<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1080" height="720" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/3ZBREFEEMBMVNIDF57IIH75RYU.avif" alt="" class="wp-image-565676"/><figcaption class="wp-element-caption">FIA President Mohammed Ben Sulayem talks to Rwanda&#8217;s President Paul Kagame during the FIA General Assembly at the Kigali Convention Center, in Kigali, Rwanda December 13, 2024. REUTERS/Jean Bizimana</figcaption></figure>



KIGALI, Dec 13 (Reuters)&nbsp;&#8211;&nbsp;Rwandan president Paul Kagame announced his country&#8217;s bid for a Formula One race on Friday, ahead of an awards ceremony in the capital Kigali that will hand the champion&#8217;s trophy to Max Verstappen for a fourth year in a row.



Formula One has not raced in Africa since the last South African Grand Prix was held at Kyalami, north of Johannesburg, in 1993.



&#8220;I am happy to formally announce that Rwanda is bidding to bring the thrill of racing back to Africa by hosting a Formula One Grand Prix,&#8221; Kagame said in an opening address to the governing FIA&#8217;s General Assembly.



&#8220;A big thank you to (Formula One chief executive) Stefano (Domenicali) and the entire team at F1, for the good progress in our discussions so far.



&#8220;I assure you that we are approaching this opportunity with the seriousness and commitment which it deserves. Together we will build something we can all be proud of.&#8221;



Domenicali said in August that Rwanda wanted to host a race at a permanent circuit.



Media reports say the track, to be designed by a company run by Austrian former F1 racer Alexander Wurz, would be&nbsp;near a new international airport under construction at Bugesera some 40km from Kigali.



Seven-times world champion Lewis Hamilton also said in August that the time was right for a race in Africa.



&#8220;The time&#8217;s 100% right. We can&#8217;t be adding races in other locations and continue to ignore Africa, which the rest of the world just takes from. No one gives anything to Africa,&#8221; said the Briton.



&#8220;I think having a Grand Prix there will really be able to highlight just how great the place is and bring in tourism and all sorts of things. Why are we not on that continent?&#8221;



The FIA is holding its general assemblies in Africa for the first time and the FIA&#8217;s Emirati President Mohammed Ben Sulayem and Rwanda&#8217;s Sports Minister Richard Nyirihishema met earlier in Kigali.



&#8220;To be here in Rwanda for such an important moment in the FIA’s calendar is a testament to the strength of this nation, in particular its growing influence in motorsport,&#8221; said Ben Sulayem.



&#8220;We are aligned on our values and shared goals across key sectors such as innovation, sustainability, and road safety, and I look forward to our continued partnership. The future of motorsport in Africa is bright.&#8221;



Verstappen is also carrying out &#8216;work of public interest&#8217; in Rwanda as punishment for swearing in a Singapore Grand Prix press conference in October.



The activity involves an Affordable Cross Car built locally in Rwanda from blueprints provided by the&nbsp;FIA.



Kagame has won praise from Western and regional leaders for helping to end the 1994 genocide in Rwanda and rebuilding the country into an attractive destination for investment and aid.



But he also stands accused of a brutal crackdown on critics at home, and supporting the M23 rebel group in neighbouring Democratic Republic of Congo, who rights groups say are guilty of killings, rapes and other apparent war crimes.



He has repeatedly denied the allegations.



(Writing by Alan Baldwin in London, additional reporting by Hereward Holland in Nairobi, editing by Christian Radnedge)

3ZBREFEEMBMVNIDF57IIH75RYU

Rwandan president announces bid for F1 race

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/istockphoto-1076949610-612x612-1.jpg" alt="" class="wp-image-501467" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/istockphoto-1076949610-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/istockphoto-1076949610-612x612-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/istockphoto-1076949610-612x612-1-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



JOHANNESBURG, Dec 13 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, equity and currency market moves may affect South African markets on Friday.



ECONOMIC EVENTS



South Africa shifts to FDI outflows in third quarter, central bank says



South African inflation-linked bond auction



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



The South African rand was steady against the dollar on Thursday, after the release of third quarter employment data and producer inflation figures.



On the Johannesburg Stock Exchange, the Top-40 index closed about 0.2% lower.



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



Asia shares fell on Friday as a strong dollar weighed on risk sentiment, while longer-dated Treasury yields are headed for their biggest weekly rise in a year on receding U.S. rate cut expectations for 2025.



