<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-2.jpg" alt="" class="wp-image-524623" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-2.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-2-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-2-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



JOHANNESBURG, Nov 7 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic event, equity and currency market moves may affect South African markets on Thursday.



<h2 class="wp-block-heading" id="h-economic-event">ECONOMIC EVENT</h2>



October reserves data



<h2 class="wp-block-heading" id="h-south-african-markets">SOUTH AFRICAN MARKETS</h2>



The South African rand plunged against a buoyant dollar on Wednesday as &#8220;Trump trades&#8221; surged, after Donald Trump won the U.S. election.



On the Johannesburg Stock Exchange the blue-chip Top-40 index closed about 1.6% down.



<h2 class="wp-block-heading" id="h-global-markets">GLOBAL MARKETS</h2>



Asia-Pacific equity markets were mixed on Thursday as investors weighed the implications of a Donald Trump presidency, while also eyeing monetary policy decisions from the U.S. Federal Reserve and other major central banks later in the day. 



<h2 class="wp-block-heading" id="h-wall-street">WALL STREET</h2>



U.S. stocks rallied sharply to close at record highs on Wednesday after Republican Donald Trump won the 2024 U.S. presidential election in a stunning comeback four years after being voted out of the White House. 



<h2 class="wp-block-heading" id="h-gold">GOLD</h2>



Gold prices touched a more than three-week low on Thursday, as the dollar strengthened after Donald Trump&#8217;s win in the U.S. presidential election, while focus was also on the Federal Reserve&#8217;s interest rate decision later in the day.



&#8211; &#8211; &#8211; &#8211;



Some of the main stories out in the South African press:



<h2 class="wp-block-heading" id="h-business-day">BUSINESS DAY</h2>



&#8211; Chinese firm set to complete buyout of SA’s largest geyser maker



&#8211; FNB partners with BankservAfrica for real-time cross-border payments



<h2 class="wp-block-heading" id="h-fin-24">FIN 24</h2>



&#8211; Trump’s incoming trade tirade could cause trouble for SA



&#8211; &#8216;Enormous&#8217; impact: Millions lost daily as SA mineral exports blocked from entering Mozambique



(Compiled by Bhargav Acharya)

istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on Nov 7

9ad49748-1e3a-4b73-8e7f-f03ffc073e7e_800x450

China as a Model Development Partner

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="521" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/SAFARICOM-820x521.jpg" alt="" class="wp-image-551177" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/SAFARICOM-820x521.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/SAFARICOM-300x191.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/SAFARICOM-142x90.jpg 142w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/SAFARICOM-768x488.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/SAFARICOM-1536x975.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/SAFARICOM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A pedestrian walks on a sideway outside the Safaricom mobile phone customer care centre in the central business district of Nairobi, Kenya, November 10, 2021. REUTERS/Monicah Mwangi</figcaption></figure>



NAIROBI, Nov 7 (Reuters) &#8211; Kenya&#8217;s biggest telecoms operator, Safaricom, lowered its full-year earnings guidance on Thursday, after reporting a sharp fall in net income due to the depreciation of Ethiopia&#8217;s birr currency.



The company won the first licence to operate in Africa&#8217;s second most populous country, with about 120 million people, in 2022, following the liberalisation of the sector.



Despite strong customer growth, it has had a bumpy ride so far due to security, inflation and currency challenges.



Safaricom said the group&#8217;s half-year earnings before interest and taxes (EBIT) grew 31.9% year-on-year, but expected full-year earnings to ease to 94 billion to 100 billion Kenyan shillings ($731 million to $778 million) from 103 billion to 109 billion previously.



The company, partially owned by South Africa&#8217;s Vodacom and Britain&#8217;s Vodafone, posted a 14.0% increase in group service revenue to 181.4 billion shillings for the period to the end of September.



However, the group&#8217;s net income fell 17.7% on the year, dented by a depreciation of 106% in Ethiopia&#8217;s birr currency, an effect of the government&#8217;s free float of the unit, said Peter Ndegwa, Safaricom&#8217;s group chief executive officer.



&#8220;Despite the short-term challenges, we remain confident in the long-term commercial success of our Ethiopian business, and we are very encouraged by the commercial acceleration,&#8221; Ndegwa said.



Ethiopia adopted a market-determined foreign exchange rate in late July in a raft of reforms aimed at liberalising its financial sector to secure a new International Monetary Fund lending programme, and advance a long-delayed debt overhaul.



Launched two years ago, Safaricom&#8217;s Ethiopia arm will take a further year to break even because of the country&#8217;s foreign exchange reforms, achieving profit in the 2027 financial year, Ndegwa said.



&#8220;Due to the uncertainty of what (exchange) rate we will have at the end of the year, we are guiding that any 10 percentage points change in terms of currency depreciation, would result (in) about eight billion shillings &#8230; in terms of balance sheet impact,&#8221; he said.



Chief Finance Officer Dilip Pal said that while the impact of the birr&#8217;s exchange rate correction created a substantial drag in half-year results, the impact on the group&#8217;s full-year results would be &#8220;much lower&#8221;.



