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<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="800" height="533" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/E5GSUAFYBFMNLBT3RJYNBKBCIU.jpg" alt="" class="wp-image-610556" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/E5GSUAFYBFMNLBT3RJYNBKBCIU.jpg 800w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/E5GSUAFYBFMNLBT3RJYNBKBCIU-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/E5GSUAFYBFMNLBT3RJYNBKBCIU-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/E5GSUAFYBFMNLBT3RJYNBKBCIU-768x512.jpg 768w" sizes="auto, (max-width: 800px) 100vw, 800px" /><figcaption class="wp-element-caption">FILE PHOTO: High-tension electrical power lines are seen at the Azura-Edo Independent Power Plant (IPP) on the outskirt of Benin City in Edo state, Nigeria June 13, 2018. REUTERS/Akintunde Akinleye/File Photo</figcaption></figure>



LAGOS, April 17 (Reuters)&nbsp;&#8211;&nbsp;Nigeria has achieved a 35% reduction in electricity subsidies following a tariff increase implemented last year for some users, Power Minister Adebayo Adelabu said on Thursday, easing some pressure on public finances in Africa&#8217;s most populous nation.



Nigeria&#8217;s power sector is burdened by a failing grid, gas shortages, high debt and vandalism, leading to a reliance on expensive generators for many.



The country was spending nearly 200 billion naira ($125.01 million) monthly on electricity subsidies because existing tariffs were not commercially viable.



The government last year eliminated subsidies for the 15% of customers classified as heavier users, including households and businesses consuming larger amounts of electricity.



Adelabu told a press briefing in Abuja that this targeted tariff adjustment has yielded significant results, with &#8220;the market generating an additional 700 billion naira in revenue, reflecting a 70% increase&#8221;.



This has helped alleviate the substantial financial strain on public finances, improve generation, and reduce the government&#8217;s tariff shortfall from 3 trillion naira to 1.9 trillion naira.



But the power sector still faces deep-rooted challenges. The country has an installed capacity of 13,000 megawatts, but typically produces only about a third of that, exacerbating the reliance on costly alternatives.



This situation is compounded by state-controlled power tariffs that have historically been too low for distribution companies to cover their costs and pay generating companies, leading to ballooning debts within the sector.



Debt owed to power generating companies has reached 4 trillion naira ($2.50 billion), prompting threats of plant shutdowns.



Adelabu said there were plans underway to help ease the debt burden, with the government intending to pay half of the debt this year through budgetary allocations and promissory notes that companies can discount as needed.



($1 = 1,599.8300 naira)



(Reporting by Isaac Anyaogu; Editing by Frances Kerry)

FILE PHOTO: High-tension electrical power lines are seen at the Azura-Edo IPP on the outskirt of Benin City

Nigeria cuts electricity subsidies by 35% after tariff hike

Will Trump’s tariffs cause the next recession?

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/SVTODISKMNMFVOIO35WWZLCT7E-820x547.jpg" alt="" class="wp-image-610507" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/SVTODISKMNMFVOIO35WWZLCT7E-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/SVTODISKMNMFVOIO35WWZLCT7E-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/SVTODISKMNMFVOIO35WWZLCT7E-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/SVTODISKMNMFVOIO35WWZLCT7E-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/SVTODISKMNMFVOIO35WWZLCT7E-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/SVTODISKMNMFVOIO35WWZLCT7E-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A logo is seen at the entrance of the building of the Bank of Botswana in the capital Gaborone in Botswana, November 26, 2015. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



GABORONE, April 17 (Reuters) &#8211; Botswana&#8217;s central bank kept its monetary policy rate unchanged for the fourth meeting in a row at 1.90% in a decision announced on Thursday.



Inflation in the Southern African country edged up to 2.8% year-on-year in March from 2.7% a month earlier.



The Bank of Botswana prefers inflation between 3% and 6% in the medium term.



(Reporting by Brian Benza and Bhargav Acharya; Writing by Tannur Anders; Editing by Sharon Singleton)

A logo is seen at the entrance of the building of the Bank of Botswana in the capital Gaborone in Botswana

Botswana central bank holds main interest rate at 1.90%

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3333" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/TK6CHSZXDJPLLBYFHHDN2UBZGY.avif" alt="" class="wp-image-596859"/><figcaption class="wp-element-caption">South Africa&#8217;s Finance Minister Enoch Godongwana delivers his 2025 budget speech in Cape Town, South Africa, March 12, 2025. REUTERS/Esa Alexander/File Photo</figcaption></figure>



JOHANNESBURG, April 17 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s finance minister has said that failing to raise the value-added tax rate from May would cause severe harm to state finances, court papers showed, after a stand-off over the proposal risked the stability of the coalition government.



