<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="4012" height="2932" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/4MJWUG2Y4BLLRMY5UP5QQD5V6Y.avif" alt="" class="wp-image-601607"/><figcaption class="wp-element-caption">Women walk past a PEP Home store in Johannesburg, South Africa, November, 22, 2022. REUTERS/Sumaya Hisham/File Photo</figcaption></figure>



JOHANNESBURG, March 25 (Reuters) &#8211; South Africa&#8217;s Pepkor said on Tuesday it will buy fashion businesses Legit, Swagga and Style and homewares brand Boardmans from privately owned retail group Retailability, as part of its expansion into the adult clothing market.



Pepkor, which also sells electronics and furniture, already owns the PEP and Ackermans clothing brands which have given it a dominant share of the children&#8217;s clothing and school uniform markets in South Africa.



The total purchase consideration payable on the closing of the proposed deal represents less than 2% of Pepkor&#8217;s market capitalisation subject to relevant net working capital adjustments, Pepkor said in a statement. It will be settled in cash



According to LSEG data, Pepkor&#8217;s market capitalisation was 97 billion rand ($5 billion) at Monday&#8217;s close, making the deal worth around 1.94 billion rand, or $107 million.



The businesses to be bought by Pepkor operate 462 stores across South Africa, Botswana, Lesotho, Namibia and Eswatini. They will be incorporated into Pepkor&#8217;s Speciality business unit, which has 941 stores across the same countries.



&#8220;The proposed transaction will add significant additional scale to Pepkor Speciality and expand its product offering in the adult market, especially in womenswear through the Legit brand,&#8221; Pepkor said.



Pepkor has been growing its adultwear categories over the past year through the recent acquisition of Choice Clothing and the launch of its new Ayana womenswear brand.



Retailability, which sells affordable apparel and lifestyle products across a number of brands in Southern Africa, bought department store chain Edgars from struggling parent Edcon in 2020 after it entered into a form of bankruptcy protection.



The Edgars, Edgars Beauty, Red Square, Kelso and Keedo businesses will continue to be operated by Retailability, Pepkor said.



($1 = 18.2675 rand)



(Reporting by Nqobile Dludla; Editing by Joe Bavier)

4MJWUG2Y4BLLRMY5UP5QQD5V6Y

South Africa’s Pepkor to buy Retailability adult clothing businesses

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/108120681-1742877286599-gettyimages-2206472137-vcg111556724938-820x547.jpeg" alt="" class="wp-image-601538" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/108120681-1742877286599-gettyimages-2206472137-vcg111556724938-820x547.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/108120681-1742877286599-gettyimages-2206472137-vcg111556724938-300x200.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/108120681-1742877286599-gettyimages-2206472137-vcg111556724938-135x90.jpeg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/108120681-1742877286599-gettyimages-2206472137-vcg111556724938-768x512.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/108120681-1742877286599-gettyimages-2206472137-vcg111556724938-1536x1024.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/108120681-1742877286599-gettyimages-2206472137-vcg111556724938-scaled.jpeg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Attendees pose for a group photo before the opening ceremony of the China Development Forum 2025 at the Diaoyutai Guesthouse on March 23, 2025, in Beijing. China News Service | China News Service | Getty Images</figcaption></figure>



BEIJING — China courted the executives of major U.S. businesses at an annual conference this week in a sign of how Beijing seeks to offset trade pressures, rather than retaliate forcefully.



China has long sought to attract foreign investment as a way to bolster growth, while tapping business interests for potential influence on the White House, particularly under U.S. President Donald Trump. The U.S. has twice increased tariffs across all Chinese goods since January, but Beijing has only announced targeted duties and restrictions on a handful of American companies.



Conversation on the sidelines of the state-organized China Development Forum this week in Beijing reinforced a more conciliatory stance than official rhetoric this month about how China is prepared to fight “any type of war” with the United States.



Chinese conference attendees weren’t that focused on what can be done to respond to U.S. tariffs, Stephen Roach, senior fellow at Yale Law School’s Paul Tsai China Center, told CNBC.



“The questions I’ve been getting more [are], why is Trump doing this? What is he trying to achieve? What does he think it takes to really make America great?” Roach said. He has attended the event since the early 2000s.



“My answer is this is an unprecedented period for America’s role in the world economy. We’re going back to a tariff regime that history tells us can be extremely destructive,” Roach said, adding he expects more policy uncertainty in the U.S. and around the world “for a long, long time.”



U.S. stocks have swung in recent weeks as investors try to assess the economic impact of Trump’s changing plans for tariffs on major U.S. trading partners. U.S. Federal Reserve Chair Jerome Powell last week said tariffs could delay progress on lowering inflation in the U.S.



<h2 class="wp-block-heading" id="h-a-message-of-reassurance"><a></a>A message of ‘reassurance’</h2>



At this week’s conference, China was trying to send a message of “reassurance” — on how it plans to boost consumption and how the country is headed in a “modestly positive direction” relative to what is happening in the U.S., said Scott Kennedy, senior advisor and trustee chair in Chinese business and economics at the Center for Strategic and International Studies, a think tank based in Washington, D.C.



If the U.S. imposes significantly large tariffs in early April, “then you go from managing costs and de-risking to possibly de-coupling,” Kennedy told CNBC. “And then that might mean the game is up. So I think the level of anxiety is pretty high. And that’s why China is trying to provide this message of reassurance.”



The Trump administration has threatened a swath of new tariffs on major trading partners starting early April. China has increased its trade with Southeast Asian countries and the European Union, but the U.S. remains Beijing’s largest trading partner on a single-country basis.



The China Development Forum ran Sunday and Monday. Apple CEO Tim Cook was among the executives who attended, but Tesla CEO Elon Musk was not.



“The increased optimism this year compared to last year at the CDF has been just so heart warming,” Ken Griffin, CEO of hedge fund Citadel, said during an official panel at the forum.



Trump “is committed to American companies having access to a global market,” Griffin said. “And the President is willing to use tariffs to seek to enforce this worldview.”



