
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="728" height="487" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/rand2-1.jpg" alt="" class="wp-image-568119" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/rand2-1.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/rand2-1-300x201.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/rand2-1-135x90.jpg 135w" sizes="auto, (max-width: 728px) 100vw, 728px" /><figcaption class="wp-element-caption">South African bank notes featuring an image of former South African President Nelson Mandela are displayed at an office in Johannesburg, File. REUTERS/Siphiwe Sibeko</figcaption></figure>



<p>JOHANNESBURG, Feb 12 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand was steady in early trade on Wednesday, as markets processed U.S. Federal Reserve Chair Jerome Powell&#8217;s comments on interest rate cuts and braced for an inflation reading from the world&#8217;s biggest economy later in the day.</p>



<p>At 0653 GMT, the rand traded at 18.5125 against the U.S. dollar, near its Tuesday closing level of 18.5075.</p>



<p>Powell told the U.S. Congress on Tuesday that the Fed was not in a hurry to cut interest rates and a reduction would be considered only if inflation eases or the job market weakens.</p>



<p>Markets will now look to January&#8217;s U.S. consumer price index print at 1330 GMT.</p>



<p>Like other risk-sensitive currencies, the rand often takes cues from global drivers such as U.S. monetary policy in the absence of major local drivers.</p>



<p>South Africa&#8217;s benchmark 2030 government bond was weaker in early deals, with the yield up 1 basis points at 9.16%.</p>



<p>(Reporting by Sfundo Parakozov; Editing by Tannur Anders and Sherry Jacob-Phillips)</p>


rand2 (1)

South African rand stable after Powell’s cautious comments; US inflation in focus


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/istockphoto-1076949610-612x612-1-2.jpg" alt="" class="wp-image-573311" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/istockphoto-1076949610-612x612-1-2.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/istockphoto-1076949610-612x612-1-2-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/istockphoto-1076949610-612x612-1-2-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



<p>JOHANNESBURG, Feb 12 (Reuters)&nbsp;&#8211;&nbsp;The following equity and currency market moves may affect South African markets on Wednesday.</p>



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



<p>South Africa&#8217;s rand was flat on Tuesday as traders gauged the effects of U.S. President Donald Trump&#8217;s tariffs on steel and aluminum imports, which risk sparking a multi-front trade war.</p>



<p>On the Johannesburg Stock Exchange, the blue-chip Top-40 index closed 0.2% lower.</p>



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



<p>Stocks rose and U.S. Treasury yields firmed on Wednesday as investors assessed the latest U.S. tariff salvo along with Federal Reserve Chair Jerome Powell&#8217;s signal of a patient path for rate cuts.</p>



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



<p>Wall Street&#8217;s main indexes ended mixed on Tuesday as gains in Coca-Cola and Apple offset losses in Tesla, while investors parsed Federal Reserve Chair Jerome Powell&#8217;s latest comments.</p>



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



<p>Gold prices retreated on Wednesday from an all-time high hit in the previous session, as Federal Reserve Chair Jerome Powell&#8217;s hawkish comment cemented views of slower rate cuts this year, while investors awaited a key U.S. inflation report.</p>



<p>&#8211; &#8211; &#8211; &#8211;</p>



<p>Some of the main stories out in the South African press:</p>



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



<p>&#8211; No Starlink soon with equity hoops to jump</p>



<p>&#8211; MPs rally around SA’s sovereignty amid Trump threats</p>



<p>(Compiled by Sfundo Parakozov)</p>


istockphoto-1076949610-612×612-1-2

South African Markets – Factors to watch on February 12


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3019" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/H3K4ULF7QBPTZIVJYRLJRCCIP4.avif" alt="" class="wp-image-585463"/><figcaption class="wp-element-caption">A logo of Brazil&#8217;s state-run Petrobras oil company is seen at their headquarters in Rio de Janeiro, Brazil October 16, 2019. REUTERS/Sergio Moraes/File Photo</figcaption></figure>



<p>NEW DELHI, Feb 12 (Reuters) &#8211; Brazil&#8217;s Petrobras wants to buy stakes in African oil assets, mainly in Angola, Namibia and South Africa, to boost its reserves as it expects output to fall after 2030, a senior executive said on Wednesday.</p>



<p>The Brazilian state energy firm is in talks with companies, including existing partners ExxonMobil, Shell and TotalEnergies, to buy a share of their African assets, Sylvia dos Anjos, the company&#8217;s director for exploration and production, told Reuters on the sidelines of the India Energy Week conference.</p>



