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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



The bonds inched down in early trading on Tuesday.



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



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



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



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



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



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

FILE PHOTO: People work out on the outskirts of Dakar

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

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/107351661-17036182092023-10-24t101848z_1359207624_rc2yy3ac3wuf_rtrmadp_0_fintech-crypto-bitcoin-820x461.jpeg" alt="" class="wp-image-553187" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/107351661-17036182092023-10-24t101848z_1359207624_rc2yy3ac3wuf_rtrmadp_0_fintech-crypto-bitcoin-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/107351661-17036182092023-10-24t101848z_1359207624_rc2yy3ac3wuf_rtrmadp_0_fintech-crypto-bitcoin-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/107351661-17036182092023-10-24t101848z_1359207624_rc2yy3ac3wuf_rtrmadp_0_fintech-crypto-bitcoin-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/107351661-17036182092023-10-24t101848z_1359207624_rc2yy3ac3wuf_rtrmadp_0_fintech-crypto-bitcoin-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/107351661-17036182092023-10-24t101848z_1359207624_rc2yy3ac3wuf_rtrmadp_0_fintech-crypto-bitcoin-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/107351661-17036182092023-10-24t101848z_1359207624_rc2yy3ac3wuf_rtrmadp_0_fintech-crypto-bitcoin.jpeg 1858w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Dado Ruvic | Reuters</figcaption></figure>



Bitcoin was trading just shy of $90,000 Monday night after breaching $80,000 just a day earlier.



The flagship cryptocurrency was last higher by 12% at $89,100, according to Coin Metrics. Earlier Monday, it rose as high as $89,623.00. Its price is expected by many investors to continue making fresh records on its way up to $100,000 later this year.



“Bitcoin is now in price discovery mode after breaking through all-time highs early last Wednesday morning when it was officially declared that Trump won the election,” said Mike Colonnese, an analyst at H.C. Wainwright. “Strong positive sentiment is likely to persist through the balance of 2024 and [we] see bitcoin prices potentially reaching the six-figure mark by the end of this year.”



Crypto investors have been cheering President-elect Donald Trump’s promises to make the regulatory environment more supportive and even friendly toward crypto businesses, which have long struggled with a lack of clarity of the rules of the road.



While bitcoin has long been deemed a safe asset in Washington – that is, not subject to securities laws – the long tail of cryptocurrencies and crypto-related startups have been operating in a risky grey area.



“That’s just shifted 180 degrees,” Matt Hougan, chief investment officer of Bitwise Asset Management, told CNBC. “We’re now in a positive regulatory environment, we now have tailwinds from that, and that comes in the case of a market that was already in a bull market … that’s going to push us higher.”



Ether was trading higher by 5.8% Monday evening. Payments token XRP rose nearly 4% and the token linked to decentralized finance project Polygon gained more than 4%. Dogecoin has been one of the biggest winners – likely due to its connection with Elon Musk, who helped get Trump elected. It’s up 38%.



In the stock market, Coinbase and MicroStrategy gained about 3% and 5%, respectively, in extended trading. In the regular session on Monday, Coinbase surged 19% to trade above $300 for the first time since 2021. It’s now about 6% from its high from that year.



Traders and analysts agree this rally is just only beginning.



“It does seem like there’s an air gap between the previous [bitcoin] all-time highs around $72,000 and $100,000,” Hougan said. “It’s hard exactly to see what would force sellers to come into this market and halt the momentum before we get to that level. Of course, there are no guarantees. You could see pullbacks, but we’re in a new crypto market cycle. … I do think that we are right to be bullish and the bias is still on the upside.”

107351661-17036182092023-10-24t101848z_1359207624_rc2yy3ac3wuf_rtrmadp_0_fintech-crypto-bitcoin

Bitcoin is closing in on $90,000 for the first time ever

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



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



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



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



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



Vodacom shares were down 4.53% at 1122 GMT.



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



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



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



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



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



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



($1 = 17.6023 rand)



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

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

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

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/NJ2MN73ZIBPIVI4JIKXJJHMY2E-820x547.jpg" alt="" class="wp-image-552808" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/NJ2MN73ZIBPIVI4JIKXJJHMY2E-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/NJ2MN73ZIBPIVI4JIKXJJHMY2E-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/NJ2MN73ZIBPIVI4JIKXJJHMY2E-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/NJ2MN73ZIBPIVI4JIKXJJHMY2E-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/NJ2MN73ZIBPIVI4JIKXJJHMY2E-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/NJ2MN73ZIBPIVI4JIKXJJHMY2E-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Ghana&#8217;s former president and current main opposition National Democratic Congress (NDC) party presidential candidate John Dramani Mahama, 65, addresses supporters during a political campaign launch ahead of December polls, in Tamale, Ghana, July 27, 2024. REUTERS/Francis Kokoroko/File Photo</figcaption></figure>



ACCRA, Nov 11 (Reuters)&nbsp;&#8211;&nbsp;Ghana&#8217;s main opposition leader John Dramani Mahama looks set to win December&#8217;s presidential election, an opinion poll showed on Monday, placing him ahead of his main challenger, ruling party candidate Muhamudu Bawumia.



Former president Mahama, 65, and current Vice President Bawumia, 60, are the two main contenders for the Dec. 7 election to replace President Nana Akufo-Addo, who is stepping down in January after two terms as head of the gold- and cocoa-producing nation. Eleven other candidates are also running.



Global InfoAnalytics, an Accra-based research group, released poll results on Monday that saw Mahama winning 52%, followed by 41.3% for Bawumia. The poll has a 1.9% error margin.



It found that voters were mainly concerned about the economy, jobs, education and infrastructure.



Mahama invested heavily in infrastructure during his 2012-17 presidency, when he faced criticism for power shortages and economic instability. His government was also embroiled in corruption allegations, although Mahama was never directly accused.



He is running again as the candidate of the main opposition National Democratic Congress (NDC).



Bawumia, an economist and&nbsp;former&nbsp;central banker, is running for the ruling New Patriotic Party (NPP), which grappled with Ghana&#8217;s worst economic crisis in a generation.



Both candidates have presented plans to boost the economy and improve livelihoods.



Ghana, the world&#8217;s second largest cocoa producer, defaulted on most of its $30 billion external debt in 2022 after years of overstretched borrowing.



Akufo-Addo&#8217;s government secured a 3-year, $3 billion bailout from the International Monetary Fund in 2023 and is now on the final lap of a painful process required for the money to be disbursed.



The Economist Intelligence Unit predicted an NDC win in October due to the NPP&#8217;s economic record. Fitch Solutions published a similar forecast that month.



Both Mahama and Bawumia are from northern Ghana, a historic NDC stronghold where the NPP has been making inroads.



Political analyst Alidu Seidu of the University of Ghana said the election would probably be a very close contest between the two.



Results were difficult to predict and a run-off vote was likely, he said.



No party has ever won more than two consecutive terms in Ghana&#8217;s democratic history.



(Editing by Sofia Christensen and Giles Elgood)

Ghana’s NDC party campaign launch ahead of December elections, in Tamale

Main Ghana opposition leader tipped to win presidential vote, poll shows

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108058955-1730907484716-gettyimages-2182554552-porzycki-elonmusk241106_npRLr-820x461.jpeg" alt="" class="wp-image-552774" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108058955-1730907484716-gettyimages-2182554552-porzycki-elonmusk241106_npRLr-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108058955-1730907484716-gettyimages-2182554552-porzycki-elonmusk241106_npRLr-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108058955-1730907484716-gettyimages-2182554552-porzycki-elonmusk241106_npRLr-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108058955-1730907484716-gettyimages-2182554552-porzycki-elonmusk241106_npRLr-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108058955-1730907484716-gettyimages-2182554552-porzycki-elonmusk241106_npRLr-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108058955-1730907484716-gettyimages-2182554552-porzycki-elonmusk241106_npRLr.jpeg 1858w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Jakub Porzycki | Nurphoto | Getty Images</figcaption></figure>



Bitcoin reached a fresh all-time high near $81,000 and futures premiums soared, in a clear sign that investors believe the record-run in the world’s largest cryptocurrency is poised for even more gains on the back of U.S. elections that saw a swell of pro-crypto candidates win office.



