Turkey halts all trade with Israel until a permanent ceasefire is reached in Gaza

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="450" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/Standard-Bank-JSE-Transcribe-Image-820x450.png" alt="" class="wp-image-483594" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/Standard-Bank-JSE-Transcribe-Image-820x450.png 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/Standard-Bank-JSE-Transcribe-Image-300x165.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/Standard-Bank-JSE-Transcribe-Image-160x88.png 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/Standard-Bank-JSE-Transcribe-Image-768x421.png 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/Standard-Bank-JSE-Transcribe-Image.png 995w" sizes="(max-width: 820px) 100vw, 820px" /></figure>



Standard Bank Group, Africa’s largest bank by assets, forecasts increased South African corporate activity and stock market listings in the second-half of the year after elections later this month.



“Certainly the conversations we&#8217;re having with corporates does suggest that we&#8217;re going to start to see a recovery,” Richard Stout, Head of Equity Capital Markets SA and Sub-Saharan Africa at Standard Bank Group, told CNBC Africa’s Power Lunch Southern Africa show. “How quickly that comes through I think depends on I guess the election outcome and how quickly confidence returns but certainly anecdotally yes we&#8217;re certainly forecasting a busier back end to this year and certainly a busier 2025.”



Power utility Eskom has provided 40 days of uninterrupted power supply since last month, lifting business activity across the country, according to both the ABSA Purchasing Managers Index and the S&amp;P Global South Africa Purchasing Managers’ Index which rose to 50.3 in April from 48.4 in March, its highest reading since February.



South Africans vote for new national and provincial governments on May 29 with the ruling African National Congress (ANC) expected to suffer a reduced majority. Most analysts forecast the ANC to dominate any coalition government should it fail to win more than 50%, ensuring a continuation of its mixed economic policies and collaboration with the private sector.



The collaboration helped the country narrowly avoid a recession in the fourth quarter of 2023 and the economy is seen growing by more than one percent this year, after expanding by 0.6 percent last year.



The JSE, Africa’s largest and oldest stock market, has been beset by delistings as the economy struggled with about 278 companies on its main board versus more than 600 companies in 1998. In response, the JSE last month launched its biggest drive to lure more companies to the exchange.



Stout says those efforts were positive but will take time to bear fruit.



“I certainly think what the JSE are trying to implement here is a positive, and I certainly think it&#8217;s going to help corporates raise capital more efficiently on the JSE,” he said. “And hopefully that will encourage more companies to consider a listing. (But) I think as much as this helps deal with the supply side of the equation, I think we do still need to make sure that we&#8217;re giving the demand side enough incentive to support the types of companies that are going to benefit from these rules.”

Standard-Bank-JSE-Transcribe-Image

Standard Bank Sees Increased South African Listings, Corporate activity after elections

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="515" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/WYWKVX5CSBLQZHHAYIW3OJEPMM-820x515.jpg" alt="" class="wp-image-483576" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/WYWKVX5CSBLQZHHAYIW3OJEPMM-820x515.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/WYWKVX5CSBLQZHHAYIW3OJEPMM-300x188.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/WYWKVX5CSBLQZHHAYIW3OJEPMM-143x90.jpg 143w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/WYWKVX5CSBLQZHHAYIW3OJEPMM-768x482.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/WYWKVX5CSBLQZHHAYIW3OJEPMM-1536x965.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/WYWKVX5CSBLQZHHAYIW3OJEPMM-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A protestor holds a placard as she joins a demonstration against oil major Royal Dutch Shell&#8217;s plans to start seismic surveys to explore petroleum systems off the country&#8217;s popular Wild Coast, at Muizenberg beach in Cape Town, South Africa, December 5. 2021. REUTERS/Mike Hutchings/File Photo</figcaption></figure>



CAPE TOWN, May 6 (Reuters)&nbsp;&#8211;&nbsp;Oil major Shell&nbsp;SHEL.L&nbsp;will divest its majority shareholding from a local South African downstream unit after a comprehensive review of its businesses across all regions, it said on Monday.



&#8220;As a result of this review, Shell has decided to reshape the downstream portfolio and intends to divest our shareholding in SDSA&#8230; this decision was not taken lightly,&#8221; a Shell statement said. It did not specify when the decision took effect.



Shell Downstream SA (SDSA) was formed after Shell South Africa and black empowerment company, Thebe Investment Corporation, agreed a decade ago to merge Shell South Africa Marketing and Shell South Refining businesses. Thebe held a 28% equity stake.



Shell, which has been present in South Africa for more than century, is still exploring the country&#8217;s offshore, incurring opposition from environmental campaigners who have launched court action.



During the divestment process, Shell said on Monday it would work to preserve SDSA&#8217;s operating capabilities and maintain its brand presence.



A Thebe spokesperson was not immediately available for comment.



