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Drone pilots are in high demand — but what is the job really like?

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1800" height="1200" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/VFKU2JNBTBIDVNPMOMLDRAUIO4.avif" alt="" class="wp-image-560171"/><figcaption class="wp-element-caption">Pedestrians walk in front of Ghana&#8217;s central bank building in Accra, Ghana, November 16, 2015. REUTERS/Francis Kokoroko/File Photo</figcaption></figure>



ACCRA, Nov 29 (Reuters) &#8211; Ghana&#8217;s central bank kept its main interest rate GHCBIR=ECI at 27.00% on Friday, as food price increases drove consumer inflationGHCPIY=ECI higher for the second month in a row.



While inflation has eased considerably over the year, the pace of deceleration showed some sluggishness since the last monetary policy committee meeting, the central bank said.



&#8220;Inflation projections show a slightly elevated profile driven by high and unstable food prices,&#8221; the bank said in a statement.



Year-on-year inflation in the West African economy, which is set to hold a general election on Dec. 7, edged up to 22.1% in October from 21.5% in the previous month.



The bank said it now expected inflation to reach its medium-term target of 6% to 10% in the fourth quarter of 2025, shifting forward from an earlier forecast that it would reach that goal in the third quarter.



Ghana, which is the world&#8217;s second largest cocoa producer, defaulted on most of its $30 billion external debt in 2022 after years of overstretched borrowing.



It is now close to fully emerging from the default after a long debt restructuring process.



President Nana Akufo-Addo&#8217;s government secured a 3-year, $3 billion bailout from the International Monetary Fund in 2023 and is now on the final lap of a painful process required for the money to be disbursed.



Commercial banks have accumulated enough capital buffers to withstand the effects of the external debt restructuring, the central bank said on Friday.



The International Monetary Fund&#8217;s executive board is set to meet on Dec. 2 to approve the third review of Ghana&#8217;s $3 billion programme, which will unlock a $360 million loan tranche.



(Reporting by Maxwell Akalaare Adombila and Christian Akorlie; Writing by Anait Miridzhanian and Duncan Miriri; Editing by Kevin Liffey, William Maclean)

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Ghana central bank holds policy rate on inflation concerns

Amazon is using generative AI to drive more same-day shipping using smarter robots and better routes

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="546" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/OKONJO-IWAELA-820x546.jpg" alt="" class="wp-image-560115" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/OKONJO-IWAELA-820x546.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/OKONJO-IWAELA-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/OKONJO-IWAELA-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/OKONJO-IWAELA-768x511.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/OKONJO-IWAELA.jpg 1200w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Director-General of the World Trade Organization Ngozi Okonjo-Iweala speaks during the 54th annual meeting of the World Economic Forum, in Davos, Switzerland, January 19, 2024. REUTERS/Denis Balibouse/File Photo</figcaption></figure>



GENEVA, Nov 29 (Reuters)&nbsp;&#8211;&nbsp;World Trade Organization chief Ngozi Okonjo-Iweala was reappointed for a second term at a special meeting on Friday, the trade watchdog said, meaning her&nbsp;tenure&nbsp;will coincide with U.S. President-elect Donald Trump&#8217;s&nbsp;second administration.



Analysts expect the road ahead for the three-decade-old WTO will be challenging, likely characterised by trade wars with Trump, who returns to the White House on Jan. 20, threatening hefty tariffs on goods from Mexico, Canada and China.



Okonjo-Iweala, a former Nigerian finance minister who made history in 2021 by becoming the WTO&#8217;s first female and first African director-general, announced in September that she would run again, aiming to complete &#8220;unfinished business&#8221;.



No other candidates ran against her&nbsp;and all of the WTO&#8217;s 166 members agreed by consensus to a proposal to reappoint her.



&#8220;We have a full agenda to deliver&#8230;and we fully intend to get to work immediately, no stopping, to try and deliver on these results,&#8221; Okonjo-Iweala told journalists, citing WTO reforms and fishing negotiations as among her priorities.



Trade sources said the meeting created a means of fast-tracking her appointment process to avoid any risk of it being blocked by Trump, whose teams and allies have criticised both Okonjo-Iweala and the WTO in the past.



In 2020, his administration gave its support to a rival candidate and sought to block her first term. She secured U.S. backing only when President Joe Biden succeeded Trump in the White House&nbsp;in January 2021.



