck underground

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3426" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/BTRQXB5RABIYHGXVOZJLIBY25A.avif" alt="" class="wp-image-555721"/><figcaption class="wp-element-caption">Workers are seen at a branch of South Africa&#8217;s mobile operator, Telkom, in Johannesburg, South Africa, November 21,2023. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, Nov 18 (Reuters) &#8211; South Africa&#8217;s Telkom has suspended plans to sell part of its fibre business, CEO Serame Taukobong said on Monday, as the fixed broadband service helped drive the company&#8217;s half-year income.



Shares in Telkom, majority-owned by the government, were up 5.48% at 1327 GMT, after it reported that half-year adjusted headline earnings per share grew by 57.5%.



This was after excluding 160 million rand ($8.85 million) restructuring costs and a 618 million rand cost of switching its Telkom Retirement Fund from a defined benefit to a defined contribution funding arrangement.



Telkom &#8211; which owns a big chunk of the fast growing home and business fibre market &#8211; last year wanted to list the business separately or sell a minority stake in it to unlock more value but now wants to keep it.



&#8220;We have suspended any discussions or investigations into partnerships for Openserve,&#8221; Taukobong said during a results call. &#8220;We stayed very firm on our decisions as an infrastructure company and I think you&#8217;re seeing the results there.&#8221;



He added that Openserve would remain a core and critical part of the group&#8217;s strategy.



Telkom has been investing in migrating customers away from copper-based technology to faster and &#8220;next-generation network&#8221; (NGN) offerings such as fibre and long-term evolution &#8211; a 4G wireless standard &#8211; as customers seek faster internet services for richer content.



NGN revenue now contributes 80.9% to operating revenue, up from 74.4% in the previous period, offsetting the impact of the group&#8217;s decision to ditch legacy services.



($1 = 18.1434 rand)



(Reporting by Sfundo Parakozov; Editing by Nelson Banya and Emelia Sithole-Matarise)

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South Africa’s Telkom rethinks sale of fibre unit stake

<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-1076949610-612x612-1-1.jpg" alt="" class="wp-image-524600" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



JOHANNESBURG, Nov 18 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, company announcements, equity and currency market moves may affect South African markets on Monday.



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



Foreigners&#8217; trading in South African bonds and equities



South African Treasury bill auction



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



S.Africa&#8217;s top poultry firm Astral expects rate cut boost



Mobile operator Telkom reports half year results



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



The South African rand gained on Friday as the U.S. dollar slipped, but analysts said pressure could soon build again as bets on U.S. President-elect Donald Trump&#8217;s policies remain a key market driver.



On the Johannesburg stock market, the blue-chip Top-40 index was up about 0.1%.



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



Global stocks began the week on firmer footing ahead of a highly anticipated earnings release from Nvidia, while in Japan, a speech from its central bank&#8217;s head left markets none the wiser on the country&#8217;s rate outlook.



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



Wall Street&#8217;s main indexes closed lower on Friday, with the S&amp;P 500 and Nasdaq notching their biggest one-day losses in two weeks, on concerns about slower interest-rate cuts and as investors reacted to cabinet picks by U.S. President-elect Donald Trump.



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



Gold prices rose more than 1% on Monday after last week&#8217;s sharp declines, as a rally in the dollar paused, while market players awaited comments from Federal Reserve officials this week for more clues on the U.S. interest rate path.



&#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; Delay in electricity law raises concerns about reforms



&#8211; Treasury welcomes surprise S&amp;P decision to raise SA credit rating outlook



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



&#8211; Cheap money, costly mistakes: Inside the GEPF&#8217;s controversial 6.5 billion rand impairments



(Compiled by Bhargav Acharya)

istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on Nov 18

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="518" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/H4D76FPFLJJOFKKB6PZX3XGHFQ-1-820x518.jpg" alt="" class="wp-image-554697" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/H4D76FPFLJJOFKKB6PZX3XGHFQ-1-820x518.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/H4D76FPFLJJOFKKB6PZX3XGHFQ-1-300x190.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/H4D76FPFLJJOFKKB6PZX3XGHFQ-1-142x90.jpg 142w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/H4D76FPFLJJOFKKB6PZX3XGHFQ-1-768x485.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/H4D76FPFLJJOFKKB6PZX3XGHFQ-1-1536x971.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/H4D76FPFLJJOFKKB6PZX3XGHFQ-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A Starlink satellite internet system is set up on a caravan truck of a tourist, parked in a street in Ronda, Spain February 12, 2024. REUTERS/Jon Nazca/FILE PHOTO</figcaption></figure>



CAPE TOWN, Nov 15 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s information and communications technology sector needs policy and regulatory changes to keep up with emerging technologies, the chair of the country&#8217;s communications regulator told Reuters.



