How Firefighting Planes And Helicopters Are Battling The LA Fires

Binance CEO talks the future for crypto in 2025

How China’s New AI Model DeepSeek Is Threatening U.S. Dominance

A 2,000-year-old martial art is using VR to reinvent itself

<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="640" height="800" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/Dr.-Obiageli-Ezekwesili-640x800.jpg" alt="" class="wp-image-578278" style="width:640px;height:auto" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/Dr.-Obiageli-Ezekwesili-640x800.jpg 640w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/Dr.-Obiageli-Ezekwesili-240x300.jpg 240w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/Dr.-Obiageli-Ezekwesili-72x90.jpg 72w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/Dr.-Obiageli-Ezekwesili-768x960.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/Dr.-Obiageli-Ezekwesili.jpg 819w" sizes="auto, (max-width: 640px) 100vw, 640px" /><figcaption class="wp-element-caption">Dr. Obiageli “Oby” Ezekwesili, Founder and CEO of Human Capital Africa</figcaption></figure>



As we commemorate the 2025 International Day of Education, Artificial Intelligence (AI) leads global headlines, social media chatter, boardroom discussions, and policy debates. This year&#8217;s theme, &#8220;AI and Education: Preserving Human Agency in a World of Automation,&#8221; reflects this focus. Artificial Intelligence promises to reshape every aspect of our lives, including the global labor markets. While this technological revolution promises increased productivity and innovation, it raises eyebrows about job displacement and the future of human work. Amidst these changes, one truth remains constant: the foundation for developing the most automation-resistant skills is built through strong foundational learning in the early years of life: basic literacy, numeracy, and transferable skills, such as socio-emotional skills, cognitive reasoning, analytical thinking, and more.



The recently released World Economic Forum&#8217;s 2025 Future of Jobs Report paints a clear picture: as automation accelerates, unique human capabilities—analytical thinking, creative problem-solving, resilience and flexibility, and leadership—become increasingly valuable. These skills are the backbone of human agency in an increasingly automated world. As Africa continues to drive global workforce growth in the coming years, there is an urgent need to match this demand with quality supply. This process begins at the foundational level.



These higher-order cognitive and socio-emotional skills are not inherently innate; the evidence indicates that they are cultivated through early and consistent exposure to quality foundational learning. A Stanford University study observed that just after one year of early math lessons—similar to lessons delivered under Zambiaʼs Catch Up program—children&#8217;s brains showed significant changes in regions responsible for working memory and numerical processing. This neuroplasticity in early childhood forms the basis for more complex problem-solving and analytical thinking later in life. Moreover, structured investment in socio-emotional learning skills through SEL programs has been found to improve not only academic performance but also deepen long-term resilience and a host of other pro-social behaviours.



It is clear that the AI revolution strengthens the argument for investing in foundational education. Human agency in the age of AI is not fostered through coding bootcamps; it is primarily developed in pre-primary and primary school classrooms. This is where children first learn to decode text, understand numbers, and think critically. When a child learns to read with comprehension, they are not just acquiring a skill—they are building the cognitive foundation necessary to question, analyze, and influence the world around them. Similarly, when they master basic mathematics, they are establishing the mental frameworks required to understand and control technological tools—including AI—rather than merely being controlled by them.



The stakes could not be higher for Africa. With the continent poised to make the largest contribution to the global labor market due to its young and growing population (sub-Saharan Africa is expected to account for over 70% of the growth in the worldʼs working-age population by 2050), ensuring strong foundational skills becomes an economic necessity. We have observed leadership across the continent, with countries such as Rwanda and Mauritius publishing comprehensive national AI strategies and Nigeria, Kenya, and South Africa showing an ever-increasing number of AI innovations with strong applications in the education sector. The African Union&#8217;s Artificial Intelligence Strategy also envisions us as leaders in technological innovation. But of course, leadership itself requires human agency: the ability to understand, question, and direct technological change rather than merely adapt to it. Understanding and mitigating AI risks, tackling the digital divide, leading the design, training, and operation of ethical AI systems which are African-centred—all ambitions laid out within our continental strategy for AI—require the highest levels of human agency, which is predicated on structured investments in foundational learning.



Consider this stark reality: In an age where AI can generate text, create images, and solve complex problems, what happens to those—9 in 10 African children—who cannot read, write, or perform basic calculations by age 10? They become dependent on AI systems that they cannot critically evaluate or meaningfully engage with. This is not just a digital divide; it&#8217;s an agency divide that threatens to reinforce neo-colonial patterns of technological dependence.



The path forward is clear. African leaders must prioritize education at large—particularly foundational learning—as the bedrock of technological agency. By focusing on foundational learning, we are not choosing between basic and advanced skills; rather, we are building the essential base upon which all future learning, including in emerging technologies, can be constructed. The evidence is clear: interventions such as Teaching-at-the-Right Level (TaRL) and structured pedagogy programs can boost learning outcomes in early grades, deliver cost-savings, and in turn build uniquely human skills—such as analytical thinking, creative problem-solving, resilience and flexibility, and leadership—which will hold value in future labor markets and laying the cognitive foundation for technological empowerment.



While foundational learning is crucial, a holistic approach to education in the AI era will require broader interventions. By combining these interventions with a strong focus on foundational learning, African education systems can nurture students prepared to participate meaningfully in future labor markets and foster skills for Africaʼs technological leadership.



