<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="427" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/NIGERIA-INFLATION.avif" alt="" class="wp-image-567461"/><figcaption class="wp-element-caption">A woman stands near the bread stand at Cherries Hypermarket in Abuja, Nigeria March 15, 2022. REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



ABUJA, Dec 18 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s inflation is expected to fall sharply to around 15% next year from 34.6% in November, helped by lower imports of petroleum products, President Bola Tinubu said on Wednesday.



In his second budget speech since being elected, Tinubu said spending priorities in 2025 would include security, infrastructure and measures to ease a cost-of-living crisis.



He said the 2025 spending plan of 47.90 trillion naira included&nbsp;a budget deficit of 3.89% of gross domestic product, approximately 13.0 trillion naira.



&#8220;The reforms we have instituted are beginning to yield results, no reversals,&#8221; Tinubu said in a televised speech.



Inflation quickened sharply in the second half of last year after Tinubu devalued the naira currency&nbsp;NGN=D1&nbsp;and cut subsidies on petrol to try to lift economic growth and shore up public finances.



These actions intensified the most severe cost-of-living crisis in decades in Africa&#8217;s most populous country.



To combat rising inflation, the central bank has raised interest rates six times this year, totalling an increase of 875 basis points.



Tinubu said foreign exchange reserves stood at around $42 billion against a healthy trade surplus, but that 15.18 trillion naira would be needed in 2025 for debt service.



(Reporting by Camillus Eboh; Writing by Chijioke Ohuocha; Editing by Christina Fincher and Alex Richardson)

NIGERIA INFLATION

Nigeria inflation to fall to 15% next year, president says in budget speech

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3303" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/SIJQKYZGPNOYTMR2KBTSYHWFOE.avif" alt="" class="wp-image-567387"/><figcaption class="wp-element-caption">General view of buildings in the capital, Maputo, Mozambique, September 1, 2019. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



CAPE TOWN, Dec 18 (Reuters)&nbsp;&#8211;&nbsp;Mozambique&#8217;s 2024 economic growth is likely to be revised down from a previous forecast of 4.3% due to post-election civil unrest and the impact of Cyclone Chido, a senior International Monetary Fund (IMF) official said.



In October, Daniel Chapo, the candidate of Mozambique&#8217;s ruling party Frelimo, was declared winner of the presidential election that opposition parties say was marred by voting irregularities.



The disputed election results sparked protests from opposition supporters and there has been more violence since. The unrest has affected business operations, including for mining companies, and has at times led to the closure of key trade corridors.



Mozambique&#8217;s Constitutional Council is expected to rule on the validity of the election count on Dec. 23, an outcome civil society organisations and analysts fear may trigger more violence and economic disruption if Frelimo&#8217;s victory is upheld.



&#8220;Growth went from 4.5% in the second quarter to 3.7% in the third quarter, before the protests started,&#8221; Olamide Harrison, the IMF&#8217;s Mozambique resident representative, told Reuters.



&#8220;In the context of protests, and natural disasters, we expect a further slowdown in the fourth quarter followed by a modest rebound in 2025,&#8221; he said.



Harrison said the IMF deeply regretted the loss of lives during the protests, adding that it was a &#8220;difficult situation&#8221; the lender was closely monitoring.



Cyclone Chido, which made landfall in northern Mozambique over the weekend killing at least 34 people, has also dampened growth prospects, he said.



Harrison said negotiations for a three-year credit facility programme between the IMF and Mozambican authorities will resume once a political transition is complete.



&#8220;We wait until the new government is in place and then we resume negotiations,&#8221; he said of a process typically followed when there is a political transition during an ongoing IMF lending arrangement.



(Reporting by Wendell Roelf; Editing by Olivia Kumwenda-Mtambo and Angus MacSwan)

SIJQKYZGPNOYTMR2KBTSYHWFOE

Mozambique’s post-election unrest to hit economic growth, says IMF official

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="4564" height="2776" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/7ASWQJJB7FJFVDHIOUFPVXUYDA.avif" alt="" class="wp-image-567383"/><figcaption class="wp-element-caption">A technician works on the cables of a high voltage electricity transmission pylon from the Kiambere hydroelectric dam in Embakasi district of Nairobi, Kenya January 12, 2022. REUTERS/Monicah Mwangi/File Photo</figcaption></figure>



NAIROBI, Dec 18 (Reuters) &#8211; Kenya suffered a widespread power outage on Wednesday that affected most of the country, with electricity supply restored about six hours later, the nation&#8217;s leading power utility Kenya Power said.



The cause of the outage in East Africa&#8217;s largest economy, which was first reported at 1:28 a.m. local time (1028 GMT), has yet to be determined, Kenya Power said in a post on social media platform X.



As of 7:35 a.m. local time (0435 GMT), power had been restored in the areas where it had gone off, the company said.



Wednesday&#8217;s outage was the latest in a series of recurring power outages the country has faced over the past year.



Kenya Power supplies power to more than 9.6 million customers in Kenya, according to its website.



The blackout has significantly reduced internet connectivity across the country, said Netblocks, a global observatory that monitors internet access.



