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



JOHANNESBURG, March 18 (Reuters) &#8211; The South African rand strengthened on Tuesday, helped by the gold price extending its historic run to a new all-time peak.



At 0814 GMT, the rand traded at 18.0175 against the dollar, about 0.4% stronger than its previous close.



Gold hit a record high of $3,018.66, continuing its rally as investors seek cover from trade tensions sparked by U.S. President Donald Trump&#8217;s tariff war. 



South Africa is a major producer of precious metals, and analysts say a record gold price could encourage local miners to boost output.



&#8220;At some point a gold price that continues to rise will excite local miners to make a greater effort to mine difficult-to-reach gold deposits. What may not have looked viable several years ago must be looking interesting now,&#8221; said ETM Analytics in a research note.



The rand has proved resilient despite an uncertain domestic and global backdrop.



The national budget is deadlocked for the first time in the post-apartheid era because of disagreements in the ruling coalition.



Relations with the United States have rapidly soured since Trump&#8217;s return to the White House in January, with the U.S. leader cutting aid to South Africa and analysts saying the African country&#8217;s preferential trade status under the U.S. African Growth and Opportunity Act (AGOA) could come under threat.



In terms of domestic data, the focus this week is on Wednesday&#8217;s inflation figures and Thursday&#8217;s monetary policy announcement. Economists polled by Reuters think the South African Reserve Bank could pause its rate-cutting cycle given abundant risks.



The Johannesburg Stock Exchange&#8217;s Top-40 index last traded up about 1%. The benchmark 2030 government bond was flat, with the yield at 9.17%.



(Reporting by Sfundo Parakozov; Editing by Alexander Winning and Susan Fenton)

South African Rand Rebound Snaps Streak of Weekly Losses

South African rand gains as gold scales new peak

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/108117314-1742278295482-gettyimages-2198772571-_dsc2763-820x461.png" alt="" class="wp-image-598814" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/108117314-1742278295482-gettyimages-2198772571-_dsc2763-820x461.png 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/108117314-1742278295482-gettyimages-2198772571-_dsc2763-300x169.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/108117314-1742278295482-gettyimages-2198772571-_dsc2763-160x90.png 160w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/108117314-1742278295482-gettyimages-2198772571-_dsc2763-768x432.png 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/108117314-1742278295482-gettyimages-2198772571-_dsc2763.png 1200w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Photo: via CNBC</figcaption></figure>



The Wall Street adage to never bet against the U.S. consumer still holds true — to some degree. February’s retail sales, while lower than expected, still registered an increase. For the skeptics, that is like desperately squinting for a silver lining. It might very well be. But the dark clouds, in the form of U.S. President Donald Trump’s tariffs, are more ominous than usual.



Tariffs, after all, are a tax on imported goods that will likely be passed on to the consumer. That has weighed on consumer sentiment, as measured by surveys like those from the University of Michigan. Even U.S. National Economic Council Director Kevin Hassett acknowledged that Trump’s tariffs will cause some uncertainty.



The Organisation for Economic Co-operation and Development has already lowered its growth outlook for the U.S. because of that. While the Trump administration is confident that stocks will recover their footing, strategists may also start revising downward their market forecast if the outlook does not clear up.

108117314-1742278295482-gettyimages-2198772571-_dsc2763

Markets rise for the second day as U.S. consumers continue spending

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="3025" height="1994" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/HFMB3GH6JFJHVDFNQQEM23WYIE.avif" alt="" class="wp-image-598796"/><figcaption class="wp-element-caption">U.S. State Department spokesperson Tammy Bruce speaks during her first press briefing at the State Department in Washington, D.C., U.S., March 6, 2025. REUTERS/Kevin Lamarque/File Photo</figcaption></figure>



WASHINGTON, (Reuters) &#8211; Remarks by South Africa&#8217;s ambassador to the United States about President Donald Trump were &#8220;unacceptable,&#8221; a State Department spokesperson told reporters on Monday after Washington last week made the decision to expel the envoy.



Ties between the two countries have slumped since Trump cut U.S. financial aid to South Africa, citing disapproval of its land policy and its genocide case against Washington&#8217;s ally Israel at the International Court of Justice.



The expulsion of ambassador Ebrahim Rasool following an article that quoted him as saying President Donald Trump was leading a white supremacist movement, was the last straw.



Secretary of State Marco Rubio said on Saturday in a post on X that he was expelling Rasool, calling him a &#8220;race-baiting politician&#8221; who hates Trump, and reposting the article from right-wing website Breitbart.



