<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="537" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/AJ75STV5GFI2VAY6ECK3RA5YKM-820x537.jpg" alt="" class="wp-image-423609" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/AJ75STV5GFI2VAY6ECK3RA5YKM-820x537.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/AJ75STV5GFI2VAY6ECK3RA5YKM-300x196.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/AJ75STV5GFI2VAY6ECK3RA5YKM-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/AJ75STV5GFI2VAY6ECK3RA5YKM-768x503.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/AJ75STV5GFI2VAY6ECK3RA5YKM-1536x1005.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/AJ75STV5GFI2VAY6ECK3RA5YKM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">South African Rand coins are seen in this photo illustration taken September 9, 2015. REUTERS/Mike Hutchings</figcaption></figure>



JOHANNESBURG, Nov 18 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand gained on Monday, as markets welcomed rating agency S&amp;P&#8217;s decision to raise the country&#8217;s credit rating outlook.



At 0747 GMT, the rand traded at 18.12 against the dollar, 0.52% stronger than its previous close.



S&amp;P revised South Africa&#8217;s outlook to &#8220;positive&#8221; from &#8220;stable&#8221; on Friday, citing plans for accelerated economic reforms by the new coalition government and a pickup in private investments.



&#8220;The credit outlook boost may incentivise continued reforms and efforts by the government to solidify these gains, such as improvements in governance and infrastructure investments,&#8221; said Andre Cilliers, currency strategist at TreasuryONE.



Local investor focus this week will be on October inflation figures and an interest rate decision by the South African Reserve Bank (SARB).



The SARB is expected to cut rates by 25 basis points on Thursday.



&#8220;While a rate cut would align with easing global monetary policies, the SARB is likely to maintain a cautious approach to ensure currency stability and control inflation expectations amid recent ZAR volatility,&#8221; Cilliers added.



On the stock market, the Top-40 index was up 0.5%.



South Africa&#8217;s benchmark 2030 government bond was stronger in early deals, with the yield down 5.5 basis points to 9.095%.



(Reporting by Bhargav Acharya; Editing by Mrigank Dhaniwala)

South African Rand coins are seen in this photo illustration

South African rand firms on S&P outlook upgrade

<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/HG6EHCDQEBPQXLK6KJZYFZJP4U-820x547.jpg" alt="" class="wp-image-555669" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/HG6EHCDQEBPQXLK6KJZYFZJP4U-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/HG6EHCDQEBPQXLK6KJZYFZJP4U-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/HG6EHCDQEBPQXLK6KJZYFZJP4U-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/HG6EHCDQEBPQXLK6KJZYFZJP4U-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/HG6EHCDQEBPQXLK6KJZYFZJP4U-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/HG6EHCDQEBPQXLK6KJZYFZJP4U-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A man prepares to cast his vote during the early legislative election, at a polling station in Parcelle, suburb of Dakar, Senegal, November 17, 2024. REUTERS/Zohra Bensemra</figcaption></figure>



DAKAR, Nov 18 (Reuters) &#8211; A likely absolute majority for President Bassirou Diomaye Faye&#8217;s Pastef party in Senegal&#8217;s legislative election would empower him to pursue his ambitious 25-year agenda, though his first challenge will be coming up with a budget amid a fiscal crisis.



Faye sought a clear parliamentary majority in Sunday&#8217;s vote to implement the reform agenda that helped sweep him to power in a landslide election victory in March.



But analysts say creating a budget catering both to his voters&#8217; needs and to the International Monetary Fund (IMF), with which his government is currently in talks, will be challenging.



Former president Macky Sall, who headed an opposition coalition, on Monday congratulated Pastef on its win. Former prime minister Amadou Ba, who ran against Faye in the presidential election, also conceded defeat, as did other opposition leaders.



Senegal&#8217;s sovereign debt rose in price on Monday, Tradeweb data showed, while most other African nations&#8217; bonds lost ground. The yield on its 2033 dollar bond was down about 10 basis points by 1145 GMT at 9.28%.



&#8220;If confirmed by the electoral bodies, Pastef&#8217;s victory could give a free hand in passing budgets and implementing its programmatic reforms,&#8221; said Wendyam Lankoande, a consultant at Africa Practice.



But, he noted, voters are &#8220;looking for quick solutions to unemployment, rising cost of living, and limited reach of public services in remote rural areas in the hinterland&#8221;.



In September, a government audit revealed that Senegal&#8217;s debt and budget deficit were much wider than the previous administration had reported. A $1.9 billion IMF programme agreed in June 2023 has been on hold since.



Negotiations with the IMF to restart disbursements could last until mid-2025.



