<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3334" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/6A7M3AO7TJLVNGKEVN2F6TDGYE.avif" alt="" class="wp-image-559324"/><figcaption class="wp-element-caption">International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., as IMF Managing Director Christine Lagarde meets with Argentine Treasury Minister Nicolas Dujovne September 4, 2018. REUTERS/Yuri Gripas/File Photo</figcaption></figure>



DAKAR, (Reuters) &#8211; Senegal hopes for a new International Monetary Fund programme by June, Finance Minister Cheikh Diba said on Thursday, as the government vowed to investigate alleged malfeasance after an audit found that former authorities misreported key data.



The IMF had suspended its existing $1.8 billion credit facility to Senegal pending a review of state finances, which confirmed on Wednesday that the debt and budget deficit were much wider than former President Macky Sall&#8217;s administration had reported.



Speaking at a press conference, Diba said he hoped a new programme with the IMF could be agreed by June with a disbursement soon after.



Justice Minister Ousmane Diagne said at the press conference that in a follow-up on results of the audit, the government would investigate alleged cases of embezzlement of public funds, forgery, and money laundering.



Diagne said the investigations could implicate former ministers and directors of public institutions during the 2019-2024 period, but he declined to give names.



Former President Sall&#8217;s Alliance for the Republic party (APR) rejected Wednesday&#8217;s review of the country&#8217;s finances by the Court of Auditors, saying in a statement on Thursday that the court had itself validated settlement laws for the past budgets in question.



The IMF did not immediately respond to a request for comment. On Wednesday it said it would look at the court&#8217;s report and initiate consultations with the Senegalese authorities to address issues raised.



(Reporting by Bate Felix; Additional reporting by Diadie Ba; Writing by Alessandra Prentice; Editing by Toby Chopra, Leslie Adler and Sandra Maler)

6A7M3AO7TJLVNGKEVN2F6TDGYE

Senegal hopes for new IMF programme by June, says minister

PHOTO-2025-02-13-14-00-59 1

Nigeria: Leading Africa’s Digital Trade Revolution

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/09/GettyImages-1177991243-820x547.jpg" alt="" class="wp-image-412161" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/09/GettyImages-1177991243-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/GettyImages-1177991243-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/GettyImages-1177991243-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/GettyImages-1177991243-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/GettyImages-1177991243-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/09/GettyImages-1177991243-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Neal Froneman, chief executive officer of Sibanye Gold Ltd., speaks during an interview in Johannesburg on Friday, Oct. 25, 2019. Froneman discussed precious metals prices and the impact of the rand on earnings. Photographer: Waldo Swiegers/Bloomberg via Getty Images</figcaption></figure>



Feb 13 (Reuters) &#8211; Sibanye Stillwater founder and dealmaker Neal Froneman will retire as CEO at the end of September to be succeeded by Richard Stewart, current head of the company&#8217;s operations in Southern Africa, it said on Thursday.



Stewart joined Sibanye in 2014 and has long been touted by investors as a possible successor to Froneman, who turns 66 in September.



Froneman has led Sibanye since 2013, when the company was formed through the combination of three old Gold Fields mines. Since then, Sibanye has grown into a diversified miner with gold and platinum group metal (PGM) operations in Southern Africa and the United States.



Froneman also drove the acquisition of lithium assets in Finland and a zinc operation in Australia as he sought to position the company to tap into the green energy transition.



The deal spree has weighed on Sibanye&#8217;s balance sheet and the Johannesburg-based miner has also struggled with falling profits as PGM prices, particularly palladium, retreated from the record highs of March 2022 after Russia&#8217;s invasion of Ukraine.



($1 = 18.5036 rand)



(Reporting by Nelson Banya and Felix Njini; Editing by David Goodman)

Sibanye Gold Ltd CEO Neal Froneman Interview

Sibanye dealmaker Froneman to retire as CEO in September

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/QOKAVEN6MRMWPH2LUXC4E2QNBU-820x547.jpg" alt="" class="wp-image-562966" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/QOKAVEN6MRMWPH2LUXC4E2QNBU-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/QOKAVEN6MRMWPH2LUXC4E2QNBU-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/QOKAVEN6MRMWPH2LUXC4E2QNBU-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/QOKAVEN6MRMWPH2LUXC4E2QNBU-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/QOKAVEN6MRMWPH2LUXC4E2QNBU-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/QOKAVEN6MRMWPH2LUXC4E2QNBU-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Nigerian President Bola Ahmed Tinubu listens to French President Emmanuel Macron (not seen) as he delivers a statement to the press after a meeting at the Elysee Palace in Paris as part of his a two-day state visit to France, November 28, 2024. REUTERS/Sarah Meyssonnier/Pool/File Photo</figcaption></figure>



ABUJA, Feb 13 (Reuters)&nbsp;&#8211;&nbsp;Nigerian lawmakers approved a budget of 54.99 trillion naira ($36.6 billion) for 2025, exceeding the proposal submitted by President Bola Tinubu, the parliamentary speaker said on Thursday.



