<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107361594-1705663400079-gettyimages-1934702395-DAVOS_WEF_2024-820x461.jpeg" alt="" class="wp-image-449214" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107361594-1705663400079-gettyimages-1934702395-DAVOS_WEF_2024-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107361594-1705663400079-gettyimages-1934702395-DAVOS_WEF_2024-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107361594-1705663400079-gettyimages-1934702395-DAVOS_WEF_2024-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107361594-1705663400079-gettyimages-1934702395-DAVOS_WEF_2024-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107361594-1705663400079-gettyimages-1934702395-DAVOS_WEF_2024-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107361594-1705663400079-gettyimages-1934702395-DAVOS_WEF_2024.jpeg 1600w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Sam Altman, CEO of OpenAI, during a panel session at the World Economic Forum in Davos, Switzerland, on Jan. 18, 2024. Bloomberg | Bloomberg | Getty Images</figcaption></figure>



Executives at some of the world’s leading artificial intelligence labs are expecting a form of AI on a par with — or even exceeding — human intelligence to arrive sometime in the near future. But what it will eventually look like and how it will be applied remain a mystery.



Leaders from the likes of OpenAI, Cohere, Google’s DeepMind, and major tech companies like Microsoft and Salesforce weighed the risks and opportunities presented by AI at the World Economic Forum in Davos, Switzerland.



AI has become the talk of the business world over the past year or so, thanks in no small part to the success of ChatGPT, OpenAI’s popular generative AI chatbot. Generative AI tools like ChatGPT are powered large language models, algorithms trained on vast quantities of data.



That has stoked concern among governments, corporations and advocacy groups worldwide, owing to an onslaught of risks around the lack of transparency and explainability of AI systems; job losses resulting from increased automation; social manipulation through computer algorithms; surveillance; and data privacy.



<h2 class="wp-block-heading" id="h-agi-a-super-vaguely-defined-term"><a></a>AGI a ‘super vaguely defined term’</h2>



OpenAI’s CEO and co-founder Sam Altman said he believes artificial general intelligence might not be far from becoming a reality and could be developed in the “reasonably close-ish future.”



However, he noted that fears that it will dramatically reshape and disrupt the world are overblown.



“It will change the world much less than we all think and it will change jobs much less than we all think,” Altman said at a conversation organized by Bloomberg at the World Economic Forum in Davos, Switzerland.



Altman, whose company burst into the mainstream after the public launch of ChatGPT chatbot in late 2022, has changed his tune on the subject of AI’s dangers since his company was thrown into the regulatory spotlight last year, with governments from the United States, U.K., European Union, and beyond seeking to rein in tech companies over the risks their technologies pose.



In a May 2023 interview with ABC News, Altman said he and his company are “scared” of the downsides of a super-intelligent AI.



“We’ve got to be careful here,” said Altman told ABC. “I think people should be happy that we are a little bit scared of this.”



Then, Altman said that he’s scared about the potential for AI to be used for “large-scale disinformation,” adding, “Now that they’re getting better at writing computer code, [they] could be used for offensive cyberattacks.”



Altman was temporarily booted from OpenAI in November in a shock move that laid bare concerns around the governance of the companies behind the most powerful AI systems.



In a discussion at the World Economic Forum in Davos, Altman said his ouster was a “microcosm” of the stresses faced by OpenAI and other AI labs internally. “As the world gets closer to AGI, the stakes, the stress, the level of tension. That’s all going to go up.”



Aidan Gomez, the CEO and co-founder of artificial intelligence startup Cohere, echoed Altman’s point that AI will likely be a real outcome in the near future.



“I think we will have that technology quite soon,” Gomez told CNBC’s Arjun Kharpal in a fireside chat at the World Economic Forum.



But he said a key issue with AGI is that it’s still ill-defined as a technology. “First off, AGI is a super vaguely defined term,” Cohere’s boss added. “If we just term it as ‘better than humans at pretty much whatever humans can do,’ I agree, it’s going to be pretty soon that we can get systems that do that.”



However, Gomez said that even when AGI does eventually arrive, it would likely take “decades” for companies to truly be integrated into companies.



“The question is really about how quickly can we adopt it, how quickly can we put it into production, the scale of these models make adoption difficult,” Gomez noted.



“And so a focus for us at Cohere has been about compressing that down: making them more adaptable, more efficient.”



<h2 class="wp-block-heading"><a></a>‘The reality is, no one knows’</h2>



The topic of defining what AGI actually is and what it’ll eventually look like is one that’s stumped many experts in the AI community.



Lila Ibrahim, chief operating officer of Google’s AI lab DeepMind, said no one truly knows what type of AI qualifies as having “general intelligence,” adding that it’s important to develop the technology safely.



“The reality is, no one knows” when AGI will arrive, Ibrahim told CNBC’s Kharpal. “There’s a debate within the AI experts who’ve been doing this or a long time both within the industry and also within the organization.”



“We’re already seeing areas where AI has the ability to unlock our understanding &#8230; where humans haven’t been able to make that type of progress. So it’s AI in partnership with the human, or as a tool,” Ibrahim said.



“So I think that’s really a big open question, and I don’t know how better to answer other than, how do we actually think about that, rather than how much longer will it be?” Ibrahim added. “How do we think about what it might look like, and how do we ensure we’re being responsible stewards of the technology?”



<h2 class="wp-block-heading"><a></a>Avoiding a ‘s&#8212; show’</h2>



Altman wasn’t the only top tech executive asked about AI risks at Davos.



Marc Benioff, CEO of enterprise software firm Salesforce, said on a panel with Altman that the tech world is taking steps to ensure that the AI race doesn’t lead to a “Hiroshima moment.”



Many industry leaders in technology have warned that AI could lead to an “extinction-level” event where machines become so powerful they get out of control and wipe out humanity.



Several leaders in AI and technology, including Elon Musk, Steve Wozniak, and former presidential candidate Andrew Yang, have called for a pause to AI advancement, stating that a six-month moratorium would be beneficial in allowing society and regulators to catch up.



Geoffrey Hinton, an AI pioneer often called the “godfather of AI,” has previously warned that advanced programs “might escape control by writing their own computer code to modify themselves.”



“One of the ways these systems might escape control is by writing their own computer code to modify themselves. And that’s something we need to seriously worry about,” said Hinton in an October interview with CBS’ “60 Minutes.”



Hinton left his role as a Google vice president and engineering fellow last year, raising concerns over how AI safety and ethics were being addressed by the company.



Benioff said that technology industry leaders and experts will need to ensure that AI averts some of the problems that have beleaguered the web in the past decade or so — from the manipulation of beliefs and behaviors through recommendation algorithms during election cycles, to the infringement of privacy.



“We really have not quite had this kind of interactivity before” with AI-based tools, Benioff told the Davos crowd last week. “But we don’t trust it quite yet. So we have to cross trust.”



“We have to also turn to those regulators and say, ’Hey, if you look at social media over the last decade, it’s been kind of a f&#8212;ing s&#8212; show. It’s pretty bad. We don’t want that in our AI industry. We want to have a good healthy partnership with these moderators, and with these regulators.”



<h2 class="wp-block-heading"><a></a>Limitations of LLMs</h2>



Jack Hidary, CEO of SandboxAQ, pushed back on the fervor from some tech executives that AI could be nearing the stage where it gets “general” intelligence, adding that systems still have plenty of teething issues to iron out.



He said AI chatbots like ChatGPT have passed the Turing test, a test called the “imitation game,” which was developed by British computer scientist Alan Turing to determine whether someone is communicating with a machine and a human. But, he added, one big area where AI is lacking is common sense.



“One thing we’ve seen from LLMs [large language models] is very powerful can write says for college students like there’s no tomorrow, but it’s difficult to sometimes find common sense, and when you ask it, ‘How do people cross the street?’ it can’t even recognize sometimes what the crosswalk is, versus other kinds of things, things that even a toddler would know, so it’s going to be very interesting to go beyond that in terms of reasoning.”



Hidary does have a big prediction for how AI technology will evolve in 2024: This year, he said, will be the first that advanced AI communication software gets loaded into a humanoid robot.



“This year, we’ll see a ‘ChatGPT’ moment for embodied AI humanoid robots right, this year 2024, and then 2025,” Hidary said.



“We’re not going to see robots rolling off the assembly line, but we’re going to see them actually doing demonstrations in reality of what they can do using their smarts, using their brains, using LLMs perhaps and other AI techniques.”



“20 companies have now been venture backed to create humanoid robots, in addition of course to Tesla, and many others, and so I think this is going to be a conversion this year when it comes to that,” Hidary added.

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Tech execs say a type of AI that can outdo humans is coming, but have no idea what it looks like

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="357" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg" alt="" class="wp-image-400669" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1-300x175.jpg 300w" sizes="auto, (max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">World map with charts and graphs as symbols of global finance</figcaption></figure>



Jan 23 (Reuters)&nbsp;&#8211;&nbsp;Equities in emerging markets regained ground on Tuesday, supported by news of potential steps by Chinese authorities to stabilise domestic stock markets, while regional currencies were mixed against a softer dollar.



MSCI&#8217;s index of emerging market equities&nbsp;.MSCIEF&nbsp;advanced 0.4% by 0900 GMT, with Hong Kong&#8217;s Hang Seng&nbsp;.HSI&nbsp;index leading the charge, jumping 2.6%.



