<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="539" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_LQYVQFTJKJOBTAMUPSCIIBML5U-820x539.jpg" alt="" class="wp-image-556157" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_LQYVQFTJKJOBTAMUPSCIIBML5U-820x539.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_LQYVQFTJKJOBTAMUPSCIIBML5U-300x197.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_LQYVQFTJKJOBTAMUPSCIIBML5U-137x90.jpg 137w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_LQYVQFTJKJOBTAMUPSCIIBML5U-768x505.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_LQYVQFTJKJOBTAMUPSCIIBML5U-1536x1010.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_LQYVQFTJKJOBTAMUPSCIIBML5U-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A man holds a Ghanaian five cedi note in Accra July 3, 2007. REUTERS/Luc Gnago</figcaption></figure>



ACCRA, Nov 19 (Reuters)&nbsp;&#8211;&nbsp;Ghana is clamping down on private pension fund managers who want to invest in offshore assets on concerns it could worsen pressure on its cedi currency, three industry sources told Reuters.



After pension reforms in 2010, workers&#8217; retirement contributions in the world&#8217;s number two cocoa producer enjoyed strong growth, buoyed by a tiered scheme that allow private firms to manage some contributions.



Assets under management by the pension fund industry were 78.2 billion Ghanaian cedis ($4.93 billion) in June, of which over 73% were managed by 39 private fund management firms.



Ghana&#8217;s state-run pension fund handles tier one contributions towards employees&#8217; monthly retirement benefits, which are mandatory, while private firms manage tiers two and three &#8211; mandatory and voluntary contributions respectively &#8211; for lump-sum payment at or before retirement.



The majority of contributions are invested in Ghanaian assets, including Ghana government Eurobonds. However, private fund managers have been eager to explore offshore investment opportunities following the restructuring of 31 billion cedis of their holdings under a local debt rework.



Ghanaian laws permit private fund managers to invest up to 5% of total assets abroad, approximately 2.8 billion of current assets under management, though firms and authorities differ on the necessity of prior approval.



Some fund managers invested in offshore assets earlier this year, the sources, two in the private pension firms and one at the finance ministry said, but were stopped by the regulator, the national pensions regulatory authority (NPRA).



&#8220;They (NPRA) threatened to sanction us but we didn&#8217;t find any basis in law,&#8221; one of the source at a fund management company told Reuters.



&#8220;We have not exited but we can&#8217;t invest more (offshore). It&#8217;s a very strange development,&#8221; said the source who asked not to be named, adding that they had $5 million in offshore assets.



John Kwaning Mbroh, head of NPRA, told Reuters that &#8220;there&#8217;s no resistance&#8221; to investing pension assets offshore but the regulator needed approval from the government before signing off.



Mbroh said discussions were taking place to streamline the rules and clarify how to value offshore investments for contributors and fund managers, although he did not know when they would conclude.



<h2 class="wp-block-heading" id="h-protecting-liquidity">&#8216;PROTECTING LIQUIDITY&#8217;</h2>



Ghana is concluding a challenging debt-restructuring process under the G20&#8217;s Common Framework initiative, having defaulted on most of its $30 billion international debt in 2022.



Despite Ghana&#8217;s economic recovery, the cedi currency has depreciated 25% against the U.S. dollar year-to-date, having already fallen around 17% in 2023.



The source at the finance ministry, who also requested anonymity, said the ministry was concerned about the need to &#8220;balance the effects&#8221; of investing pension funds abroad on domestic liquidity and value appreciation to fund managers.



&#8220;The ministry won&#8217;t say &#8216;no&#8217; but it&#8217;s about how do we protect the economy, the liquidity,&#8221; the source said.



Private pension management firms in Ghana argue that authorities are overly cautious, pointing out that local mutual funds and African pension funds invest offshore without similar concerns.



They contend the current policy, given high inflation and cedi depreciation, limits value creation and mutes gains.



They also say it is contradictory to allow foreign pension funds to invest in Ghana&#8217;s market while preventing local funds from investing abroad.



&#8220;The world over, pension funds chase value but they want us to chase inflation,&#8221; an executive of one of the top five fund managers said, adding that investing 5% of their assets abroad doesn&#8217;t even move the needle.