The outage also affected neighbouring Tanzania, the observatory added in a post on X.



(Writing by Bate Felix and George Obulutsa; Editing by Nicholas Yong and Abinaya Vijayaraghavan)

7ASWQJJB7FJFVDHIOUFPVXUYDA

Power supply restored after major outage hits Kenya, affects internet access

How Employees Are Coffee Badging To Avoid Full Days At The Office

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/108076833-1734433401543-gettyimages-1981155057-q1015064_nluf1lrf-820x462.png" alt="" class="wp-image-567109" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/108076833-1734433401543-gettyimages-1981155057-q1015064_nluf1lrf-820x462.png 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/108076833-1734433401543-gettyimages-1981155057-q1015064_nluf1lrf-300x169.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/108076833-1734433401543-gettyimages-1981155057-q1015064_nluf1lrf-160x90.png 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/108076833-1734433401543-gettyimages-1981155057-q1015064_nluf1lrf-768x432.png 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/108076833-1734433401543-gettyimages-1981155057-q1015064_nluf1lrf.png 1480w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A worker prepares a flight of drinking chocolate for a customer at Katherine Anne Confections, an artisanal chocolate shop and cafe on February 02, 2024 in Chicago, Illinois. Scott Olson | Getty Images News | Getty Images</figcaption></figure>



The price of chocolate’s key ingredient has skyrocketed this year, prompting analysts to issue fresh warnings about extreme price volatility.



Cocoa futures for March delivery in New York traded as much as 1% higher at $11,938 per metric ton on Tuesday, notching yet another record high. It has since pared some of those gains, trading at $11,864 at around 8:20 a.m. ET.



The benchmark contract, which hit an all-time intraday high of $11,925 in the previous session, is up over 180% year-to-date.



It comes amid renewed concerns about adverse weather conditions and supply tightness in West Africa, home to around three-quarters of the world’s cocoa production.



Strategists at Dutch bank ING said persistent tightness in cocoa and coffee markets, coupled with weather uncertainty, meant that prices were likely to remain volatile through next year.



The global cocoa market registered its largest deficit in over 60 years in the 2023-2024 marketing year, ING said in a research note, citing data from the International Cocoa Organization (ICCO). It attributed this shortfall to crop failures in Ivory Coast and Ghana, the world’s largest cocoa producers.



“While prospects for the 2024/25 marketing year are looking better, there are still concerns over weather developments in West Africa and what it could mean for output this season,” Warren Patterson, head of commodities strategy at ING, said in a note published Dec. 11.



“Forecasts currently show that West African output – which accounts for more than 70% of global output – will edge higher. However, there are risks to this due to recent poor weather,” he continued.



Looking ahead, Patterson said prices were likely to remain historically elevated next year, which will be necessary “to keep a lid on demand.”



<h2 class="wp-block-heading" id="h-commodity-markets-remain-very-dangerous"><a></a>Commodity markets remain ‘very dangerous’</h2>



Like cocoa, coffee prices have also soared in 2024, with analysts recently warning it could take years for one of the world’s most traded commodities to recover.



Rabobank’s Carlos Mera singled out cocoa and coffee as commodities of interest to professional traders, although cautioned that commodity markets remain “very volatile” and “very dangerous.”



″[Cocoa] is one of the most obscure commodities so I wouldn’t advise anyone that doesn’t know to go in there but certainly it is one of the most fun commodities to look at,” Mera told CNBC’s “Squawk Box Europe” on Tuesday.



“And then coffee, we have another spike. Coffee has hit its highest price since 1977 [and] depending on which contract you look [at], it might be a historical record and record robusta prices as well … It is quite an interesting situation,” he added.

108076833-1734433401543-gettyimages-1981155057-q1015064_nluf1lrf

Cocoa prices climb to new record high, prompting fresh warnings about extreme volatility

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="410" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/004-kv-product-galaxy-zfold6-main-OOH-horizontal-1-820x410.jpg" alt="" class="wp-image-567089" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/004-kv-product-galaxy-zfold6-main-OOH-horizontal-1-820x410.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/004-kv-product-galaxy-zfold6-main-OOH-horizontal-1-300x150.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/004-kv-product-galaxy-zfold6-main-OOH-horizontal-1-160x80.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/004-kv-product-galaxy-zfold6-main-OOH-horizontal-1-768x384.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/004-kv-product-galaxy-zfold6-main-OOH-horizontal-1-1536x768.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/004-kv-product-galaxy-zfold6-main-OOH-horizontal-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /></figure>



JOHANNESBURG, South Africa – 13 December 2024 – Today’s smartphones need to do more than ever. From simple communication to content creation and complex workflows, the smartphone has quickly become a hub for working life. With the Galaxy Z Fold6, Samsung gives users access to a variety of powerful productivity features, putting the power of a PC in your pocket.



And now, with the integration of Galaxy AI, these productivity features are intelligently optimised, making the most of the unique foldable form factor to maximise performance when working from anywhere, more especially for small and mid-size businesses (SMBs).