Tinubu last week submitted a revised budget estimate of 54.2 trillion naira to the National Assembly due to additional earnings expected from revenue collection, including from the tax authority, customs and other agencies.



But lawmakers raised the amount again before granting their approval. Under Nigerian law, parliament can increase or cut the government&#8217;s spending plans.



The budget will be sent to Tinubu to be signed into law.



Nigeria made a provision of $200 million in the spending plan to fill gaps created by the United States&#8217; suspension of aid to Nigeria&#8217;s health sector.



Tinubu,&nbsp;now in his second year in office, had vowed during his campaign to revive growth in Africa&#8217;s most populous country. But swift reforms &#8211; including ending a petrol subsidy and two currency devaluations &#8211; implemented shortly after he came to power have driven up prices, triggering a cost-of-living crisis.



Inflation is expected to fall sharply to around 15% this year from a three-decade high of 34.80% in January, helped by lower fuel imports, Tinubu said in December.



The government said that spending priorities in 2025 would include bolstering security, investing in infrastructure, and implementing measures to ease the impact of the rising living costs.



The deficit is estimated to be 1.52% of the gross domestic product, or around 13 trillion naira.



(Reporting by Camillus Eboh; Writing by Elisha Bala-Gbogbo; Editing by Alex Richardson and Ros Russell)

FILE PHOTO: French President Macron meets Nigerian President Bola Tinubu in Paris

Nigerian lawmakers pass increased budget of $36.6 billion for 2025

How Private Equity Is Behind Red Lobster And TGI Fridays’ Bankruptcies

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3150" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/S6HQ7VEU4ROAHDG56OUF4DYLEI.avif" alt="" class="wp-image-585945"/><figcaption class="wp-element-caption">A general view shows a street in Kigali, Rwanda, April 26, 2024. REUTERS/Jean Bizimana/File Photo</figcaption></figure>



KIGALI, Feb 13 (Reuters) &#8211; Rwanda&#8217;s central bank kept its key interest rate unchanged at 6.5% for the second monetary policy meeting in a row, saying that despite a recent pickup in inflation it expected it to remain within its target band.



Annual inflation rose to 7.4% in January, approaching the top of the National Bank of Rwanda&#8217;s 2%-8% target range.



The rise in inflation in recent months was caused by unfavourable weather conditions that meant a delay in the harvest, compared to a bumper harvest a year earlier, Governor John Rwangombwa told a press conference.



The bank has raised its average inflation forecast for 2025 to around 6.5%, up from 5.8%, and sees it at 4.1% in the following year.



&#8220;Though there are slight pressures on inflation, (it) remains within the band, and we are confident that at this rate, 6.5%, we&#8217;ll be able to maintain inflation within the policy band,&#8221; Rwangombwa said.



&#8220;The risk we always highlight is these projections are based on normal weather conditions and normal agriculture performance. But also we see geopolitical tensions, globally, in the region, so this doesn&#8217;t take into consideration any effect from these tensions.&#8221;



The East African country&#8217;s economy was likely to have grown last year more than the 8.3% projected in November, the bank&#8217;s chief economist Thierry Kalisa told reporters.



This year&#8217;s growth was projected at 7% in November, but the bank is currently revising that forecast, Kalisa said.



(Reporting by Philbert Girinema; Writing by Hereward Holland; Editing by Alexander Winning and Ros Russell)

S6HQ7VEU4ROAHDG56OUF4DYLEI

Rwanda central bank holds key rate despite pickup in inflation

<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.jpg" alt="" class="wp-image-524583" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



JOHANNESBURG, Feb 13 (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>



December mining production data



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



South Africa&#8217;s rand slipped on Wednesday, after data showed U.S. consumer prices rose more than expected last month, raising the prospect of the Federal Reserve holding interest rates higher for longer.



On the stock market, the Top-40 index hit a fresh high and closed up about 0.5%.



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



U.S. and European stock futures rallied on Thursday on optimism over prospects of a peace deal between Ukraine and Russia, offsetting a jump in Treasury yields as hot inflation threatens to close the door to any policy easing in the U.S. this year.



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



The S&amp;P 500 ended down on Wednesday after a hotter-than-expected U.S. inflation reading added to worries that the Federal Reserve would not cut interest rates anytime soon, while CVS Health and Gilead Sciences rallied after upbeat quarterly reports.



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



Gold prices edged higher on Thursday, as markets closely tracked developments in U.S. President Donald Trump&#8217;s tariff plans, which could ignite a global trade war, while investors awaited crucial U.S. data due 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-fin-24">FIN 24</h2>



&#8211; Treasury to miss debt target despite austerity, says former budget chief



&#8211; New Eskom kickback scandal: R180m and counting in bribes for &#8216;low-value&#8217; contracts



(Compiled by Sfundo Parakozov)

istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on February 13

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="357" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg" alt="" class="wp-image-400669" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1-300x175.jpg 300w" sizes="auto, (max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">World map with charts and graphs as symbols of global finance</figcaption></figure>



Feb 13 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Thursday.



