<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="427" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/05/2C7NN23EP5O6NASQ3FU6NFI3LE.jpg" alt="" class="wp-image-618594" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/05/2C7NN23EP5O6NASQ3FU6NFI3LE.jpg 640w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/2C7NN23EP5O6NASQ3FU6NFI3LE-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/2C7NN23EP5O6NASQ3FU6NFI3LE-135x90.jpg 135w" sizes="auto, (max-width: 640px) 100vw, 640px" /><figcaption class="wp-element-caption">Delegates interact next to the logos of the BRICS summit during the 2023 BRICS Summit at the Sandton Convention Centre in Johannesburg, South Africa on August 23, 2023. GIANLUIGI GUERCIA/Pool via REUTERS/File Photo</figcaption></figure>



RIYADH/DUBAI, May 8 (Reuters)&nbsp;&#8211;&nbsp;Saudi Arabia has held off formally joining the BRICS bloc of nations despite attending a meeting in Brazil last week, two sources said, finessing an issue that could upset Washington as Riyadh seeks to seal deals with its U.S. ally.



The issue of BRICS membership has been diplomatically sensitive for Saudi Arabia since it was first invited to join in 2023, and remains so with President Donald Trump due to visit next week and Riyadh negotiating nuclear and technology deals.



BRICS, founded as a grouping of Brazil, Russia, India, China and South Africa to counter Western dominance of the world order, has grown in recent years to include emerging economies such as the United Arab Emirates, Egypt and Indonesia.



But while the BRICS website shows Saudi Arabia &#8211;&nbsp;the world&#8217;s largest oil exporter&nbsp;&#8211; as a member, it has yet to join, according to the two sources,&nbsp;both with direct knowledge of&nbsp;Saudi policy.



Saudi Arabia&#8217;s government communications office did not immediately respond to a request for comment.



Brazil&#8217;s foreign ministry referred Reuters to the Saudi government when asked about the kingdom&#8217;s listed status as a member on the website. Brazil is currently presiding over BRICS.



Riyadh does not want to risk U.S. anger as negotiations are underway&nbsp;with Washington, one of the sources and a diplomat said.



Saudi Arabia sent its deputy foreign minister to the April 29 meeting in Rio de Janeiro, where ministers from the fast-expanding bloc failed to agree a joint communique.



The kingdom&#8217;s ambivalence about BRICS membership lays bare its high-stakes balancing act between China, its biggest oil export customer, and Washington, its indispensable security and technology partner &#8211; a tightrope walk made ever more precarious by the deepening U.S.-Chinese divide.



&#8220;The Saudis still see tons of value in engaging with BRICS and its member states. They will keep double-dipping – or multi-dipping – with global partnerships as long as they can,&#8221; said Robert Mogielnicki, senior resident scholar at the Arab Gulf States Institute in Washington.



&#8220;I think the Saudi calculation is that what they may be able to get out of the U.S. outweighs what they could get from BRICS membership, at least over the short term.”



In January, Trump demanded that BRICS commit to not creating a new currency or supporting another currency that would replace the U.S. dollar, or face 100% tariffs against BRICS nations.



SEEKING ALLIES



While the kingdom still favors its historic ally the United States, it is also seeking to nurture trade ties with China, the largest importer of Saudi crude.



In February, Saudi Arabia exported goods worth 15.2 billion riyals ($4.05 billion) to China, marking a 20.6% increase from a year earlier, when trade amounted to 12.6 billion riyals, data from the Observatory of Economic Complexity show. Over the past five years, trade has grown at an annualised rate of 50.3%.



Total Chinese investment and construction contracts in Saudi Arabia between 2005 and mid-2024 reached nearly $71 billion, according to the China Global Investment Tracker, reflecting Beijing’s growing role in the kingdom’s economic transformation.



The Saudi partnership with the United States remains central to its security, investment and technology ambitions, even as it expands relations with rival powers like China and Russia.



The U.S. is poised to offer Saudi Arabia an arms package worth well over $100 billion, sources told Reuters last month, saying the proposal was being lined up for announcement during Trump&#8217;s visit.



BRICS has sought to shift away from the dollar into other currencies. But a study by the Atlantic Council&#8217;s GeoEconomics Center last year showed the greenback remains the world&#8217;s primary reserve currency, and neither the euro nor the BRICS countries have managed to reduce global reliance on the dollar.



&#8220;While BRICS is a useful forum for airing grievances over American behaviour, it is not yet a body coherent enough to provide public goods on key issues like currency cooperation, security, or economic integration,&#8221; said Steffen Hertog, associate professor in comparative politics at the London School of Economics.



&#8220;Saudi feels like they have the leverage and they are enjoying the position,&#8221; said Saudi analyst Aziz Alghashian.



&#8220;They see it that the United States is still the main actor, but there are others that could also provide utility,&#8221; he added.



($1 = 3.7509 riyals)



(Reporting by Pesha Magid in Riyad, Maha El Dahan and Manya Saini in Dubai; additional reporting by Lisandra Paraguassu in Brasilia; editing by Tom Perry and Mark Heinrich)

2C7NN23EP5O6NASQ3FU6NFI3LE

Saudi Arabia sits on fence over BRICS with eye on vital ties with US

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="439" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/05/ZI3EKD2GHJPOPFODI5AQ4SXDWQ.jpg" alt="" class="wp-image-618575" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/05/ZI3EKD2GHJPOPFODI5AQ4SXDWQ.jpg 640w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/ZI3EKD2GHJPOPFODI5AQ4SXDWQ-300x206.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/ZI3EKD2GHJPOPFODI5AQ4SXDWQ-131x90.jpg 131w" sizes="auto, (max-width: 640px) 100vw, 640px" /><figcaption class="wp-element-caption">A general view of Heidelberg Materials cement plant at Kattameya district in Cairo, Egypt September 4, 2023. REUTERS/Shokry Hussien/File Photo</figcaption></figure>



FRANKFURT, May 8 (Reuters)&nbsp;&#8211;&nbsp;Heidelberg Materials&nbsp;HEIG.DE, the world&#8217;s second-biggest cement maker, on Thursday reported forecast-beating first-quarter sales and profits and confirmed its outlook, citing strong growth in Africa.



