<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/E4TFRXPLMNPNHGKN5TWHR7M4L4-820x547.jpg" alt="" class="wp-image-435311" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/E4TFRXPLMNPNHGKN5TWHR7M4L4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/E4TFRXPLMNPNHGKN5TWHR7M4L4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/E4TFRXPLMNPNHGKN5TWHR7M4L4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/E4TFRXPLMNPNHGKN5TWHR7M4L4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/E4TFRXPLMNPNHGKN5TWHR7M4L4-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/E4TFRXPLMNPNHGKN5TWHR7M4L4-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Prime Minister Rishi Sunak speaks during a press conference in the Downing Street Briefing Room, in London, Britain December 7, 2023. James Manning/Pool via REUTERS/File Photo</figcaption></figure>



LONDON, Dec 12 (Reuters)&nbsp;&#8211;&nbsp;British Prime Minister Rishi Sunak faces the biggest parliamentary test of his premiership on Tuesday when lawmakers vote on his divisive plan to send asylum seekers to live in Rwanda.



The UK Supreme Court ruled last month that Rwanda was an unsafe place to send those arriving in small boats on England&#8217;s southern coast, and that the policy would breach British and international law.



In response, Sunak has agreed a new treaty with the east African country and brought forward emergency legislation to override domestic and international human rights law.



The move has deeply divided his party, alienating both moderates, who are worried about Britain breaching its human rights obligations, and right-wing politicians, who contend it does not go far enough.



&#8220;We believe the best solution here is we should pause the legislation today, we should come back with a new bill,&#8221; one Conservative lawmaker, Simon Clarke, told BBC Radio.



Lawmakers on the right of the party, who have not said whether they will abstain or vote against the government, believe the bill will still allow asylum seekers to appeal against deportation.



The government&#8217;s legal advice said access to courts formed part of Britain&#8217;s tradition of liberty and justice, available even in wartime.



Governments around the world are grappling with rising migration levels, and some are following the British plan to see if it will work. French lawmakers rejected their immigration bill last night, in a blow to President Emmanuel Macron.



<h2 class="wp-block-heading" id="h-crucial-vote">CRUCIAL VOTE</h2>



The British parliament will hold the first vote on the law on Tuesday evening. It would only take about 30 Conservative members of parliament to vote with opposition parties to defeat the bill.



Even if it passes, Sunak is likely to face attempts to toughen it up with amendments at later stages, as well as opposition in the House of Lords, the unelected upper chamber.



Defeat would be a huge embarrassment for Sunak &#8211; no government has lost a vote at this early stage in the parliamentary process since 1986 &#8211; and it would severely weaken his authority over his party.



The battle has echoes of parliamentary showdowns over Brexit from 2017-19, when former Prime Minister Theresa May suffered repeated defeats following rebellions by large numbers of Conservative politicians, eventually leading to her exit.



Sunak, who replaced Liz Truss as prime minister last year after she was forced out, has made stopping boat-arrivals one of his biggest priorities. About 29,000 asylum seekers have arrived this year, down around one-third compared with last year.



But they remain a highly visible symbol of the government&#8217;s failure to control Britain&#8217;s borders &#8211; a key promise of campaigners for Brexit.



The government has already paid 240 million pounds ($301 million) to Rwanda even though it only has the capacity to settle hundreds of refugees a year from Britain and no one has yet been sent to the country.



In a day of political drama in Westminster on Monday, lawmakers from different factions of the governing Conservative Party held meetings throughout the day to decide how to vote.



In a boost late on Monday, a centrist group of lawmakers in the One Nation faction recommended that its members back the bill but warned that they would not accept any amendments that toughened the legislation at a later stage.



Sunak hosted some lawmakers on the party&#8217;s right wing for breakfast on Tuesday in a last ditch attempt to convince them to back the bill.



($1 = 0.7971 pounds)



(Additional writing by Kate Holton, Editing by Rosalba O&#8217;Brien and Christina Fincher)

FILE PHOTO: Rishi Sunak attends a press conference in the Downing Street Briefing Room

Rishi Sunak faces tense UK parliamentary showdown over Rwanda asylum plan

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="553" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/JRMJ2WCIR5LKHIYGR32UW7MBRE-820x553.jpg" alt="" class="wp-image-435050" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/JRMJ2WCIR5LKHIYGR32UW7MBRE-820x553.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/JRMJ2WCIR5LKHIYGR32UW7MBRE-300x202.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/JRMJ2WCIR5LKHIYGR32UW7MBRE-133x90.jpg 133w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/JRMJ2WCIR5LKHIYGR32UW7MBRE-768x518.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/JRMJ2WCIR5LKHIYGR32UW7MBRE-1536x1036.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/JRMJ2WCIR5LKHIYGR32UW7MBRE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Colonel Assimi Goita, leader of Malian military junta, looks on while he stands behind Niger&#8217;s President Mahamadou Issoufou during a photo opportunity after the Economic Community of West African States (ECOWAS) consultative meeting in Accra, Ghana September 15, 2020. REUTERS/Francis Kokoroko/File Photo</figcaption></figure>



DAKAR, Dec 11 (Reuters)&nbsp;&#8211;&nbsp;Niger, Mali and Burkina Faso are eyeing a political and monetary alliance, Niger&#8217;s military leader said on national television of a move that could mark a further break with the West African regional bloc.



Niger&#8217;s General Abdourahamane Tiani did not give a timeline or details about the project, but said it was one of the reasons for his recent visit to both countries.



&#8220;In addition to the security domain, our alliance must evolve in the political domain and in the monetary domain,&#8221; he said in an interview on Niger&#8217;s RTS channel late on Sunday.



The three neighbouring states are all ruled by military juntas that have seized power in coups since 2020. This has put them at odds with the rest of the Economic Community of West African States (ECOWAS), the region&#8217;s main political and economic bloc which is urging them to return to democratic rule.



Abandoning the eight-member West African monetary union and adopting a new currency would further isolate Niger, Mali and Burkina Faso, who have called their new union the Alliance of Sahel States (AES).



The three countries and five others in the region currently use the West African CFA franc, a currency which is pegged to the euro and which critics see as a relic from French colonial rule.



Burkina Faso&#8217;s military leader Ibrahim Traoré also discussed his vision for closer ties with Mali and Niger in a speech on Sunday night.



&#8220;The Alliance of Sahel States &#8230; (is) a defence alliance a priori, but which will evolve toward an economic alliance and much more,&#8221; Traore said.



The three states&#8217; finance ministers in November issued a joint statement recommending that a committee of experts be set up to study the question of an economic and monetary union. They also recommended the creation of a joint stabilisation fund and investment bank, among other measures.



