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)

World map with charts and graphs as symbols of global finance

South African Markets -Factors to watch on Nov 28

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="507" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-820x507.jpg" alt="" class="wp-image-533970" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-820x507.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-300x186.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-145x90.jpg 145w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-768x475.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-1536x950.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">South African bank notes featuring images of former South African President Nelson Mandela (R) are displayed next to the American dollar notes in this photo illustration in Johannesburg August 13 2014. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, Nov 28 (Reuters)&nbsp;&#8211;&nbsp;The South African rand was little changed in early trade on Thursday, ahead of October producer inflation data and the central bank&#8217;s November Financial Stability Review.



At 0644 GMT the rand traded at 18.21 against the dollar, near its previous close of 18.2050.



Domestic producer price inflation figures for October are due at 0930 GMT on Thursday followed by the South African Reserve Bank&#8217;s (SARB) November Financial Stability Review at 1400 GMT.



&#8220;In the broader context of things, with big foreign policy and geopolitical developments dominating the market landscape, the local data is unlikely to move markets much,&#8221; said ETM Analytics in a research note.



&#8220;Investors will rather use it as an update on the broader economic cycle and what that might mean for SARB monetary policy.&#8221;



South Africa&#8217;s benchmark 2030 government bond was weaker in early deals, with the yield up 1 basis point at 9.04%.



(Reporting by Tannur Anders; Editing by David Goodman)

Photo illustration of South African bank notes displayed next to the American dollar notes in Johannesburg

South African rand stable ahead of producer inflation data and central bank review

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3386" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/HUSJFCPJYBNIFPI5TQLV3BAP7A.avif" alt="" class="wp-image-559556"/><figcaption class="wp-element-caption">A protester holds a machete and a saw near burning barricades during a &#8220;national shutdown&#8221; against the election outcome, at Luis Cabral township in Maputo, Mozambique, November 7, 2024. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, Nov 27 (Reuters)&nbsp;&#8211;&nbsp;The governments of the United States, Britain, Canada, Norway, and Switzerland on Wednesday jointly condemned the escalating violence against civilians in Mozambique, a southern African nation currently embroiled in weeks of post-election protests.



&#8220;We call on the Government of Mozambique to uphold the role of security forces to protect the people of Mozambique,&#8221; the countries said in a joint statement.



Public outrage has surged after last month&#8217;s disputed election results, which sparked protests from opposition supporters.



The opposition is contesting what they say is a fraudulent victory by Frelimo, the party that has governed Mozambique since 1975.



The election result saw Frelimo extend its five-decade rule with its candidate, Daniel Chapo, succeeding President Filipe Nyusi to become Mozambique&#8217;s fifth president since its independence from Portugal.



Footage obtained by Reuters and shared on social media on Wednesday showed an armoured vehicle ploughing through a crowd of protesters in the capital, Maputo, hitting a woman.



In response to the incident, Mozambique&#8217;s army released a statement expressing deep regret over the accident, saying that the vehicle that was part of a properly marked convoy &#8220;accidentally ran over a citizen&#8221;.



The embassies of the five countries have called for an investigation into the incident.



Local monitoring group Plataforma Decide said last week at least 67 people were killed due to the unrest between mid-October and mid-November.



(Writing by Bhargav Acharya; Editing by Bate Felix and Sandra Maler)

HUSJFCPJYBNIFPI5TQLV3BAP7A

US, Britain and others condemn escalating violence in Mozambique

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="526" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/RQ6Y27JM7RJZXG4XPHIK3JJ37I-820x526.jpg" alt="" class="wp-image-499905" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/RQ6Y27JM7RJZXG4XPHIK3JJ37I-820x526.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/RQ6Y27JM7RJZXG4XPHIK3JJ37I-300x192.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/RQ6Y27JM7RJZXG4XPHIK3JJ37I-140x90.jpg 140w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/RQ6Y27JM7RJZXG4XPHIK3JJ37I-768x493.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/RQ6Y27JM7RJZXG4XPHIK3JJ37I-1536x985.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/RQ6Y27JM7RJZXG4XPHIK3JJ37I-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Naspers&#8217; logo is pictured on a smartphone in this illustration taken, December 4, 2021. REUTERS/Dado Ruvic/Illustration/File Photo</figcaption></figure>



JOHANNESBURG, Nov 27 (Reuters)&nbsp;&#8211;&nbsp;Takealot, South Africa&#8217;s biggest pure-play online retailer, on Wednesday opened its third distribution centre in the coastal province of KwaZulu-Natal, as it seeks to offer faster deliveries in the country&#8217;s second most populated region.



