<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="486" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/NPXHFCMBVFI2FHKA2NZV6MMVN4.avif" alt="" class="wp-image-594603"/><figcaption class="wp-element-caption">Bottles of Heineken beer are displayed in a cooler at a bar in Gurugram, India, November 26, 2024. REUTERS/Priyanshu Singh/File Photo</figcaption></figure>



JOHANNESBURG, March 7 (Reuters)&nbsp;&#8211;&nbsp;Soufflet Malt and Heineken&nbsp;HEIN.AS&nbsp;have entered into a commercial partnership in which the French grain group will invest 100 million euros ($108.51 million) to build a new malting factory in South Africa to supply malt to the Dutch brewer.



The malt factory, which is Souffle&#8217;s second in Africa, will be located next to Heineken&#8217;s Sedibeng Brewery near Johannesburg, and is set to be operational by mid-2027.



The partnership &#8220;means replacing 4,500 containers of barley coming from abroad for local barley from local shops, making sure that we got a shorter supply chain,&#8221; Heineken Managing Director Jordi Borrut said at the signing event.



Right now, Heineken imports all of its barley for its South African operations.



Soufflet Malt, one of the world&#8217;s largest malt makers, will source 100% of the barley locally from South African commercial and small scale farmers and will supply malt to Heineken&#8217;s operations in the country, Jeremy Antier the managing director of Soufflet South Africa said at the same event.



With a production capacity of nearly 100,000 tonnes, the facility will create 55 full-time jobs and support over 200 local South African barley growers, Jeremy said.



Jordi said the partnership also forms part of its merger commitments with wine and cider maker Distell to procure key inputs from local suppliers, producers and farmers.



($1 = 0.9216 euros)



(Reporting by Nqobile Dludla; Editing by Tomasz Janowski)

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Soufflet Malt partners with Heineken on $108 million South African factory

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/GettyImages-1499013244-820x547.jpg" alt="" class="wp-image-594554" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/GettyImages-1499013244-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/GettyImages-1499013244-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/GettyImages-1499013244-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/GettyImages-1499013244-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/GettyImages-1499013244-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/GettyImages-1499013244-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">KYIV, UKRAINE &#8211; JUNE 16: Ukrainian President Volodymyr Zelensky (L) and South African President Cyril Ramaphosa (R) attend a joint press conference on June 16, 2023 in Kyiv, Ukraine. The delegation of African leaders led by South African President Cyril Ramaphosa and Senegalese President Macky Sall arrived in Kyiv on a peace mission. (Photo by Yan Dobronosov/Global Images Ukraine via Getty Images)</figcaption></figure>



JOHANNESBURG, March 7 (Reuters) &#8211; Ukraine&#8217;s President Volodymyr Zelenskiy will hold talks in South Africa with President Cyril Ramaphosa on April 10, Ramaphosa&#8217;s spokesman said on Friday, as the Ukrainian leader tries to shore up international support after the U.S. halted all military aid.



South Africa seeks to project itself as non-aligned on the Ukraine war but has good relations with Russia, with both countries belonging to the BRICS group of emerging economies &#8211; which also includes China, India, Brazil and others &#8211; that is trying to challenge the Western-dominated economic order.



South Africa has refused to condemn Russian President Vladimir Putin&#8217;s decision to invade Ukraine three years ago and has abstained from voting on U.N. resolutions on the war.



&#8220;The visit is a continuation of ongoing engagements held by President Ramaphosa with President Putin and President Zelenskiy on an inclusive &#8230; process that will provide a path to peace between Russia and Ukraine,&#8221; spokesman Vincent Magwenya told Reuters.



The U.S. ambassador to South Africa in 2023 accused the country of shipping arms to Russia in breach of its professed neutrality. An inquiry found no evidence that a Russian ship had collected weapons from a naval base near Cape Town.



Zelenskiy&#8217;s planned visit to South Africa comes at a pivotal moment in the war, following his public feud with Donald Trump in the White House last Friday and the U.S. president&#8217;s decision to halt Washington&#8217;s military aid to Kyiv.



