Singapore Inflation Climbs To A Near 1-year High As October Price Growth Sharply Exceeds Estimates

Duduzile Zuma-Sambudla is a member of parliament for the MK Party [FILE: November 10, 2025]

South African police on Sunday confirmed they are investigating claims that Duduzile Zuma-Sambudla, daughter of former President Jacob Zuma, and two others conned 17 men into fighting for Russia in Ukraine.

Another of Zuma's daughters, Nkosazana Bongamini Zuma-Mncube, accused her stepsister of sending the men to Russia before they were ordered to the front lines.

"These men were lured to Russia under false pretenses and handed to a Russian mercenary group to fight in the Ukraine war without their knowledge or consent. Among these 17 men are eight of my family members," Zuma-Mncube said in a public statement.

Earlier this month, President Cyril Ramaphosa's office said it "received distress calls for assistance to return home from 17 South African men, ages 20 to 39, who are trapped in the war-torn Donbas."

South Africans fighting for Russia in Ukraine

Zuma-Sambudla, who is also a member of parliament for her father's uMkhonto weSizwe party (MK), did not immediately respond to the accusations.

She reportedly told the men they would train as bodyguards to work for the party.

On November 6, the South African Presidency said in a statement that the men were promised "lucrative employment contracts." Ramaphosa ordered an inquiry into how the men were recruited.

South African law prohibits citizens from fighting for foreign armies without government authorization.

Zuma-Mncube urged the government "to expedite all diplomatic efforts to secure the immediate and safe return of our citizens."

Zuma-Sambudla also on trial over deadly riots

The latest police investigation comes as Zuma-Sambudla is already on trial for allegedly inciting violence during riots in 2021 that left more than 300 people dead.

The unrest broke out in July 2021 after her father was arrested for disobeying a court order to testify at a corruption inquiry, and it morphed into widespread looting.

Zuma-Sambudla has consistently voiced strong support for her father, former president Jacob Zuma [FILE: December 16, 2023]Image: Themba Hadebe/AP Photo/picture alliance

She pleaded not guilty to the charge during a hearing in early November attended by Zuma.

He was South Africa's president from 2009 to 2018.

MK was a major disruptor in last year's national election, contributing to a sharp drop in support for the African National Congress, which Zuma once led.

Source: DW

The World Bank lifted Kenya's economic growth forecast for this year to almost 5% on Monday, citing a pick up in the construction sector in East Africa's largest economy.

Some of Kenya's main industries like construction suffered last year, partly as concerns mounted about the government's finances, but the trend has begun to reverse, the development lender said.

"Signs of recovery are emerging," a new report on Kenya's economy said, adding that the rebound in construction in the first half of 2025 had offset a slowdown in manufacturing.

The result is that the economy is now projected to grow by 4.9% this year, up from the World Bank's May forecast of 4.5%, and maintain that rate of growth over the next two years.

Risks to the outlook stem from international trade uncertainty, including the expiry of a U.S. trade deal with the region, and ongoing fiscal consolidation that could curb government spending, the report said.

Government officials say Kenya's economic expansion has also been negatively affected by a heavy public debt burden characterised by high annual repayments that have absorbed much of its revenue.

The government has turned to measures like loans securitised on a motorists' road maintenance levy on petrol prices to raise funds to pay road contractors who had abandoned sites last year due to lack of payment.

It is also in talks with the International Monetary Fund to secure a new financial support programme. Differences remain, however, including over whether the securitised borrowing should be classified as government debt or not.

Monday's World Bank report laid out a set of reforms the government should carry out to boost competition and support investment and economic growth.

Barriers to competition include the presence of more than 200 state owned firms that benefit from undue advantages, distorting competition, and restrictions on foreign investments, it said.

"There is significant room to make Kenya's regulatory framework less restrictive to competition," the lender said.

Source: TradingView

The United States and Ukraine were set to continue work on Monday on a plan to end the war with Russia after agreeing to modify an earlier proposal that was widely seen as too favorable to Moscow.

The two sides said in a joint statement they had drafted a "refined peace framework" after talks in Geneva on Sunday, although they did not provide specifics.

The White House separately said the Ukrainian delegation had told them it "reflects their national interests" and "addresses their core strategic requirements," although Kyiv did not issue a statement of its own.

It was not clear how the updated plan would handle a host of issues, including how to guarantee Ukraine's security against ongoing threats from Russia. The United States and Ukraine said they would continue "intensive work" ahead of a Thursday deadline, although U.S. Secretary of State Marco Rubio, who led the American delegation during the talks, was flying back to Washington late on Sunday.

