<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1080" height="720" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/RGENMVFBKFNCJPXWG4EPKO7ZPA.avif" alt="" class="wp-image-587782"/><figcaption class="wp-element-caption">Scientific officer Anathi Nkayi works in the research lab at the University of Cape Town&#8217;s Institute of Infectious Disease and Molecular Medicine, in Cape Town, South Africa February 17, 2025. REUTERS/Esa Alexander</figcaption></figure>



JOHANNESBURG, Feb 18 (Reuters)&nbsp;&#8211;&nbsp;South African lab technician Nozipho Mlotshwa was waiting for the test results for a potential HIV vaccine, which has eluded scientists for decades, when the order came from USAID to stop work.



The first round of vaccines she and her colleagues made in Johannesburg had produced an immune response in rabbits, which was promising but not conclusive &#8211; so they tweaked the formula and sent off four new versions for pre-clinical tests.



&#8220;This was very exciting. We were getting quite good results,&#8221; Mlotshwa, 32, told Reuters in the lab in the Antiviral Gene Therapy Research Unit at the city&#8217;s University of the Witwatersrand.



Now the animal blood samples containing their results are sitting untouched in a freezer.



A trial of an earlier, separate vaccine candidate, which was about to be tested on humans in South Africa as well as Kenya and Uganda, is also on ice.



Both trials are among the casualties of U.S. President Donald Trump&#8217;s decision to dismantle the United States Agency for International Development (USAID).



They are part of a wider South African-led HIV vaccine development scheme known as BRILLIANT and funded entirely by a $45 million grant from USAID. It is unclear if or when the project could resume. The U.S. State Department did not immediately respond to a request for comment.



&#8220;It feels like you&#8217;re building something and you could really make a huge difference,&#8221; Nigel Garrett, Chief Scientific Officer at the Desmond Tutu Health Foundation, a partner in the project, said.



&#8220;And then it&#8217;s wiped away.&#8221;



The project is one of many research efforts worldwide to be hit by Trump&#8217;s actions since taking office last month. Others include halting efforts to protect food crops from pests and diseases and blocking publication of a paper on the mpox outbreak.



<h2 class="wp-block-heading" id="h-holy-grail">&#8216;HOLY GRAIL&#8217;</h2>



HIV&#8217;s ability to mutate quickly has confounded efforts to create a vaccine ever since it was first identified in 1983. The researchers in Johannesburg are using the mRNA technology that created some COVID-19 vaccines.



Several other mRNA-based HIV vaccine candidates worldwide have reached clinical trials. BRILLIANT is unique in being Africa-led, aiming to develop capacity for producing vaccines in Africa.



For the past year the Johannesburg team had been working with genetic sequences from two South African patients who have HIV but whose bodies produce a rare type of antibody that neutralizes the virus. They are trying to simulate that immune response.



&#8220;We were gaining momentum,&#8221; said Patrick Arbuthnot, director of the research unit, adding: &#8220;an HIV vaccine is the holy grail of the field&#8221;.



Trump in January ordered a 90-day pause in all foreign development assistance pending assessment of its consistency with his &#8220;America First&#8221; foreign policy.



Separately, he has targeted South Africa with an executive order to cut all funding to the country, citing disapproval of its land reform policy and its genocide case against U.S. ally Israel.



The U.S. foreign aid freeze has affected programmes across the globe, stranding shipments of life-saving medical supplies, including HIV drugs, and leaving disaster response teams unable to deploy. Waivers for &#8220;life-saving humanitarian assistance&#8221; have been hampered.



<h2 class="wp-block-heading" id="h-good-for-the-world">&#8216;GOOD FOR THE WORLD&#8217;</h2>



Because South Africa has the world&#8217;s largest population of people living with HIV, at more than 8 million, it is a hub for research on the virus.



&#8220;Most of the landmark and groundbreaking studies have been conducted in this country. But these have been good for the whole world,&#8221; said Ntobeko Ntusi, CEO of the South African Medical Research Council, which is spearheading the HIV vaccine search.



Ntusi said he did not expect funding for projects like BRILLIANT to resume, given the executive order on aid to South Africa. The council gets about a third of its funding from U.S. federal sources, for research that is mostly on HIV and tuberculosis but covers other areas including maternal and infant mortality and antimicrobial resistance, he said.



Garrett said the shot that was ready for testing on humans was a mix of two vaccine substances developed in the United States and the Netherlands which have shown promise but never been tested together.



They are now sitting in storage.



&#8220;We had a huge opportunity, good funding. It&#8217;s difficult for other funders to fill that gap,&#8221; he said.



(Additional reporting by Catherine Schenck and Shafiek Tassiem; Editing by Tim Cocks and Aidan Lewis)

RGENMVFBKFNCJPXWG4EPKO7ZPA

Trump’s aid cuts stop South African HIV vaccine trials in their tracks

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/107392987-17114704652024-03-08t094552z_60519508_rc2ao0aauku6_rtrmadp_0_cocoa-ivorycoast-820x547.jpeg" alt="" class="wp-image-587761" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/107392987-17114704652024-03-08t094552z_60519508_rc2ao0aauku6_rtrmadp_0_cocoa-ivorycoast-820x547.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/107392987-17114704652024-03-08t094552z_60519508_rc2ao0aauku6_rtrmadp_0_cocoa-ivorycoast-300x200.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/107392987-17114704652024-03-08t094552z_60519508_rc2ao0aauku6_rtrmadp_0_cocoa-ivorycoast-135x90.jpeg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/107392987-17114704652024-03-08t094552z_60519508_rc2ao0aauku6_rtrmadp_0_cocoa-ivorycoast-768x512.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/107392987-17114704652024-03-08t094552z_60519508_rc2ao0aauku6_rtrmadp_0_cocoa-ivorycoast-1536x1024.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/107392987-17114704652024-03-08t094552z_60519508_rc2ao0aauku6_rtrmadp_0_cocoa-ivorycoast-scaled.jpeg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Cocoa pods are pictured at a farm in Sinfra, Ivory Coast April 29, 2023.  Luc Gnago | Reuters</figcaption></figure>



Strong rains across Ivory Coast’s central regions are expected to strengthen cocoa trees and improve growing conditions for the April-to-September mid-crop, farmers said on Monday.



Ivory Coast, the world’s top producer of the main ingredient in chocolate, is in the dry season that runs from mid-November to March when rains are scarce.



Farmers had been worried that the hot weather would delay the start of the mid-crop season and tighten bean supply before the country’s central regions received above-average rains last week.



Farmers said they were now happy because the moisture was expected to help young pods to survive. They added that another rain was needed before the end of the month to improve the yield of cocoa trees.



“Trees will do better. Many cocoa trees had become weak due to lack of water,” said Etienne Brou, who farms near the central region of Yamoussoukro, where 18.2 millimetres (mm) of rain fell last week, 11.3 mm above the five-year average.