The e-commerce giant, owned by tech investor Naspers has been operating in KwaZulu-Natal (KZN) for over a decade but fulfilling orders through its other warehouses.



&#8220;The centre is a strategic enhancement of our delivery network to better service the people of the province,&#8221; Frederik Zietsman, CEO of Takealot Group said in a statement.



Located in the coastal city of Durban, the facility spans 43,000 square metres and is equipped to ship up to 45,000 units per day, the company said.



Durban, being one of South Africa&#8217;s leading industrial and economic hubs, plays an important role in the country&#8217;s trade and logistics networks, Zietsman said.



&#8220;The city&#8217;s infrastructure connects regional markets to global supply chains, and its strategic location offers unmatched access to key transport routes. The new Distribution Centre enables Takealot to leverage on these logistical advantages,&#8221; he added.



Takealot, which is defending its market share against newcomer U.S. e-commerce giant Amazon, has two other distribution centres, in Cape Town and Johannesburg.



(Reporting by Nqobile Dludla; Editing by Elaine Hardcastle)

FILE PHOTO: Illustration shows smartphone with Naspers’ logo

Takealot boosts logistics with new distribution centre in South Africa’s Durban

Amazon’s cashierless tech to get rid of checkout lines at stores

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3334" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/6A7M3AO7TJLVNGKEVN2F6TDGYE.avif" alt="" class="wp-image-559324"/><figcaption class="wp-element-caption">International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., as IMF Managing Director Christine Lagarde meets with Argentine Treasury Minister Nicolas Dujovne September 4, 2018. REUTERS/Yuri Gripas/File Photo</figcaption></figure>



NAIROBI, Nov 27 (Reuters)&nbsp;&#8211;&nbsp;International Monetary Fund staff and Ethiopia&#8217;s government have reached agreement on the second review of the country&#8217;s $3.4 billion financing programme, the IMF said on Wednesday.



The East African country secured the programme in July, hours after it followed one of the IMF&#8217;s key recommendations and floated its birr currency.



Upon completion of the review by the IMF&#8217;s Executive Board, Ethiopia will have access to a disbursement of roughly $251 million, the IMF said in a statement.



&#8220;Ethiopia&#8217;s economic reform programme, including the transition to a market-determined exchange rate, continues to advance well,&#8221; the statement said.



&#8220;With macroeconomic stability supported by prudent policy and a so far muted FX reform impact on inflation, conditions for economic growth in the period ahead appear promising.&#8221;



The first programme review, which focused on aspects like foreign exchange reserves and external debt, was agreed with staff in September and approved by the board last month.



After unusually fast reviews of Ethiopia&#8217;s programme to date that were aimed at closely monitoring the impact of reforms including the liberalisation of the foreign exchange market, the IMF is now moving to a six-month review schedule.



(Reporting by Hereward Holland. Additional reporting by Gursimran Kaur. Writing by Duncan Miriri. Editing by Alexander Winning and Mark Potter)

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IMF, Ethiopia reach staff agreement on second programme review

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3193" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/N5TCR3K4IZPKXKFUBHVDCCUSQM.avif" alt="" class="wp-image-559248"/><figcaption class="wp-element-caption">The Standard Chartered bank logo is seen at their headquarters in London, Britain, July 26, 2022. REUTERS/Peter Nicholls/ File Photo</figcaption></figure>



Nov 27 (Reuters) &#8211; Standard Chartered is exploring a potential divestment of its wealth and retail banking operations in Botswana, Uganda and Zambia, it said on Wednesday, as the banking giant looks to free up capital in the midst of a broad shake-up.



The Asia-focussed lender, like rival HSBC, is restructuring its business to focus more on affluent individual customers and international companies that are likely to yield more in fees for the bank.



It has for some time been pivoting away from its once globe-spanning empire to focus on core businesses as it bets on strong economic growth in Asian markets and aims to rein in expenses.



Standard Chartered said the potential exits in Africa would be the first in a small number of business divestitures in accordance with its new target of doubling investment in its wealth unit while paring back retail banking.



&#8220;The group will concentrate its resources in these markets on serving the cross-border needs of global corporate and financial institution clients,&#8221; said Standard Chartered.



