Vinyl records have a pressing problem — toxic chemicals and a high carbon footprint

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/GettyImages-1258349926-820x547.jpg" alt="" class="wp-image-587559" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/GettyImages-1258349926-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/GettyImages-1258349926-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/GettyImages-1258349926-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/GettyImages-1258349926-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/GettyImages-1258349926-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/GettyImages-1258349926-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Iain Williamson, chief executive officer of Old Mutual Ltd., speaks during the Future of Finance 2023 in Cape Town, South Africa, on Thursday, June 1, 2023. South Africa is the world&#8217;s 14th-biggest producer of greenhouse-gas emissions and relies on fossil fuels to generate the bulk of its electricity. Photographer: Dwayne Senior/Bloomberg via Getty Images</figcaption></figure>



JOHANNESBURG, Feb 17 (Reuters) &#8211; South Africa&#8217;s Old Mutual Ltd said on Monday that Iain Williamson will take early retirement and step down as chief executive officer and executive director of the firm on August 31 after five years at the helm of the insurer.



&#8220;He will leave Old Mutual a stronger, more resilient and more innovative company that is ideally positioned to grow and thrive into the future,&#8221; the company said in a statement, adding that the board has started the process to identify a new CEO.



Williamson has spent 32 years with the Old Mutual Group, the last five as CEO.



(Reporting by Nqobile Dludla; Editing by Tomasz Janowski)

Key Speakers at Future of Finance Cape Town

South Africa’s Old Mutual CEO Williamson to take early retirement

Can Boeing Overcome Their Recent Challenges? | CNBC Marathon

Both winning and losing give you a chance to learn

Both winning and losing give you a chance to learn, says tennis star Anna Kalinskaya

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="3500" height="2333" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/PXLKBZI2LZOEZMX4CFG34SUVRQ.avif" alt="" class="wp-image-587490"/><figcaption class="wp-element-caption">South African Minister of International Relations and Cooperation Ronald Lamola speaks during a meeting with US Secretary of State Antony Blinken at the Lotte Palace Hotel on September 26, 2024 in New York. BRYAN R. SMITH/Pool via REUTERS/File Photo</figcaption></figure>



JOHANNESBURG, Feb 17 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s foreign minister Ronald Lamola told Reuters on Monday that the United States had not responded to attempts to&nbsp;discuss&nbsp;President Donald Trump&#8217;s&nbsp;executive order cutting off aid.



Trump cut U.S. financial assistance to the country this month, citing disapproval of its land reform policy and of its genocide case against Israel at the International Court of Justice.



&#8220;Despite all our attempts, through our mission in Washington to formally engage and communicate&#8230; we are awaiting feedback and a response. We&#8217;re hopeful that they will find a moment to respond and have the discussion with us,&#8221; Lamola told Reuters in an interview.



&#8220;We don&#8217;t think it&#8217;s ideal that diplomatic matters can only be handled through social media.&#8221;



South Africa will host the G20 meeting of foreign ministers later this week in Johannesburg, which U.S. Secretary of State Marco Rubio is not attending after he expressed disapproval of South Africa&#8217;s G20 theme &#8220;Solidarity, Equality, Sustainability&#8221;.



Lamola said South Africa was setting up bilateral meetings with a number of countries with whom it has good trade relations, including China which he said had pledged its support.



&#8220;(China said) that they are there in solidarity with us, and they stand ready to pledge support in terms of whatever trade relations and challenges that they can,&#8221; the minister said.



Lamola said South Africa would continue to try to contact the United States.



&#8220;We will not get tired, &#8230; the best scenario will be us and them finding each other on a number of issues. But we have to face reality that we have to plan for all scenarios.&#8221;



(Reporting by Nellie Peyton and Tim Cocks; Writing by Tannur Anders and Bhargav Acharya; Editing by Alexander Winning)

PXLKBZI2LZOEZMX4CFG34SUVRQ

South Africa says US has not responded to attempts to discuss Trump aid cut

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="615" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/Credit-Mulapwa-Mukopole-UNDP-Zambia-820x615.jpg" alt="" class="wp-image-587471" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/Credit-Mulapwa-Mukopole-UNDP-Zambia-820x615.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/Credit-Mulapwa-Mukopole-UNDP-Zambia-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/Credit-Mulapwa-Mukopole-UNDP-Zambia-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/Credit-Mulapwa-Mukopole-UNDP-Zambia-768x576.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/Credit-Mulapwa-Mukopole-UNDP-Zambia-1536x1152.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/Credit-Mulapwa-Mukopole-UNDP-Zambia.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Strengthening climate resilience of agricultural livelihoods in Agro-Ecological Regions I and II (GCF), Zambia. Credit: Mulapwa Mukopole/UNDP Zambia&nbsp;</figcaption></figure>



In 2024, Zambia faced one of its most severe droughts in recent history, that placed a deep strain on water and electricity supplies, deepened food insecurity, and exacerbated a deadly cholera outbreak. While the arrival of rain this year has somewhat eased water shortages, electricity supply remains limited, and other challenges persist. A year on from the crisis, President Hakainde Hichilema has effectively led his government towards a new approach; one that transforms these pressing issues into opportunities for sustainable solutions.