Similar comments were made in the central region of Bongouanou, where rainfall was above average, and in the west-central region of Daloa, where rains were below average but farmers said the moisture level was sufficient to help cocoa trees.



Farmers from the western region of Soubre and the southern region of Divo, where rains were below average, and farmers from the southern region of Agboville and the eastern region of Abengourou, where rains were above average, said growing conditions remained good with plenty of cherelles turning into small pods.



Farmers in those regions added that if rains became regular from March, the mid-crop would be as abundant as last season.



“If we have good rains from March onwards, we’ll have enough beans for the mid-crop,” said Kouassi Kouame, who farms near Soubre, where 1.2 mm of rain fell last week, 7.2 mm below the average.



The weekly average temperature across Ivory Coast last week ranged from 27.8 to 33.2 degrees Celsius.

107392987-17114704652024-03-08t094552z_60519508_rc2ao0aauku6_rtrmadp_0_cocoa-ivorycoast

Ivory Coast rains revive cocoa farmers’ hopes for healthy mid-crop

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/GettyImages-1258349926-820x547.jpg" alt="" class="wp-image-587559" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/GettyImages-1258349926-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/GettyImages-1258349926-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/GettyImages-1258349926-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/GettyImages-1258349926-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/GettyImages-1258349926-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/GettyImages-1258349926-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Iain Williamson, chief executive officer of Old Mutual Ltd., speaks during the Future of Finance 2023 in Cape Town, South Africa, on Thursday, June 1, 2023. South Africa is the world&#8217;s 14th-biggest producer of greenhouse-gas emissions and relies on fossil fuels to generate the bulk of its electricity. Photographer: Dwayne Senior/Bloomberg via Getty Images</figcaption></figure>



JOHANNESBURG, Feb 17 (Reuters) &#8211; South Africa&#8217;s Old Mutual Ltd said on Monday that Iain Williamson will take early retirement and step down as chief executive officer and executive director of the firm on August 31 after five years at the helm of the insurer.



&#8220;He will leave Old Mutual a stronger, more resilient and more innovative company that is ideally positioned to grow and thrive into the future,&#8221; the company said in a statement, adding that the board has started the process to identify a new CEO.



Williamson has spent 32 years with the Old Mutual Group, the last five as CEO.



(Reporting by Nqobile Dludla; Editing by Tomasz Janowski)

Key Speakers at Future of Finance Cape Town

South Africa’s Old Mutual CEO Williamson to take early retirement

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="3500" height="2333" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/PXLKBZI2LZOEZMX4CFG34SUVRQ.avif" alt="" class="wp-image-587490"/><figcaption class="wp-element-caption">South African Minister of International Relations and Cooperation Ronald Lamola speaks during a meeting with US Secretary of State Antony Blinken at the Lotte Palace Hotel on September 26, 2024 in New York. BRYAN R. SMITH/Pool via REUTERS/File Photo</figcaption></figure>



JOHANNESBURG, Feb 17 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s foreign minister Ronald Lamola told Reuters on Monday that the United States had not responded to attempts to&nbsp;discuss&nbsp;President Donald Trump&#8217;s&nbsp;executive order cutting off aid.



Trump cut U.S. financial assistance to the country this month, citing disapproval of its land reform policy and of its genocide case against Israel at the International Court of Justice.



&#8220;Despite all our attempts, through our mission in Washington to formally engage and communicate&#8230; we are awaiting feedback and a response. We&#8217;re hopeful that they will find a moment to respond and have the discussion with us,&#8221; Lamola told Reuters in an interview.



&#8220;We don&#8217;t think it&#8217;s ideal that diplomatic matters can only be handled through social media.&#8221;



South Africa will host the G20 meeting of foreign ministers later this week in Johannesburg, which U.S. Secretary of State Marco Rubio is not attending after he expressed disapproval of South Africa&#8217;s G20 theme &#8220;Solidarity, Equality, Sustainability&#8221;.



Lamola said South Africa was setting up bilateral meetings with a number of countries with whom it has good trade relations, including China which he said had pledged its support.



&#8220;(China said) that they are there in solidarity with us, and they stand ready to pledge support in terms of whatever trade relations and challenges that they can,&#8221; the minister said.



Lamola said South Africa would continue to try to contact the United States.



&#8220;We will not get tired, &#8230; the best scenario will be us and them finding each other on a number of issues. But we have to face reality that we have to plan for all scenarios.&#8221;



(Reporting by Nellie Peyton and Tim Cocks; Writing by Tannur Anders and Bhargav Acharya; Editing by Alexander Winning)

PXLKBZI2LZOEZMX4CFG34SUVRQ

South Africa says US has not responded to attempts to discuss Trump aid cut

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="4973" height="3477" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/N3DCCO5VZROJFBGQI7LRUQAIQU.avif" alt="" class="wp-image-587468"/><figcaption class="wp-element-caption">South African Minister of Mineral Resources and Energy, Gwede Mantashe speaks at the Investing in African Mining Indaba in Cape Town, South Africa February 3, 2025. REUTERS/Esa Alexander/File Photo</figcaption></figure>



CAPE TOWN, Feb 17 (Reuters) &#8211; South Africa could turn to Russia or Iran to expand its civilian nuclear power capacity, a senior government minister said, a stance analysts say could deepen a rift with the United States and further delay the renewal of a strategic energy pact.



South Africa, which operates Africa&#8217;s only nuclear power plant, Koeberg, plans to add 2,500 megawatts of new capacity to tackle electricity outages that have plagued the economy and to reduce emissions.



&#8220;We can&#8217;t have a contract that says Iran or Russia must not bid, we can&#8217;t have that condition,&#8221; Minister of Mineral and Petroleum Resources Gwede Mantashe, one of the government&#8217;s leading proponents of expanding nuclear capacity, said.



&#8220;If they are the best in terms of the offer on the table, we&#8217;ll take any (country),&#8221; he told Reuters.



The country is under scrutiny from Washington after President Donald Trump issued a far-reaching executive order this month halting aid. Among other criticisms, the order claimed &#8211; without providing evidence &#8211; that South Africa was &#8220;reinvigorating its relations with Iran to develop commercial, military, and nuclear arrangements&#8221;.



Pretoria has no bilateral cooperation with Iran on nuclear power or any nuclear-related technology, the office of South African President Cyril Ramaphosa said.



A U.S. State Department spokesperson did not comment on the possibility of Iran or Russia helping South Africa expand its civilian nuclear capacity.



A South African tender for nuclear projects, initially planned for last year, has been delayed for further consultation following legal challenges led by the then opposition Democratic Alliance party, now part of the coalition government.



<h2 class="wp-block-heading" id="h-almost-a-decade-of-talks">ALMOST A DECADE OF TALKS</h2>



Pretoria and Washington had been seeking to conclude after almost a decade of talks a new civilian nuclear pact, known as a Section 123 Agreement, a prerequisite for exporting U.S.-made nuclear fuel or equipment.