Open interest in bitcoin’s price surpassing $90,000 rose to more than $2.8 billion on the popular Deribit derivatives exchange, one of a few crypto native platforms that offers futures trading. Deribit encompasses most of the offshore options market.



“The options market’s bias is heavily toward continued momentum. Call options trade at a premium to puts, and open interest in out-of-the-money calls has grown,”&nbsp;Vetle Lunde,&nbsp;head of research at K33 Research, told CNBC.



A call option gives the buyer the right to buy shares of an underlying asset at a certain price for a specified period of time. Buying a call option is a bet the asset price will move higher. Buying a put option is a bet the asset price will fall.



The CME derivates exchange offers bitcoin futures contracts and is a popular way for institutions in the U.S. to make bets on the future price of bitcoin. Velde told CNBC that on Friday CME premiums for ether and bitcoin averaged 14.5% and 14%, respectively. Ahead of the election, Velde says these premiums sat at 7%, and had spent a majority of the past half year hovering slightly below 10%.



“The recent surge is a meaningful deviation higher emphasizing the bullish flows of late,” he added, noting that yields more or less stabilized well into the double digits after the election became clear.



“Alongside the growth in leverage, we saw the first meaningful example of growing yields in offshore derivatives, indicative of the move being led by determined risk-takers positioning for further upside,” said Velde.



The early innings of bitcoin’s push higher coincided with substantial growth in open interest in perpetual swaps, or contracts that allow buyers to speculate on where they think prices are headed without a set expiration date.



But liquidity in crypto markets on weekends is typically poorer than during weekdays, as neither CME futures nor ETFs are open to trade, so moves thus tend to overreact and substantially retrace once these markets open again, according to Velde.



President-elect Donald Trump promised on the campaign trail to turn the United States into the “crypto capital of the planet.” His multiple pledges to the crypto community included launching a national crypto stockpile with the more than $16 billion in bitcoin the U.S. government has amassed through asset seizures, as well as slashing interest rates. The easing of monetary policy typically dovetails with a surge in crypto prices since it makes it cheaper to borrow money.



The Federal Reserve, which guides the country’s monetary policy, sets the benchmark rate. It also, by design, operates independently from the White House. On Thursday, the Fed approved its second consecutive interest rate cut.



On the back of election results and the Fed’s unanimous vote to again slash the benchmark rate, the crypto market broadly surged into the weekend. Ether eclipsed bitcoin’s rise, up 30% in the last seven days, and solana’s market cap topped $100 billion on Sunday.



The total market cap of all spot bitcoin ETFs is now above $80 billion, and in the last three trading days alone, the spot funds collectively added $2.3 billion.



Within fintech, companies tied to crypto were some of the top performers, after candidates funded by the crypto industry won races up and down the ballot.



Coinbase shares jumped 48% for the week, their strongest performance since January 2023. Coinbase was one of the top corporate donors in the election cycle, giving more than $75 million to Fairshake and its affiliate PACs, including a fresh pledge of $25 million to support the pro-crypto super PAC in the 2026 midterms.



Trump has vowed to oust SEC Chair Gary Gensler, which potentially bodes well for companies like Coinbase fighting the regulator in court over alleged securities offenses.



“Tuesday night was certainly a big night for crypto and the crypto voter,” Coinbase’s chief legal officer Paul Grewal said in an interview. “We’re going to have the most pro-crypto Congress ever, and Coinbase has played some part in all of that.”



Robinhood, which allows users to buy and sell a number of digital currencies, rose 27% for the week. The online brokerage received a Wells Notice from the SEC in May, a move that often precedes formal charges.



Robinhood’s general manager for its crypto unit told CNBC that the goal at Robinhood is to be able to work within the administration.



“If you think about crypto, it’s a very fast-moving pace. It’s complicated, it was made by engineers, for engineers,” said Johann Kerbrat, the Vice President and General Manager of&nbsp;Robinhood&nbsp;Crypto. “We want to help policymakers to understand it and help them drive the right protections for the customers.”

108058955-1730907484716-gettyimages-2182554552-porzycki-elonmusk241106_npRLr

Over $2.8 billion bet on bitcoin topping $90,000 as it hits all-time high

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="573" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/2I5GGBSV3RLKLARXG4AKQ6YF4I-820x573.jpg" alt="" class="wp-image-551746" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/2I5GGBSV3RLKLARXG4AKQ6YF4I-820x573.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/2I5GGBSV3RLKLARXG4AKQ6YF4I-300x210.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/2I5GGBSV3RLKLARXG4AKQ6YF4I-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/2I5GGBSV3RLKLARXG4AKQ6YF4I-768x537.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/2I5GGBSV3RLKLARXG4AKQ6YF4I-1536x1074.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/2I5GGBSV3RLKLARXG4AKQ6YF4I-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A municipal worker attempts to unclog a flooded road in Newlands during heavy rains in Cape Town, South Africa, July 9, 2024. REUTERS/Esa Alexander/File Photo</figcaption></figure>



JOHANNESBURG, Nov 8 (Reuters)&nbsp;&#8211;&nbsp;South Africa is concerned by the impact Donald Trump&#8217;s election as the next president of the United States may have on talks to tackle climate change, its environment minister said on Friday.



Trump&#8217;s election and the collapse of Germany&#8217;s coalition government this week have come right before COP29 talks aimed at curbing global warming, which scientists blame for destructive hurricanes, floods and heatwaves across the world this year.



&#8220;We are concerned about America because we don&#8217;t know what they&#8217;re going to do &#8230; how (it) is going to approach COP,&#8221; South African Environment Minister Dion George told Reuters.



&#8220;Mr. Trump said that he would withdraw from the Paris Agreement, but we don&#8217;t know what will happen,&#8221; George added in a telephone interview on Friday.



International partners are concerned that the prospect of an administration led by Trump, who has called climate change a hoax, will de-motivate poor and middle-income countries who want rich nations to shoulder more of its financial burden.



South Africa, which is one of the world&#8217;s top 15 greenhouse gas emitters and accounts for 30% of the continent&#8217;s emissions, has accepted $11.6 billion from rich nations, mainly in loans, for a switch from coal to renewable energy.



This is seen as a potential model for other &#8216;Global South&#8217; countries who say financing pledges of $100 billion, which took years to come through, are insufficient.



&#8220;It&#8217;s certainly not enough. We need another target,&#8221; George said. &#8220;But then the question is: as the voter base is shifting in developed economies, are they actually going to pay it?&#8221;



The South African minister said he had been reassured by German officials that Europe&#8217;s stance at the COP29 climate talks will not be hurt by Berlin&#8217;s political crisis.



George said that Jennifer Morgan, Germany&#8217;s state secretary for international climate action, had contacted him to say it will be up to the European Union to maintain leadership.



&#8220;Their position is not changed and that is how they will approach COP,&#8221; George said, adding: &#8220;They&#8217;re on Team Europe. The European Union and German have clearly set out their objectives.&#8221;



(Reporting by Tim Cocks; Editing by Alexander Smith)

Cold front in Cape Town

South Africa concerned Trump election will impact climate talks

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/104823443-GettyImages-869487498-820x461.jpg" alt="" class="wp-image-551642" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/104823443-GettyImages-869487498-820x461.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/104823443-GettyImages-869487498-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/104823443-GettyImages-869487498-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/104823443-GettyImages-869487498-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/104823443-GettyImages-869487498-1536x864.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/104823443-GettyImages-869487498.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Photo: via CNBC</figcaption></figure>



Federal Reserve Chairman Jerome Powell said Thursday that he will not step down if President-elect Donald Trump asks for his resignation.



