Major International Business Headlines Brief ::: 07 Jul 2025

Mon Jul 7 13:24:56 CAT 2025

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Major International Business Headlines Brief :::  07 Jul  2025 

 <mailto:info at bulls.co.zw> 

ü  South African president says national dialogue will continue without coalition partner

ü  Trump’s tariffs deadline is looming for Europe. Here’s where things stand

ü  Trump threatens extra 10% tariff on countries that align with ‘Anti-American’ BRICS policies

ü  Nigerian agency fines Multichoice 766 million naira for data privacy breaches

ü  South African rand falls 1% after Trump tariff threat on BRICS-aligned countries

ü  Blistering heat and empty chairs mar UN’s flagship development event

ü  U.S. payrolls increased by 147,000 in June, more than expected

ü  UK in dire straits after finance minister’s tears rattle markets

ü  The Investment Case for Africa’s Displaced Women Entrepreneurs

ü  South African miners say proposed chrome export tax threatens jobs

ü  Tanzania central bank cuts policy rate as it sees stable inflation

ü  Kenya’s economy grows 4.9% in first quarter of 2025

ü  The bridge changing lives and boosting business

ü  How Trump's tariff chaos could reshape Asia's businesses

 <mailto:info at bulls.co.zw> 

South African president says national dialogue will continue without coalition partner

(Reuters) – South African President Cyril Ramaphosa said on Friday that a national dialogue aimed at uniting the country after last year’s election would continue without his party’s main coalition partner.

The Democratic Alliance (DA), the second-biggest party in the coalition government after Ramaphosa’s African National Congress (ANC), pulled out of the process last week after Ramaphosa fired a deputy minister from the party. The DA stopped short of leaving the governing coalition.

The parties have clashed repeatedly since the coalition was formed a year ago, with the DA accusing the ANC of acting without proper consultation.

Financial markets have been on edge over signs of tension between the two partners in the broad multiparty government, though the consensus among political analysts is the fractious coalition will survive for now.

“We will probably have a very, very successful dialogue without diversionary inputs or interference from a party that does not have the interests of South Africans at heart,” Ramaphosa told reporters when asked about the DA’s decision to withdraw from the national dialogue.

DA leader John Steenhuisen told reporters moments later that the dialogue would be a waste of time and state resources.

The national dialogue is an initiative by Ramaphosa to try to come up with solutions to some of the country’s most pressing challenges, like high levels of poverty, unemployment and crime.

Ramaphosa sacked deputy trade minister Andrew Whitfield last week over an unauthorised trip to the U.S. and said the DA should nominate a replacement.

A DA spokesperson did not respond to a request for comment about whether the party had yet proposed an alternative to Whitfield.

Trump’s tariffs deadline is looming for Europe. Here’s where things stand

All eyes are on talks between the U.S. and the European Union, which have yet to strike a trade deal with just days to go before Washington’s tariffs come into full effect.

Should the trading partners fail to reach an agreement by July 9 — when a 90-day reprieve on U.S. President Donald Trump’s so-called reciprocal tariffs ends — EU goods imported to the U.S. could be hit by duties of up to 50%. Retaliatory measures from the EU targeting a wide range of U.S. goods, which have also been temporarily put on hold, could then follow shortly afterward.

The U.S.-EU trade relationship is one of the most important in the world, accounting for around 30% of global goods trading according to the European Council. Medicinal and pharma products, road vehicles and petroleum products are some of the top traded goods.

In 2024, trade between the two transatlantic partners was valued at around 1.68 trillion euros ($1.98 trillion) when taking into account both goods and services, the European Council said.

The EU recorded a surplus of 198 billion euros, when it comes to goods, but logged a deficit of around 148 billion euro in the trading of services — meaning the bloc overall had a trade surplus of around 50 billion euros in 2024.

Trump has repeatedly taken issue with the trade relationship between Washington and Brussels, suggesting it is unfair and accusing the EU of taking advantage of the U.S.

Slow moving negotiations

U.S.-EU negotiations have appeared to be difficult and slow to gain ground. Sources told CNBC earlier this week that a bare-bones political deal that is light on details may be the EU’s best hope.

European Commission President Ursula von der Leyen seemed to echo the view on Thursday.

“What we are aiming at is an agreement in principle,” she said, adding that a detailed agreement was “impossible” to reach during the 90-day reprieve.

Von der Leyen also reiterated that, if no agreement is reached, “all the instruments are on the table.”

European Trade Commissioner Maros Sefcovic meanwhile said in a social media post on Friday said that he had had a “productive” week in Washington D.C. meeting various U.S. officials.

“The work continues. Our goal remains unchanged: a good and ambitious transatlantic trade deal,” he said.

U.S. Treasury Secretary Scott Bessent seemed more hesitant about the odds of a trade agreement being struck before the deadline.

“We’ll see what we can do with the European Union,” he told CNBC’s “Squawk on the Street” on Thursday.

Is a deal coming?

Experts speaking to CNBC appeared skeptical about the short-term likelihood of a fully-fledged deal.

Anthony Gardner, former U.S. Ambassador to the EU, told CNBC’s “Squawk Box Europe” on Friday that he was “not surprised” von der Leyen had excluded the possibility of an all-inclusive deal.

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“So that’s possible, but I don’t think the actual content will be similar,” Gardner added.

Carsten Nickel, managing director at Teneo, went a step further by saying a broad agreement was the “best outcome” the EU could achieve.

The initial deal should aim to win time for further talks and include the EU’s acceptance of a 10% baseline tariff from the U.S., he told CNBC by phone, explaining that this could then allow for further conversations about items such as sectoral exemptions.

Uncertainty will nevertheless remain, even if such an arrangement is brokered, Nickel suggested.

“We’ll be in a world where, whatever agreement has been struck by then will remain the subject of intense bargaining and will remain at risk of the U.S. changing its mind, losing patience, looking in other directions and so on,” Nickel said.

He does not see the bloc imposing retaliatory measures unless Trump slaps full tariffs next week.

“And even then, I think the EU will tread carefully,” Nickel concluded.