<h2 class="wp-block-heading" id="h-first-step-toward-xi-trump-meeting"><a></a>First step toward Xi-Trump meeting?</h2>



Also on Sunday, U.S. Republican Senator Steve Daines met Chinese Premier Li Qiang in Beijing — the first time a U.S. politician has visited China since Trump began his latest term in January.



“This was the first step to an important next step, which will be a meeting between President Xi and President Trump,” Daines told the Wall Street Journal. “When that occurs and where it occurs is to be determined.”



The White House did not immediately respond to a request for comment.



Li urged cooperation and said no one can gain from a trade war, according to state media.



FedEx CEO Raj Subramaniam, Boeing Senior Vice President Brendan Nelson, Cargill CEO Brian Sikes, Medtronic CEO Geoffrey Martha, Pfizer CEO Albert Bourla, Qualcomm CEO Cristiano Amon, UL Solutions CEO Jennifer Scanlon and U.S. China Business Council President Sean Stein were also present at Daines’ meeting with Li, according to a foreign media pool report.



China, the world’s second-largest economy, remains a significant source of revenue for many multinational corporations, not to mention a major part of their supply chains.



Despite its efforts to bolster international business ties, the country has warned of countermeasures on U.S. tariffs and taken incremental steps.



Following U.S. sanctions on Chinese telecommunications giant Huawei during Trump’s first term as president, Beijing launched an unreliable entities list that restricts foreign business activity with China.



China added Calvin Klein parent PVH and a few other U.S. companies to the list after this year’s tariff increases. On Monday, China also said it would soon reveal new measures that would give it a legal basis for countering foreign pressure.



<h2 class="wp-block-heading" id="h-economic-factors"><a></a>Economic factors</h2>



For U.S. companies in China, the state of the economic recovery has also been an important factor for local business plans.



Since late September, China has stepped up efforts to support the economy. Top policymakers earlier this month affirmed stimulus plans and a recent effort to encourage private-sector tech entrepreneurs in the wake of DeepSeek’s artificial intelligence breakthroughs.



“This year, you feel a lot of positive momentum beginning in China. So I feel like recovery is underway,” Wendell P. Weeks, CEO of Corning, told CNBC.



However, China’s economy has struggled with deflationary pressure and a real estate slump, weighing on regional growth prospects for international businesses.



Even Beijing’s push to support high-tech manufacturing has so far only added an average 1.1 percentage points to gross domestic product growth in each of the last three years — not enough to offset the 1.7 percentage point drag from real estate during that time, according to Goldman Sachs estimates.



“We will remain optimistic because the role of technology is important, I think more than ever,” Qualcomm’s Amon told CNBC. “I think technology is going to be part of economic growth.”

108120681-1742877286599-gettyimages-2206472137-vcg111556724938

China invites U.S. business leaders to Beijing as it tries to decipher Trump’s trade plans

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="3534" height="2160" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/ZIIXQ6OSDZNIDMT4XSSBJ756JM.avif" alt="" class="wp-image-601515"/><figcaption class="wp-element-caption">Members of the M23 rebel group stand guard as people attend a rally addressed by Corneille Nangaa, Congolese rebel leader and coordinator of the AFC-M23 movement, in Bukavu, eastern Democratic Republic of Congo February 27, 2025. REUTERS/File Photo</figcaption></figure>



NAIROBI, March 25 (Reuters)&nbsp;&#8211;&nbsp;The political blocs of Southern and Eastern Africa have expanded the mediation team for negotiating an end to the Rwanda-backed M23 rebel offensive in eastern Congo, at a heads of state meeting on Monday that Rwanda described as fruitful.



Diplomatic efforts to resolve eastern Congo&#8217;s biggest conflict in decades appeared to have stalled last week when the M23 failed to attend peace talks with the Congolese government in Angola, and later captured the strategic town of Walikale.



The violence, rooted in the long fallout from the 1994 genocide in Rwanda and competition for control of mineral riches, has led to rebel control of eastern Congo&#8217;s two largest cities, thousands of deaths and fears of a wider regional war.



The Southern and Eastern Africa blocs appointed five former heads of state, including Nigeria&#8217;s Olusegun Obasanjo, South Africa&#8217;s Kgalema Motlanthe and Ethiopia&#8217;s Sahle-Work Zewde to &#8220;facilitate&#8221; the peace process, they said in a statement early on Tuesday.



Congo&#8217;s presidency said on X the new panel would appoint a mediator to replace the president of Angola, who withdrew on Monday following years of faltering efforts to ease tensions between Rwanda and Congo.



Rwanda&#8217;s government, which is facing sanctions and had some aid suspended over its reported provision of arms and troops to M23, said on X the leaders attending Monday&#8217;s summit &#8220;committed to a political solution that addresses the security concerns of all parties.&#8221;



Congo accuses M23 of being a Rwandan proxy. Rwanda denies involvement, but also says its forces are acting in self defence against Congo&#8217;s army and militias hostile to Kigali.



The Angolan government expressed frustration last week about a surprise meeting arranged by Qatar&#8217;s emir between Congo President Felix Tshisekedi and his Rwandan counterpart Paul Kagame, the first face-to-face meeting between the two men since the conflict escalated towards the end of last year.



Tshisekedi and Kagame issued a joint statement along with Qatar that called for an &#8220;immediate and unconditional&#8221; ceasefire, but which failed to halt the violence.



M23 withdrew from what could have been its first direct negotiations with Kinshasa last week after the European Union imposed sanctions against rebel and Rwandan officials.