WTO General Council Chair and Norwegian Ambassador Petter Ølberg said the process had been fair and transparent. &#8220;We feel that we now are really fit for the next four years,&#8221; he said.



MOUNTING U.S.-CHINA TENSIONS



Even in the Biden era, WTO negotiations have made limited progress although a handful of deals were struck in Geneva in 2022. Efforts to revamp the WTO&#8217;s dispute settlement system, brought to its knees under Trump due to U.S. opposition to judge appointments, have so far failed to deliver ahead of an end-December deadline.



Many predict the WTO will be a theatre where mounting trade tensions between the U.S. and China will play out, with Trump&#8217;s new trade team expected to challenge Beijing&#8217;s official developing country status at the WTO that critics say endows it with unfair advantages.



China&#8217;s mission sent a message on X congratulating Okonjo-Iweala and saying it was looking forward to working with her and other members &#8220;to safeguard the multilateral trading system&#8221;.



Okonjo-Iweala said she was looking forward to working with the incoming Trump administration and that she saw common ground between them on areas like intellectual property rights. &#8220;I think we should come into things with a very constructive and creative approach to trying to deal with the issues that will face the world trading system,&#8221; she said.



She declined to comment on Trump&#8217;s tariff plans, calling it premature.



Asked to respond to remarks by Trump&#8217;s former U.S. trade representative Robert Lighthizer that she was &#8220;China&#8217;s ally in Geneva&#8221;, she said: &#8220;The WTO has 166 members and I hope they all believe I&#8217;m their ally.&#8221;



(Reporting by Emma Farge, editing by Thomas Seythal, Kevin Liffey and Mark Heinrich)

OKONJO-IWAELA

WTO chief Okonjo-Iweala reinstated for second term as trade wars loom

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="480" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/WM23DAP7ZZIDHDPYXPH2BB7XJM.jpg" alt="" class="wp-image-560111" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/WM23DAP7ZZIDHDPYXPH2BB7XJM.jpg 720w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/WM23DAP7ZZIDHDPYXPH2BB7XJM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/WM23DAP7ZZIDHDPYXPH2BB7XJM-135x90.jpg 135w" sizes="auto, (max-width: 720px) 100vw, 720px" /><figcaption class="wp-element-caption">Bola Tinubu, President of Nigeria, arrives for the closing session of the New Global Financial Pact Summit, Friday, June 23, 2023 in Paris, France. Lewis Joly/Pool via REUTERS/File Photo</figcaption></figure>



ABUJA, Nov 29 (Reuters)&nbsp;&#8211;&nbsp;Nigeria and France have signed two agreements to boost infrastructure development and food security while Nigerian lenders Zenith Bank&nbsp;ZENITHB.LG&nbsp;and United Bank for Africa (UBA)&nbsp;UBA.LG&nbsp;expanded their operations into France.



Nigeria&#8217;s presidential spokesperson Bayo Onanuga said on Friday that the deals, signed the previous day during President Bola Tinubu&#8217;s state visit to Paris, included a 300 million euro investment plan to support critical infrastructure, healthcare, transportation, agriculture, renewable energy and human capital development across Nigeria.



Nigeria&#8217;s finance minister Wale Edun and French economy minister Antoine Armand signed a letter of intent to facilitate the investments. Both nations also pledged to streamline trade and investment processes, Onanuga said in a statement.



&#8220;The two countries committed to forge a strategic relationship in project implementation and enhance mutual trade and cross border services by removing fiscal barriers while protecting labour rights,&#8221; a joint statement said.



In addition to the government-level agreements, Zenith Bank opened its doors in Paris, while UBA is set to follow after agreeing with the French authorities to commence operations in Paris, Onanuga said.



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

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Nigeria and France sign infrastructure and finance deals

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="579" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/Visit-Rwanda-F1-1-820x579.jpg" alt="" class="wp-image-560078" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/Visit-Rwanda-F1-1-820x579.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/Visit-Rwanda-F1-1-300x212.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/Visit-Rwanda-F1-1-127x90.jpg 127w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/Visit-Rwanda-F1-1-768x543.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/Visit-Rwanda-F1-1-1536x1085.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/Visit-Rwanda-F1-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /></figure>



This weekend, Visit Rwanda is showcasing its unique and sustainable tourism experiences at the Formula 1 Qatar Grand Prix 2024. Located in the F1 FanZone, the booth highlights Rwanda’s vibrant culture, warm hospitality, and breathtaking landscapes.