Its shares on the Nairobi Securities Exchange, where it is the largest company, were down 2.75% by 0744 GMT.



($1 = 128.5000 Kenyan shillings)



(Reporting by Hereward Holland; Editing by Bate Felix and Clarence Fernandez)

A pedestrian walks on a sideway outside the Safaricom mobile phone customer care centre in the central business district of Nairobi

Safaricom trims forecast on Ethiopia’s birr depreciation

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/106677114-15983545702020-08-25t100023z_1719720997_rc2yki97n9wc_rtrmadp_0_usa-china-tech-820x461.jpeg" alt="" class="wp-image-551143" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/106677114-15983545702020-08-25t100023z_1719720997_rc2yki97n9wc_rtrmadp_0_usa-china-tech-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/106677114-15983545702020-08-25t100023z_1719720997_rc2yki97n9wc_rtrmadp_0_usa-china-tech-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/106677114-15983545702020-08-25t100023z_1719720997_rc2yki97n9wc_rtrmadp_0_usa-china-tech-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/106677114-15983545702020-08-25t100023z_1719720997_rc2yki97n9wc_rtrmadp_0_usa-china-tech-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/106677114-15983545702020-08-25t100023z_1719720997_rc2yki97n9wc_rtrmadp_0_usa-china-tech-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/106677114-15983545702020-08-25t100023z_1719720997_rc2yki97n9wc_rtrmadp_0_usa-china-tech.jpeg 1858w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Chinese and U.S. flags flutter near The Bund, before U.S. trade delegation meet their Chinese counterparts for talks in Shanghai, China July 30, 2019. Aly Song | Reuters</figcaption></figure>



BEIJING — Donald Trump’s 2024 presidential win has raised the bar for China’s fiscal stimulus plans, expected Friday.



On the campaign trial, Trump threatened to impose additional tariffs of 60% or more on Chinese goods sold to the U.S. Increased duties of at least 10% under Trump’s first term as president did not dent America’s position as China’s largest trading partner.



But new tariffs — potentially on a larger scale — would come at a pivotal time for China. The country is relying more on exports for growth as it battles with a real estate slump and tepid consumer spending.



If Trump raises tariffs to 60%, that could reduce China’s exports by $200 billion, causing a 1 percentage point drag on GDP, Zhu Baoliang, a former chief economist at China’s economic planning agency, said at a Citigroup conference.



Since late September, Chinese authorities have ramped up efforts to support slowing economic growth. The standing committee of the National People’s Congress — the country’s parliament — is expected to approve additional fiscal stimulus at its meeting this week, which wraps up Friday.



“In response to potential ‘Trump shocks,’ the Chinese government is likely to introduce greater stimulus measures,” said Yue Su, principal economist at the Economist Intelligence Unit. “The overlap of the NPC meeting with the U.S. election outcome suggests the government is prepared to take swift action.”



She expects a stimulus package of more than 10 trillion yuan ($1.39 billion), with about 6 trillion yuan going towards local government debt swaps and bank recapitalization. More than 4 trillion yuan will likely go towards local government special bonds for supporting real estate, Su said. She did not specify over what time period.



<h2 class="wp-block-heading" id="h-stock-market-divergence"><a></a>Stock market divergence</h2>



Mainland China and Hong Kong stocks fell Wednesday as it became clear that Trump would win the election. U.S. stocks then soared with the three major indexes hitting record highs. In Thursday morning trading, Chinese stocks tried to hold mild gains.



That divergence in stock performance indicates China’s stimulus “will be slightly bigger than the baseline scenario,” said Liqian Ren, who leads WisdomTree’s quantitative investment capabilities. She estimates Beijing will add about 2 trillion yuan to 3 trillion yuan a year in support.



Ren doesn’t expect significantly larger support due to uncertainties around how Trump might act. She pointed out that tariffs hurt both countries, but restrictions on tech and investment have a greater impact on China.



Trump, during his first term as president, put Chinese telecommunications giant Huawei on a blacklist that restricted it from using U.S. suppliers. The Biden administration expanded on those moves by limiting U.S. sales of advanced semiconductors to China, and pressuring allies to do the same.



Both Democrats and Republicans supported the passage of those newer export controls and efforts to boost semiconductor manufacturing investment in the U.S., Chris Miller, author of “Chip War,” pointed out earlier this year. He expected the U.S. to increase such restrictions regardless of who won the election.



China has doubled down on bolstering its own tech by encouraging bank loans to high-end manufacturing. But the country had long benefited from U.S. capital as well as the ability to use U.S. software and high-end parts.



Republicans gained a majority in the Senate for the next two years, according to NBC News projections, though control of the House of Representatives remains unclear.



“If the Republican Party gains control of Congress, protectionist measures could be accelerated, amplifying impacts on the global economy and presenting significant downside risks,” Su said.



She expects Trump will likely impose such tariffs in the first half of next year, and could speed up the process by invoking the International Emergency Economic Powers Act or Section 122 of the Trade Act of 1974, which allows the president to impose tariffs of up to 15% in response to a serious balance-of-payments deficit.



U.S. data shows that the trade deficit with China narrowed to $279.11 billion in 2023, from $346.83 billion in 2016.