Stocks in mainland China .CSI300 also ended higher after China&#8217;s cabinet said on Monday it will step up measures to stabilise market confidence. However the index was not far from five-year lows hit last week.



Policymakers are seeking to mobilise about 2 trillion yuan ($278.53 billion) as part of a stabilisation fund to buy shares onshore through the Hong Kong exchange link, according to a Bloomberg News report. China&#8217;s yuan CNY=CFXS firmed 0.3% against the dollar.



&#8220;This is a strong message that conveys Beijing’s intention to artificially support Chinese markets,&#8221; ING strategists said in a research note, but added it was only a temporary fix.



&#8220;Ultimately, stronger conviction on a Chinese economic rebound is likely necessary to drive a sustainable recovery in Chinese-linked stocks.&#8221;



Taiwan&nbsp;.TWII&nbsp;and South Korea&#8217;s&nbsp;.KS11&nbsp;tech-heavy stock indexes also rose, tracking a positive finish on Wall Street overnight. Equities in Turkey&nbsp;.XU100&nbsp;and South Africa&nbsp;.JTOPI&nbsp;gained over 1%.



Japanese shares .N225 surged to fresh 34-year highs as the Bank of Japan stood pat on ultra-loose monetary policy.



Assets in emerging markets (EM) have been under pressure this year due to concerns around China&#8217;s economic growth and reduced bets of U.S. interest rate cuts. Investors are now awaiting policy decisions from the European Central Bank (ECB) as well as South Africa and Turkey this week.



Indian shares .NSEI, .BSESN were among laggards on Tuesday, pulled down by a drop in shares of Zee EntertainmentZEE.NS.



Among currencies, the South African rand&nbsp;ZAR=&nbsp;came off three month lows to trade at 19.1161 to the dollar. However, the Israeli shekel&nbsp;ILS=&nbsp;and the Turkish lira&nbsp;TRYTOM=D3&nbsp;were weaker.



A broader gauge of EM currencies&nbsp;.MIEM00000CUS&nbsp;was muted.



Sri Lanka&#8217;s central bank kept interest rates steady on Tuesday, in line with market expectations as a new tax threatened upward pressure on expenses. The country&#8217;s CSE index .CSE dipped 1.0% while the local currency LKR= was flat.



(Reporting by Amruta Khandekar; Editing by Angus MacSwan)

World map with charts and graphs as symbols of global finance

China optimism props up stocks, currencies struggle

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107353683-1704290729465-gettyimages-1825446250-cfoto-chinasto231205_npegz-820x462.jpeg" alt="" class="wp-image-449191" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107353683-1704290729465-gettyimages-1825446250-cfoto-chinasto231205_npegz-820x462.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107353683-1704290729465-gettyimages-1825446250-cfoto-chinasto231205_npegz-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107353683-1704290729465-gettyimages-1825446250-cfoto-chinasto231205_npegz-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107353683-1704290729465-gettyimages-1825446250-cfoto-chinasto231205_npegz-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107353683-1704290729465-gettyimages-1825446250-cfoto-chinasto231205_npegz.jpeg 929w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A securities business hall in Fuyang, China, in December 2023. Costfoto | Nurphoto | Getty Images</figcaption></figure>



China is considering a rescue package backed by offshore money to stave off a slump in its struggling stock markets, according to Bloomberg News.



The report, citing people familiar with the matter, said Chinese authorities are aiming to get about 2 trillion yuan ($278 billion), primarily through offshore accounts of Chinese state-owned companies to help stabilize the market by purchasing stocks onshore through Hong Kong markets.



According to Bloomberg, Chinese policymakers have also put aside 300 billion yuan of local funds that would be used to invest into onshore shares through state-owned financial firms China Securities Finance Corp. or Central Huijin Investment Ltd.



Mainland China’s CSI 300 index slid 11.4% last year, clocking its third straight year of falls. Hong Kong’s Hang Seng index fell nearly 14% in 2023, making it the worst performing major Asian stock market.



The Bloomberg report comes a day after Chinese Premier Li Qiang said during a state council meeting the country will be rolling out measures to stabilize its stock markets.



“We must take more powerful and effective measures to stabilize the market and confidence,” Li said, according to state media.

107353683-1704290729465-gettyimages-1825446250-cfoto-chinasto231205_npegz

China is weighing measures to prop up its stock markets, could reportedly mobilize $278 billion

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/107065218-1653293244892-gettyimages-1323151704-oil-pumps-and-rig-at-sunset-820x462.jpeg" alt="" class="wp-image-425257" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/107065218-1653293244892-gettyimages-1323151704-oil-pumps-and-rig-at-sunset-820x462.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/107065218-1653293244892-gettyimages-1323151704-oil-pumps-and-rig-at-sunset-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/107065218-1653293244892-gettyimages-1323151704-oil-pumps-and-rig-at-sunset-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/107065218-1653293244892-gettyimages-1323151704-oil-pumps-and-rig-at-sunset-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/107065218-1653293244892-gettyimages-1323151704-oil-pumps-and-rig-at-sunset.jpeg 929w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Imaginima | E+ | Getty Images oil</figcaption></figure>



SINGAPORE, Jan 23 (Reuters) &#8211; Oil prices were little changed on Tuesday as traders weighed a host of conflicting supply and demand worries, from rising tensions in the Middle East to cold weather woes disrupting production in the United States.



Brent crude futures added 2 cents to $80.08 a barrel by 0702 GMT, while U.S. West Texas Intermediate crude futures (WTI) climbed 3 cent to $74.79 a barrel.



Both the contracts had settled about 2% higher on Monday, as a Ukrainian drone strike on Novatek&#8217;s Ust-Luga fuel export terminal raised supply concerns and drove up prices. Analysts say Novatek is likely to resume large-scale operations there within weeks.



While damage to loading berths at the Ust-Luga terminal only &#8220;briefly impacted exports,&#8221; the move raises the prospect of the Russia-Ukraine war &#8220;moving into a new phase where parties target key energy infrastructure,&#8221; analysts at ANZ Research said in a note.



In the Middle East, U.S. and British forces have also carried out a fresh round of strikes targeting a Houthi underground storage site and missile and surveillance capabilities used by the Iran-aligned Houthi group.



The attacks by the Houthis on vessels in and around the Red Sea region have disrupted global shipping and stoked fears of inflation. The group has said their attacks are in solidarity with Palestinians as Israel strikes Gaza.



Some analysts also remained bullish on near-term market fundamentals because of these ongoing conflicts.



&#8220;Without any recession concerns, the impact of extreme weather on U.S. crude oil production and the escalation of geopolitical conflicts still support oil prices,&#8221; said CMC Markets&#8217; Shanghai-based analyst Leon Li.



In the U.S., 20% of North Dakota&#8217;s oil output remained shut in due to extreme cold and operational challenges, the state&#8217;s pipeline authority said on Monday.



Capping price gains, however, are concerns over China&#8217;s sputtering economic recovery, which is raising worries about global oil demand given the Asian giant is the world&#8217;s biggest crude oil importer.



Chinese policymakers have rolled out a raft of measures to shore up the economy but domestic consumption remains tepid, leaving oil traders on edge about demand prospects.



&#8220;Given conflicting fundamental factors right now in WTI crude (market), the momentum factor is likely to be the main driver in setting the stage for oil prices in the short term,&#8221; said OANDA senior markets analyst Kelvin Wong.



WTI crude prices managed to close above their 50-day moving average on Monday for the first time since Oct. 24 last year. The bullish close followed a similar daily close above the 20-day moving average last Thursday, he added.



A Reuters poll showing that U.S. crude oil inventories were forecast to fall by about 3 million barrels in the week to Jan. 19 also limited price weakness. Distillate stockpiles were expected to drop last week, while gasoline inventories were set to rise. Official government data is expected to be out on Jan. 24.



(Reporting by Emily Chow; Editing by Shri Navaratnam and Kim Coghill)

107065218-1653293244892-gettyimages-1323151704-oil-pumps-and-rig-at-sunset

Oil steadies on mixed supply cues, cautious outlook on China

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/GettyImages-1500828633-820x547.jpg" alt="" class="wp-image-449138" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/GettyImages-1500828633-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/GettyImages-1500828633-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/GettyImages-1500828633-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/GettyImages-1500828633-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/GettyImages-1500828633.jpg 1024w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">ACCRA, GHANA &#8211; JUNE 18: Mr. Aliko Dangote, Chairman and CEO, Dangote Group during the African Export-Import Bank (Afreximbank) Annual Meeting on June 18, 2023 at the Accra International Conference Center in Accra, Ghana. The event is to mark the high point of the bank’s year-long 30th-anniversary celebrations, under the theme “Delivering the Vision. Building Prosperity for Africans”. (Photo by Ernest Ankomah/Getty Images)</figcaption></figure>