Drought Impact and Response



The drought, considered the worst to hit Zambia in two decades, resulted in a widespread food shortage, and an estimated 33% of the Zambian population were expected to face hunger between October 2024 and March 2025, before an expected strong maize harvest in the second quarter this year. In response, at the time, President Hakainde Hichilema declared the drought a national disaster in February last year, enabling the immediate mobilisation of national and international resources &#8211; marking a shift from the delays seen under previous administrations.



The government showed similar decisive action when water scarcity in 2024 exacerbated a brief cholera outbreak which had begun in October 2023. A multi-sectoral ministerial response team was swiftly mobilised to tackle the disease from various fronts. Internal resources were allocated to community awareness campaigns,



Public sanitation efforts, and personal hygiene promotion



Partner organisations, including the Africa CDC, answered the government’s call for support, contributing by training health workers, supplying medical equipment, and enhancing cross-border disease surveillance.



Beyond these measures, the government has taken significant steps to strengthen Zambia’s long-term healthcare resilience. In October 2024, President Hichilema oversaw the signing of a $37 million Memorandum of Understanding (MoU) between the Industrial Development Corporation and China’s Jijia International Company to construct the country’s first cholera vaccine plant.



This domestic production capability addresses a critical gap exposed during the 2023/24 outbreak when vaccine shortages hampered response efforts. Furthermore, it puts Zambia on course to eliminate the disease by 2030, aligning with global health targets.



The government&#8217;s containment efforts in 2024 have yielded promising results. So far, Zambia has recorded 208 cases and 9 deaths &#8211; an enormous improvement compared to nearly 20,000 cases and over 600 deaths at the same time last year. This sharp decline highlights the effectiveness of the government’s proactive health measures.



While managing the health crisis, the government also had to address the drought’s severe impact on energy supply. Water levels in the country’s two major hydropower water basins have been drastically depleted, leading to frequent blackouts with disruption to industries and communities alike.



In response, the government introduced regulations to fast-track the importation and deployment of renewable energy solutions, particularly solar power. It also implemented net metering and enhanced electricity open access, encouraging increased private sector participation in the power sector. These measures align with the broader strategy to diversify Zambia’s energy mix and reduce dependence on centralised hydroelectric power.



Comprehensive steps have also been taken to address food security, moving beyond emergency responses toward sustainable solutions, with a focus on urban agriculture. A key milestone in this effort was the development of Zambia’s first National Rainwater Harvesting Strategy to improve water security, supported by the European Union’s Green Nexus Programme. In 2024, the government strengthened this approach by launching the Comprehensive Agricultural Transformation Support Program (CATSP), designed to enhance food security, create jobs, and boost agricultural exports. This commitment is further reflected in the 2025 national budget, which allocates K15.4 billion to agriculture, fisheries, and livestock interventions &#8211; up from K11.2 billion in



2023 and K13.8 billion in 2024. Of this, 60.1% (K9.27 billion) is earmarked for the Farmer Input Support Programme (FISP), ensuring small-scale farmers have better access to agricultural resources. Support for small-scale farming has been further strengthened through the National Agricultural Mechanisation Strategy, developed in collaboration with universities, farmers, the private sector, and international partners such as the EU, the UN’s Food and Agriculture Organization (FAO), and the International Maize and Wheat Improvement Centre. This strategy aims to increase agricultural productivity across crops, livestock, and fisheries, with a strong focus on maize, wheat, and soya production. Under the same strategy, the government launched the &#8216;Mechanise 360 Ulimi Okwana&#8217; campaign aimed at modernising agricultural practices for smallholder farmers across 500,000 hectares of arable land.



To tackle the broader issue of food security and challenges to public health, the government is also investing in water, sanitation, and infrastructure. The 2025 budget allocates K2.3 billion to water and sanitation projects &#8211; 21% higher than the previous year’s allocation. Under the Food Security and Drought Response Plan, 12 new dams will be constructed, 14 rehabilitated, and 385 will undergo maintenance, with plans to construct 947 boreholes, install 500 piped water schemes, and develop 1,835 water points. These projects aim to improve water management, enhance public health, and reduce the prevalence of waterborne diseases while ensuring reliable water access for over 3.5 million Zambians.



