<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3386" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/HUSJFCPJYBNIFPI5TQLV3BAP7A.avif" alt="" class="wp-image-559556"/><figcaption class="wp-element-caption">A protester holds a machete and a saw near burning barricades during a &#8220;national shutdown&#8221; against the election outcome, at Luis Cabral township in Maputo, Mozambique, November 7, 2024. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, Nov 27 (Reuters)&nbsp;&#8211;&nbsp;The governments of the United States, Britain, Canada, Norway, and Switzerland on Wednesday jointly condemned the escalating violence against civilians in Mozambique, a southern African nation currently embroiled in weeks of post-election protests.



&#8220;We call on the Government of Mozambique to uphold the role of security forces to protect the people of Mozambique,&#8221; the countries said in a joint statement.



Public outrage has surged after last month&#8217;s disputed election results, which sparked protests from opposition supporters.



The opposition is contesting what they say is a fraudulent victory by Frelimo, the party that has governed Mozambique since 1975.



The election result saw Frelimo extend its five-decade rule with its candidate, Daniel Chapo, succeeding President Filipe Nyusi to become Mozambique&#8217;s fifth president since its independence from Portugal.



Footage obtained by Reuters and shared on social media on Wednesday showed an armoured vehicle ploughing through a crowd of protesters in the capital, Maputo, hitting a woman.



In response to the incident, Mozambique&#8217;s army released a statement expressing deep regret over the accident, saying that the vehicle that was part of a properly marked convoy &#8220;accidentally ran over a citizen&#8221;.



The embassies of the five countries have called for an investigation into the incident.



Local monitoring group Plataforma Decide said last week at least 67 people were killed due to the unrest between mid-October and mid-November.



(Writing by Bhargav Acharya; Editing by Bate Felix and Sandra Maler)

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US, Britain and others condemn escalating violence in Mozambique

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="526" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/RQ6Y27JM7RJZXG4XPHIK3JJ37I-820x526.jpg" alt="" class="wp-image-499905" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/RQ6Y27JM7RJZXG4XPHIK3JJ37I-820x526.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/RQ6Y27JM7RJZXG4XPHIK3JJ37I-300x192.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/RQ6Y27JM7RJZXG4XPHIK3JJ37I-140x90.jpg 140w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/RQ6Y27JM7RJZXG4XPHIK3JJ37I-768x493.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/RQ6Y27JM7RJZXG4XPHIK3JJ37I-1536x985.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/RQ6Y27JM7RJZXG4XPHIK3JJ37I-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Naspers&#8217; logo is pictured on a smartphone in this illustration taken, December 4, 2021. REUTERS/Dado Ruvic/Illustration/File Photo</figcaption></figure>



JOHANNESBURG, Nov 27 (Reuters)&nbsp;&#8211;&nbsp;Takealot, South Africa&#8217;s biggest pure-play online retailer, on Wednesday opened its third distribution centre in the coastal province of KwaZulu-Natal, as it seeks to offer faster deliveries in the country&#8217;s second most populated region.



The e-commerce giant, owned by tech investor Naspers has been operating in KwaZulu-Natal (KZN) for over a decade but fulfilling orders through its other warehouses.



&#8220;The centre is a strategic enhancement of our delivery network to better service the people of the province,&#8221; Frederik Zietsman, CEO of Takealot Group said in a statement.



Located in the coastal city of Durban, the facility spans 43,000 square metres and is equipped to ship up to 45,000 units per day, the company said.



Durban, being one of South Africa&#8217;s leading industrial and economic hubs, plays an important role in the country&#8217;s trade and logistics networks, Zietsman said.



&#8220;The city&#8217;s infrastructure connects regional markets to global supply chains, and its strategic location offers unmatched access to key transport routes. The new Distribution Centre enables Takealot to leverage on these logistical advantages,&#8221; he added.



Takealot, which is defending its market share against newcomer U.S. e-commerce giant Amazon, has two other distribution centres, in Cape Town and Johannesburg.



(Reporting by Nqobile Dludla; Editing by Elaine Hardcastle)

FILE PHOTO: Illustration shows smartphone with Naspers’ logo

Takealot boosts logistics with new distribution centre in South Africa’s Durban

<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>



NAIROBI, Nov 27 (Reuters)&nbsp;&#8211;&nbsp;International Monetary Fund staff and Ethiopia&#8217;s government have reached agreement on the second review of the country&#8217;s $3.4 billion financing programme, the IMF said on Wednesday.



The East African country secured the programme in July, hours after it followed one of the IMF&#8217;s key recommendations and floated its birr currency.



Upon completion of the review by the IMF&#8217;s Executive Board, Ethiopia will have access to a disbursement of roughly $251 million, the IMF said in a statement.



&#8220;Ethiopia&#8217;s economic reform programme, including the transition to a market-determined exchange rate, continues to advance well,&#8221; the statement said.



&#8220;With macroeconomic stability supported by prudent policy and a so far muted FX reform impact on inflation, conditions for economic growth in the period ahead appear promising.&#8221;



The first programme review, which focused on aspects like foreign exchange reserves and external debt, was agreed with staff in September and approved by the board last month.



After unusually fast reviews of Ethiopia&#8217;s programme to date that were aimed at closely monitoring the impact of reforms including the liberalisation of the foreign exchange market, the IMF is now moving to a six-month review schedule.



(Reporting by Hereward Holland. Additional reporting by Gursimran Kaur. Writing by Duncan Miriri. Editing by Alexander Winning and Mark Potter)

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IMF, Ethiopia reach staff agreement on second programme review

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3193" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/N5TCR3K4IZPKXKFUBHVDCCUSQM.avif" alt="" class="wp-image-559248"/><figcaption class="wp-element-caption">The Standard Chartered bank logo is seen at their headquarters in London, Britain, July 26, 2022. REUTERS/Peter Nicholls/ File Photo</figcaption></figure>



Nov 27 (Reuters) &#8211; Standard Chartered is exploring a potential divestment of its wealth and retail banking operations in Botswana, Uganda and Zambia, it said on Wednesday, as the banking giant looks to free up capital in the midst of a broad shake-up.



The Asia-focussed lender, like rival HSBC, is restructuring its business to focus more on affluent individual customers and international companies that are likely to yield more in fees for the bank.