One of SDSA&#8217;s main assets and South Africa&#8217;s largest refinery, Sapref, in the east coast port city of Durban has not been operating since 2022 when Shell and its refinery joint venture partner, BP&nbsp;BP.L, decided on a spending freeze and halt to the refinery&#8217;s operations.



Flooding along the coast that killed nearly 400 people that same year severely damaged the plant, which at that stage provided around 35% of South Africa&#8217;s refining capacity.



South Africa&#8217;s Central Energy Fund said two years ago it was interested in Sapref, which has a nameplate capacity of 180,000 barrels per day, as it seeks to overcome energy security concerns.



On Monday, an energy official, speaking on condition of anonymity, said CEF had signed a non disclosure agreement with the parties involved and therefore could not comment.



South Africa is a net importer of refined petroleum products, a challenge exacerbated since the closure of Sapref and the country&#8217;s second largest refinery Enref, also in Durban.



(Reporting by Wendell Roelf; editing by Barbara Lewis)

FILE PHOTO: Protestors demonstrate against Royal Dutch Shell’s plans to start seismic surveys in Cape Town

Shell to exit South Africa’s downstream businesses

Why a $100K income no longer buys the American Dream in most places

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/G4VUBYBJBFLRBEUKL2ZYINM3HE-820x547.jpg" alt="" class="wp-image-483558" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/G4VUBYBJBFLRBEUKL2ZYINM3HE-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/G4VUBYBJBFLRBEUKL2ZYINM3HE-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/G4VUBYBJBFLRBEUKL2ZYINM3HE-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/G4VUBYBJBFLRBEUKL2ZYINM3HE-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/G4VUBYBJBFLRBEUKL2ZYINM3HE-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/G4VUBYBJBFLRBEUKL2ZYINM3HE-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Mozambique President Filipe Jacinto Nyusi speaks to reporters ahead of a meeting with U.S. Secretary of State Antony Blinken during the US-Africa Leaders Summit at the Walter E. Washington Convention Center in Washington, DC, U.S., December 14, 2022. Mandel Ngan/Pool via REUTERS/File Photo</figcaption></figure>



MAPUTO, May 6 (Reuters)&nbsp;&#8211;&nbsp;Mozambique&#8217;s ruling FRELIMO party has announced Daniel Chapo will be its presidential candidate in an election scheduled for October.



FRELIMO has governed the southern African country since gaining independence in 1975 and hopes Chapo will lead the party to another victory in the Oct. 9 election.



&#8220;The soap opera of speculation is over, including speculation about the third term,&#8221; President Filipe Nyusi said on state television on Sunday, dismissing the prospect of contesting elections again.



&#8220;We must all unite around comrade Daniel Francisco Chapo, in the demanding march towards electoral victory next October,&#8221; Nyusi said.



Mozambique&#8217;s constitution limits the president to two five-year terms. However, there had been media speculation that Nyusi would seek a third term after his&nbsp;re-election&nbsp;as party leader in 2022.



A relatively unknown figure in national politics, Chapo is the governor of the southern Mozambican province of Inhambane. He won 225 votes (around 94%) cast by the party&#8217;s central committee, according to a party statement.



&#8220;We are going to work with all social strata,&#8221; Chapo said on television after his win.



A former radio announcer, Chapo was born in 1977, making him the first FRELIMO candidate born after the country&#8217;s independence.



He holds a law degree and a Master&#8217;s degree in development management and has filled a string of political roles including as an administrator of the districts of Nacala and Palma.



(Reporting by Manuel Mucari Writing by Tannur Anders Editing by Bhargav Acharya and Sharon Singleton)

FILE PHOTO: U.S.-Africa Business Forum at the Walter E. Washington Convention Center in Washington D.C

Mozambique’s ruling party announces Chapo as presidential candidate

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/D7DNEISJRBLYDIMNLYUEMI4OMY-820x547.jpg" alt="" class="wp-image-483539" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/D7DNEISJRBLYDIMNLYUEMI4OMY-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/D7DNEISJRBLYDIMNLYUEMI4OMY-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/D7DNEISJRBLYDIMNLYUEMI4OMY-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/D7DNEISJRBLYDIMNLYUEMI4OMY-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/D7DNEISJRBLYDIMNLYUEMI4OMY-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/D7DNEISJRBLYDIMNLYUEMI4OMY-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: High-tension electrical power lines are seen at the Azura-Edo Independent Power Plant (IPP) on the outskirt of Benin City in Edo state, Nigeria June 13, 2018. . REUTERS/Akintunde Akinleye/File Photo</figcaption></figure>



LAGOS, May 6 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s electricity regulator has ordered the grid operator to cut back supplies to customers overseas to boost domestic supply.



In a directive issued last Friday, the Nigerian Electricity Regulatory Commission (NERC) said the grid operator&#8217;s current approach in managing supply has caused significant hardship for Nigerians because supply under bilateral contracts, including export to international customers, takes priority over supply to domestic customers.



The regulator said it was placing a cap of 6% on the total available grid generation to international off-takers for the next six months, effective from May 1.