&#8220;These remarks were unacceptable to the United States, not just to the president, but to every American,&#8221;&nbsp;State Department spokesperson Tammy Bruce,&nbsp;speaking at a daily briefing, told reporters.



&#8220;At the very least, what we should expect is a standard of some respect &#8211; basic, low-level respect &#8211; if you&#8217;re in a position that is going to help facilitate any kind of diplomatic relationship with another country.&#8221;



She added that Rasool&#8217;s privileges as ambassador expired on Monday and he must leave the country by Friday.



South Africa&#8217;s embassy in Washington did not immediately respond to a request for comment on the Breitbart article or Bruce&#8217;s comments.



<h2 class="wp-block-heading" id="h-review-of-ties">REVIEW OF TIES</h2>



South Africa previously called&nbsp;the expulsion&nbsp;regrettable in statements from its presidency and international relations department, but said it remained committed to building mutually beneficial relations.



Asked&nbsp;by reporters&nbsp;whether other ambassadors&nbsp;to&nbsp;the&nbsp;United States&nbsp;could criticize Trump without fear of being expelled, Bruce said: &#8220;You want people in each embassy who can actually facilitate a relationship.&#8221;



Rasool presented his credentials to then-President Joe Biden on January 13, a week before Trump took office, according to the embassy&#8217;s website.&nbsp;It was his second stint in Washington.



Bruce also said&nbsp;the Trump administration was conducting a serious review of Washington&#8217;s South Africa policy, citing South Africa&#8217;s&nbsp;land policy,&nbsp;its growing&nbsp;ties with countries like Russia and Iran and &#8220;aggressive positions&#8221; toward the U.S. and allies, including accusing Israel of genocide.



Trump has said, without citing evidence, that South Africa is confiscating land&nbsp;and&nbsp;that &#8220;certain classes of people&#8221; were&nbsp;being treated very badly.



South African President Cyril Ramaphosa signed into law a bill in January aimed at making it easier for the state to expropriate land in the public interest, in some cases without compensating the owner.



Ramaphosa has defended the policy as evening out racial disparities in ownership in the Black-majority nation and said the government had not confiscated any land.



(Reporting by Humeyra Pamuk; Writing by Daphne Psaledakis; Editing by Chizu Nomiyama and Nia Williams)

HFMB3GH6JFJHVDFNQQEM23WYIE

US says South African ambassador’s remarks were ‘unacceptable’

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="480" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/3GWHJ24G6BNGHDPVWY36IOPFFQ.jpg" alt="" class="wp-image-596532" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/3GWHJ24G6BNGHDPVWY36IOPFFQ.jpg 720w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/3GWHJ24G6BNGHDPVWY36IOPFFQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/3GWHJ24G6BNGHDPVWY36IOPFFQ-135x90.jpg 135w" sizes="auto, (max-width: 720px) 100vw, 720px" /><figcaption class="wp-element-caption">South Africa&#8217;s Finance Minister Enoch Godongwana speaks during his 2023 budget speech in Cape Town, South Africa, February 22, 2023. REUTERS/Shelley Christians/File Photo</figcaption></figure>



JOHANNESBURG, March 17 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s lawmakers will scrutinise the 2025 budget in the coming weeks, with amendments not ruled out as political parties weigh up a contentious plan to raise value-added tax.



<h2 class="wp-block-heading" id="h-what-has-happened-so-far">WHAT HAS HAPPENED SO FAR?</h2>



Finance Minister Enoch Godongwana tabled a revised budget on March 12 that was rejected by most big parliamentary parties despite a reduction in the size of the proposed VAT hike from 2 percentage points to 1 point, spread over two years.



There is now no clear path for the budget to be passed before the current fiscal year ends on March 31, the first time that has happened in the post-apartheid era.



Godongwana&#8217;s African National Congress (ANC) needs the support of at least one other big party for the budget to pass.



<h2 class="wp-block-heading" id="h-what-s-next-after-the-budget-was-tabled">WHAT&#8217;S NEXT AFTER THE BUDGET WAS TABLED?</h2>



Godongwana&#8217;s budget will be considered by lawmakers in three stages.



In the first stage, lawmakers vote on the fiscal framework and revenue proposals that lay out economic policy and revenue projections and set the overall limits for government spending.



Next they consider the division of revenue bill, which outlines how funds will be shared between the three spheres of government &#8211; national, provincial, and local government.



Last to be voted on is the appropriation bill, which allocates money to specific departments and programs.



Each bill must be passed before moving to the next stage.



According to parliament, lawmakers have until April 3, which is 16 working days after the budget was tabled, to approve the fiscal framework and related revenue proposals, but there is flexibility if delays occur.