The company&#8217;s first-quarter result from current operations&nbsp;(RCO)&nbsp;rose by 1.3% to 235 million euros ($266 million), beating the 207 million average forecast in a poll provided by the group.



&#8220;Despite the political and economic uncertainties as well as difficult weather conditions in some regions, we got off to a very good start to the 2025 financial year,&#8221; CEO Dominik von Achten said.



Larger peer Holcim HOLN.S late last month also cited strong business in North Africa as one of the drivers behind better-than-expected first-quarter profits.



Heidelberg Materials said it still expects RCO in 2025 of 3.25 billion to 3.55 billion euros, compared with a 3.44 billion consensus estimate.



The company&#8217;s RCO in North America, a region that accounted for more than a fifth of the group&#8217;s first-quarter sales, was down by nearly two thirds, it said.



($1 = 0.8830 euros)



(Reporting by Christoph Steitz; Editing by Thomas Seythal)

ZI3EKD2GHJPOPFODI5AQ4SXDWQ

Heidelberg Materials beats Q1 expectations on strong Africa business

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/05/istockphoto-1076949610-612x612-1-1.jpg" alt="" class="wp-image-618572" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/05/istockphoto-1076949610-612x612-1-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/istockphoto-1076949610-612x612-1-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/istockphoto-1076949610-612x612-1-1-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



JOHANNESBURG, May 8 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, equity and currency market moves may affect South African markets on Thursday.



ECONOMIC EVENTS



South Africa&#8217;s foreign reserves as at end-April.



March manufacturing output.



SOUTH AFRICAN MARKETS



The South African rand slipped on Wednesday as investors took profits after a strong run against the dollar.



GLOBAL MARKETS



Shares in Asia firmed on Thursday after U.S. President Donald Trump flagged a first trade deal in his global tariff war, while the dollar tried to hold overnight gains as markets pushed out the chance of near-term rate cuts.



WALL STREET



U.S. stocks advanced on Wednesday in choppy trading, buoyed as semiconductor stocks rallied late on a report that regulations on artificial intelligence chips would be loosened. 



GOLD



Gold climbed on Thursday after the Federal Reserve warned of rising inflation and labour market risks fuelling economic uncertainty, while investors awaited the outcome of the U.S.-China trade talks this weekend.



&#8211; &#8211; &#8211; &#8211;



Some of the main stories out in the South African press:



BUSINESS DAY



&#8211; Funding for Anglo&#8217;s 70 billion rand coal deal on hold



FIN 24



&#8211; Gas users face hurdle to secure LNG imports



(Compiled by Sfundo Parakozov)

istockphoto-1076949610-612×612-1-1

South African Markets – Factors to watch on May 8

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="390" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/05/Z7OUSBHECZMJVEHQT7G2AZVSQU-1.jpg" alt="" class="wp-image-618567" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/05/Z7OUSBHECZMJVEHQT7G2AZVSQU-1.jpg 640w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/Z7OUSBHECZMJVEHQT7G2AZVSQU-1-300x183.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/Z7OUSBHECZMJVEHQT7G2AZVSQU-1-148x90.jpg 148w" sizes="auto, (max-width: 640px) 100vw, 640px" /><figcaption class="wp-element-caption">South African Rand coins are seen in this illustration picture taken October 28, 2020. REUTERS/Mike Hutchings/Illustration/File Photo</figcaption></figure>



JOHANNESBURG, May 8 (Reuters)&nbsp;&#8211;&nbsp;The South African rand weakened in early trade on Thursday ahead of the release of domestic manufacturing data.



At 07:18 GMT the rand traded at 18.31 against the dollar&nbsp;ZAR=D3, about 0.2% weaker than Wednesday&#8217;s close.



Statistics South Africa is scheduled to publish March manufacturing output data&nbsp;ZAMAN=ECI&nbsp;at 1100 GMT.



Economists polled by Reuters predict the manufacturing sector will register year-on-year growth after declining in the previous four months.



A research note by local bank Nedbank pinned the expected growth on a relative reprieve from power outages and port challenges.



Central bank data early on Thursday showed a rise in the country&#8217;s net foreign reserves to $64.318 billion at the end of April from $63.167 billion in March.



The risk-sensitive rand is also likely to take its direction from dollar movements as financial markets await the outcome of the U.S.-China trade talks this weekend, analysts said.



The benchmark 2030 government bond&nbsp;ZAR2030=&nbsp;weakened slightly in early deals, as the yield rose 2 basis points to 8.905%.



(Reporting by Sfundo Parakozov; Editing by Alexander Winning, Aidan Lewis)

Z7OUSBHECZMJVEHQT7G2AZVSQU (1)

South African rand slips before manufacturing data

<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 8 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Thursday.



&#8211; &#8211; &#8211; &#8211; &#8211;



EVENTS



An Abidjan court is set to hear a case that could strip opposition leader Tidjane Thiam of his role as president of the PDCI party.



Uganda&#8217;s central bank is due to announce its latest lending rate decision.



