<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="539" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/05/GETOENXSLNNLLB36IWZW7ED5ZM-820x539.jpg" alt="" class="wp-image-620637" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/05/GETOENXSLNNLLB36IWZW7ED5ZM-820x539.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/GETOENXSLNNLLB36IWZW7ED5ZM-300x197.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/GETOENXSLNNLLB36IWZW7ED5ZM-137x90.jpg 137w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/GETOENXSLNNLLB36IWZW7ED5ZM-768x505.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/GETOENXSLNNLLB36IWZW7ED5ZM-1536x1010.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/GETOENXSLNNLLB36IWZW7ED5ZM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Job seekers wait beside a road for casual work offered by passing motorists in Eikenhof, south of Johannesburg, South Africa, March 4, 2024. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



PRETORIA, May 13 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s unemployment rate rose in the first quarter of this year, with statisticians fretting that increasing numbers of people appear to have given up looking for work.



The country&#8217;s official unemployment rate &#8211; one of the highest in the world &#8211; rose to 32.9% from 31.9% in the final quarter of last year.



An expanded definition of unemployment, which includes those discouraged from looking for work, rose to 43.1% from 41.9%.



Desiree Manamela, chief director of labour statistics at Statistics South Africa, said there were signs that more people of working age were losing hope that work would materialise.



&#8220;That increase in discouraged work-seekers, it&#8217;s a &#8230; worry because we would want to see people being active in the labour market by either looking for employment or participating,&#8221; Manamela told a press conference.



Five of the 10 industries tracked by the statistics agency recorded employment increases while five saw decreases. The largest number of jobs lost were recorded in the trade and construction sectors, while the transport and finance sectors added the greatest number of hires.



Black women and young people remained especially vulnerable to joblessness in the first quarter, with unemployment rates of 39.8% and 46.1%, respectively.



Reducing unemployment is a priority for the coalition government that was formed last year after the African National Congress lost its parliamentary majority for the first time since apartheid ended in 1994.



Unemployment has been on the rise since 2016 and has been stuck above 30% for the past five years.



President Cyril Ramaphosa last week announced a new set of reforms aimed at boosting economic growth and job creation, extending a programme launched in 2020.



Operation Vulindlela, meaning &#8220;open the path&#8221; in the local isiZulu language, has achieved some successes such as curbing electricity blackouts, but it is yet to make a meaningful dent in the jobless rate.



(Reporting by Kopano Gumbi; Editing by Alexander Winning and Hugh Lawson)

GETOENXSLNNLLB36IWZW7ED5ZM

South African jobless rate rises, more give up looking for work

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="567" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/TAKTGYGGUFIUFGNJON3QOOIO24-820x567.jpg" alt="" class="wp-image-502655" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/TAKTGYGGUFIUFGNJON3QOOIO24-820x567.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/TAKTGYGGUFIUFGNJON3QOOIO24-300x208.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/TAKTGYGGUFIUFGNJON3QOOIO24-130x90.jpg 130w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/TAKTGYGGUFIUFGNJON3QOOIO24-768x531.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/TAKTGYGGUFIUFGNJON3QOOIO24-1536x1063.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/TAKTGYGGUFIUFGNJON3QOOIO24-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">South African Rand coins are seen in this illustration picture taken October 30, 2020. REUTERS/Mike Hutchings/File Photo</figcaption></figure>



JOHANNESBURG, May 13 (Reuters)&nbsp;&#8211;&nbsp;The South African rand was little changed in early trade on Tuesday before local jobs data, which economists predict could show a slight rise in unemployment.



At 0750 GMT the rand traded at 18.2550 against the dollar, the same level as at Monday&#8217;s close.



Statistics South Africa will release first-quarter unemployment figures at 0930 GMT.



Investec and Nedbank economists forecast an increase from the previous quarter&#8217;s 31.9% official jobless rate as economic growth remains sluggish.



The Business Day newspaper reported that preparations were at an advanced stage for a meeting between President Cyril Ramaphosa and U.S. President Donald Trump in Washington.



Ramaphosa&#8217;s government wants to mend diplomatic and trade ties with the U.S. as relations have soured badly since Trump&#8217;s return to the White House in January.



South Africa&#8217;s benchmark 2030 government bond was also flat in early deals, with the yield at 8.89%.