Lawmakers have the power to amend the budget, within limits. According to parliamentary laws, any changes cannot exceed the revenue or spending estimates set out in the budget.



<h2 class="wp-block-heading" id="h-what-happens-if-the-budget-is-not-passed-by-april-1">WHAT HAPPENS IF THE BUDGET IS NOT PASSED BY APRIL 1?</h2>



If the budget is not passed by April 1, the start of the new fiscal year, the law allows the government to continue spending up to 45% of the previous year&#8217;s budget until parliament approves the new budget.



The government cannot implement new budgetary allocations without parliamentary approval.



<h2 class="wp-block-heading" id="h-can-the-vat-hike-be-implemented-before-the-budget-is-passed">CAN THE VAT HIKE BE IMPLEMENTED BEFORE THE BUDGET IS PASSED?</h2>



The National Treasury said it can implement the VAT hike on May 1, even if the budget has not been passed in parliament.



&#8220;The alteration will be effective from a date determined by the Minister in that announcement, and continues to apply for a period of 12 months from that date,&#8221; said the National Treasury.



Should parliamentarians scrap the VAT increase after it has been implemented, subsequent adjustments to tax laws would need to be made within 12 months and the existing tax would not require repayment, a parliamentary spokesperson said.



<h2 class="wp-block-heading" id="h-what-is-the-anc-s-next-move">WHAT IS THE ANC&#8217;S NEXT MOVE?</h2>



The budget has been the biggest test for the fractious coalition formed last year when the ANC lost its parliamentary majority for the first time in the democratic era.



ANC Secretary-General Fikile Mbalula said on Thursday that the party was prepared to talk to all political parties to find a way to pass the budget.



Godongwana has said he was open to hearing proposals from lawmakers on how to change the budget, but they needed to understand the difficult trade-offs involved.



(Reporting by Kopano Gumbi; Editing by Olivia Kumwenda-Mtambo and Hugh Lawson)

3GWHJ24G6BNGHDPVWY36IOPFFQ

What’s next for South Africa’s budget and planned VAT hike?

H-1B Visa Debate: Are Foreign Workers Taking American Tech Jobs?

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="568" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/F6D7PI4SJVK4DG7HSVQSJ637XA-1-820x568.jpg" alt="" class="wp-image-469791" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/F6D7PI4SJVK4DG7HSVQSJ637XA-1-820x568.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/F6D7PI4SJVK4DG7HSVQSJ637XA-1-300x208.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/F6D7PI4SJVK4DG7HSVQSJ637XA-1-130x90.jpg 130w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/F6D7PI4SJVK4DG7HSVQSJ637XA-1-768x532.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/F6D7PI4SJVK4DG7HSVQSJ637XA-1-1536x1065.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/F6D7PI4SJVK4DG7HSVQSJ637XA-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A man walks past an MTN logo outside the company&#8217;s headquarters in Johannesburg, South Africa, March 13, 2023. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, March 17 (Reuters) &#8211; The CEO of MTN Group said the worst should be over for the company as its Nigeria unit recovers, after a naira devaluation pushed the group to an annual pre-tax loss of 4.4 billion rand ($243 million).



Nigeria has suffered chronic dollar shortages that have forced authorities to devalue the naira as part of the government&#8217;s measures to stabilise the currency and attract investment.



Coupled with high inflation and interest rates, this has driven up costs and widened MTN Nigeria&#8217;s pre-tax loss by more than 200% to 550.3 billion naira ($355.76 million).



At group level, South Africa-headquartered MTN reported a loss before tax of 4.4 billion rand in the year to December 31, from a 2023 profit of 12.2 billion rand.



The Nigeria business has a number of initiatives aimed at restoring profit and addressing its position when liabilities exceed assets, including renegotiating tower leases and a tariff hike, which was approved in January.



&#8220;That pain which we&#8217;ve had for 18 months, is abating somewhat &#8230; the business is growing very strongly. So I&#8217;m actually very bullish and confident that we&#8217;ll see strong recovery in Nigeria,&#8221; Group CEO Ralph Mupita said in a media call.



MTN Group, which has 291 million customers across 16 markets in Africa, saved 3.8 billion rand in costs, with 1.2 billion coming from the renegotiated tower leases, CFO Tsholofelo Molefe told Reuters.



In Sudan, the group&#8217;s operational and financial performance was hampered by the armed conflict in the country, resulting in impairments of 11.7 billion rand.



Mupita said that MTN has &#8220;started to see sites coming back on air&#8221; in areas where there was ongoing conflict such as in the capital Khartoum, where its network was down since April 2023.



By 1220 GMT, MTN shares were 2.39% higher.