Trump threatens extra 10% tariff on countries that align with ‘Anti-American’ BRICS policies

Key Points

Trump’s announcement came as the BRICS bloc of developing countries is meeting in Rio de Janeiro, Brazil.

The bloc’s leaders took aim at Trump’s sweeping tariff policies in a joint statement over the weekend.

The U.S. tariffs announced in April will take effect on Aug. 1, instead of July 9, for countries that have not reached a deal with Washington.

President of the United States Donald J. Trump delivers remarks to a crowd at an America250 rally in Des Moines, Iowa, United States, on July 3, 2025.

Kyle Mazza | Anadolu | Getty Images

U.S. President Donald Trump has threatened an additional 10% tariff on countries that orient themselves along the “Anti-American policies of BRICS.”

Trump’s announcement, which did not elaborate on any specific policy of BRICS, came as the group’s meeting is underway in Rio de Janeiro, Brazil.

The bloc’s leaders appeared to take aim at Trump’s sweeping tariff policies in a joint statement on Sunday, warning against “unjustified unilateral protectionist measures, including the indiscriminate increase of reciprocal tariffs.”

Without calling out the U.S., the leaders voiced “serious concerns about the rise of unilateral tariff and non-tariff measures which distort trade and are inconsistent with WTO rules,” warning that the “proliferation of trade-restrictive actions” threaten to disrupt the global economy and worsen the existing economic disparities.

“Any Country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% Tariff. There will be no exceptions to this policy,” Trump said in a post on Truth Social Sunday evening stateside.

Trump could have been provoked by the BRICS leaders’ joint statement taking a thinly veiled swipe at his tariff policies, said Stephen Olson, former U.S. trade negotiator and current visiting senior fellow at the ISEAS-Yusof Ishak Institute.

By “anti-American” policies, the president may be referring to “the desire expressed by BRICS members to move beyond a U.S.-led world order in finance and global governance,” said Olson, adding that how that alignment will be assessed was “anyone’s guess.”

This year’s BRICS host country Brazil did not respond to CNBC’s request for comments.

The BRICS group of developing nations also offered symbolic backing to fellow member, Iran, condemning a series of military strikes on the country, without naming Israel or the U.S which carried out the military operation.

The bloc includes Brazil, Russia, India, China, South Africa, Saudi Arabia, Egypt, United Arab Emirates, Ethiopia, Indonesia and Iran. The grouping describes itself as “a political and diplomatic coordination forum for countries from the Global South and for coordination in the most diverse areas.”

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BRICS goals include improving economic, political and social cooperation among its members, and “increasing the influence of Global South countries in international governance.” 

The bloc seeks to challenge Western-dominated institutions of global economic governance, as well as to supplant the U.S. dollar’s role in the global economy, according to the Carnegie Endowment for International Peace.

This year, Chinese President Xi Jinping sent Premier Li Qiang to the BRICS meeting in his absence, while Russian President Vladimir Putin, who faces an arrest warrant from the International Criminal Court, attended online.

Separately, Trump confirmed that the U.S. will start delivering letters on Monday, detailing country-specific tariff rates and any agreements reached with various trading partners. That affirmed Treasury Secretary Scott Bessent’s comments over the weekend.

The Trump administration has said that tariffs announced in April will take effect on Aug. 1, instead of July 9, for countries that have not reached an agreement with the U.S.

Bessent rejected the idea that Aug. 1 was yet another new tariff deadline. “We are saying this is when it’s happening, if you want to speed things up, have at it, if you want to go back to the old rate that’s your choice,” Bessent said Sunday on CNN’s “State of the Union.”

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In April, Trump announced a 90-day pause on the steep tariffs he had unveiled just days prior on most trading partners. That pause is due to expire on Wednesday, sparking concern among investors and U.S. trading partners.

Nigerian agency fines Multichoice 766 million naira for data privacy breaches

(Reuters) – Nigeria’s data protection agency has fined Multichoice Nigeria Limited, Africa’s biggest pay television company, 766 million naira ($501,340) for violating the country’s data protection law, a spokesperson said.

MultiChoice, which operates pay-TV services DSTV and GOTV in Nigeria, has faced legal and regulatory hurdles in the past two years from authorities regarding contentious price hikes and tax disagreements. The company could not be reached immediately for comment. Babatunde Bamigboye, head of legal at the Nigeria Data Protection Commission (NDPC), said the penalty follows an investigation initiated a year ago, prompted by suspected breaches of subscribers’ privacy rights and illegal cross-border transfer of personal data.

“The depth of data processing by MultiChoice is patently intrusive, unfair, unnecessary, and disproportionate,” affecting not only subscribers but also their associates,” Bamigboye said in a statement late on Sunday.

Despite a directive to implement remedial measures, Multichoice’s efforts were deemed unsatisfactory, Bamigboye said.

($1 = 1,528.3900 naira)

South African rand falls 1% after Trump tariff threat on BRICS-aligned countries

(Reuters) – The South African rand fell in early trade on Monday as markets reacted to U.S. President Donald Trump’s threat to impose additional tariffs on BRICS-aligned countries.

Trump said on Sunday in a post on Truth Social that countries aligning themselves with the “anti-American policies” of BRICS will be charged an additional 10% tariff, adding that there will be no exceptions to this policy.

At 0650 GMT the rand traded at 17.7550 against the dollar, down about 1% from Friday’s close.

South Africa is part of the BRICS group and, like many other countries, is scrambling to agree a trade deal with the United States before a July 9 deadline set by Trump.

Trump imposed a 31% tax on U.S. imports from South Africa in April as part of his global tariffs policy. South Africa has asked for an extension to the July 9 deadline to negotiate a trade deal.

South Africa’s benchmark 2035 government bond was weaker in early deals, with the yield up 9 basis points at 9.83%.

Blistering heat and empty chairs mar UN’s flagship development event

(Reuters) – Brutal heat scorched Spain this week, a blistering reminder of the climate change that is battering the world’s poorest countries – stretching their finances even as government debt climbs to new heights.

But at a once-a-decade UN development finance conference in Seville, two key ingredients were in less abundance: money and power.