(Reporting by Sfundo Parakozov; Editing by Alexander Winning)

South African Rand coins are seen in this illustration picture

South African rand flat before local jobs data

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1243616513-820x547.jpg" alt="" class="wp-image-421615" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1243616513-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1243616513-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1243616513-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1243616513-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1243616513-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1243616513-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Freight wagons transport coal past electricity transmission towers, heading from the Mafube open-cast coal mine, operated by Exxaro Resources Ltd. and Thungela Resources Ltd., towards Richard&#8217;s Bay coal terminal, in Mpumalanga, South Africa on Thursday, Sept. 29, 2022. South Africa relies on coal to generate more than 80% of its electricity, and has been subjected to intermittent outages since 2008 because state utility Eskom Holdings SOC Ltd. can&#8217;t meet demand from its old and poorly maintained plants. Photographer: Waldo Swiegers/Bloomberg via Getty Images</figcaption></figure>



JOHANNESBURG, May 13 (Reuters) &#8211; Exxaro Resources said on Tuesday it has reached an agreement to buy manganese mines in South Africa in a deal worth 11.67 billion rand as it diversifies into green transition minerals.



The South African coal miner entered into a binding agreement to buy shares and claims in manganese assets held by Ntsimbintle Holdings and OM Holdings, it said in a statement.



The coal miner has been seeking to diversify into manganese and copper, as it positions to benefit from surging demand for the minerals, vital in the global transition from polluting fossil fuels to cleaner energy technologies.



&#8220;This acquisition provides Exxaro with a strong entry point into the manganese sector,&#8221; Ben Magara, who took over as CEO in April, it said in the statement.



South Africa is the world&#8217;s biggest producer of the steelmaking ingredient. Manganese is also used in lithium-ion ore batteries for electric vehicles.



The deal gives Exxaro exposure to four operating manganese mines in South Africa&#8217;s Northern Cape province. The mines have long-term contracts with customers in China and India where Exxaro sells its coal, it said.



(Reporting by Felix Njini in Johannesburg, Editing by Louise Heavens)

Coal Freight Transportation at Mafube Collier

South Africa coal miner Exxaro agrees deal to buy manganese assets

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="357" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/05/istockphoto-1030878162-612x612-1-1.png" alt="" class="wp-image-618547" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/05/istockphoto-1030878162-612x612-1-1.png 612w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/istockphoto-1030878162-612x612-1-1-300x175.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/istockphoto-1030878162-612x612-1-1-154x90.png 154w" 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, May 13 (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>



*Uganda&#8217;s central bank announces its latest benchmark lending rate decision.



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



Asian stocks joined the global rally and the U.S. dollar held on to most of its gains on Tuesday as investors heaved a sigh of relief after a temporary halt in the trade war between the U.S. and China eased worries of a global recession.



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



Oil prices eased on Tuesday from a two-week high, weighed down by concerns about rising supplies, despite earlier optimism over the pause in the U.S.-China trade war after both countries temporarily cut tariffs.



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



The South African rand weakened on Monday, weighed down by a much stronger dollar and lower gold prices after the United States and China announced a deal to cut reciprocal tariffs.



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



Nigeria&#8217;s economy recorded its fastest growth in about a decade in 2024, driven by a strong fourth quarter and an improved fiscal position, the World Bank said on Monday, but warned that persistently high inflation remains a challenge.



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



The Kenyan shilling remained stable in early trade on Monday, with market activity subdued, traders said.



<h2 class="wp-block-heading" id="h-guinea-politics">GUINEA POLITICS</h2>



The prime minister of junta-ruled Guinea announced a new date of December 2025 for elections, seeking to reassure investors in a speech at an African business forum on Monday.



<h2 class="wp-block-heading" id="h-sierra-leone-mining">SIERRA LEONE MINING</h2>



Koidu Limited, Sierra Leone&#8217;s largest diamond producer, has halted operations and laid off nearly its entire local workforce of more than 1,000 employees following a protracted dispute over pay and working conditions.



<h2 class="wp-block-heading" id="h-guinea-mining">GUINEA MINING</h2>



Rio Tinto, expects its first iron ore shipment from Guinea&#8217;s Simandou project in November, Gerard Rheinberger, the Anglo-Australian mining giant&#8217;s managing director for Simandou, said on Monday.



