<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3334" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/7PQPUDNLRFNEHOE2URISJZW7ZY.avif" alt="" class="wp-image-584693"/><figcaption class="wp-element-caption">A view of the Mild Hydrocracking Unit (MHC) at the Dangote Petroleum Refinery in Lagos, Nigeria, July 20, 2024. REUTERS/Marvellous Durowaiye/File Photo</figcaption></figure>



CAPE TOWN, March 6 (Reuters) &#8211; Canada&#8217;s Africa Oil Corporation will double its Nigerian output and the size of its reserves there once it completes its deal for full ownership of Prime Oil next Tuesday, a senior company executive said.



Africa Oil will increase to full ownership its shareholding in Dutch entity Prime Oil &amp; Gas Coöperatief, whose main assets include indirect stakes in deep-water producing Nigerian fields operated by TotalEnergies and Chevron.



&#8220;On closing of that deal we will significantly change the scale of our business, we will double production, we double reserves and significantly boost our liquidity position,&#8221; Oliver Quinn, chief commercial officer at Africa Oil told Reuters.



Once the deal is complete, Africa Oil expects to produce around 35,000 barrels per day, he said.



&#8220;They are very significant value barrels because they have very low lifting cost of under $10, so the margin on the barrels is high and typically sell at premium to Brent,&#8221; said Quinn.



With its partners, Africa Oil said an infill drilling campaign was planned this year to maintain output in mid-life fields.



Besides Equatorial Guinea and Nigeria, the company is also present in Namibia&#8217;s prolific Orange Basin via a 40% stake in Impact Oil and Gas with exposure to the Venus discovery.



Operator TotalEnergies expects to take a final investment decision in 2026 and propel Namibia to becoming an oil exporter at the turn of the decade.



&#8220;Our focus is to add to the cash generation machine, which runs through the decade while on the backend Namibia Venus comes onstream and then we have significant growth in that asset,&#8221; Quinn said.



(Reporting by Wendell Roelf; Editing by Christian Schmollinger)

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Africa Oil Corp bullish on Nigeria growth, Namibia long game

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="478" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/WAJGL7OAY5JL5DAZF2BSHHX5HM.avif" alt="" class="wp-image-594117"/><figcaption class="wp-element-caption">The logos of companies Rand Merchant Bank, FNB, and Wesbank are seen outside the FirstRand offices in Cape Town, South Africa, March 11, 2019. Picture taken March 11, 2019. REUTERS/Mike Hutchings/File Photo</figcaption></figure>



JOHANNESBURG, March 6 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s FirstRand Ltd&nbsp;FSRJ.J&nbsp;on Thursday posted a 10% rise in first-half earnings, helped by&nbsp;topline growth and&nbsp;stronger overall credit performance.



Its normalised earnings rose to 20.9 billion rand ($1.14 billion) in the six months ending Dec. 31, from 19.1 billion rand a year earlier, the bank said.



FirstRand, which also operates across certain markets in sub-Saharan Africa and the UK, declared an interim dividend of 219 cents per share, up from 200 cents a year earlier.



The group, whose businesses include FNB, RMB&lt;RMHJ.J&gt;&nbsp;WesBank and Aldermore, said the stronger credit performance was driven by retail credit in South Africa trending ahead of expectations and a much stronger credit outcome in the UK operations.



As a result, the group&#8217;s credit loss ratio &#8211; a measure of bad loans as a percentage of total loans &#8211; at 84 basis points is ahead of FirstRand&#8217;s initial through-the-cycle (TTC) expectations, the lender said.



Net income after cost of capital (NIACC) increased 12% to 6.2 billion rand, while overall group net interest income &#8211; which represents the difference between earnings from loans and what banks pay on deposits &#8211; increased 4%, driven by core lending advances growth of 7% and continued deposit growth of 8%.



($1 = 18.3016 rand)



(Reporting by Nqobile Dludla; Editing by Himani Sarkar and Kim Coghill)

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South African lender FirstRand posts 10% rise in earnings

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3496" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/CR5EVVJ5Y5PO3E7GJQQP4SZ5Y4.avif" alt="" class="wp-image-593310"/><figcaption class="wp-element-caption">A MultiChoice logo is displayed outside the company&#8217;s building in Cape Town, South Africa February 2, 2024. REUTERS/Esa Alexander/File Photo</figcaption></figure>



LAGOS, Nigeria, (Reuters) &#8211; Nigeria&#8217;s competition commission is suing the local unit of MultiChoice Nigeria Limited, Africa&#8217;s biggest pay television company, and its chief executive, John Ugbe, for violating regulatory directives, the watchdog said on Wednesday.