&#8220;The allegations made in the executive order can significantly complicate getting the agreement renewed,&#8221; said Isabel Bosman, a nuclear energy researcher at the South African Institute of International Affairs.



The State Department spokesperson did not comment on whether Trump&#8217;s executive order would affect talks between the two countries.



The previous 123 agreement, implemented in 1997, lapsed in December 2022.



Negotiations for a new agreement have already been finalised at a technical level but nothing is signed yet as legal processes on both sides were incomplete, Zizamele Mbambo, a senior official in South Africa&#8217;s energy ministry said.



&#8220;As far as we know both sides remain firmly committed to conclude this new agreement,&#8221; he added.



Failure to secure a new deal could block South African power utility Eskom from sourcing reactor fuel from Westinghouse for Unit 1 at Koeberg, industry analysts say. Unit 2 is supplied by France&#8217;s Framatome.



It may also hinder U.S. companies, such as the Bill Gates-backed TerraPower and ASP Isotopes ASPI.O, from investing in South Africa during a global atomic renaissance, the analysts added.



(Reporting by Wendell Roelf; additional reporting by Timothy Gardner in Washington; editing by Joe Bavier and Emelia Sithole-Matarise)

N3DCCO5VZROJFBGQI7LRUQAIQU

South Africa open to nuclear project bids from Russia or Iran, minister says

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3333" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/MTPYEYSKNVOEZBDRFXJLTR5D3Q.avif" alt="" class="wp-image-587420"/><figcaption class="wp-element-caption">A general view of the skyline of Addis Ababa, Ethiopia November 3, 2021. REUTERS/Tiksa Negeri/File Photo</figcaption></figure>



NAIROBI, Feb 17 (Reuters)&nbsp;&#8211;&nbsp;Investors holding Ethiopia&#8217;s defaulted bond said on Monday there are &#8220;significant flaws&#8221; in the latest International Monetary Fund report that suggests the country is facing a solvency issue, a scenario that would require them to grant debt relief.



The salvo is the latest battle between the creditor committee, the IMF and Ethiopia over whether the country is facing a liquidity issue, meaning it might only need more time to pay, or a solvency issue, which could require debt writedowns known as haircuts.



&#8220;The Committee disagrees with the conclusions reached by the IMF in the staff report,&#8221; it said in a statement, adding that the IMF analysis &#8220;incorporates export projections and reserve adequacy targets that do not align with the Committee&#8217;s assessment of Ethiopia&#8217;s economic fundamentals&#8221;.



It said it had issued a paper detailing &#8220;significant flaws in the recently published IMF staff report&#8230; which it believes are artificially creating a solvency issue for Ethiopia&#8221;.



Neither the IMF nor the Ethiopian government immediately responded to requests for comment.



Ethiopia&#8217;s government has said bondholder losses are unavoidable, and last year proposed an 18% haircut.



The committee letter said the IMF&#8217;s latest staff report &#8220;fails to acknowledge significant improvements in Ethiopia&#8217;s macroeconomic situation,&#8221; and that it had significantly undervalued increases in key exports, including gold and coffee.



The committee, which represents investors who account for more than 40% of the holdings of Ethiopia&#8217;s $1 billion bond, said it reserved the right to take action, including potential proceedings in English courts, to enforce Ethiopia&#8217;s obligations to repay the outstanding debt.



(Reporting by Duncan Miriri; Editing by Libby George and Helen Popper)

MTPYEYSKNVOEZBDRFXJLTR5D3Q

Ethiopia bondholders say IMF report contains ‘significant flaws’

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="4068" height="2790" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/WSTYBLNGHVJ77BIIF3ASYQZSKA.avif" alt="" class="wp-image-587384"/><figcaption class="wp-element-caption">A worker attends to machinery at a smelter plant at Anglo American Platinum&#8217;s Unki mine in Shurugwi, Zimbabwe, May 16, 2019. REUTERS/Philimon Bulawayo/File Photo</figcaption></figure>



JOHANNESBURG, Feb 17 (Reuters) &#8211; Anglo American Platinum will pay an additional $856 million cash dividend ahead of its planned spinoff into a standalone unit, it said on Monday.



The payout is despite annual profit slumping 40% to about 8.4 billion rand ($456.7 million) as lower platinum-group metal&nbsp;(PGM)&nbsp;prices continue to squeeze earnings.



Johannesburg-based Amplats said the 15.7 billion rand cash payout is in addition to a final dividend of 3 rand per share, or about 800 million rand, ahead of its plan to demerge from parent company Anglo American.



Amplats will pay the additional dividend from its net cash reserves of about 17.6 billion rand, CEO Craig Miller said on a call with journalists.



CFO Sayurie Naidoo added that the company can afford the extra payout without compromising its liquidity position.



&#8220;All our assets are cash generative and therefore we expect by the end of the year we will still be in a cash neutral position,&#8221; she said.



The miner&#8217;s shares rose as much as 3.8% in early morning trading.



&#8220;We have modelled this on various price scenarios and we still believe we will be able to execute on our strategy.&#8221; Naidoo said.



Amplats would continue to benefit from demand for PGMs mostly from automakers, as the rollout of battery electric vehicles, which do not use the metals, slows down, Miller said. South African PGMs have also scaled back investing in new mines, which could result in future supply tightening, Miller said.



&#8220;There will be continued demand for our metals and through the assets we have we will be able to supply into that,&#8221; Miller said.



The platinum miner is due to be spun off from the London-listed group by June, part of a restructuring strategy implemented by Anglo American after fighting off a $49 billion takeover bid from bigger rival BHP last year.



Anglo has also sold its coal assets and is in the process of selling its nickel business in Brazil. It also plans to divest its De Beers diamond unit.



Anglo will maintain a 19.9% stake in the demerged unit and gradually manage its exit over time, but will have no presence on the Amplats board, it said.



Retaining the stake could also&nbsp;help manage &#8220;flowback issues&#8221;, RBC Capital market analysts said.



&#8220;This should help with the possible flowback issues on the stock, particularly from passive index holders of Anglo American that would mechanically be selling the shares post demerger,&#8221; the analysts said.