The two biggest parties in the coalition government, the African National Congress and the Democratic Alliance have been at odds over the proposal to raise VAT by 0.5 percentage points on May 1 and another 0.5 points next year.



VAT is currently at 15%.



In response to the pro-business DA challenging the legality of the VAT hike plan in court, Finance Minister Enoch Godongwana argued that any delay or removal of the VAT hike would have dire consequences on the country&#8217;s finances.



&#8220;If the rate increase is halted now, that revenue will be lost, and the state will be left without the funds needed to meet already-budgeted spending commitments,&#8221; Godongwana said in papers lodged with the court on Wednesday.



&#8220;The consequences would be severe and far-reaching. Government would be immediately forced either to cut expenditure or to increase borrowing.&#8221;



Lawmakers have the power to amend or withdraw the impending VAT hike through upcoming budget votes.



Some smaller political parties have put forward proposals that would include deeper expenditure cuts instead of a VAT hike.



Local news headlines last weekend had suggested the ANC was likely to drop its insistence on a VAT hike this year after indications that none of the parties it had been talking to would support it.



Godongwana also conceded on state broadcaster SABC on Wednesday that wrangling over a 0.5 percentage point increase in VAT might not be in the broader public interest.



South Africa&#8217;s National Treasury estimates that raising VAT will generate about 13.5 billion rand in additional revenue for the 2025/26 financial year.



(Reporting by Tannur Anders and Kopano Gumbi; Editing by Alison Williams)

TK6CHSZXDJPLLBYFHHDN2UBZGY

South Africa finance minister says dropping VAT hike would have severe consequences

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="4896" height="3264" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Q3NXJVS5NBOAXBD3CUPARMV36I.avif" alt="" class="wp-image-610485"/><figcaption class="wp-element-caption">Miners process fine dust and soil as they search for gold at a miners settlement in Anka, Zamfara, Nigeria. April 21, 2016, REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



ABUJA, April 17 (Reuters)&nbsp;&#8211;&nbsp;Nigeria and South Africa have signed an accord to boost cooperation in mining, Nigeria&#8217;s mines minister said on Thursday, highlighting Abuja&#8217;s push to diversify its economy away from oil.



Mines Minister Dele Alake said the two countries will partner on mining, including geological mapping using drones, share mineral data, and jointly explore agro and energy minerals in Nigeria.



Besides oil, Nigeria is also rich in gold, limestone, lithium, iron ore and zinc. Nigeria has around 23 mineral deposits in commercial quantities.



Nigeria is seeking to revamp a mining sector that has long been underdeveloped, contributing less than 1% to its gross domestic product.



South Africa&#8217;s established mining expertise makes it a key partner in this effort, Alake said.



(Reporting by Camillus Eboh; Editing by Elisha Bala-Gbogbo and David Evans)

Q3NXJVS5NBOAXBD3CUPARMV36I

Nigeria signs minerals pact with South Africa in diversification push

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1080" height="718" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/BTMAPI2PDRK5HKOIM4OI44VDUI.avif" alt="" class="wp-image-610467"/><figcaption class="wp-element-caption">Members of the Kimasas cooperative society, accused by Eastern Produce Kenya (EPK) of invading the Sitoi Tea Estate causing substantial financial losses to the company, pluck tea leaves at a plantation in Mosine village of Nandi County, Kenya, January 22, 2025. REUTERS/Monicah Mwang</figcaption></figure>



NANDI HILLS, Kenya, April 17 (Reuters) &#8211; A dispute between a British-owned tea plantation and a local community in western Kenya has come to the boil in what could be a sign of turbulent times ahead for tea producers facing a growing backlash over colonial-era injustices.



On the rolling green hills of the Sitoi estate in Nandi County, more than 100 residents are occupying 350 acres (140 hectares) of land, picking tea and living in huts made of mud and rusty iron sheets while grazing their cattle.