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



Wall Street pulled back on Thursday as investors evaluated key economic indicators ahead of the Federal Reserve&#8217;s meeting next week.



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



Gold prices edged higher on Friday and were set for a weekly gain, driven by recent reports of top consumer China resuming gold purchases, and heightened expectations of an interest rate reduction by the Federal Reserve at its Dec. 17-18 meeting. 



&#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; Lesotho and SA clash over appointment of water project CEO



&#8211; VBS liquidator pays R458m to creditors as hunt for looted cash continues



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



&#8211; Claims of spiralling costs and coal theft emerge as corporate chaos rips through Exxaro



&#8211; Former finance minister Trevor Manuel to head G20 expert panel on Africa



(Compiled by Bhargav Acharya)

istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on Dec 13

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="541" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/E2LAHPZEEFN6VLWP7WHSXPENYQ-820x541.jpg" alt="" class="wp-image-425628" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/E2LAHPZEEFN6VLWP7WHSXPENYQ-820x541.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/E2LAHPZEEFN6VLWP7WHSXPENYQ-300x198.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/E2LAHPZEEFN6VLWP7WHSXPENYQ-136x90.jpg 136w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/E2LAHPZEEFN6VLWP7WHSXPENYQ-768x507.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/E2LAHPZEEFN6VLWP7WHSXPENYQ-1536x1013.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/E2LAHPZEEFN6VLWP7WHSXPENYQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: The logo of South Africa&#8217;s central reserve bank is seen during the delivery of a keynote address by South Africa&#8217;s central bank governor, Lesetja Kganyago, at the University of the Witwatersrand in Johannesburg, South Africa, November 1, 2022. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



PRETORIA, Dec 13 (Reuters)&nbsp;&#8211;&nbsp;South Africa recorded foreign direct investment outflows of 3.2 billion rand ($179.87 million) in the third quarter, compared to inflows of 16.6 billion in the second quarter, central bank data showed on Friday.



The South African Reserve Bank (SARB) said in its Quarterly Bulletin that the outflows were due to domestic subsidiaries of multinational companies paying back their loans to the parent companies.



For the first time in two years, portfolio investments recorded inflows of 45.6 billion rand in July-September, from outflows of 20.1 billion rand in the second quarter.



Nthabiseng Molemoeng, head of balance of payments at the SARB, said the inflows were mainly due to an increase in foreign purchases of publicly traded government bonds following eight consecutive quarters of equity outflows.



&#8220;I think it was just a general decline in investor sentiment towards emerging markets,&#8221; she said. &#8220;Now with this quarter the inflow is mainly from debt securities.&#8221;



($1 = 17.7908 rand)



(Reporting by Kopano Gumbi, Editing by Bhargav Acharya)

FILE PHOTO: South Africa’s central bank governor to delivers keynote address

South Africa shifts to FDI outflows in third quarter, central bank says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-820x547.jpg" alt="" class="wp-image-404443" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling.jpg 1254w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Macro view of a screen of trading terminal with abstract financial graph and digits. Trading and forex concept. 3D Rendering</figcaption></figure>



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



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



Asia shares fell on Friday as a strong dollar kept risk sentiment fragile, while longer-dated Treasury yields are heading for their biggest weekly rise this year as expectations for deep U.S. rate cuts in 2025 recede.



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



Oil prices inched lower on Friday as investors focused on a forecast of ample supply and shrugged off expectations of higher demand next year from Chinese stimulus measures, while eyeing another Federal Reserve interest rate cut next week.



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



The South African rand was steady against the dollar on Thursday, after the release of third quarter employment data and producer inflation figures.



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



The Ghanaian and Ugandan currencies are expected to continue strengthening against the dollar in the next week to Thursday, while Nigeria&#8217;s and Zambia&#8217;s could be broadly steady, traders said.



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



Ivory Coast&#8217;s cocoa grind rose 16.1% year-on-year in November to 60,694 metric tons, data from exporter association GEPEX showed on Thursday.