($1 = 18.3938 rand)



(Reporting by Felix Njini and Nelson Banya; Additional reporting by Clara Denina, Editing by Tom Hogue and Christian Schmollinger, Kirsten Donovan and Sharon Singleton)

WSTYBLNGHVJ77BIIF3ASYQZSKA

Anglo Platinum pays $856 million top up cash dividend before spinoff

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/108103169-1739765612565-gettyimages-2197304605-CHINA_BRUNEI-820x461.jpeg" alt="" class="wp-image-587350" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/108103169-1739765612565-gettyimages-2197304605-CHINA_BRUNEI-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/108103169-1739765612565-gettyimages-2197304605-CHINA_BRUNEI-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/108103169-1739765612565-gettyimages-2197304605-CHINA_BRUNEI-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/108103169-1739765612565-gettyimages-2197304605-CHINA_BRUNEI-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/108103169-1739765612565-gettyimages-2197304605-CHINA_BRUNEI-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/108103169-1739765612565-gettyimages-2197304605-CHINA_BRUNEI.jpeg 1600w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">BEIJING, CHINA &#8211; FEBRUARY 6: Chinese President Xi Jinping (C) speaks during a bilateral meeting with Brunei Sultan Hassanal Bolkiah (not pictured) at the Great Hall of the People on February 6, 2025 in Beijing, China.   Andres Martinez Casares | Getty Images News | Getty Images</figcaption></figure>



Chinese President Xi Jinping delivered a speech at a symposium with prominent entrepreneurs on Monday, according to state media, signaling support for the private sector at a time when the country’s economy has been facing several headwinds.



Xi’s presence at the symposium sends a “very clear signal of top-level support” to the private sector entrepreneurs, Peiqian Liu, Asia economist at Fidelity International told CNBC, “this will likely reignite the animal spirit and optimism about renewed growth momentum in China.”



“It could potentially be even more powerful than fiscal stimulus, should policymakers show more decisive support towards the development of tech sector in China,” Liu added.



Beijing has sought to shore up its economy dragged down by lackluster domestic consumption, a prolonged real estate slump and external headwinds such as tariffs on its exports.



The meeting could mark “a symbolic turning point for Chinese tech sector after years of heightened scrutiny,” said Lynn Song, chief economist at LNG, emphasizing the timing of this meeting underscored Beijing’s urgency to cheer up the private sector amid economic malaise and external tariff risks.



It could mean that “the regulatory overhang that we have had for the past two years or so is at an end,” said Andy Maynard, managing director and head of equities at China Renaissance.



Alibaba’s founder Jack Ma was among the entrepreneurs present at the meeting, according to a video clip released by Chinese state media.



The outspoken businessman has mostly stayed out of the public eye since Chinese authorities scuttled a blockbuster initial public offering of Alibaba Group affiliate Ant Group in November 2020, after his public criticism of the country’s regulatory system enraged Beijing.



Ma’s return to the limelight could reinforce the expectation that Beijing is softening its approach on large tech companies, Maynard said.



Other entrepreneurs who attended the meeting included Ren Zhengfei, founder and chief executive officer of Huawei Technologies, Lei Jun, founder and CEO of consumer electronics maker Xiaomi Corp and Wang Xing, founder of food delivery giant Meituan.



Beijing kicked off a regulatory storm against the country’s large technology companies in late 2020 over concerns that they were growing too large and powerful.



While the symposium may not signify “a 180-degree turn” in China’s control over the direction of its economic policy, it does reflect Beijing’s recognition of the significant role that China’s private sector can play in supporting growth and boosting technical capabilities in rivaling the U.S., Alfredo Montufar-Helu, head of China Center at think tank The Conference Board, told CNBC.



Mainland China’s CSI 300 index was little changed following the news.



The Hang Seng tech index, which had jumped over 5% Friday on media reports of the meeting, widened losses to drop over 2% following the meeting.



Chinese startup DeepSeek’s release of a cutting-edge AI model has helped drive a rally in the country’s stock market in the past month, prompting calls for an upward rerating of equities. The low-profile founder of DeepSeek, Liang Wenfeng, was previously reported to have been invited to the meeting.

108103169-1739765612565-gettyimages-2197304605-CHINA_BRUNEI

China’s Xi speaks to entrepreneurs in a rare meeting, signaling support for private sector

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/GettyImages-1760572068-820x547.jpg" alt="" class="wp-image-586376" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/GettyImages-1760572068-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/GettyImages-1760572068-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/GettyImages-1760572068-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/GettyImages-1760572068-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/GettyImages-1760572068-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/GettyImages-1760572068-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Cyril Ramaphosa, South Africa&#8217;s president, speaks at the African Growth and Opportunity Act (AGOA) forum in Johannesburg, South Africa, on Friday, Nov. 3, 2023. The US aims to ensure that its preferential trade pact with Africa is replaced without interruption when it expires in two-year&#8217;s time, while bringing it up to date. Photographer: Leon Sadiki/Bloomberg via Getty Images</figcaption></figure>



Four U.S. congressmen have asked President Donald Trump to revoke South Africa’s access to the U.S. market through the African Growth and Opportunity Act (AGOA) as well as consider breaking diplomatic relations, accusing it of undermining American interests globally.



In a letter dated February 11, 2025 Republican congressmen Andrew Ogles, Tom Tiffany, Joe Wilson and Don Bacon said South Africa had a vendetta against Israel, was allegedly committing human rights violations and was friendly with China’s Community Party.



“…we urge you to revoke South Africa’s preference benefits under the African Growth and Opportunity Act,’’ the letter signed by the four congressmen says. “We would also suggest that you consider suspending diplomatic ties unless that government is prepared to engage constructively with our own.”



President Trump, backed by Tesla CEO Elon Musk, has falsely accused the South African government of mistreating Afrikaners and white farmers as it tries to reform land ownership in a country where they own more than three quarters of the land although they make up less than 10 percent of the population. No farm has been forcibly taken in South Africa since democracy began in 1994.



South African President Cyril Ramaphosa, who heads a 10-member government of national unity, has said he will send ministers to address the U.S. concerns but has insisted that South Africa &#8220;will not be bullied.&#8221; The U.S. has been unhappy that South Africa took Israel to the International Court of Justice, accusing it of genocide over a military offensive in Gaza where tens of thousands have been killed. Israel has denied the charge, saying it defended itself after Hamas attacked it on Oct. 7, 2023.



“South Africa is simply not deserving of duty free access to the American market,” the letter says, citing South African moves to force the relocation of Taiwan’s liaison office from the capital Pretoria. “Pretoria’s continued insistence on undermining America’s security and foreign policy interests are similarly disqualifying under the eligibility requirements.”



South Africa is a member of the BRICS nations, which groups China, Russia, India and Brazil and has as one its goals, the replacement of the U.S. dollar in commercial transactions.

The African Growth and Opportunity Act Forum

U.S. Congressmen Demand President Trump revoke South Africa’s AGOA membership, break ties

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3333" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/6EO3HGEH6FKYPNIVMCWIHMJTMA.avif" alt="" class="wp-image-586313"/><figcaption class="wp-element-caption">Congolese people displaced following recent clashes between the M23 rebels and the Armed Forces of the Democratic Republic of the Congo (FARDC), leave the camps and return to their homes after the M23 rebels instructed them to vacate the camps in the outskirts of Goma, Democratic Republic of the Congo February 12, 2025. REUTERS/Stringer/File Photo</figcaption></figure>



NAIROBI, Feb 14 (Reuters)&nbsp;&#8211;&nbsp;Congo&#8217;s war tops the agenda at this weekend&#8217;s African Union summit but chances of diplomatic progress are slim as rebels advance and Rwanda&#8217;s leader, accused of backing them, has vowed to &#8220;spit in the face&#8221; of anyone punishing him for his actions.