They say the land was gifted to them in 1986 by Eastern Produce Kenya. EPK, which is majority owned by London-listed Camellia Plc, says the gift was for 202 acres (82 hectares), not the 550 acres (222 hectares) that the local Kimasas farmers&#8217; cooperative claims.



Kimasas chairman Daniel Biwott said his grandfather lived on the land before it was seized by British colonists around 1905 and that reclaiming the disputed 350 acres would right a historical wrong.



&#8220;Nothing has happened all these years,&#8221; said Biwott, standing among knee-high bushes where he, his father and his grandfather once worked as EPK employees. &#8220;This is the time to solve it.&#8221;



The standoff follows several violent incidents at estates in Kenya, the world&#8217;s fourth-leading tea producer. In January, a farm belonging to Sri Lankan-owned Browns Plantations was attacked and more than 100 eucalyptus trees uprooted, according to the Kenya Tea Growers Association (KTGA).



The industry group said in a statement that &#8220;criminal gangs who appear to enjoy political cover&#8221; were behind the &#8220;Zimbabwe-like illegal land invasion&#8221; of Sitoi, referring to seizures of white-owned farms in the early 2000s.



It said EPK was losing over $200,000 per month and the incidents threaten an industry that accounts for nearly a quarter of Kenya&#8217;s export revenues and supports 5 million livelihoods.



Several people working on land issues said the attacks reflect broader frustration with a failure to remedy colonial land grabs.



&#8220;I have tried hard to use the legal system,&#8221; said Joel Kimutai Bosek, a lawyer who has brought litigation against tea companies and the UK government on behalf of local communities without success. &#8220;I think the new or coming generation will be more aggressive.&#8221;



<h2 class="wp-block-heading" id="h-few-remedies">FEW REMEDIES</h2>



During the colonial era from 1895-1963, British authorities seized vast tracts of land, much of which became tea plantations, according to a 2021 U.N. report.



Awareness of historical injustices has grown since 2010, when Kenya established the National Land Commission (NLC) to address the issue, said Samuel Tororei, who was a commissioner until 2019.



But Tororei said the commission&#8217;s effectiveness was undermined by its limited mandate and an &#8220;unholy marriage&#8221; between tea companies and political elites.



Under Kenya&#8217;s 2010 constitution, tea companies&#8217; previous 999-year leases were reduced to 99 years but activists complain the government has not used its ownership of the land to extract meaningful concessions&nbsp;in land or money for local communities.



&#8220;The underlying cause of tension is that you have overseas owners of large-scale plantations which are based on land that was taken from the community,&#8221; said Guy Chambers, managing director from 2015-2022 of Britain&#8217;s James Finlay, which had tea estates in Kenya until 2023.



Kenyan government spokespeople did not respond to requests for comment. The companies say they comply with Kenyan law&nbsp;and accuse some politicians of exploiting historical tensions to undermine their land tenures and advance personal business interests.



Other community attempts to reclaim land have yielded little. Legal options are constrained by statutes of limitations and official immunities, the U.N. report said.



The private equity firm Chambers runs and a community group in the tea-growing county of Kericho jointly bid last year for estates belonging to CVC Capital-owned CVC Lipton in an arrangement that would have fully transferred control to the community within two decades.



Lipton eventually sold to Browns. A spokesperson for Lipton said it chose the best bidder who could help raise standards in the industry. Browns did not respond to a request for comment.



In a 2019 report, the NLC called on the British government to apologise to communities in Kericho and provide reparations.



The British government has not directly responded to that call. Asked for comment, the Foreign, Commonwealth &amp; Development Office said: &#8220;We are concerned by the attacks on tea farms in Nandi and are in contact with the Kenyan authorities.&#8221;



<h2 class="wp-block-heading" id="h-dangerous-precedent">&#8216;DANGEROUS PRECEDENT&#8217;</h2>



EPK first acquired land in Nandi in 1948. It said the current dispute is not over a historical land injustice but rather a gift made on a &#8220;willing donor, willing donee basis&#8221;.



The NLC found in 2019 that all 550 acres belonged to Kimasas. EPK contested that in court, saying Kimasas&#8217; evidence was forged.



As litigation proceeded, more than 200 people,&nbsp;including a national lawmaker from the area,&nbsp;overran the disputed plot on August 3, 2023 and began plucking tea. A court issued an injunction the following day, ordering them to leave.