($1 = 15.8800 Ghanian cedi)



(Reporting by Maxwell Akalaare Adombila; Editing by Bate Felix and Christina Fincher)

https___cloudfront-us-east-2.images.arcpublishing.com_reuters_LQYVQFTJKJOBTAMUPSCIIBML5U

Ghana blocks pension funds from offshore investment on currency concerns, sources say

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="425" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24.jpg" alt="" class="wp-image-498541" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24.jpg 720w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24-300x177.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24-152x90.jpg 152w" sizes="auto, (max-width: 720px) 100vw, 720px" /><figcaption class="wp-element-caption">Kenya shilling coins and notes are pictured inside a cashier&#8217;s booth at a forex exchange bureau in Kenya&#8217;s capital Nairobi, April 20, 2016. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



NAIROBI, Nov 19 (Reuters) &#8211; The Kenyan shilling was unchanged on Tuesday as dollar inflows from exports matched demand from the manufacturing sector, one trader said.



The shilling traded at 128.75/129.75 at 07:00 GMT, according to LSEG data, the same as Monday&#8217;s closing rate.



The East African currency depreciated slightly in the last week, after holding steady since early August, but should stay stable towards the end of the month as companies convert dollars into local currencies to make statutory payments, the trader said.



(Reporting by Sonia Rao; Editing by Hereward Holland)

ANCK25OQIFMHTJYACOM5XU5T24

Kenyan shilling steady as dollar supply meets manufacturing demand

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-820x547.jpg" alt="" class="wp-image-506008" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Ugandan shilling and US dollars in the draw at a foreign exchange currency bureau in Kampala, Uganda, on Wednesday, Aug. 16, 2023. Uganda&#8217;s central bank said it stands ready to act if the World Bank&#8217;s decision to halt new funding over the country&#8217;s passage of anti-LGBTQ legislation impacts the currency further. Photographer: Luke Dray/Bloomberg via Getty Images</figcaption></figure>



KAMPALA, Nov 19 (Reuters) &#8211; The Ugandan shilling was firmer on Tuesday, strengthened by foreign currency inflows from remittances and exports of commodities like coffee, traders said.



At 0719 GMT commercial banks quoted the shilling at 3,667/3,677, compared to Monday&#8217;s close of 3,674/3,684.



(Reporting by Elias Biryabarema; Editing by Hereward Holland)

Ugandan Economy Following Rate Cut

Ugandan shilling stronger on remittance, commodity FX inflows

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1.jpg" alt="" class="wp-image-524583" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



JOHANNESBURG, Nov 19 (Reuters)&nbsp;&#8211;&nbsp;The following economic event, equity and currency market moves may affect South African markets on Tuesday.



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



South African government&#8217;s weekly long-term bonds auction



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



South Africa&#8217;s rand jumped on Monday, as markets welcomed rating agency S&amp;P&#8217;s decision to raise the country&#8217;s credit rating outlook.



On the stock market, the Top-40 index closed 0.6% up.



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



Asian stocks rose on Tuesday while U.S. bond yields and the dollar hung back from multi-month highs as traders awaited President-elect Donald Trump&#8217;s cabinet selection and sought to gauge the outlook for Federal Reserve easing.



<h2 class="wp-block-heading" id="h-wall-street">WALL STREET</h2>



The Nasdaq and S&amp;P 500 closed higher on Monday, recovering some losses as investors anticipate quarterly earnings from AI leader Nvidia, and Tesla jumped on the prospect of favorable policy changes from the incoming Trump administration.



<h2 class="wp-block-heading" id="h-gold">GOLD</h2>



Gold prices climbed to a one-week high on Tuesday, buoyed by a softer U.S. dollar, while the market awaited comments from Federal Reserve officials for cues on the U.S. interest rate outlook.



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



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



<h2 class="wp-block-heading" id="h-business-day">BUSINESS DAY</h2>



&#8211; Ramaphosa says SA’s G20 presidency a chance to reform global governance



&#8211; Delay in electricity law raises concerns about reforms



(Compiled by Tannur Anders)

istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on Nov 19

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-820x547.jpg" alt="" class="wp-image-423556" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Illustration photo shows a two-rand coin above a South African flag April 12, 2017. REUTERS/Thomas White/Illustration</figcaption></figure>



JOHANNESBURG, Nov 19 (Reuters)&nbsp;&#8211;&nbsp;The South African rand slightly weakened in early trade on Tuesday as investors awaited a local inflation report and upcoming monetary policy decision.



At 0559 GMT, the rand traded at 17.9650 against the U.S. dollar, about 0.1% weaker than its previous close.



&#8220;It is a quiet day on the data front,&#8221; said Adam Phillips, treasury specialist at Umkhulu Treasury.