Transforming Crisis into Development Opportunities



By declaring the drought a national disaster and emergency, the government was able to swiftly mobilise resources and coordinate assistance with international partners. Citizens have adapted by finding new ways meet their food and energy needs, shifting away from rain-fed maize farming and increasing their uptake of solar power and alternative energy sources for cooking and heating. Increased government funding and active engagement have strengthened public trust in its capacity to address Zambia’s most pressing challenges.



While the drought tested Zambia’s resilience last year, it catalysed sustainable solutions, demonstrating the country’s capacity to adapt to the evolving demands of climate change and food security.

Credit Mulapwa Mukopole UNDP Zambia

Turning Crisis into Opportunity

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="4973" height="3477" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/N3DCCO5VZROJFBGQI7LRUQAIQU.avif" alt="" class="wp-image-587468"/><figcaption class="wp-element-caption">South African Minister of Mineral Resources and Energy, Gwede Mantashe speaks at the Investing in African Mining Indaba in Cape Town, South Africa February 3, 2025. REUTERS/Esa Alexander/File Photo</figcaption></figure>



CAPE TOWN, Feb 17 (Reuters) &#8211; South Africa could turn to Russia or Iran to expand its civilian nuclear power capacity, a senior government minister said, a stance analysts say could deepen a rift with the United States and further delay the renewal of a strategic energy pact.



South Africa, which operates Africa&#8217;s only nuclear power plant, Koeberg, plans to add 2,500 megawatts of new capacity to tackle electricity outages that have plagued the economy and to reduce emissions.



&#8220;We can&#8217;t have a contract that says Iran or Russia must not bid, we can&#8217;t have that condition,&#8221; Minister of Mineral and Petroleum Resources Gwede Mantashe, one of the government&#8217;s leading proponents of expanding nuclear capacity, said.



&#8220;If they are the best in terms of the offer on the table, we&#8217;ll take any (country),&#8221; he told Reuters.



The country is under scrutiny from Washington after President Donald Trump issued a far-reaching executive order this month halting aid. Among other criticisms, the order claimed &#8211; without providing evidence &#8211; that South Africa was &#8220;reinvigorating its relations with Iran to develop commercial, military, and nuclear arrangements&#8221;.



Pretoria has no bilateral cooperation with Iran on nuclear power or any nuclear-related technology, the office of South African President Cyril Ramaphosa said.



A U.S. State Department spokesperson did not comment on the possibility of Iran or Russia helping South Africa expand its civilian nuclear capacity.



A South African tender for nuclear projects, initially planned for last year, has been delayed for further consultation following legal challenges led by the then opposition Democratic Alliance party, now part of the coalition government.



<h2 class="wp-block-heading" id="h-almost-a-decade-of-talks">ALMOST A DECADE OF TALKS</h2>



Pretoria and Washington had been seeking to conclude after almost a decade of talks a new civilian nuclear pact, known as a Section 123 Agreement, a prerequisite for exporting U.S.-made nuclear fuel or equipment.



&#8220;The allegations made in the executive order can significantly complicate getting the agreement renewed,&#8221; said Isabel Bosman, a nuclear energy researcher at the South African Institute of International Affairs.



The State Department spokesperson did not comment on whether Trump&#8217;s executive order would affect talks between the two countries.



The previous 123 agreement, implemented in 1997, lapsed in December 2022.



Negotiations for a new agreement have already been finalised at a technical level but nothing is signed yet as legal processes on both sides were incomplete, Zizamele Mbambo, a senior official in South Africa&#8217;s energy ministry said.



&#8220;As far as we know both sides remain firmly committed to conclude this new agreement,&#8221; he added.



Failure to secure a new deal could block South African power utility Eskom from sourcing reactor fuel from Westinghouse for Unit 1 at Koeberg, industry analysts say. Unit 2 is supplied by France&#8217;s Framatome.



It may also hinder U.S. companies, such as the Bill Gates-backed TerraPower and ASP Isotopes ASPI.O, from investing in South Africa during a global atomic renaissance, the analysts added.



