
<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-1076949610-612x612-1-1.jpg" alt="" class="wp-image-524600" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



<p>JOHANNESBURG, Nov 26 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, company announcements, 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>Leading business cycle indicator</p>



<p>Government bond auction</p>



<h2 class="wp-block-heading" id="h-companies">COMPANIES</h2>



<p>Pepkor full-year results</p>



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



<p>South Africa&#8217;s rand strengthened on Monday, as investors started the week on the front foot ahead of a slew of month-end economic data releases.</p>



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



<p>The dollar rallied sharply on Tuesday after U.S. President-elect Donald Trump pledged tariffs on all imports from Canada and Mexico, and additional tariffs on China.</p>



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



<p>Wall Street&#8217;s main indexes ended higher on Monday, with the small-cap Russell 2000 index hitting an all-time high after Scott Bessent&#8217;s nomination as U.S. Treasury secretary helped push bond yields lower.</p>



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



<p>Gold prices held steady on Tuesday after a 3% drop in the previous session, supported by increased safe-haven demand following President-elect Donald Trump&#8217;s pledge to impose tariffs on all imports from Canada, Mexico and China.</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; Boxer IPO is a hit with international and local investors</p>



<p>(Compiled by Alexander Winning)</p>


istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on Nov 26


<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>NAIROBI, Nov 26 (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-events">EVENTS</h2>



<p>*Nigeria&#8217;s central bank announces its latest lending rate decision.</p>



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



<p>The dollar rallied sharply on Tuesday after U.S. President-elect Donald Trump pledged tariffs on all imports from Canada and Mexico, and additional tariffs on China.</p>



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



<p>Oil prices slipped in early trade on Tuesday, extending declines from the previous session as investors took stock of a potential ceasefire between Israel and Hezbollah, weighing on oil&#8217;s risk premium.</p>



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



<p>South Africa&#8217;s rand strengthened on Monday, as investors started the week on the front foot ahead of a slew of month-end economic data releases.</p>



<h2 class="wp-block-heading" id="h-nigeria-economy">NIGERIA ECONOMY</h2>



<p>Nigeria&#8217;s economy grew 3.46% year-on-year in the third quarter of 2024, quicker than in the first two quarters of the year, statistics agency data showed on Monday.</p>



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



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



<h2 class="wp-block-heading" id="h-ivory-coast-cocoa">IVORY COAST COCOA</h2>



<p>Cocoa arrivals at ports in top grower Ivory Coast had reached 643,000 metric tons by Nov. 24 since the start of the season on Oct. 1, up from 481,000 tons in the same period last season, exporters estimated on Monday.</p>



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


World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on Nov 26


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="624" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_W4HHJNKRB5JDDDLTWMJFL3RBBA-820x624.jpg" alt="" class="wp-image-558769" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_W4HHJNKRB5JDDDLTWMJFL3RBBA-820x624.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_W4HHJNKRB5JDDDLTWMJFL3RBBA-300x228.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_W4HHJNKRB5JDDDLTWMJFL3RBBA-118x90.jpg 118w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_W4HHJNKRB5JDDDLTWMJFL3RBBA-768x584.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_W4HHJNKRB5JDDDLTWMJFL3RBBA-1536x1169.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_W4HHJNKRB5JDDDLTWMJFL3RBBA-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A worker puts an ingot of platinum into a box at the Krastsvetmet nonferrous metal plant in the Siberian city of Krasnoyarsk in this March 25, 2008 file photo. REUTERS/Ilya Naymushin/File Photo</figcaption></figure>



<p>LONDON, Nov 26 (Reuters) &#8211; The global platinum market will be in a structural deficit for a third consecutive year in 2025 as mine supply remains constrained despite rising recycling and a 1% decline in demand, the World Platinum Investment Council said on Tuesday.</p>



<p>The WPIC, whose members are major Western platinum producers, expects the global market to show a shortfall of 539,000 troy ounces of platinum next year compared with a revised estimated deficit of 682,000 ounces this year.</p>



<p>&#8220;The market is facing the third year of pretty material deficit in 2025, with automotive demand expected to grow to an eight-year high and jewellery demand to rise for the second year in a row after bottoming out,&#8221; said Edward Sterck, head of research at the WPIC.</p>



<p>This year&#8217;s forecast was reduced from the deficit of 1.0 million ounces predicted by the WPIC in September, as a more stable power supply in South Africa helped the country&#8217;s mines to process more concentrates held as a work-in-progress inventory.</p>



<p>Next year, the WPIC expects mine supply to fall 2% due to lower South African production and to be fully offset by a 12% recovery in recycled supply.</p>



<p>Meanwhile, demand from the auto sector, which uses platinum in catalytic converters to reduce harmful emissions from vehicle exhaust systems, is projected to fall by 2% this year to 3.2 million ounces due to economic uncertainty and high interest rates.</p>



<p>Next year, the WPIC sees the auto demand recovering by 2% to its highest level since 2017 due to growth in sales of hybrid vehicles, stricter emissions legislation, and platinum-for-palladium substitution, the WPIC, which uses data from consultancy Metals Focus, added.</p>



<p>To cover the deficit, above-ground stocks will fall by 15% to 3.0 million ounces, equal to just over four months of global demand.</p>