When asked whether he would resign if requested to by Trump, the Fed chair simply said: “No.” Powell subsequently told reporters that the president does not have the power to fire or demote him.



“Not permitted under the law,” Powell told reporters at a news conference, after the Fed cut interest rates by a quarter percentage point. 



Investors will be closely watching the president-elect’s contentious relationship with the Fed chair. Trump appointed Powell in 2017, but repeatedly lashed out against the central bank chief during his first term as president, arguing Powell was not easing monetary policy quickly enough.



Trump said in an October interview that the president should be able to weigh in on interest rate decisions.



“I don’t think I should be allowed to order it, but I think I have the right to put in comments as to whether the interest rates should go up or down,” Trump told Bloomberg News at the Economic Club of Chicago on Oct. 15.



As Covid-19 swept the nation in March 2020, Trump claimed the authority to remove Powell from office. The Fed chair’s term ends in 2026.



Powell also said Thursday that Trump’s election victory this week will not have any immediate impact on the central bank’s policy.&nbsp;



“In the near term, the election will have no effects on our policy decisions,” Powell told reporters.



The Republican Party also won a majority in the Senate in Tuesday’s election. If the GOP takes the House of Representatives as well, Trump should have an easier path to pass his economic agenda.&nbsp;



Steve Mnuchin, Trump’s former Treasury secretary, said the president-elect will likely focus on cutting taxes and imposing tariffs, particularly on China.  



Powell said the next administration’s policies could have an economic effect that would impact the Fed’s dual mandate of maximum employment and price stability.&nbsp;But it is still too early to tell and the Fed is not making any assumptions, Powell said.&nbsp;



“It’s such an early stage,” Powell said. “We don’t know what the policies are, and once we know what they are, we won’t have a sense of when they’ll be implemented,” he said.

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Powell says he would not resign as Fed chief if Trump asked for his resignation

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1365" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108059394-1730955309734-gettyimages-2182206041-fc_1208661-scaled.jpeg" alt="" class="wp-image-551572" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108059394-1730955309734-gettyimages-2182206041-fc_1208661-scaled.jpeg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108059394-1730955309734-gettyimages-2182206041-fc_1208661-300x200.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108059394-1730955309734-gettyimages-2182206041-fc_1208661-820x547.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108059394-1730955309734-gettyimages-2182206041-fc_1208661-135x90.jpeg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108059394-1730955309734-gettyimages-2182206041-fc_1208661-768x512.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108059394-1730955309734-gettyimages-2182206041-fc_1208661-1536x1024.jpeg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">Pictured here is a construction site of property developer Hongkong Land, in Shanghai on Nov. 4, 2024. Feature China | Future Publishing | Getty Images</figcaption></figure>



BEIJING – China is widely expected to unveil more stimulus on Friday after its parliament ends a five-day meeting.



Authorities here have ramped up stimulus announcements since late September, fueling a stock rally. President Xi Jinping led a meeting on Sept. 26 that called for strengthening fiscal and monetary support, and stopping the real estate market slump.



While the People’s Bank of China has already cut several interest rates, major increases in government debt and spending requires approval by the country’s parliament, called the National People’s Congress.



That approval could be granted at the weeklong meeting of the legislature’s standing committee. During a similar meeting in October of last year, authorities had approved a rare increase in China’s deficit to 3.8%, from 3%, according to state media.



Analysts expect an increase in the scale of fiscal support after Donald Trump — who has threatened harsh tariffs on Chinese goods — won the U.S. presidential election this week. But some are still cautious, warning that Beijing may remain conservative and not issue direct support to consumers.



When discussing planned fiscal support at a press conference last month, Minister of Finance Lan Fo’an emphasized the need to address local government debt problems.



At the parliamentary meeting so far, officials have reviewed a plan to increase the limit on how much debt local governments can issue, according to state media. The additional quota would go toward swapping out local governments’ hidden debt.



Nomura estimates that China has 50 trillion yuan to 60 trillion yuan ($7 trillion to $8.4 trillion) in such hidden debt, and expects Beijing could allow local authorities to increase deb issuance by 10 trillion yuan over the next few years.



That could save local governments 300 billion yuan in interest payments a year, Nomura said.



In recent years, the country’s real estate slump has drastically limited a significant source of local government revenues. Regional authorities have also had to spend on Covid-19 controls during the pandemic.



Even before then, local Chinese government debt had grown to 22% of GDP by the end of 2019, far more than the growth in revenue available to pay that debt, according to an International Monetary Fund report.

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China expected to announce highly anticipated fiscal stimulus package

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108057984-1730831808377-gettyimages-2176083179-AFP_36JD9UV-820x461.jpeg" alt="" class="wp-image-551327" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108057984-1730831808377-gettyimages-2176083179-AFP_36JD9UV-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108057984-1730831808377-gettyimages-2176083179-AFP_36JD9UV-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108057984-1730831808377-gettyimages-2176083179-AFP_36JD9UV-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108057984-1730831808377-gettyimages-2176083179-AFP_36JD9UV-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108057984-1730831808377-gettyimages-2176083179-AFP_36JD9UV-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108057984-1730831808377-gettyimages-2176083179-AFP_36JD9UV.jpeg 1858w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Tesla CEO Elon Musk (R) joins former U.S. President and Republican presidential candidate Donald Trump during a campaign rally at the site of his first assassination attempt in Butler, Pennsylvania, on Oct. 5, 2024. Jim Watson | Afp | Getty Images</figcaption></figure>



As Donald Trump celebrated his presidential victory early Wednesday morning, Elon Musk was right there with him.



“A star is born. Elon,” Trump said onstage at his Mar-a-Lago resort, thanking the world’s richest person for spending two weeks campaigning in Pennsylvania.



Musk, who poured at least $130 million into a pro-Trump campaign effort, turned Trump support into yet another full-time job in recent months, funding a swing-state operation to register voters and using his social media platform X to constantly tout his preferred candidate, frequently with misinformation.



Musk’s investment in Trump is already paying off, even though Trump doesn’t take office until Jan. 20.



Tesla shares soared 15% on Wednesday, adding roughly $15 billion in paper value to Musk’s net worth. The electric vehicle maker faces headwinds in the global market from China-based competitors, declining European sales and consumers’ growing distaste for his political views.



But with Musk cozying up to Trump, and the president-elect promising to slash the types of regulations that Musk abhors, Wall Street is betting Tesla, on balance, will be a beneficiary.



For Musk, the potential gains go well beyond Tesla.



During his victory speech, Trump also praised Musk’s SpaceX and thanked Musk for delivering Starlink Wi-Fi terminals to Hurricane-stricken parts of the U.S. That all leaves Musk with plenty of reasons to be optimistic that a second Trump administration will pay healthy dividends to him and his businesses.



Musk’s companies are currently embroiled in a range of probes and lawsuits from federal agencies pertaining to matters including alleged securities law violations, workplace safety, labor and civil rights violations, violations of federal environmental laws, consumer fraud and vehicle safety defects.



Given the executive branch’s outsized control over federal regulatory bodies, Musk can look forward to regulators and intelligence agencies winding down some or all of the 19 known ongoing federal investigations and lawsuits against Tesla, SpaceX and X, formerly known as Twitter.



At New York’s Madison Square Garden on Oct. 27, Musk was one of many Trump fans and surrogates to speak during an all-day rally. Much of the coverage of the event focused on comedian Tony Hinchcliffe’s bigoted quips, including his description of Puerto Rico as a “floating island of garbage.”



Musk was introduced by Cantor Fitzgerald CEO Howard Lutnick, who called the Tesla CEO the “greatest capitalist” in U.S. history. Lutnick said he and Musk were co-founders of the envisioned “Department of Government Efficiency” and he asked Musk how much he thought could be cut from the federal budget.



Musk answered “at least $2 trillion,” which is more than the federal government’s discretionary budget of $1.7 trillion. The remark received a scream from Lutnick and applause from the crowd.