U.S. President Donald Trump has kept up the pressure on Ukraine to reach a deal. On Sunday, he said Ukraine had shown "zero gratitude" for American efforts over the war, prompting Ukrainian officials to emphasize their thanks for Trump's support.

Trump previously set a Thursday deadline for Ukrainian President Volodymyr Zelenskiy to accept a peace plan, but Rubio said on Sunday that deadline might not be set in stone.

Zelenskiy could travel to the United States as soon as this week to discuss the most sensitive aspects of the plan with Trump, according to sources familiar with the matter.

The initial 28-point proposal put forth by the United States last week called on Ukraine to cede territory, accept limits on its military and abandon its ambitions to join NATO. Those terms would amount to capitulation for many Ukrainians after nearly four years of fighting in Europe's deadliest conflict since World War II.

The original plan came as a surprise to U.S. officials across the administration, and two sources said it was crafted at an October meeting in Miami that included special envoy Steve Witkoff, Trump's son-in-law Jared Kushner, and Kirill Dmitriev, a Russian envoy who is under U.S. sanctions.

EUROPEAN NATIONS ISSUE COUNTER-PROPOSAL

Democratic lawmakers have criticized it as essentially a Russian wish list, but Rubio has insisted that Washington authored the plan with input from both sides in the war.

European allies said they were not involved in crafting the original plan, and they released a counter-proposal on Sunday that would ease some of the proposed territorial concessions and include a NATO-style security guarantee from the United States for Ukraine if it is attacked.

The talks come as Russia has slowly gained ground in some regions, while Ukraine's power and gas facilities have been pummeled by drone and missile attacks, leaving millions of people without water, heating and power for hours each day.

Zelenskiy has also been under pressure at home, as a major corruption scandal has ensnared some of his ministers, stirring fresh anger at pervasive graft. That has complicated the country's efforts to secure funding to keep its economy afloat.

Kyiv had taken heart in recent weeks after the United States tightened on Russia's oil sector, the main source of funding for the war, while its own long-range drone and missile strikes have caused considerable damage to the industry.

Source: Reuters

Market Balances Fed Rate Cut Expectations As Gold Holds Firm

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Awaiting Clarity in a Foggy Macro Landscape

Source: Bloomberg

Earlier this year, the German government made headlines for selling off a large chunk of its Bitcoin holdings. Now, the possibility of a price correction in the crypto market may give Germany a rare chance to buy those coins back — and at the exact prices they sold them for.

Why a 35% Drop Matters

Bitcoin has seen a strong rally throughout the year, pushing prices well above where they were when Germany decided to sell. But if the market were to fall by roughly 35%, analysts point out that this would bring the BTC price back in line with the original sale levels from Germany's liquidation move.

This means the government could theoretically buy back the same amount of Bitcoin it sold — without financial loss — and possibly even increase its holdings if conditions align.

A Strategic Play for Crypto Reserves?

The potential for a buyback raises important questions about whether Germany timed its initial sale as part of a longer-term strategy. With ongoing global discussions around crypto regulation, central bank digital currencies, and institutional adoption of Bitcoin, countries may begin treating digital assets like strategic reserves.

If Bitcoin were to correct significantly, Germany could be among the first major economies to take advantage of a discount window. Whether this will actually happen remains uncertain, but the idea alone reflects the evolving view of digital assets in national finance strategies.

Source: CryptoSlate

Japan can actively intervene in the currency market to mitigate the negative economic impact of a weak yen, Takuji Aida, a private-sector member of a key government panel, said in a television programme on public broadcaster NHK on Sunday.

"Japan has excessive foreign reserves, so it can become active in tapping them to conduct (yen-buying) intervention," said Aida, an adviser to Prime Minister Sanae Takaichi.

"It can therefore be active in mitigating the side effect of a weak yen with intervention."

Aida advocates stimulating the economy by keeping interest rates low and boosting spending even at the cost of ramping up debt issuance.

In an interview with Reuters on October 9, Aida had said the yen's weakness benefits the economy and the hit to households from rising import costs can be offset by aggressive spending.

While a weak yen boosts exports, it has become a headache for Japanese policymakers fretting about the inflationary impact such as pushing up import costs.

The yen is down around 6% since Takaichi was elected leader of her party last month due to market concern that her administration could issue more debt to fund a big spending package, casting doubt on Japan's grip on finances.

As the yen fell to 10-month lows against the dollar, Finance Minister Satsuki Katayama threatened last week to intervene, in a shift away from the administration's initially sanguine approach over the demerits of a weak currency.

Aida, who is chief Japan economist at Credit Agricole, sits on Takaichi's advisory panel which reviews and implements the administration's growth strategy.

Source: Reuters