Nigerian power firms have contracts with neighbouring African countries to deliver energy, which gives them foreign currency to support revenue from sub-economic tariffs. However, these companies have not always paid their bills on time.



Power cuts are common in Nigeria due to a shortage of electricity but they have become worse recently. Power companies recently raised tariffs for some domestic customers who are supposed to get more power daily, or 20 hours a day, but the power companies are unable to meet the supply.



As well as having contracts with countries such as Niger, Togo and Benin, Nigerian power firms have bilateral contracts with big users at home including industries and government departments that get priority supply over regular customers.



Analysts said the cap on overseas sales could create uncertainty in the sector. &#8220;Operationally, it will require power generation companies to adjust production and distribution, and potentially modify contracts on short notice,&#8221; said Mikolaj Judson, an analyst at global risk consultancy Control Risks.



He also said it will likely increase financial challenges by reducing revenue from overseas customers and will require power distribution firms, many of which already owe sizeable debts to power generation companies, to step up paying back their debts.



Electricity supply from the national grid had hovered below 3,000 megawatts for several weeks but has risen above 4,700 megawatts since Saturday after the directive, grid service data showed. Usually, local customers get less than 4000MW on normal days.



The regulator said current international and bilateral contracts have lax terms and off-takers frequently exceeded their contracted levels during peak operations at the expense of other grid users. Penalties for violating grid regulations are also not enforced, it said.



Last month, NERC raised tariffs by 230% for 15% of customers who are supposed to get more supply but the power companies have been unable to meet the contracted 20 hours.



The regulator&#8217;s decision to cut back supply to international customers may have also been prompted by those customers&#8217; inability to settle debts on time.



In a report issued in the last quarter of 2023, NERC said international customers owed Nigerian power companies a combined $12.02 million in unpaid debt for services rendered.



(Reporting by Isaac Anyaogu; Editing by Susan Fenton)

FILE PHOTO: High-tension electrical power lines are seen at the Azura-Edo IPP on the outskirt of Benin City

Nigeria cuts back electricity sales to overseas customers to boost domestic supply

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="675" height="380" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/1675956289-63dd4efae33c4000193ae0c2copy-1.png" alt="" class="wp-image-483480" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/1675956289-63dd4efae33c4000193ae0c2copy-1.png 675w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/1675956289-63dd4efae33c4000193ae0c2copy-1-300x169.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/1675956289-63dd4efae33c4000193ae0c2copy-1-160x90.png 160w" sizes="(max-width: 675px) 100vw, 675px" /><figcaption class="wp-element-caption">Picture Alliance | Picture Alliance | Getty Images</figcaption></figure>



Gen Z are digital natives and have quickly adopted AI, using it for everything from assignment research to planning holidays.



But, it seems, they’ve been making mistakes along the way.



Shoshana Davis, a Gen Z career expert and founder of the career consultancy Fairy Job Mother, told CNBC Make It in an interview that the generation (generally defined as those born between 1996 and 2012) have become too reliant on AI tools like ChatGPT to generate cover letters and job application answers.



“So I speak to businesses and employers who hire anything from like 10 to 1000s of Gen Z every year,” Davis said. “And one of the main challenges that I’m seeing at the moment is the use of AI, specifically ChatGPT, and it’s not being used in the right way, and it’s not being used effectively.”



Davis explained that “employers are getting hundreds of the exact same cover letters word for word,” or answers to job application questions that are the same, and suspect that ChatGPT use is in play.



In fact, 45% of job seekers have used AI to build, update, or improve their resume, a Canva survey published in January of 5,000 hiring managers and 5,000 job seekers from the U.K., U.S., India, Germany, Spain, France, Mexico and Brazil found.



And it appears that Gen Z is leaning the most on AI, according to a February Grammarly survey of 1,002 knowledge workers and 253 business leaders. It reported that 61% of Gen Z said they can’t imagine doing work tasks without using generative AI ­— the most out of any of the generations.



Davis said that we should definitely “embrace technology and AI” but said copying answers from ChatGPT can hurt your chances of getting a job.



A Resume Genius survey of 625 hiring managers found that over half disliked AI-generated resumes and would consider it a red flag that would make them less likely to hire a candidate.



<h2 class="wp-block-heading" id="h-100-identical-responses">’100 identical responses’</h2>



One of the reasons why copying ChatGPT’s responses is an ineffective way of using AI is that the chatbot does not always provide reliable information.



One initial issue with ChatGPT was that its knowledge base was limited to data released before September 2021 but this was resolved in September 2023, its owner OpenAI announced on X.



“ChatGPT is not connected to the internet, and it can occasionally produce incorrect answers,” it says on the company website. “It has limited knowledge of world and events after 2021 and may also occasionally produce harmful instructions or biased content.”



Davis shared a recent story from an employer she works with who was hiring for a brand marketing position, and asked a question in the job application about candidates’ favorite fitness-related product launches in the past year.