(Reporting by Wendell Roelf; additional reporting by Timothy Gardner in Washington; editing by Joe Bavier and Emelia Sithole-Matarise)

N3DCCO5VZROJFBGQI7LRUQAIQU

South Africa open to nuclear project bids from Russia or Iran, minister says

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3333" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/MTPYEYSKNVOEZBDRFXJLTR5D3Q.avif" alt="" class="wp-image-587420"/><figcaption class="wp-element-caption">A general view of the skyline of Addis Ababa, Ethiopia November 3, 2021. REUTERS/Tiksa Negeri/File Photo</figcaption></figure>



NAIROBI, Feb 17 (Reuters)&nbsp;&#8211;&nbsp;Investors holding Ethiopia&#8217;s defaulted bond said on Monday there are &#8220;significant flaws&#8221; in the latest International Monetary Fund report that suggests the country is facing a solvency issue, a scenario that would require them to grant debt relief.



The salvo is the latest battle between the creditor committee, the IMF and Ethiopia over whether the country is facing a liquidity issue, meaning it might only need more time to pay, or a solvency issue, which could require debt writedowns known as haircuts.



&#8220;The Committee disagrees with the conclusions reached by the IMF in the staff report,&#8221; it said in a statement, adding that the IMF analysis &#8220;incorporates export projections and reserve adequacy targets that do not align with the Committee&#8217;s assessment of Ethiopia&#8217;s economic fundamentals&#8221;.



It said it had issued a paper detailing &#8220;significant flaws in the recently published IMF staff report&#8230; which it believes are artificially creating a solvency issue for Ethiopia&#8221;.



Neither the IMF nor the Ethiopian government immediately responded to requests for comment.



Ethiopia&#8217;s government has said bondholder losses are unavoidable, and last year proposed an 18% haircut.



The committee letter said the IMF&#8217;s latest staff report &#8220;fails to acknowledge significant improvements in Ethiopia&#8217;s macroeconomic situation,&#8221; and that it had significantly undervalued increases in key exports, including gold and coffee.



The committee, which represents investors who account for more than 40% of the holdings of Ethiopia&#8217;s $1 billion bond, said it reserved the right to take action, including potential proceedings in English courts, to enforce Ethiopia&#8217;s obligations to repay the outstanding debt.



(Reporting by Duncan Miriri; Editing by Libby George and Helen Popper)

MTPYEYSKNVOEZBDRFXJLTR5D3Q

Ethiopia bondholders say IMF report contains ‘significant flaws’

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="4068" height="2790" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/WSTYBLNGHVJ77BIIF3ASYQZSKA.avif" alt="" class="wp-image-587384"/><figcaption class="wp-element-caption">A worker attends to machinery at a smelter plant at Anglo American Platinum&#8217;s Unki mine in Shurugwi, Zimbabwe, May 16, 2019. REUTERS/Philimon Bulawayo/File Photo</figcaption></figure>



JOHANNESBURG, Feb 17 (Reuters) &#8211; Anglo American Platinum will pay an additional $856 million cash dividend ahead of its planned spinoff into a standalone unit, it said on Monday.



The payout is despite annual profit slumping 40% to about 8.4 billion rand ($456.7 million) as lower platinum-group metal&nbsp;(PGM)&nbsp;prices continue to squeeze earnings.



Johannesburg-based Amplats said the 15.7 billion rand cash payout is in addition to a final dividend of 3 rand per share, or about 800 million rand, ahead of its plan to demerge from parent company Anglo American.



Amplats will pay the additional dividend from its net cash reserves of about 17.6 billion rand, CEO Craig Miller said on a call with journalists.



CFO Sayurie Naidoo added that the company can afford the extra payout without compromising its liquidity position.



&#8220;All our assets are cash generative and therefore we expect by the end of the year we will still be in a cash neutral position,&#8221; she said.



The miner&#8217;s shares rose as much as 3.8% in early morning trading.



&#8220;We have modelled this on various price scenarios and we still believe we will be able to execute on our strategy.&#8221; Naidoo said.



Amplats would continue to benefit from demand for PGMs mostly from automakers, as the rollout of battery electric vehicles, which do not use the metals, slows down, Miller said. South African PGMs have also scaled back investing in new mines, which could result in future supply tightening, Miller said.



&#8220;There will be continued demand for our metals and through the assets we have we will be able to supply into that,&#8221; Miller said.



The platinum miner is due to be spun off from the London-listed group by June, part of a restructuring strategy implemented by Anglo American after fighting off a $49 billion takeover bid from bigger rival BHP last year.



Anglo has also sold its coal assets and is in the process of selling its nickel business in Brazil. It also plans to divest its De Beers diamond unit.



Anglo will maintain a 19.9% stake in the demerged unit and gradually manage its exit over time, but will have no presence on the Amplats board, it said.



Retaining the stake could also&nbsp;help manage &#8220;flowback issues&#8221;, RBC Capital market analysts said.