<p>&#8220;In our portfolio, it makes better sense. It is economical. They are our partners in Brazil so it is easy to go anywhere (with them). So it is natural,&#8221; she said.</p>



<p>Petrobras hopes to produce 2.8 million barrels per day (bpd) in 2025 and has plans to raise that to 3.1 million bpd by 2029, dos Anjos said.</p>



<p>The company is comfortable with current oil prices as its projects are &#8220;sustainable at a very low price of $45 a barrel&#8221;, she added.</p>



<p>Global benchmark Brent snapped a three-day streak of gains on Wednesday to hover near $77 a barrel, weighed down by higher U.S. crude stockpiles and concern U.S. trade tariffs will hit the global economy.</p>



<p>Last month, Petrobras said that its estimated proven reserves of oil, condensate, and natural gas climbed to 11.4 billion barrels of oil equivalent (boe) in 2024, up from 10.9 billion boe in 2023.</p>



<p>(Reporting by Nidhi Verma in New Delhi; Additional reporting by Yagnoseni Das in Bengaluru; Editing Florence Tan, Tom Hogue and Barbara Lewis)</p>


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Brazil’s Petrobras seeks African oil assets to boost reserves


<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>



<p>Feb 12 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Wednesday.</p>



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



<p>Mauritius&#8217; central bank Governor Rama Krishna Sithanen is epxeced to hold a news conference after meeting with commercial bank executives.</p>



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



<p>Stocks rose and U.S. Treasury yields firmed on Wednesday as investors assessed the latest U.S. tariff salvo along with Federal Reserve Chair Jerome Powell&#8217;s signal of a patient path for rate cuts.</p>



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



<p>Oil prices fell on Wednesday as an industry report showed an increase in U.S. crude stockpiles and tariff worries weighed on sentiment, paring back three days of gains driven by increasing Middle East tensions and intensifying sanctions.</p>



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



<p>South Africa&#8217;s rand was flat on Tuesday as traders gauged the effects of U.S. President Donald Trump&#8217;s tariffs on steel and aluminum imports, which risk sparking a multi-front trade war.</p>



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



<p>The Kenyan shilling was unchanged against the U.S. dollar on Tuesday, data from the London Stock Exchange Group showed.</p>



<h2 class="wp-block-heading" id="h-congo-security">CONGO SECURITY</h2>



<p>The Rwandan-backed M23 armed group in Democratic Republic of Congo threatened on Tuesday to advance on the provincial capital of Bukavu, citing a &#8220;dangerously deteriorating&#8221; situation, as Congo rejected a call for direct talks with the rebels.</p>



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



<p>Canadian miner Barrick Gold&#8217;s negotiations with the Malian government have been suspended without reaching an agreement to end the dispute over payments, Bloomberg News reported on Tuesday, citing people familiar with the government&#8217;s position.</p>



<h2 class="wp-block-heading" id="h-sudan-politics">SUDAN POLITICS</h2>



<p>The United Arab Emirates called on Tuesday for a ceasefire in Sudan during the coming holy month of Ramadan, a UAE official said, a call rejected by the Sudanese army, as the country&#8217;s civil war approaches the two-year mark.</p>



<h2 class="wp-block-heading" id="h-south-sudan-politics">SOUTH SUDAN POLITICS</h2>



<p>South Sudan&#8217;s President Salva Kiir has dismissed his intelligence chief and two of the country&#8217;s vice-presidents, replacing one of his closest allies with a senior advisor whom analysts believe Kiir may be readying to succeed him.</p>



<h2 class="wp-block-heading" id="h-central-african-republic-memecoin">CENTRAL AFRICAN REPUBLIC MEMECOIN</h2>



<p>Central African Republic has launched a meme coin in what President Faustin-Archange Touadera said was a bid to raise the profile of one of the world&#8217;s poorest countries.</p>



<h2 class="wp-block-heading" id="h-tanzania-lng">TANZANIA LNG</h2>



<p>Tanzania is discussing tax incentives with investors in a stalled project to construct a $42 billion liquefied natural gas plant in the country, Energy Minister Doto Biteko said on Tuesday, adding the talks could be completed by June.</p>



<h2 class="wp-block-heading" id="h-uganda-oil">UGANDA OIL</h2>



<p>Uganda will not begin oil production this year, a government spokesperson said on Tuesday, missing a long-standing target to begin extracting crude from its western fields this year.</p>