<h2 class="wp-block-heading" id="h-ai-powered-productivity-for-smbs-on-the-large-screen">AI-Powered Productivity for SMBs on the Large Screen</h2>



<ul class="wp-block-list">
<li>Maximised Productivity: Galaxy AI enables more efficient work with features such as Note Assist, Browsing Assist and Transcript Assist, across areas including meeting recaps and research projects. New S Pen Assist also offers shortcuts to intuitive AI capabilities with just a few simple gestures.</li>
</ul>



<ul class="wp-block-list">
<li>Barrier-Free Communication: Collaboration and communicating with people from any background is made easy with Interpreter, Chat Assist and Live Translate, removing language barriers and helping to accelerate business at a global level. Use Interpreter in dual-screen mode to communicate clearly in your own language in real-time when meeting international colleagues.</li>
</ul>



<ul class="wp-block-list">
<li>Seamless Search: Circle to Search in partnership with Google helps deliver more productive searches and intuitive presentation of results using the large, dual screen format.</li>
</ul>



<ul class="wp-block-list">
<li>Flexible Form: With FlexMode, efficient video conferencing is enabled and enhanced further with new interpreter dual screen experience.</li>
</ul>



<h2 class="wp-block-heading" id="h-advanced-device-security-and-data-privacy">Advanced Device Security and Data Privacy</h2>



One of the most important questions that Samsung is asked by business people is whether it safe to use AI at work? And the answer to that is simple: Mobile AI is&nbsp;<a href="https://insights.samsung.com/2024/03/06/mobile-ai-shapes-the-future-of-smart-devices/?cid=com-btb-sky-blg-us-other-na-100219-112001-na-na-na&amp;attributioncampaignid=7011Q000001VMa2QAG" target="_blank" rel="noreferrer noopener">shaping the future of smart devices</a>. Business leaders rightfully have concerns about security and privacy with AI in the workplace. However, as AI proliferates &#8211; so do its security features, thanks to the mobile security innovations from Samsung.



For Samsung, keeping&nbsp;<a href="https://insights.samsung.com/2024/03/06/mobile-ai-shapes-the-future-of-smart-devices/?cid=com-btb-sky-blg-us-other-na-100219-112001-na-na-na&amp;attributioncampaignid=7011Q000001VMa2QAG" target="_blank" rel="noreferrer noopener">AI secure for businesses</a>&nbsp;centres on having the right data security measures and architecture in place to provide both on-device and cloud protection. <a href="https://www.samsung.com/us/business/solutions/samsung-knox/?cid=com-btb-sky-blg-us-other-na-100219-112001-na-na-na&amp;attributioncampaignid=7011Q000001VMa2QAG" target="_blank" rel="noreferrer noopener">Samsung Knox</a>&nbsp;can accomplish all of that and continuously manage it, so you and your team can use Live Translate and Note Assist as well as all the other exciting features Galaxy AI has to offer with confidence and without hindrance.



With On-device AI &amp; Knox Service: Users can now select the ‘on-device only’ option in settings for better security. Plus, Knox Service Plug-in is available for major EMMs (Enterprise Mobility Management), allowing the use of the Knox platform for enterprise features.&nbsp;



Galaxy Z Fold6 offers plenty of additional features that make them go-to devices for SMBs. These include Microsoft integrations, Google Meet Live Sharing and the ability to store payment cards, digital IDs and more with Samsung Wallet. In the meantime, AI innovations will continue to unfold — and using foldables may be the best way to experience them.



For more information, visit&nbsp;<a href="http://www.samsung.com/za">www.samsung.com/za</a>. The recommended retail prices for Samsung Galaxy Foldable devices and accessories are as follows:



•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galaxy Z Fold6 512 GB – R49 999



•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galaxy Z Fold6 256 GB – R46&nbsp;999

004-kv-product-galaxy-zfold6-main-OOH-horizontal (1)

Galaxy AI For Business: Empowering SMBs to do more with less time & effort by leveraging powerful AI in a secure environment

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/OJZAWNCDYNP53FRARPVL4BQUAI-820x547.jpg" alt="" class="wp-image-567071" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/OJZAWNCDYNP53FRARPVL4BQUAI-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/OJZAWNCDYNP53FRARPVL4BQUAI-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/OJZAWNCDYNP53FRARPVL4BQUAI-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/OJZAWNCDYNP53FRARPVL4BQUAI-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/OJZAWNCDYNP53FRARPVL4BQUAI-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/OJZAWNCDYNP53FRARPVL4BQUAI-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Ethiopia&#8217;s Parliament members listen to Prime Minister Abiy Ahmed, as he addresses them on the current situation of the country, at the Parliament Building in Addis Ababa, Ethiopia, October 31, 2024. REUTERS/Tiksa Negeri/File Photo</figcaption></figure>



ADDIS ABABA, Dec 17 (Reuters)&nbsp;&#8211;&nbsp;Ethiopia&#8217;s parliament passed long-planned legislation on Tuesday allowing foreign banks to operate in the Horn of Africa country, part of government efforts to attract more overseas investment.



The country has been gradually opening up its tightly controlled economy, which is one of Sub-Saharan Africa&#8217;s biggest, since Prime Minister Abiy Ahmed took over in 2018.



However, a two-year civil war, slow progress with reforms and a foreign exchange crunch have deterred investors.