(Reporting by Congo Newsroom; Writing by Hereward Holland; Editing by Kim Coghill)

ZIIXQ6OSDZNIDMT4XSSBJ756JM

African blocs expand mediation team for Congo conflict

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/7ZNSSGJXYVLLPCVOFDAM5N2QZ4-820x547.jpg" alt="" class="wp-image-524999" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/7ZNSSGJXYVLLPCVOFDAM5N2QZ4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/7ZNSSGJXYVLLPCVOFDAM5N2QZ4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/7ZNSSGJXYVLLPCVOFDAM5N2QZ4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/7ZNSSGJXYVLLPCVOFDAM5N2QZ4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/7ZNSSGJXYVLLPCVOFDAM5N2QZ4-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/7ZNSSGJXYVLLPCVOFDAM5N2QZ4-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A view shows part of Dangote oil refinery in Ibeju Lekki district, on the outskirts of Lagos, Nigeria August 7, 2019. REUTERS/Temilade Adelaja/File Photo</figcaption></figure>



NEW YORK, March 24 (Reuters)&nbsp;&#8211;&nbsp;U.S. jet fuel imports are set to hit a two-year high in March after Nigeria&#8217;s Dangote refinery pushed barrels to North America,&nbsp;which should lower prices of the aviation fuel in the peak summer travel season, trade analysts and storage brokers said.



The shipments by the 650,000 barrels-per-day (bpd) Dangote refinery, Africa&#8217;s largest, highlight its potential to reshape global fuel trading dynamics by creating a new swing supplier in the Atlantic Basin.



It has already shown signs of success in competing with European refiners on gasoline exports, and the jet fuel shipments to the United States could challenge domestic producers&#8217; economics in the largest fuel consuming nation.



Six vessels carrying about 1.7 million barrels of jet fuel from the Dangote refinery arrived at U.S. ports this month, data from ship-tracking service Kpler showed. Another vessel, Hafnia Andromeda, is set to arrive at the Everglades terminal on March 29 with a load of about 348,000 barrels of jet fuel, the data showed.



Total U.S. jet fuel imports so far in March stood at around 226,000 bpd, the most since February 2023, the data showed.



The Dangote refinery started production last January after years of construction delays, and ramped up to about 85% of capacity in early February, allowing it to sell more fuel to international markets.



Dangote is unlikely to be a regular jet fuel supplier to the U.S., but a maintenance-related shutdown of the Phillips 66 PSX.N Bayway refinery in New Jersey helped open a rare arbitrage opportunity for flows from Nigeria to the U.S., Sparta Commodities analyst James Noel-Beswick said.



The window is likely to close soon or shrink significantly due to elevated U.S. inventories of the aviation fuel, Noel-Beswick added.



Demand to lease storage tanks for jet fuel in Houston and New York Harbor in April is averaging around 700,000 barrels on storage broker TankTiger&#8217;s platform, five to six times the average monthly demand, TankTiger Chief Operating Officer Steven Barsamian said.



The surge in demand, partly due to the influx of supply from Nigeria, is likely to lower jet fuel prices in the U.S. ahead of peak summer travel season, Barsamian said.



Despite lower prices, air travel over the summer could be dampened by economic headwinds from a stock market selloff and waning consumer confidence, Sparta&#8217;s Noel-Beswick said.



U.S. jet fuel stocks ended February at 45.2 million barrels, the highest for the month since 1999, data from the U.S. Energy Information Administration showed.



U.S. refiners&#8217; yield of jet fuel hit a record last year, reflecting stronger demand relative to other transportation fuels, the EIA said on Monday. The agency expects U.S. jet fuel consumption to touch a record in 2026.



(Reporting by Shariq Khan in New YorkEditing by Nick Zieminski)

FILE PHOTO: A view shows part of Dangote oil refinery in Ibeju Lekki district

US jet fuel imports surge as Nigeria’s Dangote refinery pushes barrels west

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-820x547.jpg" alt="" class="wp-image-529685" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: The International Monetary Fund (IMF) headquarters building is seen ahead of the IMF/World Bank spring meetings in Washington, U.S., April 8, 2019. REUTERS/Yuri Gripas/File Photo</figcaption></figure>



NAIROBI, March 24 (Reuters)&nbsp;&#8211;&nbsp;Kenya has applied for a new lending programme from the International Monetary Fund in order to factor in unused money from the current programme, which both sides walked away from last week, Finance Minister John Mbadi said on Monday.



The East African nation and the IMF agreed last week to scupper the ninth and final review of the current programme, which was set to expire next month. Mbadi said the decision to do so was down to time limitations.



&#8220;Because there is a carryover, there is some money that we have not utilized in the ninth review, then we agreed that there&#8217;s a possibility of a funded programme,&#8221; he told Reuters.



Mbadi said there was roughly $800 million left on the table.



President William Ruto&#8217;s government has struggled to get its finances back on track after a borrowing spree led to a surge in debt-servicing costs.



(Reporting by Duncan Miriri, editing by Libby George and Alex Richardson)

FILE PHOTO: The International Monetary Fund (IMF) headquarters building is seen ahead of the IMF/World Bank spring meetings in Washington

Kenya has applied for new IMF lending programme, finance minister says

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3333" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/ZDLMSIGEBBPQBOFRWSNUUJYYMY.avif" alt="" class="wp-image-601146"/><figcaption class="wp-element-caption">M23 rebels sit on a truck during the escort of captured FDLR members (not pictured) to Rwanda for repatriation, at the Goma-Gisenyi Grande Barrier border crossing, March 1, 2025. REUTERS/Arlette Bashizi/File Photo</figcaption></figure>



March 24 (Reuters)&nbsp;&#8211;&nbsp;Angola will step down from its position as a mediator between parties involved in an escalating Rwanda-backed rebel offensive in eastern Congo, the presidency said on Monday, with another African state set to lead efforts to get peace talks back on track.



The ethnic Tutsi-led M23 escalated their long-standing rebellion this year, seizing east Congo&#8217;s two biggest cities since January and encroaching into territory rich in minerals such as gold and tantalum.



As the current rotating African Union (AU) Chairperson, Angola&#8217;s President Joao Lourenco had been trying to mediate a lasting ceasefire and lower tensions between Congo and neighbouring Rwanda, which has been accused of backing M23. Rwanda denies this.



Congo and M23 were scheduled to hold direct talks for the first time in Angola&#8217;s capital Luanda last week after Congo&#8217;s President Felix Tshisekedi, who had long refused dialogue with the rebels, agreed to send a delegation.