Trump has stepped up efforts to end the war and also to improve U.S. relations with Russia, prompting European leaders on Thursday to back plans to spend more on defence and reaffirm their determination to stand by Ukraine.



(Reporting by Nellie Peyton; Writing by Tannur Anders; Editing by Alexander Winning and Gareth Jones)

Ukrainian President Zelensky Meets With African Leaders In Kyiv

Ukraine’s Zelenskiy to visit South Africa for talks in April

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1920" height="1005" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/PWU3K5SDE5N4XBOT5CAUJSIEMM.avif" alt="" class="wp-image-594536"/><figcaption class="wp-element-caption">Workers walk near a tugboat carrying coal barges at a port in Palembang, South Sumatra province, Indonesia, January 4, 2022, in this photo taken by Antara Foto. Antara Foto/Nova Wahyudi/ via REUTERS/File Photo</figcaption></figure>



(Reuters) &#8211; The United States is withdrawing from the Just Energy Transition Partnership, a collaboration between richer nations to help developing countries transition from coal to cleaner energy, the U.S. Treasury Department said on Thursday.



Reuters reported on the withdrawal on Wednesday, based on several sources in key participating countries.



Treasury Secretary Scott Bessent has withdrawn the U.S. from JETP agreements with South Africa, Indonesia and Vietnam, a department spokesperson said.



The move was consistent with an executive order President Donald Trump signed that said the U.S. had previously joined initiatives that &#8220;do not reflect our country&#8217;s values or our contributions to the pursuit of economic and environmental objectives,&#8221; the spokesperson said.



JETP, which consists of 10 donor nations, was first unveiled at the U.N. climate talks in Glasgow, Scotland in 2021.



South Africa, Indonesia, Vietnam and Senegal were subsequently announced as the first beneficiaries of loans, financial guarantees and grants to move away from coal.



Joanne Yawitch, head of the&nbsp;JETP&nbsp;Management Unit in South Africa, said on Wednesday that the United States had communicated its withdrawal from the plan there.



In Vietnam, two foreign officials with direct knowledge of the matter&nbsp;also said on Wednesday that&nbsp;Washington was withdrawing from JETP in the country.



Another source familiar with the matter said the U.S. had withdrawn from the JETP in Indonesia and South Africa.



&#8220;We have been informed by the U.S. of their withdrawal,&#8221; said another South Africa-based source in the donor group.



&#8220;There remains significant finance available, and the International Partners Group remains fully committed to supporting South Africa to deliver on its just energy transition through the partnership,&#8221; the person said.



Since Trump returned to office in January, Washington has slashed foreign aid and championed development of fossil fuels.



The sources declined to be named as they were not authorised to speak on the matter.



U.S. commitments for Indonesia and Vietnam exceeded $3 billion in total, mostly through commercial loans, while in South Africa the commitment was for $1.063 billion out of $11.6 billion pledged for the country.



(Reporting by Tim Cocks in Johannesburg, Francesco Guarascio in Hanoi, Fransiska Nangoy in Jakarta, additional reporting by Timothy Gardner in Washington; Writing by Sudarshan Varadhan; Editing by Tony Munroe, Sharon Singleton and Marguerita Choy)

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US withdraws from plan to help major global polluters move from coal

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/GettyImages-2194689009-820x547.jpg" alt="" class="wp-image-594517" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/GettyImages-2194689009-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/GettyImages-2194689009-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/GettyImages-2194689009-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/GettyImages-2194689009-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/GettyImages-2194689009-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/GettyImages-2194689009-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Samsung Galaxy S25 smartphones during a media event ahead of Galaxy Unpacked in New York, US, on Thursday, Jan. 16, 2025. Samsung Electronics Co. is banking on an artificial intelligence overhaul and tweaked hardware designs to sell its new line of Galaxy S25 smartphones. Photographer: Yuki Iawmura/Bloomberg via Getty Images</figcaption></figure>



Galaxy AI Integrates AI Agents, Allowing Businesses to Perform Complex Tasks Across Apps, Services &amp; Even Devices



JOHANNESBURG, South Africa – 6 March 2025 – In today&#8217;s fast-paced and demanding work environment, businesses are looking for ways to simplify how they perform complex tasks. These intricate tasks can vary and involve anything from navigating multiple steps or business processes, dependencies, resources, stakeholders and uncertainties.