(Reporting by Bate Felix; Additional reporting and writing by Nellie Peyton; Editing by Alessandra Prentice and Alison Williams)

FILE PHOTO: Colonel Assimi Goita, leader of Malian military junta, looks on while he stands behind Niger’s President Mahamadou Issoufou during a photo opportunity after the Economic Community of West African States (ECOWAS) consultative meeting in Accra

Niger, Mali and Burkina Faso to move toward monetary alliance, Niger leader says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="575" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/A52ZVG2EGRIMLHKQMSGX33WHYI-1-820x575.jpg" alt="" class="wp-image-435002" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/A52ZVG2EGRIMLHKQMSGX33WHYI-1-820x575.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/A52ZVG2EGRIMLHKQMSGX33WHYI-1-300x210.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/A52ZVG2EGRIMLHKQMSGX33WHYI-1-128x90.jpg 128w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/A52ZVG2EGRIMLHKQMSGX33WHYI-1-768x539.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/A52ZVG2EGRIMLHKQMSGX33WHYI-1-1536x1078.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/A52ZVG2EGRIMLHKQMSGX33WHYI-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A view shows the Nyayo house building at the corner of Uhuru Highway and Kenyatta Avenue in Nairobi, Kenya February 4, 2020. REUTERS/Thomas Mukoya</figcaption></figure>



NAIROBI, Dec 11 (Reuters)&nbsp;&#8211;&nbsp;Kenya will consider small-scale, scheduled power outages, technically known as load-shedding, to contain demand surges that have been blamed for frequent national blackouts this year, its energy minister said on Monday.



The East African nation suffered a country-wide blackout on Sunday evening, which lasted several hours, angering many people because it is the latest in at least four that have hit this year so far.



Davis Chirchir, the energy minister, blamed an overload on a transmission line in western Kenya for the latest outage, and pledged some short-term actions to remedy the situation.



&#8220;We will be scheduling some minimal load-shedding,&#8221; he told a news conference, referring to particular lines such as the one that caused Sunday&#8217;s blackout.



The line, which is designed to carry 80 megawatts of electricity, was carrying 149 megawatts when it tripped and caused the entire grid to go out, Chirchir said.



&#8220;The gist of it is lack of investment in the network for a long time,&#8221; the minister said, citing increased connections of households to electricity and the establishment of new industries that require power, which were not matched by grid upgrades.



The government will build a new transmission line in the west of the country, Chirchir said, to increase the grid&#8217;s capacity and prevent the system from being tripped up by system overloads.



The new line will be financed by cash from South Korea and the African Development Bank, the minister said, without giving a figure.



The government is also investing in electricity generation to boost reserves, he said.



Sunday&#8217;s blackout frustrated many Kenyans, who expressed their anger in online platforms including Facebook.



The blackout also plunged two terminals at the main airport in Nairobi into darkness after the stand-by generators failed to kick in automatically.



(Reporting by Duncan Miriri, Editing by Louise Heavens)

A view shows the Nyayo house building at the corner of Uhuru Highway and Kenyatta Avenue in Nairobi

Kenya eyes localised load-shedding to contain national blackouts

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="538" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/GIP2AWDTGVOW3LFUFHTPXIMOFQ-820x538.jpg" alt="" class="wp-image-434968" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/GIP2AWDTGVOW3LFUFHTPXIMOFQ-820x538.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/GIP2AWDTGVOW3LFUFHTPXIMOFQ-300x197.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/GIP2AWDTGVOW3LFUFHTPXIMOFQ-137x90.jpg 137w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/GIP2AWDTGVOW3LFUFHTPXIMOFQ-768x504.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/GIP2AWDTGVOW3LFUFHTPXIMOFQ-1536x1007.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/GIP2AWDTGVOW3LFUFHTPXIMOFQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A reflection from the windows show Kenya Airways planes parked at terminal within the Jomo Kenyatta International Airport near Nairobi, Kenya March 7, 2023. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



NAIROBI, Dec 11 (Reuters)&nbsp;&#8211;&nbsp;Kenya Airways&nbsp;KQNA.NR&nbsp;has told its customers to be prepared for potential disruptions to its flights schedule during the busy&nbsp;Christmas&nbsp;holiday season due to shortages of spare parts.



The carrier, one of the biggest in Africa, said the lack of parts, which is affecting the global supply chain, would disrupt flights for about two weeks.



&#8220;These challenges are leading to extended ground time of our aircraft for maintenance,&#8221; it said in a statement seen by Reuters on Monday. &#8220;This may also lead to grounding of one or more of our aircraft.&#8221;



The airline first flagged the problems it is grappling with due to spare parts shortages in January this year. At the time, it attributed the shortages to the Ukraine war, which crippled the Russian supply chain for global aviation.



Supply of titanium from Russia, a key raw material for the aviation industry crucial to the maintenance of planes, had been interrupted by the conflict, the company said at the time.



Kenya Airways, whose strategy hinges on connecting African travellers to the world and vice-versa through its Nairobi hub, operates a fleet of Boeing and Embraer planes.



(Reporting by Duncan Miriri, and Louise Heavens)

Reflection shows Kenya Airways planes parked at the Jomo Kenyatta International Airport near Nairobi

Kenya Airways warns of disruptions in holiday season due to spare parts shortages

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/05/Y2QBXNDLWZPH5GNMQK3PGYN2TA-820x461.jpg" alt="" class="wp-image-424560" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/05/Y2QBXNDLWZPH5GNMQK3PGYN2TA-820x461.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/Y2QBXNDLWZPH5GNMQK3PGYN2TA-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/Y2QBXNDLWZPH5GNMQK3PGYN2TA-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/Y2QBXNDLWZPH5GNMQK3PGYN2TA-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/Y2QBXNDLWZPH5GNMQK3PGYN2TA-1536x864.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/Y2QBXNDLWZPH5GNMQK3PGYN2TA-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Drone footage shows birds in the foreground as clouds of black smoke billow over Bahri, also known as Khartoum North, Sudan, in this May 1, 2023 video obtained by REUTERS</figcaption></figure>



CAIRO, Dec 10 (Reuters) &#8211; An African regional body involved in efforts to mediate over the war in Sudan says it has secured a commitment from warring parties to implement a ceasefire and to hold a political dialogue aimed at resolving the conflict.



There was no immediate comment from Sudan&#8217;s army or the paramilitary Rapid Support Forces (RSF), which has been locked since mid-April in a conflict that has devastated the capital Khartoum and triggered waves of ethnic killings in Darfur despite several diplomatic efforts to halt the fighting.



Eyewitnesses reported blasts at the major Al-Jaili oil refinery on the outskirts of Khartoum on Sunday, while both sides said there had been casualties when a Red Cross convoy came under fire in the capital.