<h2 class="wp-block-heading" id="h-uganda-health">UGANDA HEALTH</h2>



<p>The number of confirmed Ebola cases in Uganda has risen to nine from three, the country&#8217;s health ministry said.</p>



<h2 class="wp-block-heading" id="h-somalia-violence">SOMALIA VIOLENCE</h2>



<p>The Islamic State armed group attacked military bases in Somalia&#8217;s northeastern Puntland state overnight with suicide car and motorbike bombs, but government forces repelled the assault and airstrikes killed 70 militants, a military official said on Tuesday.</p>



<p>((Compiled by Nairobi Newsroom))</p>


World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on February 12


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/108100827-17392963002025-02-11t174938z_1240587498_rc2fscadk7n1_rtrmadp_0_openai-elon-musk-820x547.jpeg" alt="" class="wp-image-585412" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/108100827-17392963002025-02-11t174938z_1240587498_rc2fscadk7n1_rtrmadp_0_openai-elon-musk-820x547.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/108100827-17392963002025-02-11t174938z_1240587498_rc2fscadk7n1_rtrmadp_0_openai-elon-musk-300x200.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/108100827-17392963002025-02-11t174938z_1240587498_rc2fscadk7n1_rtrmadp_0_openai-elon-musk-135x90.jpeg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/108100827-17392963002025-02-11t174938z_1240587498_rc2fscadk7n1_rtrmadp_0_openai-elon-musk-768x512.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/108100827-17392963002025-02-11t174938z_1240587498_rc2fscadk7n1_rtrmadp_0_openai-elon-musk-1536x1024.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/108100827-17392963002025-02-11t174938z_1240587498_rc2fscadk7n1_rtrmadp_0_openai-elon-musk-scaled.jpeg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Sam Altman, CEO of OpenAI, speaks with French President Emmanuel Macron at Station F, during an event on the sidelines of the Artificial Intelligence Action Summit in Paris, France, Feb. 11, 2025.<br>Aurelien Morissard | Via Reuters</figcaption></figure>



<p>PARIS — Music was blaring and people were cheering at the Artificial Intelligence Action Summit in Paris on Monday as French President Emmanuel Macron declared France is “back in the AI race.”</p>



<p>The bold call comes after Macron touted a 109 billion euro ($112.8 billion) investment in AI in the country. But it also underscores Europe’s desire, led by France, to be a part of the conversation around AI leadership and innovation that has so far been dominated by the U.S. and China.</p>



<p>Last month, America’s $500 billion Stargate announcement made headlines globally, followed by DeepSeek’s AI model, which sent shock waves across financial markets and highlighted China’s ability to keep apace with U.S. innovation.</p>



<p>Europe has long been seen by its critics as a place that has regulated the tech industry too heavily to the detriment of innovation.</p>



<p>Though that image has not entirely been changed, there are some in the technology industry who think Europe is moving in the right direction.</p>



<p>“As a European region, at least, we are starting to see global leaders emerge, and that’s the thing we really need,” Victor Riparbelli, CEO of AI video company Synthesia, told CNBC in an interview on Monday.</p>



<p>There are a number of key companies in Europe, ranging from self-driving technology startup Wayve in the U.K. to OpenAI rival Mistral in France.</p>



<p>“So I think it’s great that we invest more in infrastructure. I don’t think it’s the sole solution to the problem. &#8230; But what I think is really great is that there’s political will to actually do something,” Riparbelli added.</p>



<h2 class="wp-block-heading" id="h-fork-in-the-road"><a></a>‘Fork in the road’</h2>



<p>Last year, economist and politician Mario Draghi released a report that urged more investment in the European Union in order to boost competitiveness.</p>



<p>Draghi’s report noted that there are innovative ideas, but startups are “failing to translate innovation into commercialisation, and innovative companies that want to scale up in Europe are hindered at every stage by inconsistent and restrictive regulations.”</p>



<p>Chris Lehane, chief global affairs officer at OpenAI, told CNBC on Monday that based on his experience at the AI Action Summit, there is tension between Europe at the EU level and the countries within it.</p>



<p>“You can get this sense that there’s almost this fork in the road, maybe even a tension right now between a Europe at the EU level that is looking at a fairly significant, heavier regulatory approach. And then some of the countries, a France, a Germany, a UK, though not technically the EU, certainly European, they’re looking to maybe go in a little bit of a different direction that actually wants to embrace the innovation,” Lehane told CNBC.</p>



<p>He said that previous AI summits hosted by the U.K. and South Korea have focused on the safety around AI, but the Paris edition has a change of tone.</p>