<h2 class="wp-block-heading" id="h-events">EVENTS:</h2>



Rwanda&#8217;s central bank will set its key interest rate. In November the bank held the rate at 6.5%.



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



U.S. and European stock futures rallied on Thursday on optimism over prospects of a peace deal between Ukraine and Russia, offsetting a jump in Treasury yields as hot inflation threatens to close the door to any policy easing in the U.S. this year.



<h2 class="wp-block-heading" id="h-world-oil-prices">WORLD OIL PRICES</h2>



Oil prices fell on Thursday on expectations a potential peace deal between Ukraine and Russia would mean the end of sanctions that have disrupted supply flows and U.S. President Donald Trump&#8217;s intention to introduce reciprocal tariffs stoked inflation jitters.



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



South Africa&#8217;s rand slipped on Wednesday, after data showed U.S. consumer prices rose more than expected last month, raising the prospect of the Federal Reserve holding interest rates higher for longer.



<h2 class="wp-block-heading" id="h-kenya-markets">KENYA MARKETS</h2>



The Kenyan shilling strengthened slightly against the U.S. dollar on Wednesday, supported by foreign exchange inflows from the diaspora and central bank support, traders said.



<h2 class="wp-block-heading" id="h-barrick-gold-mali">BARRICK GOLD MALI</h2>



Barrick Gold will resume operations at its shuttered Loulo-Gounkoto mine in Mali once authorities in the country allow it to resume gold shipments, CEO Mark Bristow told Reuters on Wednesday.



<h2 class="wp-block-heading" id="h-senegal-audit">SENEGAL AUDIT</h2>



Senegal&#8217;s Court of Auditors released a long-awaited review of the country&#8217;s finances on Wednesday that confirmed the previous government misreported key economic data including debt and deficit figures.



<h2 class="wp-block-heading" id="h-sudan-russia">SUDAN RUSSIA</h2>



An agreement has been reached for the creation of a Russian naval base in Sudan, Sudanese Foreign Minister Ali Yusef Sharif said in a televised press conference in Moscow on Wednesday.



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on Feb 13

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1080" height="679" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/H2VQBBJEVJMTZK7RAQSVTQ2MGE.avif" alt="" class="wp-image-585860"/><figcaption class="wp-element-caption">A delegate walks past African Union (AU) member states national flags during the opening of the 37th Ordinary Session of the Assembly of the African Union at the African Union Headquarters, in Addis Ababa, Ethiopia February 17, 2024. REUTERS/Stringer/File Photo</figcaption></figure>



Feb 13 (Reuters)&nbsp;&#8211;&nbsp;African leaders meeting in Ethiopia this weekend are to launch a new push for slavery and colonial reparations, but can expect to be stonewalled by former colonial powers, most of which have ruled out making amends for historical wrongs.



While the issue of reparations has gained momentum worldwide, so has the backlash. U.S. President Donald Trump has said he &#8220;doesn&#8217;t see it (reparations) happening&#8221; and many of Europe&#8217;s leaders have opposed even talking about it.



At the African Union summit in Addis Ababa, leaders plan to shape a &#8220;unified vision&#8221; of what reparations may look like, from financial compensation and formal acknowledgement of past wrongs to policy reforms.



&#8220;Reparations is the hot topic in Addis Ababa,&#8221; the AU&#8217;s economic, social and cultural council, ECOSOCC, wrote on X.



From the 15th to the 19th century, at least 12.5 million Africans were kidnapped, forcibly transported by mostly European merchants and sold into slavery.



The debate on reparations needs to address the legacy of colonialism and slavery today, from racism to the economic disparities between Africa and wealthy Western nations, said ECOSOCC, which has been advising member states on the issue.



&#8220;It is increasingly becoming impossible to not acknowledge the damage caused by slavery and colonialism,&#8221; said Zimbabwean lawyer and reparations expert, Alfred Mavedzenge.



The continent&#8217;s debt crisis can be traced back to African nations being saddled with heavy debts upon independence. Climate change can also be linked to colonialism: Africa is responsible for just a fraction of carbon emissions, but its fragile ecosystems have borne the brunt of global warming.



<h2 class="wp-block-heading" id="h-more-than-just-compensation">&#8216;MORE THAN JUST COMPENSATION&#8217;</h2>



Much of the debate around reparations, particularly in former colonial powers such as Britain and Portugal, has focused on financial payments but advocates say making amends for the past can take many forms.



&#8220;Reparations are more than just compensation,&#8221; said ECOSOCC&#8217;s head of secretariat William Carew. &#8220;It is about&#8230; ensuring future generations inherit a world that acknowledges their past and propels them towards a brighter future.&#8221;



The AU said in a statement that reparations for Africa could entail land restitution in countries where land was taken from indigenous populations to the return of cultural artefacts.