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



Cocoa arrivals at ports in top grower Ivory Coast had reached 1.560 million metric tons by May 11 since the start of the season on October 1, up 10.95% from the same period last season, exporters estimated on Monday.



(Compiled by Nairobi Newsroom)

istockphoto-1030878162-612×612-1

African Markets – Factors to watch on May 13

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/05/T3FHTE5H4FNKZJR2G7GMAH2YEE-820x429.jpg" alt="" class="wp-image-620564" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/05/T3FHTE5H4FNKZJR2G7GMAH2YEE-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/T3FHTE5H4FNKZJR2G7GMAH2YEE-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/T3FHTE5H4FNKZJR2G7GMAH2YEE-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/T3FHTE5H4FNKZJR2G7GMAH2YEE-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/T3FHTE5H4FNKZJR2G7GMAH2YEE.jpg 1200w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Demonstrators hold placards in support of U.S. President Donald Trump&#8217;s stance against what he calls racist laws, land expropriation, and farm attacks, outside the American Embassy in Pretoria, South Africa, February 15, 2025. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



WASHINGTON/JOHANNESBURG, May 12 (Reuters)&nbsp;&#8211;&nbsp;The Trump administration welcomed on Monday 59 white South Africans it granted refugee status in the U.S., having deemed them victims of racial discrimination, while drawing criticism from Democrats and stirring confusion in South Africa.



U.S. President Donald Trump has blocked mostly non-white refugee admissions from the rest of the world but in February offered to resettle Afrikaners, the descendants of mostly Dutch settlers, saying they faced discrimination.



Asked on Monday why white South Africans were being prioritized above the victims of famine and war elsewhere in Africa, Trump said, without providing evidence, that Afrikaners were being killed.



“It&#8217;s a genocide that&#8217;s taking place,&#8221; Trump told reporters at the White House, going further than he has previously in echoing right-wing tropes about their alleged persecution.



He was not favoring Afrikaners because they are white, Trump said, adding that their race &#8220;makes no difference to me.&#8221;



South Africa maintains there is no evidence of persecution and that claims of a &#8220;white genocide&#8221; in the country, echoed by Trump&#8217;s white South African-born ally Elon Musk, have not been backed up by evidence.



The Episcopal Church announced on Monday that it would no longer work with the federal government on refugees after it was asked to help settle the Afrikaners.



&#8220;It has been painful to watch one group of refugees, selected in a highly unusual manner, receive preferential treatment over many others who have been waiting in refugee camps or dangerous conditions for years,&#8221; Presiding Bishop Sean Rowe wrote in a letter to the church&#8217;s followers.



U.S. Senator Jeanne Shaheen, the most senior Democrat on the Senate Foreign Relations Committee, called the move &#8220;baffling.&#8221;



&#8220;The decision by this administration to put one group at the front of the line is clearly politically motivated and an effort to rewrite history,&#8221; she said in a statement on Monday.



<h2 class="wp-block-heading" id="h-land-law">LAND LAW</h2>



U.S. Deputy Secretary of State Christopher Landau greeted the first 59 Afrikaners to arrive in a hangar at Washington&#8217;s Dulles airport. He compared their journey to that of his own father, a Jew from Austria who fled Europe in the 1930s, first to South America and then to the United States.



Landau did not repeat Trump&#8217;s claims of killings, but said many of the South Africans were farming families who had worked land for generations but now faced the threat of that land being expropriated, as well as threats of violence.



Trump&#8217;s February order on resettling Afrikaners cited a land law introduced by South Africa this year that aims to make it easier for the state to expropriate land in the public interest, which has caused concern among some white South Africans although no land has been seized.



Charl Kleinhaus, 46, who arrived on Monday and was set to be resettled in Buffalo, New York, with his daughter, son and grandson, said his life was threatened and people tried to claim his property as their own. Reuters was unable to verify his account.



&#8220;We never expected this land expropriation thing to go so far,&#8221; he told Reuters.



Some of the Afrikaners were heading to Democratic-leaning Minnesota, which has a reputation for welcoming refugees, while others planned to go to Republican-led states such as Idaho and Alabama, sources told Reuters.