The Federal Competition and Consumer Protection Commission (FCCPC) asked MultiChoice Nigeria last month to maintain its pricing structure for its pay-TV business DSTV and GOtv pending the conclusion of a review of its proposed price hike.



Despite the directive, the company proceeded with its price increase on March 1, 2025, in clear defiance of the commission&#8217;s directive, the FCCPC said.



&#8220;Following this blatant disregard for regulatory oversight, the FCCPC has filed charges against MultiChoice Nigeria and John Ugbe at the Federal High Court, Lagos Judicial Division, on three counts of offences &#8230; for willfully obstructing the commission&#8217;s inquiry by implementing a price hike contrary to directives,&#8221; the competition agency said in a post on X.



MultiChoice Nigeria could not be reached immediately for comment.



MultiChoice Group last year reached a settlement with Nigerian tax authorities for its local subsidiary and agreed to pay a total tax amount of about $37.3 million.



(Reporting by MacDonald Dzirutwe; Writing by Chijioke Ohuocha; Editing by Leslie Adler)

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Nigerian competition agency sues MultiChoice over price hike

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="403" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/LMJDQ7KDKVO35EYSDSPC5IUATQ.avif" alt="" class="wp-image-593883"/><figcaption class="wp-element-caption">Vehicles drive past a BP (British Petroleum) petrol station in Liverpool, Britain, February 7, 2023. REUTERS/Phil Noble/File Photo </figcaption></figure>



DAKAR/NOUAKCHOTT, March 5 (Reuters)&nbsp;&#8211;&nbsp;A gas leak has been detected at a well of the BP-operated&nbsp;BP.L&nbsp;Greater Tortue Ahmeyim gas project offshore Senegal and Mauritania, the British company and Mauritania&#8217;s environment ministry said on Wednesday.



BP said the environmental impact from the leak was expected to be negligible, and that the incident would not disrupt production activities.



The project developed by BP and U.S.-listed Kosmos Energy KOS.N produced its first gas at the start of the year.



&#8220;As part of (a) planned commissioning test, we discovered low-rate subsea gas bubbles at the Greater Tortue Ahmeyim (GTA) A02 well,&#8221; the company told Reuters via email. &#8220;We have a plan to stop the bubbles.&#8221;



Mauritania&#8217;s environment ministry said in a statement it was &#8220;conducting in-depth investigations to effectively manage the situation and prevent any environmental impact&#8221; in close collaboration with the country&#8217;s oil and fisheries ministries and Senegalese authorities.



Ahmed Vall Ould Mohameden, Mauritania&#8217;s oil ministry adviser, said incidents of this kind often occur at the start of production.



&#8220;Last week a plane carrying equipment to plug the leak was sent to the site to repair it,&#8221; Mohameden told Reuters.



GTA, a floating facility straddling the maritime border between Senegal and Mauritania, is expected to produce 2.3 million metric tons of liquefied natural gas per year in its first phase.



(Reporting by Diadie Ba and Anait Miridzhanian in Dakar and Kissima Diagana in Nouakchott; Editing by Bate Felix, Louise Heavens and Jan Harvey)

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BP and Mauritania say leak detected at gas project off West Africa

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="482" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_XITIO74YJBM5XNTYYV6EQSSGSY-1.avif" alt="" class="wp-image-593880"/><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, March 5 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand gained on Wednesday, capitalising on pressure faced by the U.S. dollar as markets digested the impact of U.S. President Donald Trump&#8217;s policies.



At 1505 GMT, the rand traded at 18.37 against the dollar&nbsp;ZAR=D3, about 0.5% stronger than its previous close.



The dollar =USD hit three-month lows on Wednesday as the U.S. trade war with its partners developed. It last traded about 1% weaker against a basket of currencies.



The Trump administration will make an announcement later on Wednesday regarding U.S. tariffs imposed on Canada and Mexico as Trump weighs potential relief for some sectors such as automobiles, the U.S. Commerce Department chief said.



&#8220;As the dollar has come under broad-based pressure, the rand and other emerging market currencies have capitalised,&#8221; said Danny Greeff, co-head of Africa at ETM Analytics.



Greeff said Trump&#8217;s policies look to be accelerating the global business cycle towards a downturn and while any consequent sell-off in global equities would hurt higher-risk assets like the rand, the Federal Reserve&#8217;s expected response would drive U.S. Treasury yields lower and eventually support risk appetite.



&#8220;It&#8217;s a matter of timing these dynamics right, and, for now, it seems the market is struggling with that,&#8221; Greeff added.



Like other risk-sensitive currencies, the rand often takes direction from global drivers like U.S. policies in addition to local factors.