Mauritius statistics office to reveal latest inflation data.



Tanzania statistics office to reveal latest inflation data.



Ethiopia statistics office to reveal latest inflation data.



GLOBAL MARKETS



Shares in Asia firmed on Thursday after U.S. President Donald Trump flagged a first trade deal in his global tariff war, while the dollar tried to hold overnight gains as markets pushed out the chance of near-term rate cuts.



WORLD OIL PRICES



Oil prices steadied on Thursday after falling more than $1 in the previous session as uncertainty over the outcome of trade talks between the U.S. and China, the world&#8217;s two largest oil consumers, weighed on investor sentiment.



SOUTH AFRICA MARKETS



The South African rand slipped on Wednesday as investors took profits after a strong run against the dollar.



KENYA MARKETS



The Kenyan shilling &lt;KES=&gt; was flat against the dollar on Wednesday, London Stock Exchange Group (LSEG) data showed.



SUDAN SECURITY



Sudan&#8217;s army said its anti-aircraft systems intercepted drones on Wednesday targeting a naval base in the wartime capital Port Sudan.



GUINEA MINING



Guinea has initiated a process to revoke Emirates Global Aluminium&#8217;s mining licence in the West African nation, two people with knowledge of the matter told Reuters on Wednesday.



KENYA BUDGET



Kenya&#8217;s government will not impose new taxes or increase existing ones in this year&#8217;s budget proposals, the finance minister said, after deadly protests broke out last year against the government&#8217;s measures to raise revenue.



MALI POLITICS



Mali has suspended political activities across the country ahead of a planned protest against the military junta that has ruled since coups in 2020 and 2021, authorities said on Wednesday.



KENYA ANTS



A Kenyan court on Wednesday fined four men $7,700 each for trying to traffic thousands of ants valuable to the country&#8217;s ecosystem, in cases experts say signal a shift in biopiracy from trophies like elephant ivory to lesser-known species.

istockphoto-1030878162-612×612-1

African Markets – Factors to watch on May 8

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3101" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/05/NQH6BZDNCZM6BNM3TWIGHHT4LE.avif" alt="" class="wp-image-618283"/><figcaption class="wp-element-caption">Kenya&#8217;s Finance Minister John Mbadi gestures during an interview with Reuters where he says Kenya has started talks with IMF for a new program, in Nairobi, Kenya, February 5, 2025. REUTERS/Monicah Mwangi/File Photo</figcaption></figure>



NAIROBI, May 7 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s government will not impose new taxes or increase existing ones in this year&#8217;s budget proposals, the finance minister said, after deadly protests broke out last year against the government&#8217;s measures to raise revenue.



More than 50 people were killed when the youth-led marches broke out last June, forcing President William Ruto to abandon tax hikes worth 346 billion shillings ($2.68 billion), and causing a delay to funding from the International Monetary Fund.



&#8220;The finance bill doesn&#8217;t have to always adjust tax rates upwards,&#8221; John Mbadi, the finance minister, told a televised meeting late on Tuesday.



&#8220;The finance bill of this year is more on tax administration and trying to seal the loopholes and also make tax collection efficient.&#8221;



The government has sent a finance bill, which is usually the government&#8217;s vehicle for amending laws to maximise revenue collection, to parliament for passage, part of the process towards the 2025/26 (July-June) budget presentation next month.



It has also sent spending proposals that set the total expenditure at about 4 trillion shillings to parliament for debate and approval, including a budget deficit of 4.5% of GDP.



&#8220;There are no new major tax measures,&#8221; Mbadi said, adding that this year&#8217;s finance bill is targeting extra revenue of 25-30 billion shillings.



Critics have complained about a proposal in the tax bill that, if passed by parliament, will allow the tax authority to access financial information belonging to businesses and individuals, helping it to detect any tax evasion.



Mbadi defended the proposal, saying many wealthy people do not pay their fair share of taxes and hide behind the legal provision that bars authorities from accessing certain data.



&#8220;There are so many people out there operating big bank accounts and they cannot pay tax simply because they are protected by these kind of mischievous laws,&#8221; he said.



($1 = 128.9000 Kenyan shillings)



(Reporting by Duncan Miriri; Editing by George Obulutsa and Barbara Lewis)

NQH6BZDNCZM6BNM3TWIGHHT4LE

Kenya’s 2025/26 budget proposals avoid new taxes after last year’s riots

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-820x461.jpg" alt="" class="wp-image-400641" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-820x461.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-1536x864.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A collection of mixed denomination South African rand coins sit in an arranged photo in Johannesburg, South Africa, on Thursday, June 22, 2017. South Africas inflation rate rose for the first time this year in May after food-price growth quickened from the slowest pace since December 2015. Photographer: Waldo Swiegers/Bloomberg via Getty Images</figcaption></figure>



JOHANNESBURG, May 7 (Reuters)&nbsp;&#8211;&nbsp;The South African rand slipped on Wednesday as investors took profits after a strong run against the dollar.



At 1230 GMT, the rand traded at 18.2825 to the U.S. currency, down about 0.5% on Tuesday&#8217;s closing level.



The rand had strengthened for the previous four trading sessions.



Andre Cilliers, currency strategist at TreasuryONE, said traders were trimming long rand positions ahead of the U.S. Federal Reserve&#8217;s interest rate announcement later in the day.



The Fed is widely expected to keep rates steady, amid concerns over an economic slowdown caused by U.S. President Donald Trump&#8217;s tariffs.



News that U.S. and Chinese officials are due to hold talks this weekend soothed financial markets as it could be the first step towards resolving a trade war that has disrupted the global economy.