At talks on Saturday in Djibouti, the current chair of the Intergovernmental Authority on Development (IGAD), Sudan&#8217;s army chief Abdel Fattah al-Burhan, agreed to a one-on-one meeting with RSF commander Mohamed Hamdan Dagalo, an IGAD statement said.



In a phone call, Dagalo, widely known as Hemedti, also agreed to the ceasefire proposal and a meeting with Burhan, the statement said.



Both Hemedti and Burhan had &#8220;accepted the principle of meeting within 15 days in order to pave the way for a series of confidence-building measures between the two parties that lead to the launch of a political process,&#8221; said Alexis Mohammed, adviser to Djibouti&#8217;s president.



Earlier, in an address the Djibouti meeting, Burhan accused the RSF of &#8220;barbaric attacks&#8221; but said the army had not closed the door on finding a peaceful solution.



Hemedti, whose whereabouts are unknown, addressed the IGAD meeting remotely, blaming the outbreak of the war on loyalists of former president Omar al-Bashir who are powerful within the army. He called for reform of the army and the formation of a civilian government.



The war between the army and the RSF erupted over an internationally backed plan to merge the paramilitary force into the army and launch a transition towards elections.



The army and the RSF had shared power after Bashir was toppled during a popular uprising in 2019. Before they came to blows, they jointly staged a coup in 2021 that upended efforts to steer Sudan towards democracy.



On Friday, the United States said it had formally determined that both sides in the conflict had committed war crimes.



In response, the RSF issued a statement on Sunday denying that it had carried out ethnic cleansing in Darfur or was responsible for sexual violence. The army has also denied committing war crimes.



Indirect talks between the army and the RSF brokered by Saudi Arabia and the United States that have stumbled several times faltered again last week as both sides pressed on with their military campaigns. (Reporting by Giulia Paravicini in Nairobi and Khalid Abdelaziz in Dubai; Writing by Aidan Lewis; Editing by Nick Macfie and Ros Russell)

107233476-16829606582023-05-01t165718z_528330424_rc2sp0apd7t1_rtrmadp_0_sudan-politics-drone

African mediators claim progress in efforts to end Sudan’s war

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/DH7NZXD3XFM3HPROUJLXVPKCEI-820x547.jpg" alt="" class="wp-image-434077" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/DH7NZXD3XFM3HPROUJLXVPKCEI-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/DH7NZXD3XFM3HPROUJLXVPKCEI-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/DH7NZXD3XFM3HPROUJLXVPKCEI-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/DH7NZXD3XFM3HPROUJLXVPKCEI-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/DH7NZXD3XFM3HPROUJLXVPKCEI-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/DH7NZXD3XFM3HPROUJLXVPKCEI-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Haul trucks are seen at Kumba Iron Ore, the world&#8217;s largest iron ore mines in Khathu, Northern Cape Province November 15, 2011. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



Dec 8 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s Kumba Iron Ore&nbsp;KIOJ.J, a unit of global mining giant Anglo American Plc&nbsp;AAL.L, on Friday said it was cutting production over the next three years to align output to constrained capacity to transport minerals via rail to port.



Transnet, South Africa&#8217;s state-owned freight rail and port operator, is struggling to haul minerals and other commodities to export markets due to locomotive shortages, cable theft and vandalism of its infrastructure. This has cost exporters billions of rand in potential revenue.



Kumba, whose iron ore stockpiles had grown to 9 million tons by September due to the rail bottlenecks, said it expects to end 2023 with production of between 35-36 million tons, from the previous forecast between 35–37 million tons.



Kumba has also lowered its production outlook for the next three years to 35–37 million tons per year, from previous targets of 37–39 million tons in 2024 and 39–41 million



tons in 2025, it said in a production update.



&#8220;There is no escaping the fact that ongoing logistics constraints have continued to place significant pressure on our value chain, resulting in stock levels at the mines increasing to unsustainable levels. We have therefore slowed down production,&#8221; Kumba CEO Mpumi Zikhalala said.



The persistent logistics problems have resulted in a 15% decrease in iron ore railed to port since 2019, Kumba said.



Anglo American CEO Duncan Wanblad told an investor call on Friday that the group had decided to slow down production at Kumba and move stockpiles until Transnet&#8217;s logistics problems were resolved.



&#8220;As soon as we get the transport capacity, we would be able to ramp the production back up,&#8221; Wanblad said.



The global mining giant was preparing to freeze spending on growth and widen job cuts in South Africa, including mothballing some higher-cost platinum mines, sources familiar with the matter told Reuters on Thursday.



At Kumba, the restructuring had already seen a 30% reduction in head office staff in September, Zikhalala said during an investor call. The company was also reviewing its use of contractors, she added.



On Friday, Anglo American said it aims to cut capital expenditure by $1.8 billion by 2026, as it grapples with a fall in demand for most of the metals it mines and a huge writedown for its British fertiliser project.



Kumba is targeting up to 3 billion rand ($159 million) in 2023 cost savings, having reduced its capital expenditure the year by about $105 million to between $475 million and $530 million earlier in the year.



($1 = 18.9120 rand)



(Reporting by Nelson Banya; Editing by Elaine Hardcastle and David Evans)

FILE PHOTO: Kumba Iron Ore, the world’s largest iron ore mines in Khathu

Anglo’s South African iron ore unit cuts production as rail woes persist

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-820x547.jpg" alt="" class="wp-image-404443" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling.jpg 1254w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Macro view of a screen of trading terminal with abstract financial graph and digits. Trading and forex concept. 3D Rendering</figcaption></figure>



Dec 8 (Reuters)&nbsp;&#8211;&nbsp;Indian equities scaled record highs on Friday after the central bank stayed pat on rates, while investors parsed Hungarian economic data that signalled easing domestic inflation ahead of a key U.S. jobs report.



India&#8217;s NSE Nifty 50 index .NSEI climbed 0.1% after the Reserve Bank of India left key rates at 6.5% and raised the country&#8217;s growth forecast to 7% from 6.5% for fiscal 2023-2024, following a robust performance in the July-September quarter.



&#8220;From being a part of fragile (5%) some time back to having GDP growth revised upwards to 7% when global growth has become fragile is the summary of the good work done by the RBI and the government in the most challenging times,&#8221; said Nilesh Shah, MD, Kotak Mahindra AMC.



On a weekly basis, Indian equities are on course for its longest weekly winning streak in three years.



More broadly, MSCI&#8217;s gauge for developing markets stocks&nbsp;.MSCIEF&nbsp;added 0.4%, while a basket of currencies&nbsp;.MIEM00000CUS&nbsp;edged up 0.2% against the dollar by 0927 GMT.



The equities index is set for a weekly loss of nearly 1%, snapping a five-week winning streak.