The activation also shines a spotlight on the upcoming FIA Awards 2024, set to take place in Kigali this December. Formula 1 fans can learn about exclusive travel packages and experiences tailored for the event, highlighting Rwanda as the host of this prestigious gathering.



Led by the Chief Executive Officer of the Rwanda Convention Bureau, the Rwandan delegation includes representatives from RwandAir and the Rwandan Embassy in Qatar, and the Rwanda Motorsport Federation promoting Rwanda’s tourism and investment opportunities.



Visitors to the booth can enjoy premium Rwandan coffee, and insights into attractions like mountain gorilla trekking, luxury eco-lodges, and the country’s commitment to sustainable tourism.



&#8220;Rwanda’s presence at the Qatar Grand Prix underscores our dedication to promoting sustainable tourism globally. We invite Formula 1 fans to explore the incredible experiences Rwanda has to offer, especially during the FIA Awards this December,” said Janet Karemera, CEO of the Rwanda Convention Bureau.

Visit Rwanda – F1

Visit Rwanda to Showcase Unique Tourist Attractions at Formula 1 Qatar Grand Prix

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3334" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/E2JS3NOVJZMKXHK7BDJKFLCEHI.avif" alt="" class="wp-image-560074"/><figcaption class="wp-element-caption">Supporters attend the campaign launch event of Ghana&#8217;s Vice President and presidential candidate from the ruling New Patriotic Party (NPP), Dr. Mahamudu Bawumia ahead of the 2024 presidential election in Accra, Ghana, February 7, 2024. REUTERS/Francis Kokoroko/File Photo</figcaption></figure>



ACCRA, Nov 29 (Reuters)&nbsp;&#8211;&nbsp;Ghanaians are set to vote on Dec. 7 for a new president to replace Nana Akufo-Addo, who has served the maximum two terms.



Former president John Dramani Mahama of the opposition National Democratic Congress party is seen as the main challenger to Vice President Mahamudu Bawumia, from Akufo-Addo&#8217;s ruling New Patriotic Party.



Ten&nbsp;other candidates are running. Among them, independent candidates Nana Kwame Bediako and Alan Kyerematen, who are expected to take votes from the two main candidates.



<h2 class="wp-block-heading" id="h-john-dramani-mahama">JOHN DRAMANI MAHAMA</h2>



Former president Mahama, 66, is seen by polls as favourite to win the election given a severe economic crisis that has made the current government unpopular.



While vice president in 2012, Mahama became interim leader after the sudden death of president John Atta Mills. A few months later, Mahama won his own mandate in a presidential election.



During his term, he invested heavily in infrastructure but drew criticism over power shortages, macroeconomic instability and allegations of political corruption, though he was not personally tainted.



He suffered back-to-back election defeats to Akufo-Addo in 2016 and 2020.



Mahama told Reuters in an interview that if he wins a new term in office he will seek to renegotiate terms of a $3 billion International Monetary Fund bailout, which was secured last year to restructure the west African country&#8217;s debt.



<h2 class="wp-block-heading" id="h-mahamudu-bawumia">MAHAMUDU BAWUMIA</h2>



Vice President Mahamudu Bawumia, 61, was chosen by the ruling New Patriotic Party (NPP) as its flag-bearer in the election.



He is the first Muslim to lead a major party in Ghana since 1992 and also the first person outside the dominant Akan-speaking ethnic group to lead the NPP.



The 61-year-old economist and former central banker assumed office as vice president in 2017 after Akufo-Addo&#8217;s victory in the 2016 election.



Bawumia became the face of economic policy throughout Akufo-Addo&#8217;s presidency as Ghana battled its worst economic crisis in a generation.



He has promised to simplify the tax system, halve the number of ministers, and cut public spending by 3% of GDP if elected.



<h2 class="wp-block-heading" id="h-alan-kyerematen">ALAN KYEREMATEN</h2>



Alan John Kwadwo Kyerematen, 69, is a former trade minister who served under Akufo-Addo from 2017 to 2023.



He was put forward by Ghana in 2012 as the candidate to succeed Pascal Lamy as head of the World Trade Organization (WTO), but he lost the race.