Musk didn’t specify what he sought to cut, but he previously accused agencies including the SEC, Environmental Protection Agency and Federal Aviation Administration of regulatory overreach or infringing on his free speech rights.



He also accused the Biden administration of hiring too many IRS personnel, and has vocally objected to a so-called billionaires tax.



Having a role in a bespoke commission could give Musk power over federal agencies’ budgets, staffing and the ability to push for the elimination of inconvenient regulations.



Musk also said during a Tesla earnings call on Oct. 23, that he intended to use his sway with Trump to establish a “federal approval process for autonomous vehicles.” Currently, approvals happen at the state level.



Tesla has been working on driverless technology for more than a decade but hasn’t yet produced a robotaxi or vehicle safe to use without a human ready to steer or brake at any time.



Additionally, a Trump administration may agree to ramp up the government’s work with his companies.



Musk’s newest startup, xAI, is developing large language models and generative artificial intelligence software that aims to compete with similar products from Microsoft-backed OpenAI, Meta and others.&nbsp;



Meta recently announced its open-source Llama models were available to U.S. government agencies in the areas of defense and national security. And OpenAI is already working with the U.S. military after adding a retired U.S. Army general and former director of the National Security Agency to its board in June.



Musk didn’t respond to a request for comment.



<h2 class="wp-block-heading" id="h-spacex-s-billions-in-federal-contracts">SpaceX’s billions in federal contracts</h2>



According to research on federal spending and prime contracts by FedScout, SpaceX has received more than $19 billion from contracts with the federal government since 2008, including from NASA, the U.S. Air Force and Space Force.



The company is on track to take in several billions of dollars annually from prime contracts with the federal government for years to come, according to FedScout CEO Geoff Orazem.



That number doesn’t include classified spending, smaller items like Starlink terminals, or spending that’s done at the state level via block grants from the federal government, like when the Federal Emergency Management Agency gives states assistance to help recover from natural disasters.



Meanwhile, Tesla has reported around $10 billion in sales of “automotive regulatory credits,” or environmental credits, since 2015, Orazem found by evaluating the company’s financial filings.



These incentives are largely derived from federal and state regulations in the U.S. that require automakers to sell some number of low-emission vehicles or buy credits from companies like Tesla, which often have an excess.



Regulatory credits were about 60% of Tesla’s net income in the second quarter of 2024, and 39% in the third quarter. Other government rebates on EV sales represented about 50% of Tesla’s third-quarter profit.



Trump hasn’t made clear whether he’ll maintain those rebates and regulatory credit programs. He previously said he may cut the federal $7,500 EV tax credit.



Additionally, Trump has promised to slash income taxes and to implement steep tariffs. While tariffs&nbsp;could help protect Tesla from Chinese competitors, such a move could involve significant disruption to Tesla’s automotive supply chain, which relies on some materials and parts from China.



When it comes to worker protections, Musk has been seeking to strike down the constitutional authority of the National Labor Relations Board through litigation. He may find such lawsuits are no longer needed if Trump is willing to eliminate or reduce the power of the agency, which is supposed to ensure that companies follow federal laws allowing workers to form unions and engage in collective bargaining with their employers.



Then there’s Musk’s involvement with sanctioned governments.



At SpaceX, Musk has withheld the use of Starlink, the company’s satellite internet service, over Taiwan, even for U.S. troops based there. The Wall Street Journal reported that Musk cut off access as a favor requested by Russian President Vladimir Putin allegedly on behalf of Chinese President Xi Jinping during a series of ongoing, frequent talks between the two men.



In response to the reports, NASA Administrator Bill Nelson said if they were true, Musk’s conversations with Putin should be be federally investigated.



According to analysis by NBC News, Musk has repeatedly posted pro-Kremlin content to his hundreds of millions of followers on X. He even engaged with content from Tenet Media and its creators at least 60 times on the social network. Tenet was at the center of an alleged Russian covert operation to manipulate U.S. public opinion ahead of the 2024 election, according to the Department of Justice. 



While Vice President-elect JD Vance recently called Putin a U.S. adversary, Trump has frequently spoken of his affection for the Russian president, even since Russia’s devastating invasion of Ukraine in 2022. Kremlin officials have celebrated Trump’s victory in this week’s election.



Musk, who publicly endorsed Trump moments after the first assassination attempt on the former president in July, has said he intends to remain involved in U.S. politics for the long haul.



He said in a discussion on X on Tuesday that his super PAC would continue its work after the presidential election and would seek to influence the outcomes of midterms, intermediate elections and elections of local prosecutors across the U.S.



A priority, Musk said, would be to help elect district attorneys “who prosecute repeat violent criminals who are obviously a danger to people.”

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How Elon Musk stands to cash in on Trump’s presidential victory

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108058872-1730902372279-gettyimages-1197718058-jm1_4964-820x461.jpeg" alt="" class="wp-image-551324" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108058872-1730902372279-gettyimages-1197718058-jm1_4964-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108058872-1730902372279-gettyimages-1197718058-jm1_4964-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108058872-1730902372279-gettyimages-1197718058-jm1_4964-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108058872-1730902372279-gettyimages-1197718058-jm1_4964-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108058872-1730902372279-gettyimages-1197718058-jm1_4964-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108058872-1730902372279-gettyimages-1197718058-jm1_4964.jpeg 1858w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A man holds an American flag depicting president-elect Donald Trump at Parliament Square in London in 2020. Jeff J Mitchell | Getty Images News | Getty Images</figcaption></figure>



The U.K. holds dear to its so-called “special relationship” with the U.S., priding itself on a long history of shared values and cultural, diplomatic, linguistic and commercial ties with the States.



London feels those long-standing bonds and geopolitical interests make its relationship with the U.S., well, special.



Whether that feeling of exceptionalism and unique closeness is appreciate or felt as keenly across the Atlantic has always been a bone of contention for London, however, and the bond between the U.S. and U.K. could be tested further when Donald Trump returns to the White House following his election win.



In the run-up to the vote, Britain’s Prime Minister Keir Starmer had looked to strengthen the relationship with Trump, checking in on the Republican leader after an assassination attempt against him, and traveling to New York with Foreign Secretary David Lammy to dine with him at Trump Tower in September.



Congratulating the president-elect on his decisive win, Starmer posted on X that he looked forward to a collaborative partnership with Trump



“As the closest of allies, we stand shoulder to shoulder in defence of our shared values of freedom, democracy and enterprise,” he commented, adding, “From growth and security to innovation and tech, I know that the U.K.-U.S. special relationship will continue to prosper on both sides of the Atlantic for years to come.”



Still, Starmer might have some groveling to do with a new Trump administration.



Tensions flared last month when Trump’s campaign team in October accused the Labour Party of “blatant foreign interference” in the presidential election after party activists travelled to the U.S. to help Harris’ campaign. Starmer and the party denied the accusations.



There’s no doubt that the leaders are cut from different cloths — the brash and unpredictable character of businessman-turned-politician Trump is a far cry from the more measured style of the former human rights lawyer who once took on big business in high-profile court cases.



Addressing British lawmakers on Wednesday, Starmer reacted to Trump’s win by reaffirming his commitment to good relations with the U.S., stating “it is absolutely crucial that we have a strong relationship, that strong special relationship forged in difficult circumstances, between the U.S. and the U.K.”



But Kemi Badenoch, the new leader of Britain’s opposition Conservative Party, which is more ideologically aligned with the Republicans, goaded Starmer over past criticism of Trump by the current Labour foreign minister who, in 2018, called Trump a “woman-hating, neo-Nazi-sympathising sociopath” and a “profound threat to the international order” in a magazine article. Lammy has since said he would work with Trump and would look to persuade the infamously NATO-skeptic Republican to remain in the military alliance.



<h2 class="wp-block-heading" id="h-the-uk-can-lie-low"><a></a>The UK can lie low</h2>



Economists say Britain should not expect any special treatment when a new Trump administration comes into force, but they note it’s unlikely the U.K would be a prime target for punitive policies, such as import tariffs, that could be levied on the European Union and China as Trump looks to boost America’s growth and competitiveness.