Technological advances such as satellite internet and artificial intelligence are forcing governments and regulators worldwide to revamp their oversight of the industry.



Mothibi Ramusi, the new chair of the Independent Communications Authority of South Africa, or ICASA, told Reuters one of his priorities was to ensure the regulator adapted to change.



The regulator is working on finalising its five-year strategy plan, which will guide its priorities going forward.



&#8220;As we have it right now, our legislative frameworks are still a barrier to leapfrog into the future,&#8221; he said on the sidelines of Africa Tech conference on Thursday.



&#8220;The first priority to get things right is we need to revamp the entire ICT framework. The policy needs to be reviewed, the ICASA Act and other associated acts, like the Electronic Communication Transaction Act.&#8221;



South Africa is yet to sign into law proposed amendments to the Electronic Communications Act, which have been in discussion for years. The bill, among other things, proposes new regulations for mobile virtual networks and allows spectrum sharing.



The regulator has also initiated an inquiry into the licensing framework for satellite-internet providers to provide clear rules for potential operators in the country, amid the growing demand for Starlink, operated by Elon Musk&#8217;s SpaceX.



Submissions for comments were closed this week and ICASA will analyse the inputs and begin public consultations before finalising the appropriate licensing framework, Ramusi said.



&#8220;We are mindful that whilst you&#8217;re talking infrastructure expansion, there are other areas where you might not be able to connect people with what you call terrestrial infrastructure,&#8221; Ramusi said.



&#8220;So satellite becomes another infrastructure layer that we need because you need rapid deployment. In South Africa, we are embracing that.&#8221;



South Africa was one of the first few African countries where Starlink wanted to launch its satellite internet but is hindered by the country&#8217;s regulations, which require foreign-owned companies to sell a 30% stake to historically disadvantaged groups in order to operate in country.



(Reporting by Nqobile Dludla; Editing by Christina Fincher)

A Starlink satellite internet system is set up on a caravan truck of a tourist, parked in a street in Ronda

New tech requires rulebook revamp, says S.Africa’s communications regulator

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="537" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/AJ75STV5GFI2VAY6ECK3RA5YKM-820x537.jpg" alt="" class="wp-image-554687" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/AJ75STV5GFI2VAY6ECK3RA5YKM-820x537.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/AJ75STV5GFI2VAY6ECK3RA5YKM-300x196.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/AJ75STV5GFI2VAY6ECK3RA5YKM-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/AJ75STV5GFI2VAY6ECK3RA5YKM-768x503.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/AJ75STV5GFI2VAY6ECK3RA5YKM-1536x1005.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/AJ75STV5GFI2VAY6ECK3RA5YKM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">South African Rand coins are seen in this photo illustration taken September 9, 2015. REUTERS/Mike Hutchings</figcaption></figure>



JOHANNESBURG, Nov 15 (Reuters)&nbsp;&#8211;&nbsp;The South African rand gained on Friday as the U.S. dollar slipped, but analysts said pressure could soon build again as bets on U.S. President-elect Donald Trump&#8217;s policies remain a key market driver.



At 1331 GMT, the rand traded at 18.1450 against the dollar&nbsp;ZAR=D3, about 0.6% stronger than its previous close.



&#8220;The rand is seeing a boost today as the U.S. dollar rally pauses. Profit-taking before the weekend might be influencing this, but it&#8217;s likely temporary,&#8221; said Zain Vawda, market analyst at MarketPulse by OANDA.



The rand endured five consecutive sessions of losses until Friday, losing about 5% against the dollar, as the U.S. currency surged following Trump&#8217;s election victory.