A prominent member of the ruling New Patriotic Party (NPP), Kyerematen was highly tipped to win the party&#8217;s primary and succeed Akufo-Addo.



But he resigned from the party after coming third in the first stage of the primaries, saying his contributions were not appreciated, and applied to run as an independent candidate.



<h2 class="wp-block-heading" id="h-nana-kwame-bediako">NANA KWAME BEDIAKO</h2>



Bediako started his election campaign as a mystery candidate, hanging billboards across Ghana that showed a masked face and a promise to empower youth.



The 44-year-old businessman, working in infrastructure development, has contributed to the creation of over 700 homes and&nbsp;employs&nbsp;over 3,000 people, according to his website.



The independent candidate&#8217;s election promises include plans to create industries in all of Ghana&#8217;s regions.&nbsp;He has pledged to govern with only 12 cabinet ministers.



Two years ago, Bediako shot into the limelight when his neighbours complained the businessman was keeping tigers at home.



(Reporting by Christian Akorlie and Anait Miridzhanian; Editing by Bate Felix and Daren Butler)

E2JS3NOVJZMKXHK7BDJKFLCEHI

Who are the main candidates in Ghana’s presidential election?

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1.jpg" alt="" class="wp-image-524600" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



JOHANNESBURG, Nov 29 (Reuters)&nbsp;&#8211;&nbsp;The following economic events, equity and currency market moves may affect South African markets on Friday.



<h2 class="wp-block-heading" id="h-economic-events">ECONOMIC EVENTS</h2>



October money supply and credit data



October budget balance



October trade balance



Inflation-linked bonds auction



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



The South African rand strengthened on Thursday, after the release of October producer inflation data and the central bank&#8217;s November Financial Stability Review.



On the stock market, the Top-40 index closed about 0.4% lower.



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



Asian shares slipped on Friday, while the yen was aiming for its best week in four months as strong local inflation data had traders favouring an imminent rate hike from the Bank of Japan.



<h2 class="wp-block-heading" id="h-wall-street">WALL STREET</h2>



Wall Street&#8217;s main indexes closed lower on Wednesday, with the Nasdaq leading declines, as technology stocks slumped on Thanksgiving eve on worries the Federal Reserve may be cautious about rate cuts after stubbornly strong U.S. inflation data Markets were closed on Thursday for the Thanksgiving holiday.



<h2 class="wp-block-heading" id="h-gold">GOLD</h2>



Gold prices rose on Friday, helped by a slight dip in the U.S. dollar and growing geopolitical tension, but remained on track for a weekly decline as markets awaited key U.S. data for further insights into the Federal Reserve&#8217;s monetary policy direction.



&#8211; &#8211; &#8211; &#8211;



Some of the main stories out in the South African press:



<h2 class="wp-block-heading" id="h-business-day">BUSINESS DAY</h2>



&#8211; Financial system more stable but households and small business still taking strain



&#8211; Ramaphosa pushes expanded VAT-free food plan



(Compiled by Tannur Anders)

istockphoto-1076949610-612×612-1

South African Markets -Factors to watch on Nov 29

<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, Nov 29 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Friday.



<h2 class="wp-block-heading" id="h-events">EVENTS:</h2>



*Kenya and Uganda&#8217;s statistics offices are due to release their respective consumer inflation data for November.



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



Asian shares slipped on Friday while the yen was aiming for its best week in four months as strong local inflation data had traders favouring an imminent rate hike from the Bank of Japan.



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



Oil prices were mixed on Friday following a potential renewal of supply risk as Israel and Hezbollah traded accusations of ceasefire violations, and as a delay to an OPEC+ meeting left investors awaiting a decision on its output policy.



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



The South African rand strengthened on Thursday, after the release of October producer inflation data and the central bank&#8217;s November Financial Stability Review.



<h2 class="wp-block-heading" id="h-africa-currencies">AFRICA CURRENCIES</h2>



Kenya&#8217;s currency is expected to weaken against the dollar in the next week to Thursday, while Ghana&#8217;s and Uganda&#8217;s could strengthen, and Nigeria&#8217;s and Zambia&#8217;s may be broadly stable, traders said.



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



The Kenyan shilling weakened slightly on Thursday, with traders attributing the depreciation to rising demand for the dollar from manufacturers and oil retailing companies.