I join the Foundational Learning Hub and partners to call upon African governments, donors, the private sector, and the broader education community to leverage the advancements in AI and edtech and apply them to strengthen our educational systems further. To ensure the best results:



<ol class="wp-block-list">
<li>Edtech innovations must be carefully developed and implemented with instructional rigor, evidence, equity, privacy, and safeguarding at their core.</li>



<li>EdTech solutions that are developed must improve on the quality of teaching and be integrated into existing government-led, foundational learning programs to ensure they can equitably impact and improve learning outcomes at scale.</li>



<li>African governments must prioritise the implementation of cost-eﬃcient and proven pedagogical approaches like Structured Pedagogy and TARL; and provide an enabling environment for innovation and technology to support delivering them at scale.</li>



<li>African governments must recognise connectivity, cost, and infrastructure constraints in Africa and work towards developing digital public infrastructure and products that can be scaled within that context.</li>



<li>African governments must integrate digital literacy to curricula, and donors must ensure it is represented in programme design. Teachers must be empowered to teach with AI, as well as teach about AI, driving utility and ensuring that the broader application of AI to development priorities can be accelerated.</li>



<li>Donors and funders must enhance their focus and funding on foundational learning skills in Africa, increasing support for contextually relevant technology innovation that can be delivered at scale and have an impact on learning. While also investing in further developing the evidence base to inform AI product development.</li>
</ol>



As AI systems become more powerful, the question of human agency becomes more urgent. Will our children be able to understand, question, and direct these systems, or will they be directed by them? Again, the answer depends on what happens today in our primary school classrooms.

Dr. Obiageli Ezekwesili

Foundational Learning: Empowering Africaʼs Agency and Development in the Age of AI

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108090637-1737563597358-1U8A1421-820x461.jpg" alt="" class="wp-image-578258" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108090637-1737563597358-1U8A1421-820x461.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108090637-1737563597358-1U8A1421-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108090637-1737563597358-1U8A1421-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108090637-1737563597358-1U8A1421-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108090637-1737563597358-1U8A1421-1536x864.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108090637-1737563597358-1U8A1421.jpg 1600w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Rachel Reeves, UK Finance Minister, speaking on CNBC’s Squawk Box outside the World Economic Forum in Davos, Switzerland on Jan. 22, 2025. Gerry Miller | CNBC</figcaption></figure>



The U.K. will soften some planned changes to its controversial non-dom tax rule following concerns of a millionaire exodus, the Treasury has confirmed.



Britain’s 200-year-old non-dom regime permits people living in the U.K., but who are domiciled elsewhere for tax purposes, to avoid paying levies on income and capital gains earnings overseas for up to 15 years. The regime has long courted controversy, leading U.K. Finance Minister Rachel Reeves in her October budget to confirm that it would be abolished from April 2025, and that all long-term residents would be subject to inheritance tax on their worldwide assets, including those held in trust.



Speaking at a fringe event at the World Economic Forum in Davos, Reeves said the government would soon put forward an amendment to the country’s Finance Bill, increasing the generosity of a rule which allows non-doms to bring money to the UK without paying significant taxes.&nbsp;



“We have been listening to the concerns that have been raised by the non-dom community,” Reeves told The Wall Street Journal’s Emma Tucker when asked about recent departures of the ultra-wealthy.



“In the finance bill, we will be tabling an amendment which makes more generous the temporary repatriation facility, which enables non-doms to bring money into the UK without paying significant taxes,” she added.



Reeves on Thursday also sought to reassure wealthy overseas investors that the changes would not affect double-taxation agreements held between the U.K. and other countries.



“There’s been some concerns from countries that have double taxation conventions with the U.K., including India, that they would be drawn in to be paying inheritance tax. That’s not the case. We’re not going to be changing those double taxation conventions,” she said.



In a statement to CNBC confirming the plans, a Treasury spokesperson said the tweaks were designed to motivate non-doms “to bring their funds to the U.K., encouraging them to spend and invest this money here.”



“While we do not expect these changes to impact the £33.8 billion of tax revenue that the OBR forecast to raise over five years, they reflect our continued engagement with stakeholders to make sure the reforms announced at Budget operate as intended,” the statement added.



The government’s October clampdown on non-doms formed part of wider measures aimed at the upper echelons, with new levies placed on private equity bosses, private schools, second homes and private jets.



Critics warned at the time that the moves would spark a mass exit of ultra wealthy individuals — many of whom, they said, would be key contributors to the government’s pro-investment agenda.



An estimated 10,800 millionaires left the U.K. last year, according to updated figures from global analytics firm New World Wealth and investment migration advisers Henley &amp; Partners, a 157% increase on 2023.



<a href="https://www.cnbc.com/live-tv/"></a>

108090637-1737563597358-1U8A1421

UK to soften tax rules for wealthy foreigners after millionaire exodus, Rachel Reeves says

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="3635" height="2633" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/VBIWQECG2BIYTB5AT2YWGLXVKE.avif" alt="" class="wp-image-578255"/><figcaption class="wp-element-caption">One of the rail-mounted stacker reclaimers that scoop up and transfer coal into and out of the yard is seen at Africa&#8217;s largest coal export facility, the Richards Bay Coal Terminal, Richards Bay harbour, South Africa, June 21, 2018. REUTERS/Tanisha Heiberg/File Photo</figcaption></figure>



Jan 24 (Reuters)&nbsp;&#8211;&nbsp;Coal exports from South Africa&#8217;s Richards Bay Coal Terminal (RBCT) rose 10% to 52.08 million metric tons in 2024, the highest in three years, amid signs of improving freight rail performance.



South Africa&#8217;s coal shipments have declined from 76 million tons in 2017, mainly due to state-owned freight rail and port operator Transnet&#8217;s lack of capacity to haul commodities to export markets.



Coal exports through RBCT, South Africa&#8217;s main coal export terminal, fell to 47.21 million tons in 2023, the lowest since 1992.



Transnet&#8217;s struggles are blamed on a lack of locomotives and spares, as well as cable theft and vandalism of its infrastructure. This has forced some minerals exporters to resort to trucking to port, with some commodity cargo now going through Mozambique.



However, some major coal exporters, including Thungela Resources and Exxaro Resources, said they noted improved freight rail performance during the second half of 2024.



RBCT said in a performance update on Friday that 6,342 trains were offloaded at the terminal in 2024, up from 5,820 the year before. The average number of trains also edged up to 17 per day in 2024, from 16 the previous year.



In 2024, Asia&#8217;s share of South Africa&#8217;s coal exports increased to 43.99 million tons, or 84.5% of the total, up from 37.1 million the previous year. India accounted for 25.75 million tons of the exports, while Pakistan imported 2.37 million tons.