<p>“I think this conference, you’re beginning to see maybe a different definition or consideration, that perhaps the bigger risk right now is missing out on the opportunity,” Lehane added.</p>



<h2 class="wp-block-heading"><a></a>Europe the ‘referee’</h2>



<p>Still, the image of Europe as a burdensome place for tech regulation has not been shaken.</p>



<p>The EU’s AI Act was the first major law in the world governing artificial intelligence to go into effect in 2024. It has been criticized by companies as well as individual countries such as France which have said that the legislation could stifle innovation.</p>



<p>“One of the metaphors I sometimes use you look at AI as a World Cup football match between the U.S. and China. And if all Europe is trying to do is be the referee, there’s two problems. One, they never win, and two, no one really likes the referee,” Reid Hoffman, the co-founder of LinkedIn and an investor at venture capital firm Greylock, told CNBC on Monday.</p>



<p>Christel Heydemann, the CEO of telecommunications firm Orange, told CNBC in an interview on Tuesday that there is too much regulation in Europe.</p>



<p>“So that’s that’s slowing us down, especially when you think about the potential of the European market,” Heydemann said.</p>



<p>She did, however, strike an optimistic tone on Europe’s position on AI.</p>



<p>I don’t think, in the end, it’s a race between U.S. and China. Actually, the president of the European Commission has been very clear, Europe wants to be a continent of AI, and the race is not over yet,” Heydemann added.</p>


108100827-17392963002025-02-11t174938z_1240587498_rc2fscadk7n1_rtrmadp_0_openai-elon-musk

Europe wants to be part of the AI race against China and the U.S. — and shake off its anti-innovation image

<p><iframe src="https://www.youtube.com/embed/egD1ZoRrpVw" width="100%" frameborder="0" allowfullscreen="allowfullscreen"></iframe></p>
<p>Americans drive much more than in any other country – twice as much as the average German, for example. And the actual experience of driving isn’t quite as romantic as the image. Drivers are often stuck in traffic. Cars pump out pollution. Less walking means less exercise. Cars also can kill people. Some skeptics say, indeed–cars are awesome. But they got a lot of help from favorable policies and strong lobbies. CNBC spoke with some researchers and looked at numbers to get the full picture of why Americans became so dependent on cars.</p>
<p>Chapters:<br />
0:00 &#8211; 01:37 Introduction<br />
01:41 Chapter 1: A nation hooked on cars<br />
03:47 Chapter 2: How we got here<br />
08:00 Chapter 3: Cars are subsidized<br />
11:32 Chapter 4: Solutions </p>
<p>Producer: Robert Ferris<br />
Editor: Andrea Miller<br />
Animation: Jason Reginato<br />
Senior Managing Producer: Tala Hadavi<br />
Additional footage: Getty Images</p>
<p>» Subscribe to CNBC: https://cnb.cx/SubscribeCNBC<br />
» Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision </p>
<p>About CNBC:&#8230;</p>


How America Got Hooked On Cars


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3334" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/W6G6MVOXZ5MAPCA7IMBJFSHWMM.avif" alt="" class="wp-image-585151"/><figcaption class="wp-element-caption">U.S. President Donald Trump holds a joint press conference with Japanese Prime Minister Shigeru Ishiba in the East Room at the White House in Washington, U.S., February 7, 2025. REUTERS/Kent Nishimura/File Photo</figcaption></figure>



<p>JOHANNESBURG, Feb 11 (Reuters) &#8211; U.S. President Donald Trump&#8217;s attacks on what he alleges is South Africa&#8217;s mistreatment of its white minority are being met with mockery on social media by some white South Africans poking fun at their own privilege.</p>



<p>Trump said last week that &#8220;certain classes of people&#8221; were being treated &#8220;very badly&#8221; in South Africa, referring to a bill signed by President Cyril Ramaphosa aimed at addressing racial disparities in land ownership.</p>



<p>He then cut aid to South Africa and offered refugee resettlement in the United States to Afrikaners, the descendants of early European settlers, stating they were &#8220;victims of unjust racial discrimination&#8221;.</p>



<p>&#8220;USA, USA, USA!&#8221; comedian Bouwer Bosch chants in a TikTok video as he tells a friend he is moving to the United States.</p>



<p>&#8220;Why did you get refugee status?&#8221; the friend asks.</p>



<p>&#8220;Cause I&#8217;m white, bro!&#8221; he responds, before adding that he will be back to his South African beach house in the summer, to attend a golf tournament and go to AfrikaBurn &#8211; South Africa&#8217;s answer to the Burning Man festival.</p>



