<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1080" height="779" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_Z2U72NBTFJOA7NYCF4R6FI2NFM.avif" alt="" class="wp-image-580922"/><figcaption class="wp-element-caption">Maria Modiba cooks by a candlelight during one of the frequent power outages from South African utility Eskom, caused by its aging coal-fired plants, in Soweto, South Africa November 11, 2022. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, Jan 31 (Reuters)&nbsp;&#8211;&nbsp;South African businesses and households will experience scheduled power cuts for the first time in 10 months due to a series of breakdowns at state power utility Eskom&#8217;s coal-fired power stations, officials said on Friday.



Energy minister Kgosientsho Ramokgopa told reporters that Eskom would implement &#8220;Stage 3&#8221; power cuts.



The outages will require up to 3,000 megawatts (MW) to be shed from the grid, starting from 1700 (1500 GMT) on Friday.



The utility&#8217;s power cuts, known locally as loadshedding, have curbed South Africa&#8217;s economic growth for more than a decade.



But there had been no blackouts since March last year after a dramatic turnaround in Eskom&#8217;s electricity supply, leading to over 300 days without outages.



(Reporting by Tannur Anders, Sfundo Parakozov and Bhargav Acharya; Editing by Alexander Winning)

https___cloudfront-us-east-2.images.arcpublishing.com_reuters_Z2U72NBTFJOA7NYCF4R6FI2NFM

South African power cuts return after 10 months of uninterrupted supply

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3333" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/J7ZZIHSEAFKQJBMLXDXRGA7KCQ.avif" alt="" class="wp-image-580859"/><figcaption class="wp-element-caption">U.S. President Donald Trump signs executive orders in the Oval Office at the White House in Washington, U.S., January 30, 2025. REUTERS/Elizabeth Frantz</figcaption></figure>



Jan 30 (Reuters)&nbsp;&#8211;&nbsp;President Donald Trump on Thursday warned off BRICS member countries from replacing the U.S. dollar as a reserve currency by repeating a 100%-tariffs threat he had made weeks after winning the November presidential elections.



&#8220;We are going to require a commitment from these seemingly hostile Countries that they will neither create a new BRICS Currency, nor back any other Currency to replace the mighty U.S. Dollar or, they will face 100% Tariffs,&#8221; Trump said on Truth Social in a statement nearly identical to one he posted on Nov. 30.



At the time, Russia said that any U.S. attempt to compel countries to use the dollar would backfire.



The BRICS grouping includes Brazil, Russia, India, China, and South Africa and a few other countries that joined in the past couple of year. The grouping does not have a common currency, but long-running discussions on the subject have gained some momentum after the West imposed sanctions on Russia over the war in Ukraine.



&#8220;There is no chance that BRICS will replace the U.S. Dollar in International Trade, or anywhere else, and any Country that tries should say hello to Tariffs, and goodbye to America!,&#8221; he said.



Trump posted his warning to the BRICS as Canada and Mexico await for his decision to follow through on a pledge to impose 25% tariffs on the United States&#8217; North American trading partner from Feb. 1.



Trump wants to use tariffs as a tool to get Mexico and Canada to help stem the flow of illegal drugs into the United States, particularly the deadly opioid fentanyl, and also migrants crossing illegally into the U.S.



Dollar dominance — the outsized role of the U.S. dollar in the world economy — has strengthened of late, thanks to the robust U.S. economy, tighter monetary policy and heightened geopolitical risks, even as economic fragmentation has boosted a push by BRICS countries to shift away from the dollar into other currencies.



A study by the Atlantic Council&#8217;s GeoEconomics Center last year showed that the U.S. dollar remains the world&#8217;s primary reserve currency, and neither the euro nor the so-called BRICS countries have been able to reduce global reliance on the dollar.



The acronym BRIC, which did not initially include South Africa, was coined in 2001 by then Goldman Sachs chief economist Jim O&#8217;Neill in a research paper that underlined the growth potential of Brazil, Russia, India and China.



The bloc was founded as an informal club in 2009 to provide a platform for its members to challenge a world order dominated by the United States and its Western allies. South Africa was the first beneficiary of an expansion of the bloc in 2010 when the grouping became known as BRICS.



The group added Egypt, Ethiopia, Iran and the United Arab Emirates in 2023, and Indonesia became member earlier this month.



(Reporting by Kanishka Singh and Ismail Shakil; Editing by Sandra Maler and Michael Perry)

J7ZZIHSEAFKQJBMLXDXRGA7KCQ

Trump repeats tariffs threat to dissuade BRICS nations from replacing US dollar

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/E6VGTQJGT5PWVIY65GTH6X443Q-1-820x547.jpg" alt="" class="wp-image-580544" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/E6VGTQJGT5PWVIY65GTH6X443Q-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/E6VGTQJGT5PWVIY65GTH6X443Q-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/E6VGTQJGT5PWVIY65GTH6X443Q-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/E6VGTQJGT5PWVIY65GTH6X443Q-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/E6VGTQJGT5PWVIY65GTH6X443Q-1-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/E6VGTQJGT5PWVIY65GTH6X443Q-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Governor of the South African Reserve Bank, Lesetja Kganyago, gestures during an interview with Reuters in Centurion, South Africa April 3, 2024 REUTERS/James Oatway/File Photo</figcaption></figure>



PRETORIA, Jan 30 (Reuters)&nbsp;&#8211;&nbsp;Below are some quotes from South African Reserve Bank Governor Lesetja Kganyago at a news conference to announce the central bank&#8217;s latest interest rate decision.



<h2 class="wp-block-heading" id="h-inflation">INFLATION</h2>



&#8220;Moving to consumer prices, headline inflation averaged 4.4% last year, near the middle of our target range. Inflation slowed to 3% in December, having started the year above 5%.&#8221;



&#8220;This was mainly due to favourable goods-price developments, including food inflation reaching 15-year lows, as well as lower fuel costs.&#8221;



&#8220;Because of these transitory factors, inflation is likely to remain in the bottom half of our target range through the first half of this year.&#8221;



&#8220;Headline inflation should revert to around 4.5% thereafter, aided by core inflation which remains at or below the midpoint over the forecast horizon.&#8221;



&#8220;The risks to the inflation outlook are assessed to the upside.&#8221;



&#8220;In the near term, inflation appears well contained. However, the medium-term outlook is more uncertain than usual, with material risks from the external environment. Domestic factors such as administered prices are also problematic.&#8221;



<h2 class="wp-block-heading" id="h-economic-growth">ECONOMIC GROWTH</h2>



&#8220;For the fourth quarter, we anticipate a rebound. This will be supported by more normal agricultural production, as well as strong household spending, given tailwinds including lower inflation and Two-Pot pension withdrawals.&#8221;



&#8220;We expect potential growth to trend higher over the next few years. This gets growth to about 2% by 2027.&#8221;



&#8220;As growth picks up, we expect some rebalancing, with a recovery in investment, as well as improvements in the primary and secondary sectors.&#8221;



&#8220;The risks to the growth forecast are assessed as balanced.&#8221;



<h2 class="wp-block-heading" id="h-decision">DECISION</h2>



&#8220;The Monetary Policy Committee (MPC) decided to reduce the policy rate by 25 basis points, with effect from 31 January 2025. Four members preferred this action, while two supported an unchanged stance.&#8221;



&#8220;The committee ultimately agreed that it was possible to reduce the degree of policy restrictiveness, making the stance somewhat more neutral. However, all members were concerned about the uncertain global outlook.&#8221;



(Compiled by Sfundo Parakozov; Editing by Alexander Winning)

E6VGTQJGT5PWVIY65GTH6X443Q (1)

South African central bank governor’s comments on rate decision

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="4372" height="2922" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/KEDTHZFAYBM77J7WBYLECY5O4E.avif" alt="" class="wp-image-580466"/><figcaption class="wp-element-caption">Members of the M23 rebel group gather at their position amid fighting between them and the Armed Forces of the Democratic Republic of the Congo (FARDC), in Goma, eastern Democratic Republic of the Congo, January 29, 2025. REUTERS/Stringer</figcaption></figure>



LONDON, Jan 30 (Reuters) &#8211; Britain has warned Rwanda that its involvement in an escalating conflict in the Democratic Republic of Congo could jeopardise the over $1 billion of aid it receives every year.



Rwanda-backed M23 rebels captured Goma, a city of 2 million people in the DRC, on Monday, ignoring widespread calls for them to halt their offensive and enact a ceasefire. They extended their advance on Wednesday.



Rwandan forces backed up M23 in Goma, according to Congo, the United States and other Western powers. Rwanda has denied its involvement.