Global markets remain focused on the impact of Trump&#8217;s win, with the dominant view that after he takes office in January his policies could stoke U.S. inflation, meaning fewer Federal Reserve interest rate cuts.



Locally, investors will look to S&amp;P Global&#8217;s scheduled review of South Africa&#8217;s sovereign credit rating on Friday.



Analysts expect Africa&#8217;s most industrialised economy to remain three notches into sub-investment grade at &#8216;BB-&#8216;, with a stable outlook.



&#8220;An upgrade is unlikely. As things stand, risk remains skewed toward further rand weakness,&#8221; Vawda added.



Next week, South Africa-focused investors will look to October&#8217;s inflation print&nbsp;ZACPIY=ECI&nbsp;on Wednesday and the South African Reserve Bank&#8217;s monetary policy decision&nbsp;ZAREPO=ECI&nbsp;a day later.



The central bank is expected to cut the repo rate by 25 basis points, the same size of cut as in September, according to a Reuters poll of economists published on Friday.



On the Johannesburg stock market, the blue-chip Top-40 index&nbsp;.JTOPI&nbsp;was up about 0.1%.



South Africa&#8217;s benchmark 2030 government bond&nbsp;ZAR2030=&nbsp;was flat, with the yield at 9.135%.



(Reporting by Tannur Anders; Editing by Alexander Winning and Mark Potter)

AJ75STV5GFI2VAY6ECK3RA5YKM

South African rand firms as dollar rally cools; S&P review due

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="448" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/7F4RVUNBANMQVOB43MHCRSGWA4.avif" alt="" class="wp-image-554652"/><figcaption class="wp-element-caption">A climate activist holds a placard as people call for climate justice resistance against oil and gas corporations and to end fossil fuels outside the Cape Town International Convention Centre during the Southern Africa Oil and Gas Conference in Cape Town, South Africa , September 13, 2023. REUTERS/Esa Alexander/File Photo</figcaption></figure>



JOHANNESBURG, Nov 15 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s revised carbon tax aims to balance the rival demands of climate activists and polluters by lowering tax-free allowances while letting companies make greater use of offsets, the Treasury&#8217;s acting tax chief said on Friday.



The changes, to come into effect in 2026, will help South Africa meet climate commitments but give &#8216;hard-to-abate&#8217; sectors more flexibility, said Chris Axelson, Acting Head of Tax and Financial Sector Policy at the Treasury.



South Africa is one of the world&#8217;s top 15 greenhouse gas emitters and the only country in Africa with a carbon tax.



&#8220;It definitely is a change to the previous structure (in which)…the offsets were quite a small percentage,&#8221; Axelson told Reuters in a videocall interview.



At COP29 talks in Azerbaijan, developing countries pressured their richer counterparts for up to $1 trillion in climate finance to help nations historically least responsible for the crisis to shift to greener energy and adapt.



A Treasury policy paper released on Wednesday shows the offset allowance for combustion emissions going up to 25%, from 10%, after 2026. But this is counterbalanced by slashing tax-free allowances from 60% currently to half in 2026, and by a further 2.5 percentage points annually until 2030.



South Africa enacted its carbon tax in May 2019 after nearly a decade of shelving it over objections from mining companies, steelmakers and state-owned power utility, Eskom. Since then, industry has complained the tax is too onerous while climate activists decry it as too generous.



&#8220;We&#8217;re in a place where they&#8217;re all shouting at us,&#8221; Axelson said. &#8220;We&#8217;re trying to find that balance &#8230; We don&#8217;t want one side to say, &#8216;well, you&#8217;re hurting us too much&#8217; and the other side to say, &#8216;well, you aren&#8217;t doing enough&#8217;.&#8221;



The proposal also replaces a 3.5 cent per kilowatt levy on non-renewable power with the carbon tax, which Axelson said would encourage Eskom &#8211; whose overreliance on coal has made South Africa a bigger emitter than Britain or France &#8211; to use renewables but &#8220;but without the potential of passing on costs to the consumers.&#8221;



(Reporting by Tim Cocks; Editing by Christina Fincher)