Shipments to Europe, which surged to 14.3 million tons in 2022 after the European Union banned coal from Russia following the invasion of Ukraine, further declined to 3.54 million tons last year, after falling to 6.8 million tons in 2023.



(Reporting by Nelson Banya; Editing by Mark Potter)

VBIWQECG2BIYTB5AT2YWGLXVKE

S.Africa’s Richards Bay exports up 10% in 2024 amid rail improvement

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-820x461.jpg" alt="" class="wp-image-400641" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-820x461.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-1536x864.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A collection of mixed denomination South African rand coins sit in an arranged photo in Johannesburg, South Africa, on Thursday, June 22, 2017. South Africas inflation rate rose for the first time this year in May after food-price growth quickened from the slowest pace since December 2015. Photographer: Waldo Swiegers/Bloomberg via Getty Images</figcaption></figure>



JOHANNESBURG, Jan 24 (Reuters) &#8211; South Africa&#8217;s rand firmed on Friday against a weaker dollar after U.S. President Donald Trump demanded lower interest rates from the Federal Reserve, driving down Treasury yields.



At 0848 GMT, the rand traded at 18.35 against the U.S. dollar, about 1% stronger than its previous close. The greenback last traded about 0.6% weaker against a basket of currencies.



Data out of the world&#8217;s biggest economy on Thursday showed a rise in weekly jobless claims, while Trump, speaking virtually at the World Economic Forum meeting at Davos, said he would demand lower interest rates.



The&nbsp;jobless claims and Trump&#8217;s remarks&nbsp;led to a revision of U.S. rate cut expectations and drove&nbsp;U.S. Treasury yields lower on Friday, ETM Analytics said in a research note.



&#8220;In turn, the dollar has come under renewed pressure, with the rand taking advantage as it trades to its strongest levels since before Christmas. Whether the rand bulls can sustain this momentum into the weekend remains to be seen.&#8221;



But analysts said that although dollar weakness supports the local currency, tariff risks posed by Trump and a fragile global sentiment could limit further gains.



Next week, domestically focused investors will look to the South African Reserve Bank (SARB) when it announces its first interest rate decision for 2025 on Jan. 30.



&#8220;With the SARB, Fed and (European Central Bank) meetings ahead, central bank guidance will heavily influence (foreign exchange) and bond markets,&#8221; said Andre Cilliers, currency strategist at TreasuryONE.



South Africa&#8217;s benchmark 2030 government bond was stronger, with the yield down 8 basis points to 8.975%.



On the Johannesburg Stock Exchange, the blue-chip Top-40 index last traded up more than 1%.



(Reporting by Tannur Anders; additional reporting by Sfundo Parakozov; editing by Rashmi Aich and Mark Heinrich)

South African Economy As Inflation Rate Rises For First Time In 2017

South African rand rallies against weaker dollar, US Fed rates in focus

<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/GettyImages-1931982369-820x547.jpg" alt="" class="wp-image-578192" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/GettyImages-1931982369-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/GettyImages-1931982369-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/GettyImages-1931982369-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/GettyImages-1931982369-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/GettyImages-1931982369-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/GettyImages-1931982369-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Wale Edun, Nigeria&#8217;s finance minister, during a Bloomberg Television interview on day two of the World Economic Forum (WEF) in Davos, Switzerland, on Wednesday, Jan. 17, 2024. The annual Davos gathering of political leaders, top executives and celebrities runs from January 15 to 19. Photographer: Stefan Wermuth/Bloomberg via Getty Images</figcaption></figure>



DAVOS, Switzerland, (Reuters) &#8211; Nigeria needs to double economic growth within the next year or two from an annualized rate of 3.5% in the third quarter to lift its population out of poverty, its finance minister told Reuters on Thursday at the World Economic Forum&#8217;s annual meeting.



Finance Minister and Coordinating Minister for the Economy Wale Edun said Nigeria was on the path to growth after a year of tough economic reforms that sent inflation soaring, but should open the door for more investment.



Edun said he had been meeting in Davos this week with business leaders in the areas of consumer goods, food and beverages, financial services and infrastructure to promote investments, he said in a Thursday interview.



&#8220;It&#8217;s a steady trickle now. What we want is a stream and at the end of the day a flood of investment,&#8221; he said.



Nigeria has been trying to encourage private investment rather than rely on borrowing to create jobs, as the government searches for a solution to sluggish growth, double-digit inflation and a heavy debt burden.



President Bola Tinubu has vowed to expand the economy by at least 6% a year, create jobs and unify the exchange rate, while also tackling rampant insecurity.



Tinubu scrapped a popular but costly petrol subsidy and lifted foreign exchange trading restrictions. That contributed to consumer inflation, but Edun expressed confidence that Nigerians would soon be past their cost of living crisis.



Central Bank Governor Olayemi Cardoso on Thursday said he expected the economy to expand by 4.17% this year, driven by ongoing reforms and stabilising inflation.



(Writing by Chijioke Ohuocha; Editing by Mark Potter)

Day Two Of The World Economic Forum (WEF) 2024

Nigeria needs to double economic growth within a year or two, finance minister says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="573" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/JMH4QG7UXFNEBLQ2OHFWN3ZYEQ-820x573.jpg" alt="" class="wp-image-578172" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/JMH4QG7UXFNEBLQ2OHFWN3ZYEQ-820x573.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/JMH4QG7UXFNEBLQ2OHFWN3ZYEQ-300x210.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/JMH4QG7UXFNEBLQ2OHFWN3ZYEQ-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/JMH4QG7UXFNEBLQ2OHFWN3ZYEQ-768x537.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/JMH4QG7UXFNEBLQ2OHFWN3ZYEQ-1536x1074.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/JMH4QG7UXFNEBLQ2OHFWN3ZYEQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Solar panels are seen near the cooling towers of a retired coal-fired Komati Power Station, operated by Eskom, near Komati village, in the Mpumalanga province in South Africa, May 9, 2024. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, Jan 24 (Thomson Reuters Foundation)&nbsp;&#8211;&nbsp;Inconsistent government and corporate climate strategies may see poorer regions left behind in the transition away from polluting industries to green jobs, according to new research.