&#8220;We see Pastef&#8217;s majority as a positive development as it clears the path for President Faye and (Prime Minister Ousmane) Sonko to begin work on a budget for 2025 that aligns broadly with IMF requirements,&#8221; said Leeuwner Esterhuysen, senior economist at Oxford Economics Africa.



&#8220;That said, some of these requirements won&#8217;t necessarily go down well with Senegalese citizens.&#8221;



He said the Fund was likely to show some leniency, as it appears to have good relations with the new administration.



&#8220;We think the government may be able to delay the implementation of harsh measures such as removing VAT exemptions on farming inputs or increasing household electricity prices, while energy subsidies will be phased out gradually to limit the impact on consumers,&#8221; Esterhuysen said.



(Additional reporting by Libby George; Editing by Kevin Liffey)

Senegal holds early legislative election

Senegal’s president faces budget challenge after likely parliamentary win

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="518" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/H4D76FPFLJJOFKKB6PZX3XGHFQ-1-820x518.jpg" alt="" class="wp-image-554697" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/H4D76FPFLJJOFKKB6PZX3XGHFQ-1-820x518.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/H4D76FPFLJJOFKKB6PZX3XGHFQ-1-300x190.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/H4D76FPFLJJOFKKB6PZX3XGHFQ-1-142x90.jpg 142w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/H4D76FPFLJJOFKKB6PZX3XGHFQ-1-768x485.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/H4D76FPFLJJOFKKB6PZX3XGHFQ-1-1536x971.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/H4D76FPFLJJOFKKB6PZX3XGHFQ-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A Starlink satellite internet system is set up on a caravan truck of a tourist, parked in a street in Ronda, Spain February 12, 2024. REUTERS/Jon Nazca/FILE PHOTO</figcaption></figure>



CAPE TOWN, Nov 15 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s information and communications technology sector needs policy and regulatory changes to keep up with emerging technologies, the chair of the country&#8217;s communications regulator told Reuters.



Technological advances such as satellite internet and artificial intelligence are forcing governments and regulators worldwide to revamp their oversight of the industry.



Mothibi Ramusi, the new chair of the Independent Communications Authority of South Africa, or ICASA, told Reuters one of his priorities was to ensure the regulator adapted to change.



The regulator is working on finalising its five-year strategy plan, which will guide its priorities going forward.



&#8220;As we have it right now, our legislative frameworks are still a barrier to leapfrog into the future,&#8221; he said on the sidelines of Africa Tech conference on Thursday.



&#8220;The first priority to get things right is we need to revamp the entire ICT framework. The policy needs to be reviewed, the ICASA Act and other associated acts, like the Electronic Communication Transaction Act.&#8221;



South Africa is yet to sign into law proposed amendments to the Electronic Communications Act, which have been in discussion for years. The bill, among other things, proposes new regulations for mobile virtual networks and allows spectrum sharing.



The regulator has also initiated an inquiry into the licensing framework for satellite-internet providers to provide clear rules for potential operators in the country, amid the growing demand for Starlink, operated by Elon Musk&#8217;s SpaceX.



Submissions for comments were closed this week and ICASA will analyse the inputs and begin public consultations before finalising the appropriate licensing framework, Ramusi said.



&#8220;We are mindful that whilst you&#8217;re talking infrastructure expansion, there are other areas where you might not be able to connect people with what you call terrestrial infrastructure,&#8221; Ramusi said.



&#8220;So satellite becomes another infrastructure layer that we need because you need rapid deployment. In South Africa, we are embracing that.&#8221;



South Africa was one of the first few African countries where Starlink wanted to launch its satellite internet but is hindered by the country&#8217;s regulations, which require foreign-owned companies to sell a 30% stake to historically disadvantaged groups in order to operate in country.



(Reporting by Nqobile Dludla; Editing by Christina Fincher)

A Starlink satellite internet system is set up on a caravan truck of a tourist, parked in a street in Ronda

New tech requires rulebook revamp, says S.Africa’s communications regulator

Minnesota Vikings Owner And President Mark Wilf On Politics In The NFL And MLS’ Apple Deal

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1920" height="1245" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/2J47EZ5UQBJOFPUZZQP3HAKCPE.avif" alt="" class="wp-image-554692"/><figcaption class="wp-element-caption">Protesters run from police during a &#8220;national shutdown&#8221; against the election outcome, at Luis Cabral township in Maputo, Mozambique, November 7. REUTERS/Siphiwe Sibeko</figcaption></figure>



MAPUTO, Nov 15 (Thomson Reuters Foundation)&nbsp;&#8211;&nbsp;Uber driver Rofino Fiel said the post-election protests that have convulsed Mozambique for weeks have been disastrous not only because of the running battles on the streets of Maputo &#8211; internet shutdowns are bleeding his business dry.