The U.S. would welcome more Afrikaner refugees in the coming months, State Department spokesperson Tammy Bruce said in a statement.



<h2 class="wp-block-heading" id="h-wrong-end-of-the-stick">&#8216;WRONG END OF THE STICK&#8217;?</h2>



Since his return to the White House in January, Trump has cut all U.S. financial assistance to South Africa, citing disapproval of its land policy and of its genocide case at the International Court of Justice against Washington&#8217;s ally Israel.



Speaking at a conference in Ivory Coast, South African President Cyril Ramaphosa said the white Afrikaners had ostensibly left because they were opposed to policies aimed at addressing racial inequality persisting since apartheid, or white minority, rule ended three decades ago.



&#8220;We think that the American government has got the wrong end of the stick here, but we&#8217;ll continue talking to them,&#8221; he said.



Trump said that South Africa&#8217;s leadership was traveling to see him next week and that he would not travel to a G20 meeting there in November unless the &#8220;situation is taken care of.&#8221;



Since Nelson Mandela won South Africa&#8217;s first democratic elections in 1994, the once-ruling white minority has retained most of its wealth amassed since colonial times.



Whites still own three-quarters of private land and have about 20 times the wealth of the Black majority, according to international academic journal the Review of Political Economy.



Less than 10% of white South Africans are out of work, compared with more than a third of their Black counterparts.



(Reporting by Tim Cocks, Shafiek Tassiem, Daphne Psaledakis, Simon Lewis and Ted Hesson; additional reporting by Sfundo Parakozov, Catherine Schenck, Anait Miridzhanian, Nilutpal Timsina and Nellie Peyton; Editing by Don Durfee, Alistair Bell and Howard Goller)

T3FHTE5H4FNKZJR2G7GMAH2YEE

First white South Africans arrive in US as Trump claims they face discrimination

Why this team is trying to sequence 100

Why this team is trying to sequence 100,000 Asian genomes

Why ‘Making It’ Feels Impossible In The U.S. Now

<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/GettyImages-1251784454-820x547.jpg" alt="" class="wp-image-564339" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-1251784454-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-1251784454-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-1251784454-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-1251784454-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-1251784454-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-1251784454-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The World Bank Group headquarters during the spring meetings of the International Monetary Fund (IMF) and World Bank in Washington, DC, US, on Thursday, April 13, 2023. The IMF trimmed its global-growth projections, warning of high uncertainty and risks as financial-sector stress adds to pressures emanating from tighter monetary policy. Photographer: Samuel Corum/Bloomberg via Getty Images</figcaption></figure>



ABUJA, May 12 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s economy recorded its fastest growth in about a decade in 2024, driven by a strong fourth quarter and an improved fiscal position, the World Bank said on Monday, but warned that persistently high inflation remains a challenge.



Bold reforms implemented by President Bola Tinubu, including ending costly petrol subsidies, slashing electricity allowances and twice devaluing the naira currency, have added to upward pressure on prices.



The World Bank&#8217;s lead economist for Nigeria, Alex Sienaert, said during a presentation in the capital Abuja that the economy grew by 4.6% year-on-year in the fourth quarter of 2024, and pointed to continued expansion in early 2025 based on high-frequency business indicators.



The World Bank expects Nigeria&#8217;s economy to grow 3.6% this year.



Nigeria&#8217;s foreign exchange reforms have created a market-reflective, unified and stable exchange rate, allowing the central bank to rebuild official reserves, now exceeding $37 billion, Sienaert said.



&#8220;That&#8217;s significant because this is the cushion the economy has against external volatility,&#8221; he said.



Sienaert said government revenue rose by 4.5% of GDP last year, a &#8220;remarkable achievement&#8221; driven by the removal of foreign exchange subsidies, improved tax administration and higher remittances.



The higher revenue helped cut the fiscal deficit to an estimated 3% of GDP in 2024, from 5.4% in 2023. But the full revenue gain from the removal of the fuel subsidy is also yet to fully materialise, Sienaert said.



However, Nigeria continues to grapple with high inflation, and Sienaert cautioned that tight monetary policy and disciplined fiscal policy must be sustained.