Wealthier cities like Durban, Cape Town and Johannesburg, have more advanced plans to cut emissions and adapt to climate impacts than less affluent regions, said the analysis of more than 50 government and corporate entities by South African non-profit SouthSouthNorth (SSN).



&#8220;If poorer provinces are left behind, the socio-economic divide will widen, disproportionately affecting vulnerable groups such as miners, informal workers and women,&#8221; said Samson Mbewe, an SSN project lead.



The northeastern province of Mpumalanga, for example, is the heartland of South Africa&#8217;s coal production. The closure of coal plants there could lead to sharp rises in unemployment if new green jobs do not fill the void, Mbewe said.



The country&#8217;s new Climate Change Act requires all levels of government to align their policies and actions with its goals of a low-carbon economy through, for example, setting and mandating greenhouse gas emission targets for companies.



But the analysis of these entities showed significantly different levels of preparation, a discrepancy that could lead to the regions with already high levels of unemployment being left behind when it comes to new jobs in the clean energy economy, the report warns.



South Africa is Africa&#8217;s most industrialised nation, with more than 80% of its power drawn from its coal reserves, according to the Department of Mineral Resources and Energy. It is also one of the top 15 greenhouse gas emitters worldwide, ahead of France and Britain.



In 2021, South Africa became the first country to accept the Just Energy Transition Partnership (JETP) deal in which richer nations pledged $8.5 billion to accelerate the country&#8217;s shift away from coal to renewables, while protecting local employment.



The term &#8220;just transition&#8221; refers to ensuring job creation in clean energy sectors as countries phase out polluting industries and move towards renewable energy, according to the presidential climate commission.



South Africa&#8217;s vast areas of sun-soaked land make it ideal for renewable energy projects that promise new jobs in a country suffering from 32% unemployment.



But communities are nervous that this type of work may be scarce and struggle to replace coal sector employment of some 90,000 people.



<h2 class="wp-block-heading" id="h-climate-change-act">CLIMATE CHANGE ACT</h2>



South Africa&#8217;s Climate Change Act was signed into law in July last year, but the SSN analysis found multinational firms and different layers of government had all made varied levels of progress.



&#8220;Our analysis of the climate plans of the key engines of South Africa&#8217;s economy reveals a patchwork of different approaches to achieving a fair, people-focused transition,&#8221; said Camilla Hyslop, data lead at Net Zero Tracker, a report partner.



Some companies&#8217; climate strategies make broad, sweeping pledges linked to achieving net zero emissions by 2050, but lack any wording around local employment and decent wages that need to be protected in the process, the analysis found.



&#8220;Some companies entirely overlook the need for a transition &#8211; just or otherwise,&#8221; Hyslop said.



The SSN analysis also found that the major cities were surpassing provincial climate policy strategies, which should learn from successful city actions.



For example, Durban&#8217;s plan goes into detail about reforestation projects that it says will help capture carbon.



But Kwazulu-Natal province, where Durban is found, speaks little about new, clean jobs that could replace those lost in polluting sectors such as petrochemical industries.



Less affluent, coal-dependent regions found in Mpumalanga have no formal net zero targets with no long-term structured plan on how the transition away from coal will take place.



<h2 class="wp-block-heading" id="h-patchwork-plans">PATCHWORK PLANS</h2>



The analysis recommendations include creating committees between different levels of government to better align climate plans, increased funding and technical support for poorer regions and incentivising companies to adopt robust transition plans.



Coordination between different government tiers would tackle a &#8220;missed opportunity&#8221; for provinces to draw inspiration from cities&#8217; climate plans said Ian Steuart, a senior economist at the Trade and Industrial Policy Strategies (TIPS).



But placing communities at the heart of these plans through bringing the policies to them in local forums is key, said Chantal Naidoo, executive director of Rabia Transitions, a South African transitions finance research and advisory non-profit.



&#8220;We work through civil society groups &#8230; saying to them, you need to help government understand what justice looks like at your level,&#8221; said Naidoo, who also worked on the JETP presidential investment plan.



(Reporting by Kim Harrisberg @KimHarrisberg; Editing by Jack Graham and Jon Hemming. The Thomson Reuters Foundation is the charitable arm of Thomson Reuters.)

FILE PHOTO: South Africa’s ANC walks political tight rope over coal plant shutdowns

South Africa’s patchwork climate plans risk widening inequality

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/54279620516_c7afabe6a8_o-820x547.jpg" alt="" class="wp-image-577956" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/54279620516_c7afabe6a8_o-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/54279620516_c7afabe6a8_o-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/54279620516_c7afabe6a8_o-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/54279620516_c7afabe6a8_o-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/54279620516_c7afabe6a8_o-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/54279620516_c7afabe6a8_o-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Duma Gideon Boko, President of Botswana; Godfrey Mutizwa, Chief Editor, CNBC Africa, South Africa; Leila Fourie, Group Chief Executive Officer, Johannesburg Stock Exchange, South Africa; Samaila Zubairu, President and Chief Executive Officer, Africa Finance Corporation &#8211; AFC, Lagos; Wamkele Keabetswe Mene, Secretary-General, African Continental Free Trade Area Secretariat, Accra; speaking in Africa’s Economy: Young and Fast session at the World Economic Forum Annual Meeting 2025 in Davos-Klosters, Switzerland, 21/1/2025, 17:30 – 18:15 at Congress Centre &#8211; Aspen 2. Stakeholder Dialogue. Copyright: World Economic Forum / Chris Heeney</figcaption></figure>



DAVOS, Switzerland, Jan 23 (Reuters)&nbsp;&#8211;&nbsp;Top diamond producer Botswana&#8217;s new President Duma Boko said on Thursday that he hoped to clinch a long-delayed sales pact with industry giant De Beers as early as Friday but underlined the need to diversify the Southern African nation&#8217;s economy.



Boko, a 55-year-old lawyer, took the reins of Botswana &#8211; one of Africa&#8217;s richest countries &#8211; in November following a landslide election upset that ended nearly six decades of rule by the Botswana Democratic Party (BDP).



He has made the task of finalising the deal with Anglo American&#8217;s De Beers unit an early priority.