<p>PLATINUM SUPPLY/DEMAND (&#8216;000 oz)*</p>



<figure class="wp-block-table"><table class="has-fixed-layout"><tbody><tr><td></td><td>2022</td><td>2023</td><td>2024f</td><td>2025f</td><td>24/23 change</td><td>25/24 change</td><td>Q3 2023</td><td>Q2 2024</td><td>Q3 2024</td></tr><tr><td>SUPPLY</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Refined production:             </td><td>5,520</td><td>5,604</td><td>5,626</td><td>5,550</td><td>0%</td><td>-1%</td><td>1,393</td><td>1,541</td><td>1,479</td></tr><tr><td>&#8211; South Africa</td><td>3,915</td><td>3,957</td><td>4,000</td><td>3,929</td><td>1%</td><td>-2%</td><td>984</td><td>1,128</td><td>1,073</td></tr><tr><td>&#8211; Zimbabwe</td><td>480</td><td>507</td><td>504</td><td>522</td><td>-1%</td><td>3%</td><td>132</td><td>126</td><td>126</td></tr><tr><td>&#8211; North America</td><td>263</td><td>275</td><td>252</td><td>232</td><td>-8%</td><td>-8%</td><td>60</td><td>59</td><td>60</td></tr><tr><td>&#8211; Russia</td><td>663</td><td>674</td><td>678</td><td>676</td><td>1%</td><td>0%</td><td>168</td><td>181</td><td>172</td></tr><tr><td>&#8211; Other</td><td>200</td><td>190</td><td>191</td><td>191</td><td>0%</td><td>0%</td><td>48</td><td>48</td><td>48</td></tr><tr><td>Change in producer inventory</td><td>+43</td><td>+11</td><td>+57</td><td>+0</td><td></td><td></td><td>-6</td><td>+35</td><td>+0</td></tr><tr><td>Total mining supply</td><td>5,563</td><td>5,615</td><td>5,683</td><td>5,550</td><td>1%</td><td>-2%</td><td>1,387</td><td>1,576</td><td>1,479</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Recycling:</td><td>1,762</td><td>1,544</td><td>1,587</td><td>1,774</td><td>3%</td><td>12%</td><td>347</td><td>388</td><td>348</td></tr><tr><td>&#8211; Autocatalyst</td><td>1,322</td><td>1,143</td><td>1,176</td><td>1,346</td><td>3%</td><td>14%</td><td>254</td><td>297</td><td>260</td></tr><tr><td>&#8211; Jewellery</td><td>372</td><td>331</td><td>335</td><td>347</td><td>1%</td><td>4%</td><td>75</td><td>72</td><td>68</td></tr><tr><td>&#8211; Industrial</td><td>69</td><td>71</td><td>76</td><td>81</td><td>8%</td><td>6%</td><td>17</td><td>19</td><td>20</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>TOTAL SUPPLY</td><td>7,326</td><td>7,159</td><td>7,269</td><td>7,324</td><td>2%</td><td>1%</td><td>1,733</td><td>1,964</td><td>1,827</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>DEMAND</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Automotive</td><td>2,751</td><td>3,223</td><td>3,173</td><td>3,245</td><td>-2%</td><td>2%</td><td>771</td><td>805</td><td>750</td></tr><tr><td>Jewellery</td><td>1,880</td><td>1,849</td><td>1,951</td><td>1,983</td><td>5%</td><td>2%</td><td>446</td><td>497</td><td>478</td></tr><tr><td>Industrial:</td><td>2,336</td><td>2,449</td><td>2,434</td><td>2,216</td><td>-1%</td><td>-9%</td><td>490</td><td>667</td><td>565</td></tr><tr><td>&#8211; Chemical</td><td>694</td><td>786</td><td>563</td><td>656</td><td>-28%</td><td>17%</td><td>147</td><td>140</td><td>137</td></tr><tr><td>&#8211; Petroleum</td><td>193</td><td>161</td><td>161</td><td>211</td><td>0%</td><td>31%</td><td>39</td><td>40</td><td>40</td></tr><tr><td>&#8211; Electrical</td><td>106</td><td>89</td><td>90</td><td>92</td><td>1%</td><td>2%</td><td>22</td><td>23</td><td>24</td></tr><tr><td>&#8211; Glass</td><td>505</td><td>521</td><td>671</td><td>286</td><td>29%</td><td>-57%</td><td>64</td><td>225</td><td>125</td></tr><tr><td>&#8211; Medical</td><td>278</td><td>292</td><td>303</td><td>314</td><td>4%</td><td>4%</td><td>71</td><td>77</td><td>78</td></tr><tr><td>&#8211; Hydrogen stationary</td><td>12</td><td>29</td><td>64</td><td>84</td><td>123%</td><td>32%</td><td>7</td><td>14</td><td>17</td></tr><tr><td>&#8211; Other</td><td>548</td><td>571</td><td>582</td><td>574</td><td>2%</td><td>-1%</td><td>139</td><td>148</td><td>144</td></tr><tr><td>Investment:</td><td>-516</td><td>397</td><td>393</td><td>420</td><td>-1%</td><td>7%</td><td>50</td><td>462</td><td>-226</td></tr><tr><td>&#8211; Change in Bars/Coins</td><td>259</td><td>322</td><td>171</td><td>151</td><td>-47%</td><td>-12%</td><td>86</td><td>17</td><td>69</td></tr><tr><td>&#8211; China Bars 500g+</td><td>90</td><td>134</td><td>157</td><td>170</td><td>17%</td><td>8%</td><td>35</td><td>41</td><td>30</td></tr><tr><td>&#8211; Change in ETF Holdings</td><td>-558</td><td>-74</td><td>150</td><td>50</td><td></td><td>-67%</td><td>-99</td><td>444</td><td>-300</td></tr><tr><td>&#8211; Change in Stocks Held by Exchanges</td><td>-307</td><td>14</td><td>-85</td><td>50</td><td></td><td></td><td>28</td><td>-40</td><td>-25</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total Demand</td><td>6,451</td><td>7,918</td><td>7,951</td><td>7,863</td><td>0%</td><td>-1%</td><td>1,756</td><td>2,431</td><td>1,567</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Balance</td><td>874</td><td>-759</td><td>-682</td><td>-539</td><td></td><td></td><td>-23</td><td>-467</td><td>260</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Above Ground Stocks</td><td>4,993</td><td>4,235</td><td>3,553</td><td>3,014</td><td>-16%</td><td>-15%</td><td></td><td></td><td></td></tr></tbody></table></figure>