“They said they got about 100 identical responses of ‘my favorite campaign launch was Peloton’ and the employer was like ‘ultimately that was ChatGPT, but then also equally Peloton was released like four or five years ago’,” Davis said. The employer was referring to an ad campaign from Peloton in 2020.



Davis said that young people “need to educate themselves” on how to use ChatGPT properly and not just to copy answers.



<h2 class="wp-block-heading">‘It should be used as a tool, not a replacement’</h2>



There are several uses for AI in the job application process from helping you prep for interviews or researching a company.  



“In my opinion, you can use ChatGPT in the job search process but it should be used as a tool, not a replacement,” Davis warned.



Michelle Reisdorf, district director at recruitment firm Robert Half, shared a similar view with CNBC Make It previously and said that AI is great for “proofreading and enhancing what you’ve already written but it’s not a one-stop shop to generate the perfect resume.”



Reisdorf added: “Recruiters will be able to tell if you’re not including specific details from your past jobs or writing in a personal, human voice.”&nbsp;



Davis said she uses ChatGPT to help her structure documents, brainstorm ideas, and produce drafts but “I never just type in a question and then copy and paste my responses.”

1675956289-63dd4efae33c4000193ae0c2copy-1

‘Exact same cover letters word for word’: Career consultant says Gen Z are misusing AI

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/SA24_28April_AJAS-01369-1-820x547.jpg" alt="" class="wp-image-483477" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/SA24_28April_AJAS-01369-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/SA24_28April_AJAS-01369-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/SA24_28April_AJAS-01369-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/SA24_28April_AJAS-01369-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/SA24_28April_AJAS-01369-1-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/SA24_28April_AJAS-01369-1-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Anwar Ibrahim, Prime Minister of Malaysia; Bola Ahmed Tinubu, President of Nigeria; Børge Brende, President, World Economic Forum; Faisal Alibrahim, Minister of Economy and Planning of Saudi Arabia; Kristalina Georgieva, Managing Director, International Monetary Fund (IMF), Washington, DC; Maroun Kairouz, Head of Middle East and North Africa, World Economic Forum; Paul Kagame, President of Rwanda; Peter Orszag, Chief Executive Officer, Lazard, USA; Speaking in the Opening Plenary: A New Vision for Global Development session at the Special Meeting on Global Collaboration, Growth and Energy for Development 2024. Riyadh, Saudi Arabia. 28 April 2024. King Abdul Aziz International Conference Center, Plenary.Copyright: World Economic Forum/Deepu Das</figcaption></figure>



MENA faces multiple challenges, from conflict to economic woes, humanitarian problems, and mounting climate-related issues, all of which are exacerbated by a lack of cohesiveness. As the World Economic Forum’s forthcoming <a href="https://www.weforum.org/events/special-meeting-on-global-collaboration-growth-and-energy-for-development-2024/">Special Meeting on Global Collaboration, Growth and Energy for Development</a> in Riyadh highlights, not only must MENA navigate this context, but also prepare for an emerging economic era, which could be called the “age of intelligent economies”. The idea behind intelligent economies is to have multiple intelligence systems – like artificial intelligence (AI), 5G and the internet of things (IoT) – working together, a situation that is more likely to result in far greater gains and innovations. Currently, however, these technologies are developing in isolation.



AI, particularly generative AI, is receiving a lot of attention, after leaping to the forefront of the wider consciousness during 2023 through apps like ChatGPT. These models are expected to develop to the point where they significantly boost productivity and growth, empower individuals, and address major social challenges. Although MENA’s take up of the tools of the intelligent economy is, like much of the rest of the world, lacking uniformity and a coherent strategy, this hasn’t dampened prospects for parts of the region – <a href="https://frontierview.com/insights/mena-region-aims-to-enhance-advanced-technology/">growth figures for AI</a> have the potential to reach <a href="https://www.pwc.com/m1/en/publications/potential-impact-artificial-intelligence-middle-east.html">$320 billion by 2030</a> – and notably, Saudi Arabia, in March, pledged a <a href="https://www.nytimes.com/2024/03/19/business/saudi-arabia-investment-artificial-intelligence.html">$40 billion</a> AI investment fund.



The region is already using AI to address specific problems, including MENA’s rapidly dwindling supply of potable water. <a href="https://www.thenationalnews.com/opinion/comment/2024/01/05/in-the-mena-region-water-scarcity-is-ais-biggest-challenge-and-opportunity/">Growing water scarcity</a> is a well-documented problem and it is estimated that by 2050, MENA will need an extra 25 billion cubic metres of water annually. This equates to 65 desalination plants the size of the world’s largest, Saudi Arabia’s Ras Al Khair plant. Currently, AI is being used to make the desalination process more cost effective and energy efficient. In time, it is envisaged that AI will better optimize the process, reduce its environmental impact and help detect potential infrastructure vulnerabilities.