British foreign minister David Lammy told parliament on Tuesday Rwanda received over 1 billion dollars in global aid every year, including around 32 million pounds ($39.80 million) of bilateral UK assistance but &#8220;all of that is under threat when you attack your neighbours&#8221;.



&#8220;We in this House are clear that we cannot have countries challenging the territorial integrity of other countries,&#8221; Lammy said. &#8220;Just as we will not tolerate it in the continent of Europe, we cannot tolerate it wherever in the world it happens.&#8221;



&#8220;We have to be clear about that,&#8221; Lammy added.



This week&#8217;s events represent the gravest escalation of the decades-old conflict in eastern Congo since 2012. The hostilities are rooted in the spillover of Rwanda&#8217;s 1994 genocide into Congo and the struggle for control of Congo&#8217;s lucrative minerals.



($1 = 0.8040 pounds)



(Reporting by Catarina Demony; Editing by Saad Sayeed)

KEDTHZFAYBM77J7WBYLECY5O4E

UK warns Rwanda of threat to aid over its involvement in DRC conflict

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="546" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108043098-1727989387640-gettyimages-2173579499-META_CONNECT-820x546.jpeg" alt="" class="wp-image-580429" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108043098-1727989387640-gettyimages-2173579499-META_CONNECT-820x546.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108043098-1727989387640-gettyimages-2173579499-META_CONNECT-300x200.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108043098-1727989387640-gettyimages-2173579499-META_CONNECT-135x90.jpeg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108043098-1727989387640-gettyimages-2173579499-META_CONNECT-768x511.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108043098-1727989387640-gettyimages-2173579499-META_CONNECT-1536x1022.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108043098-1727989387640-gettyimages-2173579499-META_CONNECT-scaled.jpeg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Mark Zuckerberg, CEO of Meta Platforms Inc., arrives for the Meta Connect event in Menlo Park, California, on Sept. 25, 2024. David Paul Morris | Bloomberg | Getty Images</figcaption></figure>



Meta CEO Mark Zuckerberg on Wednesday said it’s too early to tell what impact DeepSeek’s breakthrough AI model will have on his company and the broader tech industry. 



Still, Zuckerberg poured cold water on the notion that Meta’s overall AI spending will soon drop now that DeepSeek has allegedly proven that cutting-edge AI requires far less money and computing resources than previously thought.



“It’s probably too early to really have a strong opinion on what this means for the trajectory around infrastructure and CapEx,” Zuckerberg said. “There are a bunch of trends that are happening here all at once.”



The technology markets were reeling this week over an AI model created by DeepSeek, which is a Hangzhou-based AI lab linked to the Chinese hedge fund High-Flyer. DeepSeek claims it only took two months and less than $6 million to develop its R1 large language model. That news caused Nvidia shares to tank 17% on Monday because of the implications that companies don’t need as many of the chip-maker’s graphics processing units for their own artificial-intelligence projects.



Zuckerberg discussed DeepSeek during a call with analysts Wednesday as part of Meta’s fourth-quarter earnings. The company reported that sales rose 21% year over year to $48.39 billion, ahead of Wall Street expectations.



Meta’s shares rose nearly 2% on Monday, indicating some investors believe DeepSeek’s cost-efficiency could mean the social media company may be able to create powerful AI systems for less money. Meta announced last week plans to invest between $60 billion and $65 billion this year as part of its AI push. The company on Wednesday said its 2025 total expenses would come in between $114 billion to $119 billion.



Zuckerberg said Meta is still digesting some of DeepSeek’s feats and his team hopes to eventually implement some of those advancements for their own AI projects.



“That’s part of the nature of how this works, whether it’s a Chinese competitor or not,” Zuckerberg said, referring to how one company’s advances end up benefiting others.



While it’s possible that companies will eventually require less computing resources to train these powerful models, Zuckerberg said that having a ton of server power may be necessary when the software is actually running and performing actions, resulting in “a higher level of intelligence and a higher quality of service.”



“It’s going to be expensive for us to serve all of these people because we are serving a lot of people,” said Zuckerberg, whose company said it had 3.35 billion daily active people in the fourth quarter.



Meta will continue to learn from technologies like DeepSeek’s and release its own open source and free Llama AI models that can also push the industry, Zuckerberg said.



“I continue to think that investing very heavily in CapEx and infra is going to be a strategic advantage over time,” he said. “It’s possible that we’ll learn otherwise at some point, but I just think it’s way too early to call that, and at this point, I would bet that the ability to build out that kind of infrastructure is going to be a major advantage.”



Zuckerberg also said that DeepSeek’s emergence validates Meta’s commitment to an open-source approach to AI, Zuckerberg said.



“There’s going to be an open-source standard globally,” he said. “For our own national advantage, it’s important that it’s an American standard.”

108043098-1727989387640-gettyimages-2173579499-META_CONNECT

Zuckerberg says Meta won’t slow down AI spend despite DeepSeek’s breakthrough

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3338" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/A7M7YHTKLZMKZHKW5UBBPCVSYQ.avif" alt="" class="wp-image-580185"/><figcaption class="wp-element-caption">Namibians queue to vote in an the extension of the presidential and national assembly elections after delays on the offical election day earlier this week in Windhoek, Namibia, November 29, 2024. REUTERS/Noah Tjijenda/File Photo</figcaption></figure>



WINDHOEK, Jan 29 (Reuters)&nbsp;&#8211;&nbsp;Namibia&#8217;s unemployment rate rose to 36.9% in 2023 from 33.4% in 2018, the statistics office said on Wednesday.



The country of about three million people has one of the highest official unemployment levels in the world, having overtaken neighbouring South Africa whose unemployment rate fell to 32.1% in the third quarter of 2024 after the formation of a coalition government.



Statistician General Alex Shimuafeni said that 320,442 individuals were employed in Namibia in 2023, of the total 867,247 people in the labour force.



Namibia&#8217;s unemployment rate now excludes discouraged workers, making the actual number of people without jobs higher.



The broader unemployment rate stands at 54.8%, as reported in the 2023 Labour Force report, said Tannan Groenewald, head of data and analytics at Cirrus Capital.



Namibia&#8217;s President-elect Netumbo Nandi-Ndaitwah in December pledged &#8220;radical shifts&#8221; to fix the country&#8217;s high levels of poverty and unemployment.



(Reporting by Nyasha Nyaungwa; Editing by Tannur Anders and Peter Graff)

A7M7YHTKLZMKZHKW5UBBPCVSYQ

Namibia’s unemployment rate rises to 36.9%

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="3460" height="2202" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/JY3IL6MOW5MZZP4PQIU6XATSJE.avif" alt="" class="wp-image-580167"/><figcaption class="wp-element-caption">Delegates attend the Africa Energy Summit in Dar es Salaam, Tanzania January 27, 2025. REUTERS/Emmanuel Herman/File Photo</figcaption></figure>



DAR ES SALAAM, Jan 29 (Reuters)&nbsp;&#8211;&nbsp;An initiative to connect 300 million Africans to electricity in the next six years has won new pledges worth more than $8 billion from lenders including the Islamic Development Bank and the Asia Infrastructure Investment Bank.



The Mission 300 initiative, launched by the World Bank and the African Development Bank in April, is projected to cost $90 billion. Its implementation faces challenges because the economies of countries in the region are severely constrained, mainly due to sluggish revenue and high debt service costs.



&#8220;Our national balance sheets are insufficient&#8230; to achieve Mission 300&#8217;s objectives,&#8221; Zambian President Hakainde Hichilema told an Africa energy summit in Tanzania.



Funding for the project is expected to come from multilateral development banks, development agencies, private businesses and philanthropic organisations such as the Rockefeller Foundation, which is part of the initiative.



Muhammad al Jasser, chairman of the IsDb, said in a statement released during the summit that ended on Tuesday that the Jeddah-headquartered bank was committing $2.65 billion in project financing and another $2 billion to insure power projects in Africa.



Beijing-based AIIB is set to provide $1-1.5 billion in financing.



&#8220;Six hundred million people in Africa without access to electricity is intolerable,&#8221; said AIIB President Jin Liqun.



Others funding the project include the French Development Agency (AFD), which committed to providing 1 billion euros ($1.04 billion), and the OPEC Fund for International Development, which made an initial commitment of $1 billion, the AfDB said in a closing statement.



The additional finance builds on commitments of up to $48 billion from the World Bank and the AfDB, officials at the summit said. The two organisations&#8217; contributions could be increased during implementation, they said.