<h2 class="wp-block-heading" id="h-namibia-starlink">NAMIBIA STARLINK</h2>



The Communications Regulatory Authority of Namibia said on Thursday it has issued a cease-and-desist order to Elon Musk&#8217;s satellite internet provider Starlink for operating in the country without a license.



<h2 class="wp-block-heading" id="h-somalia-politics">SOMALIA POLITICS</h2>



The government of Somalia&#8217;s semi-autonomous Jubbaland state said on Thursday it was suspending relations and cooperation with the federal government in Mogadishu following a dispute over local elections in the region.



<h2 class="wp-block-heading" id="h-madagascar-mining">MADAGASCAR MINING</h2>



Madagascar&#8217;s Ambatovy nickel project companies expect to complete its debt restructuring in early December, the project&#8217;s major shareholder Sumitomo Corp 8053.T said on Thursday, adding that it was still considering all options for Ambatovy.



<h2 class="wp-block-heading" id="h-zimbabwe-economy">ZIMBABWE ECONOMY</h2>



Zimbabwe&#8217;s economic growth is expected to rebound to 6% in 2025 from 2% this year, helped by improved agricultural output and power generation, Finance Minister Mthuli Ncube said on Thursday.



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on Nov 29

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="4225" height="2817" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/EARVVGDVLZP6LFYHXIQGPYZEYQ.avif" alt="" class="wp-image-559991"/><figcaption class="wp-element-caption">Brazil&#8217;s President Luiz Inacio Lula da Silva, South Africa&#8217;s President Cyril Ramaphosa, China&#8217;s President Xi Jinping, Australia&#8217;s Prime Minister Anthony Albanese, French President Emmanuel Macron, German Chancellor Olaf Scholz, South Korea&#8217;s President Yoon Suk Yeol, Japan&#8217;s Prime Minister Shigeru Ishiba, Mexico&#8217;s President Claudia Sheinbaum, Saudi Foreign Minister Prince Faisal bin Farhan Al-Saud and Russia&#8217;s Foreign Minister Sergei Lavrov pose for a group photo accompanied by other leaders during the G20 summit in Rio de Janeiro, Brazil, November 18, 2024. REUTERS/Pilar Olivares/File Photo</figcaption></figure>



JOHANNESBURG, Nov 29 (Reuters)&nbsp;&#8211;&nbsp;South Africa takes over the G20 presidency on Sunday, the first African country to lead the forum, though its focus on issues such as inclusive growth and climate change risks bumping up against the hard reality of trade wars and diplomatic tensions.



Coming a year after the African Union was admitted as a permanent member of the G20, South Africa&#8217;s turn at the helm is seen as an opportunity to push for progress on policy areas crucial to the continent&#8217;s development.



President Cyril Ramaphosa has cited inclusive economic growth, food security, climate change and artificial intelligence as priorities, with details expected next week.



South Africa is the fourth emerging market in a row to assume the G20 presidency, which rotates annually, after Indonesia, India and Brazil, and Ramaphosa has said his country would seek to build on the work of those predecessors.



The United States will take over in December 2025 under the leadership of Donald Trump, whose incoming administration has threatened to introduce restrictive trade tariffs on nations including Canada, Mexico and China, raising fears of trade wars.



Trump has also largely rejected the scientific consensus on the impact of human activity on climate change and vowed to dismantle climate-related policies he will inherit from President Joe Biden.



&#8220;It will be important for South Africa to ensure that it consolidates positions of the Global South and hands over to the U.S. a solid legacy on issues to avoid the U.S. and Global North diluting or undermining the whole agenda of the Global South,&#8221; said David Monyae, director of the Centre for Africa-China Studies at the University of Johannesburg.



<h2 class="wp-block-heading" id="h-polarised-world">POLARISED WORLD</h2>



The G20, which includes 19 sovereign nations as well as the European Union and African Union, was established to bolster global economic cooperation. It represents 85% of the global economy, 75% of world trade and 67% of the global population.



However, with members such as the United States, China and Russia in open confrontation over trade and wars in Ukraine, the Middle East and elsewhere, global polarisation complicates the G20&#8217;s stated mission.



The International Monetary Fund and rating agencies have warned that increasingly protectionist trade policies were a threat to global growth and could hit emerging market economies the hardest.