((Compiled by Nairobi Newsroom))

Macro view of a screen of trading terminal with abstract financial graph and digits. Trading and forex concept. 3D Rendering

African Markets – Factors to watch on Dec 13

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/108074907-1733992205729-gettyimages-2161859444-AFP_364E4TQ-820x461.jpeg" alt="" class="wp-image-565548" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/108074907-1733992205729-gettyimages-2161859444-AFP_364E4TQ-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/108074907-1733992205729-gettyimages-2161859444-AFP_364E4TQ-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/108074907-1733992205729-gettyimages-2161859444-AFP_364E4TQ-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/108074907-1733992205729-gettyimages-2161859444-AFP_364E4TQ-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/108074907-1733992205729-gettyimages-2161859444-AFP_364E4TQ-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/108074907-1733992205729-gettyimages-2161859444-AFP_364E4TQ.jpeg 1600w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A coffee cup with a printed message from Salvadoran President Nayib Bukele’s X account is pictured at Franco’s Pupusa restaurant in San Salvador on July 17, 2024. Marvin Recinos | Afp | Getty Images</figcaption></figure>



A record-breaking rally for coffee prices shows no sign of slowing down, analysts say, with some warning it could take years for one of the world’s most traded commodities to recover.



Arabica coffee futures with March delivery hit a fresh intraday high of 348.35 cents per pound on Tuesday, notching their highest level in nearly 50 years. The contract has since cut some of its gains but remains up a whopping 70% year-to-date.



The last time the price for arabica beans, the world’s most popular variety, traded that high was in 1977 when snow destroyed large areas of Brazilian plantations.



Renowned for their smooth taste and sweet flavor, arabica beans make up between 60% to 70% of the global coffee market. They are commonly used in espressos and other barista-made coffee.



Drought and high temperatures, alongside a global reliance on supplies from relatively few regions, are regarded as the primary drivers for the recent price rise.



Robusta futures, meanwhile, also climbed to a fresh record high in late November. Robusta beans are known for their strong and bitter flavor and are typically used in instant blends.



The extraordinary price rally for coffee, which is considered the second-most traded commodity by volume, after crude oil, comes amid concerns over the 2025 crop in Brazil, by far the world’s largest producer.



“The country experienced its worst drought in 70 years during August and September, followed by heavy rains in October, raising fears that the flowering crop could fail,” Ole Hansen, head of commodity strategy at Denmark’s Saxo Bank, said in a research note published Tuesday.



For some, the poor growing weather in Brazil means it could take a long time for coffee prices to unwind.



“History suggests that coffee prices will only ease back as and when supply improves and stocks are replenished,” David Oxley, chief climate and commodities economist at Capital Economics, said in a research note published on Nov. 29.



“Crucially, this is a process that can take years, not months,” Oxley said.



<h2 class="wp-block-heading" id="h-coffee-particularly-vulnerable-to-bad-weather"><a></a>Coffee ‘particularly vulnerable’ to bad weather</h2>



A staple beverage for billions of people across the world, demand for coffee has been boosted in recent years by growing consumption in China. Production, however, has struggled to keep up.



“Like cocoa, coffee is grown in a relatively narrow tropical band, with key producers including Brazil, Vietnam, Colombia, and Ethiopia,” Saxo Bank’s Hansen said.



“This concentration makes it particularly vulnerable to adverse weather conditions, especially in Brazil and Vietnam, which together account for approximately 56% of global production,” he added.



The U.S. Department of Agriculture said in its semi-annual report last month that it expects Brazil’s coffee production for the marketing year 2024/2025 to come in at 66.4 million (60 kilogram per bag) comprising of 45.4 million bags of arabica and 21 million of robusta.



The USDA said its forecast reflected a 5.8% drop from its previous projection, attributing the decrease to irregular weather patterns that negatively affected crop development, particularly for arabica trees.



“In Brazil, this will be the fifth consecutive arabica harvest that is disappointing because of adverse weather,” Carlos Mera, head of agricultural commodities markets at Dutch lender Rabobank, told CNBC via video call.



Asked whether the climate crisis appears to be amplifying the risks for coffee production, Mera said it was difficult to measure accurately, but there are growing concerns across the industry that extreme weather could prevent typical growth in coffee trees.



Looking ahead, Mera said coffee prices “can certainly go even higher” from their current record levels.



<h2 class="wp-block-heading"><a></a>Price increases for coffee drinkers?</h2>



For coffee drinkers, analysts say it is practically inevitable that coffee makers will need to pass on the costs to consumers in order to limit the impact of higher bean prices on their bottom line.