<a href="https://www.forbes.com/lists/africa-billionaires/?sh=313d024924d5">Forbes just released their annual rich list</a>, featuring the return of Nigeria’s Femi Otedola to the list. Also in Nigeria, Aliko Dangote returned to the top of the list, after briefly losing the number one spot for part of last year to Johann Rupert and family. 
Notably, the list excludes lawyer and banker, Adebayo Ogunlesi, <a href="https://www.theafricareport.com/333471/who-is-adebayo-ogunlesi-the-nigerian-who-charmed-blackrock/">whose fortune is estimated at $2.3bn</a> if the BlackRock acquisition of his firm Global Infrastructure Partners (GIP) for $12.5bn is concluded.
The biggest gain belongs to Egypt’s Nassef Sawiris, who added $1.6 billion to $8.9 billion. 
<h3>Here is the full list of African Billionaires:</h3>
1. Aliko Dangote Net worth: $13.9 billion Net worth in 2023: $13.5 billion Origin of wealth: Cement and Sugar Age: 66 Country: Nigeria
2. Johann Rupert and family Net worth: $10.1 billion Rank in 2023: 2 Net worth in 2023: $10.7 billion Origin of wealth: Luxury goods Age: 73 Country: South Africa
3. Nicky Oppenheimer &amp; family Net worth: $9.4 billion Rank in 2023: 3 Net worth in 2023: $8.4 billion Origin of wealth: Diamonds Age: 78 Country: South Africa
4. Nassef Sawiris Net worth: $8.7 billion Rank in 2023: 5 Net worth in 2023: $7.2 billion Origin of wealth: Construction and Investments Age: 63 Country: Egypt
5. Mike Adenuga Net worth: $6.9 billion Rank in 2023: 6 Net worth in 2023: $5.6 billion Origin of wealth: Telecom and Oil Age: 70 Country: Nigeria
6. Abdulsamad Rabiu Net worth: $5.9 billion Rank in 2023: 4 Net worth in 2023: $7.6 billion Inherited and growing Origin of wealth: Cement and Sugar Age: 63 Country: Nigeria
7. Naguib Sawiris Net worth: $3.8 billion Rank in 2023: 8 Net worth in 2023: $3.3 billion Inherited and growing Origin of wealth: Telecom Age: 69 Country: Egypt
8. Mohamed Mansour Net worth: $3.2 billion Rank in 2023: 10 Net worth in 2023: $2.8 billion Self-made Origin of wealth: Diversified Age: 76 Country: Egypt
9. Koos Bekker Net worth: $2.7 billion Rank in 2023: 11 Net worth in 2023: $2.6 billion Origin of wealth: Media, Investments Age: 71 Country: South Africa
9. Patrice Motsepe Net worth: $2.7 billion Rank in 2023: 9 Net worth in 2023: $3.1 billion Origin of wealth: Mining Age: 61 Country: South Africa
11. Issad Rebrab &amp; family Net worth: $2.5 billion Rank in 2023: 7 Net worth in 2023: $4.6 billion Origin of wealth: Food Age: 80 Country: Algeria
12. Mohammed Dewji Net worth: $1.8 billion Rank in 2023: 15 Net worth in 2023: $1.5 billion Origin of wealth: Diversified Age: 48 Country: Tanzania
12. Strive Masiyiwa Net worth: $1.8 billion Rank in 2023: 12 Net worth in 2023: $1.9 billion Origin of wealth: Telecom Age: 62 Country: Zimbabwe
14. Aziz Akhannouch &amp; family Net worth: $1.7 billion Rank in 2023: 14 Net worth in 2023: $1.5 billion Origin of wealth: Petroleum, Diversified Age: 63 Country: Morocco
15. Othman Benjelloun &amp; family Net worth: $1.4 billion Rank in 2023: 16 Net worth in 2023: $1.3 billion Origin of wealth: Banking, insurance Age: 91 Country: Morocco
16. Youssef Mansour Net worth: $1.3 billion Rank in 2023: 13 Net worth in 2023: $1.5 billion Origin of wealth: Diversified Age: 78 Country: Egypt
17. Yasseen Mansour Net worth: $1.2 billion Rank in 2023: 19 Net worth in 2023: $1.1 billion Origin of wealth: Diversified Age: 62 Country: Egypt
17. Christoffel Wiese Net worth: $1.2 billion Rank in 2023: 18 Net worth in 2023: $1.1 billion Origin of wealth: Retail Age: 82 Country: South Africa Residence: Cape Town
19. Michiel Le Roux Net worth: $1.1 billion Rank in 2023: 17 Net worth in 2023: $1.2 billion Origin of wealth: Banking Age: 74 Country: South Africa
19. Femi Otedola Net worth: $1.1 billion Origin of wealth: Gas stations, Utilities Country: Nigeria


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/GettyImages-1257441607-820x547.jpg" alt="" class="wp-image-449137" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/GettyImages-1257441607-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/GettyImages-1257441607-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/GettyImages-1257441607-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/GettyImages-1257441607-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/GettyImages-1257441607.jpg 1024w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Femi Otedola, chairman of Geregu Power Plc, during the commissioning ceremony of the Dangote Industries Ltd. oil refinery and fertilizer plant site in the Ibeju Lekki district of Lagos, Nigeria, on Monday, May 22, 2023. Aliko Dangote, Africa&#8217;s richest person, announced the opening of a mega refinery in Nigeria seven years late to a backdrop of skepticism about how fast it will really be able to ramp up. Photographer: Benson Ibeabuchi/Bloomberg via Getty Images</figcaption></figure>

Nigeria’s $21 Billion Dangote Mega Oil Refinery Opening

Africa’s Billionaires 2024

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="404" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istock-172471634-941536-1611211252-820x404.jpg" alt="" class="wp-image-400971" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istock-172471634-941536-1611211252-820x404.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istock-172471634-941536-1611211252-300x148.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istock-172471634-941536-1611211252-768x379.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istock-172471634-941536-1611211252.jpg 1458w" sizes="auto, (max-width: 820px) 100vw, 820px" /></figure>



Gold prices could close the year as much as 10% above current levels on the back of potential interest rate cuts, UBS strategists said, despite declines at the start of 2024.



A UBS note on Friday described recent price moves as “minor” in the context of the precious metal’s 15% climb through 2023 and said the “power of the [Federal Reserve]’s policy pivot should not be underestimated.”



Bullion remains above the psychological level of $2,000 per ounce, the UBS strategists said, forecasting a rise to $2,250 per ounce by the end of the year, despite near-time volatility.



Analysts at Scotiabank retained a more cautious outlook, but revised their price guidance higher.&nbsp;In a Monday note, they&nbsp;said they had adopted higher gold and silver prices for this and next&nbsp;year, and moved their year-end gold forecast to $2,000 per ounce, from $1,900 per ounce, previously.



Gold prices can be impacted by factors including geopolitical instability and market uncertainty — which can boost the appeal of&nbsp;bullion as a “safe haven” asset — and interest rates, which can make higher-yielding investments more attractive when they are raised.



Markets are increasingly uncertain that the Fed will begin interest rate cuts in March. Current pricing drops the probability at around 48%, according to CME’s FedWatch tool, down from as high as 81% just over a week ago. That’s with two key releases on U.S. fourth-quarter economic growth and the personal consumption expenditures price index still to come this week.



Investors are also monitoring coming monetary policy meetings at the Bank of Japan on Tuesday and European Central Bank on Thursday.



Gold hit several record highs late last year and notched a record close of $2,078 per ounce, according to the World Gold Council. Analysts tied the rise to interest rate expectations and the global volatility stemming from the Israel-Hamas conflict.



Spot gold was down 0.26% to $2,024 at 1 p.m. London time on Monday.



Central banks have also been a major buyer of gold in 2022 and 2023, as they diversify their reserves.



That is on the back of an expectation for 100 basis points of Fed cuts, beginning in May, “putting pressure on the US dollar and real interest rates, which should spark fresh demand, particularly from exchange-traded gold funds,” according to the UBS note.



“Ongoing macro and elevated geopolitical risks continue to justify holding exposure to gold for hedging and diversification purposes, in our view,” UBS said.



— CNBC’s Jeff Cox contributed to this story

Gold ingots and coins

UBS sees a 10% spike for gold this year as rate cut speculation swirls

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1076949610-612x612-1.jpg" alt="" class="wp-image-400697" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1076949610-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1076949610-612x612-1-300x200.jpg 300w" sizes="auto, (max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">Double exposure of coin stack with city background and world map, financial graph, world map and global network business concept idea, element by NASA.</figcaption></figure>



Jan 22 (Reuters)&nbsp;&#8211;&nbsp;Emerging market stocks were dragged lower on Monday by concerns about China&#8217;s shaky economic recovery while currencies were subdued at the start of a week brimming with interest rate decisions from regional and major central banks.



MSCI&#8217;s index for emerging market equities&nbsp;.MSCIEF&nbsp;fell 0.6% by 0932 GMT following two straight days of gains. A measure of regional currencies&nbsp;.MIEM00000CUS&nbsp;was steady as the dollar struggled to hold on to recent gains.



After fading optimism around the likelihood of early U.S. interest rate cuts depressed sentiment towards risk-sensitive EM assets for most of last week, investors are on guard ahead of policy decisions from countries including South Africa and Turkey.



The European Central Bank (ECB) and the Bank of Japan are also due to give their verdicts on rates this week.



China&#8217;s blue-chip index .CSI300 fell 1.6%, while the yuan CNY=CFXS held steady against the dollar after the People&#8217;s Bank of China (PBOC) kept benchmark lending rates unchanged at their monthly fixing.



China&#8217;s major state-owned banks moved to tighten yuan liquidity in the offshore foreign exchange market on Monday, four sources with knowledge of the matter said.



China&#8217;s disappointing economic growth &#8220;is a drag on overall EM sentiment&#8221;, said Jon Harrison, managing director of emerging market macro strategy at TS Lombard.



&#8220;Overall, we prefer LatAm (Latin America), especially Brazil. The ongoing monetary easing will raise consumer sentiment and boost equity markets, which remain undervalued despite the gains late last year.&#8221;



Stocks in Taiwan&nbsp;.TWII&nbsp;remained a bright spot, rising 0.8% as technology shares received a boost from optimism around artificial intelligence.



