<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="573" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/OMZVR4AVEFLRFCSVUSQPSAY2HU-820x573.jpg" alt="" class="wp-image-429528" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/OMZVR4AVEFLRFCSVUSQPSAY2HU-820x573.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/OMZVR4AVEFLRFCSVUSQPSAY2HU-300x210.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/OMZVR4AVEFLRFCSVUSQPSAY2HU-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/OMZVR4AVEFLRFCSVUSQPSAY2HU-768x537.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/OMZVR4AVEFLRFCSVUSQPSAY2HU-1536x1074.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/OMZVR4AVEFLRFCSVUSQPSAY2HU-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The South African Reserve Bank (SARB) governor Lesetja Kganyago is seen during the SARB Biennial Conference in the Cape Town International Convention Centre, in Cape Town, South Africa, August 31, 2023. REUTERS/Esa Alexander</figcaption></figure>



PRETORIA, Nov 23 (Reuters) &#8211; South Africa&#8217;s central bank kept its main lending rate unchanged at 8.25% in a unanimous decision by its monetary policy committee (MPC) announced on Thursday.



It was the third meeting in a row that the bank has left its repo rate on hold. All economists polled by Reuters had forecast that the rate would be left unchanged.



Inflation rose sharply to 5.9% year-on-year in October from 5.4% in September, approaching the upper end of the central bank&#8217;s target range of 3%-6%.



&#8220;The uptick in inflation is unwelcome,&#8221; central bank Governor Lesetja Kganyago told a news conference, referring to October&#8217;s data. He also said &#8220;serious upside risks&#8221; to the inflation outlook remained.



Analysts expect the central bank to cut interest rates in early 2024, but some have warned it might delay its easing cycle until later over high inflation.



The South African Reserve Bank&#8217;s MPC has said it wants to see inflation sustainably around the midpoint of its target range before considering rate cuts.



(Reporting by Kopano Gumbi, Anait Miridzhanian and Tannur Anders; Writing by Bhargav Acharya Editing by Alexander Winning)

South African Reserve Bank’s Biennial Conference in Cape Town

South African central bank holds main rate but warns on inflation risks

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



Nov 23 (Reuters)&nbsp;&#8211;&nbsp;Most emerging markets stocks edged up on Thursday and currencies were steady in holiday-thinned trade, though investors geared up for monetary policy decisions from Turkey and South Africa.



Turkey&#8217;s lira&nbsp;TRYTOM=D3&nbsp;was little changed at 28.82 against the dollar ahead of the local central bank&#8217;s interest rate decision where economists largely expect a 250 basis points raise to 37.5%. The decision is due at 1100 GMT.



&#8220;The one-week repo rate will likely peak around 40%,&#8221; said Bartosz Sawicki, market analyst at Conotoxia fintech.



&#8220;The Turkish central bank might opt to reduce the pace of rate hikes as the annual inflation rate inched lower in October and external price pressure dynamics have turned a tad more favorable.&#8221;



The lira has weakened more than 30% since the late-May election which was followed by a subsequent loosening of controls on the foreign exchange market and a pivot to more orthodox monetary policy.



Turkish stocks&nbsp;.XU100&nbsp;were up 0.6% during the session and have gained more than 75% since the vote.



More broadly, MSCI&#8217;s index tracking developing markets stocks&nbsp;.MSCIEF&nbsp;climbed 0.4%, hovering near a two and-a-half month high hit earlier in the week, while a basket of currencies&nbsp;.MIEM00000CUS&nbsp;inched up 0.1% against the dollar at 1005 GMT.



Trading worldwide was expected to be quiet due to the Thanksgiving holiday in the U.S.



In focus later in the day will also be an interest rate decision in South Africa, where economists largely expect the local central bank to hold borrowing costs steady at 8.25% at 1300 GMT.



Uncertainty remains on the outlook for monetary policy after data on Wednesday showed&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N3CN1SC&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">inflation rose unexpectedly in October</a>, nearing the top-end of the regulator&#8217;s target range.



Also in Africa, Kenya&#8217;s President William Ruto said the government was&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N3CO0EJ&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">poised to privatise 35 state companies</a>&nbsp;and was looking at a further 100 firms after enacting a law last month to cut down on bureaucracy.



Meanwhile, a Reuters poll of equity strategists believe&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N3CN34A&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">India&#8217;s stock market will hit new highs</a>&nbsp;in the next six months and rise over 10% from here by end-2024, driven by a sustained expansion in the fastest-growing major economy.



Moves on the south Asian country&#8217;s blue-chip indexes Nifty 50&nbsp;.NSEI&nbsp;and Sensex&nbsp;.BSESN&nbsp;were subdued on Thursday, however they have gained nearly 10% year-to-date.



Russia&#8217;s rouble&nbsp;RUBUTSTN=MCX&nbsp;strengthened, trading at 88.17 to the dollar and&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N3CO0DC&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">was heading towards a near five-month high</a>&nbsp;hit earlier this week, helped by month-end tax payments, exporters&#8217; forced foreign currency sales and high interest rates.



(Reporting by Johann M Cherian in Bengaluru, Editing by William Maclean)

Investment-management

Stocks climb higher; Turkey, South Africa central bank decisions on tap

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107337930-1700665715409-gettyimages-1258459514-AFP_33GZ4VK-820x461.jpeg" alt="" class="wp-image-429467" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107337930-1700665715409-gettyimages-1258459514-AFP_33GZ4VK-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107337930-1700665715409-gettyimages-1258459514-AFP_33GZ4VK-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107337930-1700665715409-gettyimages-1258459514-AFP_33GZ4VK-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107337930-1700665715409-gettyimages-1258459514-AFP_33GZ4VK-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107337930-1700665715409-gettyimages-1258459514-AFP_33GZ4VK-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107337930-1700665715409-gettyimages-1258459514-AFP_33GZ4VK.jpeg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Sam Altman (L), US entrepreneur, investor, programmer, and founder and CEO of artificial intelligence company OpenAI, and the company’s co-founder and chief scientist Ilya Sutskever, speak together at Tel Aviv University in Tel Aviv on June 5, 2023. Jack Guez | Afp | Getty Images</figcaption></figure>



After several days of crisis and tumult, Sam Altman has returned as the CEO of OpenAI. Three new board members have replaced the previous leadership that ousted Altman.



OpenAI’s new board doesn’t appear to be fully built. Negotiations are reportedly underway to install representation from Microsoft, which has invested billions of dollars in OpenAI, or other major investors.



There’s a notable change in the board’s experience. The previous board included academics and researchers, but OpenAI’s new directors have extensive backgrounds in business and technology.



Microsoft CEO Satya Nadella said in an interview with CNBC on Monday that governance at OpenAI needed to change. Nadella said Wednesday he is “encouraged” by the changes to the company’s board, according to a post on X, formerly known as Twitter.



“We believe this is a first essential step on a path to more stable, well-informed, and effective governance,” he said.



Microsoft, Sequoia Capital, Thrive Capital and Tiger Global are among the OpenAI investors that lack representation on the board but had been pushing to reinstate Altman, as CNBC previously reported.



Here’s who’s in, who’s out, and what the changes may mean.



<h2 class="wp-block-heading"><a></a>Here are the newest members of OpenAI’s board</h2>



<h3 class="wp-block-heading" id="h-bret-taylor-board-chair">Bret Taylor, board chair</h3>



Bret Taylor is currently a board member at the e-commerce platform Shopify. He’s also the former co-CEO of Salesforce and was Twitter’s final board chair prior to Elon Musk’s acquisition of the social media platform.



Taylor co-founded Quip, a collaboration platform that was acquired by Salesforce in 2016. That acquisition propelled him into the most senior ranks of the enterprise software company, where he would eventually take the co-CEO title in 2021. Taylor left Salesforce in January.



The executive launched his own artificial intelligence venture alongside a former Google executive in February. It isn’t clear whether Taylor’s involvement with his own AI startup will cease with his appointment to lead OpenAI’s board. 



Taylor did not immediately respond to CNBC’s request for comment.



<h3 class="wp-block-heading">Larry Summers</h3>



Larry Summers served as Treasury secretary during the Clinton administration and was the president of Harvard University. An economist by training, Summers also led the Obama administration’s National Economic Council during the Global Financial Crisis.&nbsp;



His connections in Washington could be valuable for OpenAI as the company faces continued regulatory scrutiny from lawmakers.&nbsp;



In December, Summers called OpenAI’s popular generative chatbot ChatGPT a “profound thing for humanity” during an interview with Bloomberg. He compared the advent of the technology to the introduction of the printing press and electricity. 