Nestlé, the world’s biggest coffee maker, which owns leading brands including Nescafé and Nespresso, said last month that it would continue raising prices and making packs smaller to offset the impact of higher prices.



“Like every manufacturer, we have seen significant increases in the cost of coffee, making it much more expensive to manufacture our products,” a Nestlé spokesperson told CNBC via email.



“As always, we continue to be more efficient and absorb increasing costs where possible whilst maintaining the same high quality and delicious taste that consumers know and love,” they added.



Italian coffee maker Lavazza and U.S. coffee giant Starbucks both declined to comment when contacted by CNBC.

108074907-1733992205729-gettyimages-2161859444-AFP_364E4TQ

Coffee prices climb to near 50-year highs — and it may take years for the rally to run out of steam

Costa Rica’s former president on why women make good leaders

How Gen Z Is Reviving U.S. Shopping Malls

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3488" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/FHAFUN3FDVOOFH6LJMRBKOX2FI.avif" alt="" class="wp-image-565245"/><figcaption class="wp-element-caption">Wilted maize crops are seen in Mumijo, Buhera district, east of capital Harare, Zimbabwe, March 16, 2024. REUTERS/Philimon Bulawayo/File Photo</figcaption></figure>



CHIVI, Zimbabwe, Dec 12 (Reuters) &#8211; Zimbabwe appears to be heading into another dry spell that could worsen hunger for millions of people already suffering from an El Nino-induced drought, the U.N. World Food Programme said on Thursday.



The drought in Southern Africa that started early this year has been the worst in decades and prompted Zimbabwe and neighbouring countries to declare a state of disaster over food shortages.



Rainfall was forecast to resume in October, which is normally the start of a six-month rainy season. But so far Zimbabwe has received only a few days of rain in late November.



&#8220;We are worried. You can see the ground in front of us is bone dry,&#8221; said World Food Programme country director Barbara Clemens during a food distribution event in Chivi, southern Zimbabwe.



Families in the district are already skipping meals to preserve the little food they have.



Georgina Maphosa, 74, said she feared worse hunger next year after the maize crop she planted in late November failed to germinate.



&#8220;I can now afford to eat once a day. I had hoped that this season would be better, but my early crop is already a write-off,&#8221; said Maphosa, who woke up at 5:00 am to queue for food handouts.



More than half of Zimbabwe&#8217;s population of 16 million was in need of food aid this year, the government said in May.



Zimbabwe has failed to feed itself since 2000, when former president Robert Mugabe led land reforms that disrupted production, while climate change has worsened the country&#8217;s ability to grow enough food.



(Editing by Nellie Peyton; Editing by David Goodman)

FHAFUN3FDVOOFH6LJMRBKOX2FI

Zimbabwe at risk of another dry season after El Nino drought, says WFP

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="460" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/AdobeStock_1104449386-Cyber-Security-Image-for-article-820x460.jpg" alt="" class="wp-image-565228" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/AdobeStock_1104449386-Cyber-Security-Image-for-article-820x460.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/AdobeStock_1104449386-Cyber-Security-Image-for-article-300x168.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/AdobeStock_1104449386-Cyber-Security-Image-for-article-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/AdobeStock_1104449386-Cyber-Security-Image-for-article-768x430.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/AdobeStock_1104449386-Cyber-Security-Image-for-article-1536x861.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/AdobeStock_1104449386-Cyber-Security-Image-for-article-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">#BusinessDoneBetter with Cyber Security Solutions from MTN Business</figcaption></figure>



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Yellow Digital Padlock with Binary Code: AI Encryption and Cyber

Cyber Resilience in the Digital Age: A Call to Action for Business Leaders

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="515" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/NKYFZRFDD5MS5NQEZSVZ6PYNTI-1-820x515.jpg" alt="" class="wp-image-526361" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/NKYFZRFDD5MS5NQEZSVZ6PYNTI-1-820x515.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/NKYFZRFDD5MS5NQEZSVZ6PYNTI-1-300x189.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/NKYFZRFDD5MS5NQEZSVZ6PYNTI-1-143x90.jpg 143w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/NKYFZRFDD5MS5NQEZSVZ6PYNTI-1-768x483.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/NKYFZRFDD5MS5NQEZSVZ6PYNTI-1-1536x965.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/NKYFZRFDD5MS5NQEZSVZ6PYNTI-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Shoppers are seen outside the Shoprite store at the Garden City mall along Thika Road in Nairobi, Kenya November 13, 2020. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



JOHANNESBURG, Dec 12 (Reuters)&nbsp;&#8211;&nbsp;South African analysts, business people and trade unions have lowered their inflation expectations through to 2026, taking them to the midpoint of the central bank&#8217;s inflation target range, a quarterly survey showed on Thursday.