Just one G7 leader – France’s Emmanuel Macron – attended the event, where he and Spanish Prime Minister Pedro Sanchez addressed rooms with dozens of empty chairs. Organisers initially said they expected 70 heads of state; that was whittled to 50 as the conference got under way.

Back in Washington, Paris, London and Berlin, rich-country leaders are slashing aid and cutting bilateral lending in a pivot to defence spending and rising debt at home.

“The mood is … I would say realistic, but also a sense of unity and of pragmatism,” said Alvaro Lario, president of the International Fund of Agricultural Development, adding the question on everyone’s mind this week was how to do more with less.

“How can we come together, or think out of the box, or create new type of ways of really stretching it more?”

The Financing For Development meeting is a flagship UN conference, charting the trajectory to help tackle changes the world must make to tax policies, aid spending or key areas such as debt, health and education. Its outcomes guide global aid funding and UN policies for the decade to come.

EMPTY CHAIRS, MISSING LEADERS

Few disagree over the need for action. Hundred-year floods and storms are happening with alarming regularity, and rising debt-servicing costs are siphoning money away from health, education and infrastructure spending in the developing world.

But even top developing-world leaders Mia Mottley, the Barbados prime minister and prominent global climate champion, and South African President Cyril Ramaphosa, currently chairing the Group of 20 major economies, backed out of the event at the last minute.

The media room was stacked with Spanish press gossiping about a domestic political scandal while disillusioned civil-society leaders stalked the halls, upset with the watered-down agenda and the lack of fiscal or political firepower.

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“We are facing a backsliding of many agendas that we had advanced a few years ago,” said Henrique Frota, director of ABONG, a Brazilian association of NGOs. “Developed countries are reducing their investment in (official development assistance) and European countries are not fulfilling their commitment … they are giving less and less money right now for every kind of agenda.”

Event leaders were relieved to produce an outcome document – despite gnawing fears in the past months that Washington would torpedo any deal.

In the end, U.S. officials backed out altogether.

“The entire community was very afraid of coming here because one country wasn’t attending,” said UN Assistant Secretary General Marcos Neto. “But the document ended up working out … I’m leaving happy, with more optimism than I thought I would leave with.”

Neto highlighted significant steps toward implementing climate and development goals, including the Seville Platform and multiple agreements from public and private sectors to leverage funds for the biggest possible impact.

The Seville Commitment included tripling multilateral lending capacity, debt relief, a push to boost tax-to-GDP ratios to at least 15%, and get more rich countries to let the IMF use “special drawing rights” money for countries that need it most.

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But in Seville, only host nation Spain signed on to commit 50% of its “Special Drawing Rights” for the purpose.

FUNDING UNDER PRESSURE

UN Deputy Secretary-General Amina J. Mohammed acknowledged that the attendance was not as star-studded as hoped, and that public funds are under pressure.

“But there’s innovative financing, there’s the private sector, there’s the triple lending of MDBs … so the resources are there,” she said.

“We just have to have the political will to leverage through these mechanisms that have come out of the platform of action and continue moving with them.”

U.S. President Donald Trump, despite his country’s absence, loomed large over the event; his climate change scepticism, hostility toward diversity initiatives and pledge to review U.S. participation in multilateral organisations made some keen to strip out references to climate change and rebrand initiatives as focused on resilience, education or health.

Still, some said the gloomy backdrop should not deter leaders focused on progress.

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“Ultimately the important thing is doing it,” said Jose Vinals, former group chairman of Standard Chartered and co-chair of both the FFD4 Business Steering Committee and the Global Investors for Sustainable Development Alliance.

“The private sector is, for the most part, still willing to walk the talk.”

U.S. payrolls increased by 147,000 in June, more than expected

Key Points

Nonfarm payrolls increased a seasonally adjusted 147,000 for the month, higher than the estimate for 110,000 and just above the upwardly revised 144,000 in May.

Market pricing shifted strongly following the payrolls report, with traders all but taking the chance of a July rate cut off the table.

Government employment posted a large gain, leading all categories with an increase of 73,000 due to solid boosts in state and local hiring.

Attendees pick up leaflets at a military veterans’ job fair in Carson, California.

Lucy Nicholson | Reuters

Job growth proved better than expected in June, boosted by government hiring, as the labor market showed surprising resilience and likely took a July interest rate cut off the table.

Nonfarm payrolls increased a seasonally adjusted 147,000 for the month, higher than the estimate for 110,000 and just above the upwardly revised 144,000 in May, the Bureau of Labor Statistics reported Thursday. April’s tally also saw a small upward revision, now at 158,000 following an 11,000 increase.

The unemployment rate fell to 4.1%, the lowest since February and against a forecast for a slight increase to 4.3%. A more encompassing rate that includes discouraged workers and those holding part-time positions for economic reasons edged down to 7.7%, the lowest since January.

Though the jobless rates fell, it was due largely to a decrease in those working or looking for jobs.

The labor force participation rate dropped to 62.3%, its lowest level since late 2022, owing to an increase of 329,000 of those not counted in the labor force. The household survey, which is used to calculate the unemployment rate, showed a smaller employment gain of just 93,000. The ranks of those who had not looked for a job in the past four weeks swelled by 234,000 to 1.8 million.

Stock rose following the report while Treasury yields increased sharply in a trading session that will end early ahead of the Independence Day holiday Friday in the U.S.

The July gain was almost exactly in line with the year-to-date average of 146,000.

“The solid June jobs report confirms that the labor market remains resolute and slams the door shut on a July rate cut,” said Jeff Schulze, head of economic and market strategy at ClearBridge Investments. “Today’s good news should be treated as such by the markets, with equities rising despite the accompanying pickup in interest rates.”

Along with the solid payroll gains and fall in the unemployment rate, average hourly earnings increased 0.2% for the month and 3.7% from a year ago, indicating little upward pressure on wage-related inflation. The average work week moved slightly lower to 34.2 hours.