No major South African economic data releases are expected on Wednesday.



President Cyril Ramaphosa will launch the second phase of an economic reform drive aimed at lifting the country&#8217;s potential growth rate.



Thursday&#8217;s local data releases include manufacturing and foreign reserves data.



The Johannesburg Stock Exchange&#8217;s Top-40 index last traded down 0.3%. The benchmark 2030 government bond was flat, the yield at 8.92%.



(Reporting by Sfundo Parakozov and Alexander Winning; editing by Barbara Lewis)

South African Economy As Inflation Rate Rises For First Time In 2017

South African rand slips after strong run

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="615" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/05/R2PIRVQUMRLYFIHEKJMFLORF5M-820x615.jpg" alt="" class="wp-image-618261" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/05/R2PIRVQUMRLYFIHEKJMFLORF5M-820x615.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/R2PIRVQUMRLYFIHEKJMFLORF5M-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/R2PIRVQUMRLYFIHEKJMFLORF5M-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/R2PIRVQUMRLYFIHEKJMFLORF5M-768x576.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/R2PIRVQUMRLYFIHEKJMFLORF5M-1536x1152.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/R2PIRVQUMRLYFIHEKJMFLORF5M-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Drissa Dembele, a farmer and buyer of raw cashew, checks unshelled nuts that were spreaded out to dry, in his courtyard in Katiola, Ivory Coast, May 27, 2023. REUTERS/Ange Aboa</figcaption></figure>



ABIDJAN, May 7 (Reuters)&nbsp;&#8211;&nbsp;Ivory Coast, the world&#8217;s biggest cashew grower, has raised its projected output to 1.3 million metric tons from 1.15 million tons even as potential U.S. tariffs and a falling dollar drag down exports, the head of the sector regulator told Reuters.



The production increase stems in part from curbs on the smuggling of raw cashews to neighbouring Ghana and Burkina Faso, Mamadou Berte of the Cotton and Cashew Council (CCA) said.



At the same time, Vietnamese buyers have drastically cut purchases of Ivorian raw cashews for processing in response to U.S. tariffs, Berte said.



Vietnam usually buys 80% of Ivory Coast&#8217;s cashew production, of which 60% is re-exported to the United States.



But Vietnamese buyers have only purchased 200,000 tons of raw cashews for this year, compared with 700,000 to 800,000 tons for last year, Berte said.



Last month, U.S. President Donald Trump&#8217;s administration announced sweeping tariffs on dozens of countries, including Ivory Coast, which faced a tariff of 21%, the highest in West Africa. Trump then paused the tariffs for 90 days for negotiations, while retaining an across-the-board levy of 10%.



Vietnam is facing a 46% tariff if a reduction cannot be agreed before a U.S. moratorium expires in July.



&#8220;We are in total loss if we continue,&#8221; said the manager of a Vietnamese cashew company.



The drop in the U.S. dollar this year has also complicated contract execution and lowered prices for local producers, as contracts were arranged at the higher rate, Berte said.



Prices have dropped to as low as 200 CFA francs ($0.35) per kilogram from 425 CFA francs ($0.73) earlier in the year, Berte said, likely due to the threatened U.S. tariffs and a weakening dollar affecting exports and profitability.



Eight buyers and five exporters, including Vietnamese and Indians, confirmed to Reuters the drop in price.



The buyers said there were about 200,000 tons of raw cashew nuts from Ivorian producers they could not purchase, warning that local producers would need to store them or sell them locally to avoid waste.



Berte said local buyers had bought more than 650,000 tons of raw cashew nuts so far this year compared to 300,000 tons last year.



&#8220;Faced with this situation of poor sales, the CCA is considering support mechanisms for the total purchase of the residual stock,&#8221; he said.



($1 = 575.0000 CFA francs)



(Reporting by Ange Aboa. Editing by Ayen Deng Bior, Robbie Corey-Boulet and Mark Potter)

Drissa Dembele, a farmer and buyer of raw cashew, checks unshelled nuts that were spreaded out to dry, in Katiola

Ivory Coast raises projected cashew output as threatened tariffs hit exports

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/VFKU2JNBTBIDVNPMOMLDRAUIO4-820x547.jpg" alt="" class="wp-image-491240" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/VFKU2JNBTBIDVNPMOMLDRAUIO4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/VFKU2JNBTBIDVNPMOMLDRAUIO4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/VFKU2JNBTBIDVNPMOMLDRAUIO4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/VFKU2JNBTBIDVNPMOMLDRAUIO4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/VFKU2JNBTBIDVNPMOMLDRAUIO4.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Pedestrians walk in front of Ghana&#8217;s central bank building in Accra, Ghana, November 16, 2015. REUTERS/Francis Kokoroko</figcaption></figure>



ACCRA, May 7 (Reuters) &#8211; Ghana&#8217;s consumer inflation slowed for a fourth month in a row in April, to 21.2% year on year from 22.4% in March, the statistics service said on Wednesday.



Government statistician Alhassan Iddrisu told a news conference that the latest&nbsp;decline was driven by a moderation in both food and non food inflation.



&#8220;Food&nbsp;inflation remains the biggest price driver,&#8221; Iddrisu said,&nbsp;adding that it&nbsp;was still elevated.



Ghana&#8217;s economy has been battling persistently high inflation, with the rates above the central bank&#8217;s target of 8% with a margin of error of 2 percentage points either side.



Central bank governor Johnson Asiama said in March a tight monetary policy stance was needed to lower consumer inflation in the gold, oil and cocoa-producing West African nation.



He also announced a surprise rate hike, adding that its impact on inflation will be reassessed before the next rate meeting in May.