7F4RVUNBANMQVOB43MHCRSGWA4

South Africa’s revised carbon tax to be harsher but with more offsets, Treasury says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="548" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/XITIO74YJBM5XNTYYV6EQSSGSY-2-820x548.jpg" alt="" class="wp-image-554521" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/XITIO74YJBM5XNTYYV6EQSSGSY-2-820x548.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/XITIO74YJBM5XNTYYV6EQSSGSY-2-300x201.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/XITIO74YJBM5XNTYYV6EQSSGSY-2-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/XITIO74YJBM5XNTYYV6EQSSGSY-2-768x514.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/XITIO74YJBM5XNTYYV6EQSSGSY-2-1536x1027.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/XITIO74YJBM5XNTYYV6EQSSGSY-2-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">South African bank notes featuring an image of former South African President Nelson Mandela are displayed at an office in Johannesburg, file. REUTERS/Siphiwe Sibeko</figcaption></figure>



JOHANNESBURG, Nov 15 (Reuters)&nbsp;&#8211;&nbsp;The rand eased early on Friday, extending a week of losses following Donald Trump&#8217;s U.S. election win, and ahead of S&amp;P Global&#8217;s scheduled review of South Africa&#8217;s sovereign credit rating.



At 0705 GMT, the rand traded at 18.28 against the U.S. dollar&nbsp;ZAR=D3, about 0.2% weaker than its previous close.



The rand has endured five sessions of losses as the dollar rallied after Trump&#8217;s victory, while markets fretted over potential policies by the president-elect, which could include tariffs and tax cuts.



Investors will on Friday look to S&amp;P Global&#8217;s scheduled review of South Africa&#8217;s sovereign credit rating.



Analysts expect Africa&#8217;s most industrialised economy to remain three notches into sub-investment grade at &#8216;BB-&#8216;, with a stable outlook.



On the Johannesburg stock market, the blue-chip Top-40 index&nbsp;.JTOPI&nbsp;was flat.



South Africa&#8217;s benchmark 2030 government bond&nbsp;ZAR2030=&nbsp;was little changed in early deals, with the yield at 9.155%.



(Reporting by Tannur Anders; Editing by Kirsten Donovan)

New South African bank notes featuring an image of former South African President Nelson Mandela are displayed at an office in Johannesburg

South African rand extends losses; S&P rating review due

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="567" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/TAKTGYGGUFIUFGNJON3QOOIO24-820x567.jpg" alt="" class="wp-image-502655" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/TAKTGYGGUFIUFGNJON3QOOIO24-820x567.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/TAKTGYGGUFIUFGNJON3QOOIO24-300x208.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/TAKTGYGGUFIUFGNJON3QOOIO24-130x90.jpg 130w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/TAKTGYGGUFIUFGNJON3QOOIO24-768x531.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/TAKTGYGGUFIUFGNJON3QOOIO24-1536x1063.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/TAKTGYGGUFIUFGNJON3QOOIO24-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">South African Rand coins are seen in this illustration picture taken October 30, 2020. REUTERS/Mike Hutchings/File Photo</figcaption></figure>



JOHANNESBURG, Nov 14 (Reuters) &#8211; South Africa&#8217;s rand was stable early on Thursday after trading turbulently in the days after Donald Trump&#8217;s U.S. election win, ahead of September&#8217;s mining production data.



At 0803 GMT, the rand traded at 18.2400 against the dollar, near its previous close of 18.2450.



Mining data for September at 0930 GMT will give clues on the health of Africa&#8217;s most industrialised economy.



The rand has lost almost 5% against the greenback since the U.S. election last week as markets expect Trump&#8217;s policies to bring higher short-term economic growth but also potentially inflationary pressures.



&#8220;It&#8217;s not only the rand that has found itself in free fall, but all emerging markets,&#8221; said Rand Merchant Bank analysts in a research note.



&#8220;This sell off is by no means negative sentiment in South Africa but rather a very buoyant dollar,&#8221; the note added.



On the Johannesburg stock market, the blue-chip Top-40 index traded 0.1% down.



South Africa&#8217;s benchmark 2030 government bond was little changed in early deals, with the yield at 9.15%.



(Reporting by Tannur Anders; editing by Philippa Fletcher)

South African Rand coins are seen in this illustration picture

South African rand stable after big losses, mining data ahead

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="350" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1040865674-612x612-1.jpg" alt="" class="wp-image-400879" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1040865674-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1040865674-612x612-1-300x172.jpg 300w" sizes="auto, (max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">Stock market report. 3d illustration</figcaption></figure>



JOHANNESBURG, Nov 14 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic event, company announcements, equity and currency market moves may affect South African markets on Thursday.