Trump has already threatened to revive a trade war that began during his first term in office, stating in his election campaign that he would raise tariffs on Chinese goods by 60-100%, and would impose a blanket 10% tariff (or potentially 20%) on all U.S. imports, a move opening up a new front in trade tensions with two of its largest trading partners, the EU and China. The U.K., now outside the European bloc, might find its post-Brexit position an advantage.



“The U.K. is, quite frankly, probably small enough to be off the radar,” Kallum Pickering, chief economist at Peel Hunt, told CNBC after Trump’s election win.



“We’re not part of the EU anymore. China and the EU are the big two [that will be targeted by Trump]. We won’t come into any issues around NATO commitments, because we meet our own. Whereas with Europe, Trump could conceivably say, ‘we’ll threaten you with a trade war, but if you increase your military spend and meet your NATO commitments, we’ll not put tariffs on,’” Pickering said, noting that “Trump likes to trade everything off.”



While “Starmer may have offended Trump at some point, or David Lammy might have offended America,” Pickering noted that “these are relatively small potatoes versus Trump’s issues with Europe and NATO or China containment. So I think with a bit of careful diplomacy, the U.K. and the U.S. can get on good terms quickly,” he said.



<h2 class="wp-block-heading"><a></a>Not so special anymore</h2>



Describing the “special relationship” as one of convenience for the U.S., Pickering said the U.K. could still maneuver itself to be useful to an incoming Trump government.



“The key thing for the U.K. is, can it reassert itself as this mid-Atlantic broker between America and Europe now that it’s outside of the EU? This was always the U.K.’s advantage — to be the English speaking common-law, American partner within the European Union, and by brokering that relationship, that allowed us to punch above our weight diplomatically.”



Whisper it, but the “special relationship” ceased to be special long ago, according to Holger Schmieding, chief economist at Berenberg.



“Apart from strong cooperation on intelligence gathering and few military aspects, all recent U.S. administrations have treated the U.K. as a normal mid-size European country,” Schmieding told CNBC Wednesday.



“That Trump and Starmer are apparently not fans of each other, to put it mildly, will not help in future U.S.-U.K. talks. But it is not the decisive factor, largely because for the U.S. will probably not be inclined to give any special treatment to any country in Europe,” he said.



Schmieding said it’s advisable for the U.K. to coordinate its response to Trump with its European neighbors, notably on how to react if Trump cuts U.S. military aid to Ukraine, as expected, meaning Europe is on the hook for the funding gap left by Ukraine’s strongest ally since Russia invaded in February 2022.



Although the picture has improved since Trump was last in office, from 2017 to 2021, the president-elect is likely to continue to harangue European members of NATO to increase their defense spending, a perennial bugbear for Trump.



NATO members committed in 2014 to spending 2% of their national gross domestic product on defense but laggards remain, including Germany, France, Italy, Turkey, Spain and Canada. Even the Netherlands, whose former leader Mark Rutte is now NATO chief, has failed to meet the spending pledge.



After being elected to office in July, Starmer made a “cast-iron commitment” to raise U.K. defense spending to 2.5% of GDP, but has refused to give a timetable for the increase. Still, the U.K. is in Trump’s good books when it comes to defense spend, with its expenditure in the arena standing at 2.3% of GDP in 2023, NATO figures show. The U.S. spent 3.2%, making it the second-largest spender after Poland, at 3.9%.



Trump rattled NATO members in February when he said he would not provide military protection to any member state that had not met its financial obligations to the bloc, and would even “encourage” adversaries “to do whatever the hell they want” to that nation.

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Britain loves its ‘special relationship’ with the U.S. — but that doesn’t mean Trump will love it back

<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/GEMQRVYSSFICDJH3FN5AWJF7KE-820x527.jpg" alt="" class="wp-image-551277" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GEMQRVYSSFICDJH3FN5AWJF7KE-820x527.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GEMQRVYSSFICDJH3FN5AWJF7KE-300x193.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GEMQRVYSSFICDJH3FN5AWJF7KE-140x90.jpg 140w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GEMQRVYSSFICDJH3FN5AWJF7KE-768x494.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GEMQRVYSSFICDJH3FN5AWJF7KE-1536x988.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GEMQRVYSSFICDJH3FN5AWJF7KE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A protester runs after teargas was fired at a crowd gathering during a &#8220;national shutdown&#8221; against the election outcome, at Luis Cabral township in Maputo, Mozambique, November 7, 2024. REUTERS/Siphiwe Sibeko.</figcaption></figure>



MAPUTO, Nov 7 (Reuters)&nbsp;&#8211;&nbsp;Mozambican police fired tear gas at protesters in the capital Maputo on Thursday in the biggest demonstration yet against the long-ruling Frelimo party which was declared the winner of a disputed election last month.



Anger has mounted since election authorities said Frelimo had won the Oct. 9 vote, extending its 49-year rule. Human rights groups say at least 18 people have been killed in the police crackdown on protests since then.



The election was hotly contested, with many young people supporting independent candidate Venancio Mondlane, who says the vote was rigged and called for a week of protests culminating on Thursday.



Civil society groups and Western observers also said the election was unfair and that results were altered. A Frelimo spokesperson did not respond to requests for comment.



The party has been accused of vote-rigging in previous polls and has denied it, sparking smaller protests last year.



Police were deployed in full force on Thursday as large groups of mostly young men barricaded streets with burning tires and waved homemade signs in support of Mondlane.



A Reuters witness saw a police officer firing a handgun in the direction of a crowd of protesters in a Maputo township.



&#8220;There has never been something like this in the country,&#8221; said Adriano Nuvunga, director of Mozambique&#8217;s Centre for Democracy and Human Rights.



&#8220;Whatever the outcome&#8230; the young people have gained their voice,&#8221; he said.



President Filipe Nyusi has not spoken since the protests escalated. His defence minister has threatened to deploy the army and warned against attempts to grab power.



Mozambique&#8217;s Constitutional Council has not yet certified the election results, a process that usually takes around two months.



On Tuesday it ordered the electoral commission to clarify within 72 hours why there had been discrepancies in the number of votes counted in the presidential, legislative and provincial elections, according to a letter seen by Reuters.



An electoral commission spokesperson did not immediately respond to a request for comment.



&#8220;(The outcome) comes down to what the Constitutional Council decides, I suspect. But the anger is palpable and I don&#8217;t know what they can say that will calm things down,&#8221; said Louw Nel, a political analyst at Oxford Economics Africa.



South Africa has closed its main border crossing for security reasons, and its foreign ministry advised its citizens against all but essential travel to Mozambique.



South African logistics company Grindrod on Thursday said it had suspended port and terminal operations in Mozambique.



(Reporting by Siphiwe Sibeko, Siyabonga Sishi and Manuel Mucari; Additional reporting and writing by Nellie Peyton;Editing by Alexander Winning and Ros Russell)

Mozambique opposition party leads national shutdown against election outcome

Mozambique opposition stages biggest protest yet as police crack down

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="521" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/SAFARICOM-820x521.jpg" alt="" class="wp-image-551177" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/SAFARICOM-820x521.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/SAFARICOM-300x191.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/SAFARICOM-142x90.jpg 142w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/SAFARICOM-768x488.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/SAFARICOM-1536x975.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/SAFARICOM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A pedestrian walks on a sideway outside the Safaricom mobile phone customer care centre in the central business district of Nairobi, Kenya, November 10, 2021. REUTERS/Monicah Mwangi</figcaption></figure>



NAIROBI, Nov 7 (Reuters) &#8211; Kenya&#8217;s biggest telecoms operator, Safaricom, lowered its full-year earnings guidance on Thursday, after reporting a sharp fall in net income due to the depreciation of Ethiopia&#8217;s birr currency.