Finance Minister Cassiel Ato Forson said during his budget speech in March that steep spending cuts would allow Ghana to drive down inflation to 11.9% by the end of the year.



(Reporting by Emmanuel Bruce and Christian Akorlie; Writing by Anait Miridzhanian; Editing by Bate Felix)

VFKU2JNBTBIDVNPMOMLDRAUIO4

Ghana consumer inflation slows to 21.2% year on year in April

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="357" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/istockphoto-1030878162-612x612-1.png" alt="" class="wp-image-615497" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/istockphoto-1030878162-612x612-1.png 612w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/istockphoto-1030878162-612x612-1-300x175.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/istockphoto-1030878162-612x612-1-154x90.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>



May 7 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Wednesday.



<h2 class="wp-block-heading" id="h-events">EVENTS:</h2>



Mauritius central bank to release its monetary policy decision.



Seychelles statistics office expected to release April inflation data.



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



U.S. stock futures and Chinese markets rose on Wednesday, as investors cheered news of a meeting between top U.S. and Chinese trade officials as a chance to tone down the tariffs, while China cut interest rates and vowed to support stock markets.



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



Oil prices rose on Wednesday, holding slightly above recent four-year lows, as investors focused on U.S.-China trade talks and signs of lower U.S. production.



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



The South African rand held steady for much of Tuesday&#8217;s trading session after the release of a purchasing managers&#8217; index (PMI) survey that showed the country&#8217;s private sector showed signs of stabilisation in April.



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



The Kenyan shilling was steady on Tuesday, supported by remittances and muted foreign-currency demand, traders said.



<h2 class="wp-block-heading" id="h-sudan-politics">SUDAN POLITICS</h2>



Explosions were heard in the Sudanese city of Port Sudan early on Wednesday, a Reuters witness reported, adding that the Sudanese army launched anti-aircraft missiles.



<h2 class="wp-block-heading" id="h-nigeria-china-road">NIGERIA CHINA ROAD</h2>



Nigeria has approved a $652-million China Exim Bank funding package for construction of a road to move goods from a sea port and petroleum refinery on the edge of its main city Lagos to its southern states, the public works minister said.



<h2 class="wp-block-heading" id="h-congo-security">CONGO SECURITY</h2>



The Democratic Republic of Congo and Rwandan-backed M23 rebels have restarted peace talks in Qatar, sources said on Tuesday, part of a diplomatic effort to end fighting in Congo&#8217;s war-ravaged east.



<h2 class="wp-block-heading" id="h-kenya-economy">KENYA ECONOMY</h2>



Kenya&#8217;s economy grew 5.1% year-on-year in the fourth quarter of 2024, compared to 6.1% in the same quarter of the previous year, the country&#8217;s statistics office said on Tuesday.



<h2 class="wp-block-heading" id="h-uganda-politics">UGANDA POLITICS</h2>



A Ugandan opposition activist, who President Yoweri Museveni&#8217;s son said he had been holding captive in his basement, appears to have been tortured, the East African nation&#8217;s justice minister said.



((Compiled by Nairobi Newsroom))

African Markets – Factors to watch on May 7

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="728" height="487" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/rand2-1.jpg" alt="" class="wp-image-568119" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/rand2-1.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/rand2-1-300x201.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/rand2-1-135x90.jpg 135w" sizes="auto, (max-width: 728px) 100vw, 728px" /><figcaption class="wp-element-caption">South African bank notes featuring an image of former South African President Nelson Mandela are displayed at an office in Johannesburg, File. REUTERS/Siphiwe Sibeko</figcaption></figure>



JOHANNESBURG, May 7 (Reuters)&nbsp;&#8211;&nbsp;The South African rand was little changed in early trade on Wednesday, as global investors focused on an interest rate decision by the U.S. Federal Reserve later in the day.



At 0650 GMT, the rand traded at 18.22 against the dollar compared with Tuesday&#8217;s closing level of 18.19.



The Fed is widely expected to keep rates steady, amid concerns over an economic slowdown due to U.S. President Donald Trump&#8217;s tariffs.



News that U.S. and Chinese officials are due to hold talks eased concerns about a trade war that have shaken investor confidence in the dollar and U.S. markets.



No major South African economic data releases are expected on Wednesday.



President Cyril Ramaphosa will launch the second phase of an economic reform drive aimed at lifting the country&#8217;s potential growth rate.



Thursday&#8217;s data releases include local manufacturing and foreign reserves data.



South Africa&#8217;s benchmark 2030 government bond was flat, the yield at 8.92%.



(Reporting by Sfundo Parakozov; Editing by Alexander Winning)

rand2 (1)

South African rand flat with global focus on US rate decision

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="571" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/74DO2Y3SI5LEZMM4PGBAROP3NY-820x571.jpg" alt="" class="wp-image-520727" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/74DO2Y3SI5LEZMM4PGBAROP3NY-820x571.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/74DO2Y3SI5LEZMM4PGBAROP3NY-300x209.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/74DO2Y3SI5LEZMM4PGBAROP3NY-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/74DO2Y3SI5LEZMM4PGBAROP3NY-768x535.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/74DO2Y3SI5LEZMM4PGBAROP3NY-1536x1070.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/74DO2Y3SI5LEZMM4PGBAROP3NY-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Absa Group logo is seen on a smartphone in front of displayed same logo in this illustration taken, December 1, 2021. REUTERS/Dado Ruvic/Illustration/File Photo</figcaption></figure>



JOHANNESBURG, May 7 (Reuters) &#8211; South Africa&#8217;s Absa Group announced on Wednesday that Sello Moloko will step down as chairman of the bank on July 15 to make way for new leadership, and René van Wyk will succeed him, subject to regulatory approval.