Speaking at a Reuters NEXT Newsmaker at the World Economic Forum&#8217;s annual meeting in Davos, Switzerland, Boko said his government was in agreement with De Beers on most issues. All that remained was &#8220;tidying up&#8221;, he added.



Asked by Reuters Editor-in-Chief Alessandra Galloni when the deal would be signed, Boko said: &#8220;I&#8217;m hoping it is tomorrow. I mean it literally.&#8221;



Botswana and De Beers agreed a new pact in 2023, which would see the government&#8217;s share of diamonds from the Debswana joint venture gradually increase to 50% over the next decade. But it was never signed under Boko&#8217;s predecessor Mokgweetsi Masisi.



Debswana currently sells 75% of its output to De Beers.



In addition, Boko said talks aimed at increasing Botswana&#8217;s ownership stake in De Beers &#8211; currently at 15% &#8211; were &#8220;going well&#8221;.



Anglo American is looking to divest De Beers as part of a broader restructuring of its sprawling business.



<h2 class="wp-block-heading" id="h-challenges-and-opportunities">CHALLENGES AND OPPORTUNITIES</h2>



Like many African countries, Botswana&#8217;s economy is largely dependent on the export of a single commodity &#8211; in its case, diamonds, of which it is the world&#8217;s leading producer by value.



Unlike many of its continental neighbours, its leaders have invested their commodity windfall in health, education and social welfare.



The strategy has largely paid off. Botswana&#8217;s GDP per capita was $7,250 in 2023 &#8211; compared with an average for sub-Saharan Africa of $4,800, World Bank data shows.



Analysts, however, blamed mounting economic grievances, particularly among young people, for the downfall of the BDP, which had governed the nation of around 2.5 million people since independence from Britain in 1966.



&#8220;The so-called liberation parties did the best they could,&#8221; Boko said. &#8220;It seems to me that many of them have now outlived their welcome and their usefulness.&#8221;



On the campaign trail, Boko&#8217;s coalition pledged to more than double the minimum wage, improve social services and create a more independent judiciary, among other measures.



But the new president faces headwinds.



The economy likely contracted last year on a downturn in the global diamond market and unemployment has been on the rise.



The finance ministry is now forecasting a diamond rebound and GDP growth of 3% to 4% this year. However, Boko told the Reuters event that Botswana could not rely solely on diamonds.



&#8220;We are looking to power the economy of Botswana. We&#8217;re looking to diversify it,&#8221; he said, adding that his government would focus on the green economy, climate-smart agriculture, renewable energy and diversifying the mining sector.



While many world leaders are viewing the return to power of U.S. President Donald Trump with concern, Boko said the new Washington administration&#8217;s vow to bring its foreign policy in line with American self-interest was not necessarily a threat.



&#8220;(The) West has every reason to play its part in Africa, because if it doesn&#8217;t, there are others who will want to play some part. We have China in the wings, and it&#8217;s seeking&#8230; to exert influence on Africa,&#8221; he said.



(Additional reporting by Bhargav Acharya and Sfundo Parakozov in Johannesburg; Writing by Tannur Anders and Joe Bavier Editing by Alexander Winning, William Maclean)

World Economic Forum Annual Meeting 2025 in Davos-Klosters

Botswana president aims to clinch De Beers deal, diversify economy

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108091198-1737637105852-108090536-1737559226059-Untitled-2-820x461.jpg" alt="" class="wp-image-577907" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108091198-1737637105852-108090536-1737559226059-Untitled-2-820x461.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108091198-1737637105852-108090536-1737559226059-Untitled-2-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108091198-1737637105852-108090536-1737559226059-Untitled-2-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108091198-1737637105852-108090536-1737559226059-Untitled-2-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108091198-1737637105852-108090536-1737559226059-Untitled-2-1536x864.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108091198-1737637105852-108090536-1737559226059-Untitled-2.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">L-R: Satya Nadella, CEO of Microsoft, Marc Benioff, Chairman and CEO of Salesforce, and Elon Musk, CEO of Tesla and SpaceX. Reuters</figcaption></figure>



Some of the biggest names in technology have clashed after President Donald Trump unveiled his $500 billion private AI investment project.



Earlier this week, Trump announced a joint venture with OpenAI, Oracle and Softbank to invest billions of dollars in ramping up domestic computing capacity to boost AI development in the United States.



The project, dubbed Stargate, was unveiled at the White House by Trump, Softbank CEO Masayoshi Son, OpenAI CEO Sam Altman and Oracle co-founder Larry Ellison. Son will be the chairman of Stargate, while semiconductor company Arm, Microsoft, Nvidia, Oracle, and OpenAI will serve as key initial technology partners.



The executives committed to invest an initial $100 billion and up to $500 billion over the next four years.



The first blow was thrown by Elon Musk — a close ally to Trump and himself a key figure in AI with his startup xAI — who claimed in a post on his X social media platform that the companies involved in the project “don’t actually have the money” to fund the investment.



“SoftBank has well under $10B secured. I have that on good authority,” Musk added in a subsequent post. Altman, replying to Musk’s allegation, said. “Wrong, as you surely know.”



“Want to come visit the first site already under way?” Altman added. “This is great for the country. i realize what is great for the country isn’t always what’s optimal for your companies, but in your new role i hope you’ll mostly put [the U.S.] first.”



Musk chairs the Department of Government Efficiency, or DOGE, a major White House government efficiency effort. He was Trump’s biggest financial backer by far in the 2024&nbsp;election.



<h2 class="wp-block-heading" id="h-possible-microsoft-openai-rift-emerging"><a></a>Possible Microsoft-OpenAI rift emerging</h2>



On Wednesday, Salesforce CEO Marc Benioff suggested the investment plan could create tensions between OpenAI and Microsoft, who are close partners.



OpenAI said Tuesday that it had ended an arrangement with Microsoft to serve as its exclusive cloud provider. The change in relationship was disclosed as part of the Stargate Project announcement.



“I think it’s extremely important that OpenAI gets to other platforms quickly because Microsoft is building their own AI,” Benioff told CNBC. “I don’t think that Microsoft will use OpenAI in the future, they’ll have their own frontier models.”