As real-world applications multiply for intelligent economy technologies, it is feared that their access and take-up, along with development and growth, will be uneven. For MENA, looking at the issue and pace of digital transformation, attention is mainly focused on the Gulf. There has, for example, been significant <a href="https://economymiddleeast.com/news/generative-ai-in-mena-to-hit-23-5-billion-by-2030/">investment into data centres</a> in these countries since 2022, creating large-scale projects worth hundreds of millions of dollars.



Gulf states are also publishing plans for how to modernize public services through technology. They are also producing measures to promote the growth of the ICT sector, supporting 5G adoption, enhancing the accessibility of digital services to their citizens, and enacting accompanying legislation, particularly in data and cybersecurity. This activity isn’t mirrored in the poorer states.



To take full advantage of the benefits of intelligent economies, the region must pursue four key shifts. The first of these is to play to its strengths. MENA has a massive advantage in having cheap electricity and abundant, unused land, both of which are key inputs for data centres. It should more swiftly green its energy supply, which would in turn, compound its natural advantages, resulting in a more sustainable, lower-cost energy market.



In terms of policy changes and underscoring its strong relations with countries and blocs as diverse as China, Europe and the US, MENA would be well positioned to offer to both “greenshore” and “friendshore” critical industries, such as certain types of semiconductors. To support this transition, it should replace fossil fuel subsidies. The region has made progress in this area, according to the Forum’s <a href="https://initiatives.weforum.org/energy-and-industry-transition-intelligence/energy-transition-index">Energy Transition Index 2023</a>, but continues to spend $500 billion to $600 billion a year, money that could be better spent on social security or intelligent economy investment.



Secondly, MENA needs to pursue more initiatives that will support the push to make AI work in an inclusive and non-biased way. Currently, just 0.7% of the <a href="https://www.arabnews.com/node/2388336/middle-east">top content</a> for large language learning (LLMs) models is in Arabic. In May last year, Abu Dhabi made its AI model, <a href="https://www.reuters.com/technology/abu-dhabi-makes-its-falcon-40b-ai-model-open-source-2023-05-25/">Falcon 40B</a>, open source, &nbsp;in July 2023, <a href="https://www.arabnews.com/node/2388336/middle-east">Jais</a>, the first LLM to support Arabic, was released, and in March this year, Saudi developers released <a href="https://www.middleeastainews.com/p/first-llm-trained-saudi-data-sets">Mulhem</a>, an LLM trained exclusively using Saudi data sets. MENA is ideally placed – in terms of technological know-how and influence – to pursue this further.



This type of activity is ripe for public-private partnerships, as are the changes to facilitate intelligent economies more widely. This is an important third point and will require a significant shift in thinking. The changes that are under way are too large to be handled solely by the public sphere. The private sector needs to be a partner in this transformation, and in doing so, create a strong competitive advantage on the new-look global stage. In this regard, the recent announcement that Microsoft is investing <a href="https://www.google.com/search?client=safari&amp;rls=en&amp;q=G42%2FMicrosoft&amp;ie=UTF-8&amp;oe=UTF-8">$1.5 billion</a> in Abu Dhabi’s AI group, G42, marks a step in the right direction.



A fourth important area is integration. MENA is one of the world’s least integrated regions with just <a href="https://www.economist.com/middle-east-and-africa/2022/09/22/trade-and-security-ties-are-knitting-israel-into-its-region">18%</a> of intra-regional trade. Scale matters and the larger the market, the more attractive the region will become to investors. MENA operating as a region, rather than piecemeal, makes it more likely it can develop technologies that suit its needs. Its oil-rich states have the capital and talent to develop this type of policy, but it needs to extend this regionwide.



Integration would spread gains more equally throughout the region to support nascent strides that are made in countries like Morocco and Tunisia. The former recently inaugurated the <a href="https://aim.um6p.ma/en/home/">Moroccan International Centre for Artificial Intelligence</a>, aiming to transform the nation into a regional AI hub, while the Tunisian AI and tech sectors have made remarkable leaps; notably, German-based company BioNTech has acquired <a href="https://www.instadeep.com/2024/02/time-honours-instadeep-ceo/">InstaDeep for $550m</a>.



It is clear that intelligent economies potentially offer MENA a means to address some of its most pressing challenges. This potential can be realized if technologies are developed holistically and the region works together. Failing to do so, threatens to exacerbate existing problems and scuttle wider progress. That’s why meetings like the one in Riyadh are ever-more important, providing an opportunity to harness dialogue and cooperation for the most pressing and contentious frontier technology challenges and opportunities.



The World Economic Forum is convening the <a href="https://www.weforum.org/events/special-meeting-on-global-collaboration-growth-and-energy-for-development-2024/">Special Meeting on Global Collaboration, Growth and Energy for Development</a> from 28-29 April 2024, in Riyadh.