&#8220;This should help with the possible flowback issues on the stock, particularly from passive index holders of Anglo American that would mechanically be selling the shares post demerger,&#8221; the analysts said.



($1 = 18.3938 rand)



(Reporting by Felix Njini and Nelson Banya; Additional reporting by Clara Denina, Editing by Tom Hogue and Christian Schmollinger, Kirsten Donovan and Sharon Singleton)

WSTYBLNGHVJ77BIIF3ASYQZSKA

Anglo Platinum pays $856 million top up cash dividend before spinoff

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/108103169-1739765612565-gettyimages-2197304605-CHINA_BRUNEI-820x461.jpeg" alt="" class="wp-image-587350" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/108103169-1739765612565-gettyimages-2197304605-CHINA_BRUNEI-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/108103169-1739765612565-gettyimages-2197304605-CHINA_BRUNEI-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/108103169-1739765612565-gettyimages-2197304605-CHINA_BRUNEI-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/108103169-1739765612565-gettyimages-2197304605-CHINA_BRUNEI-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/108103169-1739765612565-gettyimages-2197304605-CHINA_BRUNEI-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/108103169-1739765612565-gettyimages-2197304605-CHINA_BRUNEI.jpeg 1600w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">BEIJING, CHINA &#8211; FEBRUARY 6: Chinese President Xi Jinping (C) speaks during a bilateral meeting with Brunei Sultan Hassanal Bolkiah (not pictured) at the Great Hall of the People on February 6, 2025 in Beijing, China.   Andres Martinez Casares | Getty Images News | Getty Images</figcaption></figure>



Chinese President Xi Jinping delivered a speech at a symposium with prominent entrepreneurs on Monday, according to state media, signaling support for the private sector at a time when the country’s economy has been facing several headwinds.



Xi’s presence at the symposium sends a “very clear signal of top-level support” to the private sector entrepreneurs, Peiqian Liu, Asia economist at Fidelity International told CNBC, “this will likely reignite the animal spirit and optimism about renewed growth momentum in China.”



“It could potentially be even more powerful than fiscal stimulus, should policymakers show more decisive support towards the development of tech sector in China,” Liu added.



Beijing has sought to shore up its economy dragged down by lackluster domestic consumption, a prolonged real estate slump and external headwinds such as tariffs on its exports.



The meeting could mark “a symbolic turning point for Chinese tech sector after years of heightened scrutiny,” said Lynn Song, chief economist at LNG, emphasizing the timing of this meeting underscored Beijing’s urgency to cheer up the private sector amid economic malaise and external tariff risks.



It could mean that “the regulatory overhang that we have had for the past two years or so is at an end,” said Andy Maynard, managing director and head of equities at China Renaissance.



Alibaba’s founder Jack Ma was among the entrepreneurs present at the meeting, according to a video clip released by Chinese state media.



The outspoken businessman has mostly stayed out of the public eye since Chinese authorities scuttled a blockbuster initial public offering of Alibaba Group affiliate Ant Group in November 2020, after his public criticism of the country’s regulatory system enraged Beijing.



Ma’s return to the limelight could reinforce the expectation that Beijing is softening its approach on large tech companies, Maynard said.



Other entrepreneurs who attended the meeting included Ren Zhengfei, founder and chief executive officer of Huawei Technologies, Lei Jun, founder and CEO of consumer electronics maker Xiaomi Corp and Wang Xing, founder of food delivery giant Meituan.



Beijing kicked off a regulatory storm against the country’s large technology companies in late 2020 over concerns that they were growing too large and powerful.



While the symposium may not signify “a 180-degree turn” in China’s control over the direction of its economic policy, it does reflect Beijing’s recognition of the significant role that China’s private sector can play in supporting growth and boosting technical capabilities in rivaling the U.S., Alfredo Montufar-Helu, head of China Center at think tank The Conference Board, told CNBC.



Mainland China’s CSI 300 index was little changed following the news.



The Hang Seng tech index, which had jumped over 5% Friday on media reports of the meeting, widened losses to drop over 2% following the meeting.



Chinese startup DeepSeek’s release of a cutting-edge AI model has helped drive a rally in the country’s stock market in the past month, prompting calls for an upward rerating of equities. The low-profile founder of DeepSeek, Liang Wenfeng, was previously reported to have been invited to the meeting.

108103169-1739765612565-gettyimages-2197304605-CHINA_BRUNEI

China’s Xi speaks to entrepreneurs in a rare meeting, signaling support for private sector

Trump tariffs are coming — here’s how U.S. businesses are avoiding them

Will Privatizing Fannie Mae And Freddie Mac Mean Higher Mortgage Rates?