“They’ve said it very clearly that it’s too expensive and too hard for them, and that they want to have their own,” the Salesforce chief added. “That’s why they hired Mustafa Suleyman [as Microsoft AI CEO] — and Mustafa Suleyman and Sam Altman are not best friends.”



Microsoft last year appointed Suleyman, a co-founder of Google’s AI lab DeepMind, to lead its new AI division.



Microsoft is the single largest investor in OpenAI, having plowed billions of dollars of investment into the firm. It also offers OpenAI models on its Azure cloud platform as part of a commercial arrangement between the two firms.



<h2 class="wp-block-heading" id="h-i-m-good-for-my-80-billion"><a></a>‘I’m good for my $80 billion’</h2>



Microsoft CEO Satya Nadella addressed concerns surrounding the tech giant’s relationship with OpenAI Wednesday, saying that the two continue to share a “critical partnership.”



“Sam [Altman] wants to continue with scaling laws to build out more compute in order for him to train more models,” Nadella told CNBC. “We have right of first refusal. He comes to us first. If we meet those needs, then we clear it. If not, he can go to these other providers.”



When asked about Musk’s claim that OpenAI and other companies involved in Stargate don’t have the funds to make up the total $100 billion initial commitment, Nadella said: “Look, all I know is, I’m good for my $80 billion.”



Microsoft announced at the start of 2025 that it plans to spend $80 billion this year on the construction of data centers to boost its AI efforts.



“I am going to spend $80 billion building out Azure,” Nadella told CNBC. “Customers can count on Microsoft.”



&#8211; CNBC’s Eamon Javers and Kevin Breuninger contributed to this report

108091198-1737637105852-108090536-1737559226059-Untitled-2

From Musk to Nadella: Trump’s $500 billion AI project stirs drama among the biggest names in tech

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="589" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/GettyImages-2194278761-820x589.jpg" alt="" class="wp-image-577904" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/GettyImages-2194278761-820x589.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/GettyImages-2194278761-300x215.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/GettyImages-2194278761-125x90.jpg 125w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/GettyImages-2194278761-768x552.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/GettyImages-2194278761-1536x1103.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/GettyImages-2194278761-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">DAVOS, SWITZERLAND &#8211; JANUARY 19: A general view of a banner as World Economic Forum (WEF) Annual Meeting convenes under the theme of &#8216;Collaboration for the Intelligent Age&#8217; in Davos, Switzerland on January 19, 2025. The summit is expected to attract 3,000 participants, including business people, politicians, academics and representatives of non-governmental organizations from more than 130 countries. (Photo by Halil Sagirkaya/Anadolu via Getty Images)</figcaption></figure>



This report is from this week’s CNBC’s “Inside India” newsletter which brings you timely, insightful news and market commentary on the emerging powerhouse and the big businesses behind its meteoric rise. Like what you see? You can subscribe here.



<h2 class="wp-block-heading" id="h-the-big-story"><a></a>The big story</h2>



Seven years ago in Davos, Indian prime minister Narendra Modi spoke of India’s ambitions to become a $5 trillion economy by 2025.



“The people and youth of India are now ready to contribute to the creation of an economy of $5 trillion by 2025,” he outlined in his address at the 2018 World Economic Forum (WEF).



“Not only this, when innovation and entrepreneurship &#8230; help [individuals] to transform from job seeker to job giver, then the number of avenues that will be opened up for their country and your business can only be imagined,” Modi added.



It’s fair to say that meeting that goal has proven to be tough.



India’s economy is projected to be around $4.27 trillion according to the International Monetary Fund this year, $0.73 trillion short of Modi’s target.



Its slowing economy has raised questions on the country’s lofty growth targets. Market watchers argue that India is now in the midst of a cyclical slowdown.



What is interesting though is that the India story &#8211; and its growth potential &#8211; continue to grab the attention of investors in India, Davos and beyond.



India is among the top five territories where global CEOs polled by consultancy firm PwC are looking to invest in over the next 12 months. The other territories cracking the top 5 among the 4,700 CEOs polled across 109 countries, were the U.S., U.K., Germany and mainland China.



Optimism on India has spilled over in the ongoing discussions in Davos.



Speaking to CNBC at the sidelines of this year’s World Economic Forum, Mubadala Investment Company’s managing director and group CEO Khaldoon Al Mubarak described India as a “very, very interesting country (and) very interesting market.”



Among the metrics that stand out to him on India’s potential is its large, yet young demographic. Around 480 million Indians are below the age of 18 &#8211; that is larger than the population of the U.S., the combined population of Europe, the number of people in the Middle East as well South America’s population below the age of 18, Mubarak said.



“We’ve been investing in India &#8230; for years, and we continue to work on building our portfolio in India and really getting into that wave that’s started already,” he said.



This cycle, he added, “will continue, in my view, going forward.”



Mubadala’s investments in India include the Tata Group-owned Tata Power Renewable Energy and Reliance Industries-backed technology giant Jio Platforms.



Prosus, is another investment company looking to cash in on India’s growth potential, especially the country’s technology industry.



“You saw the impact of technology in India &#8230; and they are saying ‘we are ready for the next step’,” the company’s CEO Fabricio Bloisi told CNBC at the sidelines of the summit.



“Prosus is ready to invest much, much more India. We have invested like $8 billion there over the last few years and we will invest much more,” he added.



Indian startups Prosus has invested in include food delivery firm Swiggy, edtech firm BYJU’s, agritech player Dehaat and e-commerce platform Meesho.



Going big on tech



The interest in India &#8211; particularly the opportunities in its tech and startup space &#8211; is in line with the government’s wider focus on developing the sector.



Among the key priorities of India’s delegation to Davos this year was to deepen its foothold in the semiconductor industry by way of government incentives and targets.



This includes exploring the development of its own Graphics Processing Unit (GPU) in the next three to five years, Ashwini Vaishnaw, minister of railways, information technology and information and broadcasting told CNBC-TV18 at the sidelines of the WEF meeting.