Su estimated that a 10% tariff increase on Chinese exports to the U.S. could reduce Beijing’s real GDP growth by an average of 0.3 to 0.4 percentage points in the next two years, assuming other factors remain constant.



China’s exports to the U.S. fell by 14% last year to $500.29 billion, according to customs data on Wind Information. That’s still up from $385.08 billion in 2016, before Trump was sworn in for his first term.



Meanwhile, China’s annual imports from the U.S. climbed to $164.16 billion in 2023, up from $134.4 billion in 2016, the Chinese data showed.



Other analysts believe that Beijing will remain conservative, and trickle out stimulus over the coming months rather than release a large package on Friday.



China’s top leaders typically meet in mid-December to discuss economic plans for the year ahead. Then, officials would announce the growth target for the year at an annual parliamentary meeting in March.



“China will likely face much higher tariff from the U.S. next year. I expect policy response from China to also take place next year when higher tariff is imposed,” Zhiwei Zhang, chief economist at Pinpoint Asset Management, said in a note Wednesday afternoon.



“I also don’t think the government will change the policies they already proposed to the NPC because of US election,” he said.



<h2 class="wp-block-heading"><a></a>China’s growing global trade influence</h2>



Regardless of tariffs, China remains an export powerhouse to markets outside the U.S.



“Chinese exports have indeed shifted a bit in the past few years in terms of destination, with the U.S. representing less than 15% of total Chinese exports in 2023, compared with nearly 18% on average in the 2010s,” Francoise Huang, senior economist for Asia-Pacific and global trade at&nbsp;Allianz&nbsp;Trade, said in September.



“While China has lost market share in the U.S., it’s clearly been gaining in other places,” she said. “For example, China now represents more than 25% of ASEAN imports, compared with less than 18% in the 2010s.”



China’s exports have also grown to countries that sell to the U.S., a Federal Reserve report found in August.



— CNBC’s Dylan Butts contributed to this report.

106677114-15983545702020-08-25t100023z_1719720997_rc2yki97n9wc_rtrmadp_0_usa-china-tech

Trump win and threat of more tariffs raises expectations for more China stimulus

From coffee beans to milk

From coffee beans to milk, meet the Singapore-based start-up using AI to vet ingredients

Does The President Actually Control The U.S. Economy?

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108012507-1722016734915-gettyimages-2162908988-AA_26072024_1789841-820x461.jpeg" alt="" class="wp-image-550942" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108012507-1722016734915-gettyimages-2162908988-AA_26072024_1789841-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108012507-1722016734915-gettyimages-2162908988-AA_26072024_1789841-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108012507-1722016734915-gettyimages-2162908988-AA_26072024_1789841-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108012507-1722016734915-gettyimages-2162908988-AA_26072024_1789841-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108012507-1722016734915-gettyimages-2162908988-AA_26072024_1789841-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108012507-1722016734915-gettyimages-2162908988-AA_26072024_1789841.jpeg 1858w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Former US President Donald Trump (L) shakes hands with Israeli Prime Minister Benjamin Netanyahu (R) as they pose for a photo within their meeting at Mar-a-Lago estate, in Palm Beach, Florida, United States on July 26, 2024.  Amos Ben-Gershom | Anadolu | Getty Images</figcaption></figure>



A flurry of world leaders on Wednesday sent their congratulations to President-elect Donald Trump after the 78-year-old triumphantly declared a “magnificent” victory.



NBC News has projected Trump will win the presidential race.



Addressing his supporters in Florida, Trump said his return to the White House would usher in the “golden age” of America.



U.K. Prime Minister Keir Starmer congratulated Trump on his “historic” election victory, saying the U.K.-U.S. “special relationship will continue to prosper on both sides of the Atlantic for years to come.”



Likewise, European Commission President Ursula von der Leyen, French President Emmanuel Macron, Spanish Prime Minister Pedro Sanchez, Italian Prime Minister Giorgia Meloni and Hungarian Prime Minister Viktor Orban all offered their congratulations to Trump.



Ukrainian President Volodymyr Zelenskyy congratulated Trump on what he described as his “impressive election victory.”



“I appreciate President Trump’s commitment to the ‘peace through strength’ approach in global affairs. This is exactly the principle that can practically bring just peace in Ukraine closer. I am hopeful that we will put it into action together,” Zelenskyy via social media.



“We look forward to an era of a strong United States of America under President Trump’s decisive leadership. We rely on continued strong bipartisan support for Ukraine in the United States,” he added.



Zelenskyy’s comments come as tensions are likely to be running high in Kyiv, with the U.S. vote regarded as a potentially make-or-break moment in the country’s yearslong fight against Russia.



Ukrainian officials were said to be closely watching the result amid concerns that future military aid to the Eastern European country could be cut — a move that would significantly curtail Kyiv’s ability to fight back against Russia’s full-scale invasion.



Russia, meanwhile, appeared to be buoyed by news that Trump has secured a White House victory.



“Trump has one quality that is useful to us: as a businessman to the core, he mortally dislikes spending money on various hangers-on and freeloaders – on idiotic allies, on stupid charity projects and on gluttonous international organizations,” Dmitry Medvedev, Russia’s former president, said via Telegram, according to an NBC translation.