<p>Source: Metals Focus 2020–2025 via WPIC.</p>



<p>(Reporting by Polina Devitt; Editing by Paul Simao)</p>



<p></p>


https___cloudfront-us-east-2.images.arcpublishing.com_reuters_W4HHJNKRB5JDDDLTWMJFL3RBBA

Platinum market faces third consecutive deficit in 2025, WPIC says


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="4289" height="3038" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/AM5FI7LQQFOIHG3KJQXN7SQ64I.avif" alt="" class="wp-image-558526"/><figcaption class="wp-element-caption">A general view of Karu district in Abuja, Nigeria June 25, 2020. REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



<p>ABUJA, Nov 25 (Reuters) &#8211; Nigeria&#8217;s economy grew 3.46% year-on-year in the third quarter of 2024, quicker than in the first two quarters of the year, statistics agency data showed on Monday.</p>



<p>Gross domestic product (GDP) growth was driven mainly by the services sector, which contributed more than 50% to aggregate output in the July-September period.</p>



<p>Despite the pickup in growth, from 3.19% in the second quarter and 2.98% in the first, it was still short of the 6% target set by President Bola Tinubu when he took office last year in Africa&#8217;s most populous nation and top oil producer.</p>



<p>Tinubu&#8217;s lightning reform push in the first weeks of his administration sparked hope that he could finally unleash the full potential of Africa&#8217;s sluggish economic giant.</p>



<p>But 18 months on, the key planks of his economic overhaul &#8211; devaluing the naira and scrapping subsidies &#8211; have triggered the worst cost-of-living crisis in a generation and are yet to translate into much faster growth.</p>



<p>The National Bureau of Statistics said the services sector grew 5.19% in the third quarter, contributing 53.58% to aggregate GDP.</p>



<p>Nigeria&#8217;s dominant oil sector, which accounts for the bulk of government revenue and foreign exchange reserves, expanded 5.17%, with average daily oil output of 1.47 million barrels per day (bpd), up slightly from 1.41 million bpd in the second quarter.</p>



<p>Growth in agriculture slowed to 1.14% from 1.41% in the second quarter, while industries grew 2.18%, versus 3.53% in April-June.</p>



<p>The International Monetary Fund forecasts Nigeria&#8217;s economy will grow 2.9% in 2024 and 3.2% next year.</p>



<p>(Reporting by Elisha Bala-Gbogbo; Editing by Alexander Winning and Alex Richardson)</p>


AM5FI7LQQFOIHG3KJQXN7SQ64I

Nigeria growth picks up in third quarter, fuelled by services

<p><iframe loading="lazy" src="https://www.youtube.com/embed/z_uGhq2ayVA" width="640" height="360" frameborder="0" allowfullscreen="allowfullscreen"></iframe></p>
<p>From the operating theater to the factory floor and the testing laboratory, robots have transformed the way people work across multiple industries.</p>
<p>So, perhaps it is no surprise that robotics engineers are highly sought-after, with the United States alone expected to add 9,000 robotics engineers by 2032, according to Sokanu&#8217;s Career Explorer.</p>
<p>Ano&#8230;</p>


Robotics engineers are in high demand — so what is the job like?


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3485" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/SMGPRUOGTVKQFGJ7HDZKUUAZQQ.avif" alt="" class="wp-image-558475"/><figcaption class="wp-element-caption">Shoppers stand at a Pick n Pay store at the Dobson Point Shopping Centre, in Soweto, South Africa, March 19, 2024. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



<p>JOHANNESBURG, Nov 25 (Reuters) &#8211; South African grocery retailer Pick n Pay raised 8.5 billion rand ($471 million) after selling a 34.4% stake in its discount chain Boxer at 54 rand per share to institutional investors in an initial public offering, it said on Monday.</p>



<p>The IPO is the second and final step of CEO Sean Summers&#8217; two-step recapitalisation plan to raise much needed cash to lower Pick n Pay Group debt and fix its loss-making core Pick n Pay supermarkets business. It has already raised 4 billion rand through a rights issue.</p>



<p>&#8220;Local and international investors have demonstrated extraordinary support for (Boxer&#8217;s) equity story and growth trajectory, with the order book being multiple times oversubscribed at the top end of the offer price range,&#8221; Boxer CEO Marek Masojada said.</p>



<p>The offer price range was between 42 rand and 54 rand. The retailer sold 157.4 million shares.</p>



<p>Based on a total of 457,407,408 shares in issue, assuming the overallotment option is exercised in full, the offer price implies a market capitalisation of 24.7 billion rand, the retailer said.</p>