Moloko said he had decided to quit after the board &#8220;dealt with several challenges in 2024&#8221;, appointed a new chief executive and launched a restructure of Absa&#8217;s retail model.



&#8220;I feel the time is ripe now for me to refocus my attention on my family, my community commitments and the several personal business initiatives outside the Group that I need to drive,&#8221; he added.



Van Wyk was interim group Chief Executive Officer in 2019 and rejoined the Absa board as a non-executive director in 2020.



&#8220;The organisation is well-positioned to advance its strategic priorities, and I look forward to contributing to its growth and success, alongside a strong management team,&#8221; Van Wyk said.



(Reporting by Nqobile Dludla; Editing by Sonali Paul)

Illustration shows a smartphone with displayed Absa Group logo

South Africa’s Absa Group Chair Sello Moloko to step down in July

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/05/GettyImages-2014346564-820x547.jpg" alt="" class="wp-image-617890" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/05/GettyImages-2014346564-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/GettyImages-2014346564-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/GettyImages-2014346564-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/GettyImages-2014346564-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/GettyImages-2014346564-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/05/GettyImages-2014346564-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A supporter holds a banner reading &#8216;Rescue SA Vote DA&#8217; at a march to the Union Buildings during the Democratic Alliance party manifesto launch in Pretoria, South Africa, on Saturday, Feb. 17, 2024. South Africa&#8217;s ruling party looks set to lose its outright majority in national elections for the first time since 1994, while support for the populist Economic Freedom Fighters may rise, an Ipsos poll found. Photographer: Waldo Swiegers/Bloomberg via Getty Images</figcaption></figure>



JOHANNESBURG, May 6 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s Democratic Alliance party went to court on Tuesday to challenge new employment equity legislation which sets out numerical targets for the number of non-white people that companies should employ.



The pro-business DA, the second-biggest party in government, says the new law violates anti-discrimination clauses in the constitution and gives the state too much regulatory power.



Its larger coalition partner, the African National Congress, says the DA is trying to &#8220;preserve the apartheid-era economic status quo&#8221; and thwart its efforts to correct racial imbalances in the workplace that are apartheid&#8217;s legacy.



Statistics show that South Africa&#8217;s companies are still dominated by white people at the top, with Black employees mainly occupying lower-level roles. Unemployment is much higher among Black citizens.



Lawyers for the two sides made their opening arguments on Tuesday at the North Gauteng High Court in Pretoria.



&#8220;This case is about flexibility,&#8221; said DA lawyer Ismail Jamie in court, adding that it is fine to set aspirational targets but not ones &#8220;so rigid that they constitute a quota&#8221;, which he claimed the new ones do.



Race remains a highly charged topic in South Africa three decades after the end of white minority rule. The DA&#8217;s national leader is white and the party has a reputation for defending the interests of the white minority, which it denies.



The Employment Equity Amendment Act, which took effect this year, updates a 1998 act that required employers to set diversity targets and report on their progress in meeting them.



It is separate from an existing Black economic empowerment law which many critics say hasn&#8217;t worked. That policy also sets targets for the number of Black people at management level, but firms can avoid it by earning points in other categories such as ownership or skills development. There is no penalty for non-compliance.



<h2 class="wp-block-heading" id="h-targets">TARGETS</h2>



Under the new law, companies with more than 50 employees must meet sectoral targets for the number of non-white people, women and disabled people in skilled and senior roles, or justify their failure to do so. Firms that do not comply could lose government contracts and be fined.



&#8220;If we continue the way that we are, we&#8217;re never going to see the transformation that is required because people&#8230; will never get to top management,&#8221; said Muriel Mushariwa, a law lecturer at the University of the Witwatersrand and an employment equity consultant.



She added, however, that it could be difficult for companies to comply with the new equity law and the Black empowerment programme, whose targets are broken down into different categories and not aligned.



The DA says it supports redress but sees job creation as the primary solution.



(Additional reporting by Thando Hlophe; Reporting by Nellie Peyton and Siyanda Mthethwa; Editing by Tim Cocks and Gareth Jones)

South Africa’s Democratic Alliance Party Election Manifesto Launch

South Africa’s DA party challenges new racial equity law in court

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="507" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-820x507.jpg" alt="" class="wp-image-533970" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-820x507.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-300x186.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-145x90.jpg 145w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-768x475.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-1536x950.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">South African bank notes featuring images of former South African President Nelson Mandela (R) are displayed next to the American dollar notes in this photo illustration in Johannesburg August 13 2014. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, May 6 (Reuters) &#8211; The South African rand held steadyfor much of Tuesday&#8217;s trading session after the release of a purchasing managers&#8217; index (PMI) survey that showed the country&#8217;s private sector showed signs of stabilisation in April.



At 1340 GMT, the rand traded at 18.25 against the dollar, little changed from Monday&#8217;s close.



The rand gained roughly 1% against a weaker dollar on Monday, after utility Eskom said it was optimistic about the power outlook over the next four months, aiming for no electricity cuts.



The dollar =USD last traded about 0.4% weaker against a basket of currencies as investors worried about U.S. President Donald Trump&#8217;s latest tariff threats. On Wednesday the global investor focus will shift to the Federal Reserve&#8217;s policy decision.



The S&amp;P Global South Africa PMI rose to the neutral 50-point mark in April, emerging from a four-month downturn as sales picked up slightly.



That was an improvement on last week&#8217;s local manufacturing PMI, which slumped further into contractionary territory.