It also highlighted the need for changes in policies that perpetuate inequalities and for international bodies, such as the United Nations, to hold former colonial powers to account.



&#8220;This might involve diplomatic pressure or legal actions at international courts,&#8221; said the AU.



In 2023, the AU joined forces with the Caribbean community CARICOM to demand reparations. CARICOM has its own reparation plan, which, among other demands, calls for technology transfers and investments to tackle health crises and illiteracy.



<h2 class="wp-block-heading" id="h-right-wing-backlash">RIGHT-WING BACKLASH</h2>



But 30 years since the AU&#8217;s forerunner, the Organisation of African Unity, issued a declaration demanding reparations, there has been little progress.



Jose Maria Neves, president of the African island nation of Cape Verde, has said right-wing populism and its impact on moderate politics has made it difficult to hold a serious debate over the issue.



In Portugal, which enslaved more Africans than any other nation, far-right party Chega proposed charging the president with treason for suggesting there might be a need for reparations.



In Britain, right-wing populist Nigel Farage said Prime Minister Keir Starmer would be &#8220;weak&#8221; if he engaged in talks on the issue. In France, where the far-right is on the rise, President Emmanuel Macron has ruled out reparations, calling for &#8220;reconciliation&#8221; instead.



&#8220;My greatest concern is that there will just be a conversation at this (AU) summit but the resolutions will not be implemented,&#8221; Mavedzenge said.



(Reporting by Catarina Demony in London; Editing by Ros Russell)

H2VQBBJEVJMTZK7RAQSVTQ2MGE

African leaders to push for slavery reparations despite resistance

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/108093379-17380715992025-01-28t041731z_1709029148_rc2licannll2_rtrmadp_0_tech-ai-deepseek-820x547.jpeg" alt="" class="wp-image-585827" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/108093379-17380715992025-01-28t041731z_1709029148_rc2licannll2_rtrmadp_0_tech-ai-deepseek-820x547.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/108093379-17380715992025-01-28t041731z_1709029148_rc2licannll2_rtrmadp_0_tech-ai-deepseek-300x200.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/108093379-17380715992025-01-28t041731z_1709029148_rc2licannll2_rtrmadp_0_tech-ai-deepseek-135x90.jpeg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/108093379-17380715992025-01-28t041731z_1709029148_rc2licannll2_rtrmadp_0_tech-ai-deepseek-768x512.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/108093379-17380715992025-01-28t041731z_1709029148_rc2licannll2_rtrmadp_0_tech-ai-deepseek-1536x1025.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/108093379-17380715992025-01-28t041731z_1709029148_rc2licannll2_rtrmadp_0_tech-ai-deepseek-scaled.jpeg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Dado Ruvic | Reuters</figcaption></figure>



BEIJING — Chinese businesses are tapping DeepSeek’s newest artificial intelligence model to see how it can improve productivity.



The Chinese AI model took the world by storm in recent weeks after showcasing its reasoning process and claims to undercut rival OpenAI’s ChatGPT on cost — despite U.S. restrictions on Chinese access to the advanced semiconductors needed to develop the tech.



Eight automakers including BYD, at least nine financial securities companies, three state-owned telecommunications operators and smartphone brand Honor are among the many that have rushed in the last week to integrate with DeepSeek. Cloud computing operators Alibaba, Huawei, Tencent and Baidu have all offered ways for clients to access DeepSeek’s latest model.



“This is quite unprecedented,” Wei Sun, principal analyst of artificial intelligence at Counterpoint Research, said in an email Monday. She pointed to the rate of adoption, scale of business integration and breadth of specific industries covered.



“When we have all of these, we know it’s making a big social and economic impact,” she said.



Optimism over artificial intelligence has spread to Chinese stocks. UBS said Wednesday that AI-related Chinese stocks are up by 15% since the start of the year, outperforming the broader MSCI China Index by 9%.



A big factor in the widespread interest is timing. DeepSeek released its latest R1 model on Jan. 20, and news of its low-cost reasoning capabilities prompted a global tech stock sell-off on Jan. 27 — just as millions of urban workers in China were returning to their hometowns to celebrate the eight-day Lunar New Year holiday.



As a result, less developed parts of China gained greater understanding of AI and its impact, a topic previously limited to conversations in China’s largest cities, said Wenhao Zhang, CEO of the Beijing-based consumer marketing consultancy Doodod.



“It’s a major education of the market. This will push the entire ecosystem’s development,” he said Tuesday in Mandarin, translated by CNBC.



Zhang, who studied AI at Tsinghua University, founded Doodod in 2012 to build customer engagement through social media analysis. He said the company —&nbsp;which counts China Merchant’s Bank and Toyota as clients — started looking at DeepSeek’s offerings late last year, and began using it more after the R1 release in late January.



DeepSeek, founded in 2023 out of a quantitative hedge fund, had released a basic version of R1 in November, and a V3 model in December. It launched a smartphone chatbot app in January.