“This could be the most important general-purpose technology since the wheel or fire,” Summers said.&nbsp;



Summers also serves on the board of Block, a financial technology company led by Twitter co-founder Jack Dorsey, and on the board of Skillsoft, an educational technology company. 



Summers stepped down in 2006 from Harvard’s presidency following backlash on campus about comments he made on gender representation in STEM fields at a diversity conference. Summers later apologized for the remarks, saying in a 2005 letter that he was “wrong to have spoken in a way that has resulted in an unintended signal of discouragement to talented girls and women.”



A representative for Summers declined to comment.



<h3 class="wp-block-heading">Adam D’Angelo</h3>



Adam D’Angelo is the only member of OpenAI’s previous board who still holds a seat. He joined in 2018 and reportedly played a major role in the negotiations that brought Altman back to the helm. 



D’Angelo is the CEO of Quora, a platform where users can publicly ask and answer questions. He is also developing an AI chat platform called Poe, which he announced in February. He spent several years at Meta, formerly known as Facebook, and served as CTO from 2006 to 2008.



He has not commented publicly since Altman’s ouster Friday, but he retweeted a post on X that suggested his motives were not “crazy” or “vindictive.” OpenAI’s board fired Altman on Friday after determining he was “not consistently candid in his communications,” but its members never elaborated further.&nbsp;



D’Angelo did not immediately respond to CNBC’s request for comment.



<h2 class="wp-block-heading">Here’s who’s no longer on OpenAI’s board </h2>



<h3 class="wp-block-heading">Helen Toner</h3>



Helen Toner is a researcher and director of strategy and foundational research grants at Georgetown University’s Center for Security and Emerging Technology. Toner was a former employee at Open Philanthropy, serving as an advisor on AI policy.&nbsp;



Toner offered what could be seen as public criticism of OpenAI in an October paper, a decision with which Altman reportedly took issue. The paper suggested that OpenAI’s launch of ChatGPT undermined the company’s efforts to develop AI safely, by spurring other tech companies into launching their own competing chatbots and forcing them to “accelerate or circumvent internal safety and ethics review processes.”



She was one of the directors involved in pushing Altman out. She has not responded to CNBC’s previous attempts to contact her.



<h3 class="wp-block-heading">Tasha McCauley</h3>



Tasha McCauley joined OpenAI’s board in 2018. She is an adjunct senior management scientist at Rand Corporation, and formerly served as the CEO of GeoSim Systems, which developed an automated city modeling system.&nbsp;



She is married to actor and filmmaker Joseph Gordon-Levitt, who announced the union in 2015. 



McCauley has not commented publicly since Altman’s firing Friday. She did not respond to CNBC’s requests for comment. 



<h3 class="wp-block-heading">Ilya Sutskever</h3>



Ilya Sutskever co-founded OpenAI and serves as its chief scientist. He also aligned himself, for a time, with the board members who ousted Altman.



Sutskever is the author or co-author of more than 130 research papers on artificial intelligence, neural networks, and generative AI, according to his Google Scholar profile. He holds a Ph.D. in computer science from the University of Toronto and had a brief post-doctoral stint at Stanford, according to his LinkedIn profile.



Sutskever co-led OpenAI alongside president Greg Brockman, an idea that Altman at the time described as “non-traditional.” Sutskever is close with Brockman and officiated his wedding at OpenAI headquarters in 2019. 



A personal plea from Brockman’s wife reportedly helped bring Sutskever back into Altman’s camp. Sutskever was one of the first signatories on a letter signed by the vast majority of OpenAI employees that demanded the board’s resignation over the weekend. He repudiated his support for the board in a post on X.



Despite his about-face, Sutskever was removed from the board. His status as an OpenAI executive does not appear to have changed.



<h2 class="wp-block-heading">What’s next?</h2>



Semafor reported that Altman had been pushing for months to add more directors at OpenAI, and reports suggest it’s unlikely that OpenAI’s board will remain this small.



Bloomberg said Thursday that among the changes Microsoft wanted was a larger and more experienced board. The board is currently smaller, and it’s unclear what, if any, kind of other protections or role on the board Microsoft might get.



The composition of the new board — experienced technology and business executives — suggests that OpenAI may be transforming into a more conventional Silicon Valley startup on paper, not just in spirit.



The new governance, however, does not change the fact that OpenAI remains a “capped-profit” entity owned by a nonprofit, with excess profits continuing to flow up to that nonprofit.&nbsp;

107337930-1700665715409-gettyimages-1258459514-AFP_33GZ4VK

Sam Altman’s back. Here’s who’s on the new OpenAI board and who’s out

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/HV3OXVMTAJNSBPE3ZZLYUIZMTM-1-820x547.jpg" alt="" class="wp-image-429348" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/HV3OXVMTAJNSBPE3ZZLYUIZMTM-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/HV3OXVMTAJNSBPE3ZZLYUIZMTM-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/HV3OXVMTAJNSBPE3ZZLYUIZMTM-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/HV3OXVMTAJNSBPE3ZZLYUIZMTM-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/HV3OXVMTAJNSBPE3ZZLYUIZMTM-1-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/HV3OXVMTAJNSBPE3ZZLYUIZMTM-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Nigerian naira banknotes are seen in this picture illustration, September 10, 2018. Picture taken September 10, 2018. REUTERS/Afolabi Sotunde/Illustration/File Photo</figcaption></figure>



ABUJA, Nov 22 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s Senate passed the medium-term expenditure framework for 2024-2026 on Wednesday, setting out the government&#8217;s fiscal plan for the next three years.



Lawmakers in the House of Representatives, the lower arm of parliament, had passed the framework on Tuesday.



The framework, a key document in the Nigerian budget process, ensures that government spending aligns with its economic and social goals. It is a three-year rolling plan that sets out the government&#8217;s spending priorities and how it will fund them.



The passage of the framework by Nigeria&#8217;s two arms of parliament paves the way for President Bola Tinubu to send the country&#8217;s 2024 budget proposal of 26 trillion naira ($34 billion) to parliament for approval.



The document, which was agreed by Tinubu&#8217;s cabinet before going to lawmakers for approval, expects the naira currency to trade around 700 per dollar next year before firming slightly in 2025 and 2026.



(Writing by Elisha Bala-Gbogbo; Editing by Kirsten Donovan)

FILE PHOTO: Nigerian naira banknotes are seen in this picture illustration

Nigeria lawmakers approve mid-term fiscal plan for next three years

At the beginning of 2023, in January, as per Forbes, the African continent’s 19 billionaires were worth an estimated $81.8 billion. Nigeria’s Aliko Dangote was Africa’s richest person for the 12th year in a row, followed by South African luxury goods magnate Johann Rupert with $10.7 billion. The African country with the most billionaires, five in all, was South Africa, followed by Egypt with four and Nigeria with three.



Fortunes rise and fall but never the drive and tenacity of these men driving African business. We present a ranking of the African continent’s 11 richest people today, as per real-time net worth figures from Forbes as of November 22 2023.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-1500244451-820x547.jpg" alt="" class="wp-image-429294" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-1500244451-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-1500244451-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-1500244451-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-1500244451-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-1500244451.jpg 1024w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">ACCRA, GHANA &#8211; JUNE 18: Mr. Aliko Dangote, Chairman and CEO, Dangote Group speaks at the African Export-Import Bank (Afreximbank) Annual Meeting on June 18, 2023 at the Accra International Conference Center in Accra, Ghana. | (Photo by Ernest Ankomah/Getty Images)</figcaption></figure>



Aliko Dangote’s real-time net worth is $10.1 billion. The 66-year-old self-made billionaire in cement and sugar founded and chairs Dangote Cement, the continent&#8217;s largest cement producer, which has the capacity to produce 48.6 million metric tons annually and has operations across Africa. After many years in development, Dangote&#8217;s fertilizer plant in Nigeria began operations in March 2022. Dangote told Forbes that when he was young, he bought sweets, gave them to others to sell, and he kept the profits. 



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="546" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-1726096135-820x546.jpg" alt="" class="wp-image-429293" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-1726096135-820x546.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-1726096135-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-1726096135-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-1726096135-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-1726096135.jpg 1024w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Johann Rupert, The Chairman and CEO of Richemont embraces Matt Fitzpatrick of England on the 18th green during Round Three on Day Five of the Alfred Dunhill Links Championship at the Old Course St. Andrews on October 09, 2023 in St Andrews, Scotland. (Photo by Octavio Passos/Getty Images)</figcaption></figure>



Johann Rupert and family is worth $9.7 billion as of November 22 2023. The 73-year-old South African luxury business magnate residing in Cape Town is chairman of Swiss luxury goods firm Compagnie Financiere Richemont that’s best known for the brands Cartier and Montblanc. He is Africa’s second richest man and is married with three children.