M23 pulled out at the last minute, following European Union sanctions against M23 and Rwandan officials.



&#8220;Angola considers the need to free itself from the responsibility of the mediator of this conflict&#8221; to &#8220;devote itself more&#8221; to the AU&#8217;s overall priorities, the presidency said in a statement that mentioned the &#8220;aborted&#8221; meeting in Luanda.



Another head of state will be appointed to the task in coming days, the statement said.



There have been several attempts to resolve the conflict, rooted in the fallout from Rwanda&#8217;s 1994 genocide and competition for mineral riches, including several ceasefires that were violated, international condemnations, sanctions and regional summits.



The regional blocs of southern and eastern Africa will hold a second joint summit on Monday to address the crisis. Kenya&#8217;s President William Ruto and his Zimbabwean counterpart Emmerson Mnangagwa will co-chair the virtual event.



M23 last week dismissed a joint call for an immediate ceasefire by Congo and Rwanda and reiterated demands for direct talks with Kinshasa, saying it was the only way to resolve the conflict.



The rebel group said over the weekend that it would withdraw forces from the seized town of Walikale in support of peace efforts.



In response, Congo&#8217;s army said it would observe the announced withdrawal and refrain from any offensives against enemy forces to encourage de-escalation.



A civil society source and a resident in Walikale said on Monday that M23 were still in the town.



(Reporting by Congo newsroom; Writing by Sofia Christensen; Editing by Hereward Holland and Toby Chopra)

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Angola to end east Congo conflict mediation role, presidency says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864874-820x547.jpg" alt="" class="wp-image-505638" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864874-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864874-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864874-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864874-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864874-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864874-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A South African one rand coin sits on South African rand banknotes in this arranged photograph in Pretoria, South Africa, on Wednesday, Aug. 14, 2019. The rand ended a tumultuous week on a positive note, gaining against the dollar for a second day and heading for its first weekly advance in four as technical indicators suggested recent declines are overdone. Photographer: Waldo Swiegers/Bloomberg via Getty Images</figcaption></figure>



JOHANNESBURG, March 24 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand strengthened on Monday as investors awaited clarity on the next round of tariffs from U.S. President Donald Trump.



At 0738 GMT, the rand traded at 18.17 per dollar, about 0.3% stronger than its previous close.



While the rand has gained about 4% against the dollar this year, trade in the local currency has often been volatile as both domestic and international factors weigh.



South Africa&#8217;s central bank kept its main interest rate unchanged last week despite cooling inflation amid risks stemming from Trump&#8217;s global trade war and the country&#8217;s deadlocked national budget.



The next round of tariffs is due on April 2, when the White House will announce reciprocal levies on many countries.



On the stock market, the Top-40 index was last up about 0.2%.



South Africa&#8217;s benchmark 2030 government bond was weaker, with the yield up 3 basis points to 9.09%.



(Reporting by Bhargav Acharya; Editing by Toby Chopra)

South African Rand Rebound Snaps Streak of Weekly Losses

South African rand firms as markets await US tariff clarity

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="504" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/BMQRSYHVQ5KPZEVUFBZAFEVTYQ-1.avif" alt="" class="wp-image-601101"/><figcaption class="wp-element-caption">Delegates walk past the Transnet logo at the Investing in African Mining Indaba 2024 conference in Cape Town, South Africa February 7, 2024. REUTERS/Esa Alexander/File Photo</figcaption></figure>



JOHANNESBURG, (Reuters) &#8211; South Africa&#8217;s government and state-owned logistics group Transnet are looking at new ways to attract private investment in the country&#8217;s ailing freight rail network, the Transport Minister said on Sunday.



Transnet has struggled to provide adequate freight rail and port services because of equipment shortages and maintenance backlogs after years of under-investment, with rampant cable theft and vandalism also damaging the network.



&#8220;The limited availability of state resources to fund infrastructure development and address backlogs has intensified these challenges, severely restricting the ability of state-owned entities to fulfil their critical mandates,&#8221; Transport Minister Barbara Creecy said in a televised speech, adding that an online request for information (RFI) to private sector investors has been launched.



The RFI focuses on, amongst others, the Northern-Cape to Saldanha Bulk Minerals Corridor primarily for iron ore and manganese exports, and the Northern-Cape to Nelson Mandela Bay Corridor, primarily for manganese exports, she said.



The focus will also be the Limpopo and Mpumalanga to Richards Bay Bulk Minerals Corridor project for coal and chrome exports, including provision for magnetite exports in port.



&#8220;Together with Transnet, Government has received numerous unsolicited proposals from the private sector offering investment, skills, and expertise to support the rehabilitation and reform of our struggling rail and port systems,&#8221; Creecy said.



After the request for information process, the government and Transnet will issue requests for proposals in August, she added



(Reporting by Nqobile Dludla, Editing by Louise Heavens)

BMQRSYHVQ5KPZEVUFBZAFEVTYQ (1)

South Africa to issue request for proposals for private-sector rail investment in Aug

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3265" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/PPA7LZHDAZIPJMJ7KHMLZAMWME.avif" alt="" class="wp-image-559698"/><figcaption class="wp-element-caption">A view shows the logo of South Africa&#8217;s central reserve bank, at the reserve bank offices in Pretoria, South Africa, January 26, 2023. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



PRETORIA, March 20 (Reuters) &#8211; South Africa&#8217;s central bank paused its rate-cutting cycle on Thursday as risks stemming from U.S. President Donald Trump&#8217;s global trade war and the country&#8217;s deadlocked national budget overshadowed its success keeping inflation low.



The South African Reserve Bank&#8217;s split decision to keep the repo rate at 7.50% was in line with the median forecast of economists polled by Reuters and follows rate cuts at the previous three monetary policy meetings.



Four members supported an unchanged stance and two preferred a 25 basis point cut.



Governor Lesetja Kganyago told a press conference: &#8220;The global economy is not on a stable footing and there are also domestic uncertainties, &#8230; this calls for a cautious policy approach.&#8221;



Annual inflation was unchanged at 3.2% in February, staying near the bottom of the central bank&#8217;s target range of 3% to 6%.