In June, the cabinet approved the draft law, which allows foreign banks to establish subsidiaries, open branches or representative offices, and buy shares in local banks.



Ownership of local banks by foreign strategic investors will be capped at 40%, a copy of the law seen by Reuters showed.



Ethiopia&#8217;s banking sector is currently dominated by state-owned Commercial Bank of Ethiopia.



Parliament overwhelmingly backed the banking law, although a handful of opposition lawmakers expressed concern that local banks would not be able to compete with foreign competitors.



The governor of Ethiopia&#8217;s central bank, Mamo Mihretu, said competition would instead strengthen local lenders.



Ethiopia, with more than 120 million people, is one of the most populous on the African continent and has long been in the sights of foreign investors after being shut off for decades.



It secured an International Monetary Fund support programme in July, hours after it followed one of the Fund&#8217;s key recommendations and floated its birr currency.



Other reforms linked to the negotiations for an IMF programme included the adoption of an interest rate-based monetary policy regime.



(Reporting by Dawit Endeshaw; Writing by Elias Biryabarema; Editing by Alexander Winning and Alexander Smith)

FILE PHOTO: Ethiopia’s Prime Minister Abiy Ahmed addresses the Parliament members

Ethiopia passes law allowing foreign banks to operate

<div class="wp-block-image">
<figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="564" height="800" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/IMG-20241217-WA0007-564x800.jpg" alt="" class="wp-image-567040" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/IMG-20241217-WA0007-564x800.jpg 564w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/IMG-20241217-WA0007-211x300.jpg 211w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/IMG-20241217-WA0007-63x90.jpg 63w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/IMG-20241217-WA0007-768x1090.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/IMG-20241217-WA0007-1082x1536.jpg 1082w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/IMG-20241217-WA0007-scaled.jpg 1443w" sizes="auto, (max-width: 564px) 100vw, 564px" /></figure></div>


The Rwanda Film Office (RFO) has unveiled its Creative Grants Initiative, providing €360,000 in funding to support Rwandan filmmakers.



This initiative, accessible at <a href="https://rdb.rw/creative-grants-initiative-2024/">https://rdb.rw/creative-grants-initiative-2024/</a> , is supported by the Rwanda Development Board (RDB), the Organisation Internationale de la Francophonie (OIF), and the ACP-EU. It will provide funding for two production support projects and two post-production support projects.



The Creative Grants Initiative aims to empower individual filmmakers, film-related NGOs, and production companies, enabling them to advance their projects and contribute to the growth of Rwanda’s audiovisual sector.



Rwanda’s audiovisual sector is a vital contributor to job creation and revenue generation while promoting the country&#8217;s culture and enhancing its global visibility.



The RFO, established at RDB in 2019, continues to streamline services for the film and audiovisual industries, with the ambition to position Rwanda as a premier film destination on the continent.



With the support of partners such as GIZ and OIF, the office is entering a new phase of growth, emphasizing innovation and professional development within the sector.



The Creative Grants Initiative has been designed in consultation with the RFO Advisory Committee, ensuring it aligns with the needs of Rwanda’s film professionals.



The selection process will include input from local industry experts to identify and support the most promising projects.

IMG-20241217-WA0007

Rwanda Film Office Launches Creative Grants Initiative 2024 with €360,000 to Support Filmmakers

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-820x547.jpg" alt="" class="wp-image-505639" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A South African one rand coin sits on South African rand banknotes in this arranged photograph in Pretoria, South Africa, on Wednesday, Aug. 14, 2019. The rand ended a tumultuous week on a positive note, gaining against the dollar for a second day and heading for its first weekly advance in four as technical indicators suggested recent declines are overdone. Photographer: Waldo Swiegers/Bloomberg via Getty Images</figcaption></figure>



JOHANNESBURG, Dec 17 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand slipped against a stronger dollar on Tuesday, as investors turn their attention to the Federal Reserve&#8217;s interest rate decision.



At 0820 GMT, the rand traded at 17.93 against the greenback, about 0.4% weaker than its previous close.



The dollar index was last trading up about 0.2% against a basket of currencies.



The Fed will announce its interest rate decision on Wednesday, with markets expecting a 25 basis point cut, but the focus will also be on the central bank&#8217;s tone on rates for the year ahead.



&#8220;A conservative tone will likely support the USD and pressure EM (emerging market) currencies, including ZAR,&#8221; said Andre Cilliers, Currency Strategist at TreasuryONE.



On the stock market, the Top-40 index was down about 0.9%.



South Africa&#8217;s benchmark 2030 government bond was slightly weaker, with the yield up 1 basis point at 8.93%.



(Reporting by Bhargav Acharya; Editing by Kirsten Donovan)

South African Rand Rebound Snaps Streak of Weekly Losses

South African rand weakens ahead of Fed decision

<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>



NAIROBI, Dec 17 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday.



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



-Ethiopian lawmakers to consider new laws that might allow foreign banks to operate in the country



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



Asian stocks wobbled while the dollar held firm on Tuesday as traders braced for a slate of central bank meetings this week that is likely to see the U.S. Federal Reserve deliver a rate cut and the Bank of Japan stand pat for now.



