South Africa

It announced late Thursday that the European Union had pledged to invest $13,3 billion in South Africa for clean energy, infrastructure, and pharmaceutical projects. The investment will be used to speed up South Africa's transition to renewable energy by upgrading the grid, introducing energy storage, and implementing green hydrogen. Africa's largest economy is trying hard to attract investors to boost its flagging growth, and to bring down the high unemployment. Meanwhile, U.S. Tariffs have dealt it another blow. In its statement, the EU mentioned the Coega Green Ammonia Project. This project aims to meet the growing demand for ammonia green...

Brazil will propose the establishment of a forum where governments can discuss the impact climate policy has on trade. This is an issue that both the U.N. Climate talks and the World Trade Organization have failed to address, according to three officials who are familiar with the plan. The European Union has been accused by emerging economies such as Brazil, South Africa, and India of restricting the trade with its environmental policies. One example is a December ban on imports that are linked to deforestation. The EU said that trade discussions should take place at the World Trade Organization. Brazil,...

Colleen Goko JOHANNESBURG - 18 August A study released by the South African Reserve Bank on Monday showed that South African banks are more reluctant to make loans as extreme weather events have increased the risk of default. The study, which looked at 38 banks from 2009 to 2024, showed that credit growth slowed down after climate shocks like floods and droughts as well as the introduction of carbon taxes in 2019. These findings are in line with global trends, such as those observed in Europe, Brazil and the United States where banks are struggling with the financial impact and...

G20 finance chiefs issued a communiqué on Friday, which emphasized the importance of central banks' independence and the World Trade Organization's role in advancing trade. The following are the main points that the finance ministers, central bank governors, and other participants agreed upon during the two-day Durban meeting, South Africa. Also, we list the policy areas that were left out. Global Economy and Trade The communique highlighted global economic uncertainty caused by conflict, trade tensions and supply chain disruptions. It also highlighted high debt levels and frequent extreme weather and natural disasters. The statement also stated that central bank independence...

The finance chiefs of G20 nations were close to agreeing on Friday a position on trade, and other global issues. This would be the first time since Donald Trump won the election and waged a tariff war. To the disappointment of the South African hosts, the G20, which was created as a forum to promote cooperation in the fight against the global financial crisis of 2008, failed to come to a consensus when the finance ministers and central banks met in February. Even though G20 communiqués are not binding and their exact wording is unclear, an agreement in Durban's coastal...

The G20 finance chiefs expressed optimism on Friday about a possible agreement on a position on global trade and other challenges despite the tariffs imposed by U.S. president Donald Trump, which overshadowed the meeting. To the disappointment of the South African hosts, the G20, which was created as a forum to promote cooperation in the fight against the global financial crisis of 2008, failed to come to a consensus when the finance ministers and central banks met in February. Even though G20 communiqués are not legally binding and their exact wording is unclear, an agreement today would be considered a...

South Africa called on G20 nations to show global leadership and cooperation to address challenges, including the rise in trade barriers. The club's finance chiefs were meeting Thursday under the shadows of President Donald Trump’s tariff threats. The G20 has been hindered for years by disagreements among the key players, which have been made worse by Russia's conflict in Ukraine and Western sanctions against Moscow. Under its motto of "Solidarity. Equality. Sustainability", the host South Africa has sought to promote an African agenda. Topics include high capital costs and funding for climate action. Enoch Godongwana, South Africa's finance minister, said...

The G20 finance chiefs are meeting in South Africa this Thursday, under the shadow cast by President Donald Trump’s tariff threats. Questions will be raised about their ability to work together and tackle global challenges. Since years, the club has been hampered by disagreements among its key players, exacerbated in part by Russia's conflict in Ukraine and Western sanctions against Moscow. Under its motto of "Solidarity Equality Sustainability", the host South Africa has sought to promote an African agenda. Topics include high capital costs and funding climate change action. The G20 is a group that aims to coordinate policy, but...