The findings are likely to encourage the South African Reserve Bank (SARB) to forge ahead with its monetary easing cycle, potentially by cutting interest rates in larger increments.



The fourth-quarter survey conducted by the Bureau for Economic Research found that the average inflation forecast of analysts, business people and labour unions was for headline consumer inflation of 4.6% in 2024, 4.5% in 2025 and 4.6% in 2026.



That is down from average forecasts of 5.1%, 4.8% and 4.8% in the third-quarter survey and the lowest expectations have been in more than three years.



The SARB likes to see inflation around 4.5%, the midpoint of its 3% to 6% target band.



It has lowered its main lending rate by 25 basis points (bps) at each of its last two meetings.



But some analysts believe there is room for a 50 bp cut at the next policy meeting in January.



Data on Wednesday showed headline consumer inflation stood at 2.9% year on year in November, below the target band for the second month in a row thanks to food inflation slowing to its lowest level in almost 14 years.



(Reporting by Kopano Gumbi; Editing by Alexander Winning, Kirsten Donovan)

Shoppers are seen outside the Shoprite store at the Garden City mall along Thika Road in Nairobi

South African inflation expectations fall to midpoint of central bank range

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="485" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/SZDJDME5EFNDPN4BZJHAQQVVFM-820x485.jpg" alt="" class="wp-image-565145" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/SZDJDME5EFNDPN4BZJHAQQVVFM-820x485.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/SZDJDME5EFNDPN4BZJHAQQVVFM-300x178.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/SZDJDME5EFNDPN4BZJHAQQVVFM-152x90.jpg 152w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/SZDJDME5EFNDPN4BZJHAQQVVFM-768x455.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/SZDJDME5EFNDPN4BZJHAQQVVFM-1536x909.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/SZDJDME5EFNDPN4BZJHAQQVVFM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Somali women gather to march against the Ethiopia-Somaliland port deal at the Yarisow stadium in Mogadishu, Somalia January 3, 2024. REUTERS/Feisal Omar/File Photo</figcaption></figure>



ANKARA, Dec 11 (Reuters)&nbsp;&#8211;&nbsp;Somalia and Ethiopia&nbsp;said they would&nbsp;work together to resolve a dispute over Addis Ababa&#8217;s plan to build a port in the breakaway region of Somaliland, which had drawn in regional powers and threatened to further destabilise the Horn of Africa.



The two countries&#8217; leaders said they had agreed to find commercial arrangements to allow landlocked Ethiopia &#8220;reliable, secure and sustainable access to and from the sea&#8221; after talks on Wednesday mediated by Turkish President Tayyip Erdogan.



The meeting was their first since January when Ethiopia said it would lease a port in Somalia&#8217;s breakaway northern region of Somaliland in exchange for recognising the area&#8217;s independence.



Mogadishu rejected the deal and threatened to expel Ethiopian troops who were stationed in Somalia to fight Islamist insurgents.



Somalia opposes international recognition of Somaliland, which has governed itself and enjoyed comparative peace and stability since declaring independence in 1991.



In a joint statement released late on Wednesday, Somalia and Ethiopia said they had agreed to start technical negotiations by the end of February next year, and to conclude them within four months.



They did not go into detail.



&#8220;This joint declaration focuses on the future, not the past,&#8221; Erdogan said at a press conference in Ankara afterwards.



Somalia&#8217;s President Hassan Sheikh Mohamud said he was ready to work with Ethiopia, while Ethiopian Prime Minister Abiy Ahmed welcomed Turkish efforts to resolve the dispute.



The spat has drawn Somalia closer to Egypt, which has quarrelled with Ethiopia for years over Addis Ababa&#8217;s construction of a vast hydro dam on the Nile River, and to Eritrea, another of Ethiopia&#8217;s longtime foes.



Turkey has close ties with both Ethiopia and Somalia, training Somalia&#8217;s security forces and supplying development assistance in return for a foothold on a key global shipping route.