&#8220;If you look at the underlying performance, which is service revenue at constant currency, it does look strong. Management team is executing well,&#8221; Peter Takaendesa, head of equities at Mergence Investment Managers, said.



&#8220;The challenge is just those macro and currency issues, which they really have limited control over.&#8221;



Group service revenue decreased by 15% to 177.8 billion rand but rose 14% in constant currency terms.



($1 = 1,546.8200 naira)



($1 = 18.1888 rand)



(Reporting by Nqobile Dludla; Editing by David Goodman and David Evans, Kirsten Donovan)

FILE PHOTO: MTN downgrades medium-term margin target for South Africa on power outages

South Africa’s MTN annual profit slumps as Nigeria currency devaluation weighs

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="480" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/BLUQMZADUZKOLHER6AWH47IIC4.avif" alt="" class="wp-image-598481"/><figcaption class="wp-element-caption">M23 rebels gather around a truck during the escort of captured FDLR members (not pictured) to Rwanda for repatriation, at the Goma-Gisenyi Grande Barrier border crossing, March 1, 2025. REUTERS/Arlette Bashizi/File Photo</figcaption></figure>



NAIROBI, March 17 (Reuters)&nbsp;&#8211;&nbsp;Belgium and Rwanda announced the expulsion of each other&#8217;s diplomats, as relations deteriorated over allegations about their respective roles in the conflict in eastern Democratic Republic of Congo.



Kigali said it was severing diplomatic relations and giving Belgian diplomats 48 hours to leave the East African country, accusing Brussels of &#8220;using lies and manipulation to secure an unjustified hostile opinion of Rwanda.&#8221;



Belgium&#8217;s foreign affairs minister Maxime Prevot said the move was &#8220;disproportionate and shows that when we disagree with Rwanda they prefer not to engage in dialogue.&#8221;



Brussels will reciprocate by declaring Rwandan diplomats persona non grata, he added.



African leaders have been trying to establish a lasting ceasefire in Congo, where the Rwandan government is accused of supporting an offensive by M23 rebels in eastern Congo.



(Reporting by Anait Miridzhanian; Writing by Hereward Holland; Editing by Bate Felix)

BLUQMZADUZKOLHER6AWH47IIC4

Rwanda and Belgium expel each other’s diplomats over Congo conflict

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/Co-founders-from-L-to-R-Dr.-Moses-and-Petter-820x461.jpg" alt="" class="wp-image-598430" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/Co-founders-from-L-to-R-Dr.-Moses-and-Petter-820x461.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/Co-founders-from-L-to-R-Dr.-Moses-and-Petter-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/Co-founders-from-L-to-R-Dr.-Moses-and-Petter-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/Co-founders-from-L-to-R-Dr.-Moses-and-Petter-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/Co-founders-from-L-to-R-Dr.-Moses-and-Petter-1536x864.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/Co-founders-from-L-to-R-Dr.-Moses-and-Petter.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /></figure>



Remos Space Systems AB, a pioneering Swedish company specializing in software-defined solutions for satellite ground operations, has successfully secured €1 million in seed funding. This significant investment is poised to accelerate the company&#8217;s global expansion, with a strategic emphasis on strengthening its presence in the African market.



A Vision Rooted in African Heritage



At the helm of Remos Space Systems is co-founder and CEO, Dr. Moses Browne Mwakyanjala, a Tanzanian-born engineer whose journey epitomizes the fusion of African heritage with cutting-edge technology. After completing his Ph.D. in software-defined radio technology in Sweden, Dr. Mwakyanjala, alongside co-founders Thilini Aracchi and Petter Lindberg, established Remos in 2021. Their mission: to revolutionize satellite ground operations by alleviating costs and complexities through scalable and automatable solutions.



Dr. Mwakyanjala&#8217;s African roots have been instrumental in shaping Remos&#8217;s strategic direction. He envisions leveraging his heritage to bridge technological gaps and foster collaborations that benefit both the company and the African continent. This vision aligns seamlessly with the recent funding, earmarked to bolster Remos&#8217;s footprint in the international market by expanding its customer base and forging partnerships on a global scale.