SA24_28April_AJAS-01369-1

Four steps MENA must take to develop intelligent economies

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="534" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/ULFSMF35VNITNPEOTI7CQNT7FU-820x534.jpg" alt="" class="wp-image-483474" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/ULFSMF35VNITNPEOTI7CQNT7FU-820x534.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/ULFSMF35VNITNPEOTI7CQNT7FU-300x195.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/ULFSMF35VNITNPEOTI7CQNT7FU-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/ULFSMF35VNITNPEOTI7CQNT7FU-768x500.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/ULFSMF35VNITNPEOTI7CQNT7FU-1536x1000.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/ULFSMF35VNITNPEOTI7CQNT7FU-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">File photo: A man looks at an item before buying at a spaza shop in Thembisa, on the East Rand, in South Africa, August 2, 2023. REUTERS/Siphiwe Sibeko/File photo</figcaption></figure>



JOHANNESBURG, May 6 (Reuters)&nbsp;&#8211;&nbsp;South African private sector activity rose marginally in April as an improvement in business confidence encouraged companies to expand purchasing activity and staffing levels, a survey showed on Monday.



The S&amp;P Global South Africa Purchasing Managers&#8217; Index (PMI) rose to 50.3 in April from 48.4 in March, its highest reading since February. A reading above 50 shows growth.



Business sentiment was boosted by a drop in rolling power cuts in April and a softer reduction in new orders.



&#8220;Some of the headwinds that have held the private sector back recently showed signs of easing in April, with reduced load shedding (power cuts) and a lesser degree of supply-chain delays signalled,&#8221; said Andrew Harker, economics director at S&amp;P Global Market Intelligence.



Some companies predict an improvement in demand after the general elections on May 29, Harker added.



South Africa went through April without a single day of power cuts by state power utility Eskom.



Eskom said last month it would probably be able to limit rolling power cuts over the winter months as the outlook for its fleet of power stations had improved.



(Reporting by Bhargav Acharya; editing by Christina Fincher)

A man looks at an item before buying at a spaza shop

South Africa business activity rises in April, PMI shows

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="577" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/ZU2NFCVHVJILPJH3QX7W7A5FMQ-820x577.jpg" alt="" class="wp-image-483457" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/ZU2NFCVHVJILPJH3QX7W7A5FMQ-820x577.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/ZU2NFCVHVJILPJH3QX7W7A5FMQ-300x211.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/ZU2NFCVHVJILPJH3QX7W7A5FMQ-128x90.jpg 128w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/ZU2NFCVHVJILPJH3QX7W7A5FMQ-768x540.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/ZU2NFCVHVJILPJH3QX7W7A5FMQ-1536x1081.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/ZU2NFCVHVJILPJH3QX7W7A5FMQ-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Election posters of different political parties are seen, as South Africa prepares for national and provincial elections to be held on May 29, in Pretoria, South Africa, April 5, 2024. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, May 6 (Reuters) &#8211; South Africans vote in national and provincial elections on May 29 that could test the African National Congress&#8217; 30-year rule.



After the vote, held every five years, the new National Assembly will choose the country&#8217;s next president from among its members.



Below are facts about the election and the voting process.



<h2 class="wp-block-heading" id="h-electoral-system">ELECTORAL SYSTEM</h2>



Voting is under a proportional system where parties and candidates are competing for 400 seats in the National Assembly.



Parties on the national ballot will contest 200 of those seats while the other 200 are divided between the nine regions and contested by parties and independent candidates.



In provincial legislatures, the number of seats is determined on the basis of the size of the population in each of the nine provinces.



<h2 class="wp-block-heading" id="h-three-ballots">THREE BALLOTS</h2>



For the first time, voters will receive three ballots instead of two on voting day. On each ballot, they will have to choose one party or one candidate.



Two ballots will be used to elect the National Assembly and the third one will be for election of members of the provincial legislature in each province.



<h2 class="wp-block-heading" id="h-candidates">CANDIDATES</h2>



For the first time, independent candidates are allowed to compete for seats in the National Assembly and in provincial legislatures.



In total, the election commission cleared 14,889 candidates who will contest 887 seats in the forthcoming elections.



They were nominated by 70 political parties, except for 11 candidates who are independent.



A total of 31 political parties will contest the national elections for the first time.



<h2 class="wp-block-heading" id="h-voters">VOTERS</h2>



The Independent Electoral Commission (IEC) says 27.79 million people are registered to vote, up from 26.74 million in 2019.



VOTING



Around 23,292 voting stations will be open on May 29 from 0500 GMT to 1900 GMT.