(Reporting by Hereward Holland, Ezgi Erkoyun, Huseyin Hayatsever, Abdi Sheikh, Dawit Endeshaw and Tuvan Gumrukcu; Writing by Hereward Holland; Editing by Keith Weir and Kate Mayberry)

FILE PHOTO: Somali women gather to march against the Ethiopia-Somaliland port deal, in Mogadishu

Somalia, Ethiopia agree to work together to resolve Somaliland port dispute

<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/DSC4167-Enhanced-NR-820x547.jpg" alt="" class="wp-image-565126" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/DSC4167-Enhanced-NR-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/DSC4167-Enhanced-NR-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/DSC4167-Enhanced-NR-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/DSC4167-Enhanced-NR-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/DSC4167-Enhanced-NR-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/DSC4167-Enhanced-NR-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The Future Minerals Forum brings together governments, international organizations, and stakeholders to collectively shape the future of minerals.</figcaption></figure>



The global demand for minerals is surging, fuelled by the transition to clean energy and the rise of advanced technologies.



The&nbsp;Future Minerals Forum (FMF), held in Riyadh, Saudi Arabia, has become the epicenter for shaping global mineral strategies. Its latest report,&nbsp;“Shaping the Future of Minerals”, sheds light on the challenges and opportunities facing the sector.



The report, developed with contributions from Wood Mackenzie, CRU, Clareo, GlobalAI and the Baker Institute, reveals an urgent reality: the world needs&nbsp;$5.4 trillion in mineral investment by 2035&nbsp;to sustain and expand mining and processing capacity. This figure is a call to rethink global minerals supply.



Minerals are essential for global development and the transition to electrification. But the report highlights a daunting challenge: mineral demand for renewable energy and manufacture of electric goods, and powering the AI revolution is outpacing the supply chain’s ability to deliver these materials. For instance, lithium processing alone is projected to grow fifteenfold by 2040, but infrastructure and resource depletion threaten supply stability.



Patrick Barnes,&nbsp;Global Head of Metals and Mining Consulting at Wood Mackenzie, highlighted the sector&#8217;s challenges, “The effort to de-risk supply chains and, in parallel, accelerate the energy transition represents an opportunity for a lot of investment – not just in mines but in the midstream and downstream of these minerals. Emerging markets, particularly in Asia-Pacific, Latin America, and Sub-Saharan Africa, are poised to capture over 40% of global mineral capital investment, a dramatic shift in capital flows and geopolitical priorities.”



Despite challenges, there is significant economic potential for countries investing in mineral value addition. Nations like Indonesia have successfully transitioned from raw mineral exporters to leading players in processed commodities like nickel. This transformation is a blueprint for other resource-rich regions.



The report also challenges traditional extractive practices, urging a shift towards shared value creation. Historically, mining has been criticized for its &#8220;extract-and-ship&#8221; or “pit-to-port” mindset, which often sidelines local economic development. But as resource nationalism grows and societal expectations shift, mining companies face increasing pressure to balance profits with community benefits. “The focus on critical minerals has opened up the debate of role of mining in society more generally. It’s focus is now on how we make mines can contribute to development more broadly,” explained Mark Cutifani, Chairman at Vale Base Metals. “We need local communities to see us as partners, and we want them to benefit from the development of mines. it’s not a matter of engagement; it’s involvement.”



This sentiment is echoed across the sector, with shared value creation emerging as a cornerstone for sustainable development. Aldo Pennini, FMF Director for Strategy and Content adds, “The Future Minerals Forum brings countries together at a time when the world is fragmenting, putting forward practical actions for minerals to make a bigger contribution to host communities, national economies, and global development.”



Governments and companies must collaborate to create frameworks that ensure shared prosperity. Peter Bryant,&nbsp;Board Chair of Clareo, stressed: “Government plays a key role in creating shared value by providing the springboards to investment and not being overly prescriptive.”



The report outlines strategies for achieving this:



<ul class="wp-block-list">
<li>Targeted investment: Policymakers should prioritize projects that align with national competitiveness and market dynamics. For example, Indonesia’s ban on raw nickel exports led to a thriving domestic processing industry.</li>



<li>Public-Private Partnerships: Collaborative models like Anglo American’s regional development initiatives highlight the potential for multi-sectoral impact.</li>



<li>ESG-driven approaches: From water recycling to community engagement, sustainable practices are essential to addressing the growing scrutiny of the mining sector.</li>
</ul>



Ali Al-Mutairi, FMF’s Executive Director, emphasises the importance of action: “The minerals industry is at a turning point. Companies are taking on the responsibility of fostering shared value through deeper stakeholder collaboration.”