Other projects he revealed include India’s plans to develop 25 indigenous chipsets that are designed and fabricated in the country. It is looking forward to rolling out the first chip by September and the first fab by 2026.



Vaishnaw also outlined the government’s goal of providing underlying compute power with 1,000 GPUs, especially for the benefit of start-ups that lack access.



This is part of the government’s focus this year to foster talent and leverage data to create robust datasets to train AI models, he added.



Vaishnaw had led what is reportedly India’s largest delegation to Davos this year, featuring representatives from eight states: Andhra Pradesh, Telangana, Karnataka, Kerala, Tamil Nadu, Maharashtra, West Bengal and Uttar Pradesh, with each vying for investments for their upcoming initiatives.



For instance, Andhra Pradesh’s Chief Minister Chandrababu Naidu reportedly showcased the state’s business-friendly policies in hopes of wooing multinationals like Unilever, PepsiCo, Google Cloud and AstraZeneca.



Its neighbor Telangana, meanwhile, exhibited its expertise in electric vehicles, pharmaceuticals, and semiconductors. Elsewhere, Maharashtra reportedly presented itself as India’s industrial powerhouse.



The hefty presence of Indian officials at Davos is likely an acknowledgement of the fact that companies, particularly those that have only been around for a few years, need more capital than they can raise domestically.



Foreign investments into the country are “drying up” due to economic policy uncertainty and geopolitical risks, according to Dhiraj Nim, a foreign exchange strategist and economist at ANZ Bank.



One way forward is for the Indian government to “foster greater confidence by reducing political and regulatory costs, improving the ease of doing business in India,” he suggested.



“There is a lot India can do even if global variables are beyond control. India has plans to become a developed nation by 2047, so we would need much stronger growth than the 6 &#8211; 7% we are getting used to. And growth will have to be realized by realizing more investments and also beefing up labor force productivity and technological capabilities,” Nim added.



The issue of how India plans to continue growing at a sustainable pace, while providing jobs and increasing productivity, is top of mind for the Indian government. In Davos, India’s Railways, Electronics and Information Broadcasting Minister Mr Ashwini Vaishnaw sat down to discuss with a group of global executives, investors and Indian entrepreneurs. The breakfast organized by Brunswick Group and CNBC on the sidelines of the World Economic Forum, allowed executives and investors to ask the Minister questions and discuss the investing environment in India.&nbsp;



<h2 class="wp-block-heading" id="h-need-to-know"><a></a>Need to know</h2>



India might lower its disinvestment target for FY25. The country’s government is looking to cut its disinvestment and asset monetization goals by 40% — or to less than 300 billion rupees ($3.47 billion) from 500 billion rupees — for the financial year 2024 to 2025, The Economic Times reported, citing people familiar with the discussion. Regulatory obstacles and valuation difficulties have proven to be roadblocks, but Prime Minister Narendra Modi’s administration has still sold more stake in state-run firms than previous governments.



The Quad convened and reaffirmed their partnership. Foreign ministers of the group, comprising U.S., Australia, India and Japan, met on Tuesday and emphasized the importance of preserving a free Indo-Pacific, according to a joint statement issued after the talks in Washington. The meeting, hosted by U.S. Secretary of State Marco Rubio on his first day in the job, was meant to indicate that countering China was a top priority for the Trump administration, analysts said.



Oil prices could rise in India. The U.S. imposed new sanctions on Russian oil on Jan. 10. As India imports around 40% of its oil from Russia, according to trade intelligence firm Kpler, New Delhi could be facing a sudden supply crunch. Supply disruptions to India could be as high as 500,000 barrels per day, Rystad Energy’s senior analyst Viktor Kurilov told CNBC. To mitigate the potential oil shock, Indian importers are looking to import oil from suppliers in the Middle East.



<h2 class="wp-block-heading" id="h-what-happened-in-the-markets"><a></a>What happened in the markets?</h2>



Indian stocks traded mixed this week. The Nifty 50 index was down 0.03% this week and closed at 23,205.35 points.



The benchmark 10-year&nbsp;Indian government bond yield was flat at 6.78%



On CNBC TV this week, Kumar Rakesh, BNP Paribas’ India analyst, expressed optimism on India’s auto industry. India’s exports of passenger vehicles and motorcycles have been growing at a reasonably strong rate in recent years, especially in the African, Latin American, Middle East and Southeast Asian markets, Rakesh said. Moreover, Indian automakers have been able to enjoy greater profitability because their cost of production domestically is one of the lowest in the world.



Meanwhile, Jose Rasco, HSBC Global Private Banking and Wealth Management Americas CIO, acknowledged that India’s market isn’t cheap, but that’s because investors are “paying for quality.” Some features that attract investors to India are its young and diversified economy, a good legal system and increasing productivity in recent years.



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



Central bank meetings and Big Tech earnings are in focus the upcoming week. Meanwhile, Denta Water and Infra Solutions, a water management and infrastructure company, lists on the Indian market.



January 24:&nbsp;India HSBC PMI Flash for January,&nbsp;Bank of Japan meeting,&nbsp;Japan inflation rate for December, U.K. S&amp;P PMI flash for January



January 29:&nbsp;U.S. Federal Reserve meeting, Denta Water and Infra Solutions IPO, Meta Platforms, Microsoft and Tesla earnings



January 30: U.S. gross domestic product for fourth quarter,&nbsp;European Central Bank meeting,&nbsp;Apple and Intel earnings

World Economic Forum (WEF) Annual Meeting starts in Switzerland

CNBC’s Inside India newsletter: A slowing economy hasn’t dimmed India’s allure at Davos

Why Some Of America’s Banks Are At Risk Of Failing | CNBC Marathon

1. device image_250121

Samsung Galaxy S25 series sets the standard of AI phone as a true AI companion

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108091148-1737632698027-gettyimages-2194666352-AFP_36VC8GV-820x461.jpeg" alt="" class="wp-image-577846" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108091148-1737632698027-gettyimages-2194666352-AFP_36VC8GV-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108091148-1737632698027-gettyimages-2194666352-AFP_36VC8GV-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108091148-1737632698027-gettyimages-2194666352-AFP_36VC8GV-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108091148-1737632698027-gettyimages-2194666352-AFP_36VC8GV-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108091148-1737632698027-gettyimages-2194666352-AFP_36VC8GV-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108091148-1737632698027-gettyimages-2194666352-AFP_36VC8GV.jpeg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">This photograph taken in Davos on January 22, 2025 shows the logo of the World Economic Forum (WEF) annual meeting. Fabrice Coffrini | Afp | Getty Images</figcaption></figure>



European business leaders have broadly sought to downplay concerns about the prospect of a transatlantic trade war at this week’s World Economic Forum in Davos.