Most did, but many then returned. In January, squatters attacked a company car and employees, EPK said.



The company said police have not enforced the injunction, while the public prosecutor&#8217;s office told it that any prosecutions risked interfering with the civil case.



&#8220;If we allow this kind of situation where the younger generations now start saying they don&#8217;t have enough and they want more, then it is a dangerous precedent that should be stopped at all costs,&#8221; said EPK general manager Peter Goin.



The police and prosecutor&#8217;s office did not respond to requests for comment. Biwott said Kimasas felt justified occupying the land because there was no final ruling against it.



(Reporting by Jefferson Kahinju, Aaron Ross and Monicah Mwangi; Editing by Giles Elgood)

BTMAPI2PDRK5HKOIM4OI44VDUI

Kenya land standoff sends warning to foreign-owned tea estates

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-820x547.jpg" alt="" class="wp-image-505639" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A South African one rand coin sits on South African rand banknotes in this arranged photograph in Pretoria, South Africa, on Wednesday, Aug. 14, 2019. The rand ended a tumultuous week on a positive note, gaining against the dollar for a second day and heading for its first weekly advance in four as technical indicators suggested recent declines are overdone. Photographer: Waldo Swiegers/Bloomberg via Getty Images</figcaption></figure>



JOHANNESBURG, April 17 (Reuters) &#8211; South Africa&#8217;s rand weakened early on Thursday against a firmer dollar, as markets awaited information on U.S. tariffs and local investors looked for news on the future of the coalition government.



At 0635 GMT, the rand traded at 18.8550 against the U.S. dollar, about 0.2% weaker than its previous close.



The dollar last traded about 0.3% stronger against a basket of currencies.



&#8220;Ahead of the Easter long weekend, investors will be reluctant to take on any significant market position. There are so many daily changes that doing so would be risky,&#8221; ETM Analytics said in a research note.



U.S. President Donald Trump met with Japanese officials on Wednesday, in one of the first rounds of face-to-face talks since his tariffs on most countries roiled markets and stoked recession fears.



Markets were also processing comments from Federal Reserve Chair Jerome Powell, who warned of the risk of slowing growth and rising prices due to tariffs.



Like other risk-sensitive currencies, the rand takes direction from global drivers such as U.S. economic policy in addition to domestic factors.



Local investors will eye developments around a budget stand-off between the two biggest parties in the coalition government, the African National Congress (ANC) and the Democratic Alliance (DA), over a proposed value-added tax (VAT) hike on May 1.



The pro-business DA voted against the budget&#8217;s fiscal framework in parliament and is challenging the VAT hike in court, raising concerns among investors over the stability of the coalition government.



&#8220;All of (South Africa&#8217;s) domestic political developments are not taking place in isolation. On the contrary, if left unresolved, they may compound an already uncertain international environment,&#8221; ETM Analytics said.



&#8220;The ZAR is therefore expected to trade cautiously with one eye on local developments and the other on the performance of the USD.&#8221;



South Africa&#8217;s benchmark 2030 government bond was firmer in early deals, with the yield down 2 basis points to 9.16%.



(Reporting by Tannur Anders; Editing by Jamie Freed)

South African Rand Rebound Snaps Streak of Weekly Losses

South African rand weaker as markets await tariff, local government news

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



NAIROBI, April 17 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Thursday.



<h2 class="wp-block-heading" id="h-global-markets">GLOBAL MARKETS</h2>



Asian stocks wavered on Thursday after Federal Reserve Chair Jerome Powell warned of the risk of slowing growth and rising prices due to tariffs, while the uncertainty around U.S. trade policies kept the dollar rooted near three-year lows.



<h2 class="wp-block-heading" id="h-world-oil-prices">WORLD OIL PRICES</h2>



Oil prices extended gains on Thursday on the prospect of tighter supply after Washington imposed further sanctions to curb Iranian oil trade and as some OPEC producers pledged more output cuts to compensate for pumping above agreed quotas.



<h2 class="wp-block-heading" id="h-south-africa-markets">SOUTH AFRICA MARKETS</h2>



South African assets firmed on Wednesday as uncertainty around U.S. tariffs lifted gold prices to record highs and depressed the dollar.



<h2 class="wp-block-heading" id="h-kenya-markets">KENYA MARKETS</h2>



The Kenyan shilling was marginally stronger against the dollar on Wednesday, LSEG data showed.