It has for some time been pivoting away from its once globe-spanning empire to focus on core businesses as it bets on strong economic growth in Asian markets and aims to rein in expenses.



Standard Chartered said the potential exits in Africa would be the first in a small number of business divestitures in accordance with its new target of doubling investment in its wealth unit while paring back retail banking.



&#8220;The group will concentrate its resources in these markets on serving the cross-border needs of global corporate and financial institution clients,&#8221; said Standard Chartered.



The bank, like HSBC, has in the recent past reaped the benefits of higher borrowing costs and comparatively resilient wealth generation and economic growth in Asia.



&#8220;This new move, if it happens, is therefore not a surprise and was something they had hinted at in their most recent results presentation,&#8221; said Gary Greenwood​​​​, equity research analyst at Shore Capital.



StanChart said while announcing its third-quarter earnings in October that it was looking at opportunities to sell some or all of a small number of businesses where the &#8220;strategic rationale is not sufficiently compelling&#8221;.



The cost-cutting measures will see the lender save around $1.5 billion over three years while expenses climb amid expanding business operations and rising pressures from sticky inflation.



The financial effects of the proposed exits are not material to the group, StanChart said.



(Reporting by Rishav Chatterjee in Bengaluru; Editing by Savio D&#8217;Souza and Jan Harvey)

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Standard Chartered mulls sale of wealth, retail operations in Africa

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3333" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/2NA7VEUYPROEDENMDXO2R4YJQ4.avif" alt="" class="wp-image-559231"/><figcaption class="wp-element-caption">A general view shows Haifa Port in Haifa, Israel July 24, 2022. REUTERS/Ilan Rosenberg/File Photo</figcaption></figure>



DAR ES SALAAM, Nov 27 (Reuters)&nbsp;&#8211;&nbsp;Tanzania plans to honour its contracts with an Adani Group unit despite a U.S. indictment of its billionaire chairman Gautam Adani on accusations of bribery and fraud, a senior official at the ports authority said.



Adani was indicted for fraud last week and arrest warrants were issued for him and his nephew for their alleged roles in a $265 million scheme to bribe Indian officials to secure power-supply deals. Adani Group has denied the accusations.



In May, Tanzania entered into a 30-year concession agreement with Adani Ports, a unit of Adani Group, to operate a container terminal in its Dar es Salaam port, known as Container Terminal 2.



Adani Ports also struck a share purchase agreement for a 95% stake in state-owned Tanzania International Container Terminal Services for $95 million.



&#8220;We don&#8217;t have any problems with anyone. Everything we are doing is according to our laws and agreements,&#8221; Tanzania Ports Authority Director General Plasduce Mbossa told Reuters late on Tuesday when asked about the contracts&#8217; status.



&#8220;For contracts we have, we don’t have such claims (of wrongdoing). If there are other people who are taking actions, then they are doing so according to their reasons.&#8221;



Last week in neighbouring Kenya, President William Ruto scrapped a deal signed with a unit of Adani to build power transmission lines.



He also cancelled a proposal to add a second runway at the Jomo Kenyatta international airport and upgrade the passenger terminal in exchange for a 30-year lease.



(Reporting by Nuzulack Dausen; Writing by George Obulutsa; Editing by Bhargav Acharya and Jan Harvey)

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Tanzania to keep agreement with Adani for container terminal, official says

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1080" height="721" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/JYU723U4DNP4BBHG4FOIPPB3UQ.avif" alt="" class="wp-image-559182"/><figcaption class="wp-element-caption">amibia&#8217;s President Nangolo Mbumba greets presidential candidate Netumbo Nandi-Ndaitwah of Namibia&#8217;s ruling party SWAPO, at a rally ahead of the upcoming elections in Windhoek, Namibia, November 24, 2024. REUTERS/Noah Tjijenda/File Photo</figcaption></figure>



WINDHOEK, Nov 27 (Reuters) &#8211; Namibians go to the polls on Wednesday to elect a new president and parliament in what could be a tough election for the ruling SWAPO party, which is seeking to extend its 34-year rule.



SWAPO has governed the southern African nation since leading it to independence from apartheid South Africa in 1990. Its presidential candidate, Vice President Netumbo Nandi-Ndaitwah, would be the country&#8217;s first female leader if she wins.



Political analysts say that high unemployment, inequality and corruption allegations have led to disenchantment with the ruling party, especially among youth, but that longstanding loyalty to SWAPO among older and rural voters could help it pull through.



&#8220;It&#8217;s the most tense election since independence,&#8221; said Henning Melber, an associate at The Nordic Africa Institute and a longtime SWAPO member, who said that for the first time, he sees a possibility it could lose.



&#8220;The degree of frustration is really high.&#8221;



Leading the pack of 14 opposition candidates is dentist-turned-politician Panduleni Itula, who came in second in the last election in 2019.



Namibia is currently led by interim president Nangolo Mbumba, who took over in February after former president Hage Geingob died but is not running.



To be elected president, a candidate must get more than 50% of votes, otherwise there will be a second round of voting.



Namibians vote separately for the National Assembly.



About 1.4 million people are registered to vote in the sparsely populated country of around 3 million, according to the electoral commission. Results are expected within a few days.



(Writing by Nellie Peyton; Editing by Bernadette Baum)

JYU723U4DNP4BBHG4FOIPPB3UQ

Namibia votes with ruling party seeking to extend 34-year rule

<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/AHUWILBOLVPCZCA3GKVIVDRU4E-820x547.jpg" alt="" class="wp-image-558935" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/AHUWILBOLVPCZCA3GKVIVDRU4E-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/AHUWILBOLVPCZCA3GKVIVDRU4E-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/AHUWILBOLVPCZCA3GKVIVDRU4E-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/AHUWILBOLVPCZCA3GKVIVDRU4E-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/AHUWILBOLVPCZCA3GKVIVDRU4E-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/AHUWILBOLVPCZCA3GKVIVDRU4E-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A woman walks past the Central Bank building after the monthly Monetary Policy Committee meeting in Abuja, Nigeria May 22, 2018. REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



ABUJA, Nov 26 (Reuters) &#8211; Nigeria&#8217;s central bank raised its benchmark lending rate by 25 basis points to 27.50% on Tuesday, citing renewed inflationary pressures in Africa&#8217;s most populous nation.