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



Oil prices eased further on Tuesday as China&#8217;s economic data renewed demand concerns, while investors remained cautious ahead of the U.S. Federal Reserve&#8217;s interest rate decision.



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



The Kenyan shilling held steady in Monday&#8217;s trading session compared to its last close, as trading activities slowed ahead of the Christmas holidays, according to traders.



<h2 class="wp-block-heading" id="h-nigeria-inflation">NIGERIA INFLATION</h2>



Nigeria&#8217;s inflation rate rose for the third straight month in November, advancing to 34.60% in annual terms from 33.88% in October, data from the statistics agency showed on Monday.



<h2 class="wp-block-heading" id="h-nigeria-oil">NIGERIA OIL</h2>



Shell said on Monday its Nigerian subsidiary has announced a final investment decision (FID) on Bonga North, a deep-water project off the coast of Nigeria.



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



Barrick Gold will suspend operations in Mali if gold shipments continue to be blocked, the company said on Monday as it struggles to reach agreement with authorities on a new mining code in the West African country.



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on Dec 17

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1.jpg" alt="" class="wp-image-524583" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



JOHANNESBURG, Dec 17 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic event, equity and currency market moves may affect South African markets on Tuesday.



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



South African leading business cycle indicator up 1.1% in October



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



Asian stocks wobbled while the dollar held firm on Tuesday as traders braced for a slate of central bank meetings this week that is likely to see the U.S. Federal Reserve deliver a rate cut and the Bank of Japan stand pat for now.



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



The Nasdaq closed at a record high on Monday and the S&amp;P 500 also rose as investors gauged the latest economic data while looking toward the Federal Reserve&#8217;s final policy announcement of the year later in the week to gauge the path of interest rates.



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



Gold prices steadied on Tuesday ahead of the Federal Reserve policy meeting as the market keenly awaited the U.S. central bank&#8217;s outlook for cues on its interest rate path in 2025.



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



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



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



&#8211; Telkom gets Icasa nod for sale of masts business



&#8211; Jubilee’s Roan facilities hit by unplanned Zambia power outages



(Compiled by Bhargav Acharya)

istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on Dec 17

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/108075021-1734011164475-gettyimages-1456167226-gitech84-820x461.jpeg" alt="" class="wp-image-566950" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/108075021-1734011164475-gettyimages-1456167226-gitech84-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/108075021-1734011164475-gettyimages-1456167226-gitech84-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/108075021-1734011164475-gettyimages-1456167226-gitech84-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/108075021-1734011164475-gettyimages-1456167226-gitech84-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/108075021-1734011164475-gettyimages-1456167226-gitech84-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/108075021-1734011164475-gettyimages-1456167226-gitech84-scaled.jpeg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">China is focusing on large language models (LLMs) in the artificial intelligence space.  Blackdovfx | Istock | Getty Images</figcaption></figure>



China’s attempts to dominate the world of artificial intelligence could be paying off, with industry insiders and technology analysts telling CNBC that Chinese AI models are already hugely popular and are keeping pace with — and even surpassing — those from the U.S. in terms of performance.



AI has become the latest battleground between the U.S. and China, with both sides considering it a strategic technology. Washington continues to restrict China’s access to leading-edge chips designed to help power artificial intelligence amid fears that the technology could threaten U.S. national security.



It’s led China to pursue its own approach to boosting the appeal and performance of its AI models, including relying on open-sourcing technology and developing its own super-fast software and chips.



<h2 class="wp-block-heading" id="h-china-is-creating-popular-llms"><a></a>China is creating popular LLMs</h2>



Like some of the leading U.S. firms in the space, Chinese AI firms are developing so-called large language models, or LLMs, which are trained on huge amounts of data and underpin applications such as chatbots.



Unlike OpenAI’s models which power the hugely popular ChatGPT, however, many of these Chinese companies are developing open-source, or open-weight, LLMs which developers can download and build on top of for free and without stringent licensing requirements from the inventor.



On Hugging Face, a repository of LLMs, Chinese LLMs are the most downloaded, according to Tiezhen Wang, a machine learning engineer at the company. Qwen, a family of AI models created by Chinese e-commerce giant Alibaba, is the most popular on Hugging Face, he said.



“Qwen is rapidly gaining popularity due to its outstanding performance on competitive benchmarks,” Wang told CNBC by email.



He added that Qwen has a “highly favorable licensing model” which means it can be used by companies without the need for “extensive legal reviews.”



Qwen comes in various sizes, or parameters, as they’re known in the world of LLMs. Large parameter models are more powerful but have higher computational costs, while smaller ones are cheaper to run.



“Regardless of the size you choose, Qwen is likely to be one of the best-performing models available right now,” Wang added.



DeepSeek, a start-up, also made waves recently with a model called DeepSeek-R1. DeepSeek said last month that its R1 model competes with OpenAI’s o1 — a model designed for reasoning or solving more complex tasks.



These companies claim that their models can compete with other open-source offerings like&nbsp;<a href="https://www.cnbc.com/quotes/META/">Meta</a>’s Llama, as well as closed LLMs such as those from OpenAI, across various functions.