(Reporting by Elisha Bala-Gbogbo; Editing by Kirsten Donovan)

Spring Meetings Of The International Monetary Fund And World Bank

Nigeria’s economy grows strongly amid high inflation, World 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/2024/07/GettyImages-1161864874-820x547.jpg" alt="" class="wp-image-505638" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864874-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864874-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864874-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864874-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864874-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864874-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, May 12 (Reuters)&nbsp;&#8211;&nbsp;The South African rand was steady on Monday at the start of a week in which unemployment and mining figures are likely to be the main focus locally.



At 0910 GMT, the rand traded at 18.22 against the dollar, little changed from Friday&#8217;s closing level.



The rand held steady despite the dollar surging on global markets as U.S. and Chinese officials pledged to slash reciprocal tariffs.



South Africa&#8217;s first-quarter unemployment data is scheduled for publication on Tuesday, followed by March mining production on Thursday.



Oxford Economics said both releases were likely to disappoint, in line with its below-consensus forecast that gross domestic product would grow only 1% this year.



South Africa&#8217;s benchmark 2030 government bond was also little changed, with the yield up 1 basis point at 8.835%.



(Reporting by Sfundo Parakozov; Editing by Alexander Winning and Hugh Lawson)

South African Rand Rebound Snaps Streak of Weekly Losses

South African rand stable; local jobs and mining data due this week

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="504" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/05/https___archive-images.prod_.global.a201836.reutersmedia.net_2019_04_17_LYNXNPEF3G0N1-OZABS-820x504.jpg" alt="" class="wp-image-620180" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/05/https___archive-images.prod_.global.a201836.reutersmedia.net_2019_04_17_LYNXNPEF3G0N1-OZABS-820x504.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/https___archive-images.prod_.global.a201836.reutersmedia.net_2019_04_17_LYNXNPEF3G0N1-OZABS-300x185.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/https___archive-images.prod_.global.a201836.reutersmedia.net_2019_04_17_LYNXNPEF3G0N1-OZABS-146x90.jpg 146w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/https___archive-images.prod_.global.a201836.reutersmedia.net_2019_04_17_LYNXNPEF3G0N1-OZABS-768x472.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/https___archive-images.prod_.global.a201836.reutersmedia.net_2019_04_17_LYNXNPEF3G0N1-OZABS.jpg 1200w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A couple leaves Tiger Brands factory shop in Germiston, Johannesburg, South Africa, March 5, 2018. REUTERS/Siphiwe Sibeko</figcaption></figure>



JOHANNESBURG, May 12 (Reuters) &#8211; Tiger Brands, South Africa&#8217;s biggest food producer, on Monday offered to compensate listeriosis victims, marking a major step toward resolving class action after a 2017 outbreak that killed about 200 people and sickened more than 1,000.



The offer was made by the attorneys representing Tiger Brands lead insurer, QBE Insurance Group Limited, on April 25, which made settlement offers to specific classes of claimants who suffered from listeriosis, the company said in a statement.



The current proposal provides for full compensation to claimants for all proven damages, subject to a settlement mechanism that still needs to be finalised &#8211; including how individual damages will be assessed.



In order to protect the privacy of the individuals participating in the settlement offer, no details of the offer and/or payment will be made public,&nbsp;the company said.



The offer has been made &#8220;without admission of liability,&#8221; Tiger Brands said.



In January of 2017 an outbreak of listeriosis, a food-borne disease, occurred in South Africa that was traced back to a factory run by a Tiger Brands subsidiary at the time, Enterprise Foods, which makes processed sausages, bacon and deli meat.



&#8220;Today&#8217;s announcement represents an important milestone and follows shortly on measures already taken in February 2025 to offer interim relief in the form of advance payments to identified claimants with urgent medical needs,&#8221; Tjaart Kruger, chief executive officer of Tiger Brands, said in a statement.



The attorneys representing the plaintiffs will present the offer to the claimants who qualify whereas those who accept the offer will have the damages quantified. It is expected that this process will take several weeks.



Before it can take effect, the High Court must review and approve the agreement to ensure it fairly protects class members&#8217; interests.



In a separate statement, the attorneys representing the plaintiffs welcomed Tiger Brands &#8220;effective admission of liability,&#8221; and commended the company, its shareholders and insurers for agreeing to compensate victims.



&#8220;This reflects a positive move towards corporate accountability, responsible citizenship and justice for victims,&#8221; they said in a statement.