The company won the first licence to operate in Africa&#8217;s second most populous country, with about 120 million people, in 2022, following the liberalisation of the sector.



Despite strong customer growth, it has had a bumpy ride so far due to security, inflation and currency challenges.



Safaricom said the group&#8217;s half-year earnings before interest and taxes (EBIT) grew 31.9% year-on-year, but expected full-year earnings to ease to 94 billion to 100 billion Kenyan shillings ($731 million to $778 million) from 103 billion to 109 billion previously.



The company, partially owned by South Africa&#8217;s Vodacom and Britain&#8217;s Vodafone, posted a 14.0% increase in group service revenue to 181.4 billion shillings for the period to the end of September.



However, the group&#8217;s net income fell 17.7% on the year, dented by a depreciation of 106% in Ethiopia&#8217;s birr currency, an effect of the government&#8217;s free float of the unit, said Peter Ndegwa, Safaricom&#8217;s group chief executive officer.



&#8220;Despite the short-term challenges, we remain confident in the long-term commercial success of our Ethiopian business, and we are very encouraged by the commercial acceleration,&#8221; Ndegwa said.



Ethiopia adopted a market-determined foreign exchange rate in late July in a raft of reforms aimed at liberalising its financial sector to secure a new International Monetary Fund lending programme, and advance a long-delayed debt overhaul.



Launched two years ago, Safaricom&#8217;s Ethiopia arm will take a further year to break even because of the country&#8217;s foreign exchange reforms, achieving profit in the 2027 financial year, Ndegwa said.



&#8220;Due to the uncertainty of what (exchange) rate we will have at the end of the year, we are guiding that any 10 percentage points change in terms of currency depreciation, would result (in) about eight billion shillings &#8230; in terms of balance sheet impact,&#8221; he said.



Chief Finance Officer Dilip Pal said that while the impact of the birr&#8217;s exchange rate correction created a substantial drag in half-year results, the impact on the group&#8217;s full-year results would be &#8220;much lower&#8221;.



Its shares on the Nairobi Securities Exchange, where it is the largest company, were down 2.75% by 0744 GMT.



($1 = 128.5000 Kenyan shillings)



(Reporting by Hereward Holland; Editing by Bate Felix and Clarence Fernandez)

A pedestrian walks on a sideway outside the Safaricom mobile phone customer care centre in the central business district of Nairobi

Safaricom trims forecast on Ethiopia’s birr depreciation

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/106677114-15983545702020-08-25t100023z_1719720997_rc2yki97n9wc_rtrmadp_0_usa-china-tech-820x461.jpeg" alt="" class="wp-image-551143" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/106677114-15983545702020-08-25t100023z_1719720997_rc2yki97n9wc_rtrmadp_0_usa-china-tech-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/106677114-15983545702020-08-25t100023z_1719720997_rc2yki97n9wc_rtrmadp_0_usa-china-tech-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/106677114-15983545702020-08-25t100023z_1719720997_rc2yki97n9wc_rtrmadp_0_usa-china-tech-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/106677114-15983545702020-08-25t100023z_1719720997_rc2yki97n9wc_rtrmadp_0_usa-china-tech-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/106677114-15983545702020-08-25t100023z_1719720997_rc2yki97n9wc_rtrmadp_0_usa-china-tech-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/106677114-15983545702020-08-25t100023z_1719720997_rc2yki97n9wc_rtrmadp_0_usa-china-tech.jpeg 1858w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Chinese and U.S. flags flutter near The Bund, before U.S. trade delegation meet their Chinese counterparts for talks in Shanghai, China July 30, 2019. Aly Song | Reuters</figcaption></figure>



BEIJING — Donald Trump’s 2024 presidential win has raised the bar for China’s fiscal stimulus plans, expected Friday.



On the campaign trial, Trump threatened to impose additional tariffs of 60% or more on Chinese goods sold to the U.S. Increased duties of at least 10% under Trump’s first term as president did not dent America’s position as China’s largest trading partner.



But new tariffs — potentially on a larger scale — would come at a pivotal time for China. The country is relying more on exports for growth as it battles with a real estate slump and tepid consumer spending.



If Trump raises tariffs to 60%, that could reduce China’s exports by $200 billion, causing a 1 percentage point drag on GDP, Zhu Baoliang, a former chief economist at China’s economic planning agency, said at a Citigroup conference.



Since late September, Chinese authorities have ramped up efforts to support slowing economic growth. The standing committee of the National People’s Congress — the country’s parliament — is expected to approve additional fiscal stimulus at its meeting this week, which wraps up Friday.



“In response to potential ‘Trump shocks,’ the Chinese government is likely to introduce greater stimulus measures,” said Yue Su, principal economist at the Economist Intelligence Unit. “The overlap of the NPC meeting with the U.S. election outcome suggests the government is prepared to take swift action.”



She expects a stimulus package of more than 10 trillion yuan ($1.39 billion), with about 6 trillion yuan going towards local government debt swaps and bank recapitalization. More than 4 trillion yuan will likely go towards local government special bonds for supporting real estate, Su said. She did not specify over what time period.



<h2 class="wp-block-heading" id="h-stock-market-divergence"><a></a>Stock market divergence</h2>



Mainland China and Hong Kong stocks fell Wednesday as it became clear that Trump would win the election. U.S. stocks then soared with the three major indexes hitting record highs. In Thursday morning trading, Chinese stocks tried to hold mild gains.



That divergence in stock performance indicates China’s stimulus “will be slightly bigger than the baseline scenario,” said Liqian Ren, who leads WisdomTree’s quantitative investment capabilities. She estimates Beijing will add about 2 trillion yuan to 3 trillion yuan a year in support.



Ren doesn’t expect significantly larger support due to uncertainties around how Trump might act. She pointed out that tariffs hurt both countries, but restrictions on tech and investment have a greater impact on China.



Trump, during his first term as president, put Chinese telecommunications giant Huawei on a blacklist that restricted it from using U.S. suppliers. The Biden administration expanded on those moves by limiting U.S. sales of advanced semiconductors to China, and pressuring allies to do the same.



Both Democrats and Republicans supported the passage of those newer export controls and efforts to boost semiconductor manufacturing investment in the U.S., Chris Miller, author of “Chip War,” pointed out earlier this year. He expected the U.S. to increase such restrictions regardless of who won the election.



China has doubled down on bolstering its own tech by encouraging bank loans to high-end manufacturing. But the country had long benefited from U.S. capital as well as the ability to use U.S. software and high-end parts.



Republicans gained a majority in the Senate for the next two years, according to NBC News projections, though control of the House of Representatives remains unclear.



“If the Republican Party gains control of Congress, protectionist measures could be accelerated, amplifying impacts on the global economy and presenting significant downside risks,” Su said.



She expects Trump will likely impose such tariffs in the first half of next year, and could speed up the process by invoking the International Emergency Economic Powers Act or Section 122 of the Trade Act of 1974, which allows the president to impose tariffs of up to 15% in response to a serious balance-of-payments deficit.



U.S. data shows that the trade deficit with China narrowed to $279.11 billion in 2023, from $346.83 billion in 2016.



Su estimated that a 10% tariff increase on Chinese exports to the U.S. could reduce Beijing’s real GDP growth by an average of 0.3 to 0.4 percentage points in the next two years, assuming other factors remain constant.



China’s exports to the U.S. fell by 14% last year to $500.29 billion, according to customs data on Wind Information. That’s still up from $385.08 billion in 2016, before Trump was sworn in for his first term.



Meanwhile, China’s annual imports from the U.S. climbed to $164.16 billion in 2023, up from $134.4 billion in 2016, the Chinese data showed.



Other analysts believe that Beijing will remain conservative, and trickle out stimulus over the coming months rather than release a large package on Friday.



China’s top leaders typically meet in mid-December to discuss economic plans for the year ahead. Then, officials would announce the growth target for the year at an annual parliamentary meeting in March.