&#8220;Technically, the ZAR could come back to 17.80, but I think the moves today should be more measured, with some consolidation taking place,&#8221; Phillips said.



South Africa-focussed investors will eye October&#8217;s inflation print on Wednesday and the central bank&#8217;s monetary policy decision on Thursday.



The bank is expected to reduce the repo rate by 25 basis point, according to a Reuters poll of economists, after implementing a cut of the same magnitude at its September meeting.



South Africa&#8217;s benchmark 2030 government bond was flat in early deals, with the yield at 9.117%.



(Reporting by Tannur Anders; Editing by Sherry Jacob-Phillips)

Illustration photo of South African rand

South African rand softens as market awaits inflation print, rate decision

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="568" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/F6D7PI4SJVK4DG7HSVQSJ637XA-1-820x568.jpg" alt="" class="wp-image-469791" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/F6D7PI4SJVK4DG7HSVQSJ637XA-1-820x568.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/F6D7PI4SJVK4DG7HSVQSJ637XA-1-300x208.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/F6D7PI4SJVK4DG7HSVQSJ637XA-1-130x90.jpg 130w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/F6D7PI4SJVK4DG7HSVQSJ637XA-1-768x532.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/F6D7PI4SJVK4DG7HSVQSJ637XA-1-1536x1065.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/F6D7PI4SJVK4DG7HSVQSJ637XA-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A man walks past an MTN logo outside the company&#8217;s headquarters in Johannesburg, South Africa, March 13, 2023. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, Nov 18 (Reuters) &#8211; Africa&#8217;s biggest mobile operator MTN is exploring partnerships with low-Earth-orbit (LEO) satellite providers to bring internet connection to rural and remote customers in particular, Group CEO Ralph Mupita said on Monday.



Satellite-internet has become an alternative connectivity solution across Africa with the popularity of providers such as Starlink, operated by Elon Musk&#8217;s SpaceX.



LEO satellites provide high-speed internet even in areas where terrestrial telecommunications infrastructure such as fibre and mobile broadband is difficult and expensive to deploy.



&#8220;To keep customers and businesses connected at all times, we&#8217;re going to have to embrace satellite as an additional technology form,&#8221; Mupita said in a media call.



He said South Africa-based MTN was carrying out proof of concepts with a number of LEO satellite operators for possible partnerships.



&#8220;We are exploring several, and actually some of them we&#8217;re happy to be resellers through our enterprise business to some of our customers in specific countries,&#8221; Mupita said.



MTN is not alone in seeking out partnership agreements. Smaller rival Cell C is doing the same.



South Africa&#8217;s biggest operator Vodacom, majority owned by Britain&#8217;s Vodafone, announced a partnership with Amazon&#8217;s Project Kuiper LEO satellite last year.



&#8220;We&#8217;re very aware of the challenges of having to compete as a fixed and wireless operator with LEO satellites over time, so we&#8217;re arranging ourselves to be able to sure proof our businesses in our key markets,&#8221; Mupita said.



Starlink operates in several African countries but has faced regulatory challenges in others, including South Africa, and resistance from state telecoms companies.



South African regulator ICASA is currently working on the regulatory and licensing framework for satellite-internet providers to provide clear rules for operators.



&#8220;LEO operators should be treated the same as terrestrial operators such as ourselves, subjected to the same regulatory requirements whether it&#8217;s around data privacy, data transport, localization and access to spectrum,&#8221; Mupita said.



&#8220;Our ask is that there just be a level playing ground.&#8221;



(Reporting by Nqobile Dludla; Editing by Joe Bavier and Mark Potter)

FILE PHOTO: MTN downgrades medium-term margin target for South Africa on power outages

South Africa’s MTN exploring partnerships with satellite-internet providers

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3334" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/YVDA4CPNEBJLPBBXUIV6MNSDKQ.avif" alt="" class="wp-image-555754"/><figcaption class="wp-element-caption">Community members watch as Senzo Mchunu, South African police minister, inspects outside the mineshaft where it is estimated that hundreds of illegal miners are believed to be hiding underground, after police cut off food and water as part of police operations against illegal miners, in Stilfontein, South Africa, November 15, 2024. REUTERS/Ihsaan Haffejee</figcaption></figure>



JOHANNESBURG, Nov 18 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s President Cyril Ramaphosa said on Monday lives should not be put at risk in a standoff between police and hundreds of illegal miners stuck underground in a disused mine shaft and the miners should be recovered safely.