Government employment posted a large gain, leading all categories with an increase of 73,000 due to solid boosts in state and local hiring, particularly in education-related jobs, which rose by 40,000. Federal government, which is still feeling the impact of cuts from Elon Musk’s Department of Government Efficiency, lost 7,000.

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In addition, health care again was strong, adding 39,000, while social assistance contributed 19,000.

Construction saw an increase of 15,000 and manufacturing lost 7,000. Most other sectors showed little change.

“The US job market continues to largely stand tall and sturdy, even as headwinds mount — but it may be a tent increasingly held up by fewer poles,” wrote Cory Stahle, economist at Indeed Hiring Lab. “The headline job gains and surprising dip in unemployment are undoubtedly good news, but for job seekers outside of healthcare & social assistance, local government, and public education, the gains will likely ring hollow.”

The payrolls report comes with an intensified focus on where the Fed heads with monetary policy as signs increasingly appear of a slowing labor market while President Donald Trump’s tariffs thus far have produced a muted impact on inflation.

In related news, the Labor Department also reported Thursday that initial unemployment claims for the week ending June 28 fell to 233,000, a decline of 4,000 and below the estimate for 240,000.

Trump has demanded the Fed lower its benchmark interest rate, which it has kept steady in a range between 4.25%-4.5% since December. Along with that, the president on Wednesday up the stakes, saying in a Truth Social post that Powell “should resign immediately.”

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For his part, Powell has kept a cautious tone on policy. In an appearance Tuesday, the central bank leader said that while every meeting is on the table for a rate cut, the strength of the U.S. economy is affording time to evaluate the incoming data.

Market pricing shifted strongly following the payrolls report, with traders all but taking the chance of a July rate cut off the table. Odds for a July move fell to 4.7%, down from 23.8% on Wednesday, according to the CME Group’s FedWatch. The market continues to see the next reduction not coming until September and also reversed expectations for three total cuts this year, with the likelihood now reduced to two.

There had been some speculation ahead of the report that a weak number was possible, with private payrolls service ADP on Wednesday reporting a loss of 33,000. However, the BLS report showed a gain of 74,000 in that category.

Those getting jobs titled strongly to full-time positions, which increased by 437,000. Part-time workers fell by 367,000.

UK in dire straits after finance minister’s tears rattle markets

Key Points

Prime Minister Keir Starmer was apparently unaware of his finance minister’s distress as she sat behind him, tears streaming down her face, in the House of Commons.

The government insisted it was a “personal matter” that had upset Rachel Reeves but speculation mounted that she could be sacked, or could step down.

Markets responded to the perceived distress, with bond yields spiking and the British pound surrendering ground against the euro and dollar.

Prime Minister Keir Starmer and Finance Minister Rachel Reeves to his right, looking visibly upset, in the House of Commons on Wednesday.

Image sourced under the Open Parliament Licence v3.0

All eyes are now on the U.K.’s ruling Labour Party for any sign of further political fractures that could rattle Britain’s economic stability, after the extraordinary sight of the country’s finance minister crying in parliament on Wednesday.

U.K. bond yields spiked and the pound sank against the dollar and euro as tears fell down Chancellor Rachel Reeves’ face, as an apparently unaware Prime Minister Keir Starmer failed to back her when asked about her position during a heated parliamentary debate.

The market moves were abrupt, as traders speculated that Reeves could be about to lose her job or potentially resign, taking her strict “fiscal rules” on spending and borrowing with her.

“There are a lot of eyes on the U.K.,” Simon Pittaway, senior economist at the Resolution Foundation, told CNBC as the drama unfolded Wednesday.

“When it comes to the [next] Autumn Budget, whoever the chancellor is, they’ll have some really difficult decisions to make. And I think, as far as we’re concerned, sticking to the existing fiscal rules is really crucial, that’s a move that would signal kind of credibility and confidence to the market” at a time when the country is under heavy scrutiny, he told CNBC’s Ritika Gupta.

“Sticking to those fiscal rules, and depending on the government’s priorities, some combination of higher taxes and lower spending, out towards the end of the forecast period might be the way forward,” Pittaway said.

Britain's Chancellor of the Exchequer Rachel Reeves and Britain's Defence Secretary John Healey visit Wellington Barracks, in central London, on March 26, 2025, to meet with defence personnel spearheading defence and security innovation, after Reeves presented the Spring Budget Statement. (Photo by Stefan Rousseau / POOL / AFP) (Photo by STEFAN ROUSSEAU/POOL/AFP via Getty Images)          

Britain’s Chancellor of the Exchequer Rachel Reeves and Britain’s Defence Secretary John Healey visit Wellington Barracks, in central London, on March 26, 2025.

Stefan Rousseau | Afp | Getty Images

The government scrambled the calm the situation amid spreading market tumult, with a spokesperson attributing Reeves’s distress to a “personal matter” without commenting further. The prime minister then told the BBC that he and the chancellor were “in lockstep” and that he fully backed her.

The comments seemed to placate markets, with London’s FTSE 100 up almost 0.5% in early deals on Thursday morning, with the British pound also higher against the euro and dollar. The yield on the U.K.’s benchmark 10-year bonds, known as gilts, was down 6 basis points.

‘Dire straits’

Reeves has come under sustained pressure since the last Autumn Budget, during which she unveiled a massive boost to public spending that would be largely funded by a big tax hike on British businesses and employers.

She also said she would be implementing two fiscal rules to get the U.K.’s debt pile and borrowing under control: firstly, that day-to-day government spending will be funded by tax revenues and not by borrowing, and, secondly, that public debt will fall as a share of economic output by 2029-30.

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Britain's main opposition Labour Party leader Keir Starmer (L) and Britain's main opposition Labour Party Shadow Chancellor of the Exchequer Rachel Reeves (R) drink tea during a visit to local businesses in Hove, west of Brighton on the second day of the annual Labour Party conference in Brighton, on the south coast of England on September 26, 2021. - After the pandemic upended political campaigning, Britain's main parties will aim to reconnect with their members and Labour leader Keir Starmer has to start 

British Prime Minister Keir Starmer (L) and Chancellor of the Exchequer Rachel Reeves (R) drink tea during a visit to local businesses in September 26, 2021.