Lesetja Kganyago, the South African Reserve Bank Governor, said that a "African Agenda" including climate changes and cross-border payments systems is still to be discussed by G20 Finance Chiefs despite fears that tariffs will overshadow this gathering. The U.S. Treasury secretary Scott Bessent missed the G20 Finance Meeting in Durban. This was his second consecutive absence and raised questions about G20's ability to address pressing global challenges. The African agenda was also promoted by Ramaphosa, who used the first G20 presidency of Africa to push for the African agenda. Kganyago said that the African issues had been raised, and all...

The G20 Finance Chiefs' meeting in Durban this week is likely to be overshadowed by Donald Trump's tariffs, Scott Bessent's no-show, and the rising tensions between Washington, South Africa, and BRICS. Bessent was among the key officials who skipped Cape Town's February gathering of finance and central bank ministers in the grouping. This raised questions about their ability to address pressing global challenges. Josh Lipsky is the chair of International Economics at the Atlantic Council. He said, "It's problematic that the world's biggest economy is not represented, at least on a high political level." Lipsky said that Bessent’s absence presaged...

Leaders of BRICS, a group of developing countries, condemned the attacks on Gaza and Iran on Sunday. They also called for reforms to global institutions. The bloc was portrayed as a safe haven for multilateral diplomatic efforts amid violent conflicts and wars. The expansion of BRICS is a response to the divisions in the G7 and G20 group of major economies and the "America First" policy of U.S. president Donald Trump. Brazil's Luiz Inacio Lula Da Silva, in his opening remarks at the Rio de Janeiro summit, drew an analogy with the Cold War Non-Aligned Movement. This was a grouping...

Two people with knowledge of the matter said that the BRICS group is about to announce a new fund to reduce financing costs and increase investment. Sources who spoke on condition of anonymity said that the initiative is modeled after the Multilateral Investment Guarantee Agency, or MIGA, which was established by the World Bank to help address global investment shifts in the face of uncertainty regarding U.S. policy. Brazilian officials consider the fund to be the focal point of the BRICS' financial agenda for the duration of Brazil's rotating presidency. Sources claim that the fund will be included in the...

According to delegates, no consensus was reached in Geneva during the talks on the first legally-binding treaty for combating plastic pollution. "South Africa regrets that this session was unable to reach a legally binding agreement and the positions are still far apart", its delegate said at a meeting on Friday morning. After a failed meeting of the Intergovernmental Negotiating Committee in South Korea at the end of last year, more than 1,000 delegates gathered in Geneva to begin the sixth round. The United Nations Environment Assembly established the INC in 2022. Its mandate was to create a global, legally-binding treaty...

Peabody Energy announced on Monday that if it is not satisfied with the resolution of issues surrounding Anglo American's Moranbah North Mine, then they may terminate their pending agreement to purchase some Australian steelmaking coal assets from this British mining company. Peabody shares rose over 4% at the opening of trading. An underground fire at Anglo American’s Moranbah North Coal Mine, located in Queensland, Australia's Bowen Basin, has caused the suspension of production. The assets agreement signed by the two companies last year includes the mine. Peabody has informed Anglo American that it has sent a Material Adverse Change notice...

Anglo American, a global miner, reported on Thursday a 15% drop in its production of copper for the first three months of the year. However, the company left the yearly forecast unchanged. The London-listed company said that copper production dropped to 169,000 tons in the first quarter of this year. It attributed the drop in production in Chile. The copper production in 2025 is expected to range between 690,000 - 750,000 tonnes. As the world shifts to cleaner energy sources, it is expected that metals will be used more for electric vehicles and renewable facilities. Prices for industrial metals have...

Eskom, South Africa's power utility, has restored six power units after the highest level of controlled power cut early on Sunday. This was after several failures occurred at Majuba and Camden Power Stations over the weekend. Eskom cut power to the grid by 3,000 megawatts on Saturday. "Of the ten units we lost over night, we have returned essentially six units," Dan Marokane said to reporters on Sunday. He said that five to six units would be expected to come online during the day to add to the 3,200MW recovered over night. He said that Eskom will consider reducing its...