The decision by the bank&#8217;s Monetary Policy Committee is the sixth consecutive&nbsp;rate hike&nbsp;this year.



Inflation rose for the second straight month to 33.88% in annual terms in October as Nigerian citizens grapple with the worst cost-of-living crisis in decades.



Central Bank of Nigeria Governor Olayemi Cardoso said food and energy prices were key contributors to the uptick in inflation.



&#8220;Members therefore agreed unanimously to remain focused in addressing price developments,&#8221; he told a news conference.



Cardoso said the central bank was committed to the &#8220;war&#8221; against inflation and said the bank thought results of its policy tightening would be more visible in the first quarter of 2025.



(Reporting by Elisha Bala-Gbogbo and Chijioke Ohuocha in Abuja; Additional reporting by MacDonald Dzirutwe in Lagos, Bate Felix in Dakar and Bhargav Acharya in Johannesburg; Editing by Alexander Winning)

A woman walks past the Central Bank building after the monthly Monetary Policy Committee meeting in Abuja

Nigeria’s central bank delivers sixth rate hike this year

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/MQA3LM34T5KLNL355QDOHJWY6Y-820x429.jpg" alt="" class="wp-image-558858" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/MQA3LM34T5KLNL355QDOHJWY6Y-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/MQA3LM34T5KLNL355QDOHJWY6Y-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/MQA3LM34T5KLNL355QDOHJWY6Y-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/MQA3LM34T5KLNL355QDOHJWY6Y-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/MQA3LM34T5KLNL355QDOHJWY6Y-1536x804.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/MQA3LM34T5KLNL355QDOHJWY6Y.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">South Africa&#8217;s President Cyril Ramaphosa speaks at the opening session of the World Science Forum in Cape Town, South Africa, December 6, 2022. REUTERS/Esa Alexander/File Photo</figcaption></figure>



JOHANNESBURG, Nov 26 (Reuters)&nbsp;&#8211;&nbsp;South African opposition party the Economic Freedom Fighters (EFF) brought a case to the country&#8217;s top court on Tuesday to try to revive impeachment proceedings against President Cyril Ramaphosa over the scandal dubbed &#8220;Farmgate&#8221; by local media.



The scandal centred on the alleged theft of millions of dollars hidden in furniture on Ramaphosa&#8217;s Phala Phala game farm, which a former intelligence official revealed to police.



An independent panel report found evidence Ramaphosa may have committed misconduct over the incident.



But in late 2022 lawmakers from Ramaphosa&#8217;s African National Congress (ANC), which had a majority in the National Assembly at the time, voted to reject the report and prevented an impeachment committee from being set up to probe the allegations.



The EFF argues the National Assembly acted unlawfully by not holding the president to account. Ramaphosa and the ANC say the report did not provide sufficient evidence to support its findings and relied on hearsay, according to a summary of the case published by the Constitutional Court in Johannesburg.



The first hearing started on Tuesday morning.



Ramaphosa has always denied wrongdoing over the affair and has not been charged with any crime.



The ANC lost its parliamentary majority in an election in May this year, but it continues to govern as part of a broad coalition with other parties.



(Reporting by Nellie Peyton; Editing by Alexander Winning and Alex Richardson)

MQA3LM34T5KLNL355QDOHJWY6Y

S.Africa opposition seeks to revive impeachment proceedings against Ramaphosa

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="410" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/106677114-15983545702020-08-25t100023z_1719720997_rc2yki97n9wc_rtrmadp_0_usa-china-tech-1-820x410.jpeg" alt="" class="wp-image-558826" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/106677114-15983545702020-08-25t100023z_1719720997_rc2yki97n9wc_rtrmadp_0_usa-china-tech-1-820x410.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/106677114-15983545702020-08-25t100023z_1719720997_rc2yki97n9wc_rtrmadp_0_usa-china-tech-1-300x150.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/106677114-15983545702020-08-25t100023z_1719720997_rc2yki97n9wc_rtrmadp_0_usa-china-tech-1-160x80.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/106677114-15983545702020-08-25t100023z_1719720997_rc2yki97n9wc_rtrmadp_0_usa-china-tech-1-768x384.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/106677114-15983545702020-08-25t100023z_1719720997_rc2yki97n9wc_rtrmadp_0_usa-china-tech-1.jpeg 884w" 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 — President-elect Donald Trump plans to raise tariffs by an additional 10% on all Chinese goods coming into the U.S., according to a post on his social media platform Truth Social.



The post immediately followed one in which Trump said his first of “many” executive orders on Jan. 20 would impose tariffs of 25% on all products from Mexico and Canada. Such a move would end a regional free trade agreement.



Trump is set to be inaugurated as the next U.S. president on Jan. 20. He cited illegal immigration and illicit drug trade as reasons for the tariffs.



“I have had many talks with China about the massive amounts of drugs, in particular Fentanyl, being sent into the United States – But to no avail,” Trump said.&nbsp;He claimed that contrary to promises, Beijing did not impose the death penalty on such drug dealers.



Fentanyl, a synthetic opioid, is an addictive drug that’s led to tens of thousands of overdose deaths each year in the U.S.



Reducing illicit supplies of the drug, precursors of which are mostly produced in China and Mexico, has been an area in which Washington and Beijing have agreed to cooperate.



“No one will win a trade war or a tariff war,” Liu Pengyu, a spokesperson for China’s embassy in the U.S., said on X. He described bilateral economic and trade cooperation as “mutually beneficial in nature.”



Liu pushed back on Trump’s claim that China has done little to stem the flow of fentanyl to the U.S. He said that both countries’ counternarcotics teams have regularly communicated since Chinese President Xi Jinping met with U.S. President Joe Biden in November 2023.



“Drugs are pouring into our Country, mostly through Mexico, at levels never seen before,” Trump said. “Until such time as they stop, we will be charging China an additional 10% Tariff, above any additional Tariffs, on all of their many products coming into the United States of America.”



Trump had threatened tariffs of 60% on Chinese goods while campaigning for president.



A 10% tariff on China is lower than the 20% to 30% that markets expected, Kinger Lau, chief China equity strategist at Goldman Sachs, said Tuesday on CNBC’s “Squawk Box Asia.” He expects China will cut rates, increase fiscal stimulus and moderately depreciate its currency in order to counter the economic impact of increased duties.