Like many working in small and medium-sized businesses, often in the informal sector, successive blackouts have cost him dear and there is little relief in sight as the protests over allegations of vote-rigging look set to continue.



&#8220;This is too much. We are having a very negative experience and per week it costs us a loss of 8,000 meticais ($126),&#8221; the 25-year-old told the Thomson Reuters Foundation.



&#8220;Our activity has come to a complete halt.&#8221;



Protests have escalated since election authorities said the Frelimo party had won the Oct. 9 vote with a landslide victory, extending its 49-year rule. More than 56% of Mozambique&#8217;s 17 million eligible voters abstained.



The results have been widely disputed, fuelling clashes between the police and protesters which rights groups and local hospitals say have killed at least 30 people. Many young people supported independent candidate Venancio Mondlane, who says the vote was rigged and has encouraged demonstrations.



Amnesty International has condemned the government&#8217;s &#8220;violent and widespread crackdown on human rights&#8221;, saying it is the worst suppression of protests in the country in years.



Civil society groups and international observers said the vote did not meet democratic standards, and the Constitutional Council has requested clarification from the electoral commission on discrepancies in the vote count.



Digital rights groups say that there have been at least five mobile internet shutdowns since Oct. 25, alongside social media shutdowns lasting several hours.



According to the constitution, the government can force mobile phone operators to shut down internet services in cases of national emergency but the government has not declared the current unrest a national emergency.



The #KeepItOn coalition, a global network of over 334 human rights organisations working to end internet shutdowns, urged Mozambique&#8217;s authorities to end the increasing use of shutdowns.



&#8220;Mozambican authorities&#8217; regular practice of shutting down the internet around elections and in times of political unrest must not be allowed to continue,&#8221; the coalition said in a statement on Nov. 7.



Mateus Magala, minister of transport and communications, said the recurrent internet restrictions were aimed at preventing the destruction of the country.



&#8220;When we see violations that jeopardise the integrity of all Mozambicans in the nation we have to act as such, so that our means of communication are not used for the destruction of the country,&#8221; he said on Sunday.



For Edson Chiado, who manages a real estate business in the centre of Maputo, the shutdowns are hurting his livelihood.



&#8220;I need the internet to work and make sales and, as it is, many things are at a standstill,&#8221; said the 34-year-old,&nbsp;who has worked in the property sector for 10 years.



&#8220;You always have to separate the internet, which is key to our economic life, from political matters.&#8221;



LOST CLIENTS



The shutdowns have affected a wide range of professionals from financial market operators, or traders, to website programmers, who generally work remotely.



A trader who asked to remain anonymous due to safety concerns said the internet outages had cost him as much as $100 dollars a day in recent weeks.



Americo Marime, owner of a tech start-up that does network analysis, management systems programming, and web page monitoring, said there were days when he was unable to meet deadlines and ended up losing some clients.



He said some of the web pages he monitors also suffered routine failures and he was unable to fix them.



&#8220;Even clients, some of whom are outside Mozambique, couldn&#8217;t contact me to report the problem &#8230; So, in short, the internet blockage stopped programmers&#8217; work,&#8221; said Marime.



Some people have tried to use Virtual Private Networks (VPN) or free WiFi to keep their businesses going but connection was very slow and there are only three places in Maputo where free WiFi is available.



Celio Lazaro, an activist who works on social justice and economic inclusion, said mobile phone operators should be held criminally responsible &#8220;for contributing to the limitation of citizens&#8217; rights&#8221;, as well as jeopardising the livelihoods of those who depend on the internet to work.



The country&#8217;s three mobile phone operators &#8211; South Africa&#8217;s Vodacom, and Mozambique&#8217;s Tmcel and Movitel &#8211; have sent messages to users saying the outages were beyond their control. When contacted by the Thomson Reuters Foundation, Vodacom and Movitel declined to comment while Tmcel did not immediately reply to a request for a comment.



&#8220;This (the blocking of the internet) is not helping to end the protests, but rather is intensifying popular dissatisfaction,&#8221; Lazaro told journalists on Monday during a press conference in Beira, in central Mozambique.



Even as internet services are gradually being restored, Mondlane has called for a new round of demonstrations across the country, meaning there could be more economic pain in a country where around 65% of the population live in poverty.



The president of the Confederation of Economic Associations of Mozambique, Agostinho Vuma, said he was aware of the negative impact that the internet shutdowns were having on small businesses.