Justin Tallis | Afp | Getty Images

The rules gave Reeves’ Treasury little fiscal “headroom,” however, and the little leeway she did have has been further eroded by the government rowing back welfare spending cuts in recent months.

After another government U-turn this week, this time on disability benefits, Reeves must now find savings elsewhere — tricky, when she’s just announced a massive public spending plans — break her borrowing rules or go against Labour’s campaign pledges and hike taxes on workers later this year.

On a wider level, following the latest climbdown on welfare, the Labour Party leadership will now have to wrangle with a rebellious group of backbench lawmakers who will feel emboldened to challenge the government on other potentially controversial reforms and spending cuts.

“The nature of what’s happened over the last 48 hours, with the government’s welfare bill being torn up, it means that the government’s political and economic strategy are in absolute dire straits at the moment,” Max Wilson, director of public affairs at Whitehouse Communications, told CNBC on Thursday.

The government finds itself with “such little wiggle room” because of its previous political decisions and concessions to backbenchers, Wilson said.

“Financially, economically, there’s very little that they can do, and Rachel Reeves has such a tough job on her hands now, finding the extra money without resorting to other actions that are going to upset the markets, including borrowing more or tax rises, so, really, I think the government left in an absolute bind here,” he noted.

The Investment Case for Africa’s Displaced Women Entrepreneurs

Across Africa, some of the most resilient and effective entrepreneurs are displaced women.With forced displacement at an all-time high and economies under pressure to grow inclusively, the case for investing in displaced women has never been more urgent.  

There are 44 million forcibly displaced individuals across Africa – a powerful workforce, consumer base, and pool of entrepreneurial talent. Their combined spending power is estimated at US$82 billion – more than Ghana’s entire annual GDP (approximately US$ 76 billion in 2023).

Displaced women entrepreneurs embody resilience and determination. Despite bearing the brunt of displacement crises, they are launching businesses, repaying loans, creating jobs, and fueling local economies – often while navigating legal restrictions, limited mobility, and exclusion from financial systems not built for them. Yet they remain largely invisible to investors and are consistently locked out of capital, formal markets, and national economic plans.

We believe there is an opportunity to move beyond empathy and focus on action by recognizing displaced women not as beneficiaries, but as economic actors building Africa’s future.

This is central to the Mastercard Foundation’s Refugees and Displaced Persons strategy, a contributor to its Young Africa Works strategy, which is built on the belief that displaced young people – especially women – are investable, capable, and ready to lead. As part of this ambition, the Foundation is working to remove systemic barriers to education, employment, and inclusion for 2.5 million displaced youth, 70% of them women. Through our partnership with Inkomoko, we are supporting displaced women entrepreneurs in accessing financial services, building sustainable businesses, and contributing to the local economies of their host countries.

Inkomoko envisions an Africa where young people and forcibly displaced persons drive thriving communities. With entrepreneurship and local solutions at its core, we aim to transform systems and fuel inclusive growth across the continent by creating 825,000 jobs and impacting 8 million lives by 2030. Over 55% of Inkomoko’s clients are women and our data is clear: women are not only more likely to repay loans, but also more likely to reinvest in their families and communities. Across our entire client base – including refugee and displaced entrepreneurs – we have reported a 98% loan repayment rate, significantly above national averages. In Kenya, for example, the average default rate hovers between 10 and 15%, dispelling the myth that RDPs are high-risk borrowers.

In one of Kenya’s largest refugee camps, Kakuma – home to over 250,000 refugees – women-led businesses have grown revenues by 35% since 2021, boosting household spending by 42%. Yet even with this track record, refugee and displaced women face steep barriers to accessing finance. Unfavorable lending practices and gender-based disparities persist, compounded by legal and documentation hurdles.  

One Inkomoko participant, Naomi Nyengai, knows this reality intimately. She started selling avocados from a wheelbarrow in Kakuma. Her business grew quickly, but the barriers were constant: no capital, lack of transportation infrastructure, caregiving responsibilities, and persistent price volatility. “Women in business navigate a maze of invisible barriers,” she said.

Naomi took her first $US600 loan from Inkomoko and repaid it in three months. Now she’s aiming to break the one-million-shilling loan ceiling (US$7000). “If I had my own truck, I could bring in goods directly. Remove the collateral limit and see where I will go. I will fly.”

She’s not alone. Hawa Abdurehim Harun, a Sudanese refugee in Ethiopia’s Sherkole camp, started a charcoal business with less than US$1. After joining Inkomoko’s program, she scaled her operations and now earns almost US$900 a month – supporting her family and sending remittances back to Sudan.

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These are not charity cases. With Inkomoko’s support – business training, mentorship, and access to capital – Naomi and Hawa used modest capital infusions to generate 10x returns in some of the toughest business environments in the world. They are investable, high-performing entrepreneurs, and their stories reflect a much broader economic opportunity hiding in plain sight.

We have seen the impact of systems change. In Ethiopia, Inkomoko and Dashen Bank partnered to deliver US$1.5 million in loans to displaced clients, many of them women receiving formal credit for the first time. In Kenya, the government’s Shikira Plan is opening space for refugee-owned businesses to operate legally. Experiences like Naomi and Hawa’s are possible, but not yet typical for displaced women entrepreneurs.

We are calling for the following actions:

Governments expanding implementation of inclusive policies that recognize displaced women’s right to work, register businesses, and access finance – building on promising models like Kenya’s Shirika Plan and Ethiopia’s 2019 Refugee Proclamation.

Financial institutions rethinking collateral rules by adopting alternative approaches such as character-based lending, group guarantees and leveraging business performance data – practices already showing success through Inkomoko’s partnerships with local banks.

Funders and implementers shifting from designing for displaced women to co-creating with them – embedding lived experience into solution design, as Inkomoko does by hiring refugee staff and adapting services based on client feedback. Models like MIT D-Lab’s character-based lending, shaped through community trust and input, show what’s possible when systems are built with, not just for, displaced women.