Such enthusiasm, sparked by Taiwanese chipmaker TSMC&#8217;s upbeat forecast had also pushed the benchmark U.S. S&amp;P 500 .SPX index to a record high on Friday.



The South African rand&nbsp;ZAR=&nbsp;and the Israeli shekel&nbsp;ILS=&nbsp;dipped 0.9% and 0.7% against the dollar respectively.



Saudi Arabia&#8217;s sovereign wealth fund, the Public Investment Fund (PIF), has given initial price guidance for its benchmark-sized, dollar-denominated triple-tranche bonds, a bank document showed on Monday.



An International Monetary Fund team is currently in Cairo to discuss Egypt&#8217;s $3 billion IMF loan and reform program, an IMF spokesperson said on Friday.



(Reporting by Amruta Khandekar, editing by Ed Osmond)

istockphoto-1076949610-612×612-1

Stocks fall, FX muted as central bank-heavy week looms

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107361731-17056776052024-01-19t151424z_1943492954_rc22l5arvbvj_rtrmadp_0_usa-stocks-820x462.jpeg" alt="" class="wp-image-448928" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107361731-17056776052024-01-19t151424z_1943492954_rc22l5arvbvj_rtrmadp_0_usa-stocks-820x462.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107361731-17056776052024-01-19t151424z_1943492954_rc22l5arvbvj_rtrmadp_0_usa-stocks-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107361731-17056776052024-01-19t151424z_1943492954_rc22l5arvbvj_rtrmadp_0_usa-stocks-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107361731-17056776052024-01-19t151424z_1943492954_rc22l5arvbvj_rtrmadp_0_usa-stocks-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107361731-17056776052024-01-19t151424z_1943492954_rc22l5arvbvj_rtrmadp_0_usa-stocks.jpeg 929w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., January 19, 2024.  Brendan Mcdermid | Reuters</figcaption></figure>



Markets have become less convinced that the Federal Reserve is ready to press the button on interest rate cuts, an issue that cuts at the heart of where the economy and stocks are headed.



Two big economic reports coming up this week could go a long way toward determining at least which way the central bank policymakers could lean — and how markets might react to a turn in monetary policy.



Investors will get their first look at the broad picture of fourth-quarter economic growth for 2023 when the Commerce Department releases its initial gross domestic product estimate on Thursday. Economists surveyed by Dow Jones are expecting the total of all goods and services produced in the U.S. economy to have grown at a 1.7% pace for the final three months of 2023, which would be the slowest since the 0.6% decline in Q2 of 2022.



A day later, the Commerce Department will release the December reading on the personal consumption expenditures price index, a favorite Fed inflation gauge. The consensus expectation for core PCE prices, which exclude the volatile food and energy components, is 0.2% growth for the month and 3% for the full year.



Both data points should garner a lot of attention, particularly the inflation numbers, which have been trending towards the Fed’s 2% goal but aren’t there yet.



“That’s the thing that everybody should be watching to determine what the Fed’s rate path will end up being,” Chicago Fed President Austan Goolsbee said during an interview Friday on CNBC. “It’s not about secret meetings or decisions. It’s fundamentally about the data and what will enable us to become less restrictive if we have clear evidence that we’re on the path to get” inflation back to target.



<h2 class="wp-block-heading" id="h-lowered-rate-cut-outlook"><a></a>Lowered rate-cut outlook</h2>



The releases come amid a market snapback about where the Fed is heading.



As of Friday afternoon, trading in the fed funds futures market equated to virtually no chance the rate-setting Federal Open Market Committee will cut at its Jan. 30-31 meeting, according to CME Group data as indicated through its FedWatch Tool. That’s nothing new, but the odds for a cut at the March meeting fell to 47.2%, a steep slide from 81% just a week ago.



Along with that, traders have taken one expected cut off the table, reducing the outlook for easing to five quarter percentage point decreases from six previously.



The change in sentiment followed data showing a stronger-than-expected 0.6% growth in consumer spending for December and initial jobless claims falling to their lowest weekly level since September 2022. On top of that, several of Goolsbee’s colleagues, including Governor Christopher Waller, New York Fed President John Williams and Atlanta Fed President Raphael Bostic, issued commentary indicating that at the very least they are in no hurry to cut even if the hikes are probably done.



“I don’t like tying my hands, and we still have weeks of data,” Goolsbee said. “Let’s take the long view. If we continue to make surprising progress faster than was forecast on inflation, then we have to take that into account in determining the level of restrictiveness.”



Goolsbee noted that one particular area of focus for him will be housing inflation.



The December consumer price index report indicated that shelter inflation, which accounts for about one-third of the weighting in the CPI, rose 6.2% from a year ago, well ahead of a pace consistent with 2% inflation.



However, other measures tell a different story.



A new Labor Department reading known as the New Tenant Rent Index, indicates a lower path ahead for housing inflation. The index, which measures prices for new leases that tenants sign, showed a 4.6% decline in the fourth quarter of 2023 from a year ago and more than double that quarterly.



<h2 class="wp-block-heading"><a></a>Watching the data, and other factors</h2>



“In the very near term, we think the inflation data will cooperate with the Fed’s dovish plans,” Citigroup economist Andrew Hollenhorst said in a client note.



However, Citi foresees inflation as stubborn and likely to delay the first cut until at least June.



While it’s unclear how much difference the timing makes, or how important it is if the Fed only cuts four or five times compared to the more ambitious market expectations, market outcomes have seem linked to the expectations for monetary policy.



There are plenty of factors that change the outlook in both directions — a continued rally in the stock market might worry the Fed about more inflation in the pipeline, as could an acceleration in geopolitical tensions and stronger-than-expected economic growth.



“By keeping the potential alive for inflation to turn up, these economic and geopolitical developments could put upward pressure on both short-term rates and long-term yields,” Komal Sri-Kumar, president of Sri-Kumar Global Strategies, said Saturday in his weekly market note.



“Could the Federal Reserve be forced to raise the Federal Funds rate as its next move rather than cut it?” he added. “An intriguing thought. Don’t be surprised if there is more discussion along these lines in coming months.”

107361731-17056776052024-01-19t151424z_1943492954_rc22l5arvbvj_rtrmadp_0_usa-stocks

Two important events this week could determine the future of Fed rate policy

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107361577-1705660158507-gettyimages-1936270101-DAVOS_WEF_2024-820x462.jpeg" alt="" class="wp-image-448185" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107361577-1705660158507-gettyimages-1936270101-DAVOS_WEF_2024-820x462.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107361577-1705660158507-gettyimages-1936270101-DAVOS_WEF_2024-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107361577-1705660158507-gettyimages-1936270101-DAVOS_WEF_2024-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107361577-1705660158507-gettyimages-1936270101-DAVOS_WEF_2024-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107361577-1705660158507-gettyimages-1936270101-DAVOS_WEF_2024.jpeg 929w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Alex Soros, chairman of Open Society Foundations, during a panel session on the closing day of the World Economic Forum (WEF) in Davos, Switzerland, on Friday, Jan. 19, 2024. The annual Davos gathering of political leaders, top executives and celebrities runs from January 15 to 19. Photographer: Stefan Wermuth/Bloomberg via Getty Images Bloomberg | Bloomberg | Getty Images</figcaption></figure>



“In Davos, Donald Trump is already the president,” Open Society Foundations Chairman Alex Soros told a panel at the World Economic Forum on Friday.



“That’s a good thing, because the Davos consensus is always wrong,” he went on.



The prospect of Trump, who is frontrunner to gain the Republican nomination in the upcoming election, winning a second term in the White House has been a hot topic at the gathering of political and business leaders in Switzerland this week.



Trump faces 91 felony counts across numerous criminal cases relating to his attempts to overturn his 2020 election defeat, mishandling of classified documents and hush-money payments to a porn star. Yet many U.S. business executives still believe he will beat President Joe Biden, should the two face off in the 2024 race, as anticipated.



“Donald Trump owns the Republican Party. We’re in something I like to call the Trump cycle, because I think even if — and I believe, if the institutions hold, when — he loses this election, he’ll also be the Republican candidate in 2028 and maybe even 2032 as well,” Soros said, drawing a ripple of laughter from attendees.



“What’s the way out for him? He either winds up in prison or he winds up in power, he’s not going off on some beach somewhere and retiring.”



Most polling in recent months has put Trump ahead of Biden across key swing states, though numbers published last week by Redfield &amp; Wilton Strategies, in partnership with The Telegraph, showed those leads narrowing in Arizona, Georgia, North Carolina and Pennsylvania.



Soros insisted that the incumbent president still has a “pretty good map,” and backed Biden to hold onto Arizona and Georgia, where he claimed the particular brand of “extremism” promoted by Trump and his allies is considered “really toxic” to many voters.



“But, actually, if you want to look at one state which will really test where the election is, it’s Wisconsin, because if Joe Biden’s able to win Wisconsin, it should mean that he’s won Pennsylvania and Michigan,” added Soros, son of billionaire philanthropist and Open Society Foundations founder George Soros.



“Biden actually has a particular advantage in a polarized electoral environment which is that he’s not polarizing.”