Provision of 300 million people with access to electricity, half of those currently without power on the continent, is a crucial building block for boosting Africa&#8217;s development by creating new jobs, said World Bank President Ajay Banga.



Half of the targeted new connections will get electricity from existing national grids, officials said at the summit, while the other half will be from renewable energy sources, including wind and solar mini-grids.



Apart from lighting up homes and businesses, Mission 300 is expected to boost the provision of clean cooking energy to homes, cutting reliance on wood and charcoal which are harmful, said Tanzania&#8217;s president, Samia Suluhu Hassan.



($1 = 0.9589 euros)



(Reporting by Duncan Miriri, Editing by Timothy Heritage)

JY3IL6MOW5MZZP4PQIU6XATSJE

Plan to get electricity to more Africans wins $8 billion in new pledges

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="3260" height="2173" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/7MYMOOPDYFJ6NMSH3YT5ODN52I.avif" alt="" class="wp-image-580094"/><figcaption class="wp-element-caption">Rwanda&#8217;s President Paul Kagame addresses the delegates at the FIA General Assembly at the Kigali Convention Center, in Kigali, Rwanda December 13, 2024. REUTERS/Jean Bizimana/File Photo</figcaption></figure>



GOMA, Democratic Republic of Congo, Jan 29 (Reuters)&nbsp;&#8211;&nbsp;Rwanda&#8217;s President Paul Kagame said he agreed with the U.S. government on the need for a ceasefire in eastern Congo but gave no indication of bowing to calls for Rwandan troops and the M23 rebels they support to withdraw from Goma.



The rebels marched into Goma, the largest city in Congo&#8217;s east, on Monday in the worst escalation of a long-running conflict in more than a decade, leaving hospitals overwhelmed treating patients with gunshot, mortar and shrapnel wounds.



The U.S. urged the United Nations Security Council on Tuesday to consider unspecified measures to halt the rebel offensive, which has forced tens of thousands from their homes. The council has the authority to impose sanctions.



In Goma, the capital of Democratic Republic of Congo&#8217;s (DRC) North Kivu province, shops and houses had been looted but, after several days of intense fighting, the city was largely calm apart from some sporadic gunfire on Wednesday, residents said.



&#8220;Had a productive conversation with Secretary (of State Marco) Rubio on the need to ensure a ceasefire in Eastern DRC and address the root causes of the conflict once and for all,&#8221; Kagame wrote on X on Wednesday.



Rubio told Kagame that Washington was &#8220;deeply troubled&#8221; by the escalation in the three-decade conflict, which is rooted in the long fallout from the Rwandan genocide and the struggle for control of Congo&#8217;s mineral resources.



Congo and the head of U.N. peacekeeping have said Rwandan troops are present in Goma, backing up their M23 allies. Rwanda has said it is defending itself against the threat from Congolese militias, without directly commenting on whether its troops have crossed the border.



&#8220;The Secretary urged an immediate ceasefire in the region, and for all parties to respect sovereign territorial integrity,&#8221; the U.S. State Department said in a statement.



The Congolese and Rwandan army exchanged fire across their shared border on Monday, UN sources said, as the rebels tried to consolidate control of Goma, a gateway for the trade of valuable tin and tantalum ores, for the second time in 13 years.



<h2 class="wp-block-heading" id="h-sporadic-gunfire-looting">SPORADIC GUNFIRE, LOOTING</h2>



At a stadium in Goma on Tuesday, hundreds of unarmed government soldiers and militia fighters sat on the football pitch while others lined up in what the M23 fighters described as a disarmament process, according to an unverified video seen by Reuters.



&#8220;Sporadic explosions and gunfire are still heard in the outlying districts of Goma. Quiet night after the rebels took over the city centre but looting of businesses. Airport, internet, electricity and water cut off,&#8221; one resident said in a phone message.



M23 is the latest in a string of ethnic Tutsi-led, Rwandan-backed insurgencies that have roiled Congo since the aftermath of the genocide in Rwanda 30 years ago, when Hutu extremists killed Tutsis and moderate Hutus, and then were toppled by the Tutsi-led forces led by Kagame.



Rwanda says some of the ousted perpetrators have been sheltering in Congo since the genocide, forming militias with alliances with the Congolese government, and pose a threat to Congolese Tutsis and Rwanda itself.



Congo rejects Rwanda&#8217;s complaints, and says Rwanda has used its proxy militias to control and loot lucrative minerals such as coltan, which is used in smartphones.



In the Congolese capital Kinshasa, 1,600 km (1,000 miles) west of Goma, protesters attacked a U.N. compound and embassies including those of Rwanda, France and the United States on Tuesday, angered at what they said was foreign interference.



(Reporting by Congo newsroom; Writing by Hereward Holland, Editing by Raju Gopalakrishnan)

7MYMOOPDYFJ6NMSH3YT5ODN52I

Rwanda’s Kagame says he agrees with US on need for ceasefire in Congo

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3335" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/7WPZDEJJ4VPPJOVLSDZQJHV4X4.avif" alt="" class="wp-image-580077"/><figcaption class="wp-element-caption">Marco Rubio speaks after he is sworn in as Secretary of State by U.S. Vice President JD Vance at the Eisenhower Executive Office Building in Washington, U.S., January 21, 2025. REUTERS/Kevin Lamarque/File Photo </figcaption></figure>



WASHINGTON, Jan 28 (Reuters)&nbsp;&#8211;&nbsp;U.S. Secretary of State Marco Rubio told Rwandan President Paul Kagame on Tuesday that Washington was &#8220;deeply troubled&#8221; by escalation in the conflict in the Democratic Republic of Congo, particularly the fall of the city of Goma to Rwandan-backed rebels.



<h2 class="wp-block-heading" id="h-why-it-s-important">WHY IT&#8217;S IMPORTANT</h2>



The call came as the United States urged the United Nations Security Council on Tuesday to consider measures to halt an offensive by Rwandan troops and M23 rebel forces in eastern Congo as a conflict there escalates.



The Rwandan-backed M23 rebels marched into Goma, the largest city in eastern Congo, on Monday in the worst escalation of a long-running conflict in more than a decade.



<h2 class="wp-block-heading" id="h-key-quotes">KEY QUOTES</h2>



&#8220;The Secretary urged an immediate ceasefire in the region, and for all parties to respect sovereign territorial integrity,&#8221; the State Department said in a statement.



&#8220;Secretary Rubio stressed the United States is deeply troubled by escalation of the ongoing conflict in eastern DRC, particularly the fall of Goma to the Rwandan-backed M23 armed group,&#8221; the State Department said in a statement.



<h2 class="wp-block-heading" id="h-context">CONTEXT</h2>



Congo accused Rwanda of sending its troops over the border, while Rwanda said fighting near the border threatened its security, without directly commenting on whether its troops were in Congo.



U.N. Secretary-General Antonio Guterres spoke to the Congolese and Rwandan presidents on Tuesday over the escalating conflict that has killed several U.N. peacekeepers, a U.N. spokesperson said earlier.



(Reporting by Kanishka Singh in Washington; Editing by Cynthia Osterman)

7WPZDEJJ4VPPJOVLSDZQJHV4X4

Rubio tells Rwandan president US wants ceasefire in Congo

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="455" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/H5UJYCYVIVJ5NOW5DBSYMDIX3Q.avif" alt="" class="wp-image-579812"/><figcaption class="wp-element-caption">A shopper makes her selection at a grocery store in Johannesburg July 7, 2015. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



PRETORIA, Jan 28 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s statistics agency has updated its consumer inflation basket for the first time since 2022, including items like rosé wine, air fryers and streaming services to reflect changes in spending habits.



Patrick Kelly, head of price statistics at Statistics South Africa, said it was difficult to gauge what impact the update would have on upcoming inflation releases given subtle shifts in the weighting of some items.



Consumer inflation currently sits at the bottom of the central bank&#8217;s target range, which has allowed it to cut interest rates at its last two meetings. Another rate cut is expected this week.



The update involved adding 71 products to the basket, removing 53 and reorganising 29 through merging, splitting or reclassification, the statistics agency said on Tuesday.



There are now 391 items in the basket, down from 396 previously.



Housing and utilities, food and non-alcoholic beverages, and transport continue to have the biggest weightings in the basket.



Statistics South Africa&#8217;s Kelly said the weight of the food and non-alcoholic beverages category had risen while it had fallen for housing and utilities, suggesting the overall impact on headline inflation was likely to be muted.



The changes were informed by the results of a 2022/23 household income and expenditure survey.



The survey showed real average annual household income fell to about 204,000 rand ($10,900) in 2023 from 206,000 rand in 2015.