Mexico is the largest trading partner of the U.S., followed by Canada and China, according to U.S. data as of September.



The U.S. is China’s largest trading partner on a single country basis, according to China customs data. The Asian country’s largest regional trading partners are the Association of Southeast Asian Nations and the European Union.



China and the U.S. still have a “really important commercial and economic relationship,” Andy Rothman, investment strategist at Matthews Asia, told CNBC’s “Street Signs Asia” on Tuesday. He said that China is unlikely to take reciprocal action for now, and noted that Beijing has not typically responded aggressively.



The U.S. dollar traded about 1% stronger versus the Mexican peso, and 1.4% higher against the Canadian dollar as of Tuesday morning. The greenback climbed around 0.2% against the Hong Kong-traded Chinese yuan.



— CNBC’s Hui Jie Lim and Anniek Bao contributed to this report.

106677114-15983545702020-08-25t100023z_1719720997_rc2yki97n9wc_rtrmadp_0_usa-china-tech (1)

Trump vows an additional 10% tariff on China, 25% tariffs on Canada and Mexico

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="626" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-611823168-820x626.jpg" alt="" class="wp-image-558823" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-611823168-820x626.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-611823168-300x229.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-611823168-118x90.jpg 118w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-611823168-768x586.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-611823168-1536x1173.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-611823168-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">ADDIS ABABA, ETHIOPIA &#8211; OCTOBER 1: Ethiopian Minister of Finance and Economic Development Ahmed Shide (L-2) delivers a speech after signing cooperation agreement between Ethiopia and Slovakia, in Addis Ababa, Ethiopia on October 1, 2016.
 (Photo by Minasse Wondimu Hailu/Anadolu Agency/Getty Images)</figcaption></figure>



ADDIS ABABA, Nov 26 (Reuters)&nbsp;&#8211;&nbsp;Ethiopian lawmakers on Tuesday approved the government&#8217;s plan to increase spending by an additional 581.98 billion Ethiopian birr ($4.8 billion) for the 2024/25 fiscal year, a parliament broadcast showed.



The extra spending approved by cabinet last week, supplements the already announced expenditure of 971.2 billion birr for 2024/25, marking a 21% increase from the previous year. Ethiopia&#8217;s fiscal year begins on July 8 and ends on July 7.



Finance Minister Ahmed Shide told lawmakers that a portion of the additional funds would be allocated to subsidise costs of fertiliser, oil, fuel, and medicine.



The East African nation is coming out of several economic shocks including the impact of the COVID-19 pandemic, a devastating two-year war in the northern Tigray region, and extreme weather events.



It secured a four-year, $3.4 billion programme from the International Monetary Fund shortly after floating its currency on July 29. This move laid the groundwork for a long-awaited debt restructuring.



($1 = 122.6389 birr)



(Reporting by Dawit Endeshaw; Writing by George Obulutsa; Editing by Bate Felix)

Cooperation agreement between Ethiopia and Slovakia

Ethiopia’s parliament approves extra $4.8 bln spending in 2024/25

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="624" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_W4HHJNKRB5JDDDLTWMJFL3RBBA-820x624.jpg" alt="" class="wp-image-558769" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_W4HHJNKRB5JDDDLTWMJFL3RBBA-820x624.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_W4HHJNKRB5JDDDLTWMJFL3RBBA-300x228.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_W4HHJNKRB5JDDDLTWMJFL3RBBA-118x90.jpg 118w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_W4HHJNKRB5JDDDLTWMJFL3RBBA-768x584.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_W4HHJNKRB5JDDDLTWMJFL3RBBA-1536x1169.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_W4HHJNKRB5JDDDLTWMJFL3RBBA-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A worker puts an ingot of platinum into a box at the Krastsvetmet nonferrous metal plant in the Siberian city of Krasnoyarsk in this March 25, 2008 file photo. REUTERS/Ilya Naymushin/File Photo</figcaption></figure>



LONDON, Nov 26 (Reuters) &#8211; The global platinum market will be in a structural deficit for a third consecutive year in 2025 as mine supply remains constrained despite rising recycling and a 1% decline in demand, the World Platinum Investment Council said on Tuesday.



The WPIC, whose members are major Western platinum producers, expects the global market to show a shortfall of 539,000 troy ounces of platinum next year compared with a revised estimated deficit of 682,000 ounces this year.



&#8220;The market is facing the third year of pretty material deficit in 2025, with automotive demand expected to grow to an eight-year high and jewellery demand to rise for the second year in a row after bottoming out,&#8221; said Edward Sterck, head of research at the WPIC.



This year&#8217;s forecast was reduced from the deficit of 1.0 million ounces predicted by the WPIC in September, as a more stable power supply in South Africa helped the country&#8217;s mines to process more concentrates held as a work-in-progress inventory.



Next year, the WPIC expects mine supply to fall 2% due to lower South African production and to be fully offset by a 12% recovery in recycled supply.



Meanwhile, demand from the auto sector, which uses platinum in catalytic converters to reduce harmful emissions from vehicle exhaust systems, is projected to fall by 2% this year to 3.2 million ounces due to economic uncertainty and high interest rates.



Next year, the WPIC sees the auto demand recovering by 2% to its highest level since 2017 due to growth in sales of hybrid vehicles, stricter emissions legislation, and platinum-for-palladium substitution, the WPIC, which uses data from consultancy Metals Focus, added.



To cover the deficit, above-ground stocks will fall by 15% to 3.0 million ounces, equal to just over four months of global demand.