107361577-1705660158507-gettyimages-1936270101-DAVOS_WEF_2024

Alex Soros says a Trump win is a done deal for the Davos elite — but they’re always wrong

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/LUTBM54MQRKNBIUOS72UAOZR5M-820x547.jpg" alt="" class="wp-image-448115" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/LUTBM54MQRKNBIUOS72UAOZR5M-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/LUTBM54MQRKNBIUOS72UAOZR5M-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/LUTBM54MQRKNBIUOS72UAOZR5M-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/LUTBM54MQRKNBIUOS72UAOZR5M-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/LUTBM54MQRKNBIUOS72UAOZR5M-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/LUTBM54MQRKNBIUOS72UAOZR5M-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Tourists walk past the glass Pyramid of the Louvre Museum in Paris, France, January 15, 2024. REUTERS/Sarah Meyssonnier/File Photo</figcaption></figure>



MADRID, Jan 19 (Reuters)&nbsp;&#8211;&nbsp;Global tourism is set to fully recover from the pandemic in 2024 as international tourist arrivals will likely be 2% more numerous than in 2019, the United Nations&#8217; World Tourism Organisation said on Friday.



Increased global air connectivity and a strong recovery of Asian markets will allow a full rebound of tourism activities worldwide this year, even though geopolitical instability in the Middle East and elsewhere constitutes a risk for the industry as it affects would-be travellers&#8217; confidence, the UN tourism body said.



In 2023, travel demand in Europe and Africa almost reached pre-pandemic levels, and surpassed them in the Middle East.



Some destinations, such as Mediterranean Europe, the Caribbean and the Central American and North African sub-regions, exceeded their 2019 international tourism arrivals last year.



The organization expects the Chinese market to soar in 2024, after the government allowed visa-free travel for citizens of France, Germany, Italy, the Netherlands, Spain and Malaysia until 30 November 2024. Flight capacity into and out of China is set to increase this year.



In 2023, international tourism ended at 88% of pre-pandemic levels, with an estimated 1.3 billion international travellers.



The overall industry contribution to the global economy in 2023 was $3.3 trillion, according to the report.



(Reporting by Corina Pons, editing by Inti Landauro)

Tourists at the Louvre Museum in Paris

United Nations sees international tourism fully recovering in 2024

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/responsive_big_webp_tBFYBMOKhTfHbJy9Pt6J1GKDAtyqFL7gT0yZEmtaGrc-820x461.webp" alt="" class="wp-image-448107" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/responsive_big_webp_tBFYBMOKhTfHbJy9Pt6J1GKDAtyqFL7gT0yZEmtaGrc-820x461.webp 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/responsive_big_webp_tBFYBMOKhTfHbJy9Pt6J1GKDAtyqFL7gT0yZEmtaGrc-300x169.webp 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/responsive_big_webp_tBFYBMOKhTfHbJy9Pt6J1GKDAtyqFL7gT0yZEmtaGrc-160x90.webp 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/responsive_big_webp_tBFYBMOKhTfHbJy9Pt6J1GKDAtyqFL7gT0yZEmtaGrc-768x432.webp 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/responsive_big_webp_tBFYBMOKhTfHbJy9Pt6J1GKDAtyqFL7gT0yZEmtaGrc-1536x864.webp 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/responsive_big_webp_tBFYBMOKhTfHbJy9Pt6J1GKDAtyqFL7gT0yZEmtaGrc.webp 1600w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Image: World Economic Forum</figcaption></figure>



The 54th Annual Meeting of the World Economic Forum convened in Davos, Switzerland, against a tense geo-political backdrop.



Conflicts in multiple regions continue to threaten global peace and stability while political fragmentation is increasingly taking a toll on other issue areas ranging from the climate crisis to the development of advanced technologies. In Davos, top public and private sector voices as well as leading civil society experts met to&nbsp;discuss how to effectively deal with security crises, such as the current situation in the Middle East, while at the same time mitigating the structural forces of fragmentation.



The meeting was also attended by over 60 heads of states and government and nearly 300 ministers and other political leaders, several of which delivered public addresses.



Here&#8217;s some of what they had to say.



<h3 class="wp-block-heading" id="h-li-qiang-premier-of-the-people-s-republic-of-china">Li Qiang, Premier of the People&#8217;s Republic of China</h3>



Li Qiang, Premier of the People&#8217;s Republic of China, delivered the first special address of the Annual Meeting 2024.



Li called for the rebuilding of trust between countries and touted China&#8217;s economy, stressing its integral position in the global economy. &#8220;The Chinese economy is making steady progress, and will continue to provide a strong impetus for the world economy,&#8221; Li&nbsp;<a href="https://x.com/wef/status/1747208713859891611?s=20">stated</a>.



<h3 class="wp-block-heading">Ursula von der Leyen, President of the European Commission</h3>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/GettyImages-1929142845-820x547.jpg" alt="" class="wp-image-448101" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/GettyImages-1929142845-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/GettyImages-1929142845-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/GettyImages-1929142845-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/GettyImages-1929142845-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/GettyImages-1929142845-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/GettyImages-1929142845-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Ursula von der Leyen, president of the European Commission, delivers a special address on the opening day of the World Economic Forum (WEF) in Davos, Switzerland, on Tuesday, Jan. 16, 2024. The annual Davos gathering of political leaders, top executives and celebrities runs from January 15 to 19. Photographer: Stefan Wermuth/Bloomberg via Getty Images</figcaption></figure>



Ursula von der Leyen, President of the European Commission, urged countries around the world to collaborate and rebuild trust amidst an array of global challenges ranging from the climate crisis to polarization within societies.



Von der Leyen also discussed efforts to advance Europe&#8217;s energy independence. &#8220;Europe has made real progress in improving the resilience of its energy systems,&#8221; after Russia&#8217;s invasion of Ukraine, she said. For von der Leyen&#8217;s full remarks, see&nbsp;<a href="https://www.weforum.org/agenda/2024/01/ursula-von-der-leyen-full-speech-davos/">here</a>.



<h3 class="wp-block-heading">Volodymyr Zelenskyy, President of Ukraine</h3>



Ukrainian President Volodymyr Zelenskyy decried the ongoing Russian aggression against Ukraine and called on countries around the world to support Ukraine&#8217;s war efforts. &#8221; &#8220;We need you in Ukraine to build, to reconstruct and to restore our lives,&#8221; he said.



Zelenskyy also praised the Ukrainian military&#8217;s extraordinary war efforts and called for international support to ensure a just and final peace.



<h3 class="wp-block-heading">Sheikh Mohammed bin Abdulrahman Al-Thani, Prime Minister and Minister of Foreign Affairs of Qatar</h3>



Qatari Prime Minister Sheikh Mohammed bin Abdulrahman Al-Thani spoke with World Economic Forum President Børge Brende on 16 January.



Sheikh Mohammed discussed the current conflict in the Middle East and the precarious state of shipping security in the Red Sea. &#8220;Protecting the freedom of navigation is a global issue,&#8221; he said.



<h4 class="wp-block-heading">Pham Minh Chinh, Prime Minister of Viet Nam</h4>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/GettyImages-1853395643-820x547.jpg" alt="" class="wp-image-448102" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/GettyImages-1853395643-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/GettyImages-1853395643-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/GettyImages-1853395643-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/GettyImages-1853395643-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/GettyImages-1853395643-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/GettyImages-1853395643-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">TOKYO, JAPAN &#8211; DECEMBER 17: Vietnam&#8217;s Prime Minister Pham Minh Chinh attends a session of the ASEAN-Japan Commemorative Summit Meeting at the Hotel Okura Tokyo in Tokyo on December 17, 2023. (Photo by Kazuhiro NOGI / POOL / AFP/Anadolu via Getty Images)</figcaption></figure>



Pham Minh Chinh, Prime Minister of Viet Nam, sat down for a conversation with Thomas Friedman, a foreign affairs columnist at&nbsp;The New York Times. Among several topics, Chinh shared Viet Nam&#8217;s plans for development, including a 2045 goal to become a developed nation with high income.



&#8220;For the industries to grow,&#8221; Chinh said, &#8220;we need to develop a modern and industrialized nation. And we need to attach importance to all industries.&#8221;



<h4 class="wp-block-heading">Jake Sullivan, National Security Advisor of the United States</h4>



US National Security Advisor Jake Sullivan delivered a special address outlining the United States&#8217; position on the most pressing global issues ranging from shipping disruptions in the Red Sea to US competition with China. The world, he said, is in an era of &#8220;strategic competition in an age of interdependence.&#8221;



Sullivan noted that &#8220;major powers are vastly more interdependent than at any time during the Cold War,&#8221; adding that powerful countries are &#8220;also in stiff competition about the type of world we want to build. This age is one of disruptive change.&#8221;



<h4 class="wp-block-heading">Bisher Hani Al Khasawneh, Prime Minister of Jordan</h4>



Bisher Hani Al Khasawneh, Prime Minister of the Hashemite Kingdom of Jordan, spoke in coversation with Daniel Kurtz-Phelan, the editor-in-chief of&nbsp;Foreign Affairs. Al Khasawneh spoke about the ongoing conflict in the Middle East and the potential for an escalation of violence and displacement of people.



&#8220;The longer [this conflict] lasts, the more prospects we have that endanger regional peace, security and stability,&#8221; he said.