<p>An overallotment option grants the underwriter the right to sell more shares to provide price stability. In this case there are 9,259,259 overallotment shares representing about 500 million rand although the retailer said there was no guarantee they would be sold.</p>



<p>Pick n Pay, the country&#8217;s third biggest grocery retailer by market cap, will retain a 65.6% stake in Boxer.</p>



<p>Boxer&#8217;s shares are scheduled to start trading on the main board of Johannesburg&#8217;s stock exchange on Nov. 28, with a secondary listing on the local alternative market.</p>



<p>Founded in 1977 as a small operator in towns like Nquthu and Ulundi in KwaZulu-Natal, Boxer has now grown to 489 stores across the country and Eswatini, with roughly a 68% market share of the discount grocery retail market.</p>



<p>($1 = 18.0602 rand)</p>



<p>(Reporting by Nqobile Dludla; Editing by Tom Hogue and Kim Coghill, Kirsten Donovan)</p>


SMGPRUOGTVKQFGJ7HDZKUUAZQQ

South Africa’s Pick n Pay raises $471 mln in Boxer IPO


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1920" height="1005" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_SDAAY3GYBFPKXCU7CME3NEZC3Y.avif" alt="" class="wp-image-558459"/><figcaption class="wp-element-caption">Konkola mine in Chililabombwe,500km (300miles) north of the capital Lusaka, Zambia, file. REUTERS/SALIM HENRY</figcaption></figure>



<p>LUSAKA, Nov 24 (Reuters)&nbsp;&#8211;&nbsp;Zambia suffered a nationwide power outage on Sunday following a &#8220;power system disturbance&#8221;, the southern Africa nation&#8217;s state utility Zesco said.</p>



<p>The utility said the incident occurred our 1815 GMT, leading to loss of power supply that affected the whole country.</p>



<p>It said it was working to resolve the unplanned outage, and power supply restoration was underway.</p>



<p>(Reporting by Chris Mfula Writing by Bate Felix; Editing by Ros Russell)</p>



<p></p>


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Zambia suffers nationwide power outage, state utility Zesco says


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="3790" height="2527" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/3FNEUQQ2TBMANK4FVKGNG6GGJY.avif" alt="" class="wp-image-558454"/><figcaption class="wp-element-caption">The logo and trading information for U.S. coal miner Peabody Energy Corp. are displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., April 4, 2017. REUTERS/Brendan McDermid/File Photo</figcaption></figure>



<p>LONDON/MELBOURNE Nov 25 (Reuters) &#8211; Anglo American agreed on Monday to sell its remaining Australian steelmaking coal mines to Peabody Energy for up to $3.78 billion in cash, the first major disposal in a wider restructuring plan.</p>



<p>The London-listed miner is reshaping its business to focus on copper after fending off a $49 billion takeover bid from larger rival BHP in May, betting on disposals to increase value and ward off unwanted suitors.</p>



<p>Anglo&#8217;s share price was up 2.4% by 0829 GMT.</p>



<p>Peabody&#8217;s deal comprises an upfront payment of $2.05 billion at completion, deferred cash consideration of $725 million and the potential for up to $550 million. It also includes a contingent cash consideration of $450 million linked to the reopening of the Grosvenor mine after a fire broke out there in June, Anglo American said in a statement.</p>



<p>Portfolio manager Ben Cleary at Tribeca Investment Partners, whose firm counts Anglo as its largest holding said that the miner received a &#8220;good price&#8221;.</p>



<p>&#8220;A decent amount of cash and the deferred element seems sensible,&#8221; he added.</p>



<p>Peabody will buy Moranbah North, Grosvenor, Aquila, and Capcoal located in Australia&#8217;s Bowen Basin. Anglo&#8217;s Dawson mine will be sold on for $455 million to a unit of Indonesia&#8217;s Delta Dunia Group which runs the BUMA coal mining services business, in a back-to-back transaction, Peabody said.</p>



<p>The agreement comes just days before a six-month freeze on another approach by BHP expires on Friday under UK takeover regulations, after Anglo rebuffed BHP three times.</p>



<p>Anglo had already offloaded a minority stake in a joint venture that owns the Jellinbah East and Lake Vermont steelmaking coal mines in Australia, for $1.1 billion.</p>



<h2 class="wp-block-heading" id="h-spinning-out-underperforming-assets">SPINNING OUT UNDERPERFORMING ASSETS</h2>



<p>Anglo&#8217;s plan to restructure also includes shedding underperforming platinum, nickel and diamond assets to focus on copper, a metal key for the clean energy transition and the rapid expansion of artificial intelligence, iron ore and crop nutrients.</p>



<p>&#8220;We see potential for a material re-rating in the medium-term as Anglo delivers on its restructuring plan, leaving a simplified portfolio with a 60% exposure to copper,&#8221; said Marina Calero, an analyst at RBC Capital Markets.</p>



<p>&#8220;A renewed approach from BHP cannot be ruled out, with the end November deadline soon approaching,&#8221; she added.</p>



<p>After coal, Anglo is expected to spin out its Anglo American Platinum unit in South Africa by mid-2025. CEO Duncan Wanblad also said it expects diamond giant De Beers to follow, as the group works towards separation of that business.</p>



<p>&#8220;We are well progressed with the delivery of $1 billion of cost savings,&#8221; he said in a press release.</p>



<p>(Reporting by Melanie Burton in Melbourne, Clara Denina in London and Aby Jose Koilparambil in Bengaluru; Editing by Sonali Paul, Rashmi Aich, Louise Heavens and Emelia Sithole-Matarise)</p>