On the Johannesburg Stock Exchange, the Top-40 index last traded 0.4% lower. The benchmark 2030 government bond slipped, as the yield rose 6.5 basis points to 8.93%.



(Reporting by Sfundo Parakozov; Editing by Alexander Winning and Franklin Paul)

Photo illustration of South African bank notes displayed next to the American dollar notes in Johannesburg

South African rand steady as PMI hits neutral mark

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="530" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-820x530.jpg" alt="" class="wp-image-433145" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-820x530.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-300x194.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-139x90.jpg 139w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-768x497.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-1536x994.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A general view shows the Central Bank of Kenya headquarters building along Haile Selassie Avenue in Nairobi, Kenya November 28, 2018. REUTERS/Njeri Mwangi/</figcaption></figure>



NAIROBI, May 6 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s central bank will hold its next interest rate-setting meeting on June 10, the bank said on its website.



At its last meeting in April, the bank cut its benchmark lending rate by 75 basis points to 10.0%.



(Reporting by George Obulutsa; Editing by Alexander Winning)

XRWAJLZOAVK3DL2J5JMRWBBQ6A

Kenya’s central bank to hold next rate-setting meeting on June 10

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="3000" height="2000" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/05/UAEGGMUWGNOR5C6IQ37UZWX4UM.avif" alt="" class="wp-image-617800"/><figcaption class="wp-element-caption">A 3D-printed miniature model of U.S. President Donald Trump with the United Nations logo in the background is seen in this illustration taken April 23, 2025. REUTERS/Dado Ruvic/Illustration/File photo</figcaption></figure>



BRUSSELS/LONDON, May 5 (Reuters)&nbsp;&#8211;&nbsp;The United States is seeking to weaken a global deal aimed at helping developing countries struggling with the impacts of climate change and other issues, an internal United Nations document seen by Reuters showed.



The Trump administration opposes draft reforms of the world&#8217;s financial system intended to help developing countries, including around taxation, credit ratings and fossil fuel subsidies. It also wants mentions of &#8220;climate,&#8221; &#8220;gender equality&#8221; and &#8220;sustainability&#8221; stripped out.



The previously unreported document sheds light on how the Trump administration is seeking to imprint an &#8220;America First&#8221; agenda, including opposition to efforts to slow climate change and promote diversity, on the institutions at the heart of fixing global systemic crises.



The once-a-decade, 4th International Conference on Financing for Development (FFD4) in Seville, Spain, in June aims to influence the strategic direction of the world&#8217;s development finance institutions. Countries agreed at FFD3, for example, to broaden tax cooperation efforts so that developing countries could help set the rules and as of last May more than 140 countries were involved.



&#8220;This conference is about bringing the world&#8217;s leaders together and setting the underlying rules and priorities for financing development goals over the next decade,&#8221; Tom Mitchell, executive director of the International Institute for Environment and Development, told Reuters.



Compiled by the permanent representatives to the U.N. of Mexico, Nepal, Norway, and Zambia, with help from the U.N. secretariat, the April 11 negotiating draft is annotated with the positions of the 193 nations involved in the discussions.



At U.N. negotiations over the FFD4 document in March, the U.S. mission said the draft at that time was too long and prescriptive and denounced &#8220;the ever-widening definition of sustainable development.&#8221;



&#8220;The international financial institutions have independent mandates and authorities, and we do not support attempts in the U.N. system to dictate their priorities or activities,&#8221; the U.S. statement from acting U.N. Economic and Social Council representative Jonathan Shrier said.



The U.N. does not hold direct authority over the multilateral development finance institutions.



With ongoing changes at the World Bank and International Monetary Fund in the fight against climate change already facing pushback from U.S. Treasury Secretary Scott Bessent, the document showed it was seeking to water down the U.N.&#8217;s reform prescriptions.



Among specific points in the text that refer to the systemic reform, the document shows the U.S. wants to remove a reference to a &#8220;package of reforms&#8221; for sustainable development. It wants to replace a line promising to &#8220;commit to reform the international financial architecture&#8221; with a pledge to &#8220;recognize the need to enhance its resilience and effectiveness in responding to present and future challenges and crises.&#8221;



Such changes in language signal the degree of shared commitment that can then be used as support for action or inaction in future talks.



U.N. Secretary-General António Guterres has acknowledged the need to overcome multiple challenges ahead of the conference, but urged &#8220;all countries to be at the table in Sevilla focused on solutions,&#8221; spokesperson Florencia Soto Niño said in an email to Reuters.



The&nbsp;Treasury Department and State&nbsp;Department&nbsp;both declined&nbsp;to comment. The White House did not respond to a request for comment.



While the U.S.&#8217; position on development has become tougher under Trump, the negotiating document shows it remains supportive of efforts that include developing countries working more closely with the private sector, and fostering innovation and financial literacy.



<h2 class="wp-block-heading" id="h-climate-change">CLIMATE CHANGE</h2>



A key goal of the global reforms is to better help poorer nations cope with weather disasters, which are worsening due to climate change, and to boost economic development using low-carbon energy rather than traditional fossil fuels.



President Donald Trump has quit the UN Paris climate agreement, slashed U.S. foreign development aid by more than 80% as part of a government overhaul led by billionaire Elon Musk and embarked on a trade war that is hurting many poorer nations.



Among areas of the FFD4 document that the U.S. objects to is a call for countries to explore &#8220;global solidarity levies&#8221; that could include taxes on highly polluting activities or on the super-rich to finance sustainable development.



If included, the levies could be taken up in U.N. negotiations on taxes this year and would bolster a task force led by France, Kenya and Barbados that aims to develop such taxes among smaller groups of countries.