“China will likely face much higher tariff from the U.S. next year. I expect policy response from China to also take place next year when higher tariff is imposed,” Zhiwei Zhang, chief economist at Pinpoint Asset Management, said in a note Wednesday afternoon.



“I also don’t think the government will change the policies they already proposed to the NPC because of US election,” he said.



<h2 class="wp-block-heading"><a></a>China’s growing global trade influence</h2>



Regardless of tariffs, China remains an export powerhouse to markets outside the U.S.



“Chinese exports have indeed shifted a bit in the past few years in terms of destination, with the U.S. representing less than 15% of total Chinese exports in 2023, compared with nearly 18% on average in the 2010s,” Francoise Huang, senior economist for Asia-Pacific and global trade at&nbsp;Allianz&nbsp;Trade, said in September.



“While China has lost market share in the U.S., it’s clearly been gaining in other places,” she said. “For example, China now represents more than 25% of ASEAN imports, compared with less than 18% in the 2010s.”



China’s exports have also grown to countries that sell to the U.S., a Federal Reserve report found in August.



— CNBC’s Dylan Butts contributed to this report.

106677114-15983545702020-08-25t100023z_1719720997_rc2yki97n9wc_rtrmadp_0_usa-china-tech

Trump win and threat of more tariffs raises expectations for more China stimulus

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108012507-1722016734915-gettyimages-2162908988-AA_26072024_1789841-820x461.jpeg" alt="" class="wp-image-550942" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108012507-1722016734915-gettyimages-2162908988-AA_26072024_1789841-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108012507-1722016734915-gettyimages-2162908988-AA_26072024_1789841-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108012507-1722016734915-gettyimages-2162908988-AA_26072024_1789841-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108012507-1722016734915-gettyimages-2162908988-AA_26072024_1789841-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108012507-1722016734915-gettyimages-2162908988-AA_26072024_1789841-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108012507-1722016734915-gettyimages-2162908988-AA_26072024_1789841.jpeg 1858w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Former US President Donald Trump (L) shakes hands with Israeli Prime Minister Benjamin Netanyahu (R) as they pose for a photo within their meeting at Mar-a-Lago estate, in Palm Beach, Florida, United States on July 26, 2024.  Amos Ben-Gershom | Anadolu | Getty Images</figcaption></figure>



A flurry of world leaders on Wednesday sent their congratulations to President-elect Donald Trump after the 78-year-old triumphantly declared a “magnificent” victory.



NBC News has projected Trump will win the presidential race.



Addressing his supporters in Florida, Trump said his return to the White House would usher in the “golden age” of America.



U.K. Prime Minister Keir Starmer congratulated Trump on his “historic” election victory, saying the U.K.-U.S. “special relationship will continue to prosper on both sides of the Atlantic for years to come.”



Likewise, European Commission President Ursula von der Leyen, French President Emmanuel Macron, Spanish Prime Minister Pedro Sanchez, Italian Prime Minister Giorgia Meloni and Hungarian Prime Minister Viktor Orban all offered their congratulations to Trump.



Ukrainian President Volodymyr Zelenskyy congratulated Trump on what he described as his “impressive election victory.”



“I appreciate President Trump’s commitment to the ‘peace through strength’ approach in global affairs. This is exactly the principle that can practically bring just peace in Ukraine closer. I am hopeful that we will put it into action together,” Zelenskyy via social media.



“We look forward to an era of a strong United States of America under President Trump’s decisive leadership. We rely on continued strong bipartisan support for Ukraine in the United States,” he added.



Zelenskyy’s comments come as tensions are likely to be running high in Kyiv, with the U.S. vote regarded as a potentially make-or-break moment in the country’s yearslong fight against Russia.



Ukrainian officials were said to be closely watching the result amid concerns that future military aid to the Eastern European country could be cut — a move that would significantly curtail Kyiv’s ability to fight back against Russia’s full-scale invasion.



Russia, meanwhile, appeared to be buoyed by news that Trump has secured a White House victory.



“Trump has one quality that is useful to us: as a businessman to the core, he mortally dislikes spending money on various hangers-on and freeloaders – on idiotic allies, on stupid charity projects and on gluttonous international organizations,” Dmitry Medvedev, Russia’s former president, said via Telegram, according to an NBC translation.



Russian Foreign Ministry spokesperson Maria Zakharova said via Telegram: “Kamala Harris was right when she quoted Psalm 31:5: ‘Weeping may stay for the night, but rejoicing comes in the morning.’”



“Hallelujah, I’d add from my part,” Zakharova said, according to an NBC translation 



Separately, NATO Secretary-General Mark Rutte said Trump’s leadership would be key to keeping the military alliance strong.



“I look forward to working with him again to advance peace through strength through #NATO,” Rutte said.



<h2 class="wp-block-heading" id="h-turkey-india-australia-israel-and-iran"><a></a>Turkey, India, Australia, Israel and Iran</h2>



Turkish President Recep Tayyip Erdoğan congratulated Trump on his election victory.



“In this new period that will begin with the elections of the American people, I hope that Turkey-US relations will strengthen, that regional and global crises and wars, especially the Palestinian issue and the Russia-Ukraine war, will come to an end; I believe that more efforts will be made for a more just world,” Erdoğan said.



“I hope that the elections will be beneficial for our friendly and allied people in the United States and for all of humanity,” he added.



Indian Prime Minister Narendra Modi congratulated Trump on his “historic election victory.”



“As you build on the successes of your previous term, I look forward to renewing our collaboration to further strengthen the India-US Comprehensive Global and Strategic Partnership. Together, let’s work for the betterment of our people and to promote global peace, stability and prosperity,” Modi said.



Australian Prime Minister Anthony Albanese also offered his congratulations to Trump.



“Australians and Americans are great friends and true allies. Working together, we can ensure the partnership between our nations and peoples remains strong into the future,” Albanese said.



Elsewhere, Israeli Prime Minister Benjamin Netanyahu offered his congratulations to both Donald and Melania Trump.



“Congratulations on history’s greatest comeback! Your historic return to the White House offers a new beginning for America and a powerful recommitment to the great alliance between Israel and America,” Netanyahu said. “This is a huge victory!” he added.



Not everyone sent their warm wishes to Trump, however.



“The U.S. presidential election holds no direct relevance to Iran, as the fundamental policies of both the United States and Iran remain unchanged,” Iranian government spokesperson Fatemeh Mohajerani said in a statement, according to the country’s semiofficial news agency, Tasnim.



“It makes little difference who becomes president, as there will be no impact on people’s livelihoods,” Mohajerani said.

108012507-1722016734915-gettyimages-2162908988-AA_26072024_1789841

‘A huge victory’: World leaders react as Trump secures White House return

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-2182880212-820x547.jpg" alt="" class="wp-image-550881" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-2182880212-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-2182880212-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-2182880212-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-2182880212-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-2182880212-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-2182880212-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">RALEIGH, NORTH CAROLINA &#8211; NOVEMBER 04: Republican presidential nominee, former U.S. President Donald Trump takes the stage during a campaign rally at the J.S. Dorton Arena on November 04, 2024 in Raleigh, North Carolina. With one day left before the general election, Trump is campaigning for re-election in the battleground states of North Carolina, Pennsylvania and Michigan. (Photo by Chip Somodevilla/Getty Images)</figcaption></figure>



Republican presidential nominee Donald Trump will defeat his Democratic rival, Kamala Harris, and return to the White House for another four years, NBC News projects.



After losing his reelection bid to President Joe Biden in 2020, Trump, the 45th president, will now become the 47th.



Trump’s victory marks a series of historic firsts. At 78, he is the oldest person ever to win a U.S. presidential election. He will be the first president in 132 years — since Grover Cleveland — to serve two nonconsecutive terms in office. And he emerged victorious from what is likely the most expensive presidential race in history.



He is also the first president, current or former, ever to be convicted of crimes. He is the first twice-impeached president ever to win back the White House. He is the first president ever to take office while fending off criminal charges in multiple active federal and state cases.