(Reporting by Anait Miridzhanian; Editing by Olivia Kumwenda-Mtambo and Emelia Sithole-Matarise)

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/Kenyas-weather-outlook-dire-as-cyclone-nears-president-says-820x462.jpg" alt="" class="wp-image-482644" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/Kenyas-weather-outlook-dire-as-cyclone-nears-president-says-820x462.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/Kenyas-weather-outlook-dire-as-cyclone-nears-president-says-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/Kenyas-weather-outlook-dire-as-cyclone-nears-president-says-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/Kenyas-weather-outlook-dire-as-cyclone-nears-president-says-768x433.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/Kenyas-weather-outlook-dire-as-cyclone-nears-president-says-1536x866.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/Kenyas-weather-outlook-dire-as-cyclone-nears-president-says-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A view from a helicopter shows a safari lodge near the swollen river within the flooded area following heavy rainfall in the Talek region, of the Maasai Mara National Reserve in southwestern Kenya, May 1, 2024. Mara Elephant Project/Handout via REUTERS/File Photo</figcaption></figure>



NAIROBI, May 3 (Reuters)&nbsp;&#8211;&nbsp;Torrential rains that caused widespread flooding and landslides across Kenya in recent weeks, killing at least 210 people, are forecast to worsen over the rest of this month, President William Ruto said on Friday.



The floods have wreaked havoc, destroying homes, roads, bridges and other infrastructure across Kenya, East Africa&#8217;s largest economy. The death toll exceeds that from floods triggered by the El Nino weather phenomenon late last year.



&#8220;Sadly, we have not seen the last of this perilous period, as the situation is expected to escalate. Meteorological reports paint a dire picture,&#8221; Ruto said on Kenyan television. &#8220;Kenya may face its first-ever cyclone.&#8221;



Cyclone Hidaya is expected to make landfall in Tanzania, Kenya&#8217;s southern neighbour, on Saturday, bringing with it waves almost eight metres (26 feet) high and 165 kph (100 mph) winds, the IGAD Climate Prediction and Applications Centre said.



&#8220;This cyclone, named Hidaya, that could hit anytime now, is predicted to cause torrential rain, strong winds and powerful and dangerous waves,&#8221; Ruto said.



Earlier this week, Ruto ordered those living in landslide-prone areas to leave for safer ground.



The government has asked people living near 178 dams and water reservoirs, now close to overflowing, as well as those in informal settlements close to rivers and streams, to evacuate.



Ruto said the reopening of all schools for the upcoming term, which was meant to start this week, would be postponed until further notice.



The Nairobi government has set up 115 camps to host people displaced by the flooding, and is working closely with donors and humanitarian organisations to provide food and non-food supplies to those affected, he said.



Opposition leaders and rights groups have criticised Ruto&#8217;s administration for its response to the disaster.



On Thursday, Human Rights Watch accused authorities of failing to put in place a timely national response plan, despite warnings from the Kenya Meteorological Department a year ago about the likely impact of flooding caused by El Nino.



(Reporting by George Obulutsa and Hereward Holland; editing by Mark Heinrich)

FILE PHOTO: A view from a helicopter shows safari lodges near the river within the flooded area following heavy rainfall in the Talek region, of the Maasai Mara

Kenya’s weather outlook ‘dire’ as cyclone nears, president says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/02/76KI5H4MAFL5ZK7OGV4LXR2UG4-820x547.jpg" alt="" class="wp-image-459116" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/02/76KI5H4MAFL5ZK7OGV4LXR2UG4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/76KI5H4MAFL5ZK7OGV4LXR2UG4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/76KI5H4MAFL5ZK7OGV4LXR2UG4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/76KI5H4MAFL5ZK7OGV4LXR2UG4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/76KI5H4MAFL5ZK7OGV4LXR2UG4-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/76KI5H4MAFL5ZK7OGV4LXR2UG4-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus Mordant/File Photo</figcaption></figure>



ABUJA/LAGOS, May 3 (Reuters)&nbsp;&#8211;&nbsp;Majors such as Exxon Mobil&nbsp;XOM.N&nbsp;and Shell&nbsp;SHEL.L&nbsp;that aim to exit Nigeria&#8217;s onshore oil can get quicker approval to do so if they take responsibility for spills rather than wait for authorities to apportion blame, the regulator said on Friday.



Exxon, Shell, TotalEnergies, and Eni have all&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N3H516Q&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">sought to leave</a>&nbsp;Nigeria&#8217;s oil-rich Niger delta in recent years citing security concerns, including theft and sabotage, to focus on deepwater drilling. However, their exits have been delayed by regulatory hurdles.



At a meeting with the companies in Abuja, Nigerian Upstream Petroleum Regulatory Commission (NUPRC) chief Gbenga Komolafe offered a short-term option with faster approval if the companies commit to cleaning up spills and compensating communities.



&#8220;We have the undertaking here. The consent here though fixed for June, could be much shorter,&#8221; he said.



&#8220;If you agree to take that option, you sign the undertaking knowing that there are obligations to be fulfilled,&#8221; Komolafe said.



The second long-term option involves waiting for NURPC to identify and assign all liabilities, potentially delaying the final approval until August.



NURPC is seeking to balance a faster&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N3E60OQ&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">exit for oil majors</a>&nbsp;with protecting the environment, local communities, and the long-term viability of the assets



The companies are reviewing the options and will respond soon, they said.