(Additional reporting by Nqobile Dludla; Editing by David Evans and Mark Porter)

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South Africa’s Tiger Brands offers settlement to plaintiffs in listeriosis class action

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="573" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/QS64ZYEOH5M5XIIVOXIAGD6OTY-820x573.jpg" alt="" class="wp-image-601968" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/QS64ZYEOH5M5XIIVOXIAGD6OTY-820x573.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/QS64ZYEOH5M5XIIVOXIAGD6OTY-300x210.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/QS64ZYEOH5M5XIIVOXIAGD6OTY-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/QS64ZYEOH5M5XIIVOXIAGD6OTY-768x537.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/QS64ZYEOH5M5XIIVOXIAGD6OTY-1536x1074.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/QS64ZYEOH5M5XIIVOXIAGD6OTY-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Delegates walk past the MTN logo at the Investing in African Mining Indaba 2024 conference in Cape Town, South Africa February 7, 2024. REUTERS/Esa Alexander/File Photo</figcaption></figure>



JOHANNESBURG, May 12 (Reuters) &#8211; South African mobile network operator MTN Group reported a 33% jump in first-quarter core profit due to strong service revenue growth, lower device cost of sales in its domestic market, and a more stable economic environment.



The jump in group earnings before interest, tax, depreciation and amortisation on a constant-currency basis in the quarter to end March reflects a 5.3 percentage point rise in margin to 44.1%, MTN said, without giving the value of EBITDA.



Group service revenue rose 10.4% overall in the quarter, or by 19.8% in constant currency terms. That was buoyed by 40.4% growth in MTN Nigeria and 39.5% in MTN Ghana.



MTN South Africa continued to face challenges, especially in the prepaid segment, the company said, with service revenue up 2.6%.



Customers &#8220;remained value-seeking and dynamic in the context of constrained economic growth and heightened competition in the sector&#8221;, the group said.



Its South Africa unit intends to explore collaboration with rival Vodacom on backup energy, the company said.



&#8220;This could result in benefits around the&#8230; supply of alternative energy in the sector, which is critical to the efficient and reliable operation of network operators,&#8221; MTN added.



The Department of Trade and Industry&#8217;s Energy Users Block Exemption allows energy users to collaborate in ways that might otherwise be prohibited by the Competition Act. This includes joint procurement of backup or alternative energy and sharing generation capacity.



Group President and CEO Ralph Mupita said the group is also strengthening its partnerships with low-earth orbit (LEO) satellite providers including Elon Musk&#8217;s Starlink, Franco-British satellite operator Eutelsat&#8217;s OneWeb, AST &amp; Science, and Lynk to expand services to enterprises.



He did not elaborate.



In March, MTN&#8217;s South African unit and American LEO satellite provider Lynk Global trialled Africa&#8217;s first phone call via satellite, a potential way of providing coverage in underserviced and rural areas.



(Reporting by Nqobile Dludla; Editing by Savio D&#8217;Souza and Jan Harvey)

Investing in African Mining Indaba 2024 conference in Cape Town

South Africa’s MTN Group reports 33% rise in first-quarter core profit

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/05/108143912-1747032478500-gettyimages-2213984202-AFP_46A963L-1-820x462.png" alt="" class="wp-image-620173" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/05/108143912-1747032478500-gettyimages-2213984202-AFP_46A963L-1-820x462.png 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/108143912-1747032478500-gettyimages-2213984202-AFP_46A963L-1-300x169.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/108143912-1747032478500-gettyimages-2213984202-AFP_46A963L-1-160x90.png 160w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/108143912-1747032478500-gettyimages-2213984202-AFP_46A963L-1-768x432.png 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/108143912-1747032478500-gettyimages-2213984202-AFP_46A963L-1.png 1480w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">US Treasury Secretary Scott Bessent (L) and US Trade Representative Jamieson Greer speak to the media after talks between senior US and Chinese officials on tariffs in Geneva on May 11, 2025. Valentin Flauraud | Afp | Getty Images</figcaption></figure>



The U.S. and China on Monday agreed to suspend most tariffs on each other’s goods in a move that shows a major thawing of trade tensions between the world’s two largest economies.