3FNEUQQ2TBMANK4FVKGNG6GGJY

Anglo to sell Australian coal mines to Peabody for up to $3.78 bln


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3338" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/FICYWLXYY5O65HYMVPAS2YUHJ4-reuters.avif" alt="" class="wp-image-558451"/><figcaption class="wp-element-caption">SWAPO presidential candidate Netumbo Nandi-Ndaitwah attends a rally ahead of the upcoming elections in Windhoek, Namibia , November 24, 2024. REUTERS/Noah Tjijenda</figcaption></figure>



<p>WINDHOEK, Nov 25 (Reuters)&nbsp;&#8211;&nbsp;Namibians will vote on Wednesday in what is expected to be the most competitive election yet for the ruling SWAPO party, which has governed the southern African nation for 34 years.</p>



<p>If SWAPO candidate Netumbo Nandi-Ndaitwah wins, she will become the country&#8217;s first female president. A SWAPO loss would mean the first transition of power to a new party since Namibia gained independence from apartheid South Africa in 1990.</p>



<p>High unemployment, corruption allegations and inequality have eroded SWAPO&#8217;s support, which fell to 56% in the 2019 presidential election from 87% in 2014. There are no reliable polls on how it might fare this time.</p>



<p>The frontrunner among 14 opposition candidates is Panduleni Itula, a former dentist who won 29% of votes in 2019 after splitting from SWAPO and now leads a new political party, the Independent Patriots for Change.</p>



<p>Namibians vote separately for members of parliament and for the president, who needs more than 50% of votes to win.</p>



<p>&#8220;This will be the most challenging and significant election after the first one of 1989,&#8221; Rui Tyitende, a lecturer at the University of Namibia, said.</p>



<p>He said the outcome would largely hinge on the turnout of young voters, who make up more than half the electorate and are more likely to back the opposition.</p>



<p>&#8220;Young people are disproportionately affected by unemployment, poverty and consumed with a deep sense of hopelessness,&#8221; Tyitende said.</p>



<p>&#8220;If they do not pitch, SWAPO will win.&#8221;</p>



<h2 class="wp-block-heading" id="h-independence-era-parties-challenged">INDEPENDENCE-ERA PARTIES CHALLENGED</h2>



<p>Namibia is currently led by interim president Nangolo Mbumba, who took over in February after the death of former president Hage Geingob but is not contesting the election.</p>



<p>Namibia is an upper-middle-income country but has high levels of poverty and inequality, according to the World Bank.</p>



<p>A 2021 government report found that 43% of the population were living in &#8220;multidimensional poverty&#8221;, a measure that takes into account income as well as access to education and public services among other factors.</p>



<p>Namibia ranks second in the world for income inequality after neighbouring South Africa, World Bank figures show. Both countries spent decades under white minority rule.</p>



<p>SWAPO has struggled to distance itself from corruption scandals, although Nandi-Ndaitwah has never been implicated. Two former ministers are still on trial in the &#8220;fishrot&#8221; case, a major bribery scandal that surfaced in 2019.</p>



<p>&#8220;There is a possibility that the ruling party SWAPO could face a fate similar to the ANC in South Africa or the BDP in Botswana,&#8221; political analyst Ndumba Kamwanyah said.</p>



<p>South Africa&#8217;s African National Congress (ANC) lost its parliamentary majority in May and was forced into a coalition after 30 years in power, while the Botswana Democratic Party (BDP) lost an October election which ended its 58-year rule.</p>



<p>Across southern Africa, independence-era parties are contending with a younger population that does not remember the liberation struggle and is more likely to judge them on their record of service delivery and job creation, analysts say.</p>



<p>On SWAPO&#8217;s side are its deep roots in rural areas, well-established party machinery and the legacy of its fight against apartheid which still resonates with some voters, Kamwanyah said.</p>



<p>Election observers have generally said past polls in Namibia were fair and credible.</p>



<p>(Additional reporting and writing by Nellie Peyton, Editing by Olivia Kumwenda-Mtambo and Andrew Heavens)</p>


FICYWLXYY5O65HYMVPAS2YUHJ4 reuters

Namibia to vote in toughest election yet for ruling party


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3454" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/Q6WVUVN6WZNWTDJRVRCBW4TRQI.avif" alt="" class="wp-image-558403"/><figcaption class="wp-element-caption">Zimbabwe&#8217;s President Emmerson Mnangagwa delivers his State of the Nation address at the State House in Harare, Zimbabwe, April 3,2024.REUTERS/Philimon Bulawayo/File Photo</figcaption></figure>



<p>HARARE, Nov 25 (Reuters)&nbsp;&#8211;&nbsp;Zimbabwe&#8217;s president hosted creditors and finance executives on Monday to discuss ambitious goals to clear debt arrears and restructure $12.7 billion in external debt, as the country aims to eventually tap international capital markets for the first time in more than two decades.</p>



<p>The Southern African nation&#8217;s debt pile accounts for 81% of gross domestic product, and clearing it will be a tough challenge for a country that has faced numerous financial crises in recent decades, from repeated bouts of hyperinflation to multiple unsuccessful attempts to launch new currency regimes.</p>



<p>President Emmerson Mnangagwa told the conference that Zimbabwe is negotiating a Staff Monitored Program (SMP) with the International Monetary Fund.</p>



<p>Securing an SMP would set the stage for required policy reforms, African Development Bank (AfDB) President Akinwumi Adesina told the conference.</p>