Nicky Oppenheimer and family, with a net worth of $8.3 billion, is at number three on the African continent. The South Africa-based Oppenheimer, 77, heir to the DeBeers diamond fortune, sold his 40% of the firm to mining group Anglo American for $5.1 billion in cash in 2012. For 85 years until 2012, the Oppenheimer family occupied a controlling spot in the world&#8217;s diamond trade.



Nassef Sawiris is the Cairo resident, with a real-time net worth of $6.9 billion. An investor and a scion of Egypt&#8217;s wealthiest family, his most valuable asset is a nearly 6% stake in sportswear maker Adidas. The 62-year-old in construction and investments also runs OCI, one of the world&#8217;s largest nitrogen fertilizer producers, with plants in Texas and Iowa.



Also from Nigeria, the continent’s biggest economy, is Abdulsamad Rabiu with a real-time net worth of $6.4 billion. The 63-year-old’s origin of wealth is cement and sugar. He is the founder of BUA Group, a Nigerian conglomerate active in cement production, sugar refining and real estate. In early January 2020, Rabiu merged his privately-owned Obu Cement company with listed firm Cement Co. of Northern Nigeria, which he controlled.



Issad Rebrab and family have a net worth of $4.6 billion. The 79-year-old Algerian founded Cevital and served as its CEO for more than 50 years. He named his son, Malik, CEO in July 2022. Cevital, Algeria&#8217;s biggest privately-held company, owns one of the largest sugar refineries in the world, with the capacity to produce 2 million tons a year.



Mohamed Mansour’s net worth is at $3.6 billion. The self-made 75-year-old Egyptian businessman oversees family conglomerate Mansour Group, which was founded by his father Loutfy (d. 1976) in 1952 and has 60,000 employees. Mansour established General Motors dealerships in Egypt in 1975, later becoming one of GM&#8217;s biggest distributors worldwide.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-1043360968-820x547.jpg" alt="" class="wp-image-429291" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-1043360968-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-1043360968-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-1043360968-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-1043360968-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-1043360968.jpg 1024w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">HURGHADA, EGYPT &#8211; SEPTEMBER 28: Egyptian businessman and founder of El Gouna FIlm Festival Naguib Sawiris takes to the red carpet at the closing ceremony of the 2nd El Gouna Film Festival on September 28, 2018 in Hurghada, Egypt. (Photo by Jonathan Rashad/Getty Images)</figcaption></figure>



Naguib Sawiris with a real-time net worth of $3.3 billion is a scion of Egypt&#8217;s wealthiest family. His brother Nassef is also a billionaire. He built a fortune in telecom, selling Orascom Telecom in 2011 to Russian telecom firm VimpelCom (now Veon) in a multibillion-dollar transaction.



Yet another notable businessman from Nigeria is the 70-year-old Mike Adenuga, whose real-time net worth is $3.1 billion as per Forbes. He built his fortune in telecom and oil production.The self-made Lagosianis known for having made his first million at age 26 selling lace and distributing soft drinks.



Cape Town-based Koos Bekker, 70, is worth $2.4 billon as of November 22, and is revered for transforming South African newspaper publisher Naspers into an e-commerce investor and cable TV powerhouse. His Babylonstoren estate, nearly 600 acres in South Africa&#8217;s Western Cape region, features architecture dating back to 1690, a farm, orchard and vineyard and more.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-1470197532-820x547.jpg" alt="" class="wp-image-429292" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-1470197532-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-1470197532-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-1470197532-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-1470197532-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/GettyImages-1470197532.jpg 1024w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">PARIS, FRANCE &#8211; FEBRUARY 27: Patrice Motsepe poses for a photo on the Green Carpet ahead of The Best FIFA Football Awards 2022 on February 27, 2023 in Paris, France. (Photo by Lionel Hahn/Getty Images)</figcaption></figure>



Patrice Motsepe has a net worth today of $2.3 billion. The mining tycoon is the founder and chairman of African Rainbow Minerals. He became a billionaire in 2008 – the first black African on the Forbes list. In 2016, he launched a private equity firm, African Rainbow Capital, focused on investing in Africa. Motsepe is also the president and owner of Mamelodi Sundowns, one of the most valuable clubs in Africa. In March 2021, he was elected president of the Confederation of African Football.

The International Monetary Fund and World Bank Annual Meetings

The Richest People In Africa

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



Nov 22 (Reuters)&nbsp;&#8211;&nbsp;Emerging markets stocks and currencies took a breather on Wednesday after a recent rally, while investors parsed South Africa&#8217;s inflation report and Israeli stocks and bonds gained on hopes of a temporary lull in the war with Hamas.



MSCI&#8217;s basket of developing markets currencies&nbsp;.MIEM00000CUS&nbsp;weakened 0.4%, while the index tracking equities&nbsp;.MSCIEF&nbsp;dipped 0.5% by 0926 GMT.



EM currencies had six straight days of gains and had hit an over one-and-a-half-year high on Tuesday on hopes that U.S. rates had peaked.



Also spurring some caution were minutes from the U.S. Federal Reserve&#8217;s last policy meet where policymakers said they would proceed &#8220;carefully&#8221; and only raise interest rates if progress in controlling inflation faltered.



South Africa&#8217;s rand ZAR= slipped 0.5% and stocks .JTOPI gained 1.1% after data showed headline consumer inflation, rose to 5.9% on an annual basis in October from September.



But the reading was still marginally below the higher end of the domestic central bank&#8217;s target range of 3% to 6%, leaving investors jittery ahead of an interest rate decision on Thursday where economists largely expect rates to be on hold.



&#8220;Food and transport (fuel) have once again lead local CPI inflation higher&#8230; (and) might create some angst for tomorrow&#8217;s interest rate decision by the SARB (South African Reserve Bank),&#8221; Shaun Murison, senior market analyst at IG markets said.



&#8220;There is however still a slight chance that the SARB will raise by another 25 basis points although this is not our base case.&#8221;



Meanwhile, the blue-chip Tel Aviv 35 index .TA35 rose 0.7% and government bond prices rose as much as 0.4% after Israel&#8217;s government and Hamas agreed to a four-day pause to over of a month of fighting that had the world on edge.



The local shekel&nbsp;ILS=&nbsp;however, dipped 0.4%.



&#8220;A ceasefire is a step forward but it is temporary and does not suggest that an end to the conflict is imminent,&#8221; said Hasnain Malik, head of equity research at Tellimer.



India&#8217;s rupee INR=IN strengthened nearly 0.1% and was last trading at 83.32 as the currency got a boost by IPO-related inflows.



Sri Lanka&#8217;s benchmark index .CSE edged up 0.4% and the country&#8217;s dollar bonds gained after the country&#8217;s treasury secretary said it expects the International Monetary Fund&#8217;s executive board to approve the first review of its $2.9 billion bailout by Dec. 6.



The local central bank is expected to hold interest rates steady on Friday, as per a poll.



China&#8217;s blue-chips index .CSI300 closed 1.0% down and the Hang Seng index .HSI ended flat, though Reuters reported that Chinese government advisers will recommend economic growth targets for 2024 ranging from 4.5% to 5.5% to an annual policymakers&#8217; meeting next month.



(Reporting by Johann M Cherian in Bengaluru; Editing by Shailesh Kuber)

Stock market report. 3d illustration

Markets ease after rally; South African, Israeli assets in focus

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107327233-16988648212023-11-01t185128z_685341700_rc2i44a4cb6s_rtrmadp_0_usa-economy-fed-820x461.jpeg" alt="" class="wp-image-429232" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107327233-16988648212023-11-01t185128z_685341700_rc2i44a4cb6s_rtrmadp_0_usa-economy-fed-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107327233-16988648212023-11-01t185128z_685341700_rc2i44a4cb6s_rtrmadp_0_usa-economy-fed-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107327233-16988648212023-11-01t185128z_685341700_rc2i44a4cb6s_rtrmadp_0_usa-economy-fed-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107327233-16988648212023-11-01t185128z_685341700_rc2i44a4cb6s_rtrmadp_0_usa-economy-fed-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107327233-16988648212023-11-01t185128z_685341700_rc2i44a4cb6s_rtrmadp_0_usa-economy-fed-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107327233-16988648212023-11-01t185128z_685341700_rc2i44a4cb6s_rtrmadp_0_usa-economy-fed.jpeg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Photo: via CNBC</figcaption></figure>



Federal Reserve officials at their most recent meeting expressed little appetite for cutting interest rates anytime soon, particularly as inflation remains well above their goal, according to minutes released Tuesday.&nbsp;



The summary of the meeting, held Oct. 31-Nov. 1, showed that Federal Open Market Committee members still worry that inflation could be stubborn or move higher, and that more may need to be done.