PLATINUM SUPPLY/DEMAND (&#8216;000 oz)*



<figure class="wp-block-table"><table class="has-fixed-layout"><tbody><tr><td></td><td>2022</td><td>2023</td><td>2024f</td><td>2025f</td><td>24/23 change</td><td>25/24 change</td><td>Q3 2023</td><td>Q2 2024</td><td>Q3 2024</td></tr><tr><td>SUPPLY</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Refined production: </td><td>5,520</td><td>5,604</td><td>5,626</td><td>5,550</td><td>0%</td><td>-1%</td><td>1,393</td><td>1,541</td><td>1,479</td></tr><tr><td>&#8211; South Africa</td><td>3,915</td><td>3,957</td><td>4,000</td><td>3,929</td><td>1%</td><td>-2%</td><td>984</td><td>1,128</td><td>1,073</td></tr><tr><td>&#8211; Zimbabwe</td><td>480</td><td>507</td><td>504</td><td>522</td><td>-1%</td><td>3%</td><td>132</td><td>126</td><td>126</td></tr><tr><td>&#8211; North America</td><td>263</td><td>275</td><td>252</td><td>232</td><td>-8%</td><td>-8%</td><td>60</td><td>59</td><td>60</td></tr><tr><td>&#8211; Russia</td><td>663</td><td>674</td><td>678</td><td>676</td><td>1%</td><td>0%</td><td>168</td><td>181</td><td>172</td></tr><tr><td>&#8211; Other</td><td>200</td><td>190</td><td>191</td><td>191</td><td>0%</td><td>0%</td><td>48</td><td>48</td><td>48</td></tr><tr><td>Change in producer inventory</td><td>+43</td><td>+11</td><td>+57</td><td>+0</td><td></td><td></td><td>-6</td><td>+35</td><td>+0</td></tr><tr><td>Total mining supply</td><td>5,563</td><td>5,615</td><td>5,683</td><td>5,550</td><td>1%</td><td>-2%</td><td>1,387</td><td>1,576</td><td>1,479</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Recycling:</td><td>1,762</td><td>1,544</td><td>1,587</td><td>1,774</td><td>3%</td><td>12%</td><td>347</td><td>388</td><td>348</td></tr><tr><td>&#8211; Autocatalyst</td><td>1,322</td><td>1,143</td><td>1,176</td><td>1,346</td><td>3%</td><td>14%</td><td>254</td><td>297</td><td>260</td></tr><tr><td>&#8211; Jewellery</td><td>372</td><td>331</td><td>335</td><td>347</td><td>1%</td><td>4%</td><td>75</td><td>72</td><td>68</td></tr><tr><td>&#8211; Industrial</td><td>69</td><td>71</td><td>76</td><td>81</td><td>8%</td><td>6%</td><td>17</td><td>19</td><td>20</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>TOTAL SUPPLY</td><td>7,326</td><td>7,159</td><td>7,269</td><td>7,324</td><td>2%</td><td>1%</td><td>1,733</td><td>1,964</td><td>1,827</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>DEMAND</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Automotive</td><td>2,751</td><td>3,223</td><td>3,173</td><td>3,245</td><td>-2%</td><td>2%</td><td>771</td><td>805</td><td>750</td></tr><tr><td>Jewellery</td><td>1,880</td><td>1,849</td><td>1,951</td><td>1,983</td><td>5%</td><td>2%</td><td>446</td><td>497</td><td>478</td></tr><tr><td>Industrial:</td><td>2,336</td><td>2,449</td><td>2,434</td><td>2,216</td><td>-1%</td><td>-9%</td><td>490</td><td>667</td><td>565</td></tr><tr><td>&#8211; Chemical</td><td>694</td><td>786</td><td>563</td><td>656</td><td>-28%</td><td>17%</td><td>147</td><td>140</td><td>137</td></tr><tr><td>&#8211; Petroleum</td><td>193</td><td>161</td><td>161</td><td>211</td><td>0%</td><td>31%</td><td>39</td><td>40</td><td>40</td></tr><tr><td>&#8211; Electrical</td><td>106</td><td>89</td><td>90</td><td>92</td><td>1%</td><td>2%</td><td>22</td><td>23</td><td>24</td></tr><tr><td>&#8211; Glass</td><td>505</td><td>521</td><td>671</td><td>286</td><td>29%</td><td>-57%</td><td>64</td><td>225</td><td>125</td></tr><tr><td>&#8211; Medical</td><td>278</td><td>292</td><td>303</td><td>314</td><td>4%</td><td>4%</td><td>71</td><td>77</td><td>78</td></tr><tr><td>&#8211; Hydrogen stationary</td><td>12</td><td>29</td><td>64</td><td>84</td><td>123%</td><td>32%</td><td>7</td><td>14</td><td>17</td></tr><tr><td>&#8211; Other</td><td>548</td><td>571</td><td>582</td><td>574</td><td>2%</td><td>-1%</td><td>139</td><td>148</td><td>144</td></tr><tr><td>Investment:</td><td>-516</td><td>397</td><td>393</td><td>420</td><td>-1%</td><td>7%</td><td>50</td><td>462</td><td>-226</td></tr><tr><td>&#8211; Change in Bars/Coins</td><td>259</td><td>322</td><td>171</td><td>151</td><td>-47%</td><td>-12%</td><td>86</td><td>17</td><td>69</td></tr><tr><td>&#8211; China Bars 500g+</td><td>90</td><td>134</td><td>157</td><td>170</td><td>17%</td><td>8%</td><td>35</td><td>41</td><td>30</td></tr><tr><td>&#8211; Change in ETF Holdings</td><td>-558</td><td>-74</td><td>150</td><td>50</td><td></td><td>-67%</td><td>-99</td><td>444</td><td>-300</td></tr><tr><td>&#8211; Change in Stocks Held by Exchanges</td><td>-307</td><td>14</td><td>-85</td><td>50</td><td></td><td></td><td>28</td><td>-40</td><td>-25</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total Demand</td><td>6,451</td><td>7,918</td><td>7,951</td><td>7,863</td><td>0%</td><td>-1%</td><td>1,756</td><td>2,431</td><td>1,567</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Balance</td><td>874</td><td>-759</td><td>-682</td><td>-539</td><td></td><td></td><td>-23</td><td>-467</td><td>260</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Above Ground Stocks</td><td>4,993</td><td>4,235</td><td>3,553</td><td>3,014</td><td>-16%</td><td>-15%</td><td></td><td></td><td></td></tr></tbody></table></figure>



Source: Metals Focus 2020–2025 via WPIC.



(Reporting by Polina Devitt; Editing by Paul Simao)

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Platinum market faces third consecutive deficit in 2025, WPIC says

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="4289" height="3038" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/AM5FI7LQQFOIHG3KJQXN7SQ64I.avif" alt="" class="wp-image-558526"/><figcaption class="wp-element-caption">A general view of Karu district in Abuja, Nigeria June 25, 2020. REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



ABUJA, Nov 25 (Reuters) &#8211; Nigeria&#8217;s economy grew 3.46% year-on-year in the third quarter of 2024, quicker than in the first two quarters of the year, statistics agency data showed on Monday.