<h2 class="wp-block-heading" id="h-open-source-local-deployment"><a></a>Open-source local deployment</h2>



Another attractive factor for businesses is that DeepSeek’s models are open-source, allowing individuals and companies to download and customize it.



DeepSeek also advertised drastically lower prices for applications to use its tech versus that of OpenAI. ChatGPT is not officially available in mainland China and requires users to provide an overseas phone number and payment method from a supported country such as the U.S.



DeepSeek changed the perception that AI models only belong to big companies and have high implementation costs, said James Tong, CEO of Movitech, an enterprise software company which says its clients include Danone and China’s State Grid.



He said Movitech started integrating an earlier version of DeepSeek in the fourth quarter of last year, helping boost sales by about 25% from the same period in 2023. The company plans to launch a new DeepSeek-integrated application by the end of March to improve clients’ ability to make decisions, he said.



Many recent videos on Chinese social media have showed off how to run a local version of DeepSeek on Apple’s Mac mini.



Apple Mac mini online sales in China climbed significantly from November to January, versus the same period the year prior,&nbsp;according to data from consultancy WPIC. The electronics-focused JD.com site recorded unit sales of around 20,200 in January, up from nearly 19,400 in December and around 12,250 in November, the data showed.



DeepSeek’s affordability is pressuring more expensive AI models to cut prices, enabling more businesses to adopt the tech, said Chim Lee, senior Asia analyst at the Economist Intelligence Unit. He added that open-source models allow finance, banking and healthcare businesses — which are&nbsp;subject to stringent data protection rules in China — to develop AI applications locally.



“It is still very early to point to concrete business applications, but a key takeaway is that DeepSeek will accelerate the commoditization of AI,” Lee said.



Beijing is also increasing support. China’s national supercomputing network announced Tuesday that eligible companies and individuals can obtain three free months of DeepSeek access, along with subsidized computing power.



The network is similar to OpenAI’s Trump-backed Stargate project in the U.S. for building AI infrastructure — with the potential for “even faster scaling,” Winston Ma, adjunct professor at NYU School of Law said Wednesday. He is also the author of “The Digital War: How China’s Tech Power Shapes the Future of AI, Blockchain and Cyberspace.” 



<h2 class="wp-block-heading" id="h-not-centered-on-deepseek"><a></a>Not centered on DeepSeek</h2>



The rush to try out DeepSeek doesn’t mean it will be the only AI provider for Chinese companies. Developers in the U.S. and China are regularly releasing new models.



Movitech also uses Alibaba’s Qwen AI model, Tong said, noting that the market wants the tech that can lower costs and produce results the most, whether it’s OpenAI or DeepSeek.



HangHang AI, which has invested several hundred million yuan to develop AI solutions for companies across 20 industries, uses a range of models, said partner and COO Shu Weibing.



Many people first used “Baidu, then realized it wasn’t as good as Kimi, then it wasn’t as good as [ByteDance’s] Doubao, which also cut prices,” Shu said in Mandarin, translated by CNBC. “Now it’s DeepSeek.”



It remains to be seen how much generative AI can boost productivity and profits.



Shu predicts that small businesses and companies that integrate AI&nbsp;with hardware&nbsp;will benefit more than&nbsp;large, consumer-facing internet platforms, whose AI work so far, he said, has focused more on boosting efficiency rather than creating new consumer services.



Despite AI models’ falling prices, “small and medium-sized businesses may still be in a period of wait-and-see” for adopting the tech due to the relatively high cost for a full deployment, including computing power and customization, Mike Fang, senior director analyst at Gartner, said Wednesday in Mandarin translated by CNBC.



But the consulting firm predicts that by 2027, the average price to access a generative AI model will be less than 1% of what it costs now — and that by 2029, 60% of Chinese businesses will have incorporated AI into their primary products and services, forming the top drivers of revenue growth.

108093379-17380715992025-01-28t041731z_1709029148_rc2licannll2_rtrmadp_0_tech-ai-deepseek

Chinese businesses rush to try DeepSeek AI at ‘unprecedented’ scale

Inside a Swiss duo’s ambitious mission to clean up space

Why restaurants have become so important to shopping malls

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="539" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YWWKJYXNFNKNXNNTA7PVQVR7QU-1-820x539.jpg" alt="" class="wp-image-542871" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YWWKJYXNFNKNXNNTA7PVQVR7QU-1-820x539.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YWWKJYXNFNKNXNNTA7PVQVR7QU-1-300x197.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YWWKJYXNFNKNXNNTA7PVQVR7QU-1-137x90.jpg 137w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YWWKJYXNFNKNXNNTA7PVQVR7QU-1-768x505.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YWWKJYXNFNKNXNNTA7PVQVR7QU-1.jpg 1200w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A logo of the Bank of Namibia is seen at the company&#8217;s headquarters in Windhoek, Namibia, February 24, 2017. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



WINDHOEK, Feb 12 (Reuters)&nbsp;&#8211;&nbsp;Namibia&#8217;s central bank cut its main interest rate for the fourth straight monetary policy meeting, saying its projections showed inflation would remain well-contained and there was room to support the economy.