Inclusive growth across the continent starts with young women, including those affected by displacement. They’re not waiting for change; they’re already leading businesses, strengthening communities, and creating impact every day. When we partner with them and invest in their potential, we unlock opportunity not just for individuals, but for entire economies to thrive.

Displaced women are not the risk. They are the return.

South African miners say proposed chrome export tax threatens jobs

(Reuters) – South Africa’s proposed chrome ore export tax will hurt miners’ profitability and lead to job losses across the sector, the country’s Minerals Council has said.

Africa’s most advanced economy is the world’s biggest exporter of chrome, which is mostly used in the manufacture of stainless steel.

South Africa also used to be the biggest global producer of ferrochrome, a combination of chrome and iron, but lost that pole position to China, mostly due to high electricity costs which have forced many smelters to shut.

On June 26, South Africa’s cabinet announced it had agreed to lower power tariffs for chrome smelters as well as a proposal to impose a tax on chrome ore exports as part of efforts to stop the decline of the ferrochrome industry.

The Minerals Council South Africa, which represents the country’s biggest miners, said in a statement the tax “would not achieve the government’s aims of sustaining the ferrochrome industry and the preservation of jobs”.

It would instead “have a negative impact on chrome producers and the significant contribution this industry makes to both South Africa’s economy and the jobs it sustains and grows”.

South Africa’s chrome sector directly employs 25,000 people and earned the country 85 billion rand ($4.85 billion) in export revenue in 2024, according to the Minerals Council.

It exported a record 20.5 million metric tons of chrome concentrate in 2024, mostly to China, the world’s biggest importer of the commodity.

Companies mining and processing chrome in South Africa include Glencore, Tharisa Plc and South32.

($1 = 17.5148 rand)

Tanzania central bank cuts policy rate as it sees stable inflation

(Reuters) – Tanzania’s central bank lowered its benchmark interest rate by 25 basis points to 5.75% on Thursday, saying it expected inflation to remain stable below its medium-term target.

The Bank of Tanzania targets inflation of 5%, and consumer inflation has hovered around 3% since it launched its policy rate in January 2024.

The bank had left the rate unchanged at its four previous monetary policy meetings.

Governor Emmanuel Tutuba told a press conference that the bank’s projections showed inflation would remain below target, helped by the onset of the harvest season and exchange rate stability.

Tutuba said global risks had moderated on account of tariff negotiations between the U.S. and its major trading partners and the Monetary Policy Committee was confident on the outlook for the third quarter.

The East African country’s government sees economic growth rising to 6% this year, from 5.5% last year, helped by the start of electricity generation at the Julius Nyerere hydropower dam.

President Samia Suluhu Hassan’s administration has been pushing ahead with large-scale infrastructure projects like the dam and a railway network ahead of elections due in October.

Kenya’s economy grows 4.9% in first quarter of 2025

(Reuters) – Kenya’s economy grew 4.9% year-on-year in the first quarter of 2025, a similar pace to the same period a year ago, driven by growth in sectors such as agriculture and manufacturing, the statistics office said on Thursday.

East Africa’s largest economy remains on a trajectory of sustained economic growth but faces risks from global trade disputes, market volatility and extreme weather conditions, according to the finance ministry.

“All sectors of the economy recorded positive growths during the quarter under review, albeit in varying magnitudes,” Kenya National Bureau of Statistics said in a statement.

It added that the performance was also supported by favourable weather conditions in most parts of the country involved in crop and animal production.

However, growth in the accommodation and food service sector slowed sharply to 4.1% from a 38.1% expansion in the first quarter of 2024.

The information and communication sector grew 5.8%, down from 9.2% a year earlier, while financial and insurance activities expanded by 5.1%, compared to 9.6% in the first quarter of 2024.

The finance ministry projects the economy will expand by 5.3% in both 2025 and 2026 helped by a stable macroeconomic environment.

The bridge changing lives and boosting business

One of Europe's most iconic transport landmarks, the Öresund bridge, which connects Denmark and Sweden, is celebrating 25 years since its opening. But challenges remain despite its huge impact on business in the region.

Oskar Damkjaer, 28, is standing on a platform inside the red-brick 19th century train station in Malmö.

He lives in the Danish capital, Copenhagen, and commutes over the Öresund bridge to Sweden's third largest city twice a week, folding some of his working hours into the high-speed 40-minute train journey.

"People think that it's a really big thing to commute to another country," says the software engineer who works for Neo4j, a Swedish-founded database company. "It's quite convenient, I would say."

Across the bridge in Copenhagen, Laurine Deschamps is sitting at her desk at Danish gaming company IO Interactive's sleek, minimalist office.

She previously worked for a Swedish-owned game studio in Malmö, and decided to keep living there when she scored a job at IO Interactive's headquarters in Copenhagen, which she commutes to four times a week.

"Some people would pick [to live in] Copenhagen, to be in a bustling, capital city with lots of activities," says the global brand manager.

"I very much prefer Malmö – it's a human-sized city, you can walk everywhere."

Maddy Savage Oskar Damkjaer holding a backpack at the stationMaddy Savage

Oskar Damkjaer finds the commute between Copenhagen and Malmö convenient

Their stories are the epitome of what Sweden and Denmark's governments envisioned when they signed an agreement in 1991 to build a permanent link across the Oresund strait.

The goal was to maker travel faster and easier (commuters previously relied on ferries or short-haul flights), improve regional integration and boost economic growth.

It cost 30bn Danish krone ($4.3bn; £3bn) and was built in five years.

A quarter of a century since its construction, the link remains the longest road and rail bridge in the EU, measuring 16km, including a tunnel section.

The journey across offers commuters cinematic views across the water, and its giant metal pylons are striking. The infrastructure inspired one of Scandinavia's most successful TV franchises, cross-border crime drama The Bridge, which was a global hit in the 2010s.

Listen - BBC Business Daily, 25 years of 'The Bridge'

Oresund bridge map

Figures released in May by Öresundsinstitutet, an independent research organisation in the region, highlight the broader impact the bridge has had on transport and business trends as it marks its 25-year jubilee.

Cross-border commuting has increased by more than 400% (although exact comparisons are tricky due to shifting data collection methods).