Why A Shortage Of Airplane Mechanics Is Aviation’s Next Challenge

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/GettyImages-1760572068-820x547.jpg" alt="" class="wp-image-586376" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/GettyImages-1760572068-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/GettyImages-1760572068-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/GettyImages-1760572068-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/GettyImages-1760572068-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/GettyImages-1760572068-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/GettyImages-1760572068-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Cyril Ramaphosa, South Africa&#8217;s president, speaks at the African Growth and Opportunity Act (AGOA) forum in Johannesburg, South Africa, on Friday, Nov. 3, 2023. The US aims to ensure that its preferential trade pact with Africa is replaced without interruption when it expires in two-year&#8217;s time, while bringing it up to date. Photographer: Leon Sadiki/Bloomberg via Getty Images</figcaption></figure>



Four U.S. congressmen have asked President Donald Trump to revoke South Africa’s access to the U.S. market through the African Growth and Opportunity Act (AGOA) as well as consider breaking diplomatic relations, accusing it of undermining American interests globally.



In a letter dated February 11, 2025 Republican congressmen Andrew Ogles, Tom Tiffany, Joe Wilson and Don Bacon said South Africa had a vendetta against Israel, was allegedly committing human rights violations and was friendly with China’s Community Party.



“…we urge you to revoke South Africa’s preference benefits under the African Growth and Opportunity Act,’’ the letter signed by the four congressmen says. “We would also suggest that you consider suspending diplomatic ties unless that government is prepared to engage constructively with our own.”



President Trump, backed by Tesla CEO Elon Musk, has falsely accused the South African government of mistreating Afrikaners and white farmers as it tries to reform land ownership in a country where they own more than three quarters of the land although they make up less than 10 percent of the population. No farm has been forcibly taken in South Africa since democracy began in 1994.



South African President Cyril Ramaphosa, who heads a 10-member government of national unity, has said he will send ministers to address the U.S. concerns but has insisted that South Africa &#8220;will not be bullied.&#8221; The U.S. has been unhappy that South Africa took Israel to the International Court of Justice, accusing it of genocide over a military offensive in Gaza where tens of thousands have been killed. Israel has denied the charge, saying it defended itself after Hamas attacked it on Oct. 7, 2023.



“South Africa is simply not deserving of duty free access to the American market,” the letter says, citing South African moves to force the relocation of Taiwan’s liaison office from the capital Pretoria. “Pretoria’s continued insistence on undermining America’s security and foreign policy interests are similarly disqualifying under the eligibility requirements.”



South Africa is a member of the BRICS nations, which groups China, Russia, India and Brazil and has as one its goals, the replacement of the U.S. dollar in commercial transactions.

The African Growth and Opportunity Act Forum

U.S. Congressmen Demand President Trump revoke South Africa’s AGOA membership, break ties

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3333" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/6EO3HGEH6FKYPNIVMCWIHMJTMA.avif" alt="" class="wp-image-586313"/><figcaption class="wp-element-caption">Congolese people displaced following recent clashes between the M23 rebels and the Armed Forces of the Democratic Republic of the Congo (FARDC), leave the camps and return to their homes after the M23 rebels instructed them to vacate the camps in the outskirts of Goma, Democratic Republic of the Congo February 12, 2025. REUTERS/Stringer/File Photo</figcaption></figure>



NAIROBI, Feb 14 (Reuters)&nbsp;&#8211;&nbsp;Congo&#8217;s war tops the agenda at this weekend&#8217;s African Union summit but chances of diplomatic progress are slim as rebels advance and Rwanda&#8217;s leader, accused of backing them, has vowed to &#8220;spit in the face&#8221; of anyone punishing him for his actions.



The advance of M23 rebels through eastern Congo has triggered fears that Africa&#8217;s Great Lakes region risks slipping back into a broader war sucking in neighbouring armies, reminiscent of conflicts in the 1990s and 2000s that killed millions.



The AU summit in Addis Ababa on Saturday and Sunday is meant to be the next stage in regional efforts to halt the conflict. But rebels ignored calls for peace at a summit last week and have pushed towards Bukavu, some 200 km south of Goma, eastern Congo&#8217;s biggest city which was seized last month.



&#8220;I think this is the most serious crisis in Africa right now. It is time for the African Union to show its strength,&#8221; Stephanie Wolters, senior research fellow at the South African Institute of International Affairs, told Reuters.



World leaders have called for Rwanda to cut its support for the M23 fighters, which U.N. experts say includes troops and advanced military hardware.