The advance of M23 rebels through eastern Congo has triggered fears that Africa&#8217;s Great Lakes region risks slipping back into a broader war sucking in neighbouring armies, reminiscent of conflicts in the 1990s and 2000s that killed millions.



The AU summit in Addis Ababa on Saturday and Sunday is meant to be the next stage in regional efforts to halt the conflict. But rebels ignored calls for peace at a summit last week and have pushed towards Bukavu, some 200 km south of Goma, eastern Congo&#8217;s biggest city which was seized last month.



&#8220;I think this is the most serious crisis in Africa right now. It is time for the African Union to show its strength,&#8221; Stephanie Wolters, senior research fellow at the South African Institute of International Affairs, told Reuters.



World leaders have called for Rwanda to cut its support for the M23 fighters, which U.N. experts say includes troops and advanced military hardware.



The United States has warned of possible sanctions against Rwandan and Congolese officials. The European Parliament on Thursday urged the European Union to freeze direct budget support for Rwanda.



But President Paul Kagame remains defiant.



Rwanda has repeatedly denied backing M23 but says it will do everything necessary to defend itself from Hutu militants in Congo that Kigali, and M23, says remain bent killing Tutsis and attacking Rwanda 30 years after the 1994 genocide.



&#8216;EXISTENTIAL THREATS&#8217;



M23 is the latest in a string of Rwanda-backed rebel movements in Congo to cite this threat as they take up arms in the eastern borderlands, which are far from the capital, Kinshasa, and rich in minerals.



&#8220;We have faced existential threats for years. We had the worst tragedy in &#8217;94. You really come to me and start threatening &#8230; sanctions because I am defending myself? And you think I have any iota of fear for that?&#8221; Kagame told France&#8217;s Jeune Afrique magazine this week.



He recalled an episode from the genocide, when he said a woman about to be killed was told to choose how she would prefer to be killed. Instead, he said, she spat in the face of her assailants.



&#8220;You can imagine how much I am going to spit in the face of anyone who tells me to choose between which death I should face,&#8221; he said.



Congo&#8217;s President Felix Tshisekedi travelled to Germany on Thursday to take part in the Munich Security Conference, where he would seek greater international involvement resolving Congo&#8217;s crisis, his office said in a post on X.



He is due to continue to the AU summit afterwards, a source in the presidency said.



M23 rebels last seized Goma in 2012. It only briefly held the city before withdrawing under intense international pressure, threats of aid cuts to Rwanda and an aggressive African force defeated the rebels.



This time, though, experts say there is more reluctance to take on Rwanda and the multitude of other global crises is eating into world leaders&#8217; attention.



The M23 advance south has been slowed by Congolese forces backed by thousands of Burundian troops, which have also deployed into Congo. Tensions between Burundi and Rwanda run high, adding to regional tensions.



(Reporting by David Lewis in Nairobi and Sonia Rolley in Paris; Editing by Bate Felix and Alison Williams)

6EO3HGEH6FKYPNIVMCWIHMJTMA

AU summit unlikely to make progress on Congo in face of Rwanda defiance

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3335" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/BDRBXAEV4NJEFCJVVVLJFQRNLE.avif" alt="" class="wp-image-586232"/><figcaption class="wp-element-caption">Photo: via Reuters</figcaption></figure>



New Delhi and Washington will work to more than double bilateral trade to $500 billion by 2030, Indian Prime Minister Narendra Modi said at a joint press conference with U.S. President Donald Trump on Thursday.



Speaking at the conclusion of the two leaders’ meeting in Washington, Modi also said that “Our teams will work on concluding very soon, a mutually beneficial trade agreement.”



Trump acknowledged India’s recent move to reduce tariffs on select imports and said he would begin talks on disparities on trade and hoped to reach an agreement.



The remarks came hours after Trump signed a&nbsp;<a href="https://www.cnbc.com/2025/02/13/trump-reciprocal-tariffs-news-conference.html">presidential memorandum outlining his plan to impose</a>&nbsp;“reciprocal tariffs” on foreign nations, including India.



The U.S. would simply charge the same tariff rates that India charges, Trump said, while the trade deficit with India could be addressed with the sale of oil and gas.



<a href="https://www.wto.org/english/res_e/statis_e/daily_update_e/tariff_profiles/in_e.pdf" target="_blank" rel="noreferrer noopener">India’s simple average</a>&nbsp;tariff on countries with the most-favored-nation status stands at 17%,&nbsp;<a href="https://www.wto.org/english/res_e/statis_e/daily_update_e/tariff_profiles/US_e.pdf" target="_blank" rel="noreferrer noopener">compared with the U.S. that levies 3.3%</a>. The U.S. enjoys MFN status with most major economies.



U.S. total goods trade with India is estimated at&nbsp;<a href="https://ustr.gov/countries-regions/south-central-asia/india" target="_blank" rel="noreferrer noopener">$129 billion in 2024</a>, according to the Office of the U.S. Trade Representative. India’s surplus with the U.S., its&nbsp;<a href="https://tradestat.commerce.gov.in/eidb/iecnttopn.asp" target="_blank" rel="noreferrer noopener">second-largest trading</a>&nbsp;partner,&nbsp;<a href="https://www.census.gov/foreign-trade/balance/c5330.html" target="_blank" rel="noreferrer noopener">reached $45.7 billion last year.</a>&nbsp;



The U.S. will increase its military sales to India starting this year and ultimately provide F-35 fighter jets to the Asian ally, Trump said at the briefing, in an effort to confront what he called “the threat of radical Islamic terrorism.” India is&nbsp;<a href="https://www.sipri.org/sites/default/files/2024-03/fs_2403_at_2023.pdf" target="_blank" rel="noreferrer noopener">the world’s biggest defense equipment importer</a>.



Modi said India and the U.S. would also work together on developing artificial intelligence and semiconductors while focusing on establishing strong supply chains for strategic minerals.



The lofty target of $500 billion in trade could be achievable, Raghuram Rajan, professor of finance at University of Chicago Booth School of Business and former Reserve Bank of India governor, told CNBC’s “<a href="https://www.cnbc.com/asia-squawk-box/">Squawk Box Asia</a>.”



Besides shifting away from Russia — India’s key defense supplier — toward the U.S. for arms, India could also increase its purchases of liquified natural gas from American manufacturers, Rajan added.



The Trump-Modi meeting had the threat of U.S. tariffs looming large.