The Bank of Namibia reduced its repo rate by 25 basis points to 6.75%, after cutting by the same margin at its previous three policy meetings.



Annual inflation in the Southern African country fell to 3.2% in January from 3.4% in December. The central bank said in a statement on Wednesday that inflation was expected to average 4.0% this year.



Other reasons it gave for lowering the repo rate included the relatively high level of domestic real interest rates and adequate foreign reserves.



The bank forecast 2025 economic growth of 4.0%, higher than last year&#8217;s growth of 3.5%, but it said risks to the economic outlook had grown given global trade restrictions.



&#8220;We need to watch trade wars, &#8230; and see what the impact thereof is on the Namibian economy,&#8221; said Bank of Namibia Governor Johannes !Gawaxab.



Namibia&#8217;s economy is closely tied to that of its neighbour South Africa, and its currency is pegged 1:1 to the rand.



!Gawaxab said relations between South Africa and the United States under President Donald Trump would have a profound impact on Namibia.



Trump last week signed an executive order cutting U.S. financial assistance to South Africa over its land policy and genocide case against Washington&#8217;s ally Israel at the International Court of Justice.



South Africa has defended itself, saying the executive order &#8220;lacks factual accuracy and fails to recognise South Africa&#8217;s profound and painful history of colonialism and apartheid&#8221;.



(Reporting by Nyasha Nyaungwa; Writing by Tannur Anders; Editing by Alexander Winning)

YWWKJYXNFNKNXNNTA7PVQVR7QU (1)

Namibia central bank cuts key rate for fourth meeting in a row

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="630" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/AdobeStock_176683551-820x630.jpeg" alt="" class="wp-image-585512" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/AdobeStock_176683551-820x630.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/AdobeStock_176683551-300x231.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/AdobeStock_176683551-117x90.jpeg 117w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/AdobeStock_176683551-768x590.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/AdobeStock_176683551-1536x1180.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/AdobeStock_176683551-scaled.jpeg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Green industries drive skilled job growth</figcaption></figure>



Too often, discussions of the “green transition” focus myopically on dirtier fossil energy we must leave behind, as opposed to the opportunities ready to be seized. The result is that, for many young Africans, the global conversation around the new green economy sounds ominous. Just as Africa’s economies begin to really transform, and tens of millions of Africans prosper from the fruits of accelerating industrialisation and technological modernisation, we are cautioned that our economic aspirations are unfulfillable, or must necessarily come at the expense of our planet.



My generation of Africans are not prepared to defer our aspirations for economic security and development any longer. Scolding rhetoric and apocalyptic warnings which seem to present “de-growth” or a slowing of modernisation as our moral obligation will only entrench our attachment to hydrocarbons.



No, let’s appeal to the ambitions and ingenuity of young Africans, instead of our fears. Let’s make the positive case for renewable energies and the green transition: far from an ideology suppressing Africa’s growth, these emerging technologies are the only way to guarantee this continent’s continued development and deliver the economic opportunities my peers quite rightly demand.



For more than a decade now, luminaries have advanced a moral and ecological case for the energy transition. But too few have made the employment case for this most exciting of sectors –renewable energy. The good news is that the employment case for renewable energy is compelling and, until now, largely untold.



Renewables form part of a set of technologies and industrial innovations which are revolutionary and will, alongside AI and robotics, come to define this century. Renewable power generation is a rapidly expanding and evolving space in which Africans have a real opportunity to lead the world. But this leadership is not abstract – it translates into concrete benefits, in the form of millions of high-quality jobs conferring dignity, autonomy, and as renewables mature, global authority, agency and economic power.



And climate isn’t the only reason to embrace this new energy frontier. Africa’s population is growing at a dramatic rate. Just as a limited stock of hydrocarbons dwindles, the continent will have to create jobs to provide for 42% population growth before this decade’s end.



However much traditional hydrocarbon industries have supported communities historically, we have a duty to recognise that this economic model is unsustainable, and may be in its final decades. How, then, can educated Africans gain white-collar, skilled employment, which contributes to the continent’s economic development? A report by the specialist development agency FSD Africa and recruiters Shortlist – drawing on research by Boston Consulting Group – offers a conservative, near-term forecast of the new direct job creation potential of 12 “green” sub-sectors by 2030.



The landmark research predicts the creation of up to 3.3 million new direct green jobs across the continent by 2030, with the majority in the renewable energy sector, particularly solar. Focusing on five focus countries (the Democratic Republic of Congo, Ethiopia, Kenya, Nigeria and South Africa) which together account for more than a fifth of new jobs, and in key sectors such as renewable energy, e-mobility, agriculture, construction and manufacturing, the report is most striking in the kind and quality of jobs its analysis predicts.