The domestic economic data calendar was light on Wednesday, the only major release being February&#8217;s whole economy purchasing managers&#8217; index ZAPMIM=ECI survey, which showed business activity continued to weaken but that the pace of contraction slowed.



Next week investors will focus on South Africa&#8217;s delayed national budget. South Africa&#8217;s national budget was postponed last month because the two biggest parties in the ruling coalition disagreed over raising value-added tax.



On the Johannesburg Stock Exchange, the blue-chip Top-40 index&nbsp;.JTOPI&nbsp;closed up about 1.2%.



South Africa&#8217;s benchmark 2030 government bond&nbsp;ZAR2030=&nbsp;was little changed, with the yield at 9.03%.



(Reporting by Sfundo Parakozov and Tannur Anders; Editing by Andrew Heavens and Angus MacSwan)

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South African rand gains as markets process Trump’s policies

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="459" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/YK72C2WODVPBPECF4NHZO2VGNE.avif" alt="" class="wp-image-593877"/><figcaption class="wp-element-caption">A general view of a village outside the capital Maseru, Lesotho June 3, 2017. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, March 5 (Reuters)&nbsp;&#8211;&nbsp;Lesotho&#8217;s foreign minister said on Wednesday he was shocked and insulted by U.S. President Donald Trump saying nobody has heard of the African country, and invited him to come visit.



Trump mentioned Lesotho in his address to U.S. Congress on Tuesday evening while listing some of the foreign spending he had cut as &#8220;appalling waste&#8221;.



&#8220;Eight million dollars to promote LGBTQI+ in the African nation of Lesotho, which nobody has ever heard of,&#8221; Trump said, drawing laughs in the Congress.



Lesotho&#8217;s foreign minister, Lejone Mpotjoane, said the remark was &#8220;quite insulting&#8221;.



&#8220;I&#8217;m really shocked that my country can be referred to like that by the head of state,&#8221; he told Reuters.



Lesotho, a mountainous nation of about 2 million people which is encircled by South Africa, has the highest average altitude of any country and is sometimes called The Kingdom in the Sky.



&#8220;Lesotho is such a significant and unique country in the whole world. I would be happy to invite the president, as well as the rest of the world to come to Lesotho,&#8221; said Mpotjoane.



He said some civil society organisations funded by the U.S. Embassy in Lesotho did work to support the LGBT+ community, but the United States also provided important funding for the country&#8217;s health and agriculture sectors.



Trump&#8217;s administration has cut billions of dollars in foreign aid worldwide as it seeks to align spending with Trump&#8217;s &#8220;America First&#8221; policy.



Mpotjoane said Lesotho was feeling the impact as the health sector had been reliant on that aid for some time, but that the government was looking at how to become more self-sufficient.



&#8220;The decision by the president to cut the aid&#8230; it is (his) prerogative to do that,&#8221; said Mpotjoane. &#8220;We have to accept that. But to refer to my country like that, it is quite unfortunate.&#8221;



(Reporting by Nellie Peyton)

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Lesotho insulted after Trump says nobody has heard of the country

What went wrong for Spirit Airlines?

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="477" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/DVQKLY4YJJK5PKHGOPTI6H2OBA.avif" alt="" class="wp-image-593829"/><figcaption class="wp-element-caption">South Sudan&#8217;s Vice President Riek Machar is seen at the opening session of parliament in Juba, South Sudan August 30, 2021. REUTERS/Jok Solomun/File Photo</figcaption></figure>



NAIROBI, March 5 (Reuters)&nbsp;&#8211;&nbsp;South Sudanese forces have arrested the petroleum minister and several senior military officials allied with First Vice President Riek Machar, Machar&#8217;s spokesperson said on Wednesday, jeopardising a peace deal that ended a five-year civil war.



The arrests follow intense fighting in recent weeks in the strategic northern town of Nasir between national forces and the White Army militia, a loosely-organized group mostly comprising armed Nuer, Machar&#8217;s ethnic group.



The White Army fought alongside Machar&#8217;s forces in the 2013-2018 civil war that pitted them against predominantly ethnic Dinka troops loyal to President Salva Kiir.



Petroleum Minister Puot Kang Chol, who hails from Nasir, and the deputy head of the army Gabriel Doup Lam were arrested, while all other senior military officials allied with Machar were placed under house arrest, said Machar&#8217;s spokesperson, Puok Both Baluang.



&#8220;As of now, there&#8217;s not any reason provided to us that led to the arrest or the detention of (these) officials,&#8221; Baluang told Reuters.