Innovating Satellite Ground Operations



Remos Space Systems stands at the forefront of innovation in satellite communications.&nbsp; Traditional ground stations often grapple with high costs, complexity, and rigidity, making them ill-suited for the burgeoning number of satellites expected to orbit Earth by 2030. Remos addresses these challenges by offering software-defined baseband solutions that are highly scalable and automatable. Some of the key offerings include:



<ol start="1" class="wp-block-list">
<li>Software modems for signal processing of satellite signals</li>



<li>Turnkey satellite ground stations for controlling satellites</li>



<li>Capacity building package, which offers a small-scale space agency in a box &#8211; suitable for emerging space nations, government institutions, and universities</li>
</ol>



Remos Space Systems is not just redefining satellite ground operations; it is making space technology more accessible to a broader global audience. With a diverse product portfolio, Remos offers software modems that enable efficient signal processing of satellite communications, replacing expensive hardware with flexible, software-defined solutions. These modems are compatible with a variety of satellite transceivers, supporting multiple data rates and modulation schemes to meet the needs of commercial operators and research institutions alike. In addition, the company provides turnkey satellite ground stations, offering complete infrastructure solutions for controlling and managing satellites. These ready-to-deploy stations integrate seamlessly with Remos’ proprietary modems and software, ensuring reliable, high-performance communication with satellites in orbit.



Beyond its technology offerings, Remos is also playing a pivotal role in fostering global space development through its capacity-building package, often described as a &#8220;small-scale space agency in a box.&#8221; Designed for emerging space nations, government institutions, and universities, this package provides all the essential tools needed to establish satellite operations, conduct space research, and train future industry leaders. By equipping new entrants in the space sector with cost-effective, high-quality solutions, Remos is accelerating space accessibility for regions that previously lacked the infrastructure or expertise to participate in the industry. As global demand for satellite communication and space exploration grows, Remos is positioning itself at the forefront providing not just products but the knowledge and infrastructure needed to support a new era of space innovation worldwide.



Strategic Expansion into the Global Market



Remos&#8217; strategic focus on global expansion is not just about increasing its geographical footprint; it&#8217;s a calculated move to drive sales and meet the growing demand for advanced satellite communication solutions. By establishing a presence in key markets and collaborating with international partners, Remos is positioning itself to capture a larger share of the global satellite ground station market, which is poised for significant growth in the coming years. The company&#8217;s recent mention by the National Aeronautics and Space Administration (NASA) in its latest edition of State-of-the-Art of Small Spacecraft Technology showcases the company&#8217;s increasing footprint across the globe.



Beyond strategic partnerships, Remos is focusing on innovation to fuel its global expansion. The company is set to release its software modems on cloud platforms like AWS, making satellite communications more accessible to international clients. Furthermore, Remos is investing in high-data-rate modems and advanced antenna systems, ensuring compatibility with a diverse range of satellite missions. By developing CCSDS-compliant solutions and utilizing the DIFI standard, Remos is aligning itself with global industry standards, making its offerings attractive to both commercial and government satellite operators. As the demand for efficient, cost-effective ground station solutions rises, Remos is well-positioned to capitalize on this momentum and establish itself as a dominant player in the international satellite communications market.



Dr. Mwakyanjala&#8217;s Tanzanian heritage further enriches this expansion strategy. His deep understanding of the region&#8217;s challenges and opportunities positions Remos to tailor its offerings to meet local needs effectively. By collaborating with African nations, Remos aims to not only provide technological solutions but also contribute to the continent&#8217;s socioeconomic development through improved connectivity and data access.



Driving Sales Through Innovation and Collaboration



The infusion of €1 million in seed funding is a testament to investor confidence in Remos&#8217;s vision and capabilities. This capital will be channeled into scaling operations, enhancing product offerings, and expanding the company&#8217;s global market reach.



For businesses and organizations operating in the satellite industry, Remos&#8217;s ground station products and services offer compelling advantages:



<ul class="wp-block-list">
<li>Cost-Effectiveness: By replacing traditional hardware with software-defined solutions, Remos significantly reduces operational costs. </li>



<li>Scalability: Their systems are designed to adapt to various mission requirements, from small IoT CubeSats to deep-space probes. </li>



<li>Future-Proofing: The flexibility of software-defined technology ensures compatibility with evolving satellite technologies, safeguarding investments against obsolescence.</li>
</ul>



Companies seeking to optimize their satellite ground operations will find Remos&#8217;s offerings not only innovative but also aligned with the demands of modern space missions.



A Promising Horizon



Remos Space Systems&#8217;s journey from a Swedish startup to a global player in satellite communications is a narrative of innovation, strategic vision, and cultural synergy. With Dr. Mwakyanjala and Petter Linberg&#8217;s leadership, the company&#8217;s commitment to simplifying satellite ground operations is unwavering. The recent funding milestone and planned global expansion are poised to drive sales and solidify Remos&#8217;s position as a leader in the space industry.