The bank, like HSBC, has in the recent past reaped the benefits of higher borrowing costs and comparatively resilient wealth generation and economic growth in Asia.



&#8220;This new move, if it happens, is therefore not a surprise and was something they had hinted at in their most recent results presentation,&#8221; said Gary Greenwood​​​​, equity research analyst at Shore Capital.



StanChart said while announcing its third-quarter earnings in October that it was looking at opportunities to sell some or all of a small number of businesses where the &#8220;strategic rationale is not sufficiently compelling&#8221;.



The cost-cutting measures will see the lender save around $1.5 billion over three years while expenses climb amid expanding business operations and rising pressures from sticky inflation.



The financial effects of the proposed exits are not material to the group, StanChart said.



(Reporting by Rishav Chatterjee in Bengaluru; Editing by Savio D&#8217;Souza and Jan Harvey)

N5TCR3K4IZPKXKFUBHVDCCUSQM

Standard Chartered mulls sale of wealth, retail operations in Africa

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3333" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/2NA7VEUYPROEDENMDXO2R4YJQ4.avif" alt="" class="wp-image-559231"/><figcaption class="wp-element-caption">A general view shows Haifa Port in Haifa, Israel July 24, 2022. REUTERS/Ilan Rosenberg/File Photo</figcaption></figure>



DAR ES SALAAM, Nov 27 (Reuters)&nbsp;&#8211;&nbsp;Tanzania plans to honour its contracts with an Adani Group unit despite a U.S. indictment of its billionaire chairman Gautam Adani on accusations of bribery and fraud, a senior official at the ports authority said.



Adani was indicted for fraud last week and arrest warrants were issued for him and his nephew for their alleged roles in a $265 million scheme to bribe Indian officials to secure power-supply deals. Adani Group has denied the accusations.



In May, Tanzania entered into a 30-year concession agreement with Adani Ports, a unit of Adani Group, to operate a container terminal in its Dar es Salaam port, known as Container Terminal 2.



Adani Ports also struck a share purchase agreement for a 95% stake in state-owned Tanzania International Container Terminal Services for $95 million.



&#8220;We don&#8217;t have any problems with anyone. Everything we are doing is according to our laws and agreements,&#8221; Tanzania Ports Authority Director General Plasduce Mbossa told Reuters late on Tuesday when asked about the contracts&#8217; status.



&#8220;For contracts we have, we don’t have such claims (of wrongdoing). If there are other people who are taking actions, then they are doing so according to their reasons.&#8221;



Last week in neighbouring Kenya, President William Ruto scrapped a deal signed with a unit of Adani to build power transmission lines.



He also cancelled a proposal to add a second runway at the Jomo Kenyatta international airport and upgrade the passenger terminal in exchange for a 30-year lease.



(Reporting by Nuzulack Dausen; Writing by George Obulutsa; Editing by Bhargav Acharya and Jan Harvey)

2NA7VEUYPROEDENMDXO2R4YJQ4

Tanzania to keep agreement with Adani for container terminal, official says

<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 27 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Wednesday.



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



*Namibia holds presidential and parliamentary elections.



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



Asian stocks were heavy on Wednesday as investors fretted over what countries could be targeted for tariffs under incoming U.S. President Donald Trump, a day after he pledged new levies on Canada, Mexico and China.



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



Oil prices steadied in early trade on Wednesday, with markets assessing the potential impact of a ceasefire deal between Israel and Hezbollah, and ahead of Sunday&#8217;s OPEC+ meeting.



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



South Africa&#8217;s rand slipped on Tuesday as U.S. President-elect Donald Trump&#8217;s tariff threat on its neighbours and China weighed on emerging markets.



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



Nigeria&#8217;s central bank raised its key interest rate for the sixth time this year on Tuesday, citing renewed inflationary and exchange rate pressures in Africa&#8217;s most populous nation.



<h2 class="wp-block-heading" id="h-nigeria-petroleum">NIGERIA PETROLEUM</h2>



Nigeria&#8217;s Port Harcourt refinery has resumed production, officials said on Tuesday, marking the first of state-owned oil firm NNPC Ltd&#8217;s four plants to return from upgrade work announced in 2020.



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



The Kenyan shilling was unchanged against the dollar on Tuesday, as dollar inflows from remittances matched rising importer demand, one trader said.