South Sudanese troops were also deployed around Machar&#8217;s residence, although he had been able to travel to his office on Wednesday morning, Baluang said.



In the government&#8217;s first comments since the arrests, Information Minister Michael Makuei accused forces loyal to Machar of collaborating with the White Army and attacking a military garrison near Nasir town on Tuesday.



Makuei did not comment on the detentions, but said Kiir had vowed that the country would not go back to war.



&#8220;The government is in the process of addressing this situation and people should not panic or listen to unfounded and unrealistic wild rumours that are being spread by enemies of peace and stability,&#8221; Makuei said in a statement.



BRINK OF WAR



South Sudan&#8217;s civil war, which erupted just two years after the country gained independence from Sudan, killed an estimated 400,000 people, drove 2.5 million from their homes and left almost half the nation&#8217;s 11 million citizens struggling to find enough food.



A peace deal struck in 2018 has mostly avoided outright fighting between Kiir and Machar&#8217;s forces, though localized violence routinely flares up.



Daniel Akech Thiong, senior analyst on South Sudan at the International Crisis Group, said the oil-rich country appeared to be on the brink of war, fuelled by increased access to weapons due to the conflict in neighbouring Sudan.



&#8220;The fragile peace that has maintained a delicate balance among competing armed leaders since 2018 is at risk of collapsing,&#8221; he said.



The war in Sudan has also disrupted South Sudan&#8217;s oil exports, which represented 90% of its foreign exchange earnings.



Last week, the African Union and United Nations peacekeeping mission in South Sudan called for de-escalation in Nasir&#8217;s Upper Nile State and warned about the potential for &#8220;widespread violence&#8221;.



Ter Manyang, head of the Juba-based Center for Peace and Advocacy, linked the arrests to the fighting in Nasir and said he feared for the future.



&#8220;The country is likely to slide to war unless the situation is managed by the top leadership of the country,&#8221; he said.



(Writing by George Obulutsa and Hereward Holland; Editing by Ammu Kannampilly, Aaron Ross, Gerry Doyle, Peter Graff, Aidan Lewis)

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South Sudan detains oil minister and military officials, VP’s office says

<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/INAPBQZQGJPG5GDPQMQDC6PZIU.avif" alt="" class="wp-image-593780"/><figcaption class="wp-element-caption">A woman street vendor carries water for sale in Kanda neighbourhood of Accra, Ghana November 27, 2018. REUTERS/Zohra Bensemra/File Photo</figcaption></figure>



ACCRA, March 5 (Reuters)&nbsp;&#8211;&nbsp;Ghana&#8217;s consumer inflation rate&nbsp;GHCPIY=ECI&nbsp;slowed for the second month in a row in February, to an annual 23.1% from 23.5% in January, the statistics service said on Wednesday.



Government statistician Samuel Kobina Annim told a news conference that the latest decline was due to both food and non-food price rises easing.



&#8220;In the last four months, you&#8217;ve seen consistent decline in food inflation on a month on month basis, declining by 2.0 percentage points between November 2024 and February 2025,&#8221; Annim said.



Nevertheless, the annual inflation rate in February was the third-highest in the last 10 months, he added.



The West African country is emerging from its deepest economic crisis in a generation, with turmoil in the vital cocoa and gold industries.



Its inflation remains well above Bank of Ghana&#8217;s 8% target with a margin of error of 2 percentage points either side.



The central bank said in January that it would take longer for inflation to return to within the 6%-10% range.



(Reporting by Christian Akorlie; Writing by Anait Miridzhanian; Editing by Bate Felix and Hugh Lawson)

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Ghana consumer inflation slows for second month in February

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="507" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/WWQAB3ONGZNODCNS7EEVIUFD4I.avif" alt="" class="wp-image-593762"/><figcaption class="wp-element-caption">A general view of Nelson Mandela Bridge and the central business district of Johannesburg, South Africa, September 27, 2024. REUTERS/Ihsaan Haffejee/File Photo</figcaption></figure>



JOHANNESBURG, March 5 (Reuters)&nbsp;&#8211;&nbsp;Business activity in South Africa continued to weaken in February, but the pace of contraction slowed compared with the start of the year, a survey showed on Wednesday.



The S&amp;P Global South Africa Purchasing Managers’ Index (PMI) rose to 49.0 in February from 47.4 in January, remaining below the 50.0 line that separates growth from contraction for the third consecutive month.



The rate of decline in output, new orders, employment and inventories all slowed down.



&#8220;February data signalled a partial recovery in economic momentum in South Africa,&#8221; said David Owen, senior economist at S&amp;P Global Market Intelligence.