<p>In an Instagram video titled &#8220;A day in the life of an oppressed white South African&#8221;, a woman lies yawning in bed.</p>



<p>&#8220;My husband brought me an iced coffee today because the most oppressive thing about this country is actually the sun,&#8221; she says.</p>



<p>South African-born billionaire Elon Musk, who is now a key adviser to Trump, has amplified the president&#8217;s attacks on South Africa, writing in a post on his social media platform X last week that the country has &#8220;openly racist ownership laws&#8221;.</p>



<p>In another Instagram video, South African Indian comedian Sed Pillay plays the character of a white Afrikaner farmer applying for asylum in the United States who doesn&#8217;t want to leave behind his Black farm workers.</p>



<p>&#8220;I need to put in a special request: if I could please bring Sipho and Thandeka with me,&#8221; he says.</p>



<p>South Africa&#8217;s Foreign Ministry said on Saturday that Trump&#8217;s executive order cutting aid &#8220;lacks factual accuracy and fails to recognize South Africa&#8217;s profound and painful history of colonialism and apartheid&#8221;.</p>



<p>Three decades after the end of racist apartheid rule, white South Africans, who make up less than 10% of the population, still own most of the country&#8217;s farmland. Land reform policies since the first multi-racial elections in 1994 have never involved the forced seizure of white-owned land.</p>



<p>The mostly white-led Democratic Alliance party, the top coalition partner in Ramaphosa&#8217;s unity government, opposes the recent land bill and has filed a court challenge against it. However the DA also released a statement last week saying it is not true that the act allows land to be seized arbitrarily and that it does require fair compensation.</p>



<p>(Reporting by Nellie Peyton; Editing by Joe Bavier and Frances Kerry)</p>


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Trump’s accusations against South Africa spark ‘white privilege’ self-mockery

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China builds space alliances in Africa as Trump cuts foreign aid


<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>



<p>JOHANNESBURG, Feb 11 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, equity and currency market moves may affect South African markets on Tuesday.</p>



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



<p>South African government bond auction</p>



<p>December manufacturing output </p>



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



<p>South Africa&#8217;s rand was little changed on Monday after U.S. President Donald Trump announced more tariff plans, adding to worries over a global trade war.</p>



<p>On the stock market, the Top-40 index closed up about 0.4%.</p>



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



<p>Gold hit a record high, the dollar was firm and Hong Kong shares advanced to a four-month peak on Tuesday as investors navigated shifts in U.S. trade policy and waited to hear from Federal Reserve Chair Jerome Powell on tariffs and inflation.</p>



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



<p>Wall Street&#8217;s main indexes closed higher on Monday, lifted by Nvidia and other AI-related stocks, while steelmakers surged after U.S. President Donald Trump said he would impose additional tariffs on steel and aluminium imports.</p>



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



<p>Gold prices soared to a record high on Tuesday, as investors flocked to the safe-haven asset after U.S. President Donald Trump imposed new 25% tariffs on steel and aluminium imports, fuelling concerns over a potential trade war and inflation.</p>



<p>&#8211; &#8211; &#8211; &#8211;</p>



<p>Some of the main stories out in the South African press:</p>



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



<p>&#8211; Treasury tells departments to reprioritise budgets for G20 funding</p>



<p>&#8211; US embassy confirms Pepfar programmes exempt from Trump’s freeze on SA aid</p>



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



<p>&#8211; SA steel and aluminium on edge amid Trump tariff uncertainty</p>



<p>(Compiled by Sfundo Parakozov)</p>


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South African Markets – Factors to watch on February 11


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="549" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-820x549.jpg" alt="" class="wp-image-425202" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-820x549.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-300x201.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-134x90.jpg 134w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-768x514.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-1536x1028.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">South African Rand coins are seen in this photo illustration .  REUTERS/Mike Hutchings</figcaption></figure>



<p>JOHANNESBURG, Feb 11 (Reuters) &#8211; South Africa&#8217;s rand weakened early on Tuesday as traders gauged the effects of U.S. President Donald Trump&#8217;s tariffs on steel and aluminium imports, which risk sparking a multi-front trade war.</p>



<p>At 0727 GMT, the rand traded at 18.4725 against the U.S. dollar, about 0.1% softer than its previous close.</p>



<p>Trump imposed tariffs on steel and aluminium imports on Monday to a flat 25% &#8220;without exceptions or exemptions&#8221; aiming to benefit production in the world&#8217;s biggest economy.</p>