At the least, they said policy will need to stay “restrictive” until data shows inflation on a convincing trek back to the central bank’s 2% goal.



“In discussing the policy outlook, participants continued to judge that it was critical that the stance of monetary policy be kept sufficiently restrictive to return inflation to the Committee’s 2 percent objective over time,” the minutes said.



Along with that, however, the minutes showed that members believe they can move “proceed carefully” and make decisions “on the totality of incoming information and its implications for the economic outlook as well as the balance of risks.”



The release comes amid overwhelming sentiment on Wall Street that the Fed is done hiking.



Traders in the fed funds futures market are indicating virtually no probability that policymakers will increase rates again this cycle, and in fact are pricing in cuts starting in May. Ultimately, the market expects that the Fed will enact the equivalent of four quarter percentage point cuts before the end of 2024.



<h2 class="wp-block-heading" id="h-no-mention-of-cuts"><a></a>No mention of cuts</h2>



However, the minutes gave no indication that members even discussed when they might start lowering rates, which was reflected in Chairman Jerome Powell’s post-meeting news conference.



“The fact is, the Committee is not thinking about rate cuts right now at all,” Powell said then.



The fed’s benchmark funds rate, which sets short-term borrowing costs, is currently targeted in a range between 5.25%-5.5%, the highest level in 22 years.



The meeting occurred amid market worries over rising Treasury yields, a topic that appeared to generate substantial discussion during the meeting. The same day, Nov. 1, when the Fed released its post-meeting statement, the Treasury Department announced its borrowing needs over the next few months, which actually were a bit smaller than markets had anticipated.



Since the meeting, yields have receded off 16-year highs as markets digest the impact of heavy debt-fueled borrowing from the government and views over where the Fed is headed with rates.



Officials concluded that the rise in yields had been fueled by rising “term premiums,” or the extra yield investors demanded to hold longer-term securities. The minutes noted that policymakers viewed the rising term premium as a product of greater supply as the government finances its huge budget deficits. Other issues included the Fed’s stance on monetary policy and views on inflation and growth.



“However, they also noted that, whatever the source of the rise in longer-term yields, persistent changes in financial conditions could have implications for the path of monetary policy and that it would therefore be important to continue to monitor market developments closely,” the minutes said.



<h2 class="wp-block-heading">Economic growth to slow</h2>



In other business, officials said they expect economic growth in the fourth quarter to “slow markedly” from the 4.9% increase in Q3 gross domestic product. They said that risks to broader economic growth are probably skewed to the downside, while risks to inflation are to the upside.



As for current policy, members said it “was restrictive and was putting downward pressure on economic activity and inflation,” the minutes said.



Public remarks from Fed officials have been split between those who think the central bank can hold here while it weighs the impact that its previous 11 hikes, totaling 5.25 percentage points, have had on the economy, and those who believe more increases are warranted.



Economic data also has been split, though generally favorable for inflation trends.



The Fed’s key inflation indicator, the personal consumption expenditures price index, showed core inflation running at a 3.7% 12-month pace in September. The number has improved considerably, dropping a full percentage point since May, but is still well above the Fed’s target.



Some economists think getting inflation down from here could be tricky, particularly with wage increases running strong and more stubborn components such as rent and medical care elevated. Indeed, so-called sticky prices rose 4.9% over the past year, according to an Atlanta Fed gauge.



On employment, perhaps the most critical factor in getting inflation lower, the jobs market is strong though moderating. Nonfarm payrolls increased by 150,000 in October, one of the slowest months of the recovery, though the unemployment rate has climbed to 3.9%. The half percentage point increase of the jobless rate, if it persists, is commonly associated with recessions.



Economic growth, after a robust first three quarters in 2023, is expected to slow considerably. The Atlanta Fed’s GDPNow tracker is pointing to growth of 2% in the fourth quarter.

107327233-16988648212023-11-01t185128z_685341700_rc2i44a4cb6s_rtrmadp_0_usa-economy-fed

Fed gave no indication of possible rate cuts at last meeting, minutes show

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/RF6QPT3DIFJPRLPHBWFFYB7MZA-820x547.jpg" alt="" class="wp-image-429220" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/RF6QPT3DIFJPRLPHBWFFYB7MZA-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/RF6QPT3DIFJPRLPHBWFFYB7MZA-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/RF6QPT3DIFJPRLPHBWFFYB7MZA-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/RF6QPT3DIFJPRLPHBWFFYB7MZA-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/RF6QPT3DIFJPRLPHBWFFYB7MZA-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/RF6QPT3DIFJPRLPHBWFFYB7MZA-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">German Chancellor Olaf Scholz shakes hands with Nigerian President Bola Tinubu, during the &#8220;Compact with Africa&#8221; investment summit, at the Chancellery in Berlin, Germany, November 20, 2023. REUTERS/Fabrizio Bensch</figcaption></figure>



ABUJA, Nov 21 (Reuters)&nbsp;&#8211;&nbsp;Nigerian and German companies on Tuesday signed two accords in Berlin that include a $500 million renewable energy pact and a gas export deal, further strengthening economic ties between the two nations, a presidential spokesperson said.



Union Bank of Nigeria and Germany&#8217;s DWS Group signed a memorandum of understanding (MoU) on renewable energy. The agreement seeks to harness $500 million in investment in renewable energy projects across Nigeria, mostly in rural communities, spokesperson Ajuri Ngelale said in a statement.



A second MoU on gas export partnership was agreed between Riverside LNG of Nigeria and Germany&#8217;s Johannes Schuetze Energy Import AG. Under the accord, Nigeria will supply 850,000 tons of natural gas to Germany annually which is expected to rise to 1.2 million. The first deliveries will be in 2026, Ngelale said.



The deal will help process about 50 million cubic feet per day of natural gas that otherwise would have flared.



Nigeria holds Africa&#8217;s largest gas reserves of more than 200 trillion cubic feet, but flares, or burns off, about 300 million cubic feet daily due to inadequate processing facilities.



President Bola Tinubu, who is attending the G20 Compact with Africa conference in Berlin, welcomed the deals, Ngelale said.



On Monday German Chancellor Olaf Scholz said Germany will invest 4 billion euros in green energy projects in Africa until 2030, noting these could in turn help Europe&#8217;s largest economy achieve its own transition to carbon neutrality.



Germany will need to import large quantities of green hydrogen going forward, including from Africa, if it is to achieve its goal of net zero emissions by 2045, he said at a German-African business forum in Berlin.



The forum preceded the G20 Compact with Africa summit that aims to drum up investment in the world&#8217;s poorest but fast-growing continent by coordinating the development agendas of reform-minded countries and identifying business opportunities.



Under Tinubu, Nigeria has embarked on the boldest reforms in decades, scrapping a popular petrol subsidy and lifting restrictions on foreign exchange trading.



Tinubu is seeking to make Nigeria attractive to investors as he strives to revive its economy that is weighed down by sluggish growth, record debt, double-digit inflation and theft of crude oil, its main export.



(Writing by Elisha Bala-Gbogbo; editing by David Evans)

‘Compact with Africa’ summit in Berlin

Nigeria and Germany sign $500 mln renewable energy and gas deal

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107337316-1700585872532-gettyimages-1239957235-FRANCE_BLOCKCHAIN-820x547.jpeg" alt="" class="wp-image-429211" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107337316-1700585872532-gettyimages-1239957235-FRANCE_BLOCKCHAIN-820x547.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107337316-1700585872532-gettyimages-1239957235-FRANCE_BLOCKCHAIN-300x200.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107337316-1700585872532-gettyimages-1239957235-FRANCE_BLOCKCHAIN-135x90.jpeg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107337316-1700585872532-gettyimages-1239957235-FRANCE_BLOCKCHAIN-768x512.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107337316-1700585872532-gettyimages-1239957235-FRANCE_BLOCKCHAIN-1536x1024.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107337316-1700585872532-gettyimages-1239957235-FRANCE_BLOCKCHAIN-scaled.jpeg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Zhao Changpeng, founder and chief executive officer of Binance, speaks at the Blockchain Week Summit in Paris, France, on Wednesday, April 13, 2022.  Benjamin Girette | Bloomberg | Getty Images</figcaption></figure>



Binance chief Changpeng Zhao pleaded guilty Tuesday to criminal charges and stepped down as the company’s CEO as part of a $4.3 billion settlement with the Department of Justice, according to court documents. The plea arrangement with the government resolves a multiyear investigation into the world’s largest cryptocurrency exchange.