Among currencies, China&#8217;s yuan&nbsp;CNY=&nbsp;is on course for a weekly decline of 0.3% &#8211; its worst week since mid-September following a Moody&#8217;s downgrade earlier in the week.



The country&#8217;s blue-chips index closed 0.2% up. China will spur domestic demand and consolidate and enhance the economic recovery in 2024, the Politburo said as per a report.



Meanwhile, Hungary&#8217;s forint EURHUF= inched 0.2% lower after data showed local inflation slowed to an annual 7.9% rise in November, leaving the central bank a path to lower interest rates.



Pakistan&#8217;s benchmark share index .KSE extended gains by 2.2% to hit record highs as the International Monetary Fund (IMF) said it will meet on Jan. 11 to consider the final approval to hand the next $700 million tranche of its loan program.



Russia&#8217;s rouble RUBTSTN=MCX strengthened to 91.79 against the dollar ahead of November inflation data. Analysts expect a 7.6% annual increase, which could move the local central bank to bump up borrowing costs by another 100-basis-points before year-end.



Egypt&#8217;s pound EGP= was flat even after the IMF said it is in discussions with the local government on additional financing as part of a current program.



Egypt will also see presidential elections between Sunday through Tuesday where former army chief Abdel Fattah al-Sisi is set to secure six more years.



All eyes are now on the U.S. November non-farm payrolls data due at 1330 GMT that could determine the outlook for monetary policy out of the world&#8217;s largest economy.



(Reporting by Johann M Cherian in Bengaluru, Editing by Angus MacSwan)

Macro view of a screen of trading terminal with abstract financial graph and digits. Trading and forex concept. 3D Rendering

India stocks hit record highs on RBI pause; US data on tap

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/YJHX4BXHQVJCXJKWVI6NNRA3MQ-2-2-1-2-820x547.jpg" alt="" class="wp-image-433983" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/YJHX4BXHQVJCXJKWVI6NNRA3MQ-2-2-1-2-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/YJHX4BXHQVJCXJKWVI6NNRA3MQ-2-2-1-2-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/YJHX4BXHQVJCXJKWVI6NNRA3MQ-2-2-1-2-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/YJHX4BXHQVJCXJKWVI6NNRA3MQ-2-2-1-2-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/YJHX4BXHQVJCXJKWVI6NNRA3MQ-2-2-1-2-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/YJHX4BXHQVJCXJKWVI6NNRA3MQ-2-2-1-2-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">People sit at the Shell booth on the day of the opening of the Nigeria Oil and Gas 2022 meeting in Abuja, Nigeria July 4, 2022. REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



ABUJA, Dec 7 (Reuters)&nbsp;&#8211;&nbsp;Shell&nbsp;SHEL.L&nbsp;sees a $5 billion offshore oil investment opportunity in Nigeria and pledged to spend a further $1 billion in five to 10 years to boost natural gas output for domestic supplies and exports, a presidential spokesperson said on Thursday, citing Shell&#8217;s director of gas and upstream operations.



Nigerian President Bola Tinubu held talks with Shell&#8217;s Zoe Yujnovich in a move to attract capital to Africa&#8217;s top energy producer, presidential spokesperson Ajuri Ngelale said in a statement.



Yujnovich was cited as saying Shell has &#8220;an imminent $5 billion investment opportunity&#8221; in the offshore Bonga North oil project.



&#8220;I am really keen to make that investment as soon as possible. We want to continue and build a pipeline of new investments in Nigeria,&#8221; Yujnovich said.



A Shell spokesperson confirmed talks with the Nigerian president but declined to give further details because the discussions were private.



Nigeria&#8217;s oil output has been in decline for years, hobbled by large-scale theft and sabotage. It has picked up in recent months, helped by offshore production that is less prone to attacks.



Tinubu pledged to resolve &#8220;all investment-related issues&#8221; slowing the flow of capital into Nigeria&#8217;s energy industry.



&#8220;There is no bottleneck that is too difficult for us to remove in our determined march toward making Nigeria the African haven for large-scale investments,&#8221; Tinubu was quoted as saying.



(Writing by Elisha Bala-Gbogbo; Editing by Bill Berkrot and Lisa Shumaker)

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Shell sees $6 billion oil, gas investments in Nigeria, presidency says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="615" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/URAEOTS2UJMPBFGFRNZO4L4MSQ-820x615.jpg" alt="" class="wp-image-433965" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/URAEOTS2UJMPBFGFRNZO4L4MSQ-820x615.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/URAEOTS2UJMPBFGFRNZO4L4MSQ-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/URAEOTS2UJMPBFGFRNZO4L4MSQ-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/URAEOTS2UJMPBFGFRNZO4L4MSQ-768x576.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/URAEOTS2UJMPBFGFRNZO4L4MSQ-1536x1152.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/URAEOTS2UJMPBFGFRNZO4L4MSQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Supporters of Union for Democracy and Social Progress {UDPS} gather to attend the launch of the first official day of campaign for the presidential election of December 20, by their leader Felix Tshisekedi in Kinshasa, Democratic Republic of Congo, November 19, 2023. REUTERS/Benoit Nyemba</figcaption></figure>



Dec 8 (Reuters)&nbsp;&#8211;&nbsp;Voters in Democratic Republic of Congo go to the polls on Dec. 20 and international investors are keenly watching to see if a political shake-up occurs in one of the world&#8217;s top suppliers of critical minerals.



A win for President Felix Tshisekedi would likely mean a continuation of his goal to lure more foreign investment and renegotiate contracts to improve terms for Congo.



Tshisekedi&#8217;s opponents include mining magnate Moise Katumbi and former oil executive Martin Fayulu whose business backgrounds they both say will help them clean up Congo&#8217;s corruption-plagued extractive industries if they win.



<h2 class="wp-block-heading" id="h-mines-amp-minerals">MINES &amp; MINERALS</h2>



Congo is the world&#8217;s biggest producer of cobalt, a key component in batteries for electric cars and mobile phones. It is also the world&#8217;s third-largest copper producer and holds significant deposits of lithium, tin, tungsten, tantalum and gold.



The Congolese mining sector, particularly its copper and cobalt mines, is now largely dominated by Chinese companies, but Tshisekedi has tried to woo other foreign investors and renegotiate existing deals to improve Congo&#8217;s stake in major projects.



&#8220;A Tshisekedi victory would provide a degree of policy continuity for investors in the mining sector, albeit of a resource nationalist nature,&#8221; said Aleix Montana, Africa Analyst at risk intelligence company Verisk Maplecroft.



Whoever wins will have to take the lead on ongoing talks with China including on the new terms for the Sicomines joint venture, part of a $6 billion metals-for-infrastructure deal from 2008.