The Future Minerals Forum plays a crucial role in shifting perceptions about the mining industry. The energy transition will depend heavily on minerals, and unlocking the required funds demands collaboration and a shared vision.



This transformative era of minerals offers challenges and immense opportunities to reshape the global mineral landscape for the better. The question now is whether stakeholders will seize the moment to ensure that mineral wealth truly benefits all.

DSC4167-Enhanced-NR

Shared Value Creation: A Turning Point for the Mineral Industry

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/TW73TLV2SBLINDR3RCPU2BLTCE-820x547.jpg" alt="" class="wp-image-548180" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/TW73TLV2SBLINDR3RCPU2BLTCE-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/TW73TLV2SBLINDR3RCPU2BLTCE-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/TW73TLV2SBLINDR3RCPU2BLTCE-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/TW73TLV2SBLINDR3RCPU2BLTCE-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/TW73TLV2SBLINDR3RCPU2BLTCE-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/TW73TLV2SBLINDR3RCPU2BLTCE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A view of the newly-commissioned Dangote Petroleum refinery in Ibeju-Lekki, Lagos, Nigeria May 22, 2023. REUTERS/Temilade Adelaja/File Photo</figcaption></figure>



ABUJA, (Reuters) &#8211; Nigeria&#8217;s Dangote Refinery said on Wednesday it has made its first export of petrol to Cameroon, a milestone that could pave way for regional energy integration and help stabilise fuel prices across the region.



The 650,000 barrel refinery built by Nigerian billionaire Aliko Dangote in Lagos aims to compete with European refiners when operating at full capacity and is expected to change trading of refined products in the Atlantic basin.



The company&nbsp;did not provide&nbsp;details&nbsp;of how much was exported.



Cameroon&#8217;s energy firm Neptune Oil said in the statement that both companies were exploring new initiatives to establish a reliable supply chain that will help stabilize fuel prices and opportunities across the region.



Neptune Oil said the petrol supply transaction was executed without intermediaries.



(Reporting by MacDonald Dzirutwe; Writing by Chijioke Ohuocha. Editing by Jane Merriman and Diane Craft)

FILE PHOTO: A view of the newly-commissioned Dangote Petroleum refinery in Ibeju-Lekki, Lagos

Nigeria’s Dangote Refinery makes first petrol export to Cameroon

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/107308954-1695982808104-gettyimages-1664665862-US-CPI-AUGUST-820x461.jpeg" alt="" class="wp-image-564863" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/107308954-1695982808104-gettyimages-1664665862-US-CPI-AUGUST-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/107308954-1695982808104-gettyimages-1664665862-US-CPI-AUGUST-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/107308954-1695982808104-gettyimages-1664665862-US-CPI-AUGUST-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/107308954-1695982808104-gettyimages-1664665862-US-CPI-AUGUST-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/107308954-1695982808104-gettyimages-1664665862-US-CPI-AUGUST-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/107308954-1695982808104-gettyimages-1664665862-US-CPI-AUGUST.jpeg 1858w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Customers shop at a supermarket in Foster City, California, the United States, Sept. 13, 2023. Xinhua News Agency | Xinhua News Agency | Getty Images</figcaption></figure>



Consumer prices rose at a faster annual pace in November, a reminder that inflation remains an issue both for households and policymakers.



The consumer price index showed a 12-month inflation rate of 2.7% after increasing 0.3% on the month, the Bureau of Labor Statistics reported Wednesday. The annual rate was 0.1 percentage point higher than October.



Excluding food and energy costs, core CPI was at 3.3% on an annual basis and 0.3% monthly. The 12-month core reading was unchanged from a month ago.



All of the numbers were in line with the Dow Jones consensus estimates.



The readings come with Federal Reserve officials mulling over what to do at their policy meeting next week, Markets strongly expect the Fed to lower its benchmark short-term borrowing rate by a quarter percentage point when the meeting wraps up Dec. 18, but then skip January as they measure the impact successive cuts have had on the economy.



The report further solidified the outlook for a cut, with traders raising the odds to 99%, according to the CME Group’s FedWatch measure. Odds of a January cut also edged higher, hitting about 23%.