&#8220;There&#8217;s nothing we can do about it, but the situation does affect us,&#8221; he said.



($1 = 63.2700 meticais)



(Reporting by Samuel Come; Editing by Clar Ni Chonghaile and Ana Nicolaci da Costa.&nbsp;

2J47EZ5UQBJOFPUZZQP3HAKCPE

Internet cuts after Mozambique’s disputed vote hit businesses

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="537" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/AJ75STV5GFI2VAY6ECK3RA5YKM-820x537.jpg" alt="" class="wp-image-554687" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/AJ75STV5GFI2VAY6ECK3RA5YKM-820x537.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/AJ75STV5GFI2VAY6ECK3RA5YKM-300x196.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/AJ75STV5GFI2VAY6ECK3RA5YKM-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/AJ75STV5GFI2VAY6ECK3RA5YKM-768x503.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/AJ75STV5GFI2VAY6ECK3RA5YKM-1536x1005.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/AJ75STV5GFI2VAY6ECK3RA5YKM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">South African Rand coins are seen in this photo illustration taken September 9, 2015. REUTERS/Mike Hutchings</figcaption></figure>



JOHANNESBURG, Nov 15 (Reuters)&nbsp;&#8211;&nbsp;The South African rand gained on Friday as the U.S. dollar slipped, but analysts said pressure could soon build again as bets on U.S. President-elect Donald Trump&#8217;s policies remain a key market driver.



At 1331 GMT, the rand traded at 18.1450 against the dollar&nbsp;ZAR=D3, about 0.6% stronger than its previous close.



&#8220;The rand is seeing a boost today as the U.S. dollar rally pauses. Profit-taking before the weekend might be influencing this, but it&#8217;s likely temporary,&#8221; said Zain Vawda, market analyst at MarketPulse by OANDA.



The rand endured five consecutive sessions of losses until Friday, losing about 5% against the dollar, as the U.S. currency surged following Trump&#8217;s election victory.



Global markets remain focused on the impact of Trump&#8217;s win, with the dominant view that after he takes office in January his policies could stoke U.S. inflation, meaning fewer Federal Reserve interest rate cuts.



Locally, investors will look to S&amp;P Global&#8217;s scheduled review of South Africa&#8217;s sovereign credit rating on Friday.



Analysts expect Africa&#8217;s most industrialised economy to remain three notches into sub-investment grade at &#8216;BB-&#8216;, with a stable outlook.



&#8220;An upgrade is unlikely. As things stand, risk remains skewed toward further rand weakness,&#8221; Vawda added.



Next week, South Africa-focused investors will look to October&#8217;s inflation print&nbsp;ZACPIY=ECI&nbsp;on Wednesday and the South African Reserve Bank&#8217;s monetary policy decision&nbsp;ZAREPO=ECI&nbsp;a day later.



The central bank is expected to cut the repo rate by 25 basis points, the same size of cut as in September, according to a Reuters poll of economists published on Friday.



On the Johannesburg stock market, the blue-chip Top-40 index&nbsp;.JTOPI&nbsp;was up about 0.1%.



South Africa&#8217;s benchmark 2030 government bond&nbsp;ZAR2030=&nbsp;was flat, with the yield at 9.135%.



(Reporting by Tannur Anders; Editing by Alexander Winning and Mark Potter)

AJ75STV5GFI2VAY6ECK3RA5YKM

South African rand firms as dollar rally cools; S&P review due

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="448" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/7F4RVUNBANMQVOB43MHCRSGWA4.avif" alt="" class="wp-image-554652"/><figcaption class="wp-element-caption">A climate activist holds a placard as people call for climate justice resistance against oil and gas corporations and to end fossil fuels outside the Cape Town International Convention Centre during the Southern Africa Oil and Gas Conference in Cape Town, South Africa , September 13, 2023. REUTERS/Esa Alexander/File Photo</figcaption></figure>



JOHANNESBURG, Nov 15 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s revised carbon tax aims to balance the rival demands of climate activists and polluters by lowering tax-free allowances while letting companies make greater use of offsets, the Treasury&#8217;s acting tax chief said on Friday.



The changes, to come into effect in 2026, will help South Africa meet climate commitments but give &#8216;hard-to-abate&#8217; sectors more flexibility, said Chris Axelson, Acting Head of Tax and Financial Sector Policy at the Treasury.



South Africa is one of the world&#8217;s top 15 greenhouse gas emitters and the only country in Africa with a carbon tax.



&#8220;It definitely is a change to the previous structure (in which)…the offsets were quite a small percentage,&#8221; Axelson told Reuters in a videocall interview.