&#8220;Tshisekedi in a new term would have stronger legs to stand on in terms of the negotiating position,&#8221; said Indigo Ellis, managing director at consultancy Africa Matters Ltd (AML).



With Tshisekedi&#8217;s backing, state mining group Gecamines has also said it plans to renegotiate some terms on its joint venture contracts with partners including Glencore&nbsp;GLEN.L&nbsp;and Chinese investors in a push to buy copper and cobalt proportional to its stakes.



<h2 class="wp-block-heading" id="h-oil-amp-gas">OIL &amp; GAS</h2>



Tshisekedi has tried to develop Congo&#8217;s largely untapped fossil fuel reserves by auctioning the rights to 30 oil and gas blocks – many of them in environmentally sensitive areas.



The sale was officially launched in July 2022, but the auctions have been plagued by delays with only the licensing round for the three gas blocks completed so far albeit with the notable absence of major foreign players.



The government says Congo has 22 billion barrels of crude reserves and it is targeting production of 200,000 barrels per day, which would make Congo one of Africa&#8217;s biggest oil producers. The timeline for the development of the blocks remains unclear.



<h2 class="wp-block-heading" id="h-risky-business">RISKY BUSINESS</h2>



Tshisekedi came to power with the promise to root out endemic corruption. Many Western investors have continued to steer clear, but analysts say that may change in the coming years as global powers seek access to minerals needed to drive the clean energy transition.



&#8220;The race &#8230; is forcing Western miners to re-evaluate their risk appetite, said Montana from Verisk Maplecroft, which rates Congo seventh worst globally on its index that assesses the risk of governments seizing more control of revenue from the extractives sector.



Nevertheless many investors are waiting to see that elections go peacefully and the transfer to the next term is smooth. The last election in 2018 was the first transfer of power at the ballot box after decades marked by coups and civil conflict.



&#8220;It makes sense for them (investors) to wait and see what happens,&#8221; said AML&#8217;s Ellis.



(Reporting by Felix Njinji; Writing by Alessandra Prentice; editing by David Evans)

FILE PHOTO: Congolese president Tshisekedi launches electoral campaign with Kinshasa rally

What is at stake for investors in Congo’s election?

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/GettyImages-1241914844-820x547.jpg" alt="" class="wp-image-423805" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/GettyImages-1241914844-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/GettyImages-1241914844-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/GettyImages-1241914844-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/GettyImages-1241914844-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/GettyImages-1241914844.jpg 1024w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A customer browses meat in a refrigerated aisle inside a Spar Group Ltd. supermarket in the Die Wilgers suburb of Pretoria, South Africa, on Thursday, July 14, 2022. A quarterly index measuring sentiment about the nations expected economic performance fell to -39 in the second quarter, according to data released Wednesday by FirstRand Ltd.s First National Bank, the lowest level since 1985. Photographer: Waldo Swiegers/Bloomberg via Getty Images</figcaption></figure>



Dec 7 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s fourth-quarter consumer confidence fell to the lowest in two decades for the festive season, according to a survey released on Thursday, as the country struggles&nbsp;with higher interest rates and a cost-of-living crisis.



The consumer confidence index, sponsored by the First National Bank (FNB) and compiled by the Bureau for Economic Research, fell to minus 17 points, from minus 16 points in the third quarter of 2023.



&#8220;Consumers will keep tight control over their purse strings during the holiday shopping season, which should worry retailers of expensive luxury goods in particular,&#8221; the survey added.



The overall trends showed consumers were still&nbsp;wary of big-ticket purchases, especially interest-rate sensitive goods, which are expected to underperform previous holiday seasons.



&#8220;High interest rates and a marked deterioration in South Africa&#8217;s fiscal position are likely worrying high- and middle-income consumers,&#8221; FNB Chief Economist Mamello Matikinca-Ngwenya said.



South African inflation quickened more than expected in October to 5.9%, according to latest inflation data, driven by steep rises in food, transport and health costs.



(Reporting by Prerna Bedi in Bengaluru; Editing by Krishna Chandra Eluri)

Spar Group Ltd. Supermarket as South African Consumer Confidence Hits Historic Low

South Africa’s consumer confidence drops in fourth quarter – survey

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="572" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/BCA5C56QAJM4DAU356MWENYCQU-1-820x572.jpg" alt="" class="wp-image-433696" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/BCA5C56QAJM4DAU356MWENYCQU-1-820x572.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/BCA5C56QAJM4DAU356MWENYCQU-1-300x209.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/BCA5C56QAJM4DAU356MWENYCQU-1-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/BCA5C56QAJM4DAU356MWENYCQU-1-768x536.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/BCA5C56QAJM4DAU356MWENYCQU-1-1536x1071.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/BCA5C56QAJM4DAU356MWENYCQU-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The logo of Meta Platforms&#8217; business group is seen in Brussels, Belgium December 6, 2022. REUTERS/Yves Herman//File Photo</figcaption></figure>



NAIROBI, Dec 7 (Reuters)&nbsp;&#8211;&nbsp;A Kenyan judge on Thursday found Facebook&#8217;s parent company Meta&nbsp;META.O&nbsp;was not in contempt of court for failing to pay dozens of content moderators that a contractor laid off.



Labour judge Mathews Nduma Nderi said Meta did not &#8220;deliberately and contemptuously&#8221; breach a court order requiring it to pay the wages of hundreds of Facebook content moderators.



&#8220;They did various things which they thought were lawful in trying to deal with their situation but we did not find that what they did amounted to contempt,&#8221; Nderi said.



Earlier this year, 184 moderators sued Meta and two contractors after they said they lost their jobs with one of the firms, Sama, for organising a union.



The plaintiffs alleged they were then blacklisted from applying for the same roles at the second firm, Majorel, after Facebook changed contractors. Out-of-court settlement talks collapsed in October.



A Meta spokesman declined to comment. Sama and Majorel did not immediately respond to requests for comment on Thursday.



Meta has previously responded to allegations of a poor working environment in Kenya by saying it requires partners to provide industry-leading conditions.



Sama has said it has always followed Kenyan law and provided mental health services to its employees. Majorel has said it does not comment on pending or active litigation.



Nderi accepted a request by the plaintiffs&#8217; lawyer Merci Mutemi to be given 45 days to amend the contempt of court petition, and said that unless the matter was resolved out of court, the case would be given priority for the court to determine its merits.



British tech rights group Foxglove, which is supporting the plaintiffs, said it was eager to bring the case to trial.