<p>&#8220;That is the key,&#8221; he said, adding that AfDB stood ready to offer financial support to cushion Zimbabwe&#8217;s economy against potential adverse effects of reforms.</p>



<p>Adesina said the AfDB also had money available from a special fund to help settle Zimbabwe&#8217;s arrears. He did not provide any figures.</p>



<p>Finance Minister Mthuli Ncube said timelines would become clear by mid-2025, once Zimbabwe secured bridge financing commitments from lenders to help clear the arrears.</p>



<p>Analysts say paying off arrears is essential for an economy that currently cannot even access money from the IMF &#8211; the lender of last resort.</p>



<p>&#8220;The issue of arrears is a major albatross around our neck,&#8221; said Prosper Chitambara, a Harare-based independent economist.</p>



<p>&#8220;Once the arrears are cleared it will be cheaper to borrow and easier to attract investment.&#8221;</p>



<h2 class="wp-block-heading" id="h-unsustainable-situation">UNSUSTAINABLE SITUATION</h2>



<p>Getting on track with bilateral creditors – and clearing arrears with the AfDB, the World Bank and the European Investment Bank – is necessary to unlock funding for Zimbabwe, once a regional breadbasket that now struggles to feed its own people.</p>



<p>&#8220;The IMF is currently precluded from providing financial support to Zimbabwe&#8221; due to an unsustainable debt situation and external arrears, an IMF spokesperson said.</p>



<p>The IMF SMP that Zimbabwe is targeting does not include financial assistance or require approval by the Fund&#8217;s executive board.</p>



<p>But government officials say it would help Zimbabwe demonstrate a return to sound economic policies. The government already missed its initial goal to have an SMP in place by April, as well as a second deadline last month.</p>



<p>This has limited IMF engagement to technical assistance, such as budget preparation.</p>



<h2 class="wp-block-heading" id="h-debt-and-default">DEBT AND DEFAULT</h2>



<p>The United Nations estimates 24 out of Africa&#8217;s 35 low-income countries are at high risk of debt distress, and since 2020, Zambia and Chad have finalised debt reworks. Ghana is wrapping up its own debt rework and Ethiopia is in the midst of a restructuring.</p>



<p>But Zimbabwe is no ordinary default. While 45% of its burden is outstanding debt, the rest is arrears and penalties, according to a 2023 government presentation.</p>



<p>The Africa Legal Support, an AfDB facility that helps countries deal with debt distress, is paying for two firms &#8211; the Global Sovereign Advisory Company and law firm Kepler-Karst &#8211; to help advise the government, Ncube said ahead of the conference.</p>



<p>Zimbabwe has only been paying token amounts to debtors, including 16 bilateral creditors, Ncube said, but gave no further details.</p>



<p>(Reporting by Nyasha Chingono and Duncan Miriri; Editing by Libby George and Susan Fenton)</p>


Q6WVUVN6WZNWTDJRVRCBW4TRQI

Zimbabwe charts ambitious return to global finance at debt conference

<p><iframe src="https://www.youtube.com/embed/Zl1Tp38oxYk" width="100%" frameborder="0" allowfullscreen="allowfullscreen"></iframe></p>
<p>CNBC&#8217;s Pippa Stevens reports from Orsted&#8217;s South Fork Wind which is the first commercial-scale offshore wind project in the U.S.<br />
The Biden administration has a target of 30 gigawatts of offshore wind power by 2030, but rising interest rates and supply chain hurdles have hit the industry.<br />
Read more on why offshore wind power projects are struggling to gain traction: https://cnb.cx/3U9A72F&#8230;</p>


South Fork Wind offers a glimpse at what’s possible for offshore wind power projects

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<p>The United Kingdom’s historic art scene has embraced technology, such as artificial intelligence, as it evolves to compete with growing markets such as China.</p>
<p>While the United States and China hold the number one and two spots respectively, the U.K.’s contribution to the art market is nothing to be sniffed at – holding 17% of the global shar&#8230;</p>


Tradition meets tech: Inside London’s evolving art scene

<p><iframe src="https://www.youtube.com/embed/P8ExkUxgYw0" width="100%" frameborder="0" allowfullscreen="allowfullscreen"></iframe></p>
<p>Earlier this month, Musk and former Republican presidential candidate Vivek Ramaswamy were tapped by Trump to lead a government efficiency group called the Department of Government Efficiency, or DOGE. This government group, they said, will “pursue three major kinds of reform: regulatory rescissions, administrative reductions and cost savings.” As head of the Department of Government Efficiency, Elon Musk has promised to slash $2 trillion from the federal budget. One way he’s suggested doing this is by consolidating some of the country’s over 400 federal agencies, many of which regulate his companies. Musk’s empire includes aerospace firm SpaceX, electric vehicle maker Tesla, social media company X and artificial intelligence startup xAI among others.</p>
<p>Chapters:<br />
1:55 Government cash<br />
6:15 Relaxing regulation<br />
13:55 China challenge  </p>
<p>Produced by: Magdalena Petrova<br />
Edited by: Erin Black<br />
Graphics: Christina Locopo, Jason Reginato<br />
Additional camera: Jordan Smith<br />
Supervising prod&#8230;</p>


How Elon Musk’s Plan To Slash Government Agencies And Regulation May Benefit His Empire