“In the last year, we’ve seen the rise of open source Chinese contributions to AI with really strong performance, low cost to serve and high throughput,” Grace Isford, a partner at Lux Capital, told CNBC by email.



<h2 class="wp-block-heading"><a></a>China pushes open source to go global</h2>



Open sourcing a technology serves a number of purposes, including driving innovation as more developers have access to it, as well as building a community around a product.



It is not only Chinese firms that have launched open-source LLMs. Facebook parent Meta, as well as European start-up Mistral, also have open-source versions of AI models.



But with the technology industry caught in the crosshairs of the geopolitical battle between Washington and Beijing, open-source LLMs give Chinese firms another advantage: enabling their models to be used globally.



“Chinese companies would like to see their models used outside of China, so this is definitively a way for companies to become global players in the AI space,” Paul Triolo, a partner at global advisory firm DGA Group, told CNBC by email.



While the focus is on AI models right now, there is also debate over what applications will be built on top of them — and who will dominate this global internet landscape going forward.



“If you assume these frontier base AI models are table stakes, it’s about what these models are used for, like accelerating frontier science and engineering technology,” Lux Capital’s Isford said.



Today’s AI models have been compared to operating systems, such as Microsoft’s Windows, Google’s Android and Apple’s iOS, with the potential to dominate a market, like these companies do on mobile and PCs.



If true, this makes the stakes for building a dominant LLM higher.



“They [Chinese companies] perceive LLMs as the center of future tech ecosystems,” Xin Sun, senior lecturer in Chinese and East Asian business at King’s College London, told&nbsp;CNBC&nbsp;by email.



“Their future business models will rely on developers joining their ecosystems, developing new applications based on the LLMs, and attracting users and data from which profits can be generated subsequently through various means, including but far beyond directing users to use their cloud services,” Sun added.



<h2 class="wp-block-heading"><a></a>Chip restrictions cast doubt over China’s AI future</h2>



AI models are trained on vast amounts of data, requiring huge amounts of computing power. Currently,&nbsp;<a href="https://www.cnbc.com/quotes/NVDA/">Nvidia</a>&nbsp;is the leading designer of the chips required for this, known as graphics processing units (GPUs).



Most of the leading AI companies are training their systems on Nvidia’s most high-performance chips — but not in China.



Over the past year or so, the U.S. has ramped up export restrictions on advanced semiconductor and chipmaking equipment to China. It means Nvidia’s leading-edge chips cannot be exported to the country and the company has had to create sanction-compliant semiconductors to export.



Despite, these curbs, however, Chinese firms have still managed to launch advanced AI models.



“Major Chinese technology platforms currently have sufficient access to computing power to continue to improve models. This is because they have stockpiled large numbers of Nvidia GPUs and are also leveraging domestic GPUs from Huawei and other firms,” DGA Group’s Triolo said.



Indeed, Chinese companies have been boosting efforts to create viable alternatives to Nvidia. Huawei has been one of the leading players in pursuit of this goal in China, while firms like Baidu and Alibaba have also been investing in semiconductor design.



“However, the gap in terms of advanced hardware compute will become greater over time, particularly next year as Nvidia rolls out its Blackwell-based systems that are restricted for export to China,” Triolo said.



Lux Capital’s Isford flagged that China has been “systematically investing and growing their whole domestic AI infrastructure stack outside of Nvidia with high-performance AI chips from companies like Baidu.”



“Whether or not Nvidia chips are banned in China will not prevent China from investing and building their own infrastructure to build and train AI models,” she added.

108075021-1734011164475-gettyimages-1456167226-gitech84

China wants to dominate in AI — and some of its models are already beating their U.S. rivals

The future of meat? Inside the Oxford-based startup turning cells into ‘steaks’

Why Simu Liu is using his platform to uplift entrepreneurs

How China Is Challenging Elon Musk’s Starlink Satellite Service

How AWS uses ‘chaos engineering’ to combat real-world failures

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="546" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/PRST-receiving-ABN-award-1-820x546.jpg" alt="" class="wp-image-566085" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/PRST-receiving-ABN-award-1-820x546.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/PRST-receiving-ABN-award-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/PRST-receiving-ABN-award-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/PRST-receiving-ABN-award-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/PRST-receiving-ABN-award-1.jpg 1201w" sizes="auto, (max-width: 820px) 100vw, 820px" /></figure>