&#8220;This recovery appeared to be largely due to a softer contraction in business activity, as some firms experienced improved demand conditions and the resumption of projects.&#8221;



New orders fell for the third month, with wholesale and retail sectors experiencing the sharpest declines. Export sales also dropped, albeit at the slowest rate in six months, partly due to reduced political unrest in neighbouring Mozambique.



Firms remained cautiously optimistic about future output, though there were concerns that U.S. trade policy could dampen activity.



The PMI survey indicated that while the private sector&#8217;s health weakened, it did so to a much lesser extent than in January, suggesting that firms generally expect conditions to recover soon.



(Reporting by Tannur Anders; Editing by Hugh Lawson)

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South Africa’s business downturn eases in February, PMI shows

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="452" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/NO4TOVVM25M47I2PXXUQDPYPXI.avif" alt="" class="wp-image-593759"/><figcaption class="wp-element-caption">Pedestrians walk past the Platinum plaza that hosts wholesale and retail stores along Tom Mboya Street in downtown Nairobi, Kenya July 17, 2024. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



NAIROBI, March 5 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s private sector held steady in February, expanding at a similar pace to the previous month, a survey showed on Wednesday.



The Stanbic Bank Kenya Purchasing Managers&#8217; Index (PMI) rose to 50.6 in February from 50.5 a month earlier. Readings above 50.0 signal growth in activity.



&#8220;Sector divergences were apparent &#8230; with output and new business growth driven by agriculture, manufacturing and construction. Meanwhile, wholesale &amp; retail and services firms recorded declines,&#8221; Stanbic Bank said in comments accompanying the survey.



However, most companies surveyed took a dim view of business conditions overall.



&#8220;Only 5% of surveyed firms expect output to rise over the next 12 months, with positivity only recorded in three of the five monitored categories: construction, wholesale &amp; retail and services,&#8221; Stanbic Bank said.



The finance ministry forecasts the economy will grow 5.3% in 2025 and 2026, speeding up from an estimated 4.6% expansion last year.



(Reporting by George Obulutsa; Editing by Hugh Lawson)

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Kenya’s private sector growth holds steady in February, outlook dim

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="489" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/CQHIQM5JBJKV7LZU74FVH3XHBU.jpg" alt="" class="wp-image-593756" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/CQHIQM5JBJKV7LZU74FVH3XHBU.jpg 720w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/CQHIQM5JBJKV7LZU74FVH3XHBU-300x204.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/CQHIQM5JBJKV7LZU74FVH3XHBU-133x90.jpg 133w" sizes="auto, (max-width: 720px) 100vw, 720px" /><figcaption class="wp-element-caption">Buyers examine bales at the start of the tobacco selling season, in Harare, Zimbabwe, March 30, 2022. REUTERS/Philimon Bulawayo</figcaption></figure>



HARARE, March 5 (Reuters)&nbsp;&#8211;&nbsp;Zimbabwe expects tobacco sales, its biggest agricultural export, to increase by 21% this year as the country recovers from last year&#8217;s drought, its agriculture minister said on Wednesday.



Africa&#8217;s top tobacco producer expects sales of the crop to rebound to 280 million kilograms this year after plummeting to 230.9 million kilograms in 2024 following an El Nino-induced drought, agriculture minister Anxious Masuka said.



Despite lower production in 2024, tobacco was the second biggest export commodity for Zimbabwe last year, only behind gold, earning a record $1.3 billion.



Zimbabwe&#8217;s tobacco farmers sell their crop at auction floors and to contracting companies, which then export it, mostly to China.



The projected 2025 sales are still below the record high of 296 million kilograms registered in 2023, according to sector regulator Tobacco Industry and Marketing Board.



(Reporting by Nelson Banya and Philimon Bulawayo; Editing by Christina Fincher)

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Zimbabwe expects tobacco sales to rise 21% in 2025

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="4092" height="2493" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/Z7OUSBHECZMJVEHQT7G2AZVSQU-1.avif" alt="" class="wp-image-593738"/><figcaption class="wp-element-caption">South African Rand coins are seen in this illustration picture taken October 28, 2020. REUTERS/Mike Hutchings/Illustration/File Photo</figcaption></figure>



JOHANNESBURG, March 5 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s risk-sensitive rand was little changed early on Wednesday after U.S. President Donald Trump&#8217;s first speech to Congress since taking office on January 20.



At 0708 GMT, the rand traded at 18.4550 against the dollar&nbsp;ZAR=D3, near its previous closing level.



The dollar was also flat as investors tried to assess Trump&#8217;s speech on Tuesday after he reshaped U.S. foreign policy, ignited a trade war and ousted tens of thousands of government workers in six tumultuous weeks since returning to power.