Gross domestic product (GDP) growth was driven mainly by the services sector, which contributed more than 50% to aggregate output in the July-September period.



Despite the pickup in growth, from 3.19% in the second quarter and 2.98% in the first, it was still short of the 6% target set by President Bola Tinubu when he took office last year in Africa&#8217;s most populous nation and top oil producer.



Tinubu&#8217;s lightning reform push in the first weeks of his administration sparked hope that he could finally unleash the full potential of Africa&#8217;s sluggish economic giant.



But 18 months on, the key planks of his economic overhaul &#8211; devaluing the naira and scrapping subsidies &#8211; have triggered the worst cost-of-living crisis in a generation and are yet to translate into much faster growth.



The National Bureau of Statistics said the services sector grew 5.19% in the third quarter, contributing 53.58% to aggregate GDP.



Nigeria&#8217;s dominant oil sector, which accounts for the bulk of government revenue and foreign exchange reserves, expanded 5.17%, with average daily oil output of 1.47 million barrels per day (bpd), up slightly from 1.41 million bpd in the second quarter.



Growth in agriculture slowed to 1.14% from 1.41% in the second quarter, while industries grew 2.18%, versus 3.53% in April-June.



The International Monetary Fund forecasts Nigeria&#8217;s economy will grow 2.9% in 2024 and 3.2% next year.



(Reporting by Elisha Bala-Gbogbo; Editing by Alexander Winning and Alex Richardson)

AM5FI7LQQFOIHG3KJQXN7SQ64I

Nigeria growth picks up in third quarter, fuelled by services

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="3790" height="2527" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/3FNEUQQ2TBMANK4FVKGNG6GGJY.avif" alt="" class="wp-image-558454"/><figcaption class="wp-element-caption">The logo and trading information for U.S. coal miner Peabody Energy Corp. are displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., April 4, 2017. REUTERS/Brendan McDermid/File Photo</figcaption></figure>



LONDON/MELBOURNE Nov 25 (Reuters) &#8211; Anglo American agreed on Monday to sell its remaining Australian steelmaking coal mines to Peabody Energy for up to $3.78 billion in cash, the first major disposal in a wider restructuring plan.



The London-listed miner is reshaping its business to focus on copper after fending off a $49 billion takeover bid from larger rival BHP in May, betting on disposals to increase value and ward off unwanted suitors.



Anglo&#8217;s share price was up 2.4% by 0829 GMT.



Peabody&#8217;s deal comprises an upfront payment of $2.05 billion at completion, deferred cash consideration of $725 million and the potential for up to $550 million. It also includes a contingent cash consideration of $450 million linked to the reopening of the Grosvenor mine after a fire broke out there in June, Anglo American said in a statement.



Portfolio manager Ben Cleary at Tribeca Investment Partners, whose firm counts Anglo as its largest holding said that the miner received a &#8220;good price&#8221;.



&#8220;A decent amount of cash and the deferred element seems sensible,&#8221; he added.



Peabody will buy Moranbah North, Grosvenor, Aquila, and Capcoal located in Australia&#8217;s Bowen Basin. Anglo&#8217;s Dawson mine will be sold on for $455 million to a unit of Indonesia&#8217;s Delta Dunia Group which runs the BUMA coal mining services business, in a back-to-back transaction, Peabody said.



The agreement comes just days before a six-month freeze on another approach by BHP expires on Friday under UK takeover regulations, after Anglo rebuffed BHP three times.



Anglo had already offloaded a minority stake in a joint venture that owns the Jellinbah East and Lake Vermont steelmaking coal mines in Australia, for $1.1 billion.



<h2 class="wp-block-heading" id="h-spinning-out-underperforming-assets">SPINNING OUT UNDERPERFORMING ASSETS</h2>



Anglo&#8217;s plan to restructure also includes shedding underperforming platinum, nickel and diamond assets to focus on copper, a metal key for the clean energy transition and the rapid expansion of artificial intelligence, iron ore and crop nutrients.



&#8220;We see potential for a material re-rating in the medium-term as Anglo delivers on its restructuring plan, leaving a simplified portfolio with a 60% exposure to copper,&#8221; said Marina Calero, an analyst at RBC Capital Markets.



&#8220;A renewed approach from BHP cannot be ruled out, with the end November deadline soon approaching,&#8221; she added.



After coal, Anglo is expected to spin out its Anglo American Platinum unit in South Africa by mid-2025. CEO Duncan Wanblad also said it expects diamond giant De Beers to follow, as the group works towards separation of that business.



&#8220;We are well progressed with the delivery of $1 billion of cost savings,&#8221; he said in a press release.



(Reporting by Melanie Burton in Melbourne, Clara Denina in London and Aby Jose Koilparambil in Bengaluru; Editing by Sonali Paul, Rashmi Aich, Louise Heavens and Emelia Sithole-Matarise)

3FNEUQQ2TBMANK4FVKGNG6GGJY

Anglo to sell Australian coal mines to Peabody for up to $3.78 bln

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3338" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/FICYWLXYY5O65HYMVPAS2YUHJ4-reuters.avif" alt="" class="wp-image-558451"/><figcaption class="wp-element-caption">SWAPO presidential candidate Netumbo Nandi-Ndaitwah attends a rally ahead of the upcoming elections in Windhoek, Namibia , November 24, 2024. REUTERS/Noah Tjijenda</figcaption></figure>



WINDHOEK, Nov 25 (Reuters)&nbsp;&#8211;&nbsp;Namibians will vote on Wednesday in what is expected to be the most competitive election yet for the ruling SWAPO party, which has governed the southern African nation for 34 years.



If SWAPO candidate Netumbo Nandi-Ndaitwah wins, she will become the country&#8217;s first female president. A SWAPO loss would mean the first transition of power to a new party since Namibia gained independence from apartheid South Africa in 1990.



High unemployment, corruption allegations and inequality have eroded SWAPO&#8217;s support, which fell to 56% in the 2019 presidential election from 87% in 2014. There are no reliable polls on how it might fare this time.