<h2 class="wp-block-heading" id="h-kenya-banking">KENYA BANKING</h2>



The Central Bank of Kenya (CBK) will lift a decade-long moratorium on licensing new commercial banks on July 1, it said on Wednesday.



<h2 class="wp-block-heading" id="h-kenya-roads-funding">KENYA ROADS FUNDING</h2>



Kenya has received $600 million in short-term financing from commercial banks, backed by the country&#8217;s fuel levy collections from motorists, the finance minister said on Wednesday, to fund construction of roads in the face of budgetary constraints.



<h2 class="wp-block-heading" id="h-mali-economy">MALI ECONOMY</h2>



The IMF on Wednesday said it would release $129 million to Mali from its Rapid Credit Facility that will help the country address balance of payment needs following floods there.



<h2 class="wp-block-heading" id="h-gambia-economy">GAMBIA ECONOMY</h2>



The International Monetary Fund and Gambian authorities reached a staff-level agreement that would give the West African nation access to part of $100.9 mln in funding approved in 2024, the IMF said in a statement.



<h2 class="wp-block-heading" id="h-ghana-mining">GHANA MINING</h2>



Ghana has assumed operational control of Gold Fields&#8217; Damang mine after it rejected an application from the South African company to renew its lease, the government said on Wednesday, breaking a tradition of automatically renewing licenses and calling it a critical step in the country&#8217;s &#8220;economic reset.&#8221;



<h2 class="wp-block-heading" id="h-namibia-central-bank-rate">NAMIBIA CENTRAL BANK RATE</h2>



Namibia&#8217;s central bank held its main interest rate on Wednesday, citing heightened global policy uncertainty as it raised its inflation forecasts for this year and next.



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on April 17

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="410" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108130007-1744293710285-gettyimages-2208850679-AA_10042025_2168828-820x410.jpeg" alt="" class="wp-image-610430" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108130007-1744293710285-gettyimages-2208850679-AA_10042025_2168828-820x410.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108130007-1744293710285-gettyimages-2208850679-AA_10042025_2168828-300x150.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108130007-1744293710285-gettyimages-2208850679-AA_10042025_2168828-160x80.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108130007-1744293710285-gettyimages-2208850679-AA_10042025_2168828-768x384.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108130007-1744293710285-gettyimages-2208850679-AA_10042025_2168828.jpeg 884w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Dilara Irem Sancar | Anadolu | Getty Images</figcaption></figure>



China last week announced it was done retaliating against U.S. President Donald Trump’s tariffs, saying any further increases by the U.S. would be a “joke,” and Beijing would “ignore” them.



Instead of continuing to focus on tariffing goods, however, China has chosen to resort to other measures, including steps targeting the American services sector.



Trump has jacked up U.S. levies on select goods from China by up to 245% after several rounds of tit-for-tat measures with Beijing in recent weeks. Before calling it a “meaningless numbers game,” China last week imposed additional duties on imports from the U.S. of up to 125%.



While the Trump administration has largely focused on pressing ahead with tariff plans, Beijing has rolled out a series of non-tariff restrictive measures including widening export controls of rare-earth minerals and opening antitrust probes into American companies, such as pharmaceutical giant DuPont and IT major Google.



Before the latest escalation, in February Beijing had put dozens of U.S. businesses on a so-called “unreliable entity” list, which would restrict or ban firms from trading with or investing in China. American firms such as PVH, the parent company of Tommy Hilfiger, and Illumina, a gene-sequencing equipment provider, were among those added to the list.



Its tightening of exports of critical mineral elements will require Chinese companies to secure special licenses for exporting these resources, effectively restricting U.S. access to the key minerals needed for semiconductors, missile-defense systems and solar cells.



In its latest move on Tuesday, Beijing went after Boeing — America’s largest exporter — by ordering Chinese airlines not to take any further deliveries for its jets and requested carriers to halt any purchases of aircraft-related equipment and parts from U.S. companies, according to Bloomberg.



Having deliveries to China cut off will add to the cash-strapped plane maker’s troubles, as it struggles with a lingering quality-control crisis.



In another sign of growing hostilities, Chinese police issued notices for apprehending three people they claimed to have engaged in cyberattacks against China on behalf of the U.S. National Security Agency.