As the company continues to break new ground, its fusion of advanced technology with a deep respect for cultural roots serves as an inspiring model for businesses worldwide. Remos Space Systems is not just transforming satellite communications; it is building bridges across continents, fostering global connectivity, and paving the way for a more connected future. In a rapidly evolving space industry, Remos stands out as a beacon of innovation and strategic foresight, ready to meet the challenges of tomorrow with solutions that are as dynamic as they are reliable.



For more information on Remos Space Systems&#8217;s products and services, visit their official website: <a href="https://www.remosspace.com/?utm_source=chatgpt.com">remosspace.com</a>. Remos is also sponsoring the upcoming NewSpace Africa Conference 2025 in Cairo, Egypt. Interested parties are welcome to meet the company and receive real-time insights into its products and services.

Co-founders (from L to R- Dr. Moses and Petter)

Remos Space Secures €1M to Revolutionize Satellite Ground Stations

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1080" height="720" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/TWV5ODKIWNI75BNZPE3VSGMPAA.avif" alt="" class="wp-image-598410"/><figcaption class="wp-element-caption">M23 rebels sit on a truck during the escort of captured FDLR members (not pictured) to Rwanda for repatriation, at the Goma-Gisenyi Grande Barrier border crossing, March 1, 2025. REUTERS/Arlette Bashizi/File Photo</figcaption></figure>



March 16 (Reuters)&nbsp;&#8211;&nbsp;Democratic Republic of Congo will send a delegation to Angola on Tuesday for talks aiming to resolve a spiralling conflict against Rwandan-backed rebels in the east, the presidency said on Sunday.



Angola said last week that direct peace talks between Congo and M23 rebels would begin in the Angolan capital Luanda on March 18.



President Felix Tshisekedi, who has long ruled out dialogue with M23, had been considering changing his position after a string of defeats as regional support for Congo has waned.



&#8220;At this stage, we can&#8217;t say who will make up the delegation,&#8221; presidency spokesperson Tina Salama said.



M23 has acknowledged receipt of Angola&#8217;s invitation,&nbsp;its spokesperson&nbsp;Lawrence Kanyuka said on X on Sunday,&nbsp;without saying whether it would participate.



M23 made a series of demands after the talks were announced, including asking Tshisekedi to publicly express his commitment to negotiate with them directly.



Angola has been trying to mediate a lasting ceasefire and lower tensions between Congo and neighbouring Rwanda, which has been accused of backing the Tutsi-led rebel group. Rwanda denies those allegations.



The conflict, which has blighted eastern Congo for decades, is rooted in the spillover into Congo of Rwanda&#8217;s 1994 genocide and the struggle for control of Congo&#8217;s vast mineral resources.



It escalated significantly this year, with M23 gaining ground it had never controlled before, including east Congo&#8217;s two biggest cities and a host of smaller localities.



Congo&#8217;s government has said at least 7,000 people have died in the fighting since January. At least 600,000 people have been displaced by the fighting since November, according to the U.N. humanitarian affairs office.



Angolan President Joao Lourenco on Saturday urged all parties to cease hostilities from midnight to create a conducive climate for the talks.



&#8220;The ceasefire must include all possible hostile actions against the civilian population and the occupation of new positions,&#8221; he said in a statement.



Both Congo and M23 have repeatedly accused each other of violating ceasefires in the past.



Fighting did not appear to have stopped on Sunday, as a local official reported clashes in the Walikale region.



(Reporting by Sonia Rolley and Congo newsroom; Additional reporting by Olivia Kumwenda in Johannesburg; Writing by Sofia Christensen; Editing by Louise Heavens and Kevin Liffey)

TWV5ODKIWNI75BNZPE3VSGMPAA

Congo says it will join peace talks with Rwanda-backed rebels on Tuesday

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="4012" height="2529" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/2E6MGWCZGVPIXHSSM74HEJZDI4.avif" alt="" class="wp-image-598407"/><figcaption class="wp-element-caption">Absa Group logo is seen on a smartphone in front of displayed same logo in this illustration taken, December 1, 2021. REUTERS/Dado Ruvic/Illustration/File Photo</figcaption></figure>



JOHANNESBURG, March 17 (Reuters) &#8211; South Africa&#8217;s Absa Group on Monday named former Standard Bank South Africa chief Kenny Fihla as its new CEO, effective June 17.



Fihla joined Standard Bank Group in 2006 and has held numerous senior roles, including that of Chief Executive Officer of its corporate investment banking (CIB) unit, Deputy Chief Executive Officer of Standard Bank Group and CEO Standard Bank South Africa.



&#8220;Under his guardianship as Chief Executive from 2017 to 2024, CIB doubled its headline earnings to 20.5 billion rand and achieved a compound annual growth rate of 8.6%,&#8221; Standard Bank said in a separate statement.