The number of Swedes and Danes moving to the other side of the bridge has risen by more than 60%.

Plus, the link has helped thousands of people start businesses on the opposite side of the water.

There has been a 73% increase in these sorts of companies, according to Öresundsinstitutet's data.

"We have this very unique opportunity of being able to go back and forth," says Sandra Mondahl, a senior manager at IO Interactive, who helped launch the firm's sister studio in Malmö in 2019.

"It makes me very empowered to be able to contribute to the development of both game development scenes — in Denmark and in Sweden," says the 33-year-old, who is originally from Copenhagen.

Öresundsinstitutet's research also suggests more than 100 businesses have relocated their Swedish headquarters or specialist offices to Malmö since the bridge opened, creating thousands of new job opportunities in the former industrial city.

These include parts of the Ikea Group and Ikano, a Swedish bank.

"Many big Danish companies have placed their Swedish offices in Malmö instead of Stockholm [the Swedish capital] too — big pharma companies for example," says Öresundsinstitutets CEO Johan Wessman.

The institute's research suggests that alongside improved access to a larger skilled labour pool on both sides of the Öresund strait, Malmö is attractive for business owners due the availability of modern office space in newly developed areas close to its stations, and its proximity to Copenhagen international airport.

Increased access to talent due to the Öresund bridge link has also played a major role in driving innovation in the region.

Malmö has experienced a surge in new tech start-ups and life science companies. Lund University research published in 2022 found there has been a steeper increase in the number of patents in relation to its population size compared to Sweden's other major regions, Gothenburg and Stockholm.

A separate 2022 study by the university's economics department suggested Danish-Swedish trade in the region is 25% higher than it would have been if the bridge had never been built.

Öresundinstitutets research indicates that record numbers of people commuted by train in 2024 – making almost 41,000 journeys per day.

This reversed a dip during the pandemic, when border controls and reduced services caused major disruptions.

However, Mr Wessman says that the increasing popularity of cross-border commuting means overcrowding is now becoming an issue, with larger "future generation trains" designed to relieve the pressure not due to be rolled out until at least 2030.

Despite the boom in company relocations to Malmö, and the region's reputation for innovation, Öresundsinstitutet's data also suggests that the Swedish city still has work to do to encourage commuting from Denmark. More than 95% of commuters travel in the opposite direction, from Malmö to Copenhagen.

"Malmö is a regional city. In a capital, you have the kind of jobs that don't exist in a smaller city, [and] you have higher salaries in Copenhagen than in Malmö," explains Mr Wessman.

Anja Ekstrom Hermann Haraldsson wearing round glasses sits at his deskAnja Ekstrom

Hermann Haraldsson says it can be hard to attract workers away from Copenhagen

Boozt, a Danish-owned online fashion marketplace which established its headquarters in Malmö in 2010, recently announced it was moving its head office to Copenhagen.

Its CEO and co-founder Hermann Haraldsson says that while he has personally enjoyed commuting to Malmö for the past 15 years, it has become increasingly tricky to lure young Danish talent away from the buzzing capital.

"I think there is a mental barrier for some Danes to cross the bridge and work in Sweden," he says, acknowledging that many Copenhagen residents endure longer daily commutes within the city, compared to typical journey times over the bridge.

"Since we announced the move, I believe that the amount of applications for open positions has tripled."

Mr Haraldsson also believes that commuting over the Öresund bridge is too expensive.

The price of a one-way train journey from central Copenhagen to Malmö is around $17 (£13; €15) and takes about 40 minutes. It costs about $80 to drive a car over, although there are big discounts for regular travellers.

The CEO argues that there are too many administrative hurdles for cross-border workers too, since Sweden and Denmark have different pension, parental leave and unemployment insurance systems.

A new agreement between the two countries came into force in January, designed to simplify income tax rules for commuters.

Cultural integration has also been trickier than Swedish and Danish authorities envisioned, says Öresundsinstitutet CEO Wessman.

He notes that while the Nordic nations may "look very similar" to global observers, differences in working cultures can mean that business people struggle to understand each other "despite good intentions".

"Danes are known for being the most blunt out of the Scandinavian cultures…whereas Swedes are known as being a little bit more consensus-seeking," adds Mondahl, the Copenhagen-born gaming manager now based in Malmö.

"When I first arrived in a Swedish work environment…there were a lot of meetings and everybody needed to be 'heard' for everything, and it's about figuring out how to get the most out of that," she says.

Despite these challenges, the bridge remains a global icon for both cross-border and regional collaboration.

It helped inspire the Fehmarnbelt, a new tunnel being built under the Baltic Sea between Denmark and Germany, designed to further improve Scandinavia's links with the rest of Europe. Finland is also exploring a new bridge across the Baltic sea, connecting the city of Vaasa with Umeå in northern Sweden.

Mr Wessman argues that the importance of these types of secure fixed links is heightened against the backdrop of the war in Ukraine, and Sweden and Finland's recent accession to Nato, which includes a commitment to assisting other member states.

Swedish and Danish authorities are also discussing several potential new cross border connections.

These include road and rail tunnels to Denmark from either the Swedish city of Helsingborg or Landskrona (both in the south west of Sweden), and a new subway connecting Malmö and Copenhagen.

"I think it will take several more years before the next connection is ready to be inaugurated. But it will come, and it will be needed," says Mr Wessman.-BBC

How Trump's tariff chaos could reshape Asia's businesses

Tan Yew Kong, who works at one of the world's largest chipmakers, says his company is like a tailor's shop - it customises chips to meet client's needs.

"We provide the fabric, we provide the cufflinks and everything. You tell us what you like, what design you like and we make it for you," says Mr Tan, who runs GlobalFoundries' operations in Singapore.

Nowadays, the firm is also customising its future to accommodate US President Donald Trump's unpredictable tariff policy.

Businesses and countries have been offering to appease Washington ahead of 9 July, when the 90-day pause on Trump's steep "Liberation Day" tariffs ends. And yet again, it's unclear what happens next.

The president said on Friday that the US government is to start sending out letters with details of higher tariff rates that will take effect on 1 August.