<p>ETM Analytics said in a research note that South Africa &#8220;will be minimally affected&#8221;.</p>



<p>&#8220;For now, the USD-ZAR will trade cautiously and without clear direction, until Trump&#8217;s policies are understood and the implications are more quantifiable than they are now,&#8221; the note added.</p>



<p>South Africa-focussed investors will look to December manufacturing data due around 1100 GMT, for signs on the health of Africa&#8217;s most industrialised economy. Economists polled by Reuters expect manufacturing output to fall 1.7%.</p>



<p>South Africa&#8217;s benchmark 2030 government bond was weaker in early deals, with the yield up 1 basis point to 9.11%.</p>



<p>On the Johannesburg Stock Exchange, the blue-chip Top-40 index last traded about 0.4% weaker. Shares in steel producer ArcelorMittal South Africa traded 2% weaker on the news of Trump&#8217;s tariffs.</p>



<p>(Reporting by Sfundo Parakozov; Editing by Tannur Anders and Ed Osmond)</p>


South African Rand coins are seen in this photo illustration

South African rand softer, markets focus on Trump steel tariff impact


<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>



<p>Feb 11 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday.</p>



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



<p>Gold hit a record high, the dollar was firm and Hong Kong shares advanced to a four-month peak on Tuesday as investors navigated shifts in U.S. trade policy and waited to hear from Federal Reserve Chair Jerome Powell on tariffs and inflation.</p>



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



<p>Oil prices extended gains on Tuesday after a report showed Russian oil production fell short of quota and on fears of more supply disruptions, but gains were limited by worries that escalating trade tariffs could dampen global economic growth.</p>



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



<p>South Africa&#8217;s rand was little changed on Monday after U.S. President Donald Trump announced more tariff plans, adding to worries over a global trade war.</p>



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



<p>The Kenyan shilling was flat against the dollar on Monday, data from the London Stock Exchange Group (LSEG) showed.</p>



<h2 class="wp-block-heading" id="h-congo-security">CONGO SECURITY</h2>



<p>South Africa has sent additional troops and military equipment to Democratic Republic of Congo in recent days, political and diplomatic sources said, after 14 of its soldiers were killed in fighting with Rwanda-backed rebels last month.</p>



<h2 class="wp-block-heading" id="h-uganda-central-bank">UGANDA CENTRAL BANK</h2>



<p>Uganda has named a new central bank governor and deputy governor, President Yoweri Museveni&#8217;s office said on Monday.</p>



<h2 class="wp-block-heading" id="h-botswana-economy">BOTSWANA ECONOMY</h2>



<p>Botswana sees 3.3% growth in 2025 amid upturn in diamond market.</p>



<p>((Compiled by Nairobi Newsroom))</p>


African Markets – Factors to watch on Feb 11


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="4032" height="3024" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/2SIQMB7RZ5KDFNVECNMIHSHXSA.avif" alt="" class="wp-image-585046"/><figcaption class="wp-element-caption">An aerial view of Shaft 11 at Impala Platinum Mine, in Rustenburg, South Africa, November 28, 2023. REUTERS/Shafiek Tassiem/File Photo</figcaption></figure>



<p>Feb 11 (Reuters) &#8211; Impala Platinum  expects its half-year profit to fall by as much as 49% in the six months to December 2024 as low metal prices persist, the South African company said on Tuesday.</p>



<p>Impala, the world&#8217;s second-largest producer of platinum group metals that are used to curb emissions from motor vehicles, said it expects headline earnings to be between 1.65 billion rand and 1.95 billion rand ($89.39 million-$105.65 million) for the six months to December 31, down from 3.26 billion rand previously.</p>



<p>The miner said its income had been affected by lower dollar pricing for its metals as well as the strengthening rand exchange rate, which more than offset the benefit of improved production and sales volumes.</p>



<p>Impala&#8217;s refined output increased by 2% to 1.79 million ounces, while sales rose 5% to 1.77 million ounces in the six months.</p>



<p>Anglo American Platinum, Impala&#8217;s bigger rival, expects its profit for the 2024 financial year to drop by as much as 46% in response to low metal prices and costs associated with restructuring and a demerger from its parent company.</p>



<p>The company will release its half-year financial results on February 27.</p>



<p>($1 = 18.4578 rand)</p>



<p>(Reporting by Nelson Banya; editing by Barbara Lewis)</p>


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Impala Platinum expects deeper profit fall on low platinum prices