<h2 class="wp-block-heading" id="h-mali-barrick-gold">MALI BARRICK GOLD</h2>



Four employees of Canada&#8217;s Barrick Gold have been charged and detained pending trial in Mali, the company said on Tuesday, as the military-led government strives to raise more money from mining companies.



<h2 class="wp-block-heading" id="h-angola-imf">ANGOLA IMF</h2>



Angola is not in talks with the International Monetary Fund on a new financial assistance programme, its finance ministry said on Tuesday, prompting a slide in its foreign sovereign bonds.



((Compiled by Nairobi Newsroom))

African Markets – Factors to watch on Nov 27

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1080" height="721" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/JYU723U4DNP4BBHG4FOIPPB3UQ.avif" alt="" class="wp-image-559182"/><figcaption class="wp-element-caption">amibia&#8217;s President Nangolo Mbumba greets presidential candidate Netumbo Nandi-Ndaitwah of Namibia&#8217;s ruling party SWAPO, at a rally ahead of the upcoming elections in Windhoek, Namibia, November 24, 2024. REUTERS/Noah Tjijenda/File Photo</figcaption></figure>



WINDHOEK, Nov 27 (Reuters) &#8211; Namibians go to the polls on Wednesday to elect a new president and parliament in what could be a tough election for the ruling SWAPO party, which is seeking to extend its 34-year rule.



SWAPO has governed the southern African nation since leading it to independence from apartheid South Africa in 1990. Its presidential candidate, Vice President Netumbo Nandi-Ndaitwah, would be the country&#8217;s first female leader if she wins.



Political analysts say that high unemployment, inequality and corruption allegations have led to disenchantment with the ruling party, especially among youth, but that longstanding loyalty to SWAPO among older and rural voters could help it pull through.



&#8220;It&#8217;s the most tense election since independence,&#8221; said Henning Melber, an associate at The Nordic Africa Institute and a longtime SWAPO member, who said that for the first time, he sees a possibility it could lose.



&#8220;The degree of frustration is really high.&#8221;



Leading the pack of 14 opposition candidates is dentist-turned-politician Panduleni Itula, who came in second in the last election in 2019.



Namibia is currently led by interim president Nangolo Mbumba, who took over in February after former president Hage Geingob died but is not running.



To be elected president, a candidate must get more than 50% of votes, otherwise there will be a second round of voting.



Namibians vote separately for the National Assembly.



About 1.4 million people are registered to vote in the sparsely populated country of around 3 million, according to the electoral commission. Results are expected within a few days.



(Writing by Nellie Peyton; Editing by Bernadette Baum)

JYU723U4DNP4BBHG4FOIPPB3UQ

Namibia votes with ruling party seeking to extend 34-year rule

AI engineers are in high demand – but what is the job really like?

Why It’s So Hard To Be A Worker Right Now | CNBC Marathon

<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/AHUWILBOLVPCZCA3GKVIVDRU4E-820x547.jpg" alt="" class="wp-image-558935" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/AHUWILBOLVPCZCA3GKVIVDRU4E-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/AHUWILBOLVPCZCA3GKVIVDRU4E-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/AHUWILBOLVPCZCA3GKVIVDRU4E-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/AHUWILBOLVPCZCA3GKVIVDRU4E-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/AHUWILBOLVPCZCA3GKVIVDRU4E-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/AHUWILBOLVPCZCA3GKVIVDRU4E-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A woman walks past the Central Bank building after the monthly Monetary Policy Committee meeting in Abuja, Nigeria May 22, 2018. REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



ABUJA, Nov 26 (Reuters) &#8211; Nigeria&#8217;s central bank raised its benchmark lending rate by 25 basis points to 27.50% on Tuesday, citing renewed inflationary pressures in Africa&#8217;s most populous nation.



The decision by the bank&#8217;s Monetary Policy Committee is the sixth consecutive&nbsp;rate hike&nbsp;this year.



Inflation rose for the second straight month to 33.88% in annual terms in October as Nigerian citizens grapple with the worst cost-of-living crisis in decades.



Central Bank of Nigeria Governor Olayemi Cardoso said food and energy prices were key contributors to the uptick in inflation.



&#8220;Members therefore agreed unanimously to remain focused in addressing price developments,&#8221; he told a news conference.



Cardoso said the central bank was committed to the &#8220;war&#8221; against inflation and said the bank thought results of its policy tightening would be more visible in the first quarter of 2025.