Russian Foreign Ministry spokesperson Maria Zakharova said via Telegram: “Kamala Harris was right when she quoted Psalm 31:5: ‘Weeping may stay for the night, but rejoicing comes in the morning.’”



“Hallelujah, I’d add from my part,” Zakharova said, according to an NBC translation 



Separately, NATO Secretary-General Mark Rutte said Trump’s leadership would be key to keeping the military alliance strong.



“I look forward to working with him again to advance peace through strength through #NATO,” Rutte said.



<h2 class="wp-block-heading" id="h-turkey-india-australia-israel-and-iran"><a></a>Turkey, India, Australia, Israel and Iran</h2>



Turkish President Recep Tayyip Erdoğan congratulated Trump on his election victory.



“In this new period that will begin with the elections of the American people, I hope that Turkey-US relations will strengthen, that regional and global crises and wars, especially the Palestinian issue and the Russia-Ukraine war, will come to an end; I believe that more efforts will be made for a more just world,” Erdoğan said.



“I hope that the elections will be beneficial for our friendly and allied people in the United States and for all of humanity,” he added.



Indian Prime Minister Narendra Modi congratulated Trump on his “historic election victory.”



“As you build on the successes of your previous term, I look forward to renewing our collaboration to further strengthen the India-US Comprehensive Global and Strategic Partnership. Together, let’s work for the betterment of our people and to promote global peace, stability and prosperity,” Modi said.



Australian Prime Minister Anthony Albanese also offered his congratulations to Trump.



“Australians and Americans are great friends and true allies. Working together, we can ensure the partnership between our nations and peoples remains strong into the future,” Albanese said.



Elsewhere, Israeli Prime Minister Benjamin Netanyahu offered his congratulations to both Donald and Melania Trump.



“Congratulations on history’s greatest comeback! Your historic return to the White House offers a new beginning for America and a powerful recommitment to the great alliance between Israel and America,” Netanyahu said. “This is a huge victory!” he added.



Not everyone sent their warm wishes to Trump, however.



“The U.S. presidential election holds no direct relevance to Iran, as the fundamental policies of both the United States and Iran remain unchanged,” Iranian government spokesperson Fatemeh Mohajerani said in a statement, according to the country’s semiofficial news agency, Tasnim.



“It makes little difference who becomes president, as there will be no impact on people’s livelihoods,” Mohajerani said.

108012507-1722016734915-gettyimages-2162908988-AA_26072024_1789841

‘A huge victory’: World leaders react as Trump secures White House return

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-2182880212-820x547.jpg" alt="" class="wp-image-550881" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-2182880212-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-2182880212-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-2182880212-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-2182880212-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-2182880212-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-2182880212-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">RALEIGH, NORTH CAROLINA &#8211; NOVEMBER 04: Republican presidential nominee, former U.S. President Donald Trump takes the stage during a campaign rally at the J.S. Dorton Arena on November 04, 2024 in Raleigh, North Carolina. With one day left before the general election, Trump is campaigning for re-election in the battleground states of North Carolina, Pennsylvania and Michigan. (Photo by Chip Somodevilla/Getty Images)</figcaption></figure>



Republican presidential nominee Donald Trump will defeat his Democratic rival, Kamala Harris, and return to the White House for another four years, NBC News projects.



After losing his reelection bid to President Joe Biden in 2020, Trump, the 45th president, will now become the 47th.



Trump’s victory marks a series of historic firsts. At 78, he is the oldest person ever to win a U.S. presidential election. He will be the first president in 132 years — since Grover Cleveland — to serve two nonconsecutive terms in office. And he emerged victorious from what is likely the most expensive presidential race in history.



He is also the first president, current or former, ever to be convicted of crimes. He is the first twice-impeached president ever to win back the White House. He is the first president ever to take office while fending off criminal charges in multiple active federal and state cases.



Trump’s win denies Harris, the vice president, what would have been her own historic milestone: becoming the first woman president of the United States.



It also represents a staggering political achievement for Trump’s running mate, Sen. JD Vance of Ohio, who won his first election just two years earlier.



Just 40 years old, Vance, a former Trump critic turned loyalist and top advocate for the president-elect’s right-wing populist movement, is now first in the presidential line of succession.



If Trump pursues his campaign promises, his second administration will soon set out to enact an ambitious, controversial agenda centered on deep tax cuts, mass deportations and reshaped relationships with foreign leaders.



Trump has also vowed to impose heavy tariffs, claiming that they will simultaneously boost U.S. revenues, strengthen domestic industries and deter unwanted foreign competition.



Mainstream economists have repeatedly warned that the tariffs, which are taxes paid by U.S. importers, will raise prices on American consumers.



It remains to be seen to what extent Trump’s presidential agenda will resemble the sum of his many claims as a candidate.



He has vowed to pardon his supporters who violently rioted at the U.S. Capitol on Jan. 6, 2021.



He has assured that he will quickly broker an end to Russia’s invasion of Ukraine, a vague stance that threatens to undo the Biden administration’s policy of strong support for Kyiv.



