The Sunday Mail
Manyika Kangai
Xi urges ceasefire in Gaza
Chinese President Xi Jinping attended the BRICS extraordinary virtual summit on the Palestinian-Israeli issue on Tuesday, saying that the parties to the conflict must end hostilities and achieve a ceasefire immediately. Xi called on the parties to stop all violence and attacks against civilians, release civilians held captive, and act to prevent loss of more lives and spare people from more miseries. South African President Cyril Ramaphosa chaired the summit, which gathered leaders from China, Brazil, Russia, Saudi Arabia, Egypt, Iran, the United Arab Emirates, Ethiopia and foreign ministers from India and Argentina.
China’s loan prime rates unchanged
China’s one-year Loan Prime Rate (LPR), a market-based benchmark lending rate, came in at 3,45 percent on Monday, unchanged from the previous month. The over-five-year LPR, on which many lenders base their mortgage rates, also remained unchanged from the previous reading of 4,2 percent, according to the National Interbank Funding Centre. Based on the quotes made by quoting banks by adding a few basis points to the interest rate of open-market operations, the LPR is calculated by the Centre, serving as the pricing reference for bank lending.
China greenlights Mastercard JV bank cards
China has allowed Mastercard’s Chinese joint venture to conduct bank card clearing operations in the country. The approval made Mastercard the second foreign bank card clearing institution to enter the Chinese market, following American Express in 2020. Mastercard NUCC Information Technology (Beijing), the joint venture of Mastercard and NUCC, can authorise its member institutions to issue Mastercard yuan bank cards in China, according to an announcement by the People’s Bank of China (PBOC). The PBOC said China will continue to improve its business environment and better facilitate foreign financial institutions that expand their businesses in the country.
China’s MMG to acquire Botswana Mine
Chinese miner MMG agreed to buy Canada-based Cuprous Capital, the parent company of the Khoemacau copper mine in Botswana, with an enterprise value of US$1,88 billion. Khoemacau is located in the Kalahari Copper Belt, a vast swathe of land that stretches from north-east Botswana to parts of western Namibia. It produces about 60 000 tonnes of copper and about 2 million ounces of silver per year. Output could be ramped up to about 130 000 tonnes of copper and 5 million ounces of silver per year with additional investments. The deal is pending approval from regulatory bodies in China and Botswana. MMG said it expects the deal to complete in the first half of 2024.
China grows 5G network
China is making steady progress in the construction of its 5G network having built nearly 3,22 million 5G base stations by the end of October, accounting for 28,1 percent of all its mobile base stations, according to the Ministry of Industry and Information Technology. China’s three telecom giants – China Mobile, China Telecom and China Unicom – collectively had a total of 754 million 5G mobile phone users by the end of October. The ministry’s data also reveals the expansion of China’s telecommunication industry in the first 10 months of the year. The combined business revenues of firms in the sector totalled approximately 1,4 trillion yuan (about US$197,9 billion), up 6,9 percent year-on-year.
*Manyika Kangai has over 17 years of experience facilitating and advising on China-Africa trade and investment deals. He is dedicated to helping African businesses and governments realise the full potential of the vast opportunities that China presents