Zhao appeared before Judge Brian Tsuchida in a Seattle courtroom to enter his plea. Zhao and others were charged with violating the Bank Secrecy Act by failing to implement an effective anti-money-laundering program and for willfully violating U.S. economic sanctions “in a deliberate and calculated effort to profit from the U.S. market without implementing controls required by U.S. law,” according to the Justice Department.



Zhao said Tuesday in a post on X, formerly Twitter, that he had “made mistakes” and “must take responsibility.” He said Richard Teng, the company’s former global head of regional markets, has been named the new CEO of Binance.



The action against Binance and its founder was a joint effort by the Department of Justice, the Commodity Futures Trading Commission and the Treasury Department. The Securities and Exchange Commission was notably absent.



Treasury Secretary Janet Yellen said in a release Tuesday that the exchange allowed illicit actors to make more than 100,000 transactions that supported activities such as terrorism and illegal narcotics and that it allowed more than 1.5 million virtual currency trades that violated U.S. sanctions.



It also allowed transactions associated with terrorist groups such as Hamas’ Al-Qassam Brigades, Palestinian Islamic Jihad, al-Qaida and ISIS, Yellen said in the release, noting Binance “never filed a single suspicious activity report.”



U.S. Attorney General Merrick Garland said in a press conference Tuesday that the fine is “one of the largest penalties we have ever obtained.”



“Using new technology to break the law does not make you a disruptor. It makes you a criminal,” Garland said.



“Binance prioritized its profits over the safety of the American people,” he said.



According to a 92-page consent order between Binance and Treasury’s Financial Crimes Enforcement Network, or FinCen, the crypto exchange “even developed a process to notify VIP users if they became the subject of a law enforcement inquiry.”



Zhao personally pleaded guilty to violating and causing a financial institution to violate the Bank Secrecy Act, according to the plea agreement. The DOJ is also recommending that the court impose a $50 million fine on Zhao.



Zhao has been released on a $175 million personal recognizance bond secured by $15 million in cash and has a sentencing hearing scheduled for Feb. 23.



Binance will continue to operate but with new ground rules. The company will be required to maintain and enhance its compliance program to ensure its business is in line with U.S. anti-money-laundering standards. The company is required to appoint an independent compliance monitor.



The case against Binance, which was unsealed Tuesday, shows that three criminal charges were brought against the exchange, including conducting an unlicensed money-transmitting business, violating the International Emergency Economic Powers Act, and conspiracy.



Binance has agreed to forfeit $2.5 billion to the government, as well as to pay a fine of $1.8 billion.



The Justice Department said in its filing Tuesday that Binance “knowingly and willfully” caused the supply of services to Iran, in breach of U.S. sanctions. It follows a report that Binance processed billions of dollars worth of Iranian transactions.



“Let me be clear: We are also sending a message to the virtual currency industry more broadly, today and for the future,” Yellen wrote in a press brief.



The settlement comes after FTX founder Sam Bankman-Fried was found guilty of several criminal counts of fraud and conspiracy on Nov. 2 following just three hours of deliberation by the jury. Experts told CNBC that, for a high-profile monthlong trial that involved nearly 20 witnesses and hundreds of exhibits, they’d never seen such a speedy decision.



CNBC reached out to Zhao for comment but did not immediately hear back. Binance did not respond to several CNBC requests for comment.



The charges follow civil suits brought earlier this year by both the Securities and Exchange Commission and the Commodity Futures Trading Commission.



Binance has been the center of intense regulatory scrutiny over how it operates, with officials in multiple jurisdictions flagging concerns about the company’s approach toward launching in certain markets even when it lacks the authority to do so, and allegations of involvement in illicit dealings such as money laundering and securities fraud.



The SEC targeted the company with an expansive lawsuit in June, alleging that Binance was running an illegal securities exchange and mishandling customer funds.



The SEC hit rival exchange Coinbase with a similar lawsuit shortly after, alleging it is operating as an unauthorized securities exchange, broker and clearing agency.



And on Monday the SEC sued Kraken, alleging that the exchange commingled $33 billion in customer crypto assets with its own company assets, creating the potential for a significant risk of loss to its users.



In the 13 charges brought against Binance by the SEC, the agency accused Binance of commingling billions of dollars in customer money with Binance’s own funds, similar to allegations made against the now-bankrupt crypto exchange FTX. SEC Chair Gary Gensler added, “Zhao and Binance entities engaged in an extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion of the law.”



Started by the Chinese-born entrepreneur in 2017, Binance went from being a relatively obscure name to being a major force in crypto in a matter of weeks. Binance remains the world’s largest crypto exchange globally, processing billions of dollars in trading volume every year.



While its holding company is based in the Cayman Islands, Binance doesn’t have a global headquarters and Zhao frequently resisted calls to create one, saying he wanted the platform to run on a “decentralized” operating model.



In 2021, the U.K.’s Financial Conduct Authority barred Binance’s U.K. unit from operating in the country, saying it wasn’t authorized to carry out regulated activities. More recently, Binance scrapped plans to pursue a full U.K. license after the regulator said its know-your-customer and anti-money-laundering controls didn’t meet its requirements.



In the CFTC’s complaint, the regulator alleged that Binance, Zhao, and the company’s ex-chief compliance officer, Samuel Lim, operated an “illegal” exchange, ran a “sham” compliance program, and violated the Commodity Exchange Act, including laws “designed to prevent and detect money laundering and terrorism financing.”



Binance and Zhao filed a motion in July to dismiss the CFTC’s suit. The U.S. arm of the exchange is also pushing back on the SEC’s lawsuit, filing a protective order against what they call the SEC’s “fishing expedition.”



Of particular concern for the crypto industry are the implications of the agency’s crackdown on crypto for myriad tokens and blockchains — not just the exchanges. The SEC maintains that several of the tokens Binance and Coinbase offer on their platforms — such as Solana’s sol, Cardano’s ada, and Polygon’s matic — are securities that should have been registered with the agency.



— CNBC’s Kevin Breuninger contributed to this report.

107337316-1700585872532-gettyimages-1239957235-FRANCE_BLOCKCHAIN

Binance CEO Changpeng Zhao pleads guilty to federal charges, steps down

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="514" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/CIWWXST6P5OXHKLQUY2JZE7B4U-820x514.jpg" alt="" class="wp-image-429207" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/CIWWXST6P5OXHKLQUY2JZE7B4U-820x514.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/CIWWXST6P5OXHKLQUY2JZE7B4U-300x188.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/CIWWXST6P5OXHKLQUY2JZE7B4U-144x90.jpg 144w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/CIWWXST6P5OXHKLQUY2JZE7B4U-768x481.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/CIWWXST6P5OXHKLQUY2JZE7B4U-1536x962.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/CIWWXST6P5OXHKLQUY2JZE7B4U-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Supporters of South Africa&#8217;s ruling African National Congress (ANC) and various political parties including civil society groups gather in solidarity with the Palestinian people outside the Israeli embassy in Pretoria, South Africa, October 20, 2023. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



CAPE TOWN, Nov 21 (Reuters) &#8211; South African lawmakers voted on Tuesday in favour of closing down the Israeli embassy in Pretoria and suspending all diplomatic relations until a ceasefire is agreed in its war with Palestinian Islamist group Hamas in Gaza.



The resolution is largely symbolic as it will be up to President Cyril Ramaphosa&#8217;s government whether to implement it; a presidency spokesperson said Ramaphosa &#8220;notes and appreciates&#8221; parliament&#8217;s guidance on South Africa&#8217;s diplomatic relations with Israel, particularly on the status of the embassy.



&#8220;The president and cabinet are engaged over the matter, which remains the responsibility of the national executive,&#8221; Vincent Magwenya said.



Ramaphosa and senior foreign ministry officials have been vocally critical of Israel&#8217;s leadership during its devastating military campaign against Hamas in the densely populated Gaza Strip, calling on the International Criminal Court to investigate them for potential war crimes.



The Israeli embassy did not immediately respond to a request for comment.



On Monday, the Israeli ambassador in Pretoria was recalled to Tel Aviv for consultations ahead of the vote, which on Tuesday was resoundingly adopted by a 248-91 margin.



The parliamentary resolution was brought by the opposition Economic Freedom Fighters (EFF) party last week when the governing African National Congress pledged to support what has been a central diplomatic stance for South Africa since Nelson Mandela became the country&#8217;s first democratically elected president in 1994.