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="3000" height="2000" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/M6LR22CX2ZL6BF5FULJQBJKP7I.avif" alt="" class="wp-image-585028"/><figcaption class="wp-element-caption">The MOODY&#8217;S logo and a decreasing stock graph are seen in this illustration taken on January 29, 2025. REUTERS/Dado Ruvic/Illustration/File Photo</figcaption></figure>



<p>LONDON, Feb 10 (Reuters)&nbsp;&#8211;&nbsp;The triple-A ratings of the World Bank and other top multilateral lenders would be at risk if U.S. President Donald Trump slashed his country&#8217;s support for them, credit rating agency Moody&#8217;s&nbsp;has&nbsp;warned,&nbsp;adding such a move was unlikely.</p>



<p>Last week, Trump signed an Executive Order to review U.S. government support to all international intergovernmental organisations of which it is a member and to withdraw from some United Nations organisations.</p>



<p>&#8220;The US is a key shareholder in a number of rated MDBs (multilateral development banks), hence it would be credit negative if it materially reduced its commitment to them,&#8221; Moody&#8217;s said in a report published on Monday.</p>



<p>The U.S. is the single biggest shareholder in the World Bank Group&#8217;s institutions, with a 16.4% share in its largest, the International Bank for Reconstruction and Development (IBRD), and a 19% stake in International Development Association (IDA) which provides concessional loans and grants to the world&#8217;s poorest countries.</p>



<p>The World Bank declined to comment on the Moody&#8217;s note.</p>



<p>It has an even higher 30% share in the Inter-American Development Bank in Latin America, a 15.6% stake in the Asian Development Bank and 10% in the European Bank of&nbsp;Reconstruction&nbsp;of Development that was set up in the wake of the Cold War.</p>



<p>The Trump-ordered review of Washington&#8217;s support for development banks is due to take roughly six months.</p>



<p>The set-ups of most of the institutions allow for an &#8220;orderly withdrawal&#8221; of a shareholder.</p>



<p>Moody&#8217;s said it was &#8220;unlikely that the U.S. would take drastic steps regarding its participation in key MDBs,&#8221; for several reasons, including the loss of influence over those institutions&#8217; lending policies.</p>



<p>In&nbsp;the World Bank&#8217;s case, the U.S. has paid in capital of around $3.7 billion in the IBRD and has callable capital commitments of $49.2 billion, compared to disbursed and outstanding IBRD loans and guarantees of around $263 billion.</p>



<p>The average maturity of the IBRD&#8217;s loan portfolio is 8.4 years although some loans are for up to 50 years meaning that, &#8220;the US would remain on the hook for IBRD&#8217;s lending portfolio for many years to come,&#8221; Moody&#8217;s said.</p>



<p>A withdrawal would also open the door for other countries to fill the void, something unlikely to fit with Trump&#8217;s geopolitical strategy.</p>



<p>&#8220;Those shareholders in particular include China, which has long coveted a larger share in the IBRD, a desire strongly opposed by consecutive U.S. governments,&#8221; Moody&#8217;s said.</p>



<p>(Reporting by Marc Jones, additional reporting by Andrea Shalal in Washington; editing by Libby George, Toby Chopra and Nick Zieminski)</p>


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<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="3984" height="2656" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/7VMZIX5RVNP4HCXIAHIZO4ZVIQ.avif" alt="" class="wp-image-584781"/><figcaption class="wp-element-caption">Former South African president Jacob Zuma&#8217;s uMkhonto we Sizwe (MK) party members gather in front of Cape Town Central police station where the MK party opened a treason case against AfriForum &#8211; an Afrikaner-led group, in Cape Town, South Africa, February 10, 2025. REUTERS/Esa Alexander</figcaption></figure>



<p>CAPE TOWN, Feb 10 (Reuters)&nbsp;&#8211;&nbsp;The party of South Africa&#8217;s ex-president Jacob Zuma on Monday filed a treason complaint against AfriForum, a group championing the white Afrikaner minority, after Donald Trump attacked the country&#8217;s new law aimed at redistributing white-owned land.</p>



<p>AfriForum has lobbied against the law in U.S. media and political circles, portraying it as part of a wider onslaught against Afrikaners, and Zuma&#8217;s MK party accused it in a criminal complaint of spreading misinformation to influence Trump.</p>



<p>The U.S. president last week signed an executive order cutting financial assistance to South Africa, citing the land expropriation act and Pretoria&#8217;s genocide case against Israel, Washington&#8217;s close ally, at the International Court of Justice.</p>