He has said he would put Robert F. Kennedy Jr., a vocal vaccine skeptic, in charge of health policy, and tap billionaire Tesla CEO Elon Musk to propose trillions of dollars in government spending cuts.



He has denied Democrats’ warnings that he will behave in office like a dictator, “except for Day One.”



The campaign that delivered Trump’s election was no less historic.



Trump survived an assassination attempt in mid-July, when Thomas Matthew Crooks, a 20-year-old registered Republican who had donated to a Democratic group, opened fire with an AR-15-style rifle during a campaign rally in Pennsylvania. Crooks fatally shot one rally attendee, and one of his bullets grazed Trump’s ear, streaking his face with blood.



Trump’s immediate reaction to the shooting — pumping his fist and defiantly telling his supporters to “fight!” as Secret Service agents rushed him off stage — instantly became a defining moment of the campaign.



Just a few days later, the race was shaken up again.



In late July, Harris, 60, was catapulted to the top of the Democratic presidential ticket after Biden announced he would no longer seek reelection.



Biden’s stunning decision, which made him the first incumbent president since Lyndon Johnson to voluntarily end his White House stay, was one he had initially resisted.



The 81-year-old and his allies, including Harris, had vociferously defended his physical and mental fitness for four more years as president.



But a simmering undercurrent of Democratic uneasiness dramatically boiled over after a shocking debate performance in late June, when a frail and distracted-looking Biden delivered raspy, halting and inarticulate answers versus Trump.



Less than a month later, amid a collapse in internal support and dwindling poll numbers, Biden ended his campaign and backed Harris as his replacement.



The switch effectively reset the race, forcing Trump to throw out many of his well-rehearsed attacks and adapt to an opponent unburdened by Biden’s most glaring weaknesses.



It wasn’t a seamless transition: Harris bested Trump in the candidates’ one and only debate in mid-September, and Trump declined her repeated challenges to face off again.



But polls gradually showed the race tightening, as Trump’s campaign worked to blame Harris for the inflation and immigration woes that had dragged down Biden’s approval ratings throughout his presidency.



This is breaking news. Please check back for updates.

Donald Trump Campaigns For President In Raleigh, North Carolina

Donald Trump defeats Kamala Harris to win 2024 presidential election

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-1569339526-820x547.jpg" alt="" class="wp-image-550863" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-1569339526-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-1569339526-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-1569339526-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-1569339526-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-1569339526-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-1569339526-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A line of trucks along the N4 national highway, wait to cross South Africa&#8217;s border into Mozambique, on the outskirts of Komatipoort, South Africa, on Friday, July 14, 2023. An often impenetrable logjam of trucks laden with coal at South Africa&#8217;s crossing with Mozambique has brought chaos to the sleepy border town Komatipoort. Photographer: Leon Sadiki/Bloomberg via Getty Images</figcaption></figure>



JOHANNESBURG, Nov 6 (Reuters) &#8211; South Africa has temporarily closed its main border crossing with Mozambique over safety concerns, its government news agency said on Wednesday, as protests against last month&#8217;s disputed election in Mozambique continue to escalate.



South Africa has closed the Lebombo port of entry in its Mpumalanga province after receiving reports of vehicles being torched on the Mozambican side, the government news agency said.



&#8220;Due to these security incidents and in the interest of public safety, the port has been temporarily closed until further notice,&#8221; it quoted Michael Masiapato, the commissioner of the Border Management Authority as saying on Tuesday night.



Masiapato said the border authority would reopen the Lebombo crossing as soon as it was safe to do so.



The latest protests in Mozambique are part of a week of demonstrations called by presidential candidate Venancio Mondlane, who came second in official results for the Oct. 9 election but claims to have won.



The protests are set to culminate in a &#8220;national shutdown&#8221; and march on the capital Maputo on Thursday.



At least 10 people have been killed and scores injured in protests in which demonstrators have burned tires, blocked roads and marched to offices of the ruling party, Frelimo. Authorities have responded with tear gas and live ammunition, according to human rights groups, and restricted access to the internet.



The electoral commission has declined to comment on opposition allegations of fraud, while Frelimo has not replied to requests for comment.



(Reporting by Bhargav Acharya and Sisipho Skweyiya in Johannesburg and Manuel Mucari in Maputo; Editing by Alexander Winning and Ros Russell)

Global Demand for Coal Is Bringing Mayhem to South African Border Town

South Africa closes main border with Mozambique as post-election protests escalate

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108058638-1730878289255-gettyimages-2183214745-_s1_8329_zo2b6egr-820x547.jpeg" alt="" class="wp-image-550810" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108058638-1730878289255-gettyimages-2183214745-_s1_8329_zo2b6egr-820x547.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108058638-1730878289255-gettyimages-2183214745-_s1_8329_zo2b6egr-300x200.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108058638-1730878289255-gettyimages-2183214745-_s1_8329_zo2b6egr-135x90.jpeg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108058638-1730878289255-gettyimages-2183214745-_s1_8329_zo2b6egr-768x512.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108058638-1730878289255-gettyimages-2183214745-_s1_8329_zo2b6egr-1536x1024.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108058638-1730878289255-gettyimages-2183214745-_s1_8329_zo2b6egr-scaled.jpeg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Republican presidential nominee, former U.S. President Donald Trump arrives to speak during an election night event at the Palm Beach Convention Center on November 06, 2024 in West Palm Beach, Florida. 
Chip Somodevilla | Getty Images</figcaption></figure>



Donald Trump declared victory in the presidential election early Wednesday morning, as the Republican led Kamala Harris in projected Electoral College votes in the presidential election.