Chinese state media, which published the notice, urged domestic users and companies to avoid using American technology and replace them with domestic alternatives.



“Beijing is clearly signaling to Washington that two can play in this retaliation game and that it has many levers to pull, all creating different levels of pain for U.S. companies,” said Wendy Cutler, vice president at Asia Society Policy Institute.



“With high tariffs and other restrictions in place, the decoupling of the two economies is at full steam,” Cutler said.



<h2 class="wp-block-heading" id="h-targeting-trade-in-services"><a></a>Targeting trade in services</h2>



China is seen by some as seeking to broaden the trade war to encompass services trade — which covers travel, legal, consulting and financial services — where the U.S. has been running a significant surplus with China for years.



Earlier this month, a social media account affiliated with Chinese state media Xinhua News Agency, suggested Beijing could impose curbs on U.S. legal consultancy firms and consider a probe into U.S. companies’ China operations for the huge “monopoly benefits” they have gained from intellectual-property rights.



China’s imports of U.S. services surged more than 10-fold to $55 billion in 2024 over the past two decades, according to Nomura estimates, driving U.S. services trade surplus with China to $32 billion last year.



Last week, China said it would reduce imports of U.S. films and warned its citizens against traveling or studying in the U.S., in a sign of Beijing’s intent to put pressure on the U.S. entertainment, tourism and education sectors.



“These measures target high-visibility sectors — aviation, media, and education — that resonate politically in the U.S.,” said Jing Qian, managing director at Center for China Analysis.



While they might be low on actual dollar impact given the smaller scale of these sectors, “reputational effects — such as fewer Chinese students or more cautious Chinese employees — could ripple through academia and the tech talent ecosystem,” he added.



Nomura estimates $24 billion could be at stake if Beijing significantly step up restrictions on travel to the U.S.

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China targets U.S. services and other areas as it decries ‘meaningless’ tariff hikes on goods

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="3834" height="2402" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/5OMVZV4VZBNBNI3UP6TQZXKT2M.avif" alt="" class="wp-image-583183"/><figcaption class="wp-element-caption">A general view shows people walking past the Central Bank of Kenya headquarters building along Haile Selassie avenue in Nairobi, Kenya October 9, 2017. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



NAIROBI, April 16 (Reuters)&nbsp;&#8211;&nbsp;The Central Bank of Kenya (CBK) will lift a decade-long moratorium on licensing new commercial banks on July 1, it said on Wednesday.



The prohibition was imposed in 2015 against a backdrop of governance, risk management and operational challenges, the central bank said in a statement.



&#8220;Since then, significant strides have been made in strengthening the legal and regulatory framework for Kenya&#8217;s banking sector,&#8221; the CBK said.



A tenfold increase in the minimum core capital requirements for commercial banks to 10 billion Kenyan shillings ($77 million), which was introduced last December, will further strengthen the sector, the bank said.



($1 = 129.3500 Kenyan shillings)



(Reporting by Duncan Miriri; Writing by Hereward Holland)

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Kenya’s cenbank to lift moratorium on new commercial bank licenses

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1080" height="720" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Q335SYI6PFKZ7CGQZHEPIZ7L6Q.avif" alt="" class="wp-image-610166"/><figcaption class="wp-element-caption">Commonwealth Games &#8211; Closing Ceremony &#8211; Alexander Stadium, Birmingham, Britain &#8211; August 8, 2022 General view of fireworks during the closing ceremony REUTERS/Phil Noble/File Photo</figcaption></figure>



LONDON, April 16&nbsp;&#8211;&nbsp;Commonwealth sport has hit the jackpot with seven nations across four continents jostling to host future editions of the Commonwealth Games, as the race for the prestigious centennial 2030 celebration heats up.



Canada, India, and Nigeria had already publicly thrown their hats into the 2030 ring, with two mystery nations also now in the mix, the governing body said on Wednesday.



Meanwhile, two additional expressions of interest target future Games, including New Zealand, which has set its sights on 2034.



&#8220;We are thrilled with the incredible interest from around the Commonwealth,&#8221; CEO Katie Sadleir said on Wednesday.



&#8220;This positive response from four of our six regions underlines the importance and significance of the Commonwealth Games and its position as the major multi-sport event in the world sporting calendar alongside the Olympic Games and Paralympics.&#8221;



The flurry of interest follows a challenging period for the event after Australia&#8217;s Victoria state withdrew as 2026 hosts, citing cost concerns. Scotland stepped in with Glasgow taking the reins for 2026.