The chief whip of the ANC, Pemmy Majodina, amended the last point of the EFF draft resolution calling for the embassy&#8217;s closure and diplomatic suspension, to include the words: &#8220;&#8230; until a ceasefire is agreed to by Israel and Israel commits to binding United Nations-facilitated negotiations whose outcome must be a just, sustainable and lasting peace.&#8221;



South Africa has backed the Palestinian cause for statehood in Israeli-occupied territories for decades, likening the plight of Palestinians to those of the Black majority during the repressive apartheid-era, a comparison Israel vehemently denies.



The EFF proposed the motion on Thursday in solidarity with the Palestinian people over the Israeli bombardment and invasion of Hamas-ruled Gaza, prompted by a deadly incursion by Hamas militants into Israel on Oct. 7.



(Reporting by Wendell Roelf; editing by Mark Heinrich and Jonathan Oatis)

FILE PHOTO: Demonstrators gather outside the Israeli embassy in Pretoria

South African lawmakers vote to suspend diplomatic ties with Israel, shut embassy

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107336684-1700507290931-gettyimages-1793715520-AFP_34474FX-820x462.jpeg" alt="" class="wp-image-429199" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107336684-1700507290931-gettyimages-1793715520-AFP_34474FX-820x462.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107336684-1700507290931-gettyimages-1793715520-AFP_34474FX-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107336684-1700507290931-gettyimages-1793715520-AFP_34474FX-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107336684-1700507290931-gettyimages-1793715520-AFP_34474FX-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107336684-1700507290931-gettyimages-1793715520-AFP_34474FX.jpeg 929w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Israeli soldiers transfer detained Palestinians out of the Gaza Strip on November 20, 2023, as battles between Israel and the Hamas movement continue. Gil Cohen-magen | AFP | Getty Images</figcaption></figure>



Geopolitical risks will be the key threat to the economic outlook for 2024, as large-scale wars converge with a slew of pivotal elections across major global powers.



As the world’s financial institutions map out the investment landscape for next year, they expect an increasingly fraught geopolitical backdrop and greater divergence across key regions, compounding uncertainty and market volatility.



In a global risk survey carried out among 130 businesses last month by Oxford Economics, almost two fifths of respondents viewed the Israel-Hamas war as a very significant risk to the global economy over the next two years.



Yet worries over relations between China and Taiwan and Russia and NATO were similarly widespread, and geopolitical tensions were the top business concern over both the near and medium term, with 62% of businesses citing geopolitics as a very significant risk to the global economy.



“Deglobalisation and persistently higher oil prices, both of which could be triggered by an intensification of geopolitical tensions, are also fairly prominent in the latest survey,” Oxford Economics researchers said.



The International Monetary Fund expects global growth to slow to 2.9% in 2024, amid widening divergence between regions — stronger growth is projected in the U.S. and large emerging markets, while China and the euro area are expected to struggle.



In its 2024 investment outlook published Monday, Goldman Sachs Asset Management noted that elections in the U.S., U.K., South Africa, India, Taiwan and Russia will add to the range of possibilities for the global economy to diverge from its current path.



The Wall Street giant’s asset management arm noted that concerns over government debt sustainability and the fiscal trajectory in the U.S. may mount in the run-up to the presidential election of next November, while domestic socioeconomic risks — such as strikes in certain industries amid stubbornly high inflation — could persist across major economies and further weigh on growth.



“Rising geopolitical tensions could trigger more trade restrictions across the globe, resulting in further economic fragmentation. We expect economies to continue to invest heavily in their economic security over the next 12 months and beyond,” GSAM strategists wrote.



“This may be driven by developed markets ‘re-shoring’ and ‘friend-shoring’ critical supply chains that remain highly interdependent and, in some cases, over-concentrated, such as leading-edge semiconductors.”



<h3 class="wp-block-heading" id="h-russia-ukraine-israel-hamas-china-taiwan">Russia-Ukraine, Israel-Hamas, China-Taiwan</h3>



The view was echoed by Ronald Temple, chief market strategist at Lazard, who said in a global outlook report last week that, while predicting the course of any single geopolitical crisis is fraught, what is clear is that “the global trajectory is toward more frequent conflicts of increasing consequence.”



“Navigating the evolving — at times treacherous — geopolitical landscape will likely require access to deep wells of expertise, as geopolitical issues that could have been ignored in the past now stand to directly impact companies’ supply chains and customer bases,” Temple said.



“Ongoing geopolitical conflicts and tensions are likely to depress growth further, while adding to inflationary pressures that are beyond the control of central banks.”



Temple predicted that the Russia-Ukraine conflict will extend well into 2024, as the Ukrainian counteroffensive loses momentum due to the encroaching winter, while concerns mount over the reliability of Western funding and military aid.



“While a negotiated settlement is likely the only way to end the war, both sides remain far from the point of agreeing to capitulate on their grand designs — that is, for Russia to control all of Ukraine and for Ukraine to control all of its sovereign territory,” he said.



As for the Middle East, the most “combustible situation” would be a spill-over of the Israel-Hamas conflict into nearby states, including Iran, which could “spiral into a regional conflict with global and military implications.” The primary risk of this form of escalation would be a disruption of the transit of energy supplies through the Strait of Hormuz, through which around 20% of global oil supply is shipped.



But Temple argued that all parties, including Iran, Israel and the United States have strong incentives to avoid this outcome, and that the most economically consequential geopolitical situation is China’s multi-faceted tensions with the West over competition and Taiwan.



“Early 2024 Taiwan elections will set the stage for the rest of the year. The Democratic Progressive Party (DPP) is currently well ahead of the more Beijing-friendly Kuomintang (KMT),” he noted.



“A DPP victory would likely escalate tension with Beijing as the DPP is seen as favoring a formal declaration of independence, a red line for the Chinese government.”



A clear result of both direct industrial competition between China and the U.S. and concerns over China’s intentions in Taiwan is growing supply chain fragmentation, as trade tariffs and barriers along with post-Covid logistical concerns have led developed economies to pursue “friend-shoring” or “near-shoring” policies.



“These plans are proving more difficult than policymakers might have envisioned, given inertia around supply chains and the challenge of cultivating the necessary skills among workers in new locales,” Temple said.



“Still, geopolitical tension is contributing to economic fragmentation which, at least in the short run, may dampen global growth and contribute to inflationary forces.”



On a positive note, Temple suggested that sustained disinflation should allow the U.S. Federal Reserve and other central banks to consider cutting interest rates as early as the second quarter, which should “mitigate headwinds to growth and invigorate capital expenditures in anticipation of a cyclical economic rebound.”



<h3 class="wp-block-heading">Security and semiconductors</h3>



GSAM Head of Asset &amp; Wealth Management Marc Nachmann and his team expect critical mineral supply chains to receive attention due to their growing importance in the clean energy transition, along with their potential vulnerability to supply shocks.



As a result, GSAM suggested investors should avoid trying to time the market or make calls on binary political or geopolitical outcomes, but instead take a proactive approach to asset allocation based on “extensive bottom-up research.”



“We think companies that successfully align with corporate and government efforts to boost the security of supply chains and resources as well as national security will emerge as long-term winners,” the strategists said, adding that firms with pricing power, durable business models and strong balance sheets should be the focus.



“Public equity market may present opportunities to gain targeted exposure to more established firms that produce semiconductors and to semiconductor manufacturing equipment, as well as to industrial automation and technology companies that are facilitating the reshoring of manufacturing.”



Demand for natural gas products is likely to rise, as nations seek affordable, reliable and sustainable energy, GSAM predicted, while growing and more complex security threats create opportunities for cybersecurity platforms and aerospace and defense technology providers.

107336684-1700507290931-gettyimages-1793715520-AFP_34474FX

Geopolitical instability and a packed election calendar have strategists wary of 2024

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="507" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/6KC77RFN7RNKTEDE5FOCEDTGIM-820x507.jpg" alt="" class="wp-image-429194" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/6KC77RFN7RNKTEDE5FOCEDTGIM-820x507.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/6KC77RFN7RNKTEDE5FOCEDTGIM-300x185.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/6KC77RFN7RNKTEDE5FOCEDTGIM-146x90.jpg 146w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/6KC77RFN7RNKTEDE5FOCEDTGIM-768x474.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/6KC77RFN7RNKTEDE5FOCEDTGIM-1536x949.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/6KC77RFN7RNKTEDE5FOCEDTGIM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A customer compares prices while shopping at a Pick and Pay shop in East London, in the Eastern Cape province, South Africa, March 17, 2023. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



Nov 21 (Reuters) &#8211; South Africa&#8217;s business confidence slipped in the fourth quarter, mainly due to weak local demand for vehicles as consumer incomes remained under pressure in the face of high borrowing costs, data showed on Tuesday.