Laura Rubidge, foreign policy researcher at the South African Institute of International Affairs, said the G20 presidency would give South Africa a chance to advocate for more effective reforms.



She said progress on issues such as sovereign debt, the IMF&#8217;s Common Framework and improving the World Trade Organization&#8217;s dispute settlement mechanism could help further Ramaphosa&#8217;s inclusive growth objective.



(Reporting by Kopano Gumbi; Editing by Estelle Shirbon and Tomasz Janowski)

EARVVGDVLZP6LFYHXIQGPYZEYQ

South Africa takes G20 helm as polarisation complicates agenda

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-1255804869-820x547.jpg" alt="" class="wp-image-559648" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-1255804869-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-1255804869-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-1255804869-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-1255804869-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-1255804869-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-1255804869-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The Bank of Uganda, Uganda&#8217;s central bank, in Kampala, Uganda, on Wednesday, May 17, 2023. Uganda estimates that it will need $28.1 billion to adapt to the effects of climate change and cut emissions until the end of the decade. Photographer: Katumba Badru Sultan/Bloomberg via Getty Images</figcaption></figure>



KAMPALA, (Reuters) &#8211; The Bank of Uganda said it was awaiting a police investigation into a news report that offshore hackers stole 62 billion Ugandan shillings ($16.8 million) from the central bank.



Uganda&#8217;s state-owned New Vision newspaper reported on Thursday that hackers, identifying themselves as &#8220;Waste,&#8221; reportedly accessed the Bank of Uganda&#8217;s IT systems and illicitly transferred the funds earlier this month.



The hacking group based in Southeast Asia, sent part of the stolen money to Japan, New Vision said, citing unnamed sources at the bank.



In an emailed response to a Reuters query the Bank of Uganda neither confirmed nor denied the incident, but said it was &#8220;waiting for the police report on the reported incident&#8221;.



Police did not immediately respond to a Reuters request for comment on the matter.



New Vision said the central bank had successfully recovered over half of the money from the hackers. In response to the cyber attack, President Yoweri Museveni has ordered an investigation, it said.



Separately Uganda&#8217;s biggest independent newspaper, Daily Monitor, reported that the theft may have involved collusion by insiders.



Cyber thefts from banks and other financial service providers, including telecom firms, have occurred many times in Uganda. However, police officials have said that some banks are hesitant to publicly acknowledge such incidents due to fears of alienating customers. ($1 = 3,685.0000 Ugandan shillings)



(Reporting by Elias Biryabarema; Editing by George Obulutsa, Angus MacSwan and Michael Perry)

Katumba Badru Sultan/Bloomberg

Bank of Uganda awaiting police report on alleged $17 mln hacking theft

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3442" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/DI47TGYKBVJVPHMSRFMIAXEEVA.avif" alt="" class="wp-image-559592"/><figcaption class="wp-element-caption">A logo of the Boxer store of one of South Africa&#8217;s fastest growing discount grocery chains is seen in Protea Glen, South Africa, on November 25, 2024. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, Nov 28 (Reuters) &#8211; Shares in South African discount grocer Boxer rose 17.6% on their trading debut on the Johannesburg Stock Exchange on Thursday, as investors bet on the growth of discounters after leading last week&#8217;s 8.5 billion rand ($471 million) initial public offering.



Parent Pick n Pay floated a 34.4% stake in Boxer, which started off as a small town operator in KwaZulu-Natal province and has grown to take a 68% share of the discount grocery retail market with over 500 stores in South Africa and neighbouring Eswatini.



Boxer&#8217;s shares opened at 63.01 rand, compared with a pre-listing subscription price of 54 rand. The shared closed at R63.51 after hitting a session high of 64.79 rand.



At 64 rand, the price-to-earnings (P/E) ratio has risen to around 20 times, which is closer to the country&#8217;s biggest grocer Shoprite&#8217;s P/E multiple, Nedbank senior equity research analyst Paul Steegers said.



Sasfin Wealth senior equity analyst Alec Abraham said that was fair &#8220;considering that Boxer&#8217;s medium-term earnings growth rate is likely to be higher than Shoprite.&#8221;



Pick n Pay said on Monday it had sold 157.4 million shares in Boxer and that its order book was multiple times oversubscribed at the top end of the offer price range.



This implies a market capitalisation of 24.7 billion rand for Boxer.