“We are, right now, a reciprocal nation&#8230; We’re going to have whatever India charges, we’re charging them. Whatever another country charges, we’re charging them. So it’s called reciprocal, which I think is a very fair way,” the U.S. president said at the press briefing.



The president said that the reciprocal tariffs will not take effect immediately as his administration works on determining the appropriate tariff levels for each affected country.



Trump has already slapped tariffs on China, Canada and Mexico as well as global tariffs on imports of steel and aluminum. Trump’s tariffs on Canada and Mexico are currently on pause after both countries pledged to crack down on illegal drug trafficking at their respective borders with the U.S.



Despite the encouraging tones from the&nbsp;meeting, signs of friction remain in the U.S.-India relation, said Daniel Balazs, a research fellow at the S. Rajaratnam School of International Studies, such as the illegal immigration issue and India’s close ties with Russia.



“The latter, in particular, is unlikely to go away anytime soon and will probably remain a sore point between the two sides,” he said.

BDRBXAEV4NJEFCJVVVLJFQRNLE

U.S. and India to double bilateral trade in five years, Prime Minister Modi says, as Trump tariffs loom

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3334" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/6A7M3AO7TJLVNGKEVN2F6TDGYE.avif" alt="" class="wp-image-559324"/><figcaption class="wp-element-caption">International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., as IMF Managing Director Christine Lagarde meets with Argentine Treasury Minister Nicolas Dujovne September 4, 2018. REUTERS/Yuri Gripas/File Photo</figcaption></figure>



DAKAR, (Reuters) &#8211; Senegal hopes for a new International Monetary Fund programme by June, Finance Minister Cheikh Diba said on Thursday, as the government vowed to investigate alleged malfeasance after an audit found that former authorities misreported key data.



The IMF had suspended its existing $1.8 billion credit facility to Senegal pending a review of state finances, which confirmed on Wednesday that the debt and budget deficit were much wider than former President Macky Sall&#8217;s administration had reported.



Speaking at a press conference, Diba said he hoped a new programme with the IMF could be agreed by June with a disbursement soon after.



Justice Minister Ousmane Diagne said at the press conference that in a follow-up on results of the audit, the government would investigate alleged cases of embezzlement of public funds, forgery, and money laundering.



Diagne said the investigations could implicate former ministers and directors of public institutions during the 2019-2024 period, but he declined to give names.



Former President Sall&#8217;s Alliance for the Republic party (APR) rejected Wednesday&#8217;s review of the country&#8217;s finances by the Court of Auditors, saying in a statement on Thursday that the court had itself validated settlement laws for the past budgets in question.



The IMF did not immediately respond to a request for comment. On Wednesday it said it would look at the court&#8217;s report and initiate consultations with the Senegalese authorities to address issues raised.



(Reporting by Bate Felix; Additional reporting by Diadie Ba; Writing by Alessandra Prentice; Editing by Toby Chopra, Leslie Adler and Sandra Maler)

6A7M3AO7TJLVNGKEVN2F6TDGYE

Senegal hopes for new IMF programme by June, says minister

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/09/GettyImages-1177991243-820x547.jpg" alt="" class="wp-image-412161" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/09/GettyImages-1177991243-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/GettyImages-1177991243-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/GettyImages-1177991243-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/GettyImages-1177991243-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/GettyImages-1177991243-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/GettyImages-1177991243-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Neal Froneman, chief executive officer of Sibanye Gold Ltd., speaks during an interview in Johannesburg on Friday, Oct. 25, 2019. Froneman discussed precious metals prices and the impact of the rand on earnings. Photographer: Waldo Swiegers/Bloomberg via Getty Images</figcaption></figure>



Feb 13 (Reuters) &#8211; Sibanye Stillwater founder and dealmaker Neal Froneman will retire as CEO at the end of September to be succeeded by Richard Stewart, current head of the company&#8217;s operations in Southern Africa, it said on Thursday.



Stewart joined Sibanye in 2014 and has long been touted by investors as a possible successor to Froneman, who turns 66 in September.



Froneman has led Sibanye since 2013, when the company was formed through the combination of three old Gold Fields mines. Since then, Sibanye has grown into a diversified miner with gold and platinum group metal (PGM) operations in Southern Africa and the United States.



Froneman also drove the acquisition of lithium assets in Finland and a zinc operation in Australia as he sought to position the company to tap into the green energy transition.



The deal spree has weighed on Sibanye&#8217;s balance sheet and the Johannesburg-based miner has also struggled with falling profits as PGM prices, particularly palladium, retreated from the record highs of March 2022 after Russia&#8217;s invasion of Ukraine.



($1 = 18.5036 rand)



(Reporting by Nelson Banya and Felix Njini; Editing by David Goodman)

Sibanye Gold Ltd CEO Neal Froneman Interview

Sibanye dealmaker Froneman to retire as CEO in September

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/QOKAVEN6MRMWPH2LUXC4E2QNBU-820x547.jpg" alt="" class="wp-image-562966" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/QOKAVEN6MRMWPH2LUXC4E2QNBU-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/QOKAVEN6MRMWPH2LUXC4E2QNBU-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/QOKAVEN6MRMWPH2LUXC4E2QNBU-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/QOKAVEN6MRMWPH2LUXC4E2QNBU-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/QOKAVEN6MRMWPH2LUXC4E2QNBU-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/QOKAVEN6MRMWPH2LUXC4E2QNBU-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Nigerian President Bola Ahmed Tinubu listens to French President Emmanuel Macron (not seen) as he delivers a statement to the press after a meeting at the Elysee Palace in Paris as part of his a two-day state visit to France, November 28, 2024. REUTERS/Sarah Meyssonnier/Pool/File Photo</figcaption></figure>



ABUJA, Feb 13 (Reuters)&nbsp;&#8211;&nbsp;Nigerian lawmakers approved a budget of 54.99 trillion naira ($36.6 billion) for 2025, exceeding the proposal submitted by President Bola Tinubu, the parliamentary speaker said on Thursday.



Tinubu last week submitted a revised budget estimate of 54.2 trillion naira to the National Assembly due to additional earnings expected from revenue collection, including from the tax authority, customs and other agencies.



But lawmakers raised the amount again before granting their approval. Under Nigerian law, parliament can increase or cut the government&#8217;s spending plans.



The budget will be sent to Tinubu to be signed into law.



Nigeria made a provision of $200 million in the spending plan to fill gaps created by the United States&#8217; suspension of aid to Nigeria&#8217;s health sector.



Tinubu,&nbsp;now in his second year in office, had vowed during his campaign to revive growth in Africa&#8217;s most populous country. But swift reforms &#8211; including ending a petrol subsidy and two currency devaluations &#8211; implemented shortly after he came to power have driven up prices, triggering a cost-of-living crisis.



Inflation is expected to fall sharply to around 15% this year from a three-decade high of 34.80% in January, helped by lower fuel imports, Tinubu said in December.