A survey by the Rand Merchant Bank (RMB) and compiled by the Bureau for Economic Research showed the business confidence index fell to 31 points in the fourth quarter, from 33 points in the previous three months.



Confidence among new vehicle dealers, who have been reporting very high inventory levels, dropped 24 points &#8211; the lowest level since the second quarter of 2020, when South Africa imposed its strictest COVID-19 lockdown.



Rising borrowing costs in Africa&#8217;s third-largest economy has curtailed consumer spending, while businesses are struggling to pass on higher input costs to buyers.



Respondents on the survey also pointed to logistical challenges, ranging from delays at the harbours to dealing with potholes and a struggle to receive timely payments for delivered goods.



The bright spot, however, was a 15-point jump in confidence among respondents in the retail sector, which has struggled with high operating costs due to power cuts.



While the cost pressures have slightly eased, non-durable retailers reported a steep decline in volumes due to price increases of late, according to the survey.



&#8220;Structural supply constraints around infrastructure and electricity remain a key challenge to operating in the South African business environment. However, the decline in the RMB/BER Business Confidence Index also reflects underlying demand weakness,&#8221; said Isaah Mhlanga, chief economist and head of research at RMB.



(Reporting by Eva Mathews in Bengaluru; Editing by Dhanya Ann Thoppil)

South Africans face more interest rate hike pain as inflation sticks

South Africa’s business confidence slips in fourth quarter – survey

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/09/GettyImages-1240090144-820x547.jpg" alt="" class="wp-image-419915" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/09/GettyImages-1240090144-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/GettyImages-1240090144-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/GettyImages-1240090144-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/GettyImages-1240090144-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/GettyImages-1240090144-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/GettyImages-1240090144-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The World Bank Group headquarters in Washington, D.C., U.S., on Tuesday, April 19, 2022. The International Monetary Fund (IMF) slashed its world growth forecast by the most since the early months of the Covid-19 pandemic, and projected even faster inflation, after Russia invaded Ukraine and China renewed virus lockdowns. Photographer: Al Drago/Bloomberg via Getty Images</figcaption></figure>



The World Bank, Germany and the African Development Bank have agreed to provide $1.9 billion in funding for South Africa’s Just Energy Transition plan as the country scrambles to overcome power shortages that have curtailed economic growth in the past two years.



South Africa’s National Treasury said the concessional loans will enable it to raise other funding at affordable rates and would also be used in funding its reforms. The World Bank is providing $1 billion while the AfDB will give $300 million dollars with Germany’s KfW bank lending $547 million.



The loans &#8220;…are in line with the National Treasury’s funding strategy to diversify its funding mix for international borrowing and access concessional financing instruments offered by the development partners to support government’s key reforms under climate change and the electricity sector,’’ the government said in a statement. &#8220; These facilities also enable the National Treasury to raise funding at very affordable rates which help to reduce the government public debt.’’



South Africa is battling its worst power shortages this year as power utility Eskom struggles to keep its ageing coal-fired power stations operating. The government has in response agreed an $8.5 billion energy transition plan with donors which it has lately suggested needs refinement.



Yesterday, South Africa announced it had approved an implementation plan for the program, which it said will guide the country’s transition to a low carbon economy by scaling up power from renewable energy sources. &nbsp;



Minister in The Presidency, Khumbudzo Ntshavheni, said the plan will be a combination of reforms in the energy sector, including the Mpumalanga Just Transition, new energy vehicles and green hydrogen.



The World Bank, Germany and AfDB loans have grace periods ranging from two to five years while repayment terms are from 12 to 15 years.



&#8220;These agreements signify and reinforce the excellent collaborative efforts between the Government of Germany, World Bank and AfDB and our government, that has ensured the successful conclusion of the loans,’’ the National Treasury said.

IMF And World Bank Headquarters During Virtual Spring Meetings

World Bank, Germany and AfDB fund South Africa’s Just Energy Transition

<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/copper-1711056_1920-820x547.jpg" alt="" class="wp-image-403458" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/copper-1711056_1920-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/copper-1711056_1920-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/copper-1711056_1920-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/copper-1711056_1920-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/copper-1711056_1920.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Photo: via Pixabay</figcaption></figure>



Nov 21 (Reuters)&nbsp;&#8211;&nbsp;Copper prices hit their highest in two months on Tuesday due to supply concerns in Peru and Panama, while a weaker U.S. dollar also lent support.



Three-month copper on the London Metal Exchange (LME)&nbsp;CMCU3&nbsp;rose 0.3% to $8,456 per metric ton by 0744 GMT, after earlier reaching $8,464.50, the highest since Sept. 15.



The most-traded December copper contract on the Shanghai Futures Exchange (SHFE)&nbsp;SCFcv1&nbsp;closed up 0.6% at 68,280 yuan ($9,468.74) a ton. It hit 68,550 yuan earlier in the session, the highest since Sept. 21.



&#8220;Renewed copper mine supply concerns have supported this move,&#8221; ANZ analysts said in a note.



Workers at Las Bambas copper mine in Peru will kick off an &#8220;indefinite&#8221; strike from next week, and First Quantum Minerals FM.TO will carry out maintenance at its Cobre Panama mine from Nov. 23 due to coal supplies being blocked by protesters.



The dollar index&nbsp;.DXY&nbsp;hit its lowest since Sept. 1 on expectation that U.S. interest rates would fall next year, making greenback-priced metals cheaper to holders of other currencies.



&#8220;We have seen bigger upside moves across the base metals complex, supported by a weaker dollar. Overall, we are becoming slightly more bullish for metals in the coming weeks,&#8221; broker Sucden Financial said in a note.



LME aluminium&nbsp;CMAL3&nbsp;rose 0.4% to $2,253.50 a ton, nickel&nbsp;CMNI3&nbsp;edged down 0.5% at $16,875, zinc&nbsp;CMZN3&nbsp;dipped 0.2% to $2,558, lead&nbsp;CMPB3&nbsp;eased 0.1% to $2,273.50 and tin&nbsp;CMSN3&nbsp;lost 0.1% to $24,860.



SHFE aluminium&nbsp;SAFcv1&nbsp;eased 0.1% to 18,920 yuan a ton, zinc&nbsp;SZNcv1&nbsp;was down 0.8% at 21,210 yuan, while lead&nbsp;SPBcv1&nbsp;fell 1.6% to 16,830 yuan and tin&nbsp;SSNcv1&nbsp;shed 1.3% to 207,320 yuan.



Meanwhile, SHFE nickel hit a 14-month low of 132,370 yuan a ton. The contract is down 34% so far this year, the worst performer across all base metals on the SHFE due to oversupply concerns.



For the top stories in metals and other news, click&nbsp;TOP/MTL&nbsp;or&nbsp;MET/L



($1 = 7.2111 yuan)



(Reporting by Mai Nguyen in Hanoi; Editing by Subhranshu Sahu, Varun H K and Mrigank Dhaniwala)

copper-1711056_1920

Copper hits 2-month high on supply concerns, soft dollar

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="422" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/Platinum-prices-to-climb-as-palladium-sinks.jpg" alt="" class="wp-image-429179" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/Platinum-prices-to-climb-as-palladium-sinks.jpg 640w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/Platinum-prices-to-climb-as-palladium-sinks-300x198.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/Platinum-prices-to-climb-as-palladium-sinks-136x90.jpg 136w" sizes="auto, (max-width: 640px) 100vw, 640px" /></figure>



LONDON, Nov 21 (Reuters) &#8211; Platinum will register a smaller supply deficit in 2024 after a record one in 2023 due to lower consumption and higher output, the World Platinum Investment Council (WPIC), whose members are major Western platinum producers, said on Tuesday.



 Demand for platinum, which is used in catalytic converters to reduce harmful emissions from vehicle exhaust systems among other applications, is expected to decline by 6% to 7.7 million troy ounces in 2024 due to reduced consumption by glassmaking and chemical sectors, the WPIC said in a quarterly report.



 Yet, demand from the auto sector is expected to increase for the fourth consecutive year in 2024. Stricter emissions regulation, higher jewellery consumption and widening substitution by automakers of palladium for cheaper platinum will further support demand.



 Supply, meanwhile, is expected to rise by 3% to 7.3 million ounces due to higher output in South Africa, though downside risks for both mined and recycling supply persist after this year&#8217;s decrease in the platinum group metals&#8217; price.



 That will leave the market under supplied by 353,000 ounces in 2024 compared with the record deficit of 1.07 million ounces this year, the WPIC said, adding that the platinum market is now facing consecutive deficits.



 The WPIC expects availability of above-ground stocks to continue to decline with most of the stocks held in China and not readily able to be exported. At the end of 2023, the above-ground stocks will be at a three-year low, equal to five months of demand.