<h4 class="wp-block-heading">Antony Blinken, Secretary of State of the United States</h4>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/GettyImages-1931382137-820x547.jpg" alt="" class="wp-image-448088" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/GettyImages-1931382137-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/GettyImages-1931382137-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/GettyImages-1931382137-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/GettyImages-1931382137-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/GettyImages-1931382137-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/GettyImages-1931382137-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Antony Blinken, US secretary of state, during a conversation session on day two of the World Economic Forum (WEF) in Davos, Switzerland, on Wednesday, Jan. 17, 2024. The annual Davos gathering of political leaders, top executives and celebrities runs from January 15 to 19. Photographer: Hollie Adams/Bloomberg via Getty Images</figcaption></figure>



US Secretary of State Anthony Blinken sat down with Thomas Friedman of&nbsp;The New York Times&nbsp;for wide-ranging conversation on today&#8217;s most challenging foreign policy issues. The topics of discussion included the war in Ukraine, the escalation of conflict in the Middle East and shipping disruptions in the Red Sea, to name a few.



&#8220;I can&#8217;t think of a time when there&#8217;s been both a greater multiplicity and greater complexity of the challenges that we&#8217;re dealing with,&#8221; Blinken said.



<h4 class="wp-block-heading">António Guterres, Secretary-General of the United Nations</h4>



In a special address, António Guterres, Secretary-General of the United Nations, called on countries to put aside differences and come together to deal with shared challenges. In particular, Guterres called for action to combat the climate crisis and advance the clean energy transition.



Guterres added that while rebuilding trust will not happen overnight, it is &#8220;both essential, and possible.&#8221; For the full remarks, see&nbsp;<a href="https://www.weforum.org/agenda/2024/01/davos-2024-special-address-by-antonio-guterres-secretary-general-of-the-united-nations/">here</a>.



<h4 class="wp-block-heading">Hossein Amir-Abdollahian, Minister of Foreign Affairs of Iran</h4>



Hossein Amir-Abdollahian, Minister of Foreign Affairs of the Islamic Republic of Iran, sat down with CNN host Fareed Zakaria to discuss the geopolitics of the Middle East and Iran&#8217;s position on an array of global issues.



<h4 class="wp-block-heading">Mohammad Mustafa, Chairman of the Palestine Investment Fund</h4>



Mohammad Mustafa, Chairman of the Palestine Investment Fund, spoke with World Economic Forum President Børge Brende about the conflict in Israel and Gaza. Mustafa demanded more humanitarian aid be allowed into the territory and called for a political solution to the conflict.



<h4 class="wp-block-heading">Javier Milei, President of Argentina</h4>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/GettyImages-1932549482-820x547.jpg" alt="" class="wp-image-448103" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/GettyImages-1932549482-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/GettyImages-1932549482-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/GettyImages-1932549482-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/GettyImages-1932549482-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/GettyImages-1932549482-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/GettyImages-1932549482-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Javier Milei, Argentina&#8217;s president, during a special address on day two of the World Economic Forum (WEF) in Davos, Switzerland, on Wednesday, Jan. 17, 2024. The annual Davos gathering of political leaders, top executives and celebrities runs from January 15 to 19. Photographer: Hollie Adams/Bloomberg via Getty Images</figcaption></figure>



Javier Milei, President of Argentina, shared his views on the state of the global economy and the mechanisms for economic growth. Milei also discussed political and economic philosophy as well as his vision for economic stability in Argentina. For Milei&#8217;s full remarks, see&nbsp;<a href="https://www.weforum.org/agenda/2024/01/special-address-by-javier-milei-president-of-argentina/">here</a>.



<h4 class="wp-block-heading">Pedro Sánchez, Prime Minister of Spain</h4>



Spanish Prime Minister Pedro Sánchez touched on themes including repercussions of a failure to achieve the Sustainable Development Goals by 2030, and the importance of maintaining a rules-based international order.



Sánchez also spoke about the ongoing global conflicts and the need to carefully govern the use of AI. After his prepared remarks, he sat down for a discussion with Børge Brende about topics including EU expansion (including, potentially, Ukraine). “Our common approach with regard to the conflict in Ukraine,” he said, “is the most important strength that we as Europe have.” For Sánchez&#8217;s full remarks, see&nbsp;<a href="https://www.weforum.org/agenda/2024/01/davos-2024-special-address-by-pedro-sanchez-prime-minister-of-spain/">here</a>.



<h4 class="wp-block-heading">Emmanuel Macron, President of France</h4>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="562" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/GettyImages-1933121158-820x562.jpg" alt="" class="wp-image-448104" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/GettyImages-1933121158-820x562.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/GettyImages-1933121158-300x205.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/GettyImages-1933121158-131x90.jpg 131w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/GettyImages-1933121158-768x526.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/GettyImages-1933121158-1536x1052.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/GettyImages-1933121158-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">17 January 2024, Switzerland, Davos: Emmanuel Macron, President of France, speaks at an event of the World Economic Forum (WEF). Photo: Hannes P. Albert/dpa (Photo by Hannes P Albert/picture alliance via Getty Images)</figcaption></figure>



French President Emmanuel Macron discussed economic growth in France and advances in European integration. Moreover, Macron detailed the technological prowess of France and discussed efforts to foster innovation around advanced technologies like AI.



Macron also outlined France&#8217;s position on the ongoing conflicts in Ukraine and in the Middle East.



<h4 class="wp-block-heading">Isaac Herzog, President of Israel</h4>



Israeli President Isaac Herzog spoke with World Economic Forum President Børge Brende about the ongoing conflict in Gaza and tensions in the region. Herzog decried Hamas&#8217; terrorist attacks on 7 October 2023 and demanded the release of Israeli hostages currently being held by Hamas. Moreover, he called on the international community to support Israel in the conflict.



<h4 class="wp-block-heading">Mohammed Shyaa Al Sudani, Prime Minister of Iraq</h4>



Iraqi Prime Minister Shyaa Al Sudani spoke with John Harris, the Founding Editor of Politico, about the political and security situation in Iraq as well as the country&#8217;s transition away from an oil-based economy. He also reflected on how Iraq must delicately balance its relationships with other regional and global powers.



Moreover, Al Sudani spoke about the ongoing conflict in Israel and Gaza, and the rising tensions across the Middle East.



<h4 class="wp-block-heading">Kyriakos Mitsotakis, Prime Minister of Greece</h4>



Greek Prime Minister Kyriakos Mitsotakis spoke with Ravi Agrawal, Editor-in-Chief of&nbsp;Foreign Policy, about today&#8217;s most pressing foreign policy issues ranging from the conflict in the Middle East to the potential for NATO enlargement.



Kyriakos also reflected on Greek and European economic stability as well as the issue of migration across Mediterranean countries.

responsive_big_webp_tBFYBMOKhTfHbJy9Pt6J1GKDAtyqFL7gT0yZEmtaGrc

Over 60 heads of state attended Davos 2024. Here’s what they had to say

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107360862-1705572691213-gettyimages-1246324363-AFP_337B8F4-820x462.jpeg" alt="" class="wp-image-447870" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107360862-1705572691213-gettyimages-1246324363-AFP_337B8F4-820x462.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107360862-1705572691213-gettyimages-1246324363-AFP_337B8F4-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107360862-1705572691213-gettyimages-1246324363-AFP_337B8F4-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107360862-1705572691213-gettyimages-1246324363-AFP_337B8F4-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107360862-1705572691213-gettyimages-1246324363-AFP_337B8F4.jpeg 929w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Participants walk in the street of the Alpine resort of Davos during the World Economic Forum. Fabrice Coffrini | Afp | Getty Images</figcaption></figure>



Davos, SWITZERLAND — China returned to Davos in full force this week as it attempts to thaw relations with the international community and court investment following years of Covid-19 lockdowns and rising geopolitical tensions.



A delegation led by Chinese Premier Li Qiang is estimated to be the largest since 2017, when President Xi Jinping led an 80-strong cohort of Chinese business leaders and billionaires up the Swiss mountain.



Addressing the forum Tuesday, Li, China’s second in command, said the country was open for business, seemingly downplaying a recent crackdown on private industry which has spooked investors and prompted hefty outflows of foreign cash.



“Choosing investment in the Chinese market is not a risk, but an opportunity,”&nbsp;he said.



Li went on to meet for lunch with a host of top business leaders, including the CEOs of JPMorgan, Bank of America, Standard Chartered and Blackstone. Also present was the governor of the People’s Bank of China.



He was joined by several other high ranking ministerial representatives including the Deputy Foreign Minister Ma Zhaoxu and Commerce Minister Wang Wentao.



Outside the main congress center, one group of Chinese delegates CNBC spoke to said they were attending for a broad brush of issues including “finance and trade and commerce.”



“It’s a great time to tell the China story,” another Chinese tech executive said.



<h2 class="wp-block-heading" id="h-raising-concerns-in-washington"><a></a>Raising concerns in Washington</h2>



The amped up Chinese presence has reportedly ruffled feathers in Washington amid U.S. concerns about Beijing’s growing global influence.



A U.S. State Department document dated Jan. 12 said that “10 state ministers” would be included in Beijing’s Davos delegation, prompting the White House to step up its charm offensive, according to Politico.



The document dubbed the presence a “pseudo state visit,” with the Chinese delegation also expected to meet with Swiss counterparts in the capital, Bern, later in the week. In response, the schedule of Secretary of State Anthony Blinken, also attending Davos, was reportedly updated to include a meeting with Swiss officials.



The State Department did not immediately respond to a CNBC request for comment on Blinken’s amended agenda.



It comes as relations between the U.S. and China have grown increasingly fractured amid national security concerns and rising geopolitical tensions, particularly over Taiwan and Russia. That has prompted Washington to embark on a “de-risking” strategy, including curbing trade of some critical technologies.