The United States has warned of possible sanctions against Rwandan and Congolese officials. The European Parliament on Thursday urged the European Union to freeze direct budget support for Rwanda.



But President Paul Kagame remains defiant.



Rwanda has repeatedly denied backing M23 but says it will do everything necessary to defend itself from Hutu militants in Congo that Kigali, and M23, says remain bent killing Tutsis and attacking Rwanda 30 years after the 1994 genocide.



&#8216;EXISTENTIAL THREATS&#8217;



M23 is the latest in a string of Rwanda-backed rebel movements in Congo to cite this threat as they take up arms in the eastern borderlands, which are far from the capital, Kinshasa, and rich in minerals.



&#8220;We have faced existential threats for years. We had the worst tragedy in &#8217;94. You really come to me and start threatening &#8230; sanctions because I am defending myself? And you think I have any iota of fear for that?&#8221; Kagame told France&#8217;s Jeune Afrique magazine this week.



He recalled an episode from the genocide, when he said a woman about to be killed was told to choose how she would prefer to be killed. Instead, he said, she spat in the face of her assailants.



&#8220;You can imagine how much I am going to spit in the face of anyone who tells me to choose between which death I should face,&#8221; he said.



Congo&#8217;s President Felix Tshisekedi travelled to Germany on Thursday to take part in the Munich Security Conference, where he would seek greater international involvement resolving Congo&#8217;s crisis, his office said in a post on X.



He is due to continue to the AU summit afterwards, a source in the presidency said.



M23 rebels last seized Goma in 2012. It only briefly held the city before withdrawing under intense international pressure, threats of aid cuts to Rwanda and an aggressive African force defeated the rebels.



This time, though, experts say there is more reluctance to take on Rwanda and the multitude of other global crises is eating into world leaders&#8217; attention.



The M23 advance south has been slowed by Congolese forces backed by thousands of Burundian troops, which have also deployed into Congo. Tensions between Burundi and Rwanda run high, adding to regional tensions.



(Reporting by David Lewis in Nairobi and Sonia Rolley in Paris; Editing by Bate Felix and Alison Williams)

6EO3HGEH6FKYPNIVMCWIHMJTMA

AU summit unlikely to make progress on Congo in face of Rwanda defiance

From AI to 16K screens

From AI to 16K screens, tech has officially disrupted the film industry

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3335" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/BDRBXAEV4NJEFCJVVVLJFQRNLE.avif" alt="" class="wp-image-586232"/><figcaption class="wp-element-caption">Photo: via Reuters</figcaption></figure>



New Delhi and Washington will work to more than double bilateral trade to $500 billion by 2030, Indian Prime Minister Narendra Modi said at a joint press conference with U.S. President Donald Trump on Thursday.



Speaking at the conclusion of the two leaders’ meeting in Washington, Modi also said that “Our teams will work on concluding very soon, a mutually beneficial trade agreement.”



Trump acknowledged India’s recent move to reduce tariffs on select imports and said he would begin talks on disparities on trade and hoped to reach an agreement.



The remarks came hours after Trump signed a&nbsp;<a href="https://www.cnbc.com/2025/02/13/trump-reciprocal-tariffs-news-conference.html">presidential memorandum outlining his plan to impose</a>&nbsp;“reciprocal tariffs” on foreign nations, including India.



The U.S. would simply charge the same tariff rates that India charges, Trump said, while the trade deficit with India could be addressed with the sale of oil and gas.



<a href="https://www.wto.org/english/res_e/statis_e/daily_update_e/tariff_profiles/in_e.pdf" target="_blank" rel="noreferrer noopener">India’s simple average</a>&nbsp;tariff on countries with the most-favored-nation status stands at 17%,&nbsp;<a href="https://www.wto.org/english/res_e/statis_e/daily_update_e/tariff_profiles/US_e.pdf" target="_blank" rel="noreferrer noopener">compared with the U.S. that levies 3.3%</a>. The U.S. enjoys MFN status with most major economies.



U.S. total goods trade with India is estimated at&nbsp;<a href="https://ustr.gov/countries-regions/south-central-asia/india" target="_blank" rel="noreferrer noopener">$129 billion in 2024</a>, according to the Office of the U.S. Trade Representative. India’s surplus with the U.S., its&nbsp;<a href="https://tradestat.commerce.gov.in/eidb/iecnttopn.asp" target="_blank" rel="noreferrer noopener">second-largest trading</a>&nbsp;partner,&nbsp;<a href="https://www.census.gov/foreign-trade/balance/c5330.html" target="_blank" rel="noreferrer noopener">reached $45.7 billion last year.</a>&nbsp;



The U.S. will increase its military sales to India starting this year and ultimately provide F-35 fighter jets to the Asian ally, Trump said at the briefing, in an effort to confront what he called “the threat of radical Islamic terrorism.” India is&nbsp;<a href="https://www.sipri.org/sites/default/files/2024-03/fs_2403_at_2023.pdf" target="_blank" rel="noreferrer noopener">the world’s biggest defense equipment importer</a>.