The police have blocked miners&#8217; supplies of food and water to force them out and arrest them for illegally entering the abandoned mine in North West province in search of leftover gold &#8211; an issue that has plagued South Africa for decades.



More than 1,000 illegal miners have resurfaced in recent weeks but police said last week that hundreds could still be underground. Local residents and human rights groups have criticized authorities for blocking their supplies.



In a weekly newsletter, Ramaphosa said the situation was precarious and could potentially turn volatile.



&#8220;The Stilfontein mine is a crime scene where the offence of illegal mining is being committed. It is standard police practice everywhere to secure a crime scene and to block off escape routes that enable criminals to evade arrest,&#8221; he said.



Ramaphosa urged the police to respect the miners&#8217; rights and not put their lives at risk and said his government would work with the mining industry on the issue of illegal mining.



&#8220;The police will carry out their duties and responsibilities to bring the illegal miners to the surface safely,&#8221; he said.



Illegal mining has thrived in South Africa through small-time pilfering and organised criminal networks, costing the economy billions of rands in lost income and royalties.



It was unclear if those still in the mine were unwilling or unable to get out. Public broadcaster SABC said that volunteers had brought 12 miners to the surface since last Wednesday.



(Reporting by Bhargav Acharya; Editing by Nellie Peyton and Ros Russell)

YVDA4CPNEBJLPBBXUIV6MNSDKQ

South Africa’s Ramaphosa calls for safe recovery of illegal miners stuck underground

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3426" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/BTRQXB5RABIYHGXVOZJLIBY25A.avif" alt="" class="wp-image-555721"/><figcaption class="wp-element-caption">Workers are seen at a branch of South Africa&#8217;s mobile operator, Telkom, in Johannesburg, South Africa, November 21,2023. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, Nov 18 (Reuters) &#8211; South Africa&#8217;s Telkom has suspended plans to sell part of its fibre business, CEO Serame Taukobong said on Monday, as the fixed broadband service helped drive the company&#8217;s half-year income.



Shares in Telkom, majority-owned by the government, were up 5.48% at 1327 GMT, after it reported that half-year adjusted headline earnings per share grew by 57.5%.



This was after excluding 160 million rand ($8.85 million) restructuring costs and a 618 million rand cost of switching its Telkom Retirement Fund from a defined benefit to a defined contribution funding arrangement.



Telkom &#8211; which owns a big chunk of the fast growing home and business fibre market &#8211; last year wanted to list the business separately or sell a minority stake in it to unlock more value but now wants to keep it.



&#8220;We have suspended any discussions or investigations into partnerships for Openserve,&#8221; Taukobong said during a results call. &#8220;We stayed very firm on our decisions as an infrastructure company and I think you&#8217;re seeing the results there.&#8221;



He added that Openserve would remain a core and critical part of the group&#8217;s strategy.



Telkom has been investing in migrating customers away from copper-based technology to faster and &#8220;next-generation network&#8221; (NGN) offerings such as fibre and long-term evolution &#8211; a 4G wireless standard &#8211; as customers seek faster internet services for richer content.



NGN revenue now contributes 80.9% to operating revenue, up from 74.4% in the previous period, offsetting the impact of the group&#8217;s decision to ditch legacy services.



($1 = 18.1434 rand)



(Reporting by Sfundo Parakozov; Editing by Nelson Banya and Emelia Sithole-Matarise)

BTRQXB5RABIYHGXVOZJLIBY25A

South Africa’s Telkom rethinks sale of fibre unit stake

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1.jpg" alt="" class="wp-image-524600" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



JOHANNESBURG, Nov 18 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, company announcements, equity and currency market moves may affect South African markets on Monday.



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



Foreigners&#8217; trading in South African bonds and equities



South African Treasury bill auction



<h2 class="wp-block-heading" id="h-companies">COMPANIES</h2>



S.Africa&#8217;s top poultry firm Astral expects rate cut boost



Mobile operator Telkom reports half year results



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



The South African rand gained on Friday as the U.S. dollar slipped, but analysts said pressure could soon build again as bets on U.S. President-elect Donald Trump&#8217;s policies remain a key market driver.



On the Johannesburg stock market, the blue-chip Top-40 index was up about 0.1%.



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



Global stocks began the week on firmer footing ahead of a highly anticipated earnings release from Nvidia, while in Japan, a speech from its central bank&#8217;s head left markets none the wiser on the country&#8217;s rate outlook.