&#8220;The listing on the JSE will increase our profile and visibility, and provide Boxer with access to a large pool of capital for growth,&#8221; Boxer CEO Marek Masojada said before blowing a kudu horn to signal the first trade.



&#8220;The support from investors was overwhelming, clearly demonstrating the worth of the Boxer business.&#8221;



Masojada&#8217;s list of priorities includes ramping up the retailer&#8217;s new store rollout plan, expanding its private label offering and offering of fresh produce such as vegetables and meat, he told Reuters after the listing.



Boxer aims to double its store footprint in the next six to seven years, with 60 to 70 new stores per year.



&#8220;This is a business that still have good growth potential in the South African food retail space, so certainly something that will attract a lot of interest given the mediocre state of the consumer,&#8221; said Casparus Treurnicht, portfolio manager at Gryphon Asset Management.



Pick n Pay, the country&#8217;s third biggest grocery retailer by market capitalisation, will retain a 65.6% stake in Boxer. The listing also completes Pick n Pay&#8217;s two-step recapitalisation plan, significantly strengthening its balance sheet.



($1 = 18.1938 rand)



(Reporting by Nqobile Dludla; Editing by David Goodman and Susan Fenton)

DI47TGYKBVJVPHMSRFMIAXEEVA

South African retailer Boxer’s shares jump 16% on market debut

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3560" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/62G224WUNFIBRLU2K6S7VS3YFE.avif" alt="" class="wp-image-559717"/><figcaption class="wp-element-caption">Zimbabwe&#8217;s Finance Minister Mthuli Ncube stands with a briefcase at the Parliament Building in Mt Hampden on the day he presents the 2024 National Budget, Harare, Zimbabwe November 30, 2023.REUTERS/Philimon Bulawayo/File Photo</figcaption></figure>



HARARE, Nov 28 (Reuters)&nbsp;&#8211;&nbsp;Zimbabwe&#8217;s government expects economic growth to accelerate to 6% in 2025 from 2% this year, helped by improved agricultural output and power generation as the country recovers from a severe drought, Finance Minister Mthuli Ncube said on Thursday.



Ncube added in a budget speech that the budget deficit was seen at 0.4% of gross domestic product next year versus 1.4% this year.



Like other countries in southern Africa, Zimbabwe&#8217;s economy was dealt a blow by an El Nino-induced drought which depressed food production and hydroelectric power supply.



Weaker lithium and platinum prices also weighed on its mining sector.



Ncube told lawmakers in parliament that the agriculture sector was projected to grow 12.8% in 2025 following a 15.0% contraction this year, while mining growth is seen accelerating to 5.6% next year from 2.3% in 2024.



Zimbabwe&#8217;s long-running currency problems persisted in 2024 as policymakers dumped the Zimdollar in April and replaced it with the ZiG, or Zimbabwe Gold, that has also slumped since its launch.



Ncube said without elaborating further that the government would next year seek to encourage greater acceptance of the ZiG by a sceptical public, who still use foreign currencies like the dollar for the bulk of local transactions.



(Reporting by Nyasha Chingono in Harare;Additional reporting by Tannur Anders and Bhargav Acharya in Johannesburg;Editing by Alexander Winning, Kirsten Donovan)

62G224WUNFIBRLU2K6S7VS3YFE

Zimbabwe sees 2025 growth rebound after this year’s drought

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3265" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/PPA7LZHDAZIPJMJ7KHMLZAMWME.avif" alt="" class="wp-image-559698"/><figcaption class="wp-element-caption">A view shows the logo of South Africa&#8217;s central reserve bank, at the reserve bank offices in Pretoria, South Africa, January 26, 2023. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, Nov 28 (Reuters)&nbsp;&#8211;&nbsp;The outlook for financial stability in South Africa has improved following successful elections, reduced power cuts, and the expectation of lower interest rates, the central bank said on Thursday.



The coalition government formed in June after the governing African National Congress lost its parliamentary majority for the first time in 30 years has markedly improved investor sentiment.



The rand has strengthened against the U.S. dollar and remains the only emerging market currency to have done so this year.



South Africa has also had eight months of uninterrupted power supply, after years of rolling blackouts of up to 10 hours a day.



The South African Reserve Bank (SARB) is also well into its rate cutting cycle, reducing its main lending rate by another 25 basis points to 7.75% earlier this month, with analysts forecasting more cuts from next year.