Samsung Galaxy S25 series has now set the standard for what an AI-enabled phone can do as a true AI companion. Galaxy AI capabilities are now able to integrate AI agents allowing businesses to perform complex tasks across apps, services and even devices.



Together with Google, Samsung is reshaping the future of Android and evolving it into the revolutionary AI-integrated OS1. This integrated collaboration is able to unlock powerful AI experiences that integrate diverse AI agents, such as Bixby, Gauss, Gemini, Chat GPT and Co-pilot. Samsung worked closely with Google to provide this latest, most cutting-edge AI innovations on Galaxy S25 series through One UI 72.



This partnership, which started from a very early development stage, introduces native integration of Gemini on Galaxy devices for the first time and transforms the Galaxy AI experience to be more intuitive through multimodal capabilities. Businesses can now look forward to Gemini &#8211; an innovative feature that performs seamless actions across multiple apps, so every task takes fewer steps.



To top this off – Intuitive, personalised AI is redefining how Samsung interacts with the world with the most natural, context-aware and personalised experiences. The Galaxy S25 series now also comes with up to six-months free access to Gemini Advanced. The direct business benefit of Gemini Advanced feature is that it comes with Samsung’s most capable AI models and priority access to the newest features like Gems, custom AI experts for any topic and Deep Research, which acts as your personal AI research assistant.



It is very clear from these ground-breaking business features that Samsung aims to deliver an optimised AI experience by leveraging a variety of these incredible AI agents effectively. The Galaxy AI platform introduced with Galaxy S25 series has now been optimised for AI from the framework level, allowing various AI agents to effortlessly control multiple apps. These AI agents are able to work seamlessly in the background to perform tasks tailored to the user’s needs, simplifying complex business tasks.



Many of these innovative Gemini features included in Galaxy S25 were developed to ensure an optimised user experience – thanks to the incredible collaboration that was formed with Google from the early stages. Bixby, Samsung’s voice-based AI agent specialised in device control, will now also play a pivotal role in advancing Home AI by enabling more intuitive and effortless control of Galaxy devices, as well as seamless connectivity and management of Samsung products like TVs and home appliances.



But, it does not end there. Samsung knows just how important data privacy and safety is to businesses. That is why it has also built a broader AI ecosystems with AI-integrated OS. The cloud-based AI security features, enhanced in collaboration with Google, uphold the highest standards of data privacy and give you the choice to enable or opt out of Google Gemini.



Users can now choose whether to enable Google Gemini or opt out based on their preferences. This cloud-based AI security feature now ensures that user input data is immediately deleted as soon as the output is created. No personal information is accessed without authorisation.



And then, there’s the remarkably seamless actions across apps/Gemini Live feature that is able to achieve the most cutting-edge AI experiences on Galaxy S25 series. In this case as well, Samsung has worked closely with partners that include both Google and Qualcomm to enhance AI capabilities and boost device performance.&nbsp;Together, these partners have been able to bring Gemini and Gemini Live to Galaxy S25 series, making it simpler for businesses to not only perform complex tasks, but also be context-aware.&nbsp;



The Multimodal Search, on the other hand is a new mobile search experience based on Galaxy S25 series’ capacity to interpret text, voice, images, video and even gestures. Businesses can now stop searching and instead be able to start finding more of what they want. The all-enhanced Circle to Search3 feature now understands the context of everything on your screen to anticipate your needs. It transforms the way we use devices with a new conversational, multimodal user interface, now introduced on Galaxy S25 series.



Galaxy AI is now integrated naturally into every touch point of the interface and with One UI 7, Samsung has created an experience where every interaction feels effortless.&nbsp;Also, complemented by AI Select that is built mainly for contextual search – it now suggests solutions, next actions and useful information based on what’s on your screen – all of this without having to manually activate relevant apps.