60% of employment created by the green economy over the coming six years will be skilled or white collar in nature, this research suggests. Breaking that headline percentage down, 10% of this new employment is via “advanced jobs” (highly skilled, requiring university degrees to fulfil), whilst a further 30% are projected to be “specialized” (requiring certification or vocational training) and 20% will be administrative in emphasis.



The traditionally prestigious, well-paying roles in hydrocarbon extraction which have underpinned much of the growth of Africa’s middle-class will not last forever; and Africa has not seen any of the significant dividends and prosperity seen in other regions. This we knew. But the really important news is that renewables and e-mobility can, for the countries which develop these high-growth sectors, underwrite a wider economic transformation.



The benefits of developing these sectors and the associated jobs they support are exponential: even where employment growth is unskilled, the stability and formalising effect of these industries will expand governments’ tax bases and accelerate the growth of domestic financial markets. Put simply, without a formal salary, access to credit remains nigh-on impossible.



However, for me and my peers, the possibility of green job creation in Africa is more personal than structural. An increasingly educated, ambitious, and restless generation are graduating our schools and universities in ever greater numbers, and we will not be convinced to forfeit prestigious and well-paid careers on the altar of what can sometimes seem like Western preoccupations. But create green jobs, in exciting new sectors, which promise opportunities for global leadership, and Africa’s young people will not fail to grasp the opportunities.

Recycling Plastic Environment Savings Reduce Junk

Green Jobs – the energy transition must be framed as an economic opportunity, not a moral obligation

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/1S6A0960-820x547.jpg" alt="" class="wp-image-585508" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/1S6A0960-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/1S6A0960-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/1S6A0960-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/1S6A0960-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/1S6A0960-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/1S6A0960-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /></figure>



As South Africans, we have long been on a transformative journey – one marked by remarkable achievements and challenges, but most importantly, a spirit of unity and determination.



President Ramaphosa’s recent State of the Nation Address underscored the government’s commitment to driving inclusive growth, creating jobs, and building a capable developmental state. These are ideals that resonate with us at MTN South Africa, where we are committed to sustainable development and transformational growth to achieve a prosperous South Africa.



MTN’s story mirrors that of our country. From the dawn of our democracy in 1994, we have been driven to bridge divides, connect people and enable progress. When MTN began, only 1% of black South Africans had access to phones. Today, the MTN Group connects 288 million people across 17 countries. We are eager to maintain that momentum.



<h2 class="wp-block-heading" id="h-building-strong-partnerships">Building strong partnerships</h2>



A key component of MTN’s success has been our commitment to work with the government to the benefit the public sector and the people of South Africa. Through the RT15 transversal contract, we have developed cost-effective communication solutions across essential sectors, reducing the state’s costs and simplifying vital functions, ensuring greater efficiency.



By supporting educational initiatives with the Department of Basic Education, we are helping build a better future for South Africa’s youth. Recently, MTN was privileged to be part of the announcement of the exceptional 2024 matric results alongside Minister Siviwe Gwarube.



MTN has also invested billions of rands to enhance the resilience of our network, particularly in the face of loadshedding. Our ultra-rural network expansion efforts have brought 4G to remote communities from Lusikisiki to Msinga and Mhlabuyalingana.



<h2 class="wp-block-heading" id="h-connecting-communities-empowering-lives">Connecting communities, empowering lives</h2>



Our commitment to developing communities began in 1995, increasing teledensity in disadvantaged areas. This&nbsp; evolved into a broader focus on digital inclusion and community empowerment. The MTN South Africa Foundation, established in 2001, is now one of the largest corporate investors in social responsibility in Africa, creating lasting change.



In 2024, for example, our ‘Digital Skills for Digital Jobs’ programme invested R14 million providing IT skills training to 900 unemployed youth. Through our ‘Connecting Every Child’ initiative, we are donating 30&nbsp;000 devices to underprivileged learners, giving them the tools to access digital learning and opening up a world of opportunity. Through our digital education programmes, we have reached hundreds of thousands of learners, trained countless teachers, and established over 500 multimedia facilities.



These initiatives are designed to create sustainable pathways for development, ensuring that technology works as a catalyst for social progress.



<h2 class="wp-block-heading" id="h-looking-ahead-a-digital-future-for-south-africa">Looking ahead, a digital future for South Africa</h2>



As President Ramaphosa emphasised in his address, South Africa’s future depends on innovation, growth and development. The telecoms industry is central to this, and MTN is&nbsp; committed to supporting the government by providing state-of-the-art technology, connectivity and digital skills. We are here to enable, empower and enhance the capacity of both government and citizens, ensuring that everyone has the capacity to make the moves needed to reach their full potential.



As not only South Africa’s best network, but also the official mobile and connectivity partner to the SA government, MTN is poised to contribute to the realisation of several critical initiatives aimed at modernising public services. MTN will play a key role in enhancing the digital public infrastructure, and we are willing to support the government&#8217;s implementation of a digital identity system, which will streamline interactions with public services and help create an accessible, efficient government system.