The rand has proved resilient so far this year, gaining more than 3% against the U.S. currency in 2025 despite relations with the Trump administration souring badly over South Africa&#8217;s land reform policies and genocide case against Washington&#8217;s ally Israel at the World Court.



The most contentious part of the budget, which does not yet have enough support in parliament to pass, is a proposed increase in value-added tax of 1 percentage point spread over two years, which is expected to add to inflation.



(Additional reporting by Bhargav Acharya; Editing by Alexander Winning)

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South Africa pauses rate cuts as trade and budget risks overshadow low inflation

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-820x547.jpg" alt="" class="wp-image-408693" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-120x80.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A sign stands at the entrance to the offices of Anglo American Plc in the Marshalltown district of Johannesburg, South Africa, on Friday, Oct. 26, 2012. Anglo American Plc Chief Executive Officer Cynthia Carroll , the first woman, external hire and non-South African to hold the job, will quit after Anglo lost $14 billion in value in the more than five years she was in charge. Photographer: Chris Ratcliffe/Bloomberg via Getty Images</figcaption></figure>



March 20 (Reuters) &#8211; Anglo American Platinum (Amplats) has proposed to change its name to Valterra Platinum ahead of its planned spin-off into a standalone unit, the company said on Thursday.



The world&#8217;s top producer of platinum group metals (PGM) by volume expects to be hived off parent company Anglo American Plc by June as the global mining giant narrows its focus to energy transition metal copper and iron ore.



Amplats&#8217; proposed new name would be put up to a shareholder vote at its annual general meeting on May 8, the company said in a statement.



The company will retain its primary listing in Johannesburg, with a secondary listing on the London Stock Exchange.



(Reporting by Nelson Banya; Editing by Alex Richardson)

Anglo American Plc’s South African Headquarters As CEO Cynthia Carroll Quits

Anglo American Platinum proposes name change to Valterra ahead of spin-off

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/1-952daa05-1-820x547.jpg" alt="" class="wp-image-599625" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/1-952daa05-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/1-952daa05-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/1-952daa05-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/1-952daa05-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/1-952daa05-1.jpg 1080w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Sudan&#8217;s army soldiers celebrate the army&#8217;s liberation of an oil refinery, in North Bahri, Sudan, January 25, 2025. REUTERS/El Tayeb Siddig</figcaption></figure>



DUBAI, March 20 (Reuters)&nbsp;&#8211;&nbsp;Sudan&#8217;s state TV said on Thursday that the army is close to taking control of the Presidential Palace in Khartoum from the paramilitary Rapid Support Forces, marking a significant shift in the two-year-old conflict that threatens to fracture the country.



Late on Wednesday, heavy clashes erupted near the palace, with explosions heard and airstrikes by the army targeting central Khartoum, witnesses and military sources told Reuters.



After nearly two years of war, the RSF controls most of the west of Sudan and parts of the capital Khartoum, but has been losing ground in central Sudan to the army.



The two military factions staged a coup in 2021, derailing a transition to civilian rule, and warfare broke out in April 2023 after plans for a new transition triggered violent conflict.



The war has led to what the U.N. calls the world&#8217;s largest humanitarian crisis, with both the RSF and the army accused of widespread human rights abuses.



(Reporting by Khalid Abdelaziz; Writing by Jana Choukeir; Editing by Tom Hogue and Michael Perry)

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Sudan TV says army close to taking control of Presidential Palace from paramilitary RSF group

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/107077973-1655689250819-gettyimages-1402870855-vcg111387492036-1-820x461.jpeg" alt="" class="wp-image-544690" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/107077973-1655689250819-gettyimages-1402870855-vcg111387492036-1-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/107077973-1655689250819-gettyimages-1402870855-vcg111387492036-1-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/107077973-1655689250819-gettyimages-1402870855-vcg111387492036-1-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/107077973-1655689250819-gettyimages-1402870855-vcg111387492036-1-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/107077973-1655689250819-gettyimages-1402870855-vcg111387492036-1-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/107077973-1655689250819-gettyimages-1402870855-vcg111387492036-1.jpeg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">China’s central bank supplied 14-day cash to its banking system for the first time in months on Monday and at a lower interest rate, signaling its intent to further ease monetary conditions.
Jiang Qiming | China News Service | Getty Images</figcaption></figure>



China kept its key lending rates unchanged on Thursday, as Beijing juggles propping up growth and stabilizing its currency amid mounting trade frictions.



The People’s Bank of China held the 1-year loan prime rate at 3.1% and the 5-year LPR at 3.6%, where they have been since a quarter-percentage-point cut in October.



The rate decision follows the U.S. Federal Reserve’s move to hold benchmark interest rates. Fed officials, however, indicated likely half a percentage point of rate cuts through 2025.



China’s LPRs — normally charged to banks’ best clients — are calculated monthly based on designated commercial lenders’ proposed rates submitted to the PBOC. The 1-year LPR influences corporate and most household loans in China, while the 5-year LPR serves as a benchmark for mortgage rates.



The PBOC has kept its 7-day rate, the country’s main policy rate, steady at 1.5% since a cut in October, as the central bank defends the yuan that faces downward pressure amid threats of higher tariffs.



“Policymakers recognize the country’s robust growth momentum while remaining cautious due to persistent pressures ahead,” said Bruce Pang, adjunct associate professor at Chinese University of Hong Kong, citing risks from trade tensions, Fed’s steady policy stance, and Chinese banks’ already-thin net interest margins.



China’s economy showed a modest pick up in the first two months of the year, with retail sales growing 4.0% from a year earlier, faster than the 3.7% rise in December. Industrial output also came in higher than expectations, expanding 5.9% on year.



Inflation data, however, underscored the need for more policy support for a sustainable economic recovery. Consumer price inflation in February fell into negative territory for the first time in over a year while producer price deflation persisted.



Beijing has made boosting domestic consumption a top policy priority this year to cushion the impact from an escalating trade war overseas.