Modi said India and the U.S. would also work together on developing artificial intelligence and semiconductors while focusing on establishing strong supply chains for strategic minerals.



The lofty target of $500 billion in trade could be achievable, Raghuram Rajan, professor of finance at University of Chicago Booth School of Business and former Reserve Bank of India governor, told CNBC’s “<a href="https://www.cnbc.com/asia-squawk-box/">Squawk Box Asia</a>.”



Besides shifting away from Russia — India’s key defense supplier — toward the U.S. for arms, India could also increase its purchases of liquified natural gas from American manufacturers, Rajan added.



The Trump-Modi meeting had the threat of U.S. tariffs looming large.



“We are, right now, a reciprocal nation&#8230; We’re going to have whatever India charges, we’re charging them. Whatever another country charges, we’re charging them. So it’s called reciprocal, which I think is a very fair way,” the U.S. president said at the press briefing.



The president said that the reciprocal tariffs will not take effect immediately as his administration works on determining the appropriate tariff levels for each affected country.



Trump has already slapped tariffs on China, Canada and Mexico as well as global tariffs on imports of steel and aluminum. Trump’s tariffs on Canada and Mexico are currently on pause after both countries pledged to crack down on illegal drug trafficking at their respective borders with the U.S.



Despite the encouraging tones from the&nbsp;meeting, signs of friction remain in the U.S.-India relation, said Daniel Balazs, a research fellow at the S. Rajaratnam School of International Studies, such as the illegal immigration issue and India’s close ties with Russia.



“The latter, in particular, is unlikely to go away anytime soon and will probably remain a sore point between the two sides,” he said.

home

Vinyl records have a pressing problem — toxic chemicals and a high carbon footprint

South Africa’s Old Mutual CEO Williamson to take early retirement

Can Boeing Overcome Their Recent Challenges? | CNBC Marathon

Both winning and losing give you a chance to learn, says tennis star Anna Kalinskaya

South Africa says US has not responded to attempts to discuss Trump aid cut

Turning Crisis into Opportunity

South Africa open to nuclear project bids from Russia or Iran, minister says

Ethiopia bondholders say IMF report contains ‘significant flaws’

Anglo Platinum pays $856 million top up cash dividend before spinoff

China’s Xi speaks to entrepreneurs in a rare meeting, signaling support for private sector

Trump tariffs are coming — here’s how U.S. businesses are avoiding them

Will Privatizing Fannie Mae And Freddie Mac Mean Higher Mortgage Rates?

Why A Shortage Of Airplane Mechanics Is Aviation’s Next Challenge

U.S. Congressmen Demand President Trump revoke South Africa’s AGOA membership, break ties

AU summit unlikely to make progress on Congo in face of Rwanda defiance

From AI to 16K screens, tech has officially disrupted the film industry

U.S. and India to double bilateral trade in five years, Prime Minister Modi says, as Trump tariffs loom

News Tips

Advertise With Us

home

Vinyl records have a pressing problem — toxic chemicals and a high carbon footprint

South Africa’s Old Mutual CEO Williamson to take early retirement

Can Boeing Overcome Their Recent Challenges? | CNBC Marathon

Both winning and losing give you a chance to learn, says tennis star Anna Kalinskaya

South Africa says US has not responded to attempts to discuss Trump aid cut

Turning Crisis into Opportunity

South Africa open to nuclear project bids from Russia or Iran, minister says

Ethiopia bondholders say IMF report contains ‘significant flaws’

Anglo Platinum pays $856 million top up cash dividend before spinoff

China’s Xi speaks to entrepreneurs in a rare meeting, signaling support for private sector

Trump tariffs are coming — here’s how U.S. businesses are avoiding them

Will Privatizing Fannie Mae And Freddie Mac Mean Higher Mortgage Rates?

Why A Shortage Of Airplane Mechanics Is Aviation’s Next Challenge

U.S. Congressmen Demand President Trump revoke South Africa’s AGOA membership, break ties

AU summit unlikely to make progress on Congo in face of Rwanda defiance

From AI to 16K screens, tech has officially disrupted the film industry

U.S. and India to double bilateral trade in five years, Prime Minister Modi says, as Trump tariffs loom

News Tips

Advertise With Us

Newsletters