From the judicial services, where we are poised to assist in digitising and streamlining critical paperwork for swift and fair justice, to healthcare, MTN is committed to providing the connectivity and support for the establishment of electronic national health records, helping to improve service delivery.



As the country’s data centre industry continues to grow, MTN is actively involved in expanding network capacity to ensure that South Africa remains a key hub for data storage, generating new job opportunities. MTN is also willing to support the government&#8217;s visa digitisation programme by providing robust telecoms infrastructure to ease the application process to attract talent and investment.



The story of MTN is inseparable from the story of South Africa; a story that is still being written. As we celebrate the past 30 years of innovation and impact, we look ahead with optimism towards a South Africa where technology is a force for good, where opportunities are accessible to all, and where no one is left behind. United in purpose, let us continue to transform South Africa into a nation where possibilities become reality.&nbsp;

1S6A0960

MTN: Partnering with Government for growth and opportunities for all South Africans

The future of digital currency: Why ‘programmable’ money could reshape global finance

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1200" height="628" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/FYWWSVJ7GZPUZHCREMBLZUUK6I.avif" alt="" class="wp-image-585487"/><figcaption class="wp-element-caption">A view of the Bank of Zambia in Lusaka, Zambia February 23, 2024. REUTERS/Namukolo Siyumbwa/File Photo</figcaption></figure>



LUSAKA, Feb 12 (Reuters)&nbsp;&#8211;&nbsp;Zambia&#8217;s central bank raised its main lending rate for the second meeting in a row to try to bring down inflation, which climbed last year because of the worst regional drought in living memory.



The 50-basis-point hike in the Bank of Zambia&#8217;s Monetary Policy Rate took it to 14.50%, its highest level since 2016.



Annual inflation stood at a more than three-year high of 16.7% in January, well above the central bank&#8217;s 6%-8% target range.



Bank of Zambia Governor Denny Kalyalya told reporters the bank needed to act to &#8220;adjust that feeling that inflation will continue to go up&#8221;.



Inflation is projected to average 14.6% this year, whereas at the central bank&#8217;s last monetary policy meeting in November the forecast was for average inflation of 13.9%.



Zambia&#8217;s economic growth slowed in 2024 because of the effects of the severe drought, but it is expected to rebound this year.



A presentation by Kalyalya gave a 6.6% economic growth forecast for 2025, the same rate targeted in the finance minister&#8217;s September budget speech.



The El Nino-induced drought wiped out crops and caused hydroelectric power generation on the Kariba dam, Zambia&#8217;s biggest power source, to plummet last year, spurring food and power imports.



Recent rains have since improved the outlook for agriculture and power generation.



A major copper producer, Zambia also hopes its mining sector will contribute to economic recovery.



(Reporting by Chris Mfula; Writing by Sfundo Parakozov; Editing by Alexander Winning and Barbara Lewis)

home

Senegal hopes for new IMF programme by June, says minister

Nigeria: Leading Africa’s Digital Trade Revolution

Sibanye dealmaker Froneman to retire as CEO in September

Nigerian lawmakers pass increased budget of $36.6 billion for 2025

How Private Equity Is Behind Red Lobster And TGI Fridays’ Bankruptcies

Rwanda central bank holds key rate despite pickup in inflation

South African Markets – Factors to watch on February 13

African Markets – Factors to watch on Feb 13

African leaders to push for slavery reparations despite resistance

Chinese businesses rush to try DeepSeek AI at ‘unprecedented’ scale

Inside a Swiss duo’s ambitious mission to clean up space

Why restaurants have become so important to shopping malls

Namibia central bank cuts key rate for fourth meeting in a row

Green Jobs – the energy transition must be framed as an economic opportunity, not a moral obligation

MTN: Partnering with Government for growth and opportunities for all South Africans

The future of digital currency: Why ‘programmable’ money could reshape global finance

Zambia central bank raises key rate again as inflation above target

News Tips

Advertise With Us

home

Senegal hopes for new IMF programme by June, says minister

Nigeria: Leading Africa’s Digital Trade Revolution

Sibanye dealmaker Froneman to retire as CEO in September

Nigerian lawmakers pass increased budget of $36.6 billion for 2025

How Private Equity Is Behind Red Lobster And TGI Fridays’ Bankruptcies

Rwanda central bank holds key rate despite pickup in inflation

South African Markets – Factors to watch on February 13

African Markets – Factors to watch on Feb 13

African leaders to push for slavery reparations despite resistance

Chinese businesses rush to try DeepSeek AI at ‘unprecedented’ scale

Inside a Swiss duo’s ambitious mission to clean up space

Why restaurants have become so important to shopping malls

Namibia central bank cuts key rate for fourth meeting in a row

Green Jobs – the energy transition must be framed as an economic opportunity, not a moral obligation

MTN: Partnering with Government for growth and opportunities for all South Africans

The future of digital currency: Why ‘programmable’ money could reshape global finance

Zambia central bank raises key rate again as inflation above target

News Tips

Advertise With Us

Newsletters