<p>The Trump administration said Afrikaners, the descendants of predominantly Dutch 17th century settlers, could come to the United States as refugees, lending credence to AfriForum&#8217;s complaint that they are being persecuted, which is disputed by the South African government and most political parties.</p>



<p>The government has defended the land reform law as an attempt to rectify the injustices of the past and has pushed back against what it says is misinformation, pointing out that no expropriations have yet taken place under the law.</p>



<p>White farmers own three quarters of South Africa&#8217;s privately held land, while white people make up 8% of the population.</p>



<p>Trump&#8217;s criticism has exacerbated stark divisions on racial issues that persist in South Africa 30 years after the end of apartheid, partly because of yawning inequality between racial groups.</p>



<p>Underscoring those divisions, the mostly white-led Democratic Alliance (DA) &#8211; top coalition partner in President Cyril Ramaphosa&#8217;s unity government &#8211; said on Monday it had filed a court challenge to the act, calling it unconstitutional.</p>



<p>&#8220;No government in a democratic country should be given such sweeping powers to expropriate property without compensation,&#8221; senior DA politician Helen Zille said in a statement.</p>



<p>Zuma&#8217;s MK party is a populist opposition party that strongly advocates land redistribution and rose quickly to come third in last year&#8217;s general elections, taking significant support away from the ruling African National Congress, which lost its majority.</p>



<p>MK took its complaint against AfriForum to Cape Town&#8217;s central police station, where dozens of supporters wearing the party&#8217;s trademark green military camouflage outfits sang anti-apartheid freedom songs.</p>



<h2 class="wp-block-heading" id="h-plotting">&#8216;PLOTTING&#8217;</h2>



<p>&#8220;Treason has been committed, we contend, by them, because they are plotting against our government,&#8221; said John Hlophe, the party&#8217;s parliamentary leader, just after filing the complaint.</p>



<p>&#8220;Based on those lies, those fraudulent misrepresentations, Trump decided to issue an executive order against South Africa,&#8221; he told reporters.</p>



<p>AfriForum&#8217;s CEO Kallie Kriel said the accusation of treason was absurd.</p>



<p>&#8220;It is the duty of civil society &#8230; to put the spotlight on legislation and actions that threaten the welfare of citizens and the country,&#8221; he said in a statement.</p>



<p>A decision on whether to prosecute AfriForum for treason will rest with the National Prosecuting Authority, which acts based on evidence presented by the police.</p>



<p>The ruling ANC last week also blamed AfriForum for Trump&#8217;s actions, though it has not taken legal action against the group.</p>



<p>The expropriation act empowers the government to seize land owned by white farmers, in rare cases without compensation, in order to redistribute it to poor Blacks.</p>



<p>AfriForum rejects the law as an assault on property rights and has been campaigning actively for years in the United States against South African land reform efforts.</p>



<p>(Reporting by Wendell Roelf; Writing by Tim Cocks; Editing by Estelle Shirbon, Aidan Lewis and Christina Fincher)</p>


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South African party accuses white group of treason over Trump attack


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="4595" height="3063" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/TSXEJAVPAZO77C5HSGIMQIYINE.avif" alt="" class="wp-image-584746"/><figcaption class="wp-element-caption">Michael Atingi-Ego speaks during the ReutersNEXT Newsmaker event in New York City, New York, U.S., November 9, 2023. REUTERS/Brendan McDermid/File Photo</figcaption></figure>



<p>KAMPALA, Feb 10 (Reuters)&nbsp;&#8211;&nbsp;Uganda has named Michael Atingi-Ego its central bank governor, President Yoweri Museveni&#8217;s spokesperson said on Monday.</p>



<p>Atingi-Ego previously worked for the central bank in a senior position, then left and returned in 2020 as deputy governor.</p>



<p>He has been the acting head of the bank since the death of long-serving former governor, Emmanuel Tumusiime-Mutebile, in 2022.</p>



<p>Sandor Walusimbi, President Yoweri Museveni&#8217;s spokesperson, confirmed the appointment of Atingi-Ego.</p>



<p>The bank has appointed Augustus Nuwagaba, an economist at Uganda&#8217;s largest public university, Makerere, as Atingi-Ego&#8217;s deputy, NTV Uganda, Daily Monitor newspaper and Uganda Broadcasting Corporation reported.</p>



<p>(Reporting by Elias Biryabarema; Editing by George Obulutsa and Aidan Lewis)</p>


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