The government said that spending priorities in 2025 would include bolstering security, investing in infrastructure, and implementing measures to ease the impact of the rising living costs.



The deficit is estimated to be 1.52% of the gross domestic product, or around 13 trillion naira.



(Reporting by Camillus Eboh; Writing by Elisha Bala-Gbogbo; Editing by Alex Richardson and Ros Russell)

FILE PHOTO: French President Macron meets Nigerian President Bola Tinubu in Paris

Nigerian lawmakers pass increased budget of $36.6 billion for 2025

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3150" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/S6HQ7VEU4ROAHDG56OUF4DYLEI.avif" alt="" class="wp-image-585945"/><figcaption class="wp-element-caption">A general view shows a street in Kigali, Rwanda, April 26, 2024. REUTERS/Jean Bizimana/File Photo</figcaption></figure>



KIGALI, Feb 13 (Reuters) &#8211; Rwanda&#8217;s central bank kept its key interest rate unchanged at 6.5% for the second monetary policy meeting in a row, saying that despite a recent pickup in inflation it expected it to remain within its target band.



Annual inflation rose to 7.4% in January, approaching the top of the National Bank of Rwanda&#8217;s 2%-8% target range.



The rise in inflation in recent months was caused by unfavourable weather conditions that meant a delay in the harvest, compared to a bumper harvest a year earlier, Governor John Rwangombwa told a press conference.



The bank has raised its average inflation forecast for 2025 to around 6.5%, up from 5.8%, and sees it at 4.1% in the following year.



&#8220;Though there are slight pressures on inflation, (it) remains within the band, and we are confident that at this rate, 6.5%, we&#8217;ll be able to maintain inflation within the policy band,&#8221; Rwangombwa said.



&#8220;The risk we always highlight is these projections are based on normal weather conditions and normal agriculture performance. But also we see geopolitical tensions, globally, in the region, so this doesn&#8217;t take into consideration any effect from these tensions.&#8221;



The East African country&#8217;s economy was likely to have grown last year more than the 8.3% projected in November, the bank&#8217;s chief economist Thierry Kalisa told reporters.



This year&#8217;s growth was projected at 7% in November, but the bank is currently revising that forecast, Kalisa said.



(Reporting by Philbert Girinema; Writing by Hereward Holland; Editing by Alexander Winning and Ros Russell)

S6HQ7VEU4ROAHDG56OUF4DYLEI

Rwanda central bank holds key rate despite pickup in inflation

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1080" height="679" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/H2VQBBJEVJMTZK7RAQSVTQ2MGE.avif" alt="" class="wp-image-585860"/><figcaption class="wp-element-caption">A delegate walks past African Union (AU) member states national flags during the opening of the 37th Ordinary Session of the Assembly of the African Union at the African Union Headquarters, in Addis Ababa, Ethiopia February 17, 2024. REUTERS/Stringer/File Photo</figcaption></figure>



Feb 13 (Reuters)&nbsp;&#8211;&nbsp;African leaders meeting in Ethiopia this weekend are to launch a new push for slavery and colonial reparations, but can expect to be stonewalled by former colonial powers, most of which have ruled out making amends for historical wrongs.



While the issue of reparations has gained momentum worldwide, so has the backlash. U.S. President Donald Trump has said he &#8220;doesn&#8217;t see it (reparations) happening&#8221; and many of Europe&#8217;s leaders have opposed even talking about it.



At the African Union summit in Addis Ababa, leaders plan to shape a &#8220;unified vision&#8221; of what reparations may look like, from financial compensation and formal acknowledgement of past wrongs to policy reforms.



&#8220;Reparations is the hot topic in Addis Ababa,&#8221; the AU&#8217;s economic, social and cultural council, ECOSOCC, wrote on X.



From the 15th to the 19th century, at least 12.5 million Africans were kidnapped, forcibly transported by mostly European merchants and sold into slavery.



The debate on reparations needs to address the legacy of colonialism and slavery today, from racism to the economic disparities between Africa and wealthy Western nations, said ECOSOCC, which has been advising member states on the issue.



&#8220;It is increasingly becoming impossible to not acknowledge the damage caused by slavery and colonialism,&#8221; said Zimbabwean lawyer and reparations expert, Alfred Mavedzenge.



The continent&#8217;s debt crisis can be traced back to African nations being saddled with heavy debts upon independence. Climate change can also be linked to colonialism: Africa is responsible for just a fraction of carbon emissions, but its fragile ecosystems have borne the brunt of global warming.



<h2 class="wp-block-heading" id="h-more-than-just-compensation">&#8216;MORE THAN JUST COMPENSATION&#8217;</h2>



Much of the debate around reparations, particularly in former colonial powers such as Britain and Portugal, has focused on financial payments but advocates say making amends for the past can take many forms.



&#8220;Reparations are more than just compensation,&#8221; said ECOSOCC&#8217;s head of secretariat William Carew. &#8220;It is about&#8230; ensuring future generations inherit a world that acknowledges their past and propels them towards a brighter future.&#8221;



The AU said in a statement that reparations for Africa could entail land restitution in countries where land was taken from indigenous populations to the return of cultural artefacts.



It also highlighted the need for changes in policies that perpetuate inequalities and for international bodies, such as the United Nations, to hold former colonial powers to account.



&#8220;This might involve diplomatic pressure or legal actions at international courts,&#8221; said the AU.



In 2023, the AU joined forces with the Caribbean community CARICOM to demand reparations. CARICOM has its own reparation plan, which, among other demands, calls for technology transfers and investments to tackle health crises and illiteracy.



<h2 class="wp-block-heading" id="h-right-wing-backlash">RIGHT-WING BACKLASH</h2>



But 30 years since the AU&#8217;s forerunner, the Organisation of African Unity, issued a declaration demanding reparations, there has been little progress.



Jose Maria Neves, president of the African island nation of Cape Verde, has said right-wing populism and its impact on moderate politics has made it difficult to hold a serious debate over the issue.



In Portugal, which enslaved more Africans than any other nation, far-right party Chega proposed charging the president with treason for suggesting there might be a need for reparations.



In Britain, right-wing populist Nigel Farage said Prime Minister Keir Starmer would be &#8220;weak&#8221; if he engaged in talks on the issue. In France, where the far-right is on the rise, President Emmanuel Macron has ruled out reparations, calling for &#8220;reconciliation&#8221; instead.



&#8220;My greatest concern is that there will just be a conversation at this (AU) summit but the resolutions will not be implemented,&#8221; Mavedzenge said.