<h2 class="wp-block-heading" id="h-wall-street">WALL STREET</h2>



Wall Street&#8217;s main indexes closed lower on Friday, with the S&amp;P 500 and Nasdaq notching their biggest one-day losses in two weeks, on concerns about slower interest-rate cuts and as investors reacted to cabinet picks by U.S. President-elect Donald Trump.



<h2 class="wp-block-heading" id="h-gold">GOLD</h2>



Gold prices rose more than 1% on Monday after last week&#8217;s sharp declines, as a rally in the dollar paused, while market players awaited comments from Federal Reserve officials this week for more clues on the U.S. interest rate path.



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



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



<h2 class="wp-block-heading" id="h-business-day">BUSINESS DAY</h2>



&#8211; Delay in electricity law raises concerns about reforms



&#8211; Treasury welcomes surprise S&amp;P decision to raise SA credit rating outlook



<h2 class="wp-block-heading" id="h-fin-24">FIN 24</h2>



&#8211; Cheap money, costly mistakes: Inside the GEPF&#8217;s controversial 6.5 billion rand impairments



(Compiled by Bhargav Acharya)

South African Markets – Factors to watch on Nov 18

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="537" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/AJ75STV5GFI2VAY6ECK3RA5YKM-820x537.jpg" alt="" class="wp-image-423609" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/AJ75STV5GFI2VAY6ECK3RA5YKM-820x537.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/AJ75STV5GFI2VAY6ECK3RA5YKM-300x196.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/AJ75STV5GFI2VAY6ECK3RA5YKM-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/AJ75STV5GFI2VAY6ECK3RA5YKM-768x503.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/AJ75STV5GFI2VAY6ECK3RA5YKM-1536x1005.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/AJ75STV5GFI2VAY6ECK3RA5YKM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">South African Rand coins are seen in this photo illustration taken September 9, 2015. REUTERS/Mike Hutchings</figcaption></figure>



JOHANNESBURG, Nov 18 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand gained on Monday, as markets welcomed rating agency S&amp;P&#8217;s decision to raise the country&#8217;s credit rating outlook.



At 0747 GMT, the rand traded at 18.12 against the dollar, 0.52% stronger than its previous close.



S&amp;P revised South Africa&#8217;s outlook to &#8220;positive&#8221; from &#8220;stable&#8221; on Friday, citing plans for accelerated economic reforms by the new coalition government and a pickup in private investments.



&#8220;The credit outlook boost may incentivise continued reforms and efforts by the government to solidify these gains, such as improvements in governance and infrastructure investments,&#8221; said Andre Cilliers, currency strategist at TreasuryONE.



Local investor focus this week will be on October inflation figures and an interest rate decision by the South African Reserve Bank (SARB).



The SARB is expected to cut rates by 25 basis points on Thursday.



&#8220;While a rate cut would align with easing global monetary policies, the SARB is likely to maintain a cautious approach to ensure currency stability and control inflation expectations amid recent ZAR volatility,&#8221; Cilliers added.



On the stock market, the Top-40 index was up 0.5%.



South Africa&#8217;s benchmark 2030 government bond was stronger in early deals, with the yield down 5.5 basis points to 9.095%.



(Reporting by Bhargav Acharya; Editing by Mrigank Dhaniwala)

South African Rand coins are seen in this photo illustration

South African rand firms on S&P outlook upgrade

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/HG6EHCDQEBPQXLK6KJZYFZJP4U-820x547.jpg" alt="" class="wp-image-555669" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/HG6EHCDQEBPQXLK6KJZYFZJP4U-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/HG6EHCDQEBPQXLK6KJZYFZJP4U-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/HG6EHCDQEBPQXLK6KJZYFZJP4U-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/HG6EHCDQEBPQXLK6KJZYFZJP4U-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/HG6EHCDQEBPQXLK6KJZYFZJP4U-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/HG6EHCDQEBPQXLK6KJZYFZJP4U-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A man prepares to cast his vote during the early legislative election, at a polling station in Parcelle, suburb of Dakar, Senegal, November 17, 2024. REUTERS/Zohra Bensemra</figcaption></figure>



DAKAR, Nov 18 (Reuters) &#8211; A likely absolute majority for President Bassirou Diomaye Faye&#8217;s Pastef party in Senegal&#8217;s legislative election would empower him to pursue his ambitious 25-year agenda, though his first challenge will be coming up with a budget amid a fiscal crisis.