Charles Russon remains the interim CEO of Absa Group and Absa Bank until June 16. Russon will work with Fihla to ensure a smooth leadership transition, thereafter he will take a key senior role within the group executive committee, Absa said.



(Reporting by Chandini Monnappa in Bengaluru; Editing by Mrigank Dhaniwala and Louise Heavens)

2E6MGWCZGVPIXHSSM74HEJZDI4

Absa Group names Standard Bank South Africa head Kenny Fihla as new CEO

<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-1251784570-820x547.jpg" alt="" class="wp-image-484765" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-1251784570-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-1251784570-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-1251784570-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-1251784570-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-1251784570-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-1251784570-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The International Monetary Fund (IMF) headquarters during the spring meetings of the IMF and World Bank Group in Washington, DC, US, on Thursday, April 13, 2023. The IMF trimmed its global-growth projections, warning of high uncertainty and risks as financial-sector stress adds to pressures emanating from tighter monetary policy. Photographer: Samuel Corum/Bloomberg via Getty Images</figcaption></figure>



NAIROBI, March 17 (Reuters)&nbsp;&#8211;&nbsp;The International Monetary Fund has received a formal request for a new programme from Kenyan authorities and will engage with them going forward, it said on Monday.



A ninth review under its current extended fund facility and extended credit facility programmes will not proceed, IMF said in a statement.



The IMF did not specify the kind of programme Kenya was seeking. Finance Minister John Mbadi told Reuters last month that it would be a financing programme.



The East African economy needs continued help from the lender to keep its economy on track after its debt-servicing costs surged due to a borrowing spree over the past decade.



The government has been scrambling for new financing after deadly protests last year forced it to abandon a plan to raise extra revenue via tax hikes.



(Reporting by George Obulutsa and Duncan Miriri; Editing by Jamie Freed)

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<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1696" height="1136" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/FNR2TQP4SJL2NCR5SBGI2EQQIE.avif" alt="" class="wp-image-597402"/><figcaption class="wp-element-caption">South Africa&#8217;s Finance Minister Enoch Godongwana delivers his 2025 budget speech in Cape Town, South Africa, March 12, 2025. REUTERS/Esa Alexander</figcaption></figure>



JOHANNESBURG, March 14 (Reuters) &#8211; Fitch ratings agency said on Friday that it thought South Africa&#8217;s government would struggle to stabilise debt as projected in this week&#8217;s revised budget.



&#8220;South Africa&#8217;s 2025 budget, unveiled on 12 March, indicates that the government remains committed to fiscal consolidation, despite upward pressure on public expenditure,&#8221; Fitch said.



&#8220;The budget has narrowed the gap between our projections for the fiscal deficit and those of the government, but we remain less optimistic that general government debt is stabilising, with Fitch&#8217;s baseline indicating that debt/GDP will continue to rise in the next two years.&#8221;



Finance Minister Enoch Godongwana&#8217;s amended budget projected that debt would peak at 76.2% of GDP in the fiscal year that starts on April 1.



Fitch said: &#8220;This is more optimistic than our latest assumption that debt will reach 78.8% of GDP in FY25, from 77% in FY24, and will continue to increase in FY26. It could be positive for the sovereign&#8217;s rating if debt follows the path projected by the government.&#8221;



Most big parliamentary parties have publicly rejected Godongwana&#8217;s amended budget, despite it scaling back the size of a contentious hike in value-added tax. The budget was earlier postponed because of disagreements in the ruling coalition.



(Reporting by Tannur Anders; Editing by Alexander Winning)

FNR2TQP4SJL2NCR5SBGI2EQQIE

Fitch thinks S.Africa will struggle to stabilise debt as projected in budget

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="455" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/ABH-820x455.jpg" alt="" class="wp-image-597348" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/ABH-820x455.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/ABH-300x167.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/ABH-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/ABH-768x426.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/ABH-1536x852.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/ABH.jpg 1600w" sizes="auto, (max-width: 820px) 100vw, 820px" /></figure>



What to expect at the 6th ABH Summit &amp; Grand Finale



Get ready for a dynamic entrepreneurial showcase as the 6th Africa’s Business Heroes (ABH) Summit &amp; Grand Finale takes center stage on 14-15 March 2025 at the Kigali Convention Center. As a flagship initiative of the Jack Ma Foundation, ABH is one of Africa’s largest and most inclusive pitch competitions, dedicated to empowering exceptional entrepreneurs with grant funding, mentorship and wide media exposure.



Returning to Kigali in partnership with the Rwanda Development Board (RDB), this year’s edition is bigger, bolder and infused with cutting-edge AI-powered experiences, thought-provoking discussions and a thrilling pitch competition showcasing Africa’s most promising entrepreneurial talent.