&#8220;We cannot understate the hugely significant role Scotland has played in this change,&#8221; Sadleir added.



&#8220;Glasgow 2026 will be a bridge to the Games of tomorrow – an important first step in our journey to reimagine and redefine the Games.&#8221;



Commonwealth Sport launched a new collaborative selection process in January, moving away from traditional bidding to allow potential hosts more flexibility and innovation.



&#8220;Considering the high level of interest, we will now discuss each submission further,&#8221; said Darren Hall, Director of Games and Assurance.



The next five months will see candidates developing detailed proposals, with Commonwealth Sport aiming to recommend a 2030 host for approval at its General Assembly in Glasgow in November 2025.



The new hosting framework promises reduced costs, flexible programming, and continued commitment to Para sports, with organisers hoping the reimagined model will enable more diverse nations to stage the Games in future.



The Commonwealth Games, first held in 1930 as the British Empire Games in Hamilton, Canada, brings together athletes from Commonwealth nations and territories every four years.



The event has grown to feature over 70 teams competing in more than 20 sports, with the most recent Games held in Birmingham, England in 2022.



(Repoorting by Ossian Shine; Editing by Ken Ferris)

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Commonwealth jackpot as seven nations battle for future Games

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108071122-1733319291213-gettyimages-2187589196-AFP_36PC93X-820x461.png" alt="" class="wp-image-610146" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108071122-1733319291213-gettyimages-2187589196-AFP_36PC93X-820x461.png 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108071122-1733319291213-gettyimages-2187589196-AFP_36PC93X-300x169.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108071122-1733319291213-gettyimages-2187589196-AFP_36PC93X-160x90.png 160w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108071122-1733319291213-gettyimages-2187589196-AFP_36PC93X-768x432.png 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108071122-1733319291213-gettyimages-2187589196-AFP_36PC93X.png 1200w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Cargo ships and containers at Qingdao port in eastern China’s Shandong province on Dec. 4, 2024. Stringer | Afp | Getty Images</figcaption></figure>



The World Trade Organization (WTO) warned on Wednesday that the outlook for global trade has “deteriorated sharply” in the wake of U.S. President Donald Trump’s tariffs regime.



“The outlook for global trade has deteriorated sharply due to a surge in tariffs and trade policy uncertainty,” the WTO said in its latest “Global Trade Outlook and Statistics” report out Wednesday.



Based on the tariffs currently in place, and including a 90-day suspension of “reciprocal tariffs,” the volume of world merchandise trade is now expected to decline by 0.2% in 2025, before posting a “modest” recovery of 2.5% in 2026.



The decline is anticipated to be particularly steep in North America, where exports are forecasted to drop by 12.6% this year.



The WTO also warned that “severe downside risks exist,” including the application of “reciprocal” tariffs and a broader spillover of policy uncertainty, “which could lead to an even sharper decline of 1.5% in global goods trade,” particularly hurting export-oriented, least-developed countries.



The recent tariff disturbances follow a strong year for world trade in 2024, during which merchandise trade grew 2.9% and commercial services trade expanded by 6.8%, the WTO said.



The new estimate of a 0.2% decline in world trade for 2025 is nearly three percentage points lower than it would have been under a “low tariff” baseline scenario, the WTO added, and marks a significant reversal from the start of the year when the trade body’s economists expected to see continued trade expansion supported by improving macroeconomic conditions.



“Risks to the forecast include the implementation of the currently suspended reciprocal tariffs by the United States, as well as a broader spillover of trade policy uncertainty beyond U.S.-linked trade relationships,” the WTO said.



“If enacted, reciprocal tariffs would reduce world merchandise trade growth by an additional 0.6 percentage points, posing particular risks for least-developed countries (LDCs), while a spreading of trade policy uncertainty (TPU) would shave off a further 0.8 percentage points. Taken together, the reciprocal tariffs and spreading TPU would lead to a 1.5% decline in world merchandise trade volume in 2025.”