&#8220;We remain confident of our case overall, as we have prevailed on every substantive point so far,&#8221; Foxglove director Martha Dark said in a statement to Reuters. &#8220;The most important ruling remains the one we won in June: Meta can no longer hide behind outsourcers to excuse the exploitation and abuse of its content moderators.&#8221;



(Reporting by Humphrey Malalo and Hereward Holland; Writing by Hereward Holland; Editing by Aaron Ross and Barbara Lewis)

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Kenya judge finds Meta is not in contempt of court

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/HAJQ7ZUCQNOWVDEROQNZ6IAAUA-1-820x547.jpg" alt="" class="wp-image-433674" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/HAJQ7ZUCQNOWVDEROQNZ6IAAUA-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/HAJQ7ZUCQNOWVDEROQNZ6IAAUA-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/HAJQ7ZUCQNOWVDEROQNZ6IAAUA-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/HAJQ7ZUCQNOWVDEROQNZ6IAAUA-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/HAJQ7ZUCQNOWVDEROQNZ6IAAUA-1-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/HAJQ7ZUCQNOWVDEROQNZ6IAAUA-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Photo: via Reuters</figcaption></figure>



LONDON, Dec 7 (Reuters) &#8211; Britain&#8217;s former interior minister Suella Braverman said on Thursday the government&#8217;s proposed Rwanda legislation, part of a scheme to try to send thousands of asylum seekers to the East African country, will not work.



Rishi Sunak is facing a revolt from the right-wing of his Conservative Party over efforts to deport migrants to Rwanda, with immigration minister Robert Jenrick quitting on Wednesday after the prime minister set out new draft legislation.



The new bill will instruct judges to ignore some sections of the Human Rights Act (HRA) and provisions of domestic or international law that might deem that Rwanda was not a safe country to send asylum seekers to, though appeals by people based on specific circumstances would still be permitted.



Braverman, Jenrick and their allies says that does not go far enough, with some wanting Britain to leave the European Convention on Human Rights altogether.



&#8220;I&#8217;m very concerned that the bill on the table will allow a merry-go-round of legal claims and litigation,&#8221; Braverman told BBC Radio.



&#8220;The reality is, and the solid truth is, that it won&#8217;t work and it will not stop the boats.&#8221;



The government says the Rwanda scheme would deter migrants from paying people smugglers to ferry them from Europe across the Channel to Britain.



It has been forced to come up with a two pronged strategy to relaunch the Rwanda policy after the Supreme Court ruled it would violate international human rights laws enshrined in domestic legislation.



The government signed a new treaty with Rwanda earlier this week.



(Reporting by Muvija M, writing by Sarah Young; Editing by Kate Holton and Kylie MacLellan)

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UK’s new Rwanda bill ‘will not stop the boats’ – former minister Braverman

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="592" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Fatmata-Binta_-image-by-Szymon-Brodziak-820x592.jpeg" alt="" class="wp-image-433653" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Fatmata-Binta_-image-by-Szymon-Brodziak-820x592.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Fatmata-Binta_-image-by-Szymon-Brodziak-300x217.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Fatmata-Binta_-image-by-Szymon-Brodziak-125x90.jpeg 125w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Fatmata-Binta_-image-by-Szymon-Brodziak-768x554.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Fatmata-Binta_-image-by-Szymon-Brodziak-1536x1109.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Fatmata-Binta_-image-by-Szymon-Brodziak-scaled.jpeg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Fatmata Binta; image by Szymon Brodziak </figcaption></figure>



Africa&#8217;s culinary landscape is transforming, with chefs showcasing the diversity of African cuisine. From traditional ingredients to innovative techniques, these are the chefs reshaping the continent&#8217;s culinary identity.



Africa has long captured the world’s attention, but chef and cookbook author Mokgadi Itsweng says the chefs are leading this shift, through a kind of sankofa. “They’re going back to their roots and sharing it on a plate.”



Itsweng believes that chefs are the link between farmers and consumers, and says that as more African chefs embrace their heritage, they will raise awareness of culturally significant foods that deserve global recognition.



“I think what is bringing evolution to African cuisine is the desire for self-representation,” says Mmabatho Molefe, owner of Emazulwini in Cape Town. Molefe, whose food celebrates her Zulu heritage, says more chefs must embrace their own identity. “Not as a trend but rather as a sense of self-discovery.”



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="533" height="800" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Vusi-Ndlovu_-image-by-Alix-Rose-Cowie-533x800.jpg" alt="" class="wp-image-433656" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Vusi-Ndlovu_-image-by-Alix-Rose-Cowie-533x800.jpg 533w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Vusi-Ndlovu_-image-by-Alix-Rose-Cowie-200x300.jpg 200w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Vusi-Ndlovu_-image-by-Alix-Rose-Cowie-60x90.jpg 60w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Vusi-Ndlovu_-image-by-Alix-Rose-Cowie-768x1152.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Vusi-Ndlovu_-image-by-Alix-Rose-Cowie.jpg 1000w" sizes="auto, (max-width: 533px) 100vw, 533px" /><figcaption class="wp-element-caption">Vusi Ndlovu; image by Alix-Rose Cowie </figcaption></figure>



Vusi Ndlovu of Boma on Bree and Mlilo in Cape Town echoes Molefe, saying there’s an element of ‘coming home’: “Many chefs I know have worked for some brilliant people but they weren’t cooking their own food. After Covid, people realised that it is much better to push forward a narrative they love. So cooking food you grew up with, the food you love, with that fine technique, is what’s happening now.”



Storytelling and heritage preservation are undeniably at the core here. Johannesburg-based chef Siya Kobo wants African chefs to weave tradition with innovation to showcase the continent&#8217;s rich cuisine. &#8220;In the past, African chefs were mostly cooks,&#8221; Kobo explains. &#8220;Through education and experience, we began to understand who we are and used our learned chef&#8217;s skills and techniques, and combined them with our recipes to put ourselves first.” Kobo’s approach is to draw on his Eastern Cape heritage and polished skills to push his cuisine forward.



<h2 class="wp-block-heading" id="h-the-only-continent-that-hasn-t-been-fully-explored">‘The only continent that hasn’t been fully explored’</h2>



Similarly, Wandile Mabaso, who combines Eurocentric culinary expertise with South African heritage at Les Creatifs in Johannesburg, says African chefs have a responsibility to present local ingredients and techniques at the highest level. “Foodies across the globe are always looking for the new, and Africa is the only continent that hasn’t been fully explored,” says Mabaso. “Most of the new generation of chefs like myself have had global classical and fine dining training, and use knowledge and techniques to rediscover what they have on their home soil.”



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="571" height="800" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Wandile-Mabaso_-image-supplied-571x800.jpg" alt="" class="wp-image-433654" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Wandile-Mabaso_-image-supplied-571x800.jpg 571w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Wandile-Mabaso_-image-supplied-214x300.jpg 214w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Wandile-Mabaso_-image-supplied-64x90.jpg 64w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Wandile-Mabaso_-image-supplied-768x1075.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Wandile-Mabaso_-image-supplied-1097x1536.jpg 1097w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Wandile-Mabaso_-image-supplied-scaled.jpg 1463w" sizes="auto, (max-width: 571px) 100vw, 571px" /><figcaption class="wp-element-caption">Wandile Mabaso; image supplied </figcaption></figure>



This rediscovery of forgotten dishes helps evolve traditional cuisine but isn’t limited to South Africa.



Further afield in Africa, many chefs are cooking the food close to their hearts. Take Egyptian-born Mohamed Kamal, who’s preserving Nubian culture through food. “Once a chef knows the basic cooking methods, he can turn anything into an international style – it’s all about the techniques.” He does this by using common vegetables, with ingredients distinctive of Nubian cuisine, like hibiscus, dates, lamb and fenugreek flour.



On the opposite side of the continent, Sierra Leone-based Fatmata Binta is driving a similar force. “I’m a modern-day nomadic chef connected to the Fulani culture, customs, and cuisine of the biggest Nomadic group in West and Central Africa,” she says. “My nomadic restaurant ‘Dine on a Mat’ is an invitation for guests to step outside of their comfort zone and explore flavour and sustenance through the palates of Fulani women.” Like Kamal, Binta’s experiences focus on celebrating Africa’s underappreciated ingredients, giving them the platform they deserve.



In Nigeria is Michael Elégbèdé, who runs ÌTÀN in Lagos. Elégbèdé’s cooking celebrates the depth of Nigerian cuisine and pushes boundaries by marrying tradition with innovation. “My roots have always been a deep source of inspiration in my journey into food,” he says. “The food I create is, for me, a way to drive a cultural renaissance.” He credits other African chefs for showcasing dishes with regional specificity, further highlighting Africa’s diversity. “A factor in this evolution is the element of pride and ownership,” says Elégbèdé.



African food is thriving thanks to these African chefs and others. “Our customs live in our cuisine, therefore it’s critical to preserve and progress African cuisine,” says Kobo.



<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="533" height="800" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Mohamed-Kamal_-image-supplied-533x800.jpg" alt="" class="wp-image-433655" style="width:840px;height:auto" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Mohamed-Kamal_-image-supplied-533x800.jpg 533w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Mohamed-Kamal_-image-supplied-200x300.jpg 200w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Mohamed-Kamal_-image-supplied-60x90.jpg 60w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Mohamed-Kamal_-image-supplied-768x1152.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Mohamed-Kamal_-image-supplied-1024x1536.jpg 1024w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Mohamed-Kamal_-image-supplied-scaled.jpg 1365w" sizes="auto, (max-width: 533px) 100vw, 533px" /><figcaption class="wp-element-caption">Mohamed Kamal; image supplied </figcaption></figure>



Mabaso agrees, “We are now making sure the right stories are told.” Molefe adds that Africa has many unwritten cultural practices that need to be documented and kept alive, but these chefs hold much of the power going forward.



Elégbèdé says: “Only we can tell our stories most authentically.”



They contribute to the sustainability of their food systems while preserving their culinary traditions and biodiversity. Binta concludes that “African cuisine is the future” because of its ingredients and superfoods. Through these unique perspectives, these chefs are shaping a rebirth across Africa – and the culinary landscape has never been more exciting.

Fatmata Binta_ image by Szymon Brodziak

‘Sharing On A Plate’: The Chefs Reshaping The Culinary Industry With A Modern Twist To Traditional African Food

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/RJD43BCCGRIX7PC3NVPMNUUOWA-1-820x547.jpg" alt="" class="wp-image-433635" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/RJD43BCCGRIX7PC3NVPMNUUOWA-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/RJD43BCCGRIX7PC3NVPMNUUOWA-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/RJD43BCCGRIX7PC3NVPMNUUOWA-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/RJD43BCCGRIX7PC3NVPMNUUOWA-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/RJD43BCCGRIX7PC3NVPMNUUOWA-1-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/RJD43BCCGRIX7PC3NVPMNUUOWA-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Wavel Ramkalawan President of Seychelles addresses the 78th United Nations General Assembly at U.N. headquarters in New York, U.S., September 20, 2023. REUTERS/Caitlin Ochs/ File Photo </figcaption></figure>



NAIROBI, Dec 7 (Reuters)&nbsp;&#8211;&nbsp;Seychelles President Wavel Ramkalawan declared a state of emergency on Thursday after a blast at an explosives depot and heavy rains damaged an industrial zone and surrounding areas.



&#8220;Everyone is being asked to stay at home. All schools will be closed. Only workers in the essential services and persons travelling will be allowed free movement,&#8221; Ramkalwan&#8217;s office said in a statement.



The explosion had caused &#8220;massive damage&#8221; to the Providence Industrial zone and surrounding areas on the main island of Mahe, the statement said, while flooding due to rains had resulted in &#8220;major destruction&#8221;.



The statement gave no further details.



The Seychelles is made up of 115 islands and is the least populous country in Africa with about 100,000 people.



(Reporting by Aaron Ross; Editing by Tom Hogue)

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Seychelles declares state of emergency after explosion, flooding

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="530" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-820x530.jpg" alt="" class="wp-image-433145" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-820x530.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-300x194.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-139x90.jpg 139w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-768x497.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-1536x994.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A general view shows the Central Bank of Kenya headquarters building along Haile Selassie Avenue in Nairobi, Kenya November 28, 2018. REUTERS/Njeri Mwangi/</figcaption></figure>



NAIROBI, Dec 6 (Reuters)&nbsp;&#8211;&nbsp;Kenya is likely get a fresh $1 billion loan from China in this financial year and it could use the cash to partly settle a Eurobond that is maturing next June, if it comes in time, the governor of the central bank said on Wednesday.



The loan was first announced by Kenyan authorities in October, marking a shift in the government of President William Ruto&#8217;s stance on Chinese lending, after criticising the loans during last year&#8217;s election campaign.



&#8220;The National Treasury is engaged with the Chinese government,&#8221; Kamau Thugge, the central banker, told a press conference.



&#8220;The timing is yet to be ascertained. Were we to get it before June 2024, it could be used to address the maturity of the Eurobond.&#8221;



Sovereign bond investors have been watching closely to see how the East African nation will handle the maturing $2 billion hard currency bond.



It struck a staff agreement with the International Monetary Fund last month, which increased the amount it can access under its current borrowing programme with the Washington-based fund.



It plans to use the external financing, including expected disbursements from the World Bank and the regional Trade and Development Bank, to pay the bondholders.



Policymakers are prepared to take &#8220;stronger action&#8221; to ensure the foreign exchange rate has stabilised, Thugge said, a day after the Monetary Policy Committee unexpectedly raised the benchmark lending rate by 2 percentage points.



&#8220;A shilling that continues to depreciate almost in a straight line does not indicate macroeconomic stability,&#8221; he said, referring to the currency.



The magnitude of this week&#8217;s hike means that policymakers could be reluctant to increase borrowing rates further, said a trader with a Nairobi commercial bank.



&#8220;They did it in one bitter pill,&#8221; said the trader, adding that the hike is likely to further fuel economic pain.



The governor defended Tuesday&#8217;s decision, saying the central bank&#8217;s stress tests showed higher interest rates would not have a &#8220;significant impact&#8221; on the financial sector, an assurance that was dismissed by some market participants.



(Reporting by Duncan Miriri; Editing by Kirsten Donovan)

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Kenya central banker sees $1 bln China loan soon, vows firm FX action

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/PF3JNZQUQ5M65OD7XXTYURHSSI-820x429.jpg" alt="" class="wp-image-433367" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/PF3JNZQUQ5M65OD7XXTYURHSSI-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/PF3JNZQUQ5M65OD7XXTYURHSSI-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/PF3JNZQUQ5M65OD7XXTYURHSSI-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/PF3JNZQUQ5M65OD7XXTYURHSSI-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/PF3JNZQUQ5M65OD7XXTYURHSSI-1536x804.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/PF3JNZQUQ5M65OD7XXTYURHSSI.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Construction work is seen opposite a statue of Samora Machel, the first President of Mozambique, and the Cathedral of the Immaculate Conception, a Roman Catholic cathedral in downtown Maputo, Mozambique, September 1, 2019. REUTERS/Siphiwe Sibeko</figcaption></figure>



MAPUTO, Dec 6 (Reuters)&nbsp;&#8211;&nbsp;Mozambique sees economic growth picking up to 5.5% next year but its budget deficit widening to 10.4% of gross domestic product (GDP) driven by debt service, public sector wage reforms and election spending, its finance minister said on Wednesday.



Those forecasts compare with 2023 targets of 5.0% growth and a budget deficit of 8.7% of GDP.



Finance minister Max Tonela gave the latest projections in a 2024 budget speech, saying next year&#8217;s deficit would be financed by external grants amounting to 5.4% of GDP, foreign loans of 1.9% of GDP and domestic borrowing of 3.0% of GDP.



2024 growth would be driven by extractive industries, agriculture and finance, among other sectors, he said.



The southern African country&#8217;s economy has suffered a series of shocks in the past decade, including a &#8220;hidden debt&#8221; crisis, devastating cyclones and an Islamic State-linked insurgency concentrated in its gas-rich Cabo Delgado province.



Given those blows, &#8220;our country continues to follow a remarkable path of growth recovery, with a promising scenario in the medium term&#8221;, Tonela said.



(Reporting by Manuel Mucari; Additional reporting by Wendell Roelf in Cape Town; Editing by Alexander Winning and Alex Richardson)

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Mozambique sees higher economic growth, wider deficit in 2024

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="518" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/WO4SLJG5EJMS5DPGE4XV6WUBNY-820x518.jpg" alt="" class="wp-image-433333" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/WO4SLJG5EJMS5DPGE4XV6WUBNY-820x518.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/WO4SLJG5EJMS5DPGE4XV6WUBNY-300x190.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/WO4SLJG5EJMS5DPGE4XV6WUBNY-142x90.jpg 142w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/WO4SLJG5EJMS5DPGE4XV6WUBNY-768x485.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/WO4SLJG5EJMS5DPGE4XV6WUBNY-1536x970.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/WO4SLJG5EJMS5DPGE4XV6WUBNY-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A logo is seen at the World Trade Organization (WTO) headquarters before a news conference in Geneva, Switzerland, October 5, 2022. REUTERS/Denis Balibouse/File Photo</figcaption></figure>



BERLIN, Dec 6 (Reuters)&nbsp;&#8211;&nbsp;The EU should join forces with African countries to reform the World Trade Organization&#8217;s (WTO) subsidy rules as a way to counter Chinese market distortions and diplomatic influence, the German Economic Institute (IW) argued in a paper on Wednesday.



The IW, which is financed by prominent German business associations and carries weight among Berlin policymakers, published the paper ahead of an EU-China summit in Beijing on Thursday and Friday.



The issue of unfair competition is expected to top the agenda, three months after the European Commission launched an anti-subsidy probe into Chinese electric vehicles.



Reform is to be a key topic at the WTO&#8217;s 13th ministerial conference (MC13) in February, although it requires a full consensus to make any substantive changes.



The WTO&#8217;s Africa negotiating group has proposed reforming current subsidy rules to better support developing countries &#8211; for example allowing them to have local content requirements and to grant subsidies for environmental protection.



The IW argues in its new paper, seen by Reuters ahead of publication, that the EU should expand this initiative to also tighten subsidy rules on the world&#8217;s top trading countries.



Those major players would be determined according to their share of global trade or income level. That means new rules would affect China, even though the WTO classifies it as a developing country.



Such a joint EU-African initiative could pressure China to accept reform and would help limit the growing global subsidy race.



&#8220;In addition, the EU could counter China’s attempt to present itself as the supporter of developing countries’ interests in Geneva,&#8221; wrote Juergen Matthes and Samina Sultan, authors of the paper &#8220;Reforming the WTO’s subsidy rules –A new opportunity to tackle the global distortions of China’s state capitalism&#8221;.



&#8220;If China blocked the&#8230; reform, it would also block the vital interests of the African Group and other developing countries in gaining more policy space for development.&#8221;



(Reporting by Sarah Marsh; Editing by David Gregorio)

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featured

Rishi Sunak faces tense UK parliamentary showdown over Rwanda asylum plan

Niger, Mali and Burkina Faso to move toward monetary alliance, Niger leader says

Kenya eyes localised load-shedding to contain national blackouts

Kenya Airways warns of disruptions in holiday season due to spare parts shortages

African mediators claim progress in efforts to end Sudan’s war

Anglo’s South African iron ore unit cuts production as rail woes persist

India stocks hit record highs on RBI pause; US data on tap

Shell sees $6 billion oil, gas investments in Nigeria, presidency says

What is at stake for investors in Congo’s election?

South Africa’s consumer confidence drops in fourth quarter – survey

Kenya judge finds Meta is not in contempt of court

UK’s new Rwanda bill ‘will not stop the boats’ – former minister Braverman

‘Sharing On A Plate’: The Chefs Reshaping The Culinary Industry With A Modern Twist To Traditional African Food

Seychelles declares state of emergency after explosion, flooding

Kenya central banker sees $1 bln China loan soon, vows firm FX action

Mozambique sees higher economic growth, wider deficit in 2024

EU should join Africa on WTO reform to counter China -IW study

News Tips

Advertise With Us

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