Faye sought a clear parliamentary majority in Sunday&#8217;s vote to implement the reform agenda that helped sweep him to power in a landslide election victory in March.



But analysts say creating a budget catering both to his voters&#8217; needs and to the International Monetary Fund (IMF), with which his government is currently in talks, will be challenging.



Former president Macky Sall, who headed an opposition coalition, on Monday congratulated Pastef on its win. Former prime minister Amadou Ba, who ran against Faye in the presidential election, also conceded defeat, as did other opposition leaders.



Senegal&#8217;s sovereign debt rose in price on Monday, Tradeweb data showed, while most other African nations&#8217; bonds lost ground. The yield on its 2033 dollar bond was down about 10 basis points by 1145 GMT at 9.28%.



&#8220;If confirmed by the electoral bodies, Pastef&#8217;s victory could give a free hand in passing budgets and implementing its programmatic reforms,&#8221; said Wendyam Lankoande, a consultant at Africa Practice.



But, he noted, voters are &#8220;looking for quick solutions to unemployment, rising cost of living, and limited reach of public services in remote rural areas in the hinterland&#8221;.



In September, a government audit revealed that Senegal&#8217;s debt and budget deficit were much wider than the previous administration had reported. A $1.9 billion IMF programme agreed in June 2023 has been on hold since.



Negotiations with the IMF to restart disbursements could last until mid-2025.



&#8220;We see Pastef&#8217;s majority as a positive development as it clears the path for President Faye and (Prime Minister Ousmane) Sonko to begin work on a budget for 2025 that aligns broadly with IMF requirements,&#8221; said Leeuwner Esterhuysen, senior economist at Oxford Economics Africa.



&#8220;That said, some of these requirements won&#8217;t necessarily go down well with Senegalese citizens.&#8221;



He said the Fund was likely to show some leniency, as it appears to have good relations with the new administration.



&#8220;We think the government may be able to delay the implementation of harsh measures such as removing VAT exemptions on farming inputs or increasing household electricity prices, while energy subsidies will be phased out gradually to limit the impact on consumers,&#8221; Esterhuysen said.



(Additional reporting by Libby George; Editing by Kevin Liffey)

Senegal holds early legislative election

Senegal’s president faces budget challenge after likely parliamentary win

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1920" height="1245" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/2J47EZ5UQBJOFPUZZQP3HAKCPE.avif" alt="" class="wp-image-554692"/><figcaption class="wp-element-caption">Protesters run from police during a &#8220;national shutdown&#8221; against the election outcome, at Luis Cabral township in Maputo, Mozambique, November 7. REUTERS/Siphiwe Sibeko</figcaption></figure>



MAPUTO, Nov 15 (Thomson Reuters Foundation)&nbsp;&#8211;&nbsp;Uber driver Rofino Fiel said the post-election protests that have convulsed Mozambique for weeks have been disastrous not only because of the running battles on the streets of Maputo &#8211; internet shutdowns are bleeding his business dry.



Like many working in small and medium-sized businesses, often in the informal sector, successive blackouts have cost him dear and there is little relief in sight as the protests over allegations of vote-rigging look set to continue.



&#8220;This is too much. We are having a very negative experience and per week it costs us a loss of 8,000 meticais ($126),&#8221; the 25-year-old told the Thomson Reuters Foundation.



&#8220;Our activity has come to a complete halt.&#8221;



Protests have escalated since election authorities said the Frelimo party had won the Oct. 9 vote with a landslide victory, extending its 49-year rule. More than 56% of Mozambique&#8217;s 17 million eligible voters abstained.



The results have been widely disputed, fuelling clashes between the police and protesters which rights groups and local hospitals say have killed at least 30 people. Many young people supported independent candidate Venancio Mondlane, who says the vote was rigged and has encouraged demonstrations.



Amnesty International has condemned the government&#8217;s &#8220;violent and widespread crackdown on human rights&#8221;, saying it is the worst suppression of protests in the country in years.



Civil society groups and international observers said the vote did not meet democratic standards, and the Constitutional Council has requested clarification from the electoral commission on discrepancies in the vote count.



Digital rights groups say that there have been at least five mobile internet shutdowns since Oct. 25, alongside social media shutdowns lasting several hours.



According to the constitution, the government can force mobile phone operators to shut down internet services in cases of national emergency but the government has not declared the current unrest a national emergency.



The #KeepItOn coalition, a global network of over 334 human rights organisations working to end internet shutdowns, urged Mozambique&#8217;s authorities to end the increasing use of