At COP29 talks in Azerbaijan, developing countries pressured their richer counterparts for up to $1 trillion in climate finance to help nations historically least responsible for the crisis to shift to greener energy and adapt.



A Treasury policy paper released on Wednesday shows the offset allowance for combustion emissions going up to 25%, from 10%, after 2026. But this is counterbalanced by slashing tax-free allowances from 60% currently to half in 2026, and by a further 2.5 percentage points annually until 2030.



South Africa enacted its carbon tax in May 2019 after nearly a decade of shelving it over objections from mining companies, steelmakers and state-owned power utility, Eskom. Since then, industry has complained the tax is too onerous while climate activists decry it as too generous.



&#8220;We&#8217;re in a place where they&#8217;re all shouting at us,&#8221; Axelson said. &#8220;We&#8217;re trying to find that balance &#8230; We don&#8217;t want one side to say, &#8216;well, you&#8217;re hurting us too much&#8217; and the other side to say, &#8216;well, you aren&#8217;t doing enough&#8217;.&#8221;



The proposal also replaces a 3.5 cent per kilowatt levy on non-renewable power with the carbon tax, which Axelson said would encourage Eskom &#8211; whose overreliance on coal has made South Africa a bigger emitter than Britain or France &#8211; to use renewables but &#8220;but without the potential of passing on costs to the consumers.&#8221;



(Reporting by Tim Cocks; Editing by Christina Fincher)

7F4RVUNBANMQVOB43MHCRSGWA4

South Africa’s revised carbon tax to be harsher but with more offsets, Treasury says

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="427" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/O7N4FNTV2RJ2TCKFQSD3UV3FBQ.avif" alt="" class="wp-image-554613"/><figcaption class="wp-element-caption">The Orano logo is seen on a jacket of an employee on the construction site of the third-generation European Pressurised Water nuclear reactor (EPR) in Flamanville, France, June 14, 2022. REUTERS/Sarah Meyssonnier/File Photo</figcaption></figure>



PARIS, Nov 15 (Reuters)&nbsp;&#8211;&nbsp;French nuclear fuels company Orano warned on Friday of a &#8220;deteriorating financial situation&#8221; at its Somair uranium plant in Niger, as the West African nation increasingly looks to new partners such as Russia in its mining sector.



Niger is one of the world&#8217;s leading producers of uranium, the most widely used fuel for nuclear energy, with France&#8217;s Orano a major player in the sector.



However, the business climate for international companies in the country has become uncertain after a military coup last year.



Orano said in October it had been forced to suspend production at the Somair mine in the north of Niger following last year&#8217;s closure of the main export corridor.



In its statement on Friday it said the Somair board had sought a temporary halt on mining and ore processing expenditures to preserve cash to pay salaries.



Orano owns more than 60% of the Somair mine, while Niger&#8217;s state-owned Sopamin holds the rest.



&#8220;What is being announced is in no way a cessation of operations or closing of the site, but merely the decision to place a stop on all non-essential expenditure in the current configuration,&#8221; said Orano.



It added that recent comments made by Niger&#8217;s mining minister were &#8220;damaging&#8221;.



Speaking to Russian media RIA on Wednesday, Niger&#8217;s Minister of Mines Colonel Abarchi Ousmane questioned the future of French companies in the sector.



&#8220;The French state, through its head of state, has declared that it does not recognise the current authorities in Niger. Does it seem possible to you that we, the state of Niger, would allow French companies to continue extracting our natural resources?&#8221; said Ousmane.



The minister also told RT media in a separate interview earlier this week that Sopamin had not agreed with Orano&#8217;s decision to suspend production, and that production at Somair was &#8220;ongoing&#8221;.



Ousmane added that the junta would like to see increased cooperation with Russia in the uranium sector.



France&#8217;s influence in the country is fading after Paris withdrew the last of its troops late last year.



In June, Orano said Niger had removed a mining permit for its Imouraren project.



(Reporting by Sudip Kar-Gupta, Dominique Patton and Bate Felix; Editing by Jan Harvey and David Evans)

O7N4FNTV2RJ2TCKFQSD3UV3FBQ

France’s Orano warns of financial problems at Niger uranium plant

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="427" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/BIVKA6GHCZOQ5JES7QGJOKH65I.avif" alt="" class="wp-image-554610"/><figcaption class="wp-element-caption">Undated handout picture of a Bavarian Nordic research team member holding a test tube obtained by Reuters on August 16, 2024. Bavarian Nordic/Mikkel Inumineq/Handout via REUTERS/File Photo</figcaption></figure>



COPENHAGEN, Nov 15 (Reuters) &#8211; Vaccine maker Bavarian Nordic BAVA.COexpects the incoming Trump administration to boost biodefence funding despite the nomination of Robert F. Kennedy Jr., a vaccine sceptic, as health secretary, the company&#8217;s CEO said on Friday.