The trade agreement means that “reciprocal” tariffs between both countries will be cut from 125% to 10%. The U.S.′&nbsp;20% duties on Chinese imports relating to fentanyl&nbsp;will remain in place, meaning total tariffs on China stand at 30%.



The breakthrough comes after U.S. and China trade representatives held high-stakes talks in Switzerland over the weekend.



“We had very productive talks and I believe that the venue, here in Lake Geneva, added great equanimity to what was a very positive process,” U.S. Treasury Secretary Scott Bessent said in a news conference.



“We have reached an agreement on a 90-day pause and substantially move down the tariff levels. Both sides on the reciprocal tariffs will move their tariffs down 115%,” Bessent said.



Both China and the U.S. said they will continue discussions on economic and trade policy.



Investors were buoyed by news of the tariff reprieve. Stateside, Nasdaq futures pointed to a 3.6% gain, with the S&amp;P 500 futures higher by 2.8% and Dow up by nearly 1,000 points, or 2.3%.



The ICE U.S. Dollar Index also rose sharply. The index, which measures the U.S. dollar against a basket of global currencies, was last up 1.3% to 101.63.



Elsewhere, the pan-European Stoxx 600 index rose by 0.7% during early morning deals.

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U.S. and China agree to slash tariffs for 90 days

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="441" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/05/DI47TGYKBVJVPHMSRFMIAXEEVA.jpg" alt="" class="wp-image-620170" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/05/DI47TGYKBVJVPHMSRFMIAXEEVA.jpg 640w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/DI47TGYKBVJVPHMSRFMIAXEEVA-300x207.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/DI47TGYKBVJVPHMSRFMIAXEEVA-131x90.jpg 131w" sizes="auto, (max-width: 640px) 100vw, 640px" /><figcaption class="wp-element-caption">A logo of the Boxer store of one of South Africa&#8217;s fastest growing discount grocery chains is seen in Protea Glen, South Africa, on November 25, 2024. REUTERS/Siphiwe Sibeko/File photo</figcaption></figure>



JOHANNESBURG, May 12 (Reuters) &#8211; South African discount grocery retailer Boxer said on Monday it expects sales growth in a low-teens percentage for its current financial year given the competitive pressure in the food retail market and lower inflationary environment.



Boxer, majority owned by Pick n Pay, competes with Shoprite&#8217;s Usave discounter and SPAR&#8217;s SaveMor in smaller towns, townships and rural areas. Additionally, it also faces competition from independent retailers.



&#8220;All the retailers that operate in this space are well aware that consumers are under pressure,&#8221; Boxer CEO Marek Masojada told Reuters in an interview.



&#8220;Our consumers are looking for value every day and we have a very astute consumer that really does their homework before they choose where they&#8217;re going to buy their groceries.&#8221;



In the 53 weeks ended March 2, Boxer&#8217;s turnover grew by 13.2% to 42.3 billion rand ($2.32 billion), with like-for-like sales growth of 5.6% as promotions drove shoppers to bigger product pack sizes as they seek more value.



Masojada told investors that a significant proportion of its turnover is promotion driven.



&#8220;The lower inflationary environment does dampen the sales growth expectation,&#8221; Masojada said. This, plus the competitive landscape will see sales growth in the financial year to&nbsp;April&nbsp;2026 likely in the low teens, the company said.



The retailer, with 525 stores across South Africa and Eswatini, has an ambitious roll-out plan to help double turnover in the next five years, including plans for 60 new stores this financial year.



When the retailer listed in November, it issued 157.4 million new shares, which Boxer pointed to as the reason for an 11.8% decline in headline earnings per share to 413.76 cents.



Trading profit rose by 9.9% to 2.3 billion rand at a trading margin of 5.5%. However, Boxer anticipates continued moderate margin pressure.



This is due to costs associated with being a listed company, an initial profit drag at its new Tongaat distribution centre and from gross margin reinvestment where necessary to drive pricing competitiveness.