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/5JWBGJOACVIETB7IX3CXKYDIAM-820x547.jpg" alt="" class="wp-image-557402" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/5JWBGJOACVIETB7IX3CXKYDIAM-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/5JWBGJOACVIETB7IX3CXKYDIAM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/5JWBGJOACVIETB7IX3CXKYDIAM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/5JWBGJOACVIETB7IX3CXKYDIAM-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/5JWBGJOACVIETB7IX3CXKYDIAM-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/5JWBGJOACVIETB7IX3CXKYDIAM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. Picture taken November 22, 2019.  REUTERS/Angus Mordant</figcaption></figure>



<p>LAGOS, Nov 22 (Reuters)&nbsp;&#8211;&nbsp;The Nigerian government&#8217;s plan to sell crude priced in the local currency is faltering, with refiners, including the giant Dangote Oil Refinery, saying they are still unable to secure adequate supplies.</p>



<p>To address challenges in accessing foreign currency, the government in July said it would sell crude priced in naira to local refineries for an initial six months starting in October.</p>



<p>&#8220;We need 650,000 barrels per day, (state oil firm NNPC Ltd) agreed to give a minimum of 385,000 bpd but they are not even delivering that,&#8221; said Edwin Devakumar, head of the Dangote refinery.</p>



<p>The refinery built by Nigerian billionaire Aliko Dangote in Lagos aims to compete with European refiners when operating at full capacity but it has struggled to secure sufficient crude supplies to run optimally.</p>



<p>While Devakumar declined to give specific figures, he described deliveries from NNPC under the scheme as &#8220;peanuts&#8221;.</p>



<p>Still, Dangote is the only one of 8 operational refineries in Nigeria to have benefited from the naira-denominated crude sale arrangement, said Mathins Obaze, an acting executive director of the Crude Oil Refinery-owners Association of Nigeria (CORAN), a trade group of refiners.</p>



<p>&#8220;Members are still unable to access crude in naira and are currently engaging the government for a resolution,&#8221; Obaze said.</p>



<p>The reason for the shortfall was not immediately clear. NNPC did not respond to a request for comment.</p>



<p>The Dangote refinery in August urged the oil regulator, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to enforce a rule that compels oil producers to supply local refineries.</p>



<p>NUPRC did not respond to a request for comment on the matter.</p>



<p>Dangote, with a current capacity of 425,000 bpd and a year-end target of 85% operational capacity, has turned to international markets for supplies.</p>



<p>It purchased two million barrels of U.S. WTI Midland crude on Wednesday, its first U.S. crude purchase since August, according to trade sources and shipping data.</p>



<p>Meanwhile NNPC is pursuing new markets for its crude oil. The company was in London on Wednesday seeking term customers for its new Utapate crude oil grade.</p>



<p>(Reporting by Isaac Anyaogu; Editing by Kirsten Donovan)</p>


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

Nigeria’s local currency crude sales fall short of target, Dangote refinery says


<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>NAIROBI, Nov 22 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Friday.</p>



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



<p>Gold was headed for its largest weekly gain in nearly eight months on Friday and the euro hovered at a 13-month low as Russia lowered its threshold for using nuclear weapons and fired a hypersonic ballistic missile at Ukraine.</p>



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



<p>Oil prices rose on Friday after Russia said it had fired a ballistic missile at Ukraine and warned of a broadening conflict, raising the prospect of tightening crude supplies.</p>



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



<p>South Africa&#8217;s rand firmed on Thursday after the central bank opted for another small cut to its main interest, quashing hopes of a bigger move.</p>



<h2 class="wp-block-heading" id="h-africa-currencies">AFRICA CURRENCIES</h2>



<p>Kenya&#8217;s and Nigeria&#8217;s currencies are forecast to weaken against the dollar in the next week, traders said.</p>



<h2 class="wp-block-heading" id="h-nigeria-debt">NIGERIA DEBT</h2>



<p>Nigeria&#8217;s parliament on Thursday approved the government&#8217;s request to borrow $2.209 billion from the Eurobond market or other sources to plug funding gaps in its 2024 budget.</p>



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



<p>The Kenyan shilling was steady on Thursday as dollar inflows from exports matched rising demand from the manufacturing sector, one trader said.</p>



<h2 class="wp-block-heading" id="h-kenya-politics">KENYA POLITICS</h2>



<p>Kenyan President William Ruto said on Thursday he had ordered the cancellation of a procurement process that had been expected to award control of the country&#8217;s main airport to India&#8217;s Adani Group after its founder was indicted in the United States.</p>



<h2 class="wp-block-heading" id="h-ethiopia-budget">ETHIOPIA BUDGET</h2>



<p>Ethiopia plans to spend an extra 581.98 billion Ethiopian birr ($4.8 billion) in its 2024/25 fiscal year, Prime Minister Abiy Ahmed&#8217;s office said on Thursday.</p>



<h2 class="wp-block-heading" id="h-rwanda-central-bank-rate">RWANDA CENTRAL BANK RATE</h2>



<p>Rwanda&#8217;s central bank held its key interest rate at 6.5% on Thursday after cutting it at the previous two rate-setting meetings this year.</p>



<h2 class="wp-block-heading" id="h-senegal-election">SENEGAL ELECTION</h2>



<p>Senegalese President Bassirou Diomaye Faye&#8217;s Pastef party has won 130 out of 165 seats in legislative elections, securing a clear majority in parliament and a mandate to pursue promised reforms, provisional results showed on Thursday.</p>



<h2 class="wp-block-heading" id="h-mali-politics">MALI POLITICS</h2>



<p>Mali&#8217;s ruling junta on Thursday appointed spokesperson Abdoulaye Maiga as prime minister after firing Choguel Maiga, state television ORTM said on Thursday.</p>