The frontrunner among 14 opposition candidates is Panduleni Itula, a former dentist who won 29% of votes in 2019 after splitting from SWAPO and now leads a new political party, the Independent Patriots for Change.



Namibians vote separately for members of parliament and for the president, who needs more than 50% of votes to win.



&#8220;This will be the most challenging and significant election after the first one of 1989,&#8221; Rui Tyitende, a lecturer at the University of Namibia, said.



He said the outcome would largely hinge on the turnout of young voters, who make up more than half the electorate and are more likely to back the opposition.



&#8220;Young people are disproportionately affected by unemployment, poverty and consumed with a deep sense of hopelessness,&#8221; Tyitende said.



&#8220;If they do not pitch, SWAPO will win.&#8221;



<h2 class="wp-block-heading" id="h-independence-era-parties-challenged">INDEPENDENCE-ERA PARTIES CHALLENGED</h2>



Namibia is currently led by interim president Nangolo Mbumba, who took over in February after the death of former president Hage Geingob but is not contesting the election.



Namibia is an upper-middle-income country but has high levels of poverty and inequality, according to the World Bank.



A 2021 government report found that 43% of the population were living in &#8220;multidimensional poverty&#8221;, a measure that takes into account income as well as access to education and public services among other factors.



Namibia ranks second in the world for income inequality after neighbouring South Africa, World Bank figures show. Both countries spent decades under white minority rule.



SWAPO has struggled to distance itself from corruption scandals, although Nandi-Ndaitwah has never been implicated. Two former ministers are still on trial in the &#8220;fishrot&#8221; case, a major bribery scandal that surfaced in 2019.



&#8220;There is a possibility that the ruling party SWAPO could face a fate similar to the ANC in South Africa or the BDP in Botswana,&#8221; political analyst Ndumba Kamwanyah said.



South Africa&#8217;s African National Congress (ANC) lost its parliamentary majority in May and was forced into a coalition after 30 years in power, while the Botswana Democratic Party (BDP) lost an October election which ended its 58-year rule.



Across southern Africa, independence-era parties are contending with a younger population that does not remember the liberation struggle and is more likely to judge them on their record of service delivery and job creation, analysts say.



On SWAPO&#8217;s side are its deep roots in rural areas, well-established party machinery and the legacy of its fight against apartheid which still resonates with some voters, Kamwanyah said.



Election observers have generally said past polls in Namibia were fair and credible.



(Additional reporting and writing by Nellie Peyton, Editing by Olivia Kumwenda-Mtambo and Andrew Heavens)

FICYWLXYY5O65HYMVPAS2YUHJ4 reuters

Namibia to vote in toughest election yet for ruling party

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3454" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/Q6WVUVN6WZNWTDJRVRCBW4TRQI.avif" alt="" class="wp-image-558403"/><figcaption class="wp-element-caption">Zimbabwe&#8217;s President Emmerson Mnangagwa delivers his State of the Nation address at the State House in Harare, Zimbabwe, April 3,2024.REUTERS/Philimon Bulawayo/File Photo</figcaption></figure>



HARARE, Nov 25 (Reuters)&nbsp;&#8211;&nbsp;Zimbabwe&#8217;s president hosted creditors and finance executives on Monday to discuss ambitious goals to clear debt arrears and restructure $12.7 billion in external debt, as the country aims to eventually tap international capital markets for the first time in more than two decades.



The Southern African nation&#8217;s debt pile accounts for 81% of gross domestic product, and clearing it will be a tough challenge for a country that has faced numerous financial crises in recent decades, from repeated bouts of hyperinflation to multiple unsuccessful attempts to launch new currency regimes.



President Emmerson Mnangagwa told the conference that Zimbabwe is negotiating a Staff Monitored Program (SMP) with the International Monetary Fund.



Securing an SMP would set the stage for required policy reforms, African Development Bank (AfDB) President Akinwumi Adesina told the conference.



&#8220;That is the key,&#8221; he said, adding that AfDB stood ready to offer financial support to cushion Zimbabwe&#8217;s economy against potential adverse effects of reforms.



Adesina said the AfDB also had money available from a special fund to help settle Zimbabwe&#8217;s arrears. He did not provide any figures.



Finance Minister Mthuli Ncube said timelines would become clear by mid-2025, once Zimbabwe secured bridge financing commitments from lenders to help clear the arrears.



Analysts say paying off arrears is essential for an economy that currently cannot even access money from the IMF &#8211; the lender of last resort.



&#8220;The issue of arrears is a major albatross around our neck,&#8221; said Prosper Chitambara, a Harare-based independent economist.



&#8220;Once the arrears are cleared it will be cheaper to borrow and easier to attract investment.&#8221;



<h2 class="wp-block-heading" id="h-unsustainable-situation">UNSUSTAINABLE SITUATION</h2>



Getting on track with bilateral creditors – and clearing arrears with the AfDB, the World Bank and the European Investment Bank – is necessary to unlock funding for Zimbabwe, once a regional breadbasket that now struggles to feed its own people.



&#8220;The IMF is currently precluded from providing financial support to Zimbabwe&#8221; due to an unsustainable debt situation and external arrears, an IMF spokesperson said.



The IMF SMP that Zimbabwe is targeting does not include financial assistance or require approval by the Fund&#8217;s executive board.



But government officials say it would help Zimbabwe demonstrate a return to sound economic policies. The government already missed its initial goal to have an SMP in place by April, as well as a second deadline last month.



This has limited IMF engagement to technical assistance, such as budget preparation.



<h2 class="wp-block-heading" id="h-debt-and-default">DEBT AND DEFAULT</h2>



The United Nations estimates 24 out of Africa&#8217;s 35 low-income countries are at high risk of debt distress, and since 2020, Zambia and Chad have finalised debt reworks. Ghana is wrapping up its own debt rework and Ethiopia is in the midst of a restructuring.



But Zimbabwe is no ordinary default. While 45% of its burden is outstanding debt, the rest is arrears and penalties, according to a 2023 government presentation.



The Africa Legal Support, an AfDB facility that helps countries deal with debt distress, is paying for two firms &#8211; the Global Sovereign Advisory Company and law firm Kepler-Karst &#8211; to help advise the government, Ncube said ahead of the conference.