Li, in his keynote address, pushed back against the move, saying that tech innovations should not be used as a way to restrict or contain other countries.



“To keep the competition healthy and bring out the greatest vitality, the only way is to enhance cooperation,” he said.



The comments speak to the confliction other countries face, including Switzerland and Europe more broadly, in picking alliances in the standoff between the world’s two largest economies. Europe, a close ally of the U.S., is equally aware of how important the Chinese market is for its domestic companies.



Still, confidence in China has been knocked by the country’s prolonged and stringent Covid lockdowns, as well as its broader clampdown on key industries, including Big Tech.



Notably, Xi’s 2017 entourage included Jack Ma, founder of Alibaba, and Wang Jianlin, chairman of property developer Dalian Wanda, both of whom have since fallen out of favor with Chinese authorities amid a clampdown on private business and a collapse in the country’s property market.



As a result, Chinese firms are now investing more abroad than foreign firms are investing in China. Foreign investors withdrew $12 billion from China in the third quarter of 2023. Meanwhile, international investors have withdrawn around $25 billion from the Chinese stock market since August 2023.



Ian Bremmer, president and found of the Eurasia Group, said that China’s increased Davos presence indicated that Xi acknowledges the challenges Beijing now faces in re-establishing its reputation on the international stage.



“It’s necessary for a country that’s underperforming economically in a big way,” Bremmer told Semafor.



“Xi recognizes it; [it] implies better managed relations for the West with China at least in the near term,” he added.



The World Economic Forum did not respond to a CNBC request for confirmation on the number of Chinese delegates in attendance.

107360862-1705572691213-gettyimages-1246324363-AFP_337B8F4

China courts global elite at Davos with largest presence in years

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/05/Investment-management-820x547.jpg" alt="" class="wp-image-424734" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/05/Investment-management-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/Investment-management-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/Investment-management-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/Investment-management-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/Investment-management.jpg 1200w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Stock</figcaption></figure>



Jan 18 (Reuters)&nbsp;&#8211;&nbsp;Emerging market stocks rebounded on Thursday after upbeat earnings from Taiwanese chipmaker TSMC lifted technology shares across Asia while currencies also edged higher against a subdued dollar as investors eyed the U.S. interest rate path.



MSCI&#8217;s index for emerging market equities&nbsp;.MSCIEF&nbsp;climbed 0.5% by 0926 GMT, with China&#8217;s blue-chip shares&nbsp;.CSI300&nbsp;bouncing off a five-year low.



Aiding sentiment towards technology stocks across the globe, the world&#8217;s largest contract chipmaker TSMC2330.TW beat quarterly profit estimates and projected upwards of 20% revenue growth this year.



Hong Kong&#8217;s technology shares&nbsp;.HSTECH&nbsp;rose 0.5%, while shares of South Korean chipmakers Samsung Electronics&nbsp;005930.KS&nbsp;and SK Hynix&nbsp;000660.KS&nbsp;gained 1.0% and 4.0%, respectively.



A gauge of EM currencies&nbsp;.MIEM00000CUS&nbsp;inched 0.2% higher against a muted dollar&nbsp;=USD.



EM stocks and currencies&nbsp;fell in the past three sessions&nbsp;while the dollar rallied after a slew of global central bankers pushed back against expectations of early interest rate cuts this year.



On Thursday, the South African rand&nbsp;ZAR=&nbsp;rose 0.4% against the dollar and regional stocks&nbsp;.JTOPI&nbsp;also added 1.1%.



The South Korean won&nbsp;KRW=&nbsp;outperformed other Asian currencies, rising 0.6%, while the Chinese yuan&nbsp;CNY=CFXS&nbsp;hovered close to a near two-month low.



&#8220;We expect yuan to underperform vs Asia FX and other EM blocs this year,&#8221; Alex Loo, FX and macro strategist at TD Securities, said in a note.



&#8220;China&#8217;s murky economic outlook isn&#8217;t favourable for the yuan,&#8221; said Loo, adding equities could see a further hit if authorities don&#8217;t step up intervention.



Pakistan&#8217;s international bonds fell after the foreign ministry said it conducted strikes inside Iran on Thursday, two days after Tehran said it had attacked the bases of another group within Pakistani territory. The country&#8217;s benchmark stock index .KSE slipped 0.9%.



Kenya intends to go to international bond markets as soon as the market situation allows, its finance minister and central bank governor said, a day after the East African nation secured the International Monetary Fund&#8217;s approval for a $941 million lending.



The Kenyan shilling&nbsp;KES=&nbsp;was down 0.5%, hitting fresh record lows against the dollar.



The Russian rouble RUBUTSTN=MCX held steady at around the 88 to the dollar mark.



(Reporting by Amruta Khandekar; Editing by Eileen Soreng)

Investment-management

Stocks recover on technology boost, FX edges higher

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/TNRG4PXBPVITBOJQGOF6IVJBFE-820x547.jpg" alt="" class="wp-image-447799" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/TNRG4PXBPVITBOJQGOF6IVJBFE-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/TNRG4PXBPVITBOJQGOF6IVJBFE-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/TNRG4PXBPVITBOJQGOF6IVJBFE-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/TNRG4PXBPVITBOJQGOF6IVJBFE-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/TNRG4PXBPVITBOJQGOF6IVJBFE-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/TNRG4PXBPVITBOJQGOF6IVJBFE.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A container ship is seen near Suez Canal Bridge which is known as the &#8220;Peace Bridge&#8221; following a Suez Canal tugboat sinking yesterday after colliding with a Hong Kong-flagged LPG tanker in the waterway of the Suez Canal, Egypt, August 6, 2023. Suez Canal Authority/Handout via REUTERS THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY/File Photo</figcaption></figure>



SINGAPORE/CAPE TOWN/LONDON, Jan 18 (Reuters)&nbsp;&#8211;&nbsp;The re-routing of a growing number of ships around Africa to avoid potential attacks in the Red Sea is altering refueling patterns and boosting demand for bunker fuel at far-flung ports, from the Mauritius to South Africa to the Canary Islands.



Ships are also expected to top up more at Singapore and Rotterdam, the two busiest bunkering ports and where fuel is competitively priced, as they try to hedge against uncertainty over route changes, traders and analysts said.



Attacks by Yemen&#8217;s Houthi militia on merchant ships in the Red Sea and retaliatory U.S. strikes have ratcheted-up tensions in the Middle East as the Gaza war rages on.



The attacks by the Iran-allied Houthis, which they say are in support of Palestinians, target a route that accounts for about 15% of the world&#8217;s shipping traffic and acts as a vital conduit between Europe and Asia.



Hundreds of large vessels have rerouted around the southern tip of Africa, adding 10-14 days of travel, to avoid drone and missile attacks by the Houthis.



&#8220;Ships are diverting away from the Red Sea and re-routing around the coast of South and West Africa – this increased traffic has created huge congestion in bunkering ports around Africa and placed significant pressure on port infrastructure,&#8221; John A. Bassadone, founder and CEO of independent bunker supplier Peninsula, told Reuters.



Bunker fuel demand has risen at ports including Mauritius&#8217; Port Louis, Gibraltar and ports in the Canary Islands and South Africa, said traders and industry sources, with sales jumping in Cape Town and Durban.



Prices of low-sulphur bunker fuel delivered at Cape Town have jumped 15% to almost $800 per metric ton since mid-November when the attacks started, data from bunker supplier Integr8 Fuels showed.



&#8220;We have seen an increase in bunker demand and fixtures in South Africa, particularly for bunker-only vessels lately,&#8221; said Philip Wang Balke, a senior bunker trader for Africa at Integr8, adding that supply is tightening as more shipowners and operators buy fuel in advance to ensure sufficient supplies.



<h2 class="wp-block-heading" id="h-tankers-and-bulkers">TANKERS AND BULKERS</h2>



Container ships were first to divert away from the Red Sea, and now oil tankers and dry bulk carriers are following suit, diverting bunker demand to West Mediterranean ports at the expense of East Mediterranean, industry sources said.



&#8220;We are anticipating increased demand in Las Palmas and Western Mediterranean ports as it&#8217;s likely the African ports will exceed capacity,&#8221; Peninsula&#8217;s Bassadone added.



Singapore and Rotterdam have yet to see a demand surge, though buying is poised to pick up in the next few weeks as ships lift more fuel at competitive prices, traders said.



&#8220;If the vessels are prone to higher ton-mileage or uncertainties, they are likely to fill up their tanks in case they ended up at expensive ports, and they can save a bit by buying less due to the extras they bought in Singapore,&#8221; said an Asia-based bunkering manager.



Spot premiums for prompt low-sulphur bunker fuel delivered at Singapore rose to $25 to $30 a metric ton above cargo quotes in mid-January, climbing from about $20 in early January, said industry sources.