“With the stronger call to support consumption, there is a growing chance that China will cut rates in the next meeting or so,” said Gary Ng, senior economist at Natixis. “If retail and home sales do not improve, especially if inflation stays weak, we may see a rate cut as early as April,” he added.



Following the rate announcement, the yuan was little changed, trading at 7.2280 against the greenback while yield on the 10-year government bonds fell more than 2 basis points to 1.932%.



Chinese offshore yuan has regained some ground in recent weeks after hitting a 16-month low in January. It has weakened nearly 1.8% since U.S. President Donald Trump’s election win in November.



<h2 class="wp-block-heading" id="h-easing-ahead"><a></a>Easing ahead</h2>



China’s top officials have pledged to ramp up monetary easing measures this year, including interest rate cuts “at appropriate time,” as Beijing has set an ambitious growth target of “around 5%.”



Goldman Sachs economists in a note earlier this month maintained their forecast for two 20-basis-point cuts in the second and fourth quarter this year. The investment bank also expects two 50-basis-point cuts in the reserve requirement ratio, or RRR, which determines the amount of cash that banks must hold as reserves, in the first and third quarter.



Earlier this month, PBOC Governor Pan Gongsheng reiterated that the bank wanted to maintain currency stability at “a reasonable and balanced level.” Preventing the yuan from weakening too quickly could be seen as a sign of goodwill in the lead up to any negotiation with Trump on a trade deal to put a ceiling on tariffs.



While the cuts are yet to materialize, analysts anticipate any policy measures by the PBOC are likely to hinge on Trump’s trade policy moves.



Trump has slapped new tariffs of 20% on Chinese imports and threatened more as early April. The fresh tariffs are seen straining China’s exports, a lone bright spot in the faltering economy.



Exports growth in the world’s second-largest economy slowed more than expected in January and February, while imports during the two months clocked their sharpest fall since July 2023.

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China’s central bank follows U.S. Fed in keeping rates steady as tariff threats pressure yuan

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="540" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/LICCCZ2WGFMAHKMAXFS2TADMXM.avif" alt="" class="wp-image-599355"/><figcaption class="wp-element-caption">A man walks along a street in the Rwanda&#8217;s capital Kigali, May 11, 2016. REUTERS/Ed Cropley/File Photo</figcaption></figure>



KIGALI, March 19 (Reuters)&nbsp;&#8211;&nbsp;Rwanda&#8217;s economy grew 8.9% in 2024 compared&nbsp;with 8.2%the previous year, the country&#8217;s&nbsp;statistics office said&nbsp;on Wednesday,&nbsp;driven by good harvests, and a robust performance in the industrial and service sectors.



The economy expanded 8% in the fourth quarter of the year, said Ivan Murenzi, director general of the National Institute of Statistics of Rwanda.



Last year the agricultural sector grew 5%, while industry and services each grew 10%, Murenzi told a news conference.



Rwanda&#8217;s central bank kept its key interest rate unchanged at 6.5% RWREPO=ECI in February for the second monetary policy meeting in a row, saying that despite a recent pickup in inflation it expected it to remain within its target band.



(Reporting by Philbert Girinema; Writing by Hereward Holland; Editing by Bate Felix)

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Rwanda’s economy grew 8.9% in 2024, stats office says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="410" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/108099964-1739192857747-gettyimages-1499178181-vcg111441609233-820x410.jpeg" alt="" class="wp-image-599301" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/108099964-1739192857747-gettyimages-1499178181-vcg111441609233-820x410.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/108099964-1739192857747-gettyimages-1499178181-vcg111441609233-300x150.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/108099964-1739192857747-gettyimages-1499178181-vcg111441609233-160x80.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/108099964-1739192857747-gettyimages-1499178181-vcg111441609233-768x384.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/108099964-1739192857747-gettyimages-1499178181-vcg111441609233.jpeg 884w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The Chinese national flag fluttering with the Lujiazui Financial District in the background. Vcg | Visual China Group | Getty Images</figcaption></figure>



A rally in Chinese stocks since the start of the year is prompting investors to predict that mainland shares will outperform their American peers in a sign that attractive valuations are trumping the idea of American exceptionalism.



Last week, the S&amp;P 500 slipped into correction territory for the first time since 2023. In contrast, the MSCI China index has gained 19% since the start of the year, to Mar. 9, according to Goldman Sachs, marking its best start to a year in history.



The contrasting fortunes mark a swift turnaround from just a few months ago when many investors believed the U.S. was uniquely positioned to weather economic and political storms buffeting other countries. Chinese stocks were also languishing due to regulatory worries and concerns over the health of the Chinese economy.



A lot has changed since.



U.S. President Donald Trump’s tariffs policy has fanned speculation of an economic slowdown in the world’s largest economy.



Meanwhile, in China, optimism around the country’s artificial intelligence capabilities has intensified since the introduction of DeepSeek’s R1 model earlier this year.



“The U.S. has had a good period, and that’s coming to an end because Trump’s policies are very anti-economy. China has had a very bad period, but it looks as if it’s starting to recover,” Richard Harris, CEO of Port Shelter Investment Management, told CNBC.



“I call it the great pivot. Obviously, over the last 5 to 7 years, U.S. markets have been dominant. The Magnificent Seven have gone to the moon … [But] it seems difficult to see that there’s much more to go,” Harris said.



The tech-heavy Nasdaq Composite is also in correction territory, dragged by a selloff in Magnificent Seven shares, driven by recession concerns and trade war fears. The Magnificent Seven comprises Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla.



“The U.S. stock market capitalization, relative to world stock market capitalization, made an all-time peak at the end of last year amidst the then prevailing talk of ‘American exceptionalism,’” said Chris Wood, global head of equity strategy at Jefferies Hong Kong Global.



In the same vein, Eastspring Investments’ Asia equity portfolio specialist Ken Wong believes that the American exceptionalism trade ended earlier this year. Expected fiscal tightening and Trump’s tariff war are expected to slow U.S. economic growth to below 2% this year, Wong said, compared to consensus estimates of 2.2%.