Shares in European vaccine makers fell on Friday after U.S. President-elect Donald Trump selected Kennedy, who has previously spread misinformation on vaccines, to lead the top health agency.



&#8220;Vaccine scepticism was part of Trump&#8217;s first administration,&#8221; Bavarian Nordic CEO Paul Chaplin told Reuters in an interview.



&#8220;When I look back at his first administration, it was some of the most successful years in terms of the public preparedness business with the U.S. government,&#8221; he said.



Biodefence is preparing for and responding to potential biological threats, from pandemics to potential biological warfare.



&#8220;The only thing I&#8217;ve ever seen with a Republican administration is that the biodefence business and funding goes up,&#8221; said Chaplin.



Bavarian Nordic is providing the U.S. government with a freeze-dried variant of its smallpox vaccine as part of America&#8217;s smallpox preparedness strategy. Its current contract with the U.S. government expires in 2027, Chaplin said.



The company&#8217;s smallpox vaccine is also approved for mpox in certain countries.



Chaplin said he is a bit more concerned how Kennedy will impact the spread of vaccine scepticism and sales for general vaccine programs, which include an anti-rabies treatment.



&#8220;It doesn&#8217;t help when you&#8217;ve got a health secretary who&#8217;s sceptical of vaccines in convincing the public to take vaccines,&#8221; Chaplin said.



Shares in Bavarian fell more than 16%, hurt by third-quarter results. Analysts at Sydbank and Kempen told Reuters that the nomination of Kennedy also weighed on the stock.



(Reporting by Jacob Gronholt-Pedersen; Editing by Stine Jacobsen and Angus MacSwan)

BIVKA6GHCZOQ5JES7QGJOKH65I

US expected to increase biodefence spending under Trump, says vaccine maker Bavarian Nordic

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="427" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/7KVHJR6UA5PHZGXNL4DBLFNXXE.avif" alt="" class="wp-image-554607"/><figcaption class="wp-element-caption">People buy and sell vegetables at Mile 12 International Market in Lagos, Nigeria May 13, 2022. REUTERS/Temilade Adelaja/File photo</figcaption></figure>



ABUJA, Nov 15 (Reuters) &#8211; Nigeria&#8217;s inflation rate rose for the second straight month in October, advancing to 33.88% in annual terms NGCPIY=ECI from 32.70% in September mainly due to higher food prices, official data showed on Friday.



Inflation quickened sharply in the second half of last year after President Bola Tinubu devalued the country&#8217;s naira currency&nbsp;NGN=D1&nbsp;and cut subsidies to try to lift economic growth and shore up public finances.



It started to ease in July this year as the impact of the naira devaluation began to fade, but a series of petrol price increases and severe flooding that has wiped out crops again spurred price pressures, exacerbating the worst cost-of-living crisis in decades in Africa&#8217;s most populous nation.



A report by the National Bureau of Statistics said food inflation reached 39.16% year-on-year in October from 37.77% the previous month&nbsp;NGFINF=ECI, caused by price rises for staples such as rice, maize, bread, potatoes and cooking oil.



Torrential rain and floods in 29 of Nigeria&#8217;s 36 states this year have destroyed more than 1.5 million hectares of cropland, making millions go hungry and causing mass displacement.



The central bank has hiked interest rates five times this year to try to get inflation under control. It is due to announce its final rate decision&nbsp;NGCBIR=ECI&nbsp;of the year on Nov. 26.



(Reporting by Chijioke Ohuocha; Additional reporting by Mohd Edrees in Bengaluru; Editing by Alexander Winning)

7KVHJR6UA5PHZGXNL4DBLFNXXE

Nigeria inflation rises for second month, spurred by food

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108063216-1731601889272-gettyimages-2183863696-20241106_city_skyline_mist_002-820x461.jpeg" alt="" class="wp-image-554559" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108063216-1731601889272-gettyimages-2183863696-20241106_city_skyline_mist_002-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108063216-1731601889272-gettyimages-2183863696-20241106_city_skyline_mist_002-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108063216-1731601889272-gettyimages-2183863696-20241106_city_skyline_mist_002-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108063216-1731601889272-gettyimages-2183863696-20241106_city_skyline_mist_002-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108063216-1731601889272-gettyimages-2183863696-20241106_city_skyline_mist_002-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108063216-1731601889272-gettyimages-2183863696-20241106_city_skyline_mist_002.jpeg 1600w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Bank of England in the City of London on 6th November 2024 in London, United Kingdom. The City of London is a city, ceremonial county and local government district that contains the primary central business district CBD of London. The City of London is widely referred to simply as the City is also colloquially known as the Square Mile. (photo by Mike Kemp/In Pictures via Getty Images) Mike Kemp | In Pictures | Getty Images</figcaption></figure>



The U.K. economy grew less than expected in the third quarter of the year, showing only marginal growth following a rebound at the start of the year, initial figures showed Friday.