($1 = 18.2198 rand)



(Reporting by Nqobile Dludla; Editing by Himani Sarkar, Kirsten Donovan)

DI47TGYKBVJVPHMSRFMIAXEEVA

South Africa’s Boxer expects low-teens percent annual sales growth amid competition

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/05/7BTO4IEPYZJCDMM2BE2UNJNMRQ-1-820x429.jpg" alt="" class="wp-image-620117" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/05/7BTO4IEPYZJCDMM2BE2UNJNMRQ-1-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/7BTO4IEPYZJCDMM2BE2UNJNMRQ-1-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/7BTO4IEPYZJCDMM2BE2UNJNMRQ-1-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/7BTO4IEPYZJCDMM2BE2UNJNMRQ-1-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/7BTO4IEPYZJCDMM2BE2UNJNMRQ-1-1536x804.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/7BTO4IEPYZJCDMM2BE2UNJNMRQ-1.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Photo: via Reuters</figcaption></figure>



JOHANNESBURG, May 12 (Reuters) &#8211; The first 49 white South Africans deemed victims of racial discrimination and granted refugee status under an offer by U.S. President Donald Trump were flying to the U.S. on Monday in a move deepening frictions between the two nations.



The U.S. government has blocked mostly non-white refugee admissions from the rest of the world but is prioritising Afrikaners, the descendants of mostly Dutch settlers.



Giving refugee status to white South Africans has been met with a mixture of alarm and ridicule by South African authorities, who say the Trump administration has waded into a domestic political issue it does not understand.



It comes at a time of heightened racial tensions in South Africa over land and jobs that has divided the ruling coalition.



The charter plane carrying the 49 from Johannesburg was expected to arrive at Washington Dulles airport on Monday morning.



&#8220;The government unequivocally states that these are not refugees,&#8221; South African foreign ministry spokesperson Chrispin Phiri told local broadcaster Newzroom Afrika.



&#8220;But we are not going to stand in their way.&#8221;



<h2 class="wp-block-heading" id="h-wealth-inequities">WEALTH INEQUITIES</h2>



Since Nelson Mandela brought democracy into South Africa in the 1994, the once-ruling white minority has retained most of the wealth amassed under colonialism and apartheid.



Whites still own three-quarters of private land and have about 20 times the wealth of the Black majority, according to international academic journal the Review of Political Economy.



Less than 10% of white South Africans are out of work, compared with more than a third of their Black counterparts.



Yet the claim that minority white South Africans face discrimination from the Black majority has become an established trope in right-wing online chatrooms, and has been echoed by Trump&#8217;s white South African-born ally Elon Musk.



Since his return to the White House in January, Trump has cut all U.S. financial assistance to South Africa last month, citing disapproval of its land policy and of its genocide case at the International Court of Justice against Washington&#8217;s ally, Israel.



(Reporting by Tim Cocks; Additional reporting by Sfundo Parakozov; Editing by Andrew Cawthorne)

7BTO4IEPYZJCDMM2BE2UNJNMRQ

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South African jobless rate rises, more give up looking for work

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First white South Africans arrive in US as Trump claims they face discrimination

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Nigeria’s economy grows strongly amid high inflation, World Bank says

South African rand stable; local jobs and mining data due this week

South Africa’s Tiger Brands offers settlement to plaintiffs in listeriosis class action

South Africa’s MTN Group reports 33% rise in first-quarter core profit

U.S. and China agree to slash tariffs for 90 days

South Africa’s Boxer expects low-teens percent annual sales growth amid competition

First white South Africans fly to US under Trump refugee plan

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home

South African jobless rate rises, more give up looking for work

South African rand flat before local jobs data

South Africa coal miner Exxaro agrees deal to buy manganese assets

African Markets – Factors to watch on May 13

First white South Africans arrive in US as Trump claims they face discrimination

Why this team is trying to sequence 100,000 Asian genomes

Why ‘Making It’ Feels Impossible In The U.S. Now

Nigeria’s economy grows strongly amid high inflation, World Bank says

South African rand stable; local jobs and mining data due this week

South Africa’s Tiger Brands offers settlement to plaintiffs in listeriosis class action

South Africa’s MTN Group reports 33% rise in first-quarter core profit

U.S. and China agree to slash tariffs for 90 days

South Africa’s Boxer expects low-teens percent annual sales growth amid competition

First white South Africans fly to US under Trump refugee plan

Why Real Madrid Is Set To Top The Sports Valuation Charts — It’s Not All About Mbappé

Should We Be Clear Cutting Forests?

How TikTok’s rise sparked a short-form video race

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