Rabat, Morocco&nbsp;– In a milestone celebration of African leadership, Dr. Akinwumi Adesina&#8217;s decade-long impact on continental development has earned him the inaugural &#8220;African of the Decade&#8221; award. The&nbsp;<a rel="noreferrer noopener" target="_blank" href="https://u7061146.ct.sendgrid.net/ls/click?upn=u001.gqh-2BaxUzlo7XKIuSly0rC5JgF0yrrvOiGrvAGknr-2BK7BA6H-2FmR-2FxhNqLVDLRgxw5-2BSaVeHFBi7E5qvUIYDeLug-3D-3D5kOH_dsYArOl9AHTGYzUqAHd1psOtkwtArKIAQMYib4c5MlcY-2F34Uia8Z79F5z7i5KoUvuYl5poIOg3NUUU1SMGx32o70QYox4UA738Szh3SCGw3JxaYMsvEvWMks3-2BOO4hYv8mZCPc5kilzKudtUP06VQB4N2agw-2BeMtW27m2DJjcHh55OX7jTD3rDQgJ8xsd8ESqjJaboYOPk-2FfFNtBxxb49Oucmvx8xSvxS37h7LM1F8g2awPhMbvGplyFofWvD19aa-2FGUELu0XXDHZ3m2o-2BZfBZpQvh-2FanPcrZ9mm8W9w2rtrvEDw9jB5dwSmKZBacPaUm1XoLscHZW6-2FfNyHFpNKL28IlMhCZbSqeCjYM-2FjSzQQ-3D">African Development Bank Group President received this distinguished honor</a>&nbsp;at last week&#8217;s Africa Investment Forum in Rabat, marking a defining moment in the history of the All-Africa Business Leaders Awards.



The prestigious award, introduced by the ABN Group in collaboration with CNBC Africa, honors individuals who have made a lasting and profound impact on the continent. Dr. Adesina, who will conclude his 10-year tenure as head of the African Development Bank Group next year, is widely celebrated for his visionary leadership and achievements in improving the lives of millions across Africa.



ABN Group Chairman Rakesh Wahi presented the award to Dr. Adesina during the 2024 Africa Investment Forum in Rabat, Morocco. In a citation read by CNBC Africa Chief Editor Godfrey Mutizwa, the awards committee praised Adesina for his unwavering commitment to ethical and responsible leadership and his ability to drive meaningful change across Africa, particularly through the Bank’s&nbsp;<a rel="noreferrer noopener" target="_blank" href="https://u7061146.ct.sendgrid.net/ls/click?upn=u001.gqh-2BaxUzlo7XKIuSly0rC69uOBtMTWdeAaLbNAEGp4P4K6lRkuuIdiEO9A5BCUELsEFMjF8oK-2FHjl09T0L7VSM4-2B4zUKqXgvt2phLrschebPTUUUYhIlD36oisgGIXgugcDQD-2F6oyP6LQcTPd1OkPncRrqkMcnetooTA42jDYnE-3DYvup_dsYArOl9AHTGYzUqAHd1psOtkwtArKIAQMYib4c5MlcY-2F34Uia8Z79F5z7i5KoUvuYl5poIOg3NUUU1SMGx32o70QYox4UA738Szh3SCGw3JxaYMsvEvWMks3-2BOO4hYv8mZCPc5kilzKudtUP06VQB4N2agw-2BeMtW27m2DJjcHh55OX7jTD3rDQgJ8xsd8ESqjJaboYOPk-2FfFNtBxxb49DFRbcyiy9qoxMGgjztdi56eiVvSDVZLUFkN17dv43Ct9o6-2FyCOtTAn1ChROgaoSDoiuRMBenpWURNFDs3FG1x415acPJbHV7oG6nwe79i7GQGQZk4pbWCqo4MbPXXfYGj0yKu8ElPDl5Hrg5gBp-2FII-3D">High5 strategic priorities</a>.



“Dr. Adesina has demonstrated a significant impact on the African continent through innovative solutions, projects, or initiatives that address the continent&#8217;s pressing socio-economic and environmental challenges. He has consistently shown leadership, vision, and dedication, driving positive change in sustainable development in Africa,” Wahi said.



The awards committee highlighted Adesina’s innovative collaborations, including leading the African Development Bank in a&nbsp;<a rel="noreferrer noopener" target="_blank" href="https://u7061146.ct.sendgrid.net/ls/click?upn=u001.gqh-2BaxUzlo7XKIuSly0rC69uOBtMTWdeAaLbNAEGp4P4K6lRkuuIdiEO9A5BCUELSDDjIAZnBdDgmOTtRXcwgleVdIfpe3YDqrW8HDAnNn959meTkywR1tklGs7Kq8pc-2FT3bOL-2Bn67SQ-2Fv74UfpLY34bm4mNcUToeba4kxkzLeJTSkFJiARX4OkA5EUTAs4c65h1quK5OWefrOn47EqjBA-3D-3Df6Wh_dsYArOl9AHTGYzUqAHd1psOtkwtArKIAQMYib4c5MlcY-2F34Uia8Z79F5z7i5KoUvuYl5poIOg3NUUU1SMGx32o70QYox4UA738Szh3SCGw3JxaYMsvEvWMks3-2BOO4hYv8mZCPc5kilzKudtUP06VQB4N2agw-2BeMtW27m2DJjcHh55OX7jTD3rDQgJ8xsd8ESqjJaboYOPk-2FfFNtBxxb49Gin2LLYHzEJuN4ZtZLsx6Nw-2ButgvPC-2B93EIxCK7DjkxggtcWS4CgYYfAuKwk2aYUa-2FElESIlvkux8lmIIEzYhjKw6H7giBCBXj6FcwhDsmqwjD1KfKzj-2B8kXzX0CAb8uhAeJcwThRjjN8x4lEBac5U-3D">groundbreaking partnership</a>&nbsp;with the World Bank to provide electricity access to 300 million Africans.