Gross domestic product came in at&nbsp;0.1% in the&nbsp;three months to September compared to the previous quarter. That’s&nbsp;below the 0.2% growth expected by economists polled by Reuters and&nbsp;follows an expansion of 0.5% in the second quarter of the year.



U.K.’s dominant services sector also grew just 0.1% on the quarter, the Office for National Statistics said. Construction rose by 0.8%, while production slipped 0.2% in the month.



It comes after inflation in the U.K. fell sharply to 1.7% in September, dipping below the Bank of England’s 2% target for the first time since April 2021. The fall in inflation helped pave the way for the central bank to cut rates by 25 basis points on Nov. 7, bringing its key rate to 4.75%.



The Bank of England said last week it expects the Labour Government’s tax-raising budget to boost GDP by 0.75 percentage points in a year’s time. Policymakers also noted that the government’s fiscal plan had led to an increase in their inflation forecasts.



U.K. Finance Minister Rachel Reeves said Friday she was “not satisfied” with the numbers.



“At my Budget, I took the difficult choices to fix the foundations and stabilise our public finances.&nbsp;Now we are going to deliver growth through investment and reform to create more jobs and more money in people’s pockets, get the NHS back on its feet, rebuild Britain and secure our borders in a decade of national renewal,” she said in a release.



A rate cut at the BOE’s next meeting in December now looks “improbable,” according to Suren Thiru, economics director at the Institute of Chartered Accountants in England and Wales. He said inflation risks and growing global headwinds will likely prevent policymakers from pursuing back-to-back rate cuts.



“These figures suggest that the economy went off the boil even before the budget, as weaker business and consumer confidence helped weaken output across the third quarter, particularly in September,” Thiru said in emailed comments.



The outcome of the recent U.S. election has fostered much uncertainty about the global economic impact of another term from President-elect Donald Trump. While Trump’s proposed tariffs are expected to be widely inflationary and hit the European economy hard, some analysts have said such measures could provide opportunities for the British economy.



Bank of England Governor Andrew Bailey gave little away last week on the bank’s views of Trump’s tariff agenda, but he did reference risks around global fragmentation.



“Let’s wait and see where things get to. I’m not going to prejudge what might happen, what might not happen,” he told reporters during a press briefing.



The British pound ticked slightly higher by 0.1% against the U.S. dollar at 7:33 a.m. in London. It dipped 0.15% against the euro following Friday’s GDP release.

108063216-1731601889272-gettyimages-2183863696-20241106_city_skyline_mist_002

UK economy ekes out 0.1% growth in the third quarter, below expectations

AI has a tricky relationship with facts. Can that be fixed?

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="750" height="501" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/Mpox-test.jpg" alt="" class="wp-image-554540" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/Mpox-test.jpg 750w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/Mpox-test-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/Mpox-test-135x90.jpg 135w" sizes="auto, (max-width: 750px) 100vw, 750px" /><figcaption class="wp-element-caption">A test tube labelled &#8220;Mpox virus positive&#8221; is held in this illustration taken August 20, 2024. REUTERS/Dado Ruvic/Illustration/File Photo</figcaption></figure>



LONDON, Nov 15 (Reuters) &#8211; Global health advocates have written to the makers of a key mpox diagnostic test to call for its price to be cut from around $20 per test to $5, to help tackle low testing rates in poorer countries badly hit by the virus.



Medical diagnostics firm Cepheid&#8217;s GeneXpert mpox test is one of three approved for emergency use by the World Health Organization, but the price is prohibitive for countries like the hardest-hit Democratic Republic of Congo, activists said.



Mpox was declared a global public health emergency by the WHO this summer, when an outbreak in Congo began to spread to neighbouring countries. The virus typically causes flu-like symptoms and pus-filled lesions and can kill.



This week, WHO said cases in Africa showed a &#8220;general rising trend&#8221; although they may be levelling off in parts of Congo. But a lack of tests is hindering the capacity to confirm cases, particularly in Congo, one of the world&#8217;s poorest countries.



