<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/FACTBOX-What-is-Europes-landmark-AI-legislation-820x547.jpg" alt="" class="wp-image-489000" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/FACTBOX-What-is-Europes-landmark-AI-legislation-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/FACTBOX-What-is-Europes-landmark-AI-legislation-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/FACTBOX-What-is-Europes-landmark-AI-legislation-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/FACTBOX-What-is-Europes-landmark-AI-legislation-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/FACTBOX-What-is-Europes-landmark-AI-legislation-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/FACTBOX-What-is-Europes-landmark-AI-legislation-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: AI (Artificial Intelligence) letters and robot hand miniature in this illustration taken, June 23, 2023. REUTERS/Dado Ruvic/Illustration/File Photo</figcaption></figure>



BRUSSELS, May 21 (Reuters)&nbsp;&#8211;&nbsp;European Union policymakers on Tuesday&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N3HO1UO&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">endorsed</a>&nbsp;the world&#8217;s first comprehensive set of rules regulating the use of artificial intelligence (AI) in tools such as ChatGPT and in biometric surveillance that will likely come into force next month.



Here are the key points of the&nbsp;AI&nbsp;Act:



HIGH-RISK SYSTEMS



So-called high-risk&nbsp;AI&nbsp;systems &#8211; those deemed to have significant potential to harm health, safety, fundamental rights, the environment, democracy, elections and the rule of law &#8211; will have to comply with a set of requirements, such as undergoing a fundamental rights impact assessment, and obligations to gain access to the EU market.



AI&nbsp;systems considered to pose limited risks would be subject to very light transparency obligations, such as disclosure labels declaring that the content was&nbsp;AI-generated to allow users to decide on how to use it.



USE OF AI IN LAW ENFORCEMENT



The use of real-time remote biometric identification systems in public spaces by law enforcement will only be allowed to help identify victims of kidnapping, human trafficking, sexual exploitation, and to prevent a specific and present terrorist threat.



They will also be permitted in efforts to track down people suspected of terrorism offences, trafficking, sexual exploitation, murder, kidnapping, rape, armed robbery, participation in a criminal organisation and environmental crime.



GENERAL PURPOSE AI SYSTEMS (GPAI) AND FOUNDATION MODELS



GPAI&nbsp;and foundation models will be subject to lighter transparency requirements such as drawing up technical documentation, complying with EU copyright law and disseminating detailed summaries about the content used for algorithm training.



Foundation models classed as posing a systemic risk and high-impact GPAI&nbsp;will have to conduct model evaluations, assess and mitigate risks, conduct adversarial testing, report to the European Commission on serious incidents, ensure cybersecurity and report on their energy efficiency.



Until harmonised EU standards are published, GPAIs with systemic risks may rely on codes of practice to comply with the regulation.



PROHIBITED AI



The regulation bars the following:



&#8211; Biometric categorisation systems that use sensitive characteristics such as political, religious, philosophical beliefs, sexual orientation, race.



&#8211; Untargeted scraping of facial images from the internet or CCTV footage to create facial recognition databases;



&#8211; Emotion recognition in the workplace and educational institutions.



&#8211; Social scoring based on social behaviour or personal characteristics.



&#8211;&nbsp;AI&nbsp;systems that manipulate human behaviour to circumvent their free will.



&#8211;&nbsp;AI&nbsp;used to exploit the vulnerabilities of people due to their age, disability, social or economic situation.



WHO ENFORCES THE AI ACT



An&nbsp;AI&nbsp;Office within the European Commission will enforce the rules while an&nbsp;AI&nbsp;Board with EU representatives will assist the Commission and EU countries in applying the new legislation.



SANCTIONS FOR VIOLATIONS



Depending on the infringement and the size of the company involved, fines will start from 7.5 million euros ($8 million) or 1.5 % of global annual turnover, rising to up to 35 million euros or 7% of global turnover.



(Reporting by Foo Yun Chee, Editing by Helen Popper and Ed Osmond)

FILE PHOTO: Illustration shows AI (Artificial Intelligence) letters and robot hand miniature

What is Europe’s landmark AI legislation?

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/AI-summit-secures-safety-commitments-from-16-companies-820x429.jpg" alt="" class="wp-image-488997" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/AI-summit-secures-safety-commitments-from-16-companies-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/AI-summit-secures-safety-commitments-from-16-companies-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/AI-summit-secures-safety-commitments-from-16-companies-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/AI-summit-secures-safety-commitments-from-16-companies-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/AI-summit-secures-safety-commitments-from-16-companies-1536x804.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/AI-summit-secures-safety-commitments-from-16-companies.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Britain&#8217;s Prime Minister Rishi Sunak speaks during the closing press conference on the second day of the UK Artificial Intelligence (AI) Safety Summit at Bletchley Park, near Milton Keynes, Britain November 2, 2023. Justin Tallis/Pool via REUTERS/File Photo</figcaption></figure>



SEOUL, May 21 (Reuters)&nbsp;&#8211;&nbsp;Sixteen companies involved in&nbsp;AI&nbsp;including Alphabet&#8217;s Google&nbsp;GOOGL.O, Meta&nbsp;META.O, Microsoft&nbsp;MSFT.O&nbsp;and OpenAI, as well as companies from China, South Korea and the United Arab Emirates have committed to safe development of the technology.



The announcement unveiled in a UK government statement on Tuesday came as South Korea and Britain host a global&nbsp;AI&nbsp;summit in Seoul at a time when the breakneck pace of&nbsp;AI&nbsp;innovation leaves governments scrambling to keep up.