Neither Trump nor Harris has secured the 270 Electoral College votes needed to win the White House, but after NBC News projected he will win Pennsylvania, the former president was just four electoral votes short of that goal.



“I want to thank the American people for the extraordinary honor of being elected your 47th president and your 45th president,” Trump told supporters at the West Palm Beach, Florida, Convention Center, where he was flanked by family members and top members of his campaign.



“We’re going to help our country heal,” Trump said. “We’re going to fix everything about our country.”



“We made history for a reason tonight,” he said. “This will truly be the golden age of America.”



Trump during his speech praised Tesla CEO Elon Musk for supporting him in his campaign, which included the “We have a new star, a star is born, Elon!” Trump said of Musk, who is the richest person in the world.



Trump also touted his support from Robert F. Kennedy Jr., the independent candidate who ended his campaign for president.



Trump said Kennedy, a vaccine skeptic and conspiracy theorist, would play a key role in determining health-care policy in his administration.



Harris had been expected to address her own supporters Tuesday night at the Democrat’s alma mater, Howard University, in Washington, D.C.



But the vice president opted not to speak, and instead plans to do so later Wednesday.



This is developing news. Check back for updates.

108058638-1730878289255-gettyimages-2183214745-_s1_8329_zo2b6egr

Trump declares victory as presidential race with Harris has yet to be called

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/CSTYBJFNSZMW3KMGGHXBEM6LOY-820x547.jpg" alt="" class="wp-image-550807" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/CSTYBJFNSZMW3KMGGHXBEM6LOY-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/CSTYBJFNSZMW3KMGGHXBEM6LOY-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/CSTYBJFNSZMW3KMGGHXBEM6LOY-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/CSTYBJFNSZMW3KMGGHXBEM6LOY-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/CSTYBJFNSZMW3KMGGHXBEM6LOY-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/CSTYBJFNSZMW3KMGGHXBEM6LOY-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Electric wires are pictured in the Ojuelegba district of Nigeria&#8217;s commercial capital Lagos, June 18, 2018. REUTERS/Akintunde Akinleye/File Photo</figcaption></figure>



ABUJA, (Reuters) &#8211; Nigeria&#8217;s national grid suffered a partial collapse on Tuesday, the state power transmitter said, marking the ninth incident this year to have caused power outages across the country.



The Transmission Company of Nigeria (TCN) said the grid experienced a disturbance at around 1252 GMT, triggered by a series of line and generator trips destabilising the system.



While some regions, including the capital Abuja, regained power about an hour after the collapse, outages continued elsewhere.



&#8220;TCN engineers are already working to quickly restore bulk power supply to the states affected by the partial disturbance,&#8221; spokesperson Ndidi Mbah said.



Blackouts are frequent in Nigeria, Africa&#8217;s most populous country with over 200 million people, due to ageing power infrastructure, vandalism and inadequate gas supply for its thermal plants, which account for over 75% of output.



Although Nigeria has the infrastructure to generate about 13,000 megawatts of power, its creaking grid can only distribute a third of it, forcing businesses and households to run costly fuel generators.



(Reporting by Camillus Eboh in Abuja; writing by Elisha Bala-Gbogbo; editing by Mark Heinrich)

FILE PHOTO: Electric wires are pictured in Ojuelegba district in Nigeria’s commercial capital Lagos

Nigeria’s power grid partially collapses again, causing blackouts

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108057899-1730826084038-gettyimages-1397086774-usabtcfranklin-1-820x461.jpeg" alt="" class="wp-image-550762" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108057899-1730826084038-gettyimages-1397086774-usabtcfranklin-1-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108057899-1730826084038-gettyimages-1397086774-usabtcfranklin-1-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108057899-1730826084038-gettyimages-1397086774-usabtcfranklin-1-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108057899-1730826084038-gettyimages-1397086774-usabtcfranklin-1-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108057899-1730826084038-gettyimages-1397086774-usabtcfranklin-1-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108057899-1730826084038-gettyimages-1397086774-usabtcfranklin-1.jpeg 1858w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Photo: via CNBC</figcaption></figure>



Bitcoin rallied overnight, hitting an all-time high as investors bet former President Donald Trump was gaining an edge in the U.S. election as results rolled in.



The price of the flagship cryptocurrency touched a record $75,000 on the nose, according to Coin Metrics. It was last higher by 7% at $74,392.00. It first hit its previous record of $73,797.68 on March 14 and has traded in a narrow range below $70,000 for most of the year since then.



Bitcoin’s overnight gains increased as Trump took an early lead in the Electoral College. NBC News has projected that Trump has won 230 electoral college votes, including the battleground state of North Carolina.