The U.S. saw real GDP growth of 2.8% in 2024 compared to 2023. The U.S. debt and deficit situation became more severe during President Donald Trump’s first month in office, and since then, he has prioritized addressing the government’s fiscal issues.



Stagflation is a key risk in the U.S. as the tariff war could depress economic activity to the point of recession while simultaneously increasing inflation, Wong added.



That could mean the slump in U.S. equities may not be done.



“We see the selloff in U.S. equities as having further to go,” Deutsche Bank wrote in a note published over the weekend. “With trade policy uncertainty likely to continue to weigh, at least until April 2, we expect positioning to continue to unwind.”



“A move to the bottom of the positioning band which is where it went to in the last trade war, would take the S&amp;P 500 down to 5,250,” said the bank’s chief strategist Binky Chadha. That will mark a more than 7% slide from Monday’s close of 5,675.12.



On the other hand, China tech shares have been on a tear since DeepSeek’s breakthrough. The Chinese government has also actively signaled its support for its technology sector, with plans to increase funding in the cards. 



The Hang Seng Tech Index, which tracks some of the largest Chinese technology companies listed in Hong Kong, has risen over 30% since the start of the year, according to data from LSEG.



“Investors should be looking to sell rallies in the U.S. and buy corrections in Europe and China where there is the most evidence of improving fundamentals,” Wood told CNBC.



To be sure, the sheer pace of China’s rally could portend a correction soon, according to analysts at Bank of America.



“Performance of&nbsp;the&nbsp;HSCEI/MSCI China in the past 17mths trended closely to the trajectory a decade ago, making us worry that we might be approaching some correction&nbsp;soon,” analysts at the Bank of America wrote in a report published on Monday.



The bank’s analysts believe that there are “fundamental similarities” between the current cycle and 10 years ago in terms of the country’s policy stimulus and reforms, economic re-balancing and technological breakthrough.



<h2 class="wp-block-heading" id="h-attractive-valuations"><a></a>Attractive valuations?</h2>



JPMorgan’s head of Asia Pacific equity research, James Sullivan,&nbsp;said valuations are extremely attractive relative to global counterparts in markets such as China, where investor positioning continues to be extremely low.&nbsp;



The MSCI China Index is currently trading at 13.38 times its projected one-year earnings, according to FactSet. This compares to the S&amp;P 500, which is trading at 20.72 times projected one-year earnings.



“I think China’s market is going to outperform the U.S. markets for the next four years, and I don’t think it has anything to do with Trump. I think it has everything to do with starting valuation,” said&nbsp;Michael Gayed, publisher of The Lead-Lag Report, attributing his bullish stance largely to a “tremendous underinvestment” in China.



“China has been not only from an investment standpoint, dead money, for a very long time, but it’s also become a source of anxiety and risk for financial advisors to even consider taking a contrarian bet for their own clients investing in China funds.”



Aside from cheaper valuations, other factors are also fueling the bullish momentum in Chinese markets. China’s A shares have been quite depressed for some time, while the U.S. has been on a tear for the last six years or so, Harris said.



“Of course, average valuations are going to show a difference like that,” he said.



“I’m not worried so much about valuation. It’s important, but it’s not the 100% factor. What is more important at the moment, is that there’s much more momentum in the Chinese market,” Harris said, adding that China’s government stimulus has trickled into the economy and markets.



In a report released last week, Citi Research upgraded China to overweight, while downgrading U.S. equities to neutral after being overweight since October 2023, expecting more negative data prints from the country’s economy.



However, Citi maintained that its neutral outlook is a three—to six-month view, emphasizing that the U.S. will remain one of the leaders of AI, even if jointly with China.



“In the bigger picture, we doubt that the AI bubble is already fully played out,” the investment bank’s strategists led by Dirk Willer wrote.

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China markets are set to outperform Wall Street as U.S. exceptionalism comes to a pause

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="522" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/KZ4R5MANMJIQPBC4GDTYRR7RTA-820x522.jpg" alt="" class="wp-image-550420" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/KZ4R5MANMJIQPBC4GDTYRR7RTA-820x522.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/KZ4R5MANMJIQPBC4GDTYRR7RTA-300x191.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/KZ4R5MANMJIQPBC4GDTYRR7RTA-141x90.jpg 141w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/KZ4R5MANMJIQPBC4GDTYRR7RTA-768x489.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/KZ4R5MANMJIQPBC4GDTYRR7RTA-1536x977.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/KZ4R5MANMJIQPBC4GDTYRR7RTA-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A teller is seen at a Pick n Pay store at Maponya mall in Soweto, South Africa, October 20, 2022. REUTERS/Siphiwe Sibeko/File photo</figcaption></figure>



JOHANNESBURG, March 19 (Reuters) &#8211; South Africa&#8217;s inflation rate was steady at 3.2% year on year in February, the statistics agency said on Wednesday, a day before the central bank is expected to pause its rate-cutting cycle.



Economists had forecast annual inflation would pick up slightly to 3.3%, still well below 4.5% &#8211; the level the South African Reserve Bank aims for&nbsp;at the middle of its target range.



Analysts polled by Reuters think a rate pause is likely given risks emanating from U.S. President Donald Trump&#8217;s tariff war and a deadlock in the ruling coalition over the national budget.



But Wednesday&#8217;s lower-than-expected reading means some see the central bank delivering another cut.



&#8220;While the decision will be close, we expect policymakers to proceed with another 25-bp (basis point) cut to the repo rate,&#8221; David Omojomolo, Africa economist at Capital Economics, said.



Shaun Murison, senior market analyst at IG, said he thought the central bank would be reluctant to cut rates again on Thursday given the Federal Reserve is expected to keep rates unchanged on Wednesday.



&#8220;Doing so could introduce additional inflation risks and erode the interest rate differential that helps attract foreign capital,&#8221; he said.



In a Reuters poll published on March 14, 16 out of 22 economists thought the central bank would keep its repo rate at 7.50%, while six predicted a 25-bp reduction.