It also highlighted persistent racial disparities more than three decades after apartheid ended, with more than 45% of Black African households spending less than around 25,000 annually, showing they experience the worst financial constraints.



($1 = 18.6665 rand)



(Reporting by Kopano Gumbi; Editing by Alexander Winning and Christina Fincher)

H5UJYCYVIVJ5NOW5DBSYMDIX3Q

South African statistics agency updates its inflation basket

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="562" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/GettyImages-2196255677-820x562.jpg" alt="" class="wp-image-579752" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/GettyImages-2196255677-820x562.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/GettyImages-2196255677-300x206.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/GettyImages-2196255677-131x90.jpg 131w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/GettyImages-2196255677-768x526.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/GettyImages-2196255677-1536x1053.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/GettyImages-2196255677-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">SAN ANSELMO, CALIFORNIA &#8211; JANUARY 27: In this photo illustration, the DeepSeek app is displayed on an iPhone screen on January 27, 2025 in San Anselmo, California. Newly launched Chinese AI app DeepSeek has surged to number one in Apple&#8217;s App Store and has triggered a sell-off of U.S. tech stocks over concerns that Chinese companies&#8217; AI advances could threaten the bottom line of tech giants in the United States and Europe. (Photo Illustration by Justin Sullivan/Getty Images)</figcaption></figure>



Chinese artificial intelligence startup DeepSeek could face curbs from the U.S. government as it upends the U.S. AI ecosystem, though enforcing restrictions on an open-source technology could be a challenge, experts said.



DeepSeek’s sudden rise has questioned the effectiveness of Washington’s efforts aimed at curbing China’s access to high-end tech over national security concerns.



For DeepSeek, which relied heavily on open-source code, the additional export restrictions that the U.S. government could impose are limited, said Lawrence Ward, a partner at U.S.-based law firm Dorsey &amp; Whitney with a specialization in national security law.



In terms of the company’s potential use of certain Nvidia chips, it might face civil and criminal penalties, but enforcing those penalties may be “difficult if not impossible,” Ward said.



On Monday, the U.S. lawmakers called for actions to slow down the Chinese tech startup, with some calling DeepSeek “a serious threat.”



There are no easy solutions to restrict the use of an open-source model, especially one that is being widely tested and used by organizations and individuals, said Paul Triolo, partner at Albright Stone Group.



One option would be for the Commerce Department to craft rules that require tech giants such as Apple and Google to take down DeepSeek’s app, restricting its downloads in the U.S. market, Triolo said, adding that it would, however, be challenging to pull the app off other platforms such as Github.



DeepSeek in December released a free, open-source large language model, which it claimed was built in just two months and at a fraction of the cost borne by other major players. Last week, the company released a reasoning model that reportedly outperformed OpenAI’s latest offerings in many third-party tests.



DeepSeek, whose AI chatbot has become the most downloaded free application on Apple’s App Store in the U.S., said it created the model despite the sweeping controls imposed in 2022 by the U.S. on China’s access to the most advanced Nvidia chips.



The Hangzhou-based startup said it used the less-advanced Nvidia H800 chips to build the model, which was available until the U.S. government widened the ban in October 2023.



“If DeepSeek had equipment that it shouldn’t have, it could certainly lead to further investigation,” said Daniel Newman, CEO of Futurum Group, who expects the U.S. government to look into DeepSeek’s hardware which might have violated export curbs.



U.S. President Donald Trump said Monday that the advancement of Chinese AI app DeepSeek “should be a wake-up call” for America’s tech companies, while lauding the low-cost model as “very much a positive development” for AI overall. “Instead of spending billions and billions, you’ll spend less, and you’ll come up with, hopefully, the same solution,” Trump said. 



DeepSeek’s claimed cost efficiency and effectiveness of its model sent U.S. tech stocks into a tailspin as investors questioned the amount of money big tech firms have been investing in AI models and data centers. U.S. companies could now leverage the public codes to refine their own models and possibly bring down computation costs.



Rep. John Moolenaar, R-Mich., the chair of the House Select Committee on China, said on Monday the U.S. government should work to place stronger export controls on technologies critical to DeepSeek’s AI infrastructure.



“The situation is somewhat unprecedented, and it is not likely that anyone in Washington has a clear idea what to do about it &#8230; we are clearly in uncharted waters at many levels,” Triolo said.



The company said on Monday that it temporarily limited new sign-ups to users with mainland China’s phone numbers following a large-scale malicious cyberattack that caused outages on its website.



On Jan. 20, the day when the the company’s R1 reasoning model was launched to the public, DeepSeek’s founder Liang Wenfeng attended a closed-door symposium for businessman and experts, chaired by Chinese premier Li Qiang, according to state media Xinhua.



CNBC’s Dylan Butts, Hui Jie Lim contributed to this report.

Newly Launched Chinese AI App DeepSeek Causes U.S. Tech Stocks To Tumble, Amid Its Rapid Rise To #1 In Apple’s App Store

U.S. lawmakers in ‘uncharted waters’ as DeepSeek tests limits of American trade restrictions

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3031" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/73EXY37Q6NO7LAJCPMU3KDMKFY.avif" alt="" class="wp-image-579711"/><figcaption class="wp-element-caption">Boxes of Jungle Oats, one of South Africa&#8217;s Tiger Brands original products, are displayed on a shelf at a Pick n Pay store in Johannesburg, South Africa, March 29, 2022. REUTERS/Siphiwe Sibeko/File Photo </figcaption></figure>



Jan 28 (Reuters) &#8211; Tiger Brands, South Africa&#8217;s biggest food producer, said on Tuesday it would sell its 24.4% stake in food producer Empresas Carozzi back to Chilean parent Carozzi for $240 million to focus on its domestic business.



Tiger Brands is in the middle of a turnaround plan that includes adjusting its product pricing, cutting costs and reducing the number of brands and products it sells.



Carozzi, a more-than-125-year-old company that sells everything from sauces and dressings to powdered beverages and pet foods, already owns 75.6% of Empresas Carozzi.



Tiger Brands bought the stake in Empresas Carozzi in 1999 to expand its presence in Latin America.



Due to its new strategy to grow business at home, further expansion into Latin America was &#8220;no longer a strategic priority,&#8221; the South African company said in a statement.



It said it would invest proceeds of the stake sale into its core business and any excess cash will be returned to shareholders through share buybacks or special dividends.



(Reporting by Shashwat Awasthi; Editing by Savio D&#8217;Souza)

73EXY37Q6NO7LAJCPMU3KDMKFY

SA’s Tiger Brands to sell Empresas Carozzi stake for $240 mln, focus at home

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3333" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/YYERAJUE3JOPHHY65DDUCKZGTE.avif" alt="" class="wp-image-579414"/><figcaption class="wp-element-caption">World Bank President Ajay Banga speaks at the meeting on methane and non-CO2 greenhouse gases at the United Nations COP29 climate change conference in Baku, Azerbaijan November 12, 2024. REUTERS/Murad Sezer/File Photo</figcaption></figure>



DAR ES SALAAM, Jan 27 (Reuters)&nbsp;&#8211;&nbsp;Policymakers around the globe should not react in haste to announcements by U.S. President Donald Trump&#8217;s administration, and be prepared to argue their case, World Bank President Ajay Banga told Reuters.



Trump&#8217;s first week in office has seen a flurry of executive orders and policy plans, ranging from tariffs on Canada, Mexico and China to a review on all existing foreign assistance.



&#8220;My only advice to everyone is don&#8217;t be in too much of a hurry to respond or judge,&#8221; Banga told Reuters in an interview on the sidelines of the Mission 300 Africa Energy Summit in Tanzania&#8217;s commercial capital of Dar Es Salaam.



Policymakers should wait to see what policies are actually executed, Banga added.



&#8220;I have dealt with him (Trump) in the past. He is a very practical man, he understands numbers, he understands leverage and he understands advantage. You have to go to him and explain to him what you bring.&#8221;



The U.S. and Colombia pulled back from the brink of a trade war on Sunday after the White House said its third-largest U.S. trading partner in Latin America had agreed to accept military aircraft carrying deported migrants.



Washington&#8217;s draft measures &#8211; now on hold &#8211; had included imposing steep and rising tariffs on all Colombian imports, a travel ban and visa revocations on Colombia government officials.



The World Bank could feel the effects of any travel restrictions.



&#8220;If their visas don&#8217;t work, that&#8217;s a problem,&#8221; said Banga.



Asked about Friday&#8217;s &#8220;stop-work&#8221; order issued by the U.S. State Department on all existing and future foreign assistance, Banga said the Washington-based lender was &#8220;not yet&#8221; affected as it operated differently to bilateral aid.