Other countries to object include Russia, Saudi Arabia and China.



The U.S. is also seeking to delete a paragraph calling for companies to pay tax to the countries where economic activity occurs; a paragraph on helping developing countries bolster tax transparency; and another on phasing out inefficient fossil fuel subsidies, the document shows.



Many of the world&#8217;s poorest countries struggle with high debt and the costs of rebuilding after disastrous storms, but the FFD4 document shows the U.S. wants to strike a paragraph on reforming the credit-rating system.



That includes a push for raters to take a more forgiving approach to poorer nations that voluntarily restructure their debt to invest in green projects, it showed.



The U.S. also opposes a commitment to ensure countries receive &#8220;adequate and uninterrupted funding on appropriate terms of social protection and other essential social spending during shocks and crises,&#8221; the document shows.



While the U.S. has considerable influence as the biggest shareholder in both the World Bank, which provides loans and grants to developing countries, and the IMF, and is currently reviewing its role in both, the draft deal is likely to change further as countries continue negotiations in May, before reaching consensus on a final document in mid-June.



The U.S. position puts pressure on other countries to accept a weaker deal, since the talks aim to adopt a deal by consensus.



(Reporting by Kate Abnett and Simon Jessop in LondonAdditional reporting by David Lawder and Daphne Psaledakis in Washington Editing by Dawn Kopecki, Rod Nickel and Stephen Coates)

UAEGGMUWGNOR5C6IQ37UZWX4UM

US seeks to weaken global development finance efforts, UN document shows

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="357" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg" alt="" class="wp-image-400669" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1-300x175.jpg 300w" 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>



May 6 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday.



EVENTS:



Kenya statistics office releases 2025 economic survey, giving details of the 2024 performance and possibly a forecast for 2025.



Release of Kenya&#8217;s Stanbic Bank PMI for April.



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



Global stocks held tight ranges on Tuesday and the dollar clawed back some of its recent losses against Asian counterparts as investors revived concerns about U.S. tariffs and their impact on economic growth.



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



Oil prices rebounded over 1% on Tuesday with technical rebound and dip buying after a drop in prior session by OPEC+ decision to accelerate increases in output, although concerns about the market surplus outlook persisted.



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



The South African rand strengthened on Monday to its highest levels in five weeks, after state utility Eskom said it was optimistic about the power outlook over the southern hemisphere winter, aiming for no electricity cuts in the next four months.



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



The Kenyan shilling strengthened a little against the dollar on Monday, London Stock Exchange Group (LSEG) data showed.



<h2 class="wp-block-heading" id="h-sudan-politics">SUDAN POLITICS</h2>



Multiple explosions and fires were seen and heard in Sudan&#8217;s capital Port Sudan early on Tuesday, a witness said, though the exact locations and causes were unclear, as a civil war rocks the previously quiet city for the third day.



<h2 class="wp-block-heading" id="h-sudan-justice">SUDAN JUSTICE</h2>



The International Court of Justice (ICJ) on Monday dismissed Sudan&#8217;s case accusing the United Arab Emirates of fueling genocide in Darfur by supplying weapons to paramilitary forces, saying it lacked jurisdiction.



<h2 class="wp-block-heading" id="h-congo-security">CONGO SECURITY</h2>



Congo and Rwanda have submitted a draft peace proposal as part of a process meant to end fighting in eastern Congo and attract billions of dollars of Western investment, U.S. President Donald Trump&#8217;s senior adviser for Africa said on Monday.



<h2 class="wp-block-heading" id="h-kenya-politics">KENYA POLITICS</h2>



Kenya&#8217;s President William Ruto fended off a shoe thrown at him during a speech about the cost of living which has been a source of public anger, social media videos showed, while a government official said it was accidentally lobbed at the president.



((Compiled by Nairobi Newsroom))

Reuters

Saudi Arabia sits on fence over BRICS with eye on vital ties with US

Heidelberg Materials beats Q1 expectations on strong Africa business

South African Markets – Factors to watch on May 8

South African rand slips before manufacturing data

African Markets – Factors to watch on May 8

Kenya’s 2025/26 budget proposals avoid new taxes after last year’s riots

South African rand slips after strong run

Ivory Coast raises projected cashew output as threatened tariffs hit exports

Ghana consumer inflation slows to 21.2% year on year in April

African Markets – Factors to watch on May 7

South African rand flat with global focus on US rate decision

South Africa’s Absa Group Chair Sello Moloko to step down in July

South Africa’s DA party challenges new racial equity law in court

South African rand steady as PMI hits neutral mark

Kenya’s central bank to hold next rate-setting meeting on June 10

US seeks to weaken global development finance efforts, UN document shows

African Markets – Factors to watch on May 6

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Reuters

Saudi Arabia sits on fence over BRICS with eye on vital ties with US

Heidelberg Materials beats Q1 expectations on strong Africa business

South African Markets – Factors to watch on May 8

South African rand slips before manufacturing data

African Markets – Factors to watch on May 8

Kenya’s 2025/26 budget proposals avoid new taxes after last year’s riots

South African rand slips after strong run

Ivory Coast raises projected cashew output as threatened tariffs hit exports

Ghana consumer inflation slows to 21.2% year on year in April

African Markets – Factors to watch on May 7

South African rand flat with global focus on US rate decision

South Africa’s Absa Group Chair Sello Moloko to step down in July

South Africa’s DA party challenges new racial equity law in court

South African rand steady as PMI hits neutral mark

Kenya’s central bank to hold next rate-setting meeting on June 10

US seeks to weaken global development finance efforts, UN document shows

African Markets – Factors to watch on May 6

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