This year, audiences can look forward to a celebration of Africa’s entrepreneurial spirit, driven by African Intelligence. Rooted in cultural knowledge, lived experience and adaptive problem-solving, this concept has the power to shape the future of business across the continent. Aligned with this year’s theme, AI: African Innovation, Insight and Impact, ABH is set to showcase the power of African Intelligence through an unparalleled display of entrepreneurial excellence.



Here’s a closer look at what to expect.



<h3 class="wp-block-heading" id="h-ab-i-your-ai-powered-co-host">AB<ins>i</ins> – Your AI-powered co-host</h3>



Meet ABi, a revolutionary AI co-host, who will guide you through the event with real-time insights, interactive discussions and smart networking suggestions. From delivering AI-enhanced event scripts to keeping attendees engaged, ABI will ensure you stay connected to the action every step of the way.



Engaging formats and conversations on entrepreneurial solutions



On March 14th, the ABH Summit will ignite bold conversations on Africa’s most pressing challenges through the lens of entrepreneurship, featuring dynamic formats that showcase diverse perspectives and solutions. From live podcasts and debates to interactive sessions that put the audience at the heart of the experience, fireside chats and engaging AI integrations, the Summit is where visionaries will come together to shape the future.



Thought leaders from across industries, including Nick Hu, Managing Director of Healthcare at Sand Technologies; Michaëlla Rugwizangoga, World Economic Forum Global Council Member on Tourism; Mike B. Ndimurukundo, Managing Director at Andela; and many more, will share their insights on Africa’s future and how entrepreneurship is shaping change. Guided by ABH’s Official Host and the renowned broadcaster: Anita Erskine, the event promises to be an inspiring experience. Explore the full agenda here: <a href="https://africabusinessheroes.org/en/the-community/2025-abh-grand-finale">2025 ABH Grand Finale Agenda</a>.



<h3 class="wp-block-heading" id="h-the-live-pitch-competition-witness-brilliance-unfold">The live pitch competition – Witness brilliance unfold</h3>



The stage is set, and ten of Africa’s most impactful entrepreneurs will have their moment to pitch their businesses to a panel of esteemed judges, competing for their share of the US$1.5 million prize pool. With celebrated Ghanaian entrepreneur and CEO of Sand Technologies, Fred Swaniker, joining the esteemed panel alongside Ibukun Awosika, Founder of The Chair Centre Group and Dr. Diane Karusisi, CEO of Bank of Kigali, this year promises tough questions, deep insights and an electrifying showcase of entrepreneurial excellence. Here’s a glimpse of what to expect from the live pitches and the overall ABH experience: the <a href="https://youtu.be/Ke53BpArzzs?si=gjBoP1lu74j8dH4l">2023 Grand Finale recap</a> and <a href="https://www.youtube.com/watch?v=bOgKmIUwtZY&amp;ab_channel=Africa%E2%80%99sBusinessHeroes">highlights video</a>.



<h3 class="wp-block-heading" id="h-a-celebration-of-excellence">A celebration of excellence</h3>



The event will wrap up with a spectacular awards ceremony, celebrating the grand prize winner and runners-up. Watch as Africa’s next generation of business leaders take the stage in recognition of their impact.



<h3 class="wp-block-heading" id="h-your-chance-to-be-the-next-abh-hero"> Your chance to be the next ABH Hero</h3>



ABH has also announced that, the 2025 ABH competition will officially launch at the event, offering a new wave of entrepreneurs the chance to join a growing community of changemakers shaping the future of Africa.



<h3 class="wp-block-heading" id="h-be-part-of-the-future">Be part of the future</h3>



From edtech innovations to accessible healthcare, logistics solutions tailored to African needs and breakthroughs in cosmetics, agribusiness and sustainability in water and healthtech, this year’s Top 10 finalists represent a cohort that has fully embraced African Intelligence to develop standout, homegrown solutions. As they take the stage at the Grand Finale on March 15, 2025, at the Kigali Convention Centre, don’t miss this unparalleled gathering of innovators, investors and visionaries. Register now and be part of history! <a href="https://africabusinessheroes.org/en/the-community/2025-Oh,%20big-time?%20NewTimesRwanda">Register here</a>.

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South African rand gains as gold scales new peak

Markets rise for the second day as U.S. consumers continue spending

US says South African ambassador’s remarks were ‘unacceptable’

What’s next for South Africa’s budget and planned VAT hike?

H-1B Visa Debate: Are Foreign Workers Taking American Tech Jobs?

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