“In-line core inflation clears the way for a rate cut at next week’s [Federal Open Market Committee] meeting,” said Whitney Watson, global co-head and co-CIO for fixed income at Goldman Sachs Asset Management. “Following today’s data the Fed will depart for the holiday break still confident in the disinflation process and we think it remains on course for further gradual easing in the new year.”



While inflation is well off the 40-year high it saw in mid-2022, it remains above the Fed’s 2% annual target. Some policymakers in recent days have expressed frustration with inflation’s resilience and have indicated that the pace of rate cuts may need to slow if more progress isn’t made.



If the Fed follows through with a cut next week, it will have taken a full percentage point off the federal funds rate since September.



Much of the November increase in CPI came from shelter costs, which rose 0.3% and have been one of the most stubborn components of inflation. Fed officials and many economists expect housing-related inflation to ease as new rental leases are negotiated, but the item has continued to increase each month.



The BLS estimated that the shelter item, which has about a one-third weighting in the CPI calculation, accounted for about 40% of the total increase in November. The shelter index rose 4.7% on a 12-month basis in November.



Used vehicle prices rose 2% monthly while new vehicle prices increased 0.6%, reversing the recent trend that has seen those items come down.



Elsewhere, food costs rose 0.4% monthly and 2.4% year over year, while the energy index increased 0.2% but was down 3.2% annually.



The increase in the CPI meant that average hourly earnings for workers were basically flat for the month when adjusted for inflation, but increased 1.3% from a year ago, the BLS said in a separate release.

107308954-1695982808104-gettyimages-1664665862-US-CPI-AUGUST

Annual U.S. inflation rate accelerates to 2.7% in November, as expected

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3333" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/WHPPRFAEWVI2PAWUHJUMPQXPVA.avif" alt="" class="wp-image-564860"/><figcaption class="wp-element-caption">United Nations Secretary-General Antonio Guterres attends a joint statement with Portuguese Prime Minister Luis Montenegro (not pictured), in Sao Bento Palace, Lisbon, Portugal, November 27, 2024. REUTERS/Pedro Nunes/File Photo</figcaption></figure>



JOHANNESBURG, Dec 11 (Reuters)&nbsp;&#8211;&nbsp;United Nations Secretary-General Antonio Guterres said on Wednesday that existing debt relief mechanisms were far from adequate to address global vulnerabilities, calling on the Group of Twenty nations to do more to deliver financial justice.



Guterres made the comments during a visit to South Africa, which became the first African country to lead the G20 when it took the helm of the international forum of developed and developing economies this month.



The G20&#8217;s &#8220;Common Framework&#8221;, a debt relief architecture launched during the COVID-19 pandemic to help heavily-indebted countries get back on track quickly, has been criticised following slow restructurings in countries including Zambia.



&#8220;I recognise all the efforts the G20 has made in relation to the so-called &#8216;Framework&#8217;, but let&#8217;s be clear. We are far from having an instrument able to address the debt problem that exists at global level,&#8221; Guterres told a G20 event in Johannesburg.



&#8220;We need meaningful solutions to address the debt crisis, so countries can invest in meeting the basic needs of their people and drive long-term development.&#8221;



Guterres also used his speech to G20 sherpas and finance officials to underscore that global governance institutions needed to be reformed to serve African countries better.



He said there should be an enhanced role for multilateral development banks and greater concessional funding, but that boosting gross domestic product should not be the only targeted metric.



&#8220;It&#8217;s very important to look especially also at vulnerability,&#8221; Guterres said.



South African Finance Minister Enoch Godongwana told the same event that addressing debt vulnerabilities would be a focus of his country&#8217;s G20 presidency.



South Africa will propose creating an expert panel to focus specifically on Africa&#8217;s financing needs, he said, adding that &#8220;debt sustainability cannot be solved through the Common Framework alone&#8221;.



(Additional reporting by Tannur Anders and Bhargav Acharya. Writing by Alexander Winning. Editing by Mark Potter)

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Rwandan president announces bid for F1 race

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African Markets – Factors to watch on Dec 13

Coffee prices climb to near 50-year highs — and it may take years for the rally to run out of steam

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Nigeria’s Dangote Refinery makes first petrol export to Cameroon

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Annual U.S. inflation rate accelerates to 2.7% in November, as expected

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