(Reporting by Bhargav Acharya and Sfundo Parakozov; Editing by Alexander Winning and Andrew Heavens)

A teller is seen at a Pick n Pay store

South Africa inflation steady, central bank seen holding rates

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1080" height="720" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/FR6EK3XJLBJTTH6TF2BLTMSD44-1.avif" alt="" class="wp-image-599216"/><figcaption class="wp-element-caption">Democratic Republic of the Congo&#8217;s President Felix Tshisekedi attends a meeting with U.S. President Joe Biden, at a Carrinho facility, near Lobito, Angola, December 4, 2024. REUTERS/Elizabeth Frantz/File Photo</figcaption></figure>



DOHA, (Reuters) &#8211; Democratic Republic of Congo President Felix Tshisekedi and his Rwandan counterpart Paul Kagame called for a ceasefire in eastern Congo on Tuesday during their first meeting since M23 rebels stepped up an offensive there in January.



A joint statement issued along with Qatar, whose emir mediated the sit-down in Doha, said the ceasefire should be &#8220;immediate and unconditional&#8221;.



But it was unclear whether that would stop the M23 insurgents who now control more territory than ever before in eastern Congo, including the region&#8217;s two biggest cities.



Congo accuses Rwanda of sending arms and Rwandan troops to support the rebels, whose offensive has plunged eastern Congo into its worst conflict in decades.



Rwanda has said its forces are acting in self-defence against Congo&#8217;s army and militias hostile to Kigali.



Neighbouring countries have been working to broker a ceasefire but an attempt to bring Congo&#8217;s government and M23 leaders together at a meeting in Angola on Tuesday failed when M23 pulled out on Monday afternoon.



At Tuesday&#8217;s meeting in Qatar, Tshisekedi and Kagame &#8220;agreed on the need to continue the discussions initiated in Doha in order to establish solid foundations for lasting peace,&#8221; the joint statement said.



A diplomat briefed on the talks said the meeting was &#8220;informal&#8221; and &#8220;not meant to replace any existing efforts.&#8221;



The conflict in east Congo is rooted in the fallout from Rwanda&#8217;s 1994 genocide and competition for mineral riches. It has spiralled since January, with thousands of people killed and hundreds of thousands forced from their homes.



The Gulf Arab state of Qatar has acted as a mediator in a number of conflicts, most recently working with Egypt and the U.S. to negotiate a ceasefire between Israel and Hamas in Gaza, which broke down earlier on Tuesday.



Qatar&#8217;s close ties with Rwanda mean Kagame would have had a hard time refusing an invitation to Tuesday&#8217;s meeting, something Tshisekedi would have also recognised, said Congolese analyst Bob Kabamba of the University of Liege in Belgium.



&#8220;Developments on the ground are making things difficult for Felix Tshisekedi. He needs to find a solution,&#8221; he said.



(Reporting by Andrew Mills and Aaron Ross; Additional reporting by Sonia Rolley; Writing by Robbie Corey-Boulet; Editing by Gareth Jones, Sharon Singleton and Daniel Wallis)

FR6EK3XJLBJTTH6TF2BLTMSD44

Congo and Rwanda presidents call for east Congo ceasefire during Qatar sit-down

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="960" height="640" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/FR6EK3XJLBJTTH6TF2BLTMSD44.avif" alt="" class="wp-image-599213"/><figcaption class="wp-element-caption">Democratic Republic of the Congo&#8217;s President Felix Tshisekedi attends a meeting with U.S. President Joe Biden, at a Carrinho facility, near Lobito, Angola, December 4, 2024. REUTERS/Elizabeth Frantz/File Photo</figcaption></figure>



DOHA, March 18 (Reuters) &#8211; Democratic Republic of Congo President Felix Tshisekedi and his Rwandan counterpart Paul Kagame called for a ceasefire in eastern Congo on Tuesday during their first meeting since M23 rebels stepped up an offensive there in January.



A joint statement issued along with Qatar, whose emir mediated the sit-down in Doha, said the ceasefire should be &#8220;immediate and unconditional&#8221;.



But it was unclear whether that would stop the M23 insurgents who now control more territory than ever before in eastern Congo, including the region&#8217;s two biggest cities.



Congo accuses Rwanda of sending arms and Rwandan troops to support the rebels, whose offensive has plunged eastern Congo into its worst conflict in decades.



Rwanda has said its forces are acting in self-defence against Congo&#8217;s army and militias hostile to Kigali.



Neighbouring countries have been working to broker a ceasefire but an attempt to bring Congo&#8217;s government and M23 leaders together at a meeting in Angola on Tuesday failed when M23 pulled out on Monday afternoon.



At Tuesday&#8217;s meeting in Qatar, Tshisekedi and Kagame &#8220;agreed on the need to continue the discussions initiated in Doha in order to establish solid foundations for lasting peace,&#8221; the joint statement said.



A diplomat briefed on the talks said the meeting was &#8220;informal&#8221; and &#8220;not meant to replace any existing efforts.&#8221;



The conflict in east Congo is rooted in the fallout from Rwanda&#8217;s 1994 genocide and competition for mineral riches. It has spiralled since January, with thousands of people killed and hundreds of thousands forced from their homes.



The Gulf Arab state of Qatar has acted as a mediator in a number of conflicts, most recently working with Egypt and the U.S. to negotiate a ceasefire between Israel and Hamas in Gaza, which broke down earlier on Tuesday.



Qatar&#8217;s close ties with Rwanda mean Kagame would have had a hard time refusing an invitation to Tuesday&#8217;s meeting, something Tshisekedi would have also recognised, said Congolese analyst Bob Kabamba of the University of Liege in Belgium.



&#8220;Developments on the ground are making things difficult for Felix Tshisekedi. He needs to find a solution,&#8221; he said.



(Reporting by Andrew Mills and Aaron Ross; Additional reporting by Sonia Rolley; Writing by Robbie Corey-Boulet; Editing by Gareth Jones, Sharon Singleton and Daniel Wallis)

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Congo and Rwanda presidents call for east Congo ceasefire during Qatar sit-down

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