 &#8220;The economic aftershocks of the past three years are still being felt in the platinum market and continue to affect market behaviour and prices today,&#8221; Trevor Raymond, the WPIC chief executive, said in the report. Platinum prices are down 15% so far this year.



 As previously accumulated inventories in the automotive sector decline &#8220;with continued growth in vehicle production and sales, we foresee a return to more typical automaker platinum buying patterns, which could further tighten the market and place upward pressure on the platinum price,&#8221; Raymond added.



 PLATINUM SUPPLY/DEMAND (&#8216;000 oz)* 2022 2023 2024 2023/2022 2024/2023 estimate forecast change change 



SUPPLY



Refined Production: 5,522 5,551 5,743 1% 3%



<ul class="wp-block-list">
<li>South Africa 3,915 3,905 4,099 0% 5%</li>



<li>Zimbabwe 480 502 506 5% 1%</li>



<li>North America 263 268 302 2% 13%</li>



<li>Russia 663 684 634 3% -7%</li>



<li>Other 201 193 201 -4% 4% Change in producer +43 +57 0 inventory Total mining supply 5,565 5,608 5,743 1% 2% Recycling: 1,696 1,471 1,567 -13% 7%</li>



<li>Autocatalyst 1,255 1,048 1,132 -16% 8%</li>



<li>Jewellery 372 353 362 -5% 3%</li>



<li>Industrial 68 70 73 2% 4% <code>Total 7,261 7,079 7,310 -3% 3%</code> supply <code>DEMAND</code> Automotive 2,867 3,262 3,312 14% 2% Jewellery 1,899 1,852 1,903 -3% 3% Industrial: 2,335 2,652 2,367 14% -11%</li>



<li>Chemical 685 753 585 10% -22%</li>



<li>Petroleum 193 170 156 -12% -8%</li>



<li>Electrical 106 92 90 -13% -3%</li>



<li>Glass 505 756 623 50% -18%</li>



<li>Medical 273 283 292 4% 3%</li>



<li>Other 573 598 620 4% 4% Investment: -640 385 82 N/A -79%</li>



<li>Change in 225 305 172 36% -44% bars/coins</li>



<li>Change in ETF -558 50 -120 holdings</li>



<li>Change in stocks -307 30 30 held by exchanges Total 6,461 8,150 7,663 26% -6% Demand <code>Balance 800 -1,071 -353 Above 4,687 3,615 3,262 -23% -10%&lt;/code&gt;&lt;/pre&gt;Ground Stocks Source: World Platinum Investment Council, Platinum Quarterly Q3 2023. (Reporting by Polina Devitt Editing by Sharon Singleton)</code></li>
</ul>

Platinum-prices-to-climb-as-palladium-sinks

Platinum market faces smaller deficit in 2024, WPIC says

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="360" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/03/istockphoto-1250489640-640x640-1.jpg" alt="" class="wp-image-400524" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/03/istockphoto-1250489640-640x640-1.jpg 640w, https://cms.cnbcafrica.com/wp-content/uploads/2021/03/istockphoto-1250489640-640x640-1-300x169.jpg 300w" sizes="auto, (max-width: 640px) 100vw, 640px" /><figcaption class="wp-element-caption">World Bank on glass building. Mirrored sky and city modern facade. Global capital, business, finance, economy, banking and money concept seamless and loopable 3D rendering animation.</figcaption></figure>



NAIROBI, Nov 20 (Reuters)&nbsp;&#8211;&nbsp;The World Bank said on Monday that it foresaw $12 billion of support to Kenya over the next three years, potentially a major boost to the East African country&#8217;s strained finances.



The bank said in a statement that the total amount was subject to the approval of its executive directors and other factors that could influence its lending capacity.



Kenya&#8217;s public finances have been pressured by the legacy of the COVID-19 pandemic and frequent climate change-induced droughts.



&#8220;The World Bank is fully committed to support Kenya in its journey to become an upper-middle-income country by 2030,&#8221; the statement said.



&#8220;Subject to the World Bank Executive Directors approval of new operations, and to factors which may affect the bank&#8217;s lending capacity, this implies a total financial package of $12 billion over the three years.&#8221;



World Bank Country Director Keith Hansen said the $12 billion comprised money Kenya currently had available from the International Development Association, the International Bank for Reconstruction and Development, the International Finance Corporation and the Multilateral Investment Guarantee Agency, &#8220;plus what we expect to provide in the coming three years&#8221;.



&#8220;This will likely include Development Policy Operations as well as new investments in a wide range of sectors such as energy, health, transport and water,&#8221; Hansen said.



Kenya has faced acute liquidity challenges caused by uncertainty over its ability to access funding from financial markets before a $2 billion Eurobond matures next June.



Last week the International Monetary Fund reached a staff-level agreement with Kenya, unlocking immediate access to another $682 million tranche of funding and boosting its current lending programme by $938 million.



Hansen said in light of recent government announcements and the IMF staff agreement, the World Bank wanted to &#8220;make clear the likely magnitude of resources Kenya can count on&#8221;.



(Reporting by George Obulutsa and Elias Biryabarema; Editing by Alexander Winning and Alex Richardson)

istockphoto-1250489640-640×640

World Bank sees $12 billion support to Kenya over next 3 years

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="740" height="416" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106917267-1627376925447-gettyimages-969639316-SOUTH_AFRICA_PORT-1.jpeg" alt="" class="wp-image-410779" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106917267-1627376925447-gettyimages-969639316-SOUTH_AFRICA_PORT-1.jpeg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106917267-1627376925447-gettyimages-969639316-SOUTH_AFRICA_PORT-1-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/106917267-1627376925447-gettyimages-969639316-SOUTH_AFRICA_PORT-1-140x80.jpeg 140w" sizes="auto, (max-width: 740px) 100vw, 740px" /><figcaption class="wp-element-caption">Transnet
Bloomberg | Bloomberg | Getty Images</figcaption></figure>



Nov 20 (Reuters)&nbsp;&#8211;&nbsp;South African state-owned logistics company Transnet said on Monday it was suspending processing trucks carrying coal to its Richards Bay terminal in order to restore order after unprecedented traffic coming into the port.



The company is struggling to provide sufficient freight rail and port capacity to transport bulk minerals coal, iron ore, manganese and chrome to export markets as its rail operations are hobbled by shortages of locomotives and spares as well as cable theft and vandalism. Ports operated by Transnet have also struggled with bad weather and underinvestment in equipment.



Transnet was suspending ship booking services for coal loads brought by trucks at least until current bookings, which run up to February 2024, are cleared, said Richards Bay Terminal&#8217;s managing executive Thulasizwe Dlamini.



&#8220;We have seen an unprecedented number of trucks coming to the terminal. We will temporarily freeze vessel nominations,&#8221; Dlamini told a media briefing, using the industry term for booking shipments.



A surge in demand for coal in Europe and Asia over the past two years, and particularly since Russia&#8217;s invasion of Ukraine last year, has brought hundreds of trucks onto the route leading to South Africa&#8217;s main coal export terminal in Richards Bay on the east coast.



The high volumes of trucks rolling into the port were disrupting business, causing congestion on the roads and raising safety problems for the municipal authorities, Dlamini said.



&#8220;The intention is not to frustrate the movement of coal out of the country, but to create order,&#8221; he added.



Mining companies, which say they have lost billions of rand in potential export revenue due to Transnet&#8217;s infrastructure problems, have resorted to trucking minerals to ports, a more expensive and environmentally damaging option.



In 2022, about 41 million metric tons of mineral ores, requiring the capacity of nearly 1.4 million 30-ton trucks, were transported to South African ports by road, according to the country&#8217;s Minerals Council.



(Reporting by Nelson Banya; Editing by Susan Fenton)

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featured

South African central bank holds main rate but warns on inflation risks

Stocks climb higher; Turkey, South Africa central bank decisions on tap

Sam Altman’s back. Here’s who’s on the new OpenAI board and who’s out

Nigeria lawmakers approve mid-term fiscal plan for next three years

The Richest People In Africa

Markets ease after rally; South African, Israeli assets in focus

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Geopolitical instability and a packed election calendar have strategists wary of 2024

South Africa’s business confidence slips in fourth quarter – survey

World Bank, Germany and AfDB fund South Africa’s Just Energy Transition

Copper hits 2-month high on supply concerns, soft dollar

Platinum market faces smaller deficit in 2024, WPIC says

World Bank sees $12 billion support to Kenya over next 3 years

South Africa’s Transnet curbs coal trucks at Richards Bay terminal due to congestion

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