(Reporting by Elisha Bala-Gbogbo and Chijioke Ohuocha in Abuja; Additional reporting by MacDonald Dzirutwe in Lagos, Bate Felix in Dakar and Bhargav Acharya in Johannesburg; Editing by Alexander Winning)

A woman walks past the Central Bank building after the monthly Monetary Policy Committee meeting in Abuja

Nigeria’s central bank delivers sixth rate hike this year

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/MQA3LM34T5KLNL355QDOHJWY6Y-820x429.jpg" alt="" class="wp-image-558858" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/MQA3LM34T5KLNL355QDOHJWY6Y-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/MQA3LM34T5KLNL355QDOHJWY6Y-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/MQA3LM34T5KLNL355QDOHJWY6Y-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/MQA3LM34T5KLNL355QDOHJWY6Y-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/MQA3LM34T5KLNL355QDOHJWY6Y-1536x804.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/MQA3LM34T5KLNL355QDOHJWY6Y.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">South Africa&#8217;s President Cyril Ramaphosa speaks at the opening session of the World Science Forum in Cape Town, South Africa, December 6, 2022. REUTERS/Esa Alexander/File Photo</figcaption></figure>



JOHANNESBURG, Nov 26 (Reuters)&nbsp;&#8211;&nbsp;South African opposition party the Economic Freedom Fighters (EFF) brought a case to the country&#8217;s top court on Tuesday to try to revive impeachment proceedings against President Cyril Ramaphosa over the scandal dubbed &#8220;Farmgate&#8221; by local media.



The scandal centred on the alleged theft of millions of dollars hidden in furniture on Ramaphosa&#8217;s Phala Phala game farm, which a former intelligence official revealed to police.



An independent panel report found evidence Ramaphosa may have committed misconduct over the incident.



But in late 2022 lawmakers from Ramaphosa&#8217;s African National Congress (ANC), which had a majority in the National Assembly at the time, voted to reject the report and prevented an impeachment committee from being set up to probe the allegations.



The EFF argues the National Assembly acted unlawfully by not holding the president to account. Ramaphosa and the ANC say the report did not provide sufficient evidence to support its findings and relied on hearsay, according to a summary of the case published by the Constitutional Court in Johannesburg.



The first hearing started on Tuesday morning.



Ramaphosa has always denied wrongdoing over the affair and has not been charged with any crime.



The ANC lost its parliamentary majority in an election in May this year, but it continues to govern as part of a broad coalition with other parties.



(Reporting by Nellie Peyton; Editing by Alexander Winning and Alex Richardson)

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S.Africa opposition seeks to revive impeachment proceedings against Ramaphosa

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="410" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/106677114-15983545702020-08-25t100023z_1719720997_rc2yki97n9wc_rtrmadp_0_usa-china-tech-1-820x410.jpeg" alt="" class="wp-image-558826" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/106677114-15983545702020-08-25t100023z_1719720997_rc2yki97n9wc_rtrmadp_0_usa-china-tech-1-820x410.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/106677114-15983545702020-08-25t100023z_1719720997_rc2yki97n9wc_rtrmadp_0_usa-china-tech-1-300x150.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/106677114-15983545702020-08-25t100023z_1719720997_rc2yki97n9wc_rtrmadp_0_usa-china-tech-1-160x80.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/106677114-15983545702020-08-25t100023z_1719720997_rc2yki97n9wc_rtrmadp_0_usa-china-tech-1-768x384.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/106677114-15983545702020-08-25t100023z_1719720997_rc2yki97n9wc_rtrmadp_0_usa-china-tech-1.jpeg 884w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Chinese and U.S. flags flutter near The Bund, before U.S. trade delegation meet their Chinese counterparts for talks in Shanghai, China July 30, 2019. Aly Song | Reuters</figcaption></figure>



BEIJING — President-elect Donald Trump plans to raise tariffs by an additional 10% on all Chinese goods coming into the U.S., according to a post on his social media platform Truth Social.



The post immediately followed one in which Trump said his first of “many” executive orders on Jan. 20 would impose tariffs of 25% on all products from Mexico and Canada. Such a move would end a regional free trade agreement.



Trump is set to be inaugurated as the next U.S. president on Jan. 20. He cited illegal immigration and illicit drug trade as reasons for the tariffs.