(Reporting by Catarina Demony in London; Editing by Ros Russell)

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African leaders to push for slavery reparations despite resistance

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/108093379-17380715992025-01-28t041731z_1709029148_rc2licannll2_rtrmadp_0_tech-ai-deepseek-820x547.jpeg" alt="" class="wp-image-585827" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/108093379-17380715992025-01-28t041731z_1709029148_rc2licannll2_rtrmadp_0_tech-ai-deepseek-820x547.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/108093379-17380715992025-01-28t041731z_1709029148_rc2licannll2_rtrmadp_0_tech-ai-deepseek-300x200.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/108093379-17380715992025-01-28t041731z_1709029148_rc2licannll2_rtrmadp_0_tech-ai-deepseek-135x90.jpeg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/108093379-17380715992025-01-28t041731z_1709029148_rc2licannll2_rtrmadp_0_tech-ai-deepseek-768x512.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/108093379-17380715992025-01-28t041731z_1709029148_rc2licannll2_rtrmadp_0_tech-ai-deepseek-1536x1025.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/108093379-17380715992025-01-28t041731z_1709029148_rc2licannll2_rtrmadp_0_tech-ai-deepseek-scaled.jpeg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Dado Ruvic | Reuters</figcaption></figure>



BEIJING — Chinese businesses are tapping DeepSeek’s newest artificial intelligence model to see how it can improve productivity.



The Chinese AI model took the world by storm in recent weeks after showcasing its reasoning process and claims to undercut rival OpenAI’s ChatGPT on cost — despite U.S. restrictions on Chinese access to the advanced semiconductors needed to develop the tech.



Eight automakers including BYD, at least nine financial securities companies, three state-owned telecommunications operators and smartphone brand Honor are among the many that have rushed in the last week to integrate with DeepSeek. Cloud computing operators Alibaba, Huawei, Tencent and Baidu have all offered ways for clients to access DeepSeek’s latest model.



“This is quite unprecedented,” Wei Sun, principal analyst of artificial intelligence at Counterpoint Research, said in an email Monday. She pointed to the rate of adoption, scale of business integration and breadth of specific industries covered.



“When we have all of these, we know it’s making a big social and economic impact,” she said.



Optimism over artificial intelligence has spread to Chinese stocks. UBS said Wednesday that AI-related Chinese stocks are up by 15% since the start of the year, outperforming the broader MSCI China Index by 9%.



A big factor in the widespread interest is timing. DeepSeek released its latest R1 model on Jan. 20, and news of its low-cost reasoning capabilities prompted a global tech stock sell-off on Jan. 27 — just as millions of urban workers in China were returning to their hometowns to celebrate the eight-day Lunar New Year holiday.



As a result, less developed parts of China gained greater understanding of AI and its impact, a topic previously limited to conversations in China’s largest cities, said Wenhao Zhang, CEO of the Beijing-based consumer marketing consultancy Doodod.



“It’s a major education of the market. This will push the entire ecosystem’s development,” he said Tuesday in Mandarin, translated by CNBC.



Zhang, who studied AI at Tsinghua University, founded Doodod in 2012 to build customer engagement through social media analysis. He said the company —&nbsp;which counts China Merchant’s Bank and Toyota as clients — started looking at DeepSeek’s offerings late last year, and began using it more after the R1 release in late January.



DeepSeek, founded in 2023 out of a quantitative hedge fund, had released a basic version of R1 in November, and a V3 model in December. It launched a smartphone chatbot app in January.



<h2 class="wp-block-heading" id="h-open-source-local-deployment"><a></a>Open-source local deployment</h2>



Another attractive factor for businesses is that DeepSeek’s models are open-source, allowing individuals and companies to download and customize it.



DeepSeek also advertised drastically lower prices for applications to use its tech versus that of OpenAI. ChatGPT is not officially available in mainland China and requires users to provide an overseas phone number and payment method from a supported country such as the U.S.



DeepSeek changed the perception that AI models only belong to big companies and have high implementation costs, said James Tong, CEO of Movitech, an enterprise software company which says its clients include Danone and China’s State Grid.



He said Movitech started integrating an earlier version of DeepSeek in the fourth quarter of last year, helping boost sales by about 25% from the same period in 2023. The company plans to launch a new DeepSeek-integrated application by the end of March to improve clients’ ability to make decisions, he said.



Many recent videos on Chinese social media have showed off how to run a local version of DeepSeek on Apple’s Mac mini.



Apple Mac mini online sales in China climbed significantly from November to January, versus the same period the year prior,&nbsp;according to data from consultancy WPIC. The electronics-focused JD.com site recorded unit sales of around 20,200 in January, up from nearly 19,400 in December and around 12,250 in November, the data showed.



DeepSeek’s affordability is pressuring more expensive AI models to cut prices, enabling more businesses to adopt the tech, said Chim Lee, senior Asia analyst at the Economist Intelligence Unit. He added that open-source models allow finance, banking and healthcare businesses — which are&nbsp;subject to stringent data protection rules in China — to develop AI applications locally.



“It is still very early to point to concrete business applications, but a key takeaway is that DeepSeek will accelerate the commoditization of AI,” Lee said.



Beijing is also increasing support. China’s national supercomputing network announced Tuesday that eligible companies and individuals can obtain three free months of DeepSeek access, along with subsidized computing power.



The network is similar to OpenAI’s Trump-backed Stargate project in the U.S. for building AI infrastructure — with the potential for “even faster scaling,” Winston Ma, adjunct professor at NYU School of Law said Wednesday. He is also the author of “The Digital War: How China’s Tech Power Shapes the Future of AI, Blockchain and Cyberspace.” 



<h2 class="wp-block-heading" id="h-not-centered-on-deepseek"><a></a>Not centered on DeepSeek</h2>



The rush to try out DeepSeek doesn’t mean it will be the only AI provider for Chinese companies. Developers in the U.S. and China are regularly releasing new models.



Movitech also uses Alibaba’s Qwen AI model, Tong said, noting that the market wants the tech that can lower costs and produce results the most, whether it’s OpenAI or DeepSeek.



HangHang AI, which has invested several hundred million yuan to develop AI solutions for companies across 20 industries, uses a range of models, said partner and COO Shu Weibing.



Many people first used “Baidu, then realized it wasn’t as good as Kimi, then it wasn’t as good as [ByteDance’s] Doubao, which also cut prices,” Shu said in Mandarin, translated by CNBC. “Now it’s DeepSeek.”



It remains to be seen how much generative AI can boost productivity and profits.



Shu predicts that small businesses and companies that integrate AI&nbsp;with hardware&nbsp;will benefit more than&nbsp;large, consumer-facing internet platforms, whose AI work so far, he said, has focused more on boosting efficiency rather than creating new consumer services.



Despite AI models’ falling prices, “small and medium-sized businesses may still be in a period of wait-and-see” for adopting the tech due to the relatively high cost for a full deployment, including computing power and customization, Mike Fang, senior director analyst at Gartner, said Wednesday in Mandarin translated by CNBC.



But the consulting firm predicts that by 2027, the average price to access a generative AI model will be less than 1% of what it costs now — and that by 2029, 60% of Chinese businesses will have incorporated AI into their primary products and services, forming the top drivers of revenue growth.

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