Asked about return to office plans for World Bank staff, Banga said he had no plans to change the mandate beyond the current four days a week.



&#8220;I expect World Bank employees to be back four days a week&#8230;There&#8217;s no plan to increase that to five.&#8221;



Trump has ordered federal workers to return to the office five days a week.



(Reporting by Duncan Miriri, writing by Karin Strohecker, editing by Christina Fincher)

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World Bank president cautions against hasty reaction to Trump policies

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="542" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108090573-1737563583857-108090573-1737562015258-jM8zMyA-1-820x542.jpg" alt="" class="wp-image-579392" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108090573-1737563583857-108090573-1737562015258-jM8zMyA-1-820x542.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108090573-1737563583857-108090573-1737562015258-jM8zMyA-1-300x198.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108090573-1737563583857-108090573-1737562015258-jM8zMyA-1-136x90.jpg 136w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108090573-1737563583857-108090573-1737562015258-jM8zMyA-1-768x507.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108090573-1737563583857-108090573-1737562015258-jM8zMyA-1-1536x1015.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108090573-1737563583857-108090573-1737562015258-jM8zMyA-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Photo: via CNBC</figcaption></figure>



U.S. President Donald Trump has only been in office for a matter of days, but his impact on markets has already been significant.



U.S. stocks notched back-to-back weekly gains last week and although the rally paused on Friday, the S&amp;P 500 still hit a fresh record during the day.



It comes after the U.S. leader called for lower interest rates and cheaper oil prices in a Thursday address at the World Economic Forum in Davos, Switzerland. Investors have also been betting on potential tax cuts and deregulation under the new president, sending stocks higher.



Not everyone is bullish looking ahead, however, with some — such as JPMorgan Chase CEO Jamie Dimon — suggesting markets could be overpriced.



After a week of interviews with business leaders, lawmakers and investors in the Swiss ski resort, here’s what top industry names told CNBC:



<h2 class="wp-block-heading" id="h-larry-fink-ceo-and-chairman-blackrock"><a></a>Larry Fink, CEO and chairman, BlackRock</h2>



“I’m cautiously optimistic — that being said I have scenarios where it could be pretty bad,” Fink told CNBC’s Andrew Ross Sorkin.



“I believe if we were to unlock all this private capital we’re going to have enormous growth, [but], at the same time, some of this is going to unlock new inflationary pressures,” he explained. “And I do believe that’s the risk that is not factored into the market.”



<h2 class="wp-block-heading"><a></a>Ted Pick, CEO, Morgan Stanley</h2>



Pick said he believed corporate earnings could lift growth in markets over the next 12 to 24 months as they “continue to be strong.”



“That is kind of the indicator … How many companies right now are really talking about recession, how many are talking about inflation? &nbsp;I feel like the earnings pull through looks pretty sanguine,” he said.



“More importantly, I know we like to look at the index, but the index is dominated by half a dozen technology companies — which, by the way are all doing great — but if you look at the deregulation possibilities in the energy sector, in the financial services sector, those sectors are still in multiples that aren’t that expensive,” Pick added.



“If you’re an investor and you think about allocating over the next 12 to 18 months, sure there could be a drawdown at the index level, but [do] you really want to be thinking about where do I have sector exposure?”



<h2 class="wp-block-heading"><a></a>Christine Lagarde, President, European Central Bank</h2>



Lagarde told Karen Tso that there was divergence in monetary policy between the euro area and the U.S. due to a “different economic setting.”



She also said that she was not “overly concerned” about the risk that inflation abroad will be imported into Europe, adding that she expected the ECB will continue to gradually lower interest rates as the price growth rate moves toward target.



“We are certainly interested to see the U.S. grow, because growth in the U.S. has always been a favorable factor for the rest of the world,” Lagarde said.



<h2 class="wp-block-heading"><a></a>Nicolai Tangen, CEO, Norges Bank Investment Management&nbsp;</h2>



“I don’t think you should give any advice to the U.S., but if you look at the risk to financial markets, I think inflation is for sure one, all driven by tariffs,” Tangen said Tuesday. “Geopolitical tensions generally are negative for financial markets and for financial returns.”



Tangen added that “purely financially,” Trump’s arrival was going to be “very positive” for a lot of U.S. companies.



<h2 class="wp-block-heading"><a></a>Jamie Dimon, CEO, JPMorgan Chase</h2>



Dimon said he thinks U.S. asset prices are “kind of inflated” at their current levels.



“By any measure, they are in the top 10% or 15%,” Dimon told Andrew Ross Sorkin on Wednesday, referring to U.S. stock markets. “They’re elevated and you need fairly good outcomes to justify those prices.



“We’re all hoping for that, and having pro-growth strategies helps make that happen, but there are negatives out there and they can tend to surprise you,” he added.



<h2 class="wp-block-heading"><a></a>David Solomon, CEO, Goldman Sachs</h2>



Solomon said markets were in risk-on mode and that there was a sense of optimism in equities both because of the new U.S. administration and because of advances in technology.



Solomon also told Andrew Ross Sorkin that he was noticing a focus on growth, in the U.S., as well as in his conversations with European clients at Davos.



“I think people are optimistic, and it’s not going to be a smooth, perfect path, but people are optimistic that we are going to run a more growth-prone agenda. We’re going to free up some investment, we’re going to unlock the private sector a little but more, and that’s got to be constructive,” he said.



“It’s hard to dispute the fact that equity multiples are high &#8230; I think the equity markets exhibit a sense of optimism at the moment, but they also exhibit a sense of optimism around growth and technology, in particular this AI wave. Of course it’s not going to be a straight line, but some of the technology we’re seeing, the opportunities for that technology to improve productivity meaningfully are extraordinary.”



<h2 class="wp-block-heading"><a></a>Khaldoon al-Mubarak, CEO, Mubadala&nbsp;</h2>



“Continuing on the trends we’ve seen in 2024 being a positive year in most markets … I see that continuing in 2025, I see a continuation of strong tailwinds in the in the core markets, the U.S., Asia, particularly the growth driven markets in Asia,” al-Mubarak told CNBC’s Dan Murphy Monday.



“I see a continuation of good tailwinds in technology and healthcare and financial services, life sciences,” he added. “So I would say, maybe almost the same words I used last year: cautiously optimistic. When I look at 2025, it’s going to be an exciting year.”



<h2 class="wp-block-heading"><a></a>Ray Dalio, Founder, Bridgewater</h2>



Bridgewater founder Ray Dalio told CNBC that price-earnings ratios were high in U.S. markets, but that there could be further scope to climb in artificial intelligence beneficiaries.



“We have gone pretty far already &#8230;I think it’s led by the sectors that are great sectors, the disruptors, AI and so on.”



“I don’t think it’s been carried down to the applications of AI, to the uses of AI &#8230; the applications of AI are under-discounted I think.”



<h2 class="wp-block-heading"><a></a>Brian Moynihan, CEO, Bank of America</h2>



Moynihan told Andrew Ross Sorkin on Tuesday he thought U.S. markets had room to climb in 2025, and that the key concern for business and financial services would be regulatory policy, rather than inflation.



“Our research team thinks there’s room to go this year, they predict the market to go up. Not as much as last year, and the unusual thing is you had a couple years in a row of very strong growth, but that was coming off a couple years of very unusual times,” he said.



Moynihan added, “I believe that if you look at the key thing for businesses generally, including financial services and the banking businesses, it’s the regulation question.”



<h2 class="wp-block-heading"><a></a>Sergio Ermotti, CEO, UBS</h2>



Tariffs proposed by U.S. President Donald Trump could prevent disinflation and keep interest rates higher, the banking chief told Andrew Ross Sorkin on Tuesday.



“Inflation is much more sticky than we have been saying,”&nbsp;Ermotti said.



“Tariffs will probably not really help inflation to come down. And therefore I don’t see [interest] rates coming down as fast as people believe,” he said.



<h2 class="wp-block-heading"><a></a>C. S. Venkatakrishnan, CEO, Barclays</h2>



Venkatakrishnan, whose British bank makes around 40% of its revenue in the U.S., said he was “optimistic” about U.S. deal activity this year.



“I think there are two things driving it. One is interest rates have reached a relatively stable level. Our own economists are calling for maybe one rate cut in the U.S. over the next year,” he told Andrew Ross Sorkin.



“They’re still high, but they’re stable, so you can at least plan better, because you don’t have the volatility in rates. The second is with the change in [U.S.] administration, it should be easier for mergers to take place.”



Venkatakrishnan added that he expected President Trump to relax regulation, which would be “generally good for business sentiment and good for business opportunity.”