Exchange operator Coinbase rose 3% in after hours trading, while MicroStrategy, advanced 4%.



Investors expect bitcoin trading to be choppy until a clear winner is declared. A victory for Vice President Kamala Harris is expected to bring risk of downside moves to the price of bitcoin, while traders anticipate a bump in price in the event of a win by former President Donald Trump.



“The election is having a massive influence on crypto,” said Ryan Rasmussen, head of research at Bitwise Asset Management. “Expect bitcoin – and crypto more broadly – to be choppy in the days ahead … until we have definitive election results.”



“If Trump wins, I believe we’ll see new all-time highs,” Rasmussen added. “If Harris wins, I expect a decent short-term sell-off, with prices taking a month or two to recover. But eventually, either way, I think we go higher.”



In the 2012, 2016 and 2020 elections, bitcoin saw returns of roughly 87%, 44% and 145% in the 90 days following election day, respectively. That’s in part because election years happen to fall on Bitcoin halving years, when the supply of the cryptocurrency ratchets downward. Post election returns have also tended to align with major Federal Reserve policy shifts. This year, the market is looking forward to further interest rate reductions.



At just below $70,000, bitcoin has been trading at its fair value price heading into election day, according to CryptoQuant. That means that if the election proves to be a positive catalyst in the coming days, bitcoin can rally and is poised to establish a new record, CryptoQuant analyst Julio Moreno said.



“For now, everyone we’ve spoken to is keeping their powder dry,” said James Davies, CEO at crypto futures and options trading platform Crypto Valley Exchange. “I’ve heard from numerous leading market makers and traders and can say with conviction that almost everyone is set up to react. They don’t even know which way markets will go based on [the] result. There’s likely to be massive short-term volatility whichever outcome.”



This year’s presidential election has been called the most important one in the crypto industry’s lifetime. Many view a Harris win as a threat to crypto, the extent to which has been debated throughout this election cycle. Trump, on the other hand, is seen by many as a force for good in the industry after he presented himself earlier this year as the pro-crypto candidate and has been courting the industry more directly than Harris has.



Many voters are concerned about the state of the government deficit, which rose 8% in the 2024 fiscal year to $1.8 trillion, and increased tax cuts promised by both candidates. Bitcoin, like gold, is seen by many investors as a hedge against the potential for fiscal and monetary policy that combine to reduce the value of the dollar and lift inflation.

108057899-1730826084038-gettyimages-1397086774-usabtcfranklin

Bitcoin surges to $75,000, a new record, as traders bet Trump has election edge

Formula One’s race to sustainability

Why middle class life is becoming unaffordable for Americans

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/LXEWBEEOYBIMNLXCE2JBHD6CJY-2-820x547.jpg" alt="" class="wp-image-550516" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/LXEWBEEOYBIMNLXCE2JBHD6CJY-2-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/LXEWBEEOYBIMNLXCE2JBHD6CJY-2-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/LXEWBEEOYBIMNLXCE2JBHD6CJY-2-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/LXEWBEEOYBIMNLXCE2JBHD6CJY-2-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/LXEWBEEOYBIMNLXCE2JBHD6CJY-2-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/LXEWBEEOYBIMNLXCE2JBHD6CJY-2-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Prince William, Prince of Wales, meets the President of South Africa, Cyril Ramaphosa, at his Official Residence in Cape Town, South Africa, November 5, 2024. Victoria Jones/Pool via REUTERS</figcaption></figure>



CAPE TOWN, Nov 5 (Reuters)&nbsp;&#8211;&nbsp;Britain&#8217;s Prince William paid a visit to South African President Cyril Ramaphosa on Tuesday in Cape Town after taking a nature walk with rangers and conservationists at Table Mountain National Park.



The Prince of Wales is on a four-day&nbsp;trip to South Africa&nbsp;for the annual awards ceremony of his Earthshot Prize, which will be held on Wednesday. He will also attend a global wildlife summit and hold other climate-focused engagements.



Video footage shared by Ramaphosa&#8217;s office showed William and Ramaphosa shaking hands and exchanging pleasantries at the start of their meeting.



&#8220;The visit is indicative of the strong ties the United Kingdom, including the Royal Family, share with South Africa, and also another step towards the deepening of these historic ties,&#8221; South Africa&#8217;s presidency said in a statement.



The presidency said South Africa was pleased to host this year&#8217;s Earthshot Prize awards because it highlights the impact climate change and environmental degradation have in Africa.



Launched in 2020, the prize aims to find innovations to combat climate and other green issues, and awards five winners 1 million pounds ($1.3 million) each to drive their projects.



(Writing by Nellie Peyton; Editing by Alexander Winning and Alison Williams)

Britain’s Prince William’s four-day visit to South Africa

Prince William meets President Ramaphosa on South Africa trip

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1920" height="1005" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/3GQDJSI4GBKYFLS5LW25CALRGU.avif" alt="" class="wp-image-550496"/><figcaption class="wp-element-caption">Shoppers walk within Merkato, one of Africa&#8217;s biggest open air market, in Addis Ababa, Ethiopia, April 25, 2024. REUTERS/Tiksa Negeri/File Photo</figcaption></figure>



NAIROBI, Nov 5 (Reuters)&nbsp;&#8211;&nbsp;The International Monetary Fund has raised Ethiopia&#8217;s net international reserves target to facilitate payments of upcoming hard currency bills, the Fund said.