And furthermore, the barrier-breaking communication capability that is able to record and analyse calls with on-device transcript and AI summary for calls + on-device transcript and AI summary – allows businesses to communicate freely across countries with increased language support. And with the introduction of Samsung’s innovative Galaxy AI – this comprehensive artificial system is now able to not only enhance but elevate individual and business experiences across their Galaxy devices.



Importantly, Samsung’s Galaxy AI vision remains. The global electronics giant seeks to democratise the benefits of mobile AI innovation so that its business users can enjoy barrier-free communication, maximise their productivity, unleash creativity and better track their health in their daily lives.



Availability



The Galaxy S25 series is available for official retail sale in South Africa. Galaxy S25 Ultra comes in the following colours4 in Titanium Silverblue, Titanium Black, Titanium Whitesilver and Titanium Gray. Galaxy S25 and Galaxy S25+ is available in Navy, Silver Shadow, Icyblue and Mint4. South African customers can purchase the Galaxy S25 series through Samsung’s official online store, Samsung Shop App and participating retailers &amp; network operators.

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/108111301-1741188979477-gettyimages-2203436333-markets595936_cby69c3q-820x547.jpeg" alt="" class="wp-image-594202" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/108111301-1741188979477-gettyimages-2203436333-markets595936_cby69c3q-820x547.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/108111301-1741188979477-gettyimages-2203436333-markets595936_cby69c3q-300x200.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/108111301-1741188979477-gettyimages-2203436333-markets595936_cby69c3q-135x90.jpeg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/108111301-1741188979477-gettyimages-2203436333-markets595936_cby69c3q-768x512.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/108111301-1741188979477-gettyimages-2203436333-markets595936_cby69c3q-1536x1024.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/108111301-1741188979477-gettyimages-2203436333-markets595936_cby69c3q-scaled.jpeg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Traders across the globe are monitoring updates to U.S. President Donald Trump’s trade policy. Spencer Platt | Getty Images</figcaption></figure>



Government borrowing costs rose across the globe on Thursday, with German bonds resuming the sell-off that sparked the biggest daily jump in yields since the country’s reunification 35 years ago.



Bond prices and yields move in opposite directions, meaning that yields tick higher when the value of the asset declines.



Yields on German government bonds — known as bunds — skyrocketed on Wednesday, with the yield on the 10-year debt instruments adding around 30 basis points. The sell-off came after lawmakers from parties widely expected to form Germany’s next coalition government agreed to plans to reform historic debt policy rules to allow an increase in national defense spending.  



German government borrowing costs continued to rise on Thursday across the board. The yield on the 10-year bund, seen as a benchmark for the wider euro zone, was 7 basis points higher at 12:28 p.m. London time, paring earlier highs. The yields on 5- and 20-year bunds were up by 4 basis points and 6 basis points, respectively. Simultaneously, the DAX index — home to Germany’s biggest companies — touched on a record high.



Deutsche Bank Research Strategist Jim Reid said in a note to clients on Thursday morning that Germany’s political gear shift had helped fuel a greater appetite for riskier assets in Europe.



“In terms of reactions, the rise in the 10-year bund yield was the biggest daily jump since German reunification in 1990,” he said, noting that the euro and Germany’s DAX index had jumped in the wake of the news. “There’s no doubt that markets are pricing in a once-in-a-generation policy regime shift, which has brought about a huge risk-on move for European assets.”



“In terms of the drivers behind the sell-off, anticipation of a fiscal boost to demand was front and center as evidenced both by the outperformance of German stocks and the rise in inflation expectations,” analysts at RaboBank said in a note out on Thursday morning, pointing to 10-year euro zone inflation swaps jumping by 14 basis points in the wake of political news out of Germany.



Dampened appetite to lend to governments was seen across Europe on Thursday, with yields edging higher on bonds across the region.



The upward move in European borrowing costs also come ahead of the latest monetary policy update from the European Central Bank. Markets are anticipating a quarter-point rate cut when the central bank announces its decision later on Thursday, which would bring the euro zone’s core interest rate down to 2.5%.



Italian 10-year bond yields jumped 8 basis points by 12:29 p.m. in London, while French 10-year bond yields were up 7 basis points, and Swiss 10-year yields jumped by around 5 basis points during early afternoon trade.