“I have had many talks with China about the massive amounts of drugs, in particular Fentanyl, being sent into the United States – But to no avail,” Trump said.&nbsp;He claimed that contrary to promises, Beijing did not impose the death penalty on such drug dealers.



Fentanyl, a synthetic opioid, is an addictive drug that’s led to tens of thousands of overdose deaths each year in the U.S.



Reducing illicit supplies of the drug, precursors of which are mostly produced in China and Mexico, has been an area in which Washington and Beijing have agreed to cooperate.



“No one will win a trade war or a tariff war,” Liu Pengyu, a spokesperson for China’s embassy in the U.S., said on X. He described bilateral economic and trade cooperation as “mutually beneficial in nature.”



Liu pushed back on Trump’s claim that China has done little to stem the flow of fentanyl to the U.S. He said that both countries’ counternarcotics teams have regularly communicated since Chinese President Xi Jinping met with U.S. President Joe Biden in November 2023.



“Drugs are pouring into our Country, mostly through Mexico, at levels never seen before,” Trump said. “Until such time as they stop, we will be charging China an additional 10% Tariff, above any additional Tariffs, on all of their many products coming into the United States of America.”



Trump had threatened tariffs of 60% on Chinese goods while campaigning for president.



A 10% tariff on China is lower than the 20% to 30% that markets expected, Kinger Lau, chief China equity strategist at Goldman Sachs, said Tuesday on CNBC’s “Squawk Box Asia.” He expects China will cut rates, increase fiscal stimulus and moderately depreciate its currency in order to counter the economic impact of increased duties.



Mexico is the largest trading partner of the U.S., followed by Canada and China, according to U.S. data as of September.



The U.S. is China’s largest trading partner on a single country basis, according to China customs data. The Asian country’s largest regional trading partners are the Association of Southeast Asian Nations and the European Union.



China and the U.S. still have a “really important commercial and economic relationship,” Andy Rothman, investment strategist at Matthews Asia, told CNBC’s “Street Signs Asia” on Tuesday. He said that China is unlikely to take reciprocal action for now, and noted that Beijing has not typically responded aggressively.



The U.S. dollar traded about 1% stronger versus the Mexican peso, and 1.4% higher against the Canadian dollar as of Tuesday morning. The greenback climbed around 0.2% against the Hong Kong-traded Chinese yuan.



— CNBC’s Hui Jie Lim and Anniek Bao contributed to this report.

106677114-15983545702020-08-25t100023z_1719720997_rc2yki97n9wc_rtrmadp_0_usa-china-tech (1)

Trump vows an additional 10% tariff on China, 25% tariffs on Canada and Mexico

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="626" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-611823168-820x626.jpg" alt="" class="wp-image-558823" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-611823168-820x626.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-611823168-300x229.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-611823168-118x90.jpg 118w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-611823168-768x586.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-611823168-1536x1173.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-611823168-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">ADDIS ABABA, ETHIOPIA &#8211; OCTOBER 1: Ethiopian Minister of Finance and Economic Development Ahmed Shide (L-2) delivers a speech after signing cooperation agreement between Ethiopia and Slovakia, in Addis Ababa, Ethiopia on October 1, 2016.
 (Photo by Minasse Wondimu Hailu/Anadolu Agency/Getty Images)</figcaption></figure>



ADDIS ABABA, Nov 26 (Reuters)&nbsp;&#8211;&nbsp;Ethiopian lawmakers on Tuesday approved the government&#8217;s plan to increase spending by an additional 581.98 billion Ethiopian birr ($4.8 billion) for the 2024/25 fiscal year, a parliament broadcast showed.



The extra spending approved by cabinet last week, supplements the already announced expenditure of 971.2 billion birr for 2024/25, marking a 21% increase from the previous year. Ethiopia&#8217;s fiscal year begins on July 8 and ends on July 7.



Finance Minister Ahmed Shide told lawmakers that a portion of the additional funds would be allocated to subsidise costs of fertiliser, oil, fuel, and medicine.



The East African nation is coming out of several economic shocks including the impact of the COVID-19 pandemic, a devastating two-year war in the northern Tigray region, and extreme weather events.



It secured a four-year, $3.4 billion programme from the International Monetary Fund shortly after floating its currency on July 29. This move laid the groundwork for a long-awaited debt restructuring.



($1 = 122.6389 birr)



(Reporting by Dawit Endeshaw; Writing by George Obulutsa; Editing by Bate Felix)

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