&#8220;The higher the degree of stock market volatility, the less inclined investors will be to head towards emerging markets, especially the rand, which suffers high degrees of volatility and faces the prospect of a budget announcement next week,&#8221; ETM Analytics said in a research note.



The domestic economic data calendar is light on Wednesday, the only major release being February&#8217;s whole economy purchasing managers&#8217; index ZAPMIM=ECI survey, which showed business activity continued to weaken but that the pace of contraction slowed.



South Africa&#8217;s benchmark 2030 government bond&nbsp;ZAR2030=&nbsp;was weaker in early deals, with the yield up 1 basis points to 9.045%.



(Reporting by Sfundo Parakozov; Editing by Andrew Heavens)

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South African rand steady after Trump’s address to Congress

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="448" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/JJTN6U4RXVOGBC6M5G6ATJZLDY.avif" alt="" class="wp-image-593733"/><figcaption class="wp-element-caption">A shopper walks to a Woolworths store in Johannesburg, South Africa, March 2, 2022. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, March 5 (Reuters) &#8211; South African retailer Woolworths Holdings WHLJ.J reported a 24.8% fall in first-half profit on Wednesday and said it will reassess the value of the assets of underperforming brands in its Australian fashion business.



In Australia, high interest rates and elevated living costs continue to weigh on consumer discretionary spending, resulting in more in-store promotions and significantly reduced profitability at a sector level, Woolworths said.



As a result, during the second half of its financial year, Woolworths will reassess the carrying value of the assets of its underperforming brands within the Country Road Group.



&#8220;The macroeconomic environment has been extremely challenging for retailers and brands all round and one has to take a view on how that might change, when will that start to improve and what will that do to your brands and their relative performance,&#8221; CEO Roy Bagattini told Reuters.



The retailer said&nbsp;sales in Country Road declined by 6.2% in the 26 weeks ended December 29, 2024, while adjusted operating profit decreased by 71.7% to 14.2 million Australian dollars ($8.91 million).



Its&nbsp;headline earnings per share fell to 152.8 South African cents.



Group adjusted earnings before interest and tax declined by 13.7% to R2.8 billion ($151.62 million), hit by softer-than-expected topline growth in its clothing businesses, coupled with pressure on gross profit margins and increased operating expenditure.



Group turnover and concession sales rose by 5.7% to 40.3 billion rand, buoyed by the food business, which delivered sales growth of 11.4%.



Fashion, beauty and home sales in South Africa rose by 2.5%,&nbsp;held back in part by temporary delays in product flow arising from late supplier deliveries, as well as processes and system changes in its distribution centre.



Bagattini told Reuters that the retailer is well stocked for the winter season and the stock flow disruptions are behind it.



($1 = 18.4675 rand)



($1 = 1.5941 Australian dollars)



(Reporting by Nqobile Dludla; Editing by Tom Hogue, Subhranshu Sahu and Sharon Singleton)

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S.Africa’s Woolworths profit slumps, to reassess value of Australian brands

How International Brands Like Primark

How International Brands Like Primark, Uniqlo And Mango Won Over America

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/108097320-1738700553733-gettyimages-2195560127-_90a7946_arseoghy-820x461.jpeg" alt="" class="wp-image-593456" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/108097320-1738700553733-gettyimages-2195560127-_90a7946_arseoghy-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/108097320-1738700553733-gettyimages-2195560127-_90a7946_arseoghy-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/108097320-1738700553733-gettyimages-2195560127-_90a7946_arseoghy-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/108097320-1738700553733-gettyimages-2195560127-_90a7946_arseoghy-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/108097320-1738700553733-gettyimages-2195560127-_90a7946_arseoghy-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/108097320-1738700553733-gettyimages-2195560127-_90a7946_arseoghy.jpeg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">David Sacks, U.S. President Donald Trump’s “AI and Crypto Czar”, speaks to President Trump as he signs a series of executive orders in the Oval Office of the White House on Jan. 23, 2025 in Washington, DC. Anna Moneymaker | Getty Images</figcaption></figure>



The Trump-tech alliance is showing its first real sign of distress. And it’s because of crypto.



President Donald Trump counted on crypto execs and investors for a hefty portion of his 2024 campaign funds. He promised to reward them handsomely if elected by slashing regulations and by turning the U.S. into “the crypto capital of the planet and the bitcoin superpower of the world.”



The president got off to a quick start, signing an executive order calling for the establishment of a working group on digital assets and pardoning Silk Road creator Ross Ulbricht. The SEC also dropped its years-long probe into Coinbase.