Trump’s win denies Harris, the vice president, what would have been her own historic milestone: becoming the first woman president of the United States.



It also represents a staggering political achievement for Trump’s running mate, Sen. JD Vance of Ohio, who won his first election just two years earlier.



Just 40 years old, Vance, a former Trump critic turned loyalist and top advocate for the president-elect’s right-wing populist movement, is now first in the presidential line of succession.



If Trump pursues his campaign promises, his second administration will soon set out to enact an ambitious, controversial agenda centered on deep tax cuts, mass deportations and reshaped relationships with foreign leaders.



Trump has also vowed to impose heavy tariffs, claiming that they will simultaneously boost U.S. revenues, strengthen domestic industries and deter unwanted foreign competition.



Mainstream economists have repeatedly warned that the tariffs, which are taxes paid by U.S. importers, will raise prices on American consumers.



It remains to be seen to what extent Trump’s presidential agenda will resemble the sum of his many claims as a candidate.



He has vowed to pardon his supporters who violently rioted at the U.S. Capitol on Jan. 6, 2021.



He has assured that he will quickly broker an end to Russia’s invasion of Ukraine, a vague stance that threatens to undo the Biden administration’s policy of strong support for Kyiv.



He has said he would put Robert F. Kennedy Jr., a vocal vaccine skeptic, in charge of health policy, and tap billionaire Tesla CEO Elon Musk to propose trillions of dollars in government spending cuts.



He has denied Democrats’ warnings that he will behave in office like a dictator, “except for Day One.”



The campaign that delivered Trump’s election was no less historic.



Trump survived an assassination attempt in mid-July, when Thomas Matthew Crooks, a 20-year-old registered Republican who had donated to a Democratic group, opened fire with an AR-15-style rifle during a campaign rally in Pennsylvania. Crooks fatally shot one rally attendee, and one of his bullets grazed Trump’s ear, streaking his face with blood.



Trump’s immediate reaction to the shooting — pumping his fist and defiantly telling his supporters to “fight!” as Secret Service agents rushed him off stage — instantly became a defining moment of the campaign.



Just a few days later, the race was shaken up again.



In late July, Harris, 60, was catapulted to the top of the Democratic presidential ticket after Biden announced he would no longer seek reelection.



Biden’s stunning decision, which made him the first incumbent president since Lyndon Johnson to voluntarily end his White House stay, was one he had initially resisted.



The 81-year-old and his allies, including Harris, had vociferously defended his physical and mental fitness for four more years as president.



But a simmering undercurrent of Democratic uneasiness dramatically boiled over after a shocking debate performance in late June, when a frail and distracted-looking Biden delivered raspy, halting and inarticulate answers versus Trump.



Less than a month later, amid a collapse in internal support and dwindling poll numbers, Biden ended his campaign and backed Harris as his replacement.



The switch effectively reset the race, forcing Trump to throw out many of his well-rehearsed attacks and adapt to an opponent unburdened by Biden’s most glaring weaknesses.



It wasn’t a seamless transition: Harris bested Trump in the candidates’ one and only debate in mid-September, and Trump declined her repeated challenges to face off again.



But polls gradually showed the race tightening, as Trump’s campaign worked to blame Harris for the inflation and immigration woes that had dragged down Biden’s approval ratings throughout his presidency.



This is breaking news. Please check back for updates.

Donald Trump Campaigns For President In Raleigh, North Carolina

Donald Trump defeats Kamala Harris to win 2024 presidential election

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-1569339526-820x547.jpg" alt="" class="wp-image-550863" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-1569339526-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-1569339526-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-1569339526-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-1569339526-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-1569339526-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-1569339526-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A line of trucks along the N4 national highway, wait to cross South Africa&#8217;s border into Mozambique, on the outskirts of Komatipoort, South Africa, on Friday, July 14, 2023. An often impenetrable logjam of trucks laden with coal at South Africa&#8217;s crossing with Mozambique has brought chaos to the sleepy border town Komatipoort. Photographer: Leon Sadiki/Bloomberg via Getty Images</figcaption></figure>



JOHANNESBURG, Nov 6 (Reuters) &#8211; South Africa has temporarily closed its main border crossing with Mozambique over safety concerns, its government news agency said on Wednesday, as protests against last month&#8217;s disputed election in Mozambique continue to escalate.



South Africa has closed the Lebombo port of entry in its Mpumalanga province after receiving reports of vehicles being torched on the Mozambican side, the government news agency said.



&#8220;Due to these security incidents and in the interest of public safety, the port has been temporarily closed until further notice,&#8221; it quoted Michael Masiapato, the commissioner of the Border Management Authority as saying on Tuesday night.



Masiapato said the border authority would reopen the Lebombo crossing as soon as it was safe to do so.



The latest protests in Mozambique are part of a week of demonstrations called by presidential candidate Venancio Mondlane, who came second in official results for the Oct. 9 election but claims to have won.



The protests are set to culminate in a &#8220;national shutdown&#8221; and march on the capital Maputo on Thursday.



At least 10 people have been killed and scores injured in protests in which demonstrators have burned tires, blocked roads and marched to offices of the ruling party, Frelimo. Authorities have responded with tear gas and live ammunition, according to human rights groups, and restricted access to the internet.



The electoral commission has declined to comment on opposition allegations of fraud, while Frelimo has not replied to requests for comment.



(Reporting by Bhargav Acharya and Sisipho Skweyiya in Johannesburg and Manuel Mucari in Maputo; Editing by Alexander Winning and Ros Russell)

Global Demand for Coal Is Bringing Mayhem to South African Border Town

South Africa closes main border with Mozambique as post-election protests escalate

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108058638-1730878289255-gettyimages-2183214745-_s1_8329_zo2b6egr-820x547.jpeg" alt="" class="wp-image-550810" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108058638-1730878289255-gettyimages-2183214745-_s1_8329_zo2b6egr-820x547.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108058638-1730878289255-gettyimages-2183214745-_s1_8329_zo2b6egr-300x200.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108058638-1730878289255-gettyimages-2183214745-_s1_8329_zo2b6egr-135x90.jpeg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108058638-1730878289255-gettyimages-2183214745-_s1_8329_zo2b6egr-768x512.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108058638-1730878289255-gettyimages-2183214745-_s1_8329_zo2b6egr-1536x1024.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108058638-1730878289255-gettyimages-2183214745-_s1_8329_zo2b6egr-scaled.jpeg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Republican presidential nominee, former U.S. President Donald Trump arrives to speak during an election night event at the Palm Beach Convention Center on November 06, 2024 in West Palm Beach, Florida. 
Chip Somodevilla | Getty Images</figcaption></figure>



Donald Trump declared victory in the presidential election early Wednesday morning, as the Republican led Kamala Harris in projected Electoral College votes in the presidential election.



Neither Trump nor Harris has secured the 270 Electoral College votes needed to win the White House, but after NBC News projected he will win Pennsylvania, the former president was just four electoral votes short of that goal.



“I want to thank the American people for the extraordinary honor of being elected your 47th president and your 45th president,” Trump told supporters at the West Palm Beach, Florida, Convention Center, where he was flanked by family members and top members of his campaign.



“We’re going to help our country heal,” Trump said. “We’re going to fix everything about our country.”



“We made history for a reason tonight,” he said. “This will truly be the golden age of America.”



Trump during his speech praised Tesla CEO Elon Musk for supporting him in his campaign, which included the “We have a new star, a star is born, Elon!” Trump said of Musk, who is the richest person in the world.



Trump also touted his support from Robert F. Kennedy Jr., the independent candidate who ended his campaign for president.



Trump said Kennedy, a vaccine skeptic and conspiracy theorist, would play a key role in determining health-care policy in his administration.



Harris had been expected to address her own supporters Tuesday night at the Democrat’s alma mater, Howard University, in Washington, D.C.



But the vice president opted not to speak, and instead plans to do so later Wednesday.



This is developing news. Check back for updates.

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