Zimbabwe has only been paying token amounts to debtors, including 16 bilateral creditors, Ncube said, but gave no further details.



(Reporting by Nyasha Chingono and Duncan Miriri; Editing by Libby George and Susan Fenton)

Q6WVUVN6WZNWTDJRVRCBW4TRQI

Zimbabwe charts ambitious return to global finance at debt conference

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/5JWBGJOACVIETB7IX3CXKYDIAM-820x547.jpg" alt="" class="wp-image-557402" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/5JWBGJOACVIETB7IX3CXKYDIAM-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/5JWBGJOACVIETB7IX3CXKYDIAM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/5JWBGJOACVIETB7IX3CXKYDIAM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/5JWBGJOACVIETB7IX3CXKYDIAM-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/5JWBGJOACVIETB7IX3CXKYDIAM-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/5JWBGJOACVIETB7IX3CXKYDIAM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. Picture taken November 22, 2019. REUTERS/Angus Mordant</figcaption></figure>



LAGOS, Nov 22 (Reuters)&nbsp;&#8211;&nbsp;The Nigerian government&#8217;s plan to sell crude priced in the local currency is faltering, with refiners, including the giant Dangote Oil Refinery, saying they are still unable to secure adequate supplies.



To address challenges in accessing foreign currency, the government in July said it would sell crude priced in naira to local refineries for an initial six months starting in October.



&#8220;We need 650,000 barrels per day, (state oil firm NNPC Ltd) agreed to give a minimum of 385,000 bpd but they are not even delivering that,&#8221; said Edwin Devakumar, head of the Dangote refinery.



The refinery built by Nigerian billionaire Aliko Dangote in Lagos aims to compete with European refiners when operating at full capacity but it has struggled to secure sufficient crude supplies to run optimally.



While Devakumar declined to give specific figures, he described deliveries from NNPC under the scheme as &#8220;peanuts&#8221;.



Still, Dangote is the only one of 8 operational refineries in Nigeria to have benefited from the naira-denominated crude sale arrangement, said Mathins Obaze, an acting executive director of the Crude Oil Refinery-owners Association of Nigeria (CORAN), a trade group of refiners.



&#8220;Members are still unable to access crude in naira and are currently engaging the government for a resolution,&#8221; Obaze said.



The reason for the shortfall was not immediately clear. NNPC did not respond to a request for comment.



The Dangote refinery in August urged the oil regulator, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to enforce a rule that compels oil producers to supply local refineries.



NUPRC did not respond to a request for comment on the matter.



Dangote, with a current capacity of 425,000 bpd and a year-end target of 85% operational capacity, has turned to international markets for supplies.



It purchased two million barrels of U.S. WTI Midland crude on Wednesday, its first U.S. crude purchase since August, according to trade sources and shipping data.



Meanwhile NNPC is pursuing new markets for its crude oil. The company was in London on Wednesday seeking term customers for its new Utapate crude oil grade.



(Reporting by Isaac Anyaogu; Editing by Kirsten Donovan)

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County

Nigeria’s local currency crude sales fall short of target, Dangote refinery says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="625" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108066045-1732144350860-Bluesky_CEO_Jay_Graber_2-820x625.jpg" alt="" class="wp-image-557334" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108066045-1732144350860-Bluesky_CEO_Jay_Graber_2-820x625.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108066045-1732144350860-Bluesky_CEO_Jay_Graber_2-300x229.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108066045-1732144350860-Bluesky_CEO_Jay_Graber_2-118x90.jpg 118w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108066045-1732144350860-Bluesky_CEO_Jay_Graber_2-768x585.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108066045-1732144350860-Bluesky_CEO_Jay_Graber_2-1536x1170.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108066045-1732144350860-Bluesky_CEO_Jay_Graber_2-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Photo: via CNBC</figcaption></figure>



Bluesky has surged in popularity since the presidential election earlier this month, suddenly becoming a competitor to Elon Musk’s X and Meta’s Threads. But CEO Jay Graber has some cautionary words for potential acquirers: Bluesky is “billionaire proof.”



In an interview on Thursday with CNBC’s “Money Movers,” Graber said Bluesky’s open design is intended to give users the option of leaving the service with all of their followers, which could thwart potential acquisition efforts.



“The billionaire proof is in the way everything is designed, and so if someone bought or if the Bluesky company went down, everything is open source,” Graber said. “What happened to Twitter couldn’t happen to us in the same ways, because you would always have the option to immediately move without having to start over.”



Graber was referring to the way millions of users left Twitter, now X, after Musk purchased the company in 2022. Bluesky now has over 21 million users, still dwarfed by X and Threads, which Facebook’s parent debuted in July 2023.



X and Meta didn’t immediately respond to requests for comment.



Threads has roughly 275 million monthly users, Meta CEO Mark Zuckerberg said in October. Although Musk said in May that X has 600 million monthly users, market intelligence firm Sensor Tower estimates 318 million monthly users as of October.



Bluesky was created in 2019 as an internal Twitter project during Jack Dorsey’s second stint as CEO, and became an independent public benefit corporation in 2022. In May of this year, Dorsey said he is no longer a member of Bluesky’s board.



“In 2019, Jack had a vision for something better for social media, and so that’s why he chose me to build this, and we’re really thankful for him for setting this up, and we’ve continued to carry this out,” said Graber, who previously founded Happening, a social network focused on events. “We’re building an open-source social network that anyone can take into their own hands and build on, and it’s something that is radically different from anything that’s been done in social media before. Nobody’s been this open, this transparent and put this much control in the users hands.”



Part of Bluesky’s business plan involves offering subscriptions that would let users access special features, Graber noted. She also said that Bluesky will add more services for third-party coders as part of the startup’s “developer ecosystem.”



Graber said Bluesky has ruled out the possibility of letting advertisers send algorithmically recommended ads to users.



“There’s a lot on the road map, and I’ll tell you what we’re not going to do for monetization,” Graber said. “We’re not going to build an algorithm that just shoves ads at you, locking users in. That’s not our model.” Bluesky has previously experienced major growth spurts. In September, it added 2 million users following X’s suspension in Brazil over content moderation policy violations in the country and related legal matters.



In October, Bluesky announced that it raised $15 million in a funding round led by Blockchain Capital. The company has raised a total of $36 million, according to Pitchbook.

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