While those moves were lauded by the most vocal techies who backed Trump’s candidacy, over the weekend the president took it a step too far in their view. In a post on Truth Social on Sunday, Trump announced the creation of a strategic crypto reserve for the U.S. that would include not just bitcoin but several other digital currencies — ether, XRP,  Solana’s SOL token and Cardano’s ADA.



For the most part, Trump’s crypto backers all wanted a strategic bitcoin reserve. Such a move would entail using cash to buy bitcoin, which is widely viewed by crypto enthusiasts as a smart way to deploy capital into a decentralized currency that’s an alternative to hard money. As Coinbase CEO Brian Armstrong wrote on X, bitcoin offers a “clear story as successor to gold.”



By going well beyond bitcoin, the critics say, Trump would be using U.S. taxpayer money to buy much riskier assets that have unproven value and have the potential to bolster the net worth of a select few investors who own the coins. That’s all the more problematic to those who want to axe government spending by trillions of dollars, in support of Elon Musk’s cost-cutting mission at the so-called Department of Government Efficiency.



“Taxation is theft,” wrote Joe Lonsdale, founder of venture firm 8VC and a vocal Trump supporter, in a post on X. “It should be kept to a minimum. It’s wrong to steal my money for grift on the left; it’s also wrong to tax me for crypto bro schemes.”



David Sacks, the venture capitalist who was tapped by Trump to be the “White House AI and crypto czar,” took exception to Lonsdale’s comment, suggesting it’s premature to jump to any conclusions. Sacks and Lonsdale are part of the same conservative circle in the tech world, with Musk and Peter Thiel at the center.



“Nobody announced a tax or a spending program,” Sacks wrote, in response to Lonsdale’s post. “Maybe you should wait to find out what’s actually being proposed.”



The White House didn’t respond to a request for comment.



But Lonsdale was far from alone.



Naval Ravikant, a longtime tech investor and early crypto evangelist, wrote after the announcement that, “The US taxpayer should not be exit liquidity for cryptocurrencies that are decentralized in name only.” And Vinny Lingham, creator of blockchain startup Civic and a big crypto influencer, wrote, “Call me old fashioned but I don’t think the government should be pumping our crypto bags with taxpayer money while we are running a near $2trn deficit.”



<h2 class="wp-block-heading" id="h-agreement-across-the-industry"><a></a>Agreement across the industry</h2>



A major Trump supporter and big name in crypto joined the chorus on Monday. Billionaire bitcoin investor Tyler Winklevoss, who wrote just before the November election that you should vote for Trump “if you care about the future of crypto, free speech, justice, liberty, and democracy,” came out against the president’s crypto reserve plan.



“I have nothing against XRP, SOL, or ADA but I do not think they are suitable for a Strategic Reserve,” Winklevoss wrote. “Only one digital asset in the world right now meets the bar and that digital asset is bitcoin.”



David Marcus, the former head of Facebook’s failed crypto project, suggested that the majority of his peers in the crypto community have the same view.



“Most—if not all—of the non-conflicted industry leaders are agreeing about this,” Marcus wrote, in reposting Winklevoss’ comment.



Marcus, who’s now CEO of payments infrastructure startup Lightspark, declared in July that he was “crossing the Rubicon” and shifting his support to Trump and away from Democrats.



Anthony Pompliano, a loud pro-Trump voice in crypto investing, committed over 1,500 words in his newsletter on Monday to the topic. He says Trump is willing to propose an agenda of buying risky tokens on behalf of the U.S. because the wrong people got to him.



“We watched crypto projects, lobbyists, and special interest groups co-opt the President of the United States,” Pompliano wrote. “They told the President that any crypto-related reserve should hold tokens that were ‘made in America.’ This pitch was the perfect trap for a President who ran on the America First agenda.”



Some of the wrath online was directed specifically at Sacks, who touted and backed various cryptocurrencies as a VC prior to joining the Trump administration, and whose firm, Craft Ventures, is an investor in crypto index fund manager Bitwise.



Sacks wrote in a post on X that he sold all of his crypto, including bitcoin, ether and SOL, before taking on his new role and “will provide an update at the end of the ethics process.”



By late afternoon Monday, crypto prices had staged a dramatic reversal from their weekend rally that followed Trump’s announcement. Bitcoin fell about 9%, while ether slid 15%. XRP and SOL dropped even more.



The slide appeared tied to President Trump’s confirmation of forthcoming tariffs, which hammered risky assets across the board and sent the Nasdaq down almost 3% at the close of trading.



There were some voices in crypto who were less willing to publicly slam Trump’s reserve plan.