(Reporting by Jeslyn Lerh and Florence Tan in Singapore, Wendell Roelf in Cape Town and Robert Harvey in London; Editing by Tony Munroe and Miral Fahmy)

FILE PHOTO: Container ships on Suez Canal

Red Sea ship diversions boost bunker demand, prices in Africa, Mediterranean

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107360116-1705494590400-gettyimages-1927703757-AFP_34F2246-820x461.jpeg" alt="" class="wp-image-447525" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107360116-1705494590400-gettyimages-1927703757-AFP_34F2246-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107360116-1705494590400-gettyimages-1927703757-AFP_34F2246-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107360116-1705494590400-gettyimages-1927703757-AFP_34F2246-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107360116-1705494590400-gettyimages-1927703757-AFP_34F2246-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107360116-1705494590400-gettyimages-1927703757-AFP_34F2246-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107360116-1705494590400-gettyimages-1927703757-AFP_34F2246.jpeg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Austrian Marlene Engelhorn, who inherited from her family who owns the Germany’s chemical giant BASF, poses with a placard reading “Tax the rich!” at the entrance of the Congress center on the opening of the annual meeting of the World Economic Forum (WEF) in Davos, on January 15, 2024. (Photo by Fabrice COFFRINI / AFP) (Photo by FABRICE COFFRINI/AFP via Getty Images) Fabrice Coffrini | Afp | Getty Images</figcaption></figure>



More than 250 billionaires and millionaires on Wednesday reiterated their call on elected representatives of the world’s leading economies to introduce higher taxes on the very richest in society.



In an open letter to political leaders gathered at the annual World Economic Forum in Davos, Switzerland, the rich signatories said they wished to deliver a clear message: “Tax our extreme wealth.”



“We are surprised that you have failed to answer a simple question that we have been asking for three years: when will you tax extreme wealth?” the letter said.



“Our request is simple: we ask you to tax us, the very richest in society. This will not fundamentally alter our standard of living, nor deprive our children, nor harm our nations’ economic growth. But it will turn extreme and unproductive private wealth into an investment for our common democratic future.”



The signatories of the letter, entitled “Proud To Pay More,” span 17 countries and include Disney heir Abigail Disney, screenwriter Simon Pegg and Valerie Rockefeller, an heir to the famed U.S. family.



It comes shortly after Oxfam said that the five richest men globally have more than doubled their vast wealth since 2020 and warned that the world could have its first trillionaire within a decade.



At the same time, the charity said on Monday that, if the current trends persist, poverty will not be eradicated for another 229 years.



“Billionaires are wielding their extreme wealth to accumulate political power and influence, simultaneously undermining democracy and the global economy,” said Brian Cox, a signatory to the Proud to Pay More letter and an actor who played fictional billionaire Logan Roy in HBO’s “Succession.”



“It’s long past time to act. If our elected officials refuse to address this concentration of money and power, the consequences will be dire,” Cox added.



A new poll conducted by Survation on behalf of “Patriotic Millonaires”, which was published alongside the open letter, found that some of the world’s wealthiest people support higher taxes on their income.



The survey polled over 2,300 respondents in wealthy G20 nations who each hold more than $1 million in investable assets, excluding their homes. These assets put them among the richest 5%.



The survey found that 74% of respondents back higher taxes on wealth to address the cost-of-living crisis and to improve public services, while three quarters of respondents support a 2% wealth tax on billionaires, and more than half (54%) think that extreme wealth concentration is a threat to democracy.



“Throughout history, pitchforks were the inevitable consequence of extreme discontent, but today, the masses are turning to populism, which is on the rise throughout the world. It is happening here,” Abigail Disney said in a statement.



“We already know the solution to protect our institutions and stabilize our country: it’s taxing extreme wealth. What we lack is the political fortitude to do it. Even millionaires and billionaires like me are saying it’s time. The elites gathering in Davos must take this crisis seriously,” she added.

107360116-1705494590400-gettyimages-1927703757-AFP_34F2246

Mega rich renew call on global leaders at Davos to ‘tax our extreme wealth’

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="546" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107279979-1690906950125-gettyimages-1569404479-Omarques_01082023_techPOL_3_of_21-820x546.jpeg" alt="" class="wp-image-447487" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107279979-1690906950125-gettyimages-1569404479-Omarques_01082023_techPOL_3_of_21-820x546.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107279979-1690906950125-gettyimages-1569404479-Omarques_01082023_techPOL_3_of_21-300x200.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107279979-1690906950125-gettyimages-1569404479-Omarques_01082023_techPOL_3_of_21-135x90.jpeg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107279979-1690906950125-gettyimages-1569404479-Omarques_01082023_techPOL_3_of_21-768x511.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107279979-1690906950125-gettyimages-1569404479-Omarques_01082023_techPOL_3_of_21-1536x1022.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107279979-1690906950125-gettyimages-1569404479-Omarques_01082023_techPOL_3_of_21-scaled.jpeg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Photo: via CNBC</figcaption></figure>



The new artificial intelligence era represents a huge moment for the tech industry that has not been seen in a decade, according to a top executive at Facebook parent company Meta Platforms.



Reflecting on 2024, Nicola Mendelsohn, head of global business group at Meta, said it was important to talk about the potential for AI as a force for good, while also paying mind to the dangers of the technology.



“This is a seismic moment,” Mendelsohn said, in conversation with CNBC’s Tania Bryer at the World Economic Forum in Davos, Switzerland. “We will look back on this year seeing a really pivotal year in terms of how it was across society.”



In her role at Meta, Mendelsohn leads relationships with top marketers and agencies. She is also a seasoned advertising executive, with past experience including partner and executive chairman at London advertising agency Karmarama, and non-executive director of alcoholic beverages firm Diageo.



Meta had a banner year in 2023, with shares climbing sharply, while investors praised CEO Mark Zuckerberg’s push for a “year of efficiency” driven by sharp cost-cutting and a change in focus towards more profitable lines of business.



Last year also marked a major pivot toward artificial intelligence for Meta — an area where the company plays a key role with its LLaMA large language model. Meta also remains heavily focused on the metaverse with its Quest 3 headsets.



“From a Meta perspective, we can be a leader and a pioneer,” Mendelsohn said.

107279979-1690906950125-gettyimages-1569404479-Omarques_01082023_techPOL_3_of_21

AI era is a ‘seismic moment’ in tech we’ve not seen in a decade, top Meta exec says

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



Jan 17 (Reuters)&nbsp;&#8211;&nbsp;Assets across emerging markets took a beating on Wednesday, with equities hitting a two-month low following a raft of dismal economic data from China and&nbsp;reduced bets of interest rate cuts in the U.S.



MSCI&#8217;s index for emerging market (EM) equities&nbsp;.MSCIEF&nbsp;fell 2% by 0923 GMT, on track for its biggest one-day percentage drop since August last year.



Currencies in the region&nbsp;.MIEM00000CUS&nbsp;slid 0.4% while the dollar&nbsp;=USD&nbsp;hovered close to a one-month high.



EM assets were in the red for the third straight day as hawkish comments from top policymakers this week dampened expectations of early rate cuts from global central banks.



Most Asian equities fell, with China&#8217;s blue-chip shares&nbsp;.CSI300&nbsp;hitting their lowest since early 2019 while Hong Kong shares&nbsp;.HSI&nbsp;dropped 3.7% to their lowest since November 2022.



Data showed China&#8217;s economy grew 5.2% in the fourth quarter, missing analysts&#8217; expectations and signalling a patchy recovery in the world&#8217;s second-largest economy. A separate report also pointed to prolonged property sector woes in the country.



&#8220;The key question is what Beijing can do to improve sentiment amongst consumers and boost domestic demand at the time when their main trading partners &#8211; including Eurozone &#8211; are relatively weak and demand from the U.S. could soften as well,&#8221; said Piotr Matys, senior FX analyst at In Touch Capital Markets.



India&#8217;s blue-chip NSE Nifty 50 .NSEI was dragged 1.9% lower after bleak quarterly results from top private lender HDFC Bank.



In South Africa, Johannesburg&#8217;s Top-40&nbsp;.JTOPI&nbsp;index dropped 1.5%,&nbsp;weighed down by weakness in mining stocks as concerns around demand from China hit metal prices.



The rand&nbsp;ZAR=&nbsp;slipped 0.6% to trade at about 19.0874 to the dollar following an over 1% drop in the previous session.



The Indonesian rupiah IDR= held on to declines and was last down 0.3% against the dollar after the country&#8217;s central bank kept policy rates steady on Wednesday, seeking to stabilise the currency and keep inflation within target.



Hungary&#8217;s forint EURHUF= dropped 0.5% against the euro as Deputy Governor Barnabas Virag said the central bank will cut interest rates between 6% and 7% by the middle of the year.



(Reporting by Amruta Khandekar; Editing by Tasim Zahid)

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featured

Tech execs say a type of AI that can outdo humans is coming, but have no idea what it looks like

China optimism props up stocks, currencies struggle

China is weighing measures to prop up its stock markets, could reportedly mobilize $278 billion

Oil steadies on mixed supply cues, cautious outlook on China

Africa’s Billionaires 2024

UBS sees a 10% spike for gold this year as rate cut speculation swirls

Stocks fall, FX muted as central bank-heavy week looms

Two important events this week could determine the future of Fed rate policy

Alex Soros says a Trump win is a done deal for the Davos elite — but they’re always wrong

United Nations sees international tourism fully recovering in 2024

Over 60 heads of state attended Davos 2024. Here’s what they had to say

China courts global elite at Davos with largest presence in years

Stocks recover on technology boost, FX edges higher

Red Sea ship diversions boost bunker demand, prices in Africa, Mediterranean

Mega rich renew call on global leaders at Davos to ‘tax our extreme wealth’

AI era is a ‘seismic moment’ in tech we’ve not seen in a decade, top Meta exec says

Stocks, FX fall for third day on bleak China data, rate jitters

News Tips

Advertise With Us

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