The yield on U.K. 10-year government bonds – known as gilts – was up by around 6 basis points. Earlier this year, U.K. government borrowing costs hit multi-decade highs amid rising economic uncertainty.



Further afield, the bond sell-off extended into Japanese markets, with the yield on Japan’s 10-year government bonds gaining 7 basis points during Thursday trading hours.



Naeem Aslam, chief investment officer at London’s Zaye Capital Markets, told CNBC that traders should monitor bond yields in Japan, some of which came near 16-year highs on Thursday.



“Watch Japan’s rising yields despite capped rates — [they] could signal broader market tension,” he said in emailed comments.



In the U.S., the yield on the benchmark 10-year Treasury was last seen trading 4 basis points higher at around 4.311%.



Marc Ostwald, chief economist and global strategist at ADM Investor Services, told CNBC on Thursday that he saw two main drivers behind the global bonds sell-off.



“One is the fear that&nbsp;<a href="https://www.cnbc.com/2025/03/05/trump-tariffs-live-updates-china-says-its-ready-to-fight-any-type-of-war-us-wants-till-the-end.html">Trump’s tariff wars</a>&nbsp;will be inflationary,” he said in emailed comments.



He added that the ″‘whatever it takes’ 2.0″ approach to European defense of Friedrich Merz, who is likely to become Germany’s next chancellor, was also piling pressure on bond prices.



″[This], which along with EU commitment to ramp up defence spending by [around] 800 billion euros ($864 billion), implying a big increase in government borrowing, [comes] at a time where debt loads outside of Germany are at record levels, Ostwald said.



Ralf Preusser, global head of G10 rates and FX strategy at Bank of America Global Research, told by email on Thursday that markets were struggling with three areas of uncertainty globally: tariffs, geopolitics and U.S. fiscal policy.



“While the details of all of these matter, for now the uncertainty shock dominates, in a way the rates market is finding difficult to price,” he said. “The Fed may struggle to deliver quick cuts given inflation risks, Europe is no longer funding the U.S. fiscal expansion, but its own, [and] tariffs and geopolitics are still more damaging for the rest of the world than the U.S.”



In Europe specifically, Preusser said Germany’s new political footing was challenging Bank of America’s outlook.



“Germany is delivering a paradigm shift in its fiscal stance,” he said. “We believe 10y bund [yields] could reach 2.75% in response. This considerable departure from our base case is not the only challenge to our assumptions for 2025: the correction in U.S. equity markets and the rally in front-end U.S. rates suggest we may need to rethink the risks around our forecasts more broadly.”



Emmanouil Karimalis, rates strategist at UBS Investment Bank, also said that the market had “clearly” responded to Germany’s proposed fiscal reforms, as well as the EU’s ReArm Europe plan.



&nbsp;“These plans suggest a significant increase in issuance patterns due to the urgent need to boost defence spending in Europe,” he said in emailed comments on Thursday. “Consequently, investors demand higher premia to absorb the expected increase in supply. While there are also implications for growth and inflation, we believe that the fiscal news and supply considerations have dominated this week.”

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Global bonds sell off as investors react to Trump’s tariffs and a German ‘paradigm shift’

The future of AI chips with the CEO of Rebellions

<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)

LMJDQ7KDKVO35EYSDSPC5IUATQ

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)

https___cloudfront-us-east-2.images.arcpublishing.com_reuters_XITIO74YJBM5XNTYYV6EQSSGSY (1)

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)

YK72C2WODVPBPECF4NHZO2VGNE

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)

INAPBQZQGJPG5GDPQMQDC6PZIU

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

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Soufflet Malt partners with Heineken on $108 million South African factory

Ukraine’s Zelenskiy to visit South Africa for talks in April

US withdraws from plan to help major global polluters move from coal

Elevate Your Business With Galaxy S25

How Facebook Marketplace Amassed More Shoppers Than Amazon

Global bonds sell off as investors react to Trump’s tariffs and a German ‘paradigm shift’

The future of AI chips with the CEO of Rebellions

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

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