<h2 class="wp-block-heading"><a></a>Rachel Reeves, UK Finance Minister</h2>



The U.K. needs to attract more oversees investment to boost economic growth, Reeves told CNBC.



“My message to U.S. investors and global investors too is: Britain is open for business, we want your investment.”



She also discussed Trump’s global tariff threats.



“I do understand that President Trump is concerned about countries that are running large and persistent surpluses on the trade balance with the U.S. That’s not the case for the U.K.,” Reeves said.



“We are not part of the problem here. So we, the U.K., increased trade with President Trump last time he was in office.”



<h2 class="wp-block-heading"><a></a>Christian Sinding, CEO, EQT</h2>



Sinding, CEO of Swedish private equity firm EQT, told CNBC’s Karen Tso and Steve Sedgwick on the ground that the market for M&amp;A and big business deals was “continuing to improve.”



“We had a record year in 2024 we did over $20 billion of investments,” he said. “We did more than $10 billion of exits, and that’s kind of building up to 2025, [when] I think a lot of the market participants are now ready to transact, whether it’s private equity or family offices or strategic buyers. And, of course, if you look at the global capital markets, the IPO market is wide open. The credit markets are strong, so we’re fairly positive looking into the next year.”

108090573-1737563583857-108090573-1737562015258–jM8zMyA (1)

Dimon, Dalio, Lagarde and more: Top CEOs and policymakers on what’s next for markets

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108092452-1737937237483-gettyimages-2194836499-cfoto-chineseg250123_npDEz-820x547.jpeg" alt="" class="wp-image-579329" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108092452-1737937237483-gettyimages-2194836499-cfoto-chineseg250123_npDEz-820x547.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108092452-1737937237483-gettyimages-2194836499-cfoto-chineseg250123_npDEz-300x200.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108092452-1737937237483-gettyimages-2194836499-cfoto-chineseg250123_npDEz-135x90.jpeg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108092452-1737937237483-gettyimages-2194836499-cfoto-chineseg250123_npDEz-768x512.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108092452-1737937237483-gettyimages-2194836499-cfoto-chineseg250123_npDEz-1536x1024.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108092452-1737937237483-gettyimages-2194836499-cfoto-chineseg250123_npDEz-scaled.jpeg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Workers produce garments for export to overseas markets at Sihong Guoshun Garment Co., Ltd. in Weiying town, Sihong County, Suqian city, East China’s Jiangsu province, on January 23, 2025.. Costfoto | Nurphoto | Getty Images</figcaption></figure>



China’s factory activity in January unexpectedly contracted, in part due to a slow season ahead of the Lunar New year, reversing the growth seen in the previous three months&nbsp;and keeping alive calls for stronger fiscal support to boost the economy.



The official purchasing managers’ index for January came in at 49.1, data released by the National Bureau of Statistics on Monday showed, compared with Reuters poll estimates of 50.1.



PMI had stayed above the 50 mark that separates expansion from contraction for the past three months, coming in at 50.1 in December, 50.3 in November and 50.1 in October, according to the official data.



The manufacturing PMI in January tends to be softer, as migrant workers return to hometowns ahead of the Chinese New Year, which falls on Jan. 29, said Hui Shan, chief China economist at Goldman Sachs.



The blue-chip CSI 300 reversed gains earlier in the day to trade slightly lower, following the data release.



Despite the softer manufacturing PMI, the overall demand outlook appears positive, said Bruce Pang, senior research fellow at the National Institution for Finance and Development, citing stronger readings in two price sub-indexes.



The indexes measuring price levels for purchasing and selling major raw materials improved in January — albeit still in contraction territory — Zhao Qinghe, senior statistician at the NBS said in a press release. A gauge of companies’ production and operation activity outlook expanded to 55.3, Zhao added, showing that most manufacturers were increasingly confident about business expansion after the holidays.



China’s non-manufacturing PMI, which measures services and construction activity, fell to 50.2 in January, compared to 52.2 in the preceding month.



The services PMI rose 50.3, less than the prior month, but still expanding given holiday-induced demand, especially in sectors benefiting from the seasonal travel rush, such as public transportation, hotels, food and beverage industries, NBS’ Zhao said.



The construction PMI fell to 49.3, as activity stalled in the lead up to the festival.



“The disappointing PMI data underscores the difficulty policymakers face in achieving a sustained recovery in growth,” Zichuan Huang, China economist at Capital Economics, said in a note.



While the economic activity might pick up in the coming months as policymakers are likely to step up stimulus and front-load deficit spending at the start of 2025, the economy is still struggling amid the structural headwinds and tariff threats from the new U.S. administration, Huang said.



<h2 class="wp-block-heading" id="h-dwindling-profits"><a></a>Dwindling profits</h2>



China’s industrial profits in 2024 fell 3.3% from the previous year, extending declines to a third consecutive year. In December, however, profit jumped 11% from a year earlier, growing for the first time since July.



Corporate profits have been recovering from a sharp 27% year-on-year plunge in September — their steepest drop since March 2020 during the Covid-19 pandemic. They had dropped 7.3% on year in November and 10% in October, as a slump in the real estate sector and bleak income prospects continued to weigh on consumer demand.



Industrial profits are a key indicator of the financial health of factories, utilities and mines in China.



The world’s second-largest economy met official annual growth target last year, expanding 5.0%, as a barrage of stimulus measures kicked in. Economists had pointed to the industrial output growth outpacing retail sales, underscoring the country’s supply-side strength while domestic demand remained weak.



The manufacturers for consumer goods saw steady growth in their profits, increasing 3.4% last year from a year ago, NBS statistician Yu Weining said in a statement, boosted by policy incentives for consumption and strong exports.



A PMI sub-index measuring China’s new export orders stood at 46.4 in January, its lowest level since February last year. The level was “not bad” given the seasonality factor during Chinese new year, Pang said, noting that “the frontloading of exports due potential trade tensions is still ongoing.”



Chinese exporters have been rushing to frontload shipments due to worries over potential tariff hikes. U.S. president Donald Trump has threatened to impose additional 10% tariffs as soon as Feb. 1. During his campaign trail he had suggested tariffs upward of 60% on Chinese goods.



China’s economic downturn has not yet seen a “turning point,” Goldman Sachs’ Shan said, given still-weak domestic consumption and uncertainty over the scale and timing of U.S. tariffs. “The bottom line is that we do need a large stimulus from the government to even have a chance to improve inflation and confidence,” she added.

108092452-1737937237483-gettyimages-2194836499-cfoto-chineseg250123_npDEz

China PMI surprises as factory activity contracts in January; December industrial profits jump

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/large_IxbhBNmPXP-nil4KL0PURE8h4lgoidtZrk2ukHxBuiE-820x547.jpg" alt="" class="wp-image-579309" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/large_IxbhBNmPXP-nil4KL0PURE8h4lgoidtZrk2ukHxBuiE-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/large_IxbhBNmPXP-nil4KL0PURE8h4lgoidtZrk2ukHxBuiE-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/large_IxbhBNmPXP-nil4KL0PURE8h4lgoidtZrk2ukHxBuiE-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/large_IxbhBNmPXP-nil4KL0PURE8h4lgoidtZrk2ukHxBuiE-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/large_IxbhBNmPXP-nil4KL0PURE8h4lgoidtZrk2ukHxBuiE-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/large_IxbhBNmPXP-nil4KL0PURE8h4lgoidtZrk2ukHxBuiE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">African government, business and civil society leaders met in Davos. Image: World Economic Forum/Chris Heeney</figcaption></figure>



From its burgeoning youth population to its expanding influence on the global stage, Africa’s potential, challenges and new global leadership were at the heart of discussions at this week’s Annual Meeting in Davos.



Leaders from government, business and civil society gathered to explore the continent’s demographic dividend, address persistent divides in digital access and healthcare, and recognize Africa’s growing role in shaping international affairs. Here were the topics that came up.



<h2 class="wp-block-heading" id="h-africa-s-economy-young-and-fast">Africa’s economy: young and fast</h2>



If there was one word that might summarize discussions at Davos as it relates to Africa, it might be: optimism. “I have to say, I’m excited about where we’re going as a continent,” said Godfrey Mutizwa of CNBC Africa, in a panel he moderated about Africa’s momentum.



One big source of excitement across sessions was what might be called Africa’s vitality. Often referred to as “the young continent,” Erika Kraemer Mbula, Professor of Economics at the University of Johannesburg, was quick to correct that. “When I talk to my historian and paleontologist colleagues, they always remind me that this is the oldest continent when it comes to the origin of civilization; it is the cradle of humankind. It’s a youthful continent rather than the youngest.” The figures she shared speak for themselves. “60% of our population is below the age of 25. By 2050, about one out of three working age people globally will be African. So it’s about how we use this as an opportunity for transformative change.”