<h2 class="wp-block-heading" id="h-ghana-cocoa">GHANA COCOA</h2>



<p>Ghana&#8217;s graded and sealed (G&amp;S) cocoa arrivals stood at 182,937 metric tons by Nov. 7 since the start of this year&#8217;s harvest on Sept. 11, up 49% from 122,699 tons over the same period last season, figures from marketing board COCOBOD showed on Thursday.</p>



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


African Markets – Factors to watch on Nov 22


<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-1076949610-612x612-1-1.jpg" alt="" class="wp-image-524600" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



<p>JOHANNESBURG, Nov 22 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, equity and currency market moves may affect South African markets on Friday.</p>



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



<p>Inflation-linked bond auction</p>



<p>Financial regulator updates on two-pot pension reform</p>



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



<p>South Africa&#8217;s rand firmed on Thursday after the central bank opted for another small cut to its main interest rate, quashing hopes of a bigger move.</p>



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



<p>Gold was headed for its largest weekly gain in nearly eight months on Friday and the euro hovered at a 13-month low as Russia lowered its threshold for using nuclear weapons and fired a hypersonic ballistic missile at Ukraine.</p>



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



<p>Wall Street&#8217;s main indexes closed higher after choppy trading on Thursday, with the blue-chip Dow and the S&amp;P 500 hitting one-week tops.</p>



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



<p>Gold prices were headed for their best week in a year on Friday, supported by safe-haven demand amid further escalations in the Russia-Ukraine war, while investors assessed the outlook for U.S. interest rate cuts.</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; Pandemic treaty by December &#8216;is still doable&#8217;</p>



<p>&#8211; Ninety One to add 400 bln rand in assets in Sanlam deal</p>



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



<p>&#8211; US sanctions PetroSA&#8217;s Russian partner</p>



<p>&#8211; Mr Price thinks tax clampdown on Shein and Temu is working</p>



<p>(Compiled by Alexander Winning)</p>


South African Markets – Factors to watch on Nov 22


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="625" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108066045-1732144350860-Bluesky_CEO_Jay_Graber_2-820x625.jpg" alt="" class="wp-image-557334" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108066045-1732144350860-Bluesky_CEO_Jay_Graber_2-820x625.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108066045-1732144350860-Bluesky_CEO_Jay_Graber_2-300x229.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108066045-1732144350860-Bluesky_CEO_Jay_Graber_2-118x90.jpg 118w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108066045-1732144350860-Bluesky_CEO_Jay_Graber_2-768x585.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108066045-1732144350860-Bluesky_CEO_Jay_Graber_2-1536x1170.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108066045-1732144350860-Bluesky_CEO_Jay_Graber_2-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Photo: via CNBC</figcaption></figure>



<p>Bluesky has surged in popularity since the presidential election earlier this month, suddenly becoming a competitor to Elon Musk’s X and Meta’s Threads. But CEO Jay Graber has some cautionary words for potential acquirers: Bluesky is “billionaire proof.”</p>



<p>In an interview on Thursday with CNBC’s “Money Movers,” Graber said Bluesky’s open design is intended to give users the option of leaving the service with all of their followers, which could thwart potential acquisition efforts.</p>



<p>“The billionaire proof is in the way everything is designed, and so if someone bought or if the Bluesky company went down, everything is open source,” Graber said. “What happened to Twitter couldn’t happen to us in the same ways, because you would always have the option to immediately move without having to start over.”</p>



<p>Graber was referring to the way millions of users left Twitter, now X, after Musk purchased the company in 2022. Bluesky now has over 21 million users, still dwarfed by X and Threads, which Facebook’s parent debuted in July 2023.</p>



<p>X and Meta didn’t immediately respond to requests for comment.</p>



<p>Threads has roughly 275 million monthly users, Meta CEO Mark Zuckerberg said in October. Although Musk said in May that X has 600 million monthly users, market intelligence firm Sensor Tower estimates 318 million monthly users as of October.</p>



<p>Bluesky was created in 2019 as an internal Twitter project during Jack Dorsey’s second stint as CEO, and became an independent public benefit corporation in 2022. In May of this year, Dorsey said he is no longer a member of Bluesky’s board.</p>



<p>“In 2019, Jack had a vision for something better for social media, and so that’s why he chose me to build this, and we’re really thankful for him for setting this up, and we’ve continued to carry this out,” said Graber, who previously founded Happening, a social network focused on events. “We’re building an open-source social network that anyone can take into their own hands and build on, and it’s something that is radically different from anything that’s been done in social media before. Nobody’s been this open, this transparent and put this much control in the users hands.”</p>



<p>Part of Bluesky’s business plan involves offering subscriptions that would let users access special features, Graber noted. She also said that Bluesky will add more services for third-party coders as part of the startup’s “developer ecosystem.”</p>



<p>Graber said Bluesky has ruled out the possibility of letting advertisers send algorithmically recommended ads to users.</p>



<p>“There’s a lot on the road map, and I’ll tell you what we’re not going to do for monetization,” Graber said. “We’re not going to build an algorithm that just shoves ads at you, locking users in. That’s not our model.”<br><br>Bluesky has previously experienced major growth spurts. In September, it added 2 million users following X’s suspension in Brazil over content moderation policy violations in the country and related legal matters.</p>



<p>In October, Bluesky announced that it raised $15 million in a funding round led by Blockchain Capital. The company has raised a total of $36 million, according to Pitchbook.</p>


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