<figure class="wp-block-image"><img decoding="async" src="https://image.cnbcfm.com/api/v1/image/108127151-17438709982025-04-04t234656z_1270263179_rc2xpdazxgbd_rtrmadp_0_usa-trump-tariffs.jpeg?v=1744047527&amp;w=1858&amp;h=1045&amp;vtcrop=y" alt="U.S. President Donald Trump delivers remarks on tariffs in the Rose Garden at the White House in Washington, D.C., U.S., April 2, 2025. REUTERS/Carlos Barria"/><figcaption class="wp-element-caption">U.S. President Donald Trump delivers remarks on tariffs in the Rose Garden at the White House in Washington, D.C., on April 2, 2025. Carlos Barria | Reuters</figcaption></figure>



Trump stunned trading partners and global markets in early April, when he announced a raft of “reciprocal” tariffs on imports from more than 180 countries. Beijing was hit the hardest of all, with the U.S. duty on Chinese imports now effectively totaling 145%. China in turn hit back at Washington with retaliatory tariffs of up to 125% on U.S. imports.



Widespread market turbulence following the tariffs announcement prompted a temporary climbdown by Trump, with the president last week announcing that the new duties on imports from most trading partners would be reduced to 10% for 90 days in order to allow for trade negotiations with Washington’s counterparts.



The WTO said in its Wednesday report that the impact of recent trade policy changes is likely to vary sharply from region to region.



In the adjusted forecast, North America now subtracts 1.7 percentage points from global merchandise trade growth in 2025, turning the overall figure negative.



Meanwhile, Asia and Europe continue to contribute positively, but less than in the baseline scenario, with Asia’s input halved to 0.6 percentage points.



The disruption in U.S.-China trade is expected “to trigger significant trade diversion,” the WTO added, raising concerns among third markets about increased competition from China.



“Chinese merchandise exports are projected to rise by 4% to 9% across all regions outside North America as trade is redirected. At the same time, U.S. imports from China are expected to fall sharply in sectors such as textiles, apparel and electrical equipment, creating new export opportunities for other suppliers able to fill the gap,” the trade organization remarked, noting that this could open the door for some least-developed countries to increase their exports to the U.S. market.

108071122-1733319291213-gettyimages-2187589196-AFP_36PC93X

Global trade outlook has ‘deteriorated sharply’ amid Trump tariff uncertainty, WTO warns

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1080" height="720" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/N7NTFVJZNNKH5L7JQ3FQOLPYO4.avif" alt="" class="wp-image-610095"/><figcaption class="wp-element-caption">A view shows a PwC Australia logo in Melbourne, Australia, March 24, 2025. REUTERS/Hollie Adams/File Photo</figcaption></figure>



April 16 (Reuters)&nbsp;&#8211;&nbsp;PwC shut operations in nine Sub-Saharan African countries last month following a strategic review, the Big Four accounting firm said, in response to a media report that said the company exited over a dozen countries to avoid scandals.



PwC, which operates as a global network of locally owned partnerships, has shut operations in the Ivory Coast, Gabon, Cameroon, Madagascar, Senegal, the Democratic Republic of Congo (DRC), Congo Republic, Republic of Guinea and Equatorial Guinea, it said in a statement published on its website on March 31.



The accounting firm directed Reuters to the statement in response to queries on a Financial Times article published earlier in the day that said PwC had exited multiple countries that were deemed too small, risky or unprofitable.



The decision came due to mounting differences with local partners, who said they lost over a third of their business in recent years after pressure from PwC&#8217;s global executives to drop risky clients, the FT said, citing people familiar with the matter.



The PwC statement did not give a reason for the move.



The FT report, citing a register of PwC entities and local news reports, said PwC had also cut ties with member firms in Zimbabwe, Malawi and Fiji.



PwC has faced an exodus of clientele and layoffs across countries since last year.



PwC&#8217;s mainland China unit was hit with a $62 million fine and six-month suspension for audit failures related to property developer China Evergrande&#8217;s&nbsp;3333.HK&nbsp;$78 billion fraud.



Last month, Britain fined PwC about $6 million in relation to the audit of Wyelands Bank for financial year 2019.



The firm is working with Saudi Arabia and its sovereign wealth fund to mend relations after the kingdom suspended activities between the $925 billion fund&#8217;s holding company and PwC. ($1 = 0.7531 pounds)



(Reporting by Bipasha Dey, Kanjyik Ghosh and Harshita Meenaktshi in Bengaluru; Editing by Savio D&#8217;Souza and Mrigank Dhaniwala)

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