Anglo American CEO Duncan Wanblad stated on Monday that the company is working hard to maximize its value in case a new M&A bidder comes along. He also expects significant progress on a much-anticipated spin-off of De Beers' diamond business this year. Anglo American, a London-listed company, rejected a hostile bid of $49 billion from BHP in May. BHP was focusing on Anglo’s copper assets. Anglo has since streamlined its operations by selling coal assets and agreeing on the separation of its platinum business. It still needs to find partners for the UK fertiliser project, which requires massive amounts of...

South Africa's mining market reported 42 deaths last year, the lowest number to date and a 24% improvement on the previous year, official stats showed on Thursday. The stats did not include deaths from prohibited mining. Mines Minister Gwede Mantashe repeated the government's. position that unlawful mining is a criminal activity and not part. of his department's remit. Recently the bodies of 78 miners were pulled from an. unlawful gold mine after a heavily-criticised authorities operation. lasting numerous months that attempted to require them to the surface. Of the deaths caught in last year's official stats,. 11 were in the...

South African utility Eskom on Thursday reported a higher fullyear loss of 55.0 billion rand ($ 3 billion) since of a oneoff charge linked to the separation of its transmission system, but it anticipated a. revenue for the fiscal year ending March 2025. State-owned Eskom is being split into three business that. will individually manage electrical energy generation, transmission and. circulation, as part of a reform plan revealed by President. Cyril Ramaphosa in 2019 to make the energy more efficient. The business made a loss after tax of 26.1 billion rand in. the year to the end of March 2023....

South African coal miner Exxaro Resources stated on Wednesday its board had actually placed CEO Nombasa Tsengwa on preventive suspension pending an independent probe into allegations related to work environment conduct and governance practice. The Board takes any such allegations and resultant examinations very seriously but makes no presumption as to its conclusion. The company will be assisted by the result of examination before taking the proper action, if any, Exxaro stated in a declaration. Tsengwa was not instantly readily available for remark. Exxaro said that the inquiry will be performed by law office ENS, including that the business's long-time...

The UK's FTSE 100 index edged higher on Wednesday as investors evaluated the fallout of U.S. Presidentelect Donald Trump's tariff dangers, while reducing federal government bond yields supported interest ratesensitive real estate and property stocks. The blue-chip FTSE 100 and the midcap FTSE 250 both increased 0.2%, stabilising after the prior day's. sell-off on Trump's threat of large tariffs on a few of its secret. trading partners. Housebuilders and real estate. stocks climbed 0.9% and 1.5%, respectively, as UK government. bond yields was up to their least expensive considering that Finance Minister Rachel. Reeves announced her first budget on Oct....

South Africa's revised carbon tax intends to balance the rival demands of climate activists and polluters by lowering taxfree allowances while letting business make greater use of offsets, the Treasury's. acting tax chief said on Friday. The modifications, to come into effect in 2026, will help South. Africa satisfy environment commitments however provide 'hard-to-abate' sectors. more versatility, said Chris Axelson, Performing Head of Tax and. Financial Sector Policy at the Treasury. South Africa is one of the world's top 15 greenhouse gas. emitters and the only nation in Africa with a carbon tax. It definitely is a change to the...

Botswana's new president Duma Boko stated on Friday he wanted to conclude talks for a new sales pact with worldwide diamonds mining giant De Beers as quickly as possible. The relationship with De Beers might have been harmed by the way the settlements were dealt with, President Boko stated in a. telecasted declaration from Gaborone, Botswana's capital. The. initially thing that needs to be done is to engage the other party. De Beers, a system of Anglo American, in 2015 concurred. a new diamond sales pact, which will see the government's share. of diamonds from the Debswana joint venture gradually...

International miner Anglo American on Thursday published doubledigit falls in its thirdquarter copper and diamond production however preserved its 2024 guidance for the commodities. Anglo stated its copper output fell 13% in the July to September quarter, while rough diamond production decreased by 25% on cuts due to prolonged lower demand. Its De Beers diamonds system is exploring alternatives for even more output cuts in future, Anglo stated. For the first 9 months of 2024, copper output fell 4% to 575,000 tons and diamond production was down 21% at 18.9 million carats. Anglo still expects to produce 730,000-790,000 tons of...