The award also recognizes Adesina’s earlier role as Nigeria’s Agriculture Minister.



“Over ten years ago, Dr. Akinmumi Adesina&#8217;s impactful tenure as Nigeria&#8217;s Minister of Agriculture revolutionized the country&#8217;s agro-industrial value chains and transformed the lives of millions of small-holder farmers,” Wahi stated.



Under Adesina’s tenure, Nigeria ended 40 years of corruption in the fertilizer sector by developing and implementing an innovative electronic wallet system, which directly provides farmers with subsidized farm inputs at scale using their mobile phones.



Since assuming leadership of the African Development Bank in 2015, Adesina,&nbsp;<a rel="noreferrer noopener" target="_blank" href="https://u7061146.ct.sendgrid.net/ls/click?upn=u001.gqh-2BaxUzlo7XKIuSly0rC7CyhXvJjyYmVKjYoq0qjCaZR5EVVtI0gq-2FmXPz-2FaODfJ-2F-2Bar-2BbQvYIPtUnbTfTiMVCY4-2FmqDDV0WILK1t2g3D0TLp4zc-2B3YmdOFYMTTaZe0SwA4_dsYArOl9AHTGYzUqAHd1psOtkwtArKIAQMYib4c5MlcY-2F34Uia8Z79F5z7i5KoUvuYl5poIOg3NUUU1SMGx32o70QYox4UA738Szh3SCGw3JxaYMsvEvWMks3-2BOO4hYv8mZCPc5kilzKudtUP06VQB4N2agw-2BeMtW27m2DJjcHh55OX7jTD3rDQgJ8xsd8ESqjJaboYOPk-2FfFNtBxxb49FZnVbBT6lBIpOLbDBaafJDei0qMBQUZ6Dz-2BP53E5MS-2BROVDl4gXeAzP4oqpCwmHIdiq641ZpBONCmp0jNiUL1AIvZ9wXhsbVo3Es-2BE5HXDlbFGJDZrA24irLi9mS-2BQVxHY-2FVnY7Vj-2B8VtXW2UcGOPQ-3D">a World Food Prize laureate,</a>&nbsp;has been instrumental in attracting global investment, championed innovative development strategies, and consistently positioned Africa as a continent of immense potential and opportunity.



Accompanied by his wife Mrs Grace Yemisi Adesina, the African Development Bank president expressed his gratitude for the honor, describing the award as a testament to what is possible in the transformative power of Africa’s potential. “I dedicate this recognition to the resilient people of Africa and all those working tirelessly to advance the continent’s development,” he said.



“God did not make a mistake when he made me an African…and I will do all I can, to my final breath, for Africa,” Adesina vowed.

home

Nigeria inflation to fall to 15% next year, president says in budget speech

Mozambique’s post-election unrest to hit economic growth, says IMF official

Power supply restored after major outage hits Kenya, affects internet access

How Employees Are Coffee Badging To Avoid Full Days At The Office

Cocoa prices climb to new record high, prompting fresh warnings about extreme volatility

Galaxy AI For Business: Empowering SMBs to do more with less time & effort by leveraging powerful AI in a secure environment

Ethiopia passes law allowing foreign banks to operate

Rwanda Film Office Launches Creative Grants Initiative 2024 with €360,000 to Support Filmmakers

South African rand weakens ahead of Fed decision

African Markets – Factors to watch on Dec 17

South African Markets – Factors to watch on Dec 17

China wants to dominate in AI — and some of its models are already beating their U.S. rivals

The future of meat? Inside the Oxford-based startup turning cells into ‘steaks’

Why Simu Liu is using his platform to uplift entrepreneurs

How China Is Challenging Elon Musk’s Starlink Satellite Service

How AWS uses ‘chaos engineering’ to combat real-world failures

African Development Bank’s Adesina Wins Inaugural ‘African of the Decade’ Award

News Tips

Advertise With Us

home

Nigeria inflation to fall to 15% next year, president says in budget speech

Mozambique’s post-election unrest to hit economic growth, says IMF official

Power supply restored after major outage hits Kenya, affects internet access

How Employees Are Coffee Badging To Avoid Full Days At The Office

Cocoa prices climb to new record high, prompting fresh warnings about extreme volatility

Galaxy AI For Business: Empowering SMBs to do more with less time & effort by leveraging powerful AI in a secure environment

Ethiopia passes law allowing foreign banks to operate

Rwanda Film Office Launches Creative Grants Initiative 2024 with €360,000 to Support Filmmakers

South African rand weakens ahead of Fed decision

African Markets – Factors to watch on Dec 17

South African Markets – Factors to watch on Dec 17

China wants to dominate in AI — and some of its models are already beating their U.S. rivals

The future of meat? Inside the Oxford-based startup turning cells into ‘steaks’

Why Simu Liu is using his platform to uplift entrepreneurs

How China Is Challenging Elon Musk’s Starlink Satellite Service

How AWS uses ‘chaos engineering’ to combat real-world failures

African Development Bank’s Adesina Wins Inaugural ‘African of the Decade’ Award

News Tips

Advertise With Us

Newsletters