U.S. President Donald Trump has repeatedly pledged to impose tariffs on goods imported from the European Union, prompting the bloc to warn that it stands ready to respond to additional duties “in a proportionate way.”



Speaking to reporters earlier in the week, the newly inaugurated U.S. president said the EU has been “very, very bad to us. So, they’re going to be in for tariffs. It’s the only way … you’re going to get fairness.”



His comments came as the Trump administration also considers imposing an additional 10% tariff on goods imported from China, potentially starting as early as next month.



For business leaders attending the annual WEF meeting in Switzerland, the reaction to Trump’s tariffs threats has been decidedly mixed.



JPMorgan Chase CEO Jamie Dimon on Wednesday said that the duties Trump is expected to slap on U.S. trading partners can be viewed positively, touting that people should “get over it.”



UBS CEO Sergio Ermotti, meanwhile, warned that interest rates were not likely to fall as fast, if U.S. tariffs stoke inflation.



Siemens CEO Roland Busch described the German industrial giant as “tariff-proof,” amid fears of a U.S.-EU trade war.



Asked about concerns over how the tariffs could impact his business, Busch said Siemens was a “global company” that already has a relatively large presence in the U.S.



“We are very much [serving] local to local, same for other regions, for China [and] for Europe,” Busch said.



Siemens chief executive cited the firm’s roughly $10 billion acquisition of U.S. engineering software firm Altair, saying the company has recently been expanding its U.S. footprint.



“On the other side, tariffs normally they increase inflation by definition, so it doesn’t really help. So, I think the idea would be what can we do, what kind of deals to make in order to really reduce the trade tariffs to the minimal level,” Busch told CNBC.



“Free trade and low tariffs, I think, is really a driver for growth,” he added.



<h2 class="wp-block-heading" id="h-tariffs-are-not-helping-global-trade"><a></a>‘Tariffs are not helping global trade’</h2>



The chief executive of Danish wind turbine manufacturer Vestas on Thursday said that the idea that tariffs will bring the world to a better place is “at least a new theory to many of us.”



Vestas’ Henrik Andersen also warned that additional duties on imported goods will likely create an inflation risk.



Asked about the prospect of trade tariffs in Europe and the souring regulatory environment for green energy in the U.S., Vestas’s CEO told CNBC: “I think to both, I will say, let sense prevail.”



SAP CEO Christian Klein on Thursday said that U.S. tariffs would not be helpful, underlining the importance for technology companies to make deals with global trade partners.



“I would say tariffs are not helping global trade. And when you look [at] the dependencies between Europe and the U.S., or the United States and China, I don’t believe that this is good,” Klein told CNBC.



SAP’s Klein said he’d been talking to several leaders in Davos about how SAP can support them with their supply chain and finance software.



“Because, you know, everyone is doing business in China. China, of course, also wants to continue to do business in the U.S. So, for technology, it’s now even more important to build these bridges, to build this resilient supply chains,” he added.

home

How Firefighting Planes And Helicopters Are Battling The LA Fires

Binance CEO talks the future for crypto in 2025

How China’s New AI Model DeepSeek Is Threatening U.S. Dominance

A 2,000-year-old martial art is using VR to reinvent itself

Foundational Learning: Empowering Africaʼs Agency and Development in the Age of AI

UK to soften tax rules for wealthy foreigners after millionaire exodus, Rachel Reeves says

S.Africa’s Richards Bay exports up 10% in 2024 amid rail improvement

South African rand rallies against weaker dollar, US Fed rates in focus

Nigeria needs to double economic growth within a year or two, finance minister says

South Africa’s patchwork climate plans risk widening inequality

A 2,000-year-old martial art is using VR to reinvent itself

Botswana president aims to clinch De Beers deal, diversify economy

From Musk to Nadella: Trump’s $500 billion AI project stirs drama among the biggest names in tech

CNBC’s Inside India newsletter: A slowing economy hasn’t dimmed India’s allure at Davos

Why Some Of America’s Banks Are At Risk Of Failing | CNBC Marathon

Samsung Galaxy S25 series sets the standard of AI phone as a true AI companion

‘Let sense prevail’: European CEOs still hope to avoid a U.S. trade war

News Tips

Advertise With Us

home

How Firefighting Planes And Helicopters Are Battling The LA Fires

Binance CEO talks the future for crypto in 2025

How China’s New AI Model DeepSeek Is Threatening U.S. Dominance

A 2,000-year-old martial art is using VR to reinvent itself

Foundational Learning: Empowering Africaʼs Agency and Development in the Age of AI

UK to soften tax rules for wealthy foreigners after millionaire exodus, Rachel Reeves says

S.Africa’s Richards Bay exports up 10% in 2024 amid rail improvement

South African rand rallies against weaker dollar, US Fed rates in focus

Nigeria needs to double economic growth within a year or two, finance minister says

South Africa’s patchwork climate plans risk widening inequality

A 2,000-year-old martial art is using VR to reinvent itself

Botswana president aims to clinch De Beers deal, diversify economy

From Musk to Nadella: Trump’s $500 billion AI project stirs drama among the biggest names in tech

CNBC’s Inside India newsletter: A slowing economy hasn’t dimmed India’s allure at Davos

Why Some Of America’s Banks Are At Risk Of Failing | CNBC Marathon

Samsung Galaxy S25 series sets the standard of AI phone as a true AI companion

‘Let sense prevail’: European CEOs still hope to avoid a U.S. trade war

News Tips

Advertise With Us

Newsletters