This youthfulness translates into a continent characterized by a “cutting-edge spirit of innovation,” said Wamkele Keabetswe Mene, Secretary-General of the African Continental Free Trade Area Secretariat.



<h2 class="wp-block-heading">Bridging divides</h2>



Capitalizing on all the continent has to offer, though, will require bridging deep gaps.



For example, when it comes to health, South Africa’s Minister of Health Pakishe Aaron Motsoaledi spoke of the “existing gross inequalities in the health status of people between developed and developing countries” but also “within the borders of countries themselves. It is politically, economically and socially unacceptable.”



Closing some of these deep gaps will be a priority of his, he said, referencing South Africa’s two-tier system, where the wealthiest in society have access to world-class services and everyone else has to make do. “In South Africa, and I’m not exaggerating, our inequality is worse than in any other country when it comes to healthcare.” According to figures shared by the minister, 51% of the country’s healthcare spending goes to the richest 14% of the population.



Digital divides were another topic that came up across the sessions. According to the&nbsp;<a href="https://www.un.org/africarenewal/magazine/december-2024/connectivity-everyone-key-africas-growth-and-prosperity">International Telecommunication Union’s latest data</a>, only 38% of people in Africa are using the internet, compared to the global average of 68%. In the&nbsp;<a href="https://www.weforum.org/stories/2024/09/the-intelligent-age-a-time-of-cooperation/">Intelligent Age</a>, where rapid advancements in artificial intelligence, quantum computing and blockchain offer many new opportunities, bridging this digital divide could be a game-changer. For example, as Paula Ingabire, Rwanda’s Minister of Information Communication Technology and Innovation, said, a report her department recently commissioned showed the financial boost potentially offered by AI. “What we are seeing is even with basic use cases that we can deploy, a potential to create at least 6% GDP contribution,” she said.



<h2 class="wp-block-heading">Financing change</h2>



Africa is full of people brimming with ideas on how to tackle the above challenges and more. But without access to resources, these ideas will remain just that.



“We don’t have a problem of entrepreneurship in Africa,” said Strive Masiyiwa, Founder and Executive Chairman, Cassava Technologies. “We have a lot of entrepreneurs, more than in any developed country, because our kids leave school knowing that if you don’t start something, you&#8217;re not going to be employed. But we have not put in place an ecosystem to support startups. There is no concept of it.”



The challenge for Africa’s women entrepreneurs runs even deeper, said Fatoumata Ba, Founder and Executive Chair of Janngo Capital — and also the founder of Africa’s first unicorn, the term used to describe startups that reach a valuation of $1 billion. “African women have the highest rate of female entrepreneurship globally at 26%. Yet according to the African Development Bank, they are facing a $42 billion funding gap,” she said. “Access to capital is a very important topic to tackle.”



<h2 class="wp-block-heading">A new era of African leadership</h2>



In December, South Africa assumed the G20 Presidency, the first time in the intergovernmental forum’s history that it will be hosted on the African continent. In&nbsp;<a href="https://www.weforum.org/stories/2025/01/davos-2025-special-address-cyril-ramaphosa-president-south-africa/">a special address at Davos</a>, South Africa’s President Cyril Ramaphosa shared his vision for his country’s and the continent’s leadership over the coming year, highlighting the unique role they might play in reigniting global cooperation after years of deepening divides.



“As we confront the challenges of the 21st century — from climate change to pandemics, to addressing the challenges of poverty to terrorism, from migration to artificial intelligence – we are again called upon to harness that most powerful, and most enduring, of human attributes: mutually beneficial cooperation and collaboration,” he told participants at the meeting.



Already, on many of these challenges, Africa has been stepping up to the plate. For example, in a week that saw some countries backtrack on their climate commitments, African countries have been doubling down on theirs.



Take the&nbsp;<a href="https://www.weforum.org/stories/2025/01/congo-kivu-kinshasa-green-corridor/">announcement of the Kivu-Kinshasa Green Corridor</a>. This historic initiative will see an area covering 540,000 km² — the size of France — become protected through partnerships with communities that integrate conservation and restoration with green economic development.



The initiative was spearheaded by the Democratic Republic of Congo, whose President Félix-Antoine Tshisekedi Tshilombo was in Davos to present his hopes for what could be achieved — from both an environmental and a societal perspective. “This project aims to protect some of the most intact tropical forests on the planet, while preserving extraordinary biodiversity, including some iconic species…that are unique to the Congo Basin,” he said. “But this initiative goes far beyond simple environmental preservation…It will create over 500,000 jobs, including at least 20,000 specifically for young men and women who’ve been demobilized from armed groups.”



Other initiatives announced in Davos hold great hope for the future. For example, Angola, Gabon, Senegal and Kenya joined the&nbsp;<a href="https://www.globalplasticaction.org/home">Global Plastic Action Partnership</a>, a global effort now made up of 25 countries to address plastic pollution through systemic waste solutions and a circular economy.



In Pretoria, South Africa,&nbsp;<a href="https://www.smart-energy.com/industry-sectors/digitalisation/world-economic-forum-launches-new-centres-for-the-energy-transition/#:~:text=The%20South%20Africa%20Centre%20for,the%20twin%20challenges%20of%20inclusive">a new centre for the energy transition</a>&nbsp;was announced, part of the World Economic Forum’s Centre for the Fourth Industrial Revolution initiative.



And the Forum, in partnership with the Global Center on Adaptation, is creating a new platform to boost private investment in climate adaptation in Africa. While a formal launch won’t take place until spring, the CRDB Bank Group has already committed $1 billion.



Aside from climate change, Africa has been showing leadership in other areas, too. For example, at a time when some of the most basic democratic norms are being increasingly challenged, countries on the continent have been leading by example, as Duma Gideon Boko, the recently elected President of Botswana told participants.



“When power changes, it occasions a great deal of consternation, a great deal of anxiety. We are never sure whether it will happen at all…and whether those who are in power are fully committed to the fundamental tenets of democracy,” he explained. “In Botswana, a party that had been in power for 58 years faced the unexpected spectacle of a decisive loss at the polls, and many questioned whether the outcome would be accepted, whether power would really change hands. Well, in Botswana it did — it was peaceful; it was seamless.”



What’s clear, then, is that increasingly, the future of Africa is no longer being shaped by forces outside the continent: it is coming from inside. “We are the ones charged with the responsibility to develop, and we are responsible to our people,” explained Strive Masiyiwa, Founder and Executive Chairman at Cassava Technologies. “Africans must develop Africa; it’s our continent.”

large_IxbhBNmPXP-nil4KL0PURE8h4lgoidtZrk2ukHxBuiE

Davos 2025: Here’s what was top of the agenda for leaders from Africa

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108088767-17373189882025-01-19t185837z_1888681257_rc26dca2p0uv_rtrmadp_0_usa-tiktok-820x547.jpeg" alt="" class="wp-image-579253" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108088767-17373189882025-01-19t185837z_1888681257_rc26dca2p0uv_rtrmadp_0_usa-tiktok-820x547.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108088767-17373189882025-01-19t185837z_1888681257_rc26dca2p0uv_rtrmadp_0_usa-tiktok-300x200.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108088767-17373189882025-01-19t185837z_1888681257_rc26dca2p0uv_rtrmadp_0_usa-tiktok-135x90.jpeg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108088767-17373189882025-01-19t185837z_1888681257_rc26dca2p0uv_rtrmadp_0_usa-tiktok-768x512.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108088767-17373189882025-01-19t185837z_1888681257_rc26dca2p0uv_rtrmadp_0_usa-tiktok-1536x1024.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108088767-17373189882025-01-19t185837z_1888681257_rc26dca2p0uv_rtrmadp_0_usa-tiktok-scaled.jpeg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A 3D-printed miniature model of U.S. President-elect Donald Trump and TikTok logo are seen in this illustration taken January 19, 2025. Dado Ruvic | Reuters</figcaption></figure>



President Donald Trump wants a U.S. investor to take a major stake in ByteDance’s TikTok. Several parties are in contention even as potential buyers face a litany of legal hurdles and barriers.



After stepping in to restore TikTok in the U.S. and delaying a law that would effectively ban the app, Trump is looking for avenues to keep the popular platform afloat.