Michael Saylor, the chairman of Strategy, which has effectively emerged as a bitcoin proxy due to its roughly $43 billion stash, told CNBC on Monday that he wasn’t surprised about Trump’s decision to include additional cryptocurrencies.



“There’s no way to interpret this other than this is bullish for bitcoin and bullish for the entire U.S. crypto industry,” Saylor said. “I believe the best thing for the country is to move forward with an enlightened progressive policy toward digital assets.”



Jonathan Jachym,&nbsp;global head of policy and government relations&nbsp;at Kraken, told CNBC that the crypto exchange is “encouraged to see that announcement” and that it shows the president is “staying true to commitments.”



Even among the skeptics, Trump doesn’t appear to be losing broader support for his agenda just because of this one announcement. Backers like Lonsdale have been quick to post about other matters, complimenting actions taken by Defense Secretary Pete Hegseth and Trump for pressuring Mexican drug cartels.



But coming just six weeks into Trump’s second administration, the reaction shows how quickly the outrage machine can activate when a proposal touches the nerve of a critical group of supporters. The debate adds interest to Trump’s first White House Crypto Summit on Friday, when investors will eagerly be awaiting more details.



As Sacks wrote on March 2, in his first post about the announcement of the strategic reserve, “More to come at the Summit.”

108097320-1738700553733-gettyimages-2195560127-_90a7946_arseoghy

Pro-Trump techies enraged by president’s crypto reserve announcement, causing early rift

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="553" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/108068402-17326458972024-11-26t182452z_1141394992_rc2vcba0jnfu_rtrmadp_0_mexico-usa-820x553.jpeg" alt="" class="wp-image-593453" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/108068402-17326458972024-11-26t182452z_1141394992_rc2vcba0jnfu_rtrmadp_0_mexico-usa-820x553.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/108068402-17326458972024-11-26t182452z_1141394992_rc2vcba0jnfu_rtrmadp_0_mexico-usa-300x202.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/108068402-17326458972024-11-26t182452z_1141394992_rc2vcba0jnfu_rtrmadp_0_mexico-usa-133x90.jpeg 133w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/108068402-17326458972024-11-26t182452z_1141394992_rc2vcba0jnfu_rtrmadp_0_mexico-usa-768x518.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/108068402-17326458972024-11-26t182452z_1141394992_rc2vcba0jnfu_rtrmadp_0_mexico-usa-1536x1036.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/108068402-17326458972024-11-26t182452z_1141394992_rc2vcba0jnfu_rtrmadp_0_mexico-usa-scaled.jpeg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Mexican President Claudia Sheinbaum speaks after reading a letter to be sent to U.S. President-elect Donald Trump, warning that tariffs would cause inflation and job losses in both countries, at National Palace in Mexico City, Mexico, November 26, 2024.  Presidencia De Mexico | Via Reuters</figcaption></figure>



President Donald Trump went forward with sweeping&nbsp;tariffs&nbsp;at midnight on goods imported from&nbsp;Canada&nbsp;and&nbsp;Mexico, while doubling down on punitive duties on China.



Just now Mexico’s president said retaliatory tariffs are coming Sunday.



Starting Tuesday, 25% tariffs on two U.S. neighbors — Canada and Mexico — went into effect. The president also imposed an additional 10% tariff on Chinese imports, doubling the 10% duty he had slapped on Beijing in early February.



Economists have warned that the president’s aggressive moves could cause negative consequences globally, including triggering inflation that could hurt consumers. The stock market suffered a dramatic sell-off after Trump’s announcement. The S&amp;P 500 dropped 1.8%, its worst day since December, falling into negative territory for the year. Futures were under pressure yet again Tuesday.

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home

Africa Oil Corp bullish on Nigeria growth, Namibia long game

South African lender FirstRand posts 10% rise in earnings

Nigerian competition agency sues MultiChoice over price hike

BP and Mauritania say leak detected at gas project off West Africa

South African rand gains as markets process Trump’s policies

Lesotho insulted after Trump says nobody has heard of the country

What went wrong for Spirit Airlines?

South Sudan detains oil minister and military officials, VP’s office says

Ghana consumer inflation slows for second month in February

South Africa’s business downturn eases in February, PMI shows

Kenya’s private sector growth holds steady in February, outlook dim

Zimbabwe expects tobacco sales to rise 21% in 2025

South African rand steady after Trump’s address to Congress

S.Africa’s Woolworths profit slumps, to reassess value of Australian brands

How International Brands Like Primark, Uniqlo And Mango Won Over America

Pro-Trump techies enraged by president’s crypto reserve announcement, causing early rift

Mexico president says retaliatory tariffs coming Sunday

News Tips

Advertise With Us

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