The East African nation secured a $3.4 billion, four-year financing program from the IMF in July after carrying out a series of reforms including floating its birr currency. It is also in the midst of a fresh push to put its debt restructuring back on track.



&#8220;An increase in near-term target is warranted by Ethiopia&#8217;s vulnerabilities and heightened uncertainty around outlook,&#8221; the IMF said in a report published late on Monday.



Lower-than-expected volumes of hard currency sales by the central bank through auctions and higher gold exports contributed to an over-performance of the net international reserves target for August, the IMF said.



The net international reserves stood at $1.3 billion in mid-August, more than double the target of $630 million, the Fund said.



It raised the end-June 2025 target by $300 million to $400 million, to help create a buffer for the country to settle maturing letters of credit for fuel imports issued before reforms started.



The flotation of the birr currency resulted in the convergence of the official and the black market rates, the IMF said, but market activities had picked up at a slower pace than expected, leading to persistent unmet demand for dollars.



Ethiopia plans to reach a deal with bilateral creditors by year-end, the Fund said, followed by a deal with its Eurobond investors &#8220;as soon as is feasible&#8221; after that.



Bondholders have rejected the size of the proposed reduction in the principal amount, known as a haircut, indicated at 18% in a recent investor presentation, saying the government was ignoring the fact that Ethiopia faces a liquidity issue, not an insolvency one.



&#8220;The authorities are making good faith efforts to agree terms with Eurobond holders,&#8221; the IMF said.



(Reporting by Duncan Miriri; Editing by Bernadette Baum)

3GQDJSI4GBKYFLS5LW25CALRGU

IMF raises Ethiopia’s international reserves target after first review

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1920" height="1005" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/WH675YVHBZPIZNYJUJB4CMI73E.avif" alt="" class="wp-image-550493"/><figcaption class="wp-element-caption">A view shows a toll station on the Expressway undertaken by the China Road and Bridge Corporation (CRBC) on a public-private partnership (PPP) basis, in Nairobi, Kenya May 8, 2022. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



NAIROBI, Nov 5 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s private sector saw a modest improvement in business conditions in October, as activity levels and employment returned to growth, an S&amp;P Global survey showed on Tuesday.



The headline Purchasing Managers&#8217; Index (PMI) rose to 50.4 in October from 49.7 in September, indicating a marginal upturn in the health of the private sector. A PMI reading above 50.0 signals growth, while below that level indicates contraction.



Business activity increased for the second time in three months, driven by rising sales and greater client interest, despite ongoing cash flow challenges and political uncertainty. Employment levels also rose for the first time since July, although the pace of job creation was mild.



&#8220;Despite the slight rise in output, many firms continued to struggle with cash flow constraints, tough economic conditions, rising costs and political uncertainty,&#8221; the survey reported.



Purchasing efforts accelerated, leading to the most significant increase in inventories since August 2023, as firms stocked up in anticipation of new customers. Input cost pressures remained mild, resulting in only a slight rise in average prices charged.



Confidence regarding future activity rose to a four-month high, with firms planning new outlets and investments in products and marketing. However, sentiment remained subdued compared to historical trends.



While input prices rose modestly, driven by higher tax payments and material costs, reduced fuel prices helped keep cost burdens lower than last year. As a result, the increase in selling prices was among the slowest in nearly four years.



(Reporting by Reuters; Editing by Toby Chopra)

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Trump declares victory as presidential race with Harris has yet to be called

Nigeria’s power grid partially collapses again, causing blackouts

Bitcoin surges to $75,000, a new record, as traders bet Trump has election edge

Formula One’s race to sustainability

Why middle class life is becoming unaffordable for Americans

Prince William meets President Ramaphosa on South Africa trip

IMF raises Ethiopia’s international reserves target after first review

Kenya’s private sector activity returns to growth in October, PMI shows

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South African Markets – Factors to watch on Nov 7

China as a Model Development Partner

Safaricom trims forecast on Ethiopia’s birr depreciation

Trump win and threat of more tariffs raises expectations for more China stimulus

From coffee beans to milk, meet the Singapore-based start-up using AI to vet ingredients

Does The President Actually Control The U.S. Economy?

‘A huge victory’: World leaders react as Trump secures White House return

Donald Trump defeats Kamala Harris to win 2024 presidential election

South Africa closes main border with Mozambique as post-election protests escalate

Trump declares victory as presidential race with Harris has yet to be called

Nigeria’s power grid partially collapses again, causing blackouts

Bitcoin surges to $75,000, a new record, as traders bet Trump has election edge

Formula One’s race to sustainability

Why middle class life is becoming unaffordable for Americans

Prince William meets President Ramaphosa on South Africa trip

IMF raises Ethiopia’s international reserves target after first review

Kenya’s private sector activity returns to growth in October, PMI shows

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