He said as many as 12 letters will be sent out over the coming days and the levies will range from "60% or 70% tariffs to 10 to 20% tariffs" but did not name the countries due to receive them.

So far, semiconductors are exempt from tariffs but Trump has threatened levies on them several times, and that uncertainty is making it near impossible for businesses to plan for the future.

Also last week Bloomberg reported the White House is planning to further tighten controls over artificial intelligence (AI) chips by restricting shipments to Malaysia and Thailand to crack down on suspected smuggling of the technology to China.

The US Commerce Department did not immediately respond to a BBC request for comment.

You cannot "flip the switch every other alternate week or day. That makes it very difficult for businesses to plan long term", Mr Tan says.

US-headquartered GlobalFoundries is contracted by some of the world's biggest semiconductor designers and manufacturers - AMD, Broadcom, Qualcomm - to make their chips.

Its operations are spread across the world, with many in Asia, from India to South Korea. It recently announced plans to increase its investments to $16bn (£11.7bn) as demand for artificial intelligence (AI) hardware skyrockets.

To protect that sprawling footprint, the company has also pledged to work with the Trump administration to move parts of its chip manufacturing and supply chain to US soil.

Chip manufacturers, textile producers and car industry suppliers - whose tightly-knit supply chains run through Asia - are rushing to fulfil orders, cut costs and find new customers as they navigate a market in turmoil.

"Businesses need to rethink buffers, increasing their inventory and lead times to account for volatility," said Aparna Bharadwaj of Boston Consulting Group. She adds this could create new opportunities, but also impact their competitiveness and market share in certain countries. In other words, it's hard to say.

"Uncertainty is the new normal."

Winners and losers

When Trump announced levies in April against much of the world, some of the steepest rates were aimed at Asian economies - from long-time allies Japan (24%) and South Korea (25%) to major trading partner Vietnam (46%).

He then hit pause soon after, lowering tariffs on most countries to 10% for the next 90 days. Still the higher rates could return as early as Wednesday.

Getty Images US President Donald Trump holds a chart as he delivers remarks on reciprocal tariffs during an event in the Rose Garden.Getty Images

Trump promised 90 deals in 90 days after his "Liberation Day" tariffs announcement

Malaysia's prime minister has said tariffs will adversely affect many industries, including textiles, furniture, rubber and plastics. Singapore will be subject to a 10% levy despite having a free trade deal with the US - the prime minister said these are "not actions one does to a friend".

South East Asian countries accounted for 7.2% of global GDP in 2024. So the extra costs that come with tariffs could have severe, long-lasting effects.

In the region only Vietnam has managed to strike a deal so far - US imports from there will now face 20% tariffs, while US exports to Hanoi will face no levies.

Japan and South Korea have been pursuing trade negotiations during the pause, although Trump has threatened Tokyo with an even higher rate - up to 35% - as the deadline looms.

Japanese car makers could be amongst the worst hit. Companies including Mazda have said they are in survival mode because of the time and lengthy processes involved in changing suppliers and adapting their business.

Australia, despite being a key security ally and importing more US goods than it exports, has said it has been telling Washington the rate on it "should be zero".

Indonesia and Thailand have offered to buy more American products and reduce taxes on US imports.

Poorer countries like Cambodia, which have limited bargaining power, face a staggering 49% tariff but cannot afford to buy more US goods.

"Asian economies are reliant on both China and the US... they sort of sit at the heart of the global supply chain," said Pushan Dutt, professor of economics and political science at INSEAD.

"If there are shifts in this global supply chain, if there are shifts in trading patterns, it is going to be much more difficult for them."

He adds that countries with big domestic demand like India may be insulated from trade shocks, but economies that are more reliant on exports - like Singapore, Vietnam and even China - will see a major impact.

A new world order?

In the years after Trump was first elected, Singapore and Malaysia invested in growth industries like chip manufacturing and data centres.

It was partly about so-called friend-shoring – where companies make goods in countries that have good relations with the US. Asian economies also benefited from a "China + 1" supply chain strategy, which involved firms diversifying supply chains beyond China and Taiwan to South East Asian countries.

All of this was to be able to continue reaching the US, which Ms Bharadwaj says is "a critical market for many".

"No matter what happens with tariffs, the US remains an important customer for many Asian businesses," she adds. "It's the largest world economy and has a dynamic consumer base."

Nike says it is raising some of its prices due to tariffs

Beyond the South East Asian producers, Trump's tariffs also raise costs for American companies that have been operating in the region for decades.

The clothing and footwear industry stands to suffer - brands like Nike have long outsourced manufacturing to countries like Vietnam and Indonesia.

Some US brands have already said they'll need to pass costs onto customers because tariffs make the price of imported goods significantly higher.

Experts say foreign investments could shift from Vietnam, Laos and Cambodia to countries with lower tariffs, like the Philippines, Singapore, Malaysia and Indonesia.

Businesses may also look for new customers - with the European Union, the Middle East and Latin America emerging as alternative markets.

The chip industry is "no longer doing globalisation but more of a regionalisation," said Mr Tan of GlobalFoundries. "Find a place that we feel safe. We feel that the supply will be continued. And people will have to get used to the fact that it is not as cheap as it used to be."

Just as Asia's trade alliances shift, the US has emerged as an increasingly unreliable partner.

"This has actually created a massive opportunity for China to become, sort of, guardian of the world trading order," Prof Dutt says.

The US-Vietnam deal is only the third announced so far, after agreements with the UK and China. Until more happen, businesses and economies in Asia may have to forge a new path.

"As the US and others embrace increased protectionism, Asia is moving in the opposite direction, as pro-business governments are increasing trade openness," Ms Bharadwaj says.

"Tariffs are accelerating two macro trends: slowing of trade between China and the West, and accelerating trade between China... and emerging Asian countries."

Trump's policies have created trade turmoil that could transform the global economic order, and the US may not necessarily come out as the winner.

Prof Dutt sums up what is happening in the words of an old proverb: "Bow to the ruler, and then go your own way."-BBC

 Invest Wisely!

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