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



September mining production data



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



MTN Group third quarter earnings



Gold Fields third quarter operational update



Sanlam third quarter operational update



Gary Arnold named Astral Foods chief executive officer, effective Feb. 1, 2025



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



South Africa&#8217;s rand staged a recovery on Wednesday after three days of heavy losses as markets fretted over what U.S. President-elect Donald Trump&#8217;s policies could mean for trade relations, while U.S. inflation rose as expected.



On the Johannesburg stock market, the blue-chip Top-40 index was down about 0.2%.



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



Weak China markets dragged broader Asian shares lower on Thursday, while longer-dated U.S. bond yields rose alongside the dollar as investors assessed the monetary policy and inflation outlook in the world&#8217;s largest economy.



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



The Dow and the S&amp;P 500 ended slightly higher on Wednesday while the Nasdaq lost ground after October data showed consumer prices rising in line with expectations, adding support to bets that the U.S. Federal Reserve will cut interest rates in December.



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



Gold fell for a fifth straight session on Thursday to hit its lowest level in eight weeks, pressured by a stronger U.S. dollar and rising Treasury yields amid uncertainty over the pace of the Federal Reserve&#8217;s interest rate cuts.



&#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; Government to cut state guarantees for IPPs



&#8211; Treasury releases proposal for second phase of carbon tax



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



&#8211; Carbon tax: Eskom to receive &#8216;price neutrality&#8217; in phase 2



(Compiled by Tannur Anders; Editing by Rashmi Aich)

Stock market report. 3d illustration

South African Markets – Factors to watch on Nov. 14

<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-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)

South African Markets – Factors to watch on Nov 13

<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="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="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-full"><img loading="lazy" decoding="async" width="1920" height="1005" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_CIDD5VLOYFI5TPX6WPF3O56PXY.avif" alt="" class="wp-image-552864"/><figcaption class="wp-element-caption">Photo: via Reuters</figcaption></figure>



GABORONE, Nov 11 (Reuters)&nbsp;&#8211;&nbsp;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.



In a shock election result earlier this month, Boko&#8217;s Umbrella for Democratic Change coalition ousted the party that had ruled the southern African country for nearly six decades.



Analysts say mounting economic grievances, particularly among young people, contributed to Boko&#8217;s landslide victory.



High on Gaolathe&#8217;s to-do list will be lifting economic growth, which the International Monetary Fund projects will slow to 1% this year mainly due to lower diamond production.



&#8220;We are in a dire economic and financial situation. He has a huge job in his hands. He has to steer us through these choppy and turbulent waters,&#8221; Boko said during a&nbsp;press&nbsp;conference, referring to Gaolathe.



Boko also named an opposition lawmaker as deputy heath minister and an independent lawmaker as deputy agriculture minister.



He has not yet revealed the new mining minister, a job that is especially closely watched as Botswana is the world&#8217;s top diamond producer by value.



Boko told reporters that more cabinet appointments would be announced in the coming days.



(Reporting by Brian Benza; Additional reporting by Nellie Peyton; Writing by Tannur Anders; Editing by Alexander Winning and Angus MacSwan)

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South Africa

South Africa’s Ramaphosa calls for safe recovery of illegal miners stuck underground

South Africa’s Telkom rethinks sale of fibre unit stake

South African Markets – Factors to watch on Nov 18

New tech requires rulebook revamp, says S.Africa’s communications regulator

South African rand firms as dollar rally cools; S&P review due

South Africa’s revised carbon tax to be harsher but with more offsets, Treasury says

South African rand extends losses; S&P rating review due

South African rand stable after big losses, mining data ahead

South African Markets – Factors to watch on Nov. 14

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

South African Markets – Factors to watch on Nov 13

South Africa’s Multichoice profit plunges as subscriptions slip

South African unemployment rate dips under coalition government

South African rand extends losses before unemployment, manufacturing data

South African Markets – Factors to watch on Nov 12

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

Botswana vice president will double as finance minister

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