&#8220;We urge you to lower the price of the mpox test cartridges to $5 and prioritize supply for African countries fighting mpox outbreaks,&#8221; read the letter sent by groups including rights NGO Public Citizen and medical charity Medecins Sans Frontieres.



Cepheid&#8217;s test is particularly important because machines that process the results are available across Africa, as they are also used for tuberculosis testing.



Danaher DHR.N, the parent company of Cepheid, reduced its TB test prices to $7.97 last year after pressure from activists.



Asked for comment on the letter, a Cepheid spokesperson wrote: &#8220;We have worked quickly to ramp up production of our mpox test, including in response to an urgent request from the WHO.&#8221;



The company was prioritising orders from areas where the test was most needed and had an access programme providing a &#8220;significant&#8221; discount for orders made through the WHO and similar organizations, the statement said. It did not reveal what that discount was or make any other comment on price.



The $5 price tag proposed by advocates is based on research showing that the tests can be produced for less than that.



Public Citizen&#8217;s access to medicines director Peter Maybarduk said the recent WHO approval was an opportunity to ramp up testing. &#8220;Lower prices would help health agencies meet the moment,&#8221; he said.



(Reporting by Jennifer Rigby; Editing by Ros Russell and Philippa Fletcher)

Mpox test

Health advocates press Cepheid for cheaper mpox tests

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="548" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/XITIO74YJBM5XNTYYV6EQSSGSY-2-820x548.jpg" alt="" class="wp-image-554521" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/XITIO74YJBM5XNTYYV6EQSSGSY-2-820x548.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/XITIO74YJBM5XNTYYV6EQSSGSY-2-300x201.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/XITIO74YJBM5XNTYYV6EQSSGSY-2-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/XITIO74YJBM5XNTYYV6EQSSGSY-2-768x514.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/XITIO74YJBM5XNTYYV6EQSSGSY-2-1536x1027.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/XITIO74YJBM5XNTYYV6EQSSGSY-2-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">South African bank notes featuring an image of former South African President Nelson Mandela are displayed at an office in Johannesburg, file. REUTERS/Siphiwe Sibeko</figcaption></figure>



JOHANNESBURG, Nov 15 (Reuters)&nbsp;&#8211;&nbsp;The rand eased early on Friday, extending a week of losses following Donald Trump&#8217;s U.S. election win, and ahead of S&amp;P Global&#8217;s scheduled review of South Africa&#8217;s sovereign credit rating.



At 0705 GMT, the rand traded at 18.28 against the U.S. dollar&nbsp;ZAR=D3, about 0.2% weaker than its previous close.



The rand has endured five sessions of losses as the dollar rallied after Trump&#8217;s victory, while markets fretted over potential policies by the president-elect, which could include tariffs and tax cuts.



Investors will on Friday look to S&amp;P Global&#8217;s scheduled review of South Africa&#8217;s sovereign credit rating.



Analysts expect Africa&#8217;s most industrialised economy to remain three notches into sub-investment grade at &#8216;BB-&#8216;, with a stable outlook.



On the Johannesburg stock market, the blue-chip Top-40 index&nbsp;.JTOPI&nbsp;was flat.



South Africa&#8217;s benchmark 2030 government bond&nbsp;ZAR2030=&nbsp;was little changed in early deals, with the yield at 9.155%.



(Reporting by Tannur Anders; Editing by Kirsten Donovan)

New South African bank notes featuring an image of former South African President Nelson Mandela are displayed at an office in Johannesburg

South African rand extends losses; S&P rating review due

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South African rand firms on S&P outlook upgrade

Senegal’s president faces budget challenge after likely parliamentary win

Why So Many Young Adults Are Still Living With Their Parents In The U.S.

Why The U.S. Isn’t Growing Enough Food

New tech requires rulebook revamp, says S.Africa’s communications regulator

Minnesota Vikings Owner And President Mark Wilf On Politics In The NFL And MLS’ Apple Deal

Internet cuts after Mozambique’s disputed vote hit businesses

South African rand firms as dollar rally cools; S&P review due

South Africa’s revised carbon tax to be harsher but with more offsets, Treasury says

France’s Orano warns of financial problems at Niger uranium plant

US expected to increase biodefence spending under Trump, says vaccine maker Bavarian Nordic

Nigeria inflation rises for second month, spurred by food

UK economy ekes out 0.1% growth in the third quarter, below expectations

AI has a tricky relationship with facts. Can that be fixed?

Health advocates press Cepheid for cheaper mpox tests

South African rand extends losses; S&P rating review due

What Private Equity Will Mean For The NFL

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