The agreement is a step up from the number of&nbsp;<a href="https://www.gov.uk/government/news/world-leaders-top-ai-companies-set-out-plan-for-safety-testing-of-frontier-as-first-global-ai-safety-summit-concludes" target="_blank" rel="noreferrer noopener">commitments</a>at&nbsp;the first global&nbsp;AI&nbsp;summit held six months ago,&nbsp;the statement said.



Zhipu.ai,&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AP:4295882451&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">backed by</a>&nbsp;Chinese tech giants Alibaba&nbsp;9988.HK, Tencent&nbsp;0700.HK, Meituan&nbsp;3690.HK&nbsp;and Xiaomi&nbsp;1810.HK, as well as UAE&#8217;s Technology Innovation Institute were among the 16 companies pledging to publish safety frameworks on how they will measure risks of frontier&nbsp;AI&nbsp;models.



The firms, also including Amazon&nbsp;AMZN.O, IBM&nbsp;IBM.N&nbsp;and Samsung Electronics&nbsp;005930.KS, voluntarily committed to not develop or deploy&nbsp;AI&nbsp;models if the risks cannot be sufficiently mitigated, and to ensure governance and transparency on approaches to&nbsp;AI&nbsp;safety, the statement said.



&#8220;It&#8217;s vital to get international agreement on the &#8216;red lines&#8217; where&nbsp;AI&nbsp;development would become unacceptably dangerous to public safety,&#8221; said Beth Barnes, founder at METR, a non-profit for&nbsp;AI&nbsp;model safety.



The artificial intelligence (AI) summit in Seoul this week&nbsp;aims to build on a broad agreement at the first summit&nbsp;held in the United Kingdom to better address a wider array of&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N3HN0YN&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">risks</a>.



At the November summit, Tesla&#8217;s Elon Musk and OpenAI&nbsp;CEO Sam Altman mingled with some of their fiercest critics, while China co-signed the &#8220;<a href="https://www.google.com/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=&amp;ved=2ahUKEwjqhuz975qGAxVXklYBHVHUApwQFnoECAYQAQ&amp;url=https%3A%2F%2Fwww.gov.uk%2Fgovernment%2Fpublications%2Fai-safety-summit-2023-the-bletchley-declaration%2Fthe-bletchley-declaration-by-countries-attending-the-ai-safety-summit-1-2-november-2023&amp;usg=AOvVaw3ArAa5McYZwdnAzGZ3BhKc&amp;opi=89978449">Bletchley Declaration</a>&#8221; on collectively managing&nbsp;AI&nbsp;risks alongside the United States and others.



British Prime Minister Rishi Sunak and South Korean President Yoon Suk Yeol will oversee a virtual summit later on Tuesday, followed by a ministerial session on Wednesday.



This week&#8217;s summit will address &#8220;building&#8230; on the commitment from the companies, also looking at how the (AI&nbsp;safety) institutes will work together,&#8221; Britain&#8217;s Technology Secretary Michelle Donelan told Reuters on Tuesday.



Since November, discussion on&nbsp;AI&nbsp;regulation has shifted from longer-term doomsday scenarios to &#8220;practical concerns&#8221; such as how to use&nbsp;AI&nbsp;in areas like medicine or finance, said&nbsp;Aidan Gomez, co-founder of large language model firm Cohere.



Industry participants wanted&nbsp;AI&nbsp;regulation that will give clarity and security on where the companies should invest, while avoiding entrenching big tech, Gomez said.



With countries such as the UK and U.S. establishing state-backed&nbsp;AI&nbsp;Safety Institutes for evaluating&nbsp;AI&nbsp;models and others expected to follow suit,&nbsp;AI&nbsp;firms are also concerned about the interoperability between jurisdictions, analysts said.



Representatives of the Group of Seven (G7) major democracies are expected to take part in the virtual summit, while Singapore and Australia were also invited, a South Korean presidential official said.



China will not participate in the virtual summit but is expected to attend Wednesday&#8217;s in-person ministerial session, the official said.



South Korea&#8217;s foreign ministry said Musk, former CEO of Google Eric Schmidt, Samsung Electronics&#8217; Chairman Jay Y. Lee and other&nbsp;AI&nbsp;industry leaders will participate in the summit.



(Reporting by Joyce Lee; Editing by Ed Davies and Christian Schmollnger)

AI-summit-secures-safety-commitments-from-16-companies

AI summit secures safety commitments from 16 companies

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107335423-1700186666155-gettyimages-647053464-_jcg2290-820x461.jpeg" alt="" class="wp-image-429142" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107335423-1700186666155-gettyimages-647053464-_jcg2290-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107335423-1700186666155-gettyimages-647053464-_jcg2290-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107335423-1700186666155-gettyimages-647053464-_jcg2290-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107335423-1700186666155-gettyimages-647053464-_jcg2290-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107335423-1700186666155-gettyimages-647053464-_jcg2290-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107335423-1700186666155-gettyimages-647053464-_jcg2290.jpeg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">BARCELONA, SPAIN &#8211; MARCH 01: A view of the MasterCard company logo on their stand during the Mobile World Congress on March 1, 2017 in Barcelona, Spain. (Photo by Joan Cros Garcia/Corbis via Getty Images)
Joan Cros Garcia &#8211; Corbis | Corbis News | Getty Images</figcaption></figure>



LONDON, May 21 (Reuters)&nbsp;&#8211;&nbsp;There is little evidence that big hikes in fees by&nbsp;Visa&nbsp;and&nbsp;Mastercard&nbsp;on retailers who use their cards have also led to major improvement in service, Britain&#8217;s Payment Systems Regulator said in provisional findings on Tuesday, flagging concerns competition was not working.



Visa and&nbsp;Mastercard&nbsp;have long dominated the market for payment cards, triggering calls from UK lawmakers for closer scrutiny from the PSR, which launched an investigation.



&#8220;The PSR found that over the past five years, and after taking account of volume changes,&nbsp;Mastercard&nbsp;and&nbsp;Visa&nbsp;have increased their scheme and processing fees by more than 30% in real terms. There is little evidence that the quality of service has improved at the same rate,&#8221; the PSR said in a statement.



The PSR&#8217;s 158-page&nbsp;<a href="https://www.psr.org.uk/media/pcvem3uq/interim-report-market-review-of-scheme-and-processing-fees-may-2024-publication.pdf" target="_blank" rel="noreferrer noopener">interim report</a>said estimates that the fee increases have added more than 250 million pounds to costs for UK businesses.



UK businesses have little choice but to pay these increased costs as&nbsp;Mastercard&nbsp;and&nbsp;Visa&nbsp;cards account for 95% of transactions using UK-issued cards, the PSR said.



&#8220;We disagree with the findings of the PSR&#8217;s interim review. The payments industry has never been more competitive, which is reflected in the wide choice of payment options available to British consumers and businesses,&#8221;&nbsp;Mastercard&nbsp;said in a statement.



Visa&nbsp;was not immediately available to comment.



The PSR said it has proposed &#8220;remedies&#8221;, for public consultation, that include improved transparency for users, and obligations on&nbsp;Mastercard&nbsp;and&nbsp;Visa&nbsp;to explain, consult on and/or document the reasons for price changes.



It said it has also proposed greater reporting of financial information to the PSR on an on-going basis to improve scrutiny of&nbsp;Mastercard&nbsp;and&nbsp;Visa&#8217;s UK operations going forward.



The public consultation is open until July 30, and a final report on card schemes and processing fees is due in the final quarter of the year.



&#8220;If the final report upholds the provisional finding that the market is not working well, the PSR will consult on the implementation of any remedies,&#8221; the watchdog said.



(Reporting by Huw Jones, editing by Sinead Cruise)

107335423-1700186666155-gettyimages-647053464-_jcg2290

Britain seeks to rein in Mastercard and Visa fees on retailers

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="555" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/10/HJDYMEREYFLQFPCH6PHBFH2UTA-820x555.jpg" alt="" class="wp-image-420644" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/10/HJDYMEREYFLQFPCH6PHBFH2UTA-820x555.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/HJDYMEREYFLQFPCH6PHBFH2UTA-300x203.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/HJDYMEREYFLQFPCH6PHBFH2UTA-133x90.jpg 133w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/HJDYMEREYFLQFPCH6PHBFH2UTA-768x519.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/HJDYMEREYFLQFPCH6PHBFH2UTA-1536x1039.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/HJDYMEREYFLQFPCH6PHBFH2UTA-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Representations of cryptocurrencies are seen in this illustration, August 10, 2022. REUTERS/Dado Ruvic/Illustration</figcaption></figure>



Cryptocurrencies rose Tuesday amid a late surge in optimism around the U.S. Securities and Exchange Commission’s decisions on spot ether exchange-traded funds applications, the first of which is due this week.



<a href="https://www.cnbc.com/quotes/ETH.CM=/">Ether</a>&nbsp;led the rally, rising 9% to $3,680.98, according to Coin Metrics. On Monday, it rocketed 20%.



Meanwhile,&nbsp;<a href="https://www.cnbc.com/quotes/BTC.CM=/">bitcoin</a>&nbsp;added 2% and was trading at about $71,350, extending an 8% gain from the previous day, when it reclaimed the $70,000 level.



Crypto-related equities rode the wave.&nbsp;<a href="https://www.cnbc.com/quotes/COIN/">Coinbase</a>&nbsp;and&nbsp;<a href="https://www.cnbc.com/quotes/MSTR/">Microstrategy</a>&nbsp;each gained about 2% in extended trading, and&nbsp;<a href="https://www.cnbc.com/quotes/HOOD/">Robinhood</a>&nbsp;added 3%. Several bitcoin mining stocks saw gains of 3%, including&nbsp;<a href="https://www.cnbc.com/quotes/MARA/">Marathon Digital</a>,&nbsp;<a href="https://www.cnbc.com/quotes/RIOT/">Riot Platforms</a>,&nbsp;<a href="https://www.cnbc.com/quotes/IREN/">Iren</a>&nbsp;(formerly known as Iris Energy) and&nbsp;<a href="https://www.cnbc.com/quotes/CLSK/">CleanSpark</a>.



Investors are reconsidering the probability that the SEC greenlights spot ether ETF applications amid reports that the SEC has requested document updates from potential ETF issuers and exchanges. The&nbsp;<a href="https://www.cnbc.com/2024/04/09/bitcoin-etf-issuers-sec-wont-approve-ether-eth-exchange-traded-fund-.html">previous consensus</a>&nbsp;was that such funds would likely not be approved.



“ETH spiked upwards shortly after rumors started circulating that the SEC might approve spot ETH ETFs this week after all,” said Bartosz Lipiński, CEO at Cube Exchange.



“Much like with&nbsp;<a href="https://www.cnbc.com/2024/01/10/sec-approves-rule-changes-that-pave-the-way-for-bitcoin-etfs.html">spot bitcoin ETFs being approved earlier</a>&nbsp;in the year, though, this feels to me like a ‘buy the rumor, sell the news’ type situation and I would imagine a rally through this Thursday … and then at least a brief selloff regardless of whether or not the funds are approved,” he added.



Final decisions on applications by VanEck and Ark Invest are due this Thursday and Friday, respectively.



BlackRock, Fidelity, Invesco, Grayscale and Bitwise Asset Management also have applications awaiting decisions this year.

Illustration shows representations of cryptocurrencies

Ether extends its rally following 20% surge on renewed ether ETF optimism

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="519" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/BHP-shares-hit-3-month-high-as-deadline-for-formal-Anglo-bid-looms-820x519.jpg" alt="" class="wp-image-488951" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/BHP-shares-hit-3-month-high-as-deadline-for-formal-Anglo-bid-looms-820x519.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/BHP-shares-hit-3-month-high-as-deadline-for-formal-Anglo-bid-looms-300x190.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/BHP-shares-hit-3-month-high-as-deadline-for-formal-Anglo-bid-looms-142x90.jpg 142w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/BHP-shares-hit-3-month-high-as-deadline-for-formal-Anglo-bid-looms-768x486.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/BHP-shares-hit-3-month-high-as-deadline-for-formal-Anglo-bid-looms-1536x973.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/BHP-shares-hit-3-month-high-as-deadline-for-formal-Anglo-bid-looms-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A small toy figure and mineral imitation are seen in front of the BHP logo in this illustration taken November 19, 2021. REUTERS/Dado Ruvic/Illustration/File Photo</figcaption></figure>



PERTH, May 21 (Reuters)&nbsp;&#8211;&nbsp;Shares of&nbsp;BHP&nbsp;Group&nbsp;BHP.AX&nbsp;touched a three-month high on Tuesday about 36 hours ahead of a&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N3HI07V&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">deadline</a>&nbsp;to lodge a formal bid for rival miner Anglo American&nbsp;AAL.L, which last week rejected a sweetened $43 billion takeover proposal.



The world&#8217;s largest listed miner&#8217;s shares are benefiting from good news including fresh stimulus for China&#8217;s property sector, copper prices reaching record highs and a growing view that&nbsp;BHP&nbsp;will not make another tilt at Anglo, according to Andy Forster, senior investment officer at Argo Investments, a&nbsp;BHP&nbsp;shareholder.



&#8220;We saw last week that they had a bit of a bounce after rejection by Anglo,&#8221; he said. &#8220;I think they&#8217;re going to stay disciplined. I&#8217;d be surprised if they&#8217;d come back at this late stage given the lukewarm response from Anglo&#8217;s board to the previous offers.&#8221;



Under UK takeover rules,&nbsp;BHP&nbsp;has until 1600 GMT on Wednesday to make a binding bid for Anglo American or it will be forced to walk away for at least six months. If the companies reach an agreement in the meantime, an extension can be granted.



BHP&nbsp;declined to comment on Tuesday. Its shares were up 0.5% to A$45.93 in afternoon trading. Anglo&#8217;s London-listed shares closed 0.1% higher at 26.80 pounds on Monday.



Anglo&#8217;s board has already&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL4N3HG2RJ&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">knocked back</a>&nbsp;two all-share proposals from&nbsp;BHP&nbsp;as inadequate and too difficult to execute and last week unveiled plans for a&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL4N3HH1FT&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">break-up</a>&nbsp;to focus on energy transition metal copper while spinning out or selling its coal, nickel, diamond and platinum businesses.



The copper assets make strategic sense for&nbsp;BHP&nbsp;but the longer the deal takes to close, the more likely it is a competitor lobs a rival bid for some of Anglo&#8217;s assets, according to Hayden Bairstow, an analyst at Australian stockbroker Argonaut.



&#8220;The risk of waiting is that Anglo&#8217;s metallurgical coal assets go to someone else or an interloper like Glencore comes in with a more compelling deal,&#8221; he said.



It would take Anglo a minimum of six to 12 months to run a sales process for the coal assets, according to an Australia-based investment banker who spoke on condition of anonymity.



Bankers are now jostling to get business from potential buyers, the person added.



Jefferies analysts said last week that&nbsp;BHP&nbsp;could be interested in the coal assets if it did not succeed in its bid for Anglo, given it owns nearby mines.



BHP&nbsp;would need to boost its latest offer by about 30% to reflect fair value for Anglo and its key copper assets, JPMorgan analysts said in a note last week.



Both of&nbsp;BHP&#8217;s offers required Anglo divest its platinum and iron ore assets in South Africa, where it employs more than 40,000 people.



BHP&nbsp;has told investors it&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL4N3H90QY&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">will not drop</a>&nbsp;its requirement for Anglo to demerge those businesses as a condition of the deal.



($1 = 0.7869 pounds)



ANALYSIS-BHP&#8217;s options for Anglo American deal narrow as deadline looms&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N3HI07V&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



(Reporting by Melanie Burton in Perth, Lewis Jackson in Sydney and Himanshi Akhand in Bengaluru; Editing by Praveen Menon and Jamie Freed)

FILE PHOTO: BHP shares jump 2.3% after Anglo announces break-up plan

BHP shares hit 3-month high as deadline for formal Anglo bid looms

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="552" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/Global-oil-markets-weaken-as-sluggish-demand-leaves-overhang-820x552.jpg" alt="" class="wp-image-488708" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/Global-oil-markets-weaken-as-sluggish-demand-leaves-overhang-820x552.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/Global-oil-markets-weaken-as-sluggish-demand-leaves-overhang-300x202.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/Global-oil-markets-weaken-as-sluggish-demand-leaves-overhang-134x90.jpg 134w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/Global-oil-markets-weaken-as-sluggish-demand-leaves-overhang-768x517.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/Global-oil-markets-weaken-as-sluggish-demand-leaves-overhang-1536x1033.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/Global-oil-markets-weaken-as-sluggish-demand-leaves-overhang-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Miniatures of oil barrels and a rising stock graph are seen in this illustration taken January 15, 2024. REUTERS/Dado Ruvic/Illustration</figcaption></figure>



LONDON, May 20 (Reuters)&nbsp;&#8211;&nbsp;Global physical crude oil markets are weakening because of soft refinery demand and ample supply, traders and analysts told Reuters, in a move that could spell further weakness for benchmark crude futures.



The weakness indicates high interest rates and inflation are depressing consumer and industrial demand, especially in Europe, at a time when supply is rising from non-OPEC producers such as the United States. This could bolster arguments for OPEC+ to maintain production curbs at a June 1 meeting.



Demand from refiners is soft, even though their crude intake capacity has increased with the end of springtime maintenance.



“Rising refinery capacity has not been met by an expected rise in demand,” Saxo Bank analyst Ole Hansen said.



“Consumers are feeling the pressure from high interest rates and inflation, as well as trade wars and a challenging geopolitical environment.”



The weakness is exhibited particularly clearly in the North Sea, which produces crude grades that alongside U.S. WTI Midland crude underpin the Brent futures benchmark and help price two thirds of global oil.



The price differential of North Sea Forties crude&nbsp;BFO-FOT&nbsp;fell on May 14 to a discount of 97 cents to dated Brent, its widest since January 2023, according to data from S&amp;P Global Commodity Insights, known as Platts.



Similarly, Platts on May 13 assessed WTI Midland cargoes pricing in Northwest Europe at dated Brent minus 69 cents, the lowest assessment since WTI joined the North Sea grades that underpin the Brent benchmark last May.



&#8220;It is seemingly a relatively benign period for demand,&#8221; said Sparta Commodities analyst Neil Crosby, who added that ample crude inventories could be delaying buying. &#8220;For now, physical pricing is under pressure.&#8221;



Besides weak refining demand, supply of light, low-sulphur crudes competing with the North Sea such as West Africa or the United States has been&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N3GO63V&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">rising globally</a>.



Ample supply is also evident in the structure of short-term Brent swaps &#8211; when crude for prompt delivery trades at a $1.07 per barrel discount to the July contract as opposed a $1.64 premium a month ago.



The current structure is known as contango and indicates abundant prompt supplies and weak demand. The opposite structure is known as backwardation.



WEAKNESS ACROSS THE BOARD



In the United States, physical markets have also softened as U.S. refinery processing rates have stayed below regular seasonal levels despite the end of a maintenance season.



Prices for Louisiana Light Sweet crude&nbsp;WTC-LLS&nbsp;fell to a three-week low of $2.33 per barrel over WTI on May 16, according to LSEG data.



The four-week average for U.S. refinery utilization was at 88.7% for the week ended May 10, down from 91.2% over the same period a year ago, according to the U.S. Energy Information Administration.



At the same time, the four-week averages for both U.S. gasoline and distillate product-supplied, a proxy for demand, were 4-5% below 2023 levels.



Refinery profit margins around the world have weakened partly because of a global&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL4N3H64LF&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">slump in diesel</a>&nbsp;values, a key refined product for the industrial and transport sectors alike.



PVM analyst Tamas Varga said lower margins were a clear sign that refiners were producing too much fuel amid lax consumer and industrial demand.



Lower profit margins have already prompted Asian refiners to&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N3HH07V&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">process less crude</a>&nbsp;oil in May, with others considering more cuts in coming months, further reducing crude demand.



Asia’s oil refining curtailments &#8220;signals a weak oil market,&#8221; said U.S. oil analyst Paul Sankey.



&#8220;The last leg of the refining balance essentially is Asia. It&#8217;s the first thing that shuts down&#8221; when markets are oversupplied, he said, adding that he expects OPEC to roll over its voluntary cuts at the June 1 meeting.



Weaker Asian refining demand has caused a drop-off in Middle East crude prices with Benchmark Dubai touching a near two-month low of $81.24 a barrel on May 8.



It has also left a glut of Nigerian supply, forcing sellers to cut prices for May cargoes to clear an overhang.



Nigerian Qua Iboe&nbsp;BFO-QUA&nbsp;crude fell to $2.10 above dated Brent on May 15, the lowest premium since February according to LSEG data.



An Asian crude buyer, who asked not to be named, said he was holding off purchases of West African and WTI crude until values drop further.



&#8220;They need to find outlets. (There is) too much oil,&#8221; the buyer said.



North Sea crude under pressure&nbsp;<a href="https://reut.rs/3K8XjbS" target="_blank" rel="noreferrer noopener">https://reut.rs/3K8XjbS</a>



North Sea crude under pressure&nbsp;<a href="https://reut.rs/4boYcZY" target="_blank" rel="noreferrer noopener">https://reut.rs/4boYcZY</a>



(Reporting by Robert Harvey and Natalie Grover, additional reporting by Gary McWilliams and Liz Hampton in Houston, and Florence Tan in Singapore; Editing by Alex Lawler, Dmitry Zhdannikov and Susan Fenton)

Illustration shows miniatures of oil barrels and rising stock graph

Global oil markets weaken as sluggish demand leaves overhang

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107387754-1710442603582-Fort-Knox-Gold-Pour-820x462.jpg" alt="" class="wp-image-488636" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107387754-1710442603582-Fort-Knox-Gold-Pour-820x462.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107387754-1710442603582-Fort-Knox-Gold-Pour-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107387754-1710442603582-Fort-Knox-Gold-Pour-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107387754-1710442603582-Fort-Knox-Gold-Pour-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107387754-1710442603582-Fort-Knox-Gold-Pour.jpg 929w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The Fort Knox Alaska operations of mining company Kinross, which has a new gold mine in Tetlin, Alaska, that has led to lawmaker concerns about trucking’s impact. Courtesy: Kinross</figcaption></figure>



May 20 (Reuters)&nbsp;&#8211;&nbsp;Gold prices hit an all-time high on Monday, as a slowing U.S. inflation trend boosted expectations the Federal Reserve could deliver its first interest rate cut soon, while silver scaled a more than 11-year peak.



Spot gold&nbsp;XAU=&nbsp;rose 1% to $2,438.44 per ounce, as of 0811 GMT, after hitting a record high of $2,449.89 earlier in the session. U.S. gold futures&nbsp;GCcv1&nbsp;rose 1.1% to $2,442.60.



Data last week showed signs of cooling inflation and traders now expect a 65% chance of a U.S. rate cut by September. FEDWATCH



The dollar index&gt;&nbsp;=USD&nbsp;remained subdued, making greenback-priced bullion more attractive to buyers holding other currencies.&nbsp;USD/



A soft U.S. dollar and expectations the Federal Reserve is expected to cut rates soon has helped gold prices, said Kyle Rodda, a financial market analyst at Capital.com.



Bullion is known as an inflation hedge, but higher rates increase the opportunity cost of holding non-yielding gold.



Minutes of the Fed&#8217;s last policy meeting due on Wednesday along with comments from a slew of Fed speakers will be on investors&#8217; radar for this week.



&#8220;Gold prices sneaked in a cheeky record high ahead of China&#8217;s (market) open on Monday. Yet as the move has not been confirmed with by a weaker U.S. dollar, it seems to have been caught in a tailwind from higher metals futures on China&#8217;s exchanges,&#8221; said City Index senior analyst Matt Simpson.&nbsp;MET/L



China, the top consumer of bullion and a majority of industrial metals, announced &#8220;historic&#8221; steps on Friday to stabilise its crisis-hit property sector.



Spot silver&nbsp;XAG=&nbsp;rose 1.3% to $31.88 after hitting an over 11-year high.



&#8220;Silver&#8217;s relative cheapness compared to gold and its strong fundamentals are invigorating investor interest. Platinum is trading at premium over palladium with rising inflows of exchange traded funds,&#8221; analysts at ANZ wrote in a note.



Platinum&nbsp;XPT=&nbsp;fell 0.2% to $1,078.88, after hitting its highest since May 12, 2023 earlier in the session. Palladium&nbsp;XPD=&nbsp;dropped 0.2% to $1,006.49.



(Reporting by Sherin Elizabeth Varghese in Bengaluru; Editing by Sohini Goswami and Krishna Chandra Eluri)

107387754-1710442603582-Fort-Knox-Gold-Pour

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="538" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/X5WBKTDO6BMH7BA5JA5G55KZ74-820x538.jpg" alt="" class="wp-image-488627" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/X5WBKTDO6BMH7BA5JA5G55KZ74-820x538.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/X5WBKTDO6BMH7BA5JA5G55KZ74-300x197.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/X5WBKTDO6BMH7BA5JA5G55KZ74-137x90.jpg 137w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/X5WBKTDO6BMH7BA5JA5G55KZ74-768x504.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/X5WBKTDO6BMH7BA5JA5G55KZ74-1536x1007.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/X5WBKTDO6BMH7BA5JA5G55KZ74-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Former South African President Jacob Zuma speaks to supporters of the uMkhonto weSizwe Party outside the High Court in Durban, South Africa, March 27, 2024. REUTERS/Rogan Ward/File Photo</figcaption></figure>



JOHANNESBURG, May 20 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s former president Jacob Zuma is barred from running for parliament in this month&#8217;s election, the country&#8217;s top court ruled on Monday, a judgment that could influence the outcome and trigger unrest from Zuma&#8217;s supporters.



The constitutional court found Zuma&#8217;s 15-month jail sentence for contempt of court in 2021 disqualified him from standing in the May 29 election, as the constitution prohibits anyone given a prison sentence of 12 months or longer from holding a parliamentary seat.



&#8220;It is declared that Mr. Zuma was convicted of an offence and sentenced to more than 12 months&#8217; imprisonment, &#8230; and is accordingly not eligible to be a member of, and not qualified to stand for election to, the National Assembly,&#8221;&nbsp;its ruling said.



Zuma, who was forced to quit as president in 2018, has fallen out with the governing African National Congress (ANC) and has been campaigning for a new party called uMkhonto we Sizwe (MK) named after the ANC&#8217;s formed armed wing.



Opinion polls suggest the ANC&#8217;s majority is at risk after 30 years in power, and MK represents a threat to it, especially in Zuma&#8217;s home province of KwaZulu-Natal where he is popular.



In 2021 Zuma&#8217;s jailing triggered riots in KwaZulu-Natal in which more than 300 people died and which morphed into a wider spate of looting.



Asked about the potential for violence in the wake of the constitutional court ruling during an interview with local radio station 702, President Cyril Ramaphosa said: &#8220;I&#8217;m not concerned about this instigating violence.&#8221;



&#8220;We have rule of law in South Africa that governs us. Once a constitutional court has decided, that is it and should there be any threat of violence our security forces are ready,&#8221; he said.



South Africa&#8217;s electoral commission originally disqualified Zuma in March, but a month later&nbsp;a court overturned the disqualification saying the relevant section of the constitution applied only to people who had a chance to appeal against their sentences, which had not been Zuma&#8217;s case.



The electoral commission&nbsp;then took the case to the&nbsp;constitutional court.&nbsp;It said previously that even if Zuma was disqualified from standing as a member of parliament, his face will still appear on ballots this month as he is the registered leader of the MK party.



An Ipsos opinion poll published in April put support for MK at roughly 8%, versus just over 40% for the ANC.



While the ANC is still on track to get the most votes, if it gets less than 50% support it would have to seek one or more coalition partners to govern the country, the first such alliance since the party swept to power under liberation hero Nelson Mandela at the end of apartheid.



At a campaign rally for his MK party on Saturday, Zuma told thousands of supporters in a stadium in South Africa&#8217;s biggest township Soweto that his party would provide free education for disadvantaged children and create jobs.



(Reporting by Anait Miridzhanian; Additional reporting by Tannur Anders; Editing by Alexander Winning and Bate Felix)

Former South African President Jacob Zuma speaks to supporters of the uMkhonto weSizwe Party outside the High Court in Durban

South Africa’s ex-leader Zuma barred from standing in election

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-2153163436-820x547.jpg" alt="" class="wp-image-488604" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-2153163436-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-2153163436-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-2153163436-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-2153163436-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-2153163436-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-2153163436-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">JABRAYAIL, AZERBAIJAN &#8211; MAY 19: (EDITOR’S NOTE: This Handout image was provided by a third-party organization and may not adhere to Getty Images’ editorial policy.) In this handout image supplied by the Office of the President of the Islamic Republic of Iran, Iranian President Ebrahim Raisi Meets with Azerbaijani President Ilham Aliyev as they inaugurate the Qiz Qalasi Dam, constructed on the Aras River on the joint borders between Iran and Azerbaijan, after which his helicopter has reportedly crashed near the city of Jolfa, on the border with Azerbaijan on May 19, 2024 in Jabrayil, Azerbaijan. (Photo by Office of the President of the Islamic Republic of Iran via Getty Images)</figcaption></figure>



Iranian President Ebrahim Raisi and Foreign Minister Hossein Amirabdollahian died in a helicopter crash, state media reported Monday.



“All the passengers of the helicopter carrying the Iranian president and foreign minister were martyred,” semi-official news agency Mehr News had reported earlier.



Raisi was returning after inaugurating a dam on Iran’s common border with the Azerbaijan Republic, when his helicopter crashed upon landing in northern Iran’s Varzaqan region on Sunday evening local time, according to state news agency IRNA.



Besides the president and the foreign minister, nine people died in the crash, including Governor of East Azarbaijan Malek Rahmati, semi-official Tasnim News Agency reported.



The president’s convoy included three helicopters, two of which landed safely, according to Tasnim.



Communication with Raisi’s chopper was cut off about half an hour into the flight, Iran’s Vice President for Executive Affairs Mohsen Mansouri said. Raisi was travelling to Tabriz city to launch an oil project.



Inclement weather conditions and difficult terrain had hampered search and rescue operations, Iran’s Revolutionary Guards Corps’ chief Pirhossein Koulivand, reportedly said.



Drone footage published on state media FARS News Agency showed the chopper’s wreckage on a steep hillside.



Indian Prime Minister Narendra Modi expressed condolences on social media platform X, saying Raisi’s “contribution to strengthening India-Iran bilateral relationship will always be remembered.”



Venezuela’s president Nicolás Maduro called Raisi an “extraordinary leader.”



Former Iranian foreign minister Javad Zarif also condoled the death of the president and others in the crash.



“The consequences of this are probably going to be rather contained,” Ali Ahmadi, executive fellow at the Geneva Center for Security Policy, told CNBC’s “Street Signs Asia.”



President Raisi was a fairly marginal figure in national security decision, said Ahmadi, adding that Iranian foreign policy is principally governed by the Office of the Supreme Leader and the Iranian military.



Raisi, 63, a hardline, conservative politician was elected president in 2021 after failing to get into the office in 2017. He was seen as a contender to succeed supreme leader Ayatollah Khamenei.



As president, he cracked down on dissent at home.

Helicopter Carrying Iran President Reportedly Crashes Near Azerbaijan

Iran’s President Raisi and Foreign Minister Amirabdollahian killed in helicopter crash, state media says

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/Absa_HQ-820x547.jpg" alt="" class="wp-image-400651" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/Absa_HQ-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/Absa_HQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/Absa_HQ-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/Absa_HQ.jpg 830w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">ABSA has rebranded itself and its logo is on display at its headquarters in Johannesburg and surrounds on Tuesday, August 7 2018. Pic: Waldo Swiegers / Bloomberg</figcaption></figure>



Authors: Sejeng Matlhako, Head: Regional Transactional Banking Sales (Business Banking) Absa CIB and Stanley Hlamalani Godi, Regional Segment Head: Relationship Banking Coverage Growth, Absa Group



Growth-focused businesses in South Africa are increasingly looking to cross-border trade for opportunities to develop their bottom-line and deepen their revenue channels. A combination of the right banking partner and technology is making this a viable option for organisations looking for new markets.



It is no secret that economic growth in South Africa has been constrained through a number of factors which has left the International Monetary Fund (IMF) forecasting a growth rate of just 1% in 2024.



With a growth rate of 1%, the economic pie is not getting any bigger and entrepreneurs are forced to compete with each other and navigate increasingly narrow operating margins.



The problem with being inwardly focused and purely looking at the South African market is that we forget that we form a part of the global economy. Tourism for example has recorded a significant rebound in 2023 – while it hasn’t quite reached pre-COVID-19 levels, 8.5 million tourists came into South Africa. While the sector has been negatively impacted by the pandemic enforced lockdowns, it does contribute nearly 9% to Gross Domestic Product (GDP). In Rand terms, data from Statistics South Africa indicated that domestic visitors spent R435bn in 2022 and pre-pandemic, international tourists were bringing in over R121bn per year. These are sizable markets in the South African context and represent very real business opportunities.



Agriculture has been another positive proof point for international trade with South African products being exported across the globe and soybeans and avocadoes are in great demand from the European Union (EU) through to China. Research out of the Agriculture Business Chamber released in February 2024 indicated that South Africa hit a new record in exports in 2023 with $13.2bn – this was achieved despite major issues at the ports and other logistics constraints. Importantly, the sector was not simply driven by exports but also included $7bn in imports.



Import and Export trade is not limited purely to the traditional markets like the EU, China, India, and the US. Earlier this year, President Ramaphosa announced South Africa’s first shipment and preferential trading under the African Continental Free Trade Area (AfCFTA). According to the World Bank, if fully implemented, the AfCFTA could raise incomes by 9% by 2035 and lift 50 million people out of extreme poverty.



As South African – and broader African businesses – are waking up to the opportunities beyond their home markets, the issue of access to finance becomes a key challenge. If we look across our portfolio and where we are seeing a lot of activity, it is typically in capital-intensive sectors including logistics, automotive, mining and manufacturing.



A major pain point that many of the growth businesses in our commercial and business banking portfolios face is that they often struggle with cashflow issues and then are forced to pursue funders who offer quick turnaround times but at very expensive rates. This is an interesting dynamic that is playing out in the market at the moment where fintech’s in the lending space are offering funding solutions which are perhaps nimbler than those offered from traditional banks, but which often come at a higher cost to the entrepreneurs.



One of the frustrations that the banking sector often encounters is that its clients are taking on the incorrect type of funding solutions for their long-term sustainability. The right solutions may take longer to unlock but should be more suitable for the client in the long run. This could include cheaper debt, lower administration fees and more flexible payment terms.



While there is a natural tension between the banks and the fintech operators, one of the areas where we are seeing some encouraging gains is around the Digitisation of client documents and other records required for finance. Whether you are applying for funding or you are importing and exporting goods, you shouldn’t be filling in the same forms over and over again with high levels of administrative friction inhibiting your ability to do business.



We are encouraged by the partnerships we are seeing with our stakeholders to introduce digital solutions to reduce friction and allow for swifter transacting across the business banking ecosystem – from SME through to larger corporate transactions.



Lastly, we believe that if we are serious about the subject of growth in South Africa, then we cannot ignore the Environmental, Social and Governance (ESG) discussion. While many of the larger businesses – including multinationals and those listed on the JSE &#8211; in South Africa are beginning to understand the role that ESG plays in terms of unlocking funding and opportunities, many of our business banking clients and stakeholders do not understand how they can utilise this as a growth channel for themselves.



Banks have a key role to play in educating the market around ESG solutions and how they can participate.



South African and African businesses form a key part of the global economy and while there are some constraints around growth, we have the ability to participate in the broader global economy. If we can identify solutions that include import and export of products, we are no longer constrained by the domestic economy. It is a global playground for entrepreneurs, and we look forward to working with them to unlock these growth opportunities to see them flourish.

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What is Europe’s landmark AI legislation?

AI summit secures safety commitments from 16 companies

Britain seeks to rein in Mastercard and Visa fees on retailers

Ether extends its rally following 20% surge on renewed ether ETF optimism

BHP shares hit 3-month high as deadline for formal Anglo bid looms

What is the impact of Iranian president Ebrahim Raisi’s death?

What happens when all 21 million bitcoin are mined?

What Happened To Etsy?

Global oil markets weaken as sluggish demand leaves overhang

Gold hits record peak as rate-cut bets burnish appeal, silver jumps

How I built a billion dollar coffee company called Kopi Kenangan

South Africa’s ex-leader Zuma barred from standing in election

Iran’s President Raisi and Foreign Minister Amirabdollahian killed in helicopter crash, state media says

How fast food got so expensive

Tesla’s Chinese rival Nio undercuts the Model Y by $4000

Can Boeing’s Purchase Of Spirit AeroSystems Help Solve Its Problems?

Unlocking growth: Cross-border trade gives African entrepreneurs access to new markets

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