Analysts say the accelerated option could cost oil majors millions of dollars for cleanups and reparations.



The departure of the majors means a total of 26 onshore blocks are on offer, holding an estimated reserve of 13.76 billion barrels of oil, 2.70 billion barrels of condensate, and about 90,717 billion cubic feet of gas, NUPRC said.



&#8220;We aim to ensure that the companies that take over these blocks have the necessary financial resources and possess the technical expertise required to responsibly manage the blocks throughout their lifecycle in accordance with good asset stewardship practices,&#8221; Komolafe said.



(Editing by Elisha Bala-Gbogbo and Barbara Lewis)

FILE PHOTO: The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County

Oil majors offered faster Nigerian exit if they pay for cleanup

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/Anglo-CEO-meets-S.Africa-mines-minister-after-BHPs-takeover-proposal-820x547.jpg" alt="" class="wp-image-482625" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/Anglo-CEO-meets-S.Africa-mines-minister-after-BHPs-takeover-proposal-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/Anglo-CEO-meets-S.Africa-mines-minister-after-BHPs-takeover-proposal-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/Anglo-CEO-meets-S.Africa-mines-minister-after-BHPs-takeover-proposal-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/Anglo-CEO-meets-S.Africa-mines-minister-after-BHPs-takeover-proposal-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/Anglo-CEO-meets-S.Africa-mines-minister-after-BHPs-takeover-proposal-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/Anglo-CEO-meets-S.Africa-mines-minister-after-BHPs-takeover-proposal-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Anglo American CEO Duncan Wanblad speaks during the Investing in African Mining Indaba 2023 conference in Cape Town, South Africa, February 6, 2023. REUTERS/Shelley Christians REFILE &#8211; CORRECTING INFORMATION</figcaption></figure>



JOHANNESBURG, May 3 (Reuters)&nbsp;&#8211;&nbsp;Anglo American&nbsp;AAL.L&nbsp;CEO Duncan Wanblad is meeting on Friday South African mines minister Gwede Mantashe for the first time since the miner rejected BHP Group&#8217;s&nbsp;BHP.AX&nbsp;$39 billion&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AFWN3GY2K8&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">takeover bid</a>, a source familiar with the matter told Reuters.



BHP, the world&#8217;s biggest-listed mining group, is privately talking to investors as it weighs up its next move after Anglo&#8217;s rejection of its initial proposal.



Commodities giant Glencore is also&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N3H53AS&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">studying an approach</a>&nbsp;for Anglo, sources told Reuters, a development that could spark a bidding war for the 107-year old mining company.



Anglo declined to comment on the meeting with Mantashe.



The source did not give details of the meeting.



BHP has proposed that Anglo sell its shares in units Anglo Platinum (Amplats) and Kumba Iron Ore as an option to exit the South African assets it does not want included in the deal.



Anglo unanimously rejected the proposal as opportunistic and significantly undervaluing the company and its future prospects.



Its investors are concerned that&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N3H21H1&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">they stand to lose</a>&nbsp;heavily by holding shares in the South African subsidiaries, if they are un-bundled.



There is a risk that South African regulatory authorities, particularly its central bank, could be concerned about capital outflows from foreign investors not willing to hold the shares, the source said.



BHP CEO Mike Henry, who is in South Africa to canvass views from investors on the company’s proposed offer to Anglo, was in &#8220;listening only mode&#8221; during a meeting with a Cape Town-based fund manager on Friday, another source told Reuters.



BHP executives also held a call with South Africa&#8217;s Public Investment Corporation earlier in the week, a separate source said.



Anglo has said it&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N3H22HL&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">will meet its top investors</a>&nbsp;to hear their views on BHP&#8217;s approach.



(Reporting by Felix Njini and Clara Denina, Editing by Veronica Brown and Emelia Sithole-Matarise)

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Anglo CEO meets S.Africa mines minister after BHP’s takeover proposal

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Turkey halts all trade with Israel until a permanent ceasefire is reached in Gaza

Standard Bank Sees Increased South African Listings, Corporate activity after elections

Shell to exit South Africa’s downstream businesses

Why a $100K income no longer buys the American Dream in most places

Mozambique’s ruling party announces Chapo as presidential candidate

Nigeria cuts back electricity sales to overseas customers to boost domestic supply

‘Exact same cover letters word for word’: Career consultant says Gen Z are misusing AI

Four steps MENA must take to develop intelligent economies

South Africa business activity rises in April, PMI shows

What you need to know about South Africa’s 2024 election

Why Fast Food Has Gotten So Expensive

Why Warren Buffett is such a big deal

Meet Synthesia’s AI avatar

Why Many Americans Still Feel Bad About The Economy Despite Strong Data

Kenya’s weather outlook ‘dire’ as cyclone nears, president says

Oil majors offered faster Nigerian exit if they pay for cleanup

Anglo CEO meets S.Africa mines minister after BHP’s takeover proposal

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