In the second edition of its Financial Stability Review (FSR), a biannual health check of the financial system, the central bank said risks remained, many of them structural.



&#8220;The perpetual risks to financial stability include persistently low and inequitable domestic economic growth, the impact of climate change on the financial sector and the ever-present threat of a cyber incident with systemic impact,&#8221; it said.



In addition, ratings agencies have kept South Africa at sub-investment grade for years, although a recent upward revision of the outlook by S&amp;P Global has boosted confidence.



To bolster the long term stability of the financial sector, the SARB is requiring banks to build up additional capital buffers from January 2025.



Banks will have to increase their capital holdings by 1%, with the central bank able to tap these funds in periods of stress.



(Reporting by Kopano Gumbi; Editing by Mark Potter)

PPA7LZHDAZIPJMJ7KHMLZAMWME

South Africa’s financial stability outlook improves, central bank says

Could AI produce the next hit film or song?

<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>



JOHANNESBURG, Nov 28 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled political and economic events, company announcements, equity and currency market moves may affect South African markets on Thursday.



<h2 class="wp-block-heading" id="h-political-events">POLITICAL EVENTS</h2>



South African president Cyril Ramaphosa will address the upper house of parliament



<h2 class="wp-block-heading" id="h-economic-events">ECONOMIC EVENTS</h2>



Statistics South Africa will publish October producer price inflation figures



South Africa&#8217;s central bank releases November Financial Stability Review



<h2 class="wp-block-heading" id="h-companies">COMPANIES</h2>



South African discount grocery chain Boxer lists in Johannesburg



South African grocery retailer SPAR reported full-year results



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



South Africa&#8217;s rand was steady against the U.S. dollar on Wednesday, as the greenback eased after the release of a key U.S. inflation report.



On the stock market, the Top-40 index closed about 0.4% lower.



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



Asian shares were subdued and the dollar was on the defensive after U.S. data showed progress in slowing inflation had stalled even as the economy remained resilient, raising doubt over the path the Federal Reserve could take next year.



<h2 class="wp-block-heading" id="h-wall-street">WALL STREET</h2>



Wall Street&#8217;s main indexes closed lower on Wednesday, with the Nasdaq leading declines, as technology stocks slumped on Thanksgiving eve on worries the Federal Reserve may be cautious about rate cuts after stubbornly strong U.S. inflation data.



<h2 class="wp-block-heading" id="h-gold">GOLD</h2>



Gold prices slipped on Thursday as the U.S. dollar strengthened, while investors assessed a flurry of economic data showing stalled inflation progress, suggesting the Federal Reserve might tread cautiously on further interest rate cuts.



&#8211; &#8211; &#8211; &#8211;



Some of the main stories out in the South African press:



<h2 class="wp-block-heading" id="h-business-day">BUSINESS DAY</h2>



&#8211; IMF urges SA to adopt a more aggressive fiscal plan



&#8211; Platinum market set for third straight deficit in 2025, industry body says



<h2 class="wp-block-heading" id="h-fin-24">FIN 24</h2>



&#8211; AI could help Reserve Bank speed up economic forecasting: Kganyago



(Compiled by Tannur Anders)

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China’s Auto Takeover: BYD Vs. Tesla And The Battle For EV Supremacy | CNBC Marathon

Drone pilots are in high demand — but what is the job really like?

Ghana central bank holds policy rate on inflation concerns

Amazon is using generative AI to drive more same-day shipping using smarter robots and better routes

WTO chief Okonjo-Iweala reinstated for second term as trade wars loom

Nigeria and France sign infrastructure and finance deals

Visit Rwanda to Showcase Unique Tourist Attractions at Formula 1 Qatar Grand Prix

Who are the main candidates in Ghana’s presidential election?

South African Markets -Factors to watch on Nov 29

African Markets – Factors to watch on Nov 29

South Africa takes G20 helm as polarisation complicates agenda

Bank of Uganda awaiting police report on alleged $17 mln hacking theft

South African retailer Boxer’s shares jump 16% on market debut

Zimbabwe sees 2025 growth rebound after this year’s drought

South Africa’s financial stability outlook improves, central bank says

Could AI produce the next hit film or song?

South African Markets -Factors to watch on Nov 28

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