He has put forward a proposal for an American stakeholder to buy the company and then sell a 50% stake to the U.S. government, which will jointly run the app along with the private party.&nbsp;



Trump reportedly said Saturday that he was in talks with multiple people over buying TikTok and that he would likely decide on its future in the next 30 days.



So, who are the likely contenders for one of the most popular apps in the U.S.?



<h2 class="wp-block-heading" id="h-elon-musk-nbsp"><a></a>Elon Musk&nbsp;</h2>



Trump has already flagged several major investors within his inner circle as acceptable buyers, one of which is Tesla and SpaceX owner Elon Musk.&nbsp;



The world’s richest person is leading Trump’s new Department of Government Efficiency, has close business ties to China and has voiced opposition to the TikTok ban. 



Bloomberg reported earlier this month that the Chinese government was considering a plan to have Musk acquire TikTok’s U.S. operations, citing anonymous sources. That followed a report from the Wall Street Journal, which claimed TikTok’s CEO had been soliciting advice from Musk ahead of Trump’s inauguration. 



CNBC was unable to reach Musk for comment.&nbsp;



“Elon Musk continues to be front and center as a potential bidder for TikTok which likely includes some tech partners/outside investors to get a deal done,” financial services company Wedbush Securities said in a research note on Wednesday.&nbsp;



“Musk would be hand picked by Beijing and his ironclad relationship with Trump would make this a very logical choice in our view,” the note added.&nbsp;



Nat Schindler, an analyst at Scotiabank, also noted that Musk’s acquisition of Twitter has demonstrated his interest in global social media platforms.



However, Paul Triolo of Albright Stone Group also sees some potential obstacles for the tech tycoon.&nbsp;



“Musk is under fire already for owning X and the perception that he is using it to promote certain political ideas, and any involvement in TikTok could draw additional fire and potentially antitrust scrutiny,” he said.&nbsp;



<h2 class="wp-block-heading" id="h-larry-ellison"><a></a>Larry Ellison</h2>



Trump has also said he’d “like” to see Oracle Chairman Larry Ellison purchase the platform.



Ellison, a longtime Trump supporter, stood beside the President at a press conference on his AI infrastructure investment plans on Tuesday, where Trump was asked questions about a potential TikTok deal. 



“What I’m thinking about saying to somebody is, buy it, and give half to the United States of America. Half and we’ll give you the permit,” Trump said before turning to Ellison to ask if the deal sounded reasonable.



“Sounds like a good deal to me Mr. President,” Ellison replied.&nbsp;



Ellison and his company are currently at the center of the TikTok dilemma, operating as a cloud infrastructure provider for ByteDance in the U.S.



Given its existing relationship with Tiktok, Oracle and is “directly invested in Tiktok’s success in the region,” Scotiabank’s Schindler said.&nbsp;



Ellison had bid for Tiktok, along with Walmart, back in 2020 when Trump first pushed for a ban on the platform. Neither company responded to CNBC’s request for comment. 



Trump had approved of the Walmart-Oracle deal in principle, which would’ve seen the tech and retail giants partner to take over the video-sharing app in the U.S., avoiding a shutdown. However, the Trump administration’s attempt to ban TikTok in the U.S. fell through in the face of legal challenges.



Ellison later joined a group of investors that helped Elon Musk buy social media platform Twitter, now known as X, in 2022. 



″[We believe] Oracle/Ellison could play a pivotal role in any deal given their key technology partnership with TikTok and his appearance at the White House with Project Stargate,” Wedbush said.



Wedbush added that it expects a slew of TikTok bids to come over the coming weeks from a host of players with Musk and Ellison leading the pack.



According to a National Public Radio report on Saturday, the Trump administration is working on a plan to save TikTok that would involve Oracle and a group of outside investors effectively taking control of it global operations.



<h2 class="wp-block-heading" id="h-perplexity-ai"><a></a>Perplexity AI</h2>



California-based artificial intelligence search engine startup Perplexity AI submitted a bid for TikTok to ByteDance on Jan. 18, as it seeks to create a new merged entity combining Perplexity, TikTok U.S. and new capital partners, CNBC learned.



Following Trump’s comments on a TikTok deal structure, the AI company revised its merger proposal on Sunday to also allow for the U.S. government to own up to 50% of the new company upon future IPO, according to a proposal document seen by CNBC. 



The document proposes ByteDance offer TikTok U.S., without its recommendation algorithm, in exchange for the company’s existing investors receiving equity in the merged company.&nbsp;



The deal would reportedly bring more video to Perplexity — recently valued at about $9 billion — as it gains increasing investor interest amid the generative AI boom and competes with OpenAI and Google. 



<h2 class="wp-block-heading" id="h-big-players-serious-money-nbsp"><a></a>Big players, serious money&nbsp;</h2>



Experts flagged several other parties likely to be interested in a potential deal for TikTok, adding that the barriers to entry were high.&nbsp;



Given the financial stakes of a TikTok deal, it’s unlikely that some rogue investor is going to swoop in and buy the platform on the cheap, according to Albright Stone Group’s Triolo.&nbsp;



“While an up-to-date valuation on TikTok is difficult to come up with, it is likely to the order of $40-80 billion, meaning whoever decides to jump in has to be ready with some serious money,” he said.&nbsp;



He added that potential suitors are likely to include some of America’s largest social media and technology players, such as Meta and Google, in addition to Musk’s X. 



Meta and Google didn’t immediately respond to a CNBC inquiry.



Sarah Kreps, the director of the Tech Policy Institute at Cornell University, however, warned that players such as Meta, Google and Musk getting a substantial stake in TikTok could raise antitrust questions.



Scotiabank analyst Nat Schindler noted that there were also a number of other players, including existing investors BlackRock, Coatue, and General Atlantic, who own a large chunk of TikTok’s parent company. According to him, some of these investors are likely to participate in any sale of the U.S. platform by investing in the new entity.



“Other large VCs, hedge funds, and asset managers from Tiger to Fidelity would also likely show interest in a fast growing global platform with such a huge viewer base,” said Schindler, adding that finding investors to own a part of Tiktok won’t be a problem.



<h2 class="wp-block-heading" id="h-mrbeast-nbsp"><a></a>MrBeast&nbsp;</h2>



The fervor surrounding a purchase of TikTok U.S. has also seen some unconventional players enter the fray.&nbsp;



Social media superstar MrBeast — real name Jimmy Donaldson — who has more than 100 million TikTok followers has posted several videos in which he indicated serious interest in buying the platform, claiming he has had talks with billionaires.&nbsp;



In one video, the internet personality claimed he had an official offer ready, jesting that he might be the new TikTok CEO. 



Media reports have also mentioned Donaldson and a group of investors preparing to make a bid for TikTok. 



On Thursday, Matthew Hiltzik, a spokesperson for Donaldson, told CNBC that “Several potential buyers are in ongoing discussions with Jimmy, but he has no exclusive agreements with any of them.”



<h2 class="wp-block-heading" id="h-the-people-s-bid-for-tiktok"><a></a>‘The People’s Bid for TikTok’</h2>



Led by Project Liberty Founder Frank McCourt and involving Canadian businessman and TV personality Kevin O’Leary, “The People’s Bid for TikTok,” has made a $20 billion cash offer to buy TikTok.&nbsp;



O’Leary told CNBC last year that he wanted to buy the platform at a discount as any possible deal won’t include TikTok’s original algorithm. The organization said it already has a replacement for the algorithm to use for TikTok U.S. 



Following Trump’s comments on a 50% stake in the platform, both McCourt and O’Leary told CNBC this week that they were interested in a TikTok deal and were hoping to work with Trump to make it happen. 



McCourt has also told CNBC that he wants TikTok to run a decentralized social networking protocol, or DSNP, overseen by the Project Liberty Institute, a nonprofit founded by the billionaire.



Bidding interest aside, a number of legal and tech experts have told CNBC that Trump’s executive order to delay the TikTok ban contradicts the Supreme Court’s earlier ruling to uphold the PAFACA and could face legal opposition.



O’Leary also told CNBC on Monday that a TikTok deal could not happen under the current law, after the Supreme Court upheld an impending ban on TikTok under the Protecting Americans from Foreign Adversary Controlled Applications Act, or PAFACA, on Sunday. 



Beijing and its pending negotiations with Trump regarding trade with the U.S. is also expected to play a determining factor in whether the Chinese government would allow ByteDance to make a divestiture.



“In this game of high stakes poker between the Trump Administration and Beijing it’s clear TikTok is a big chip on the table,” Wedush said.



— CNBC’s Hayden Field contributed to this report



Correction: This copy has been updated to fix a quote attribution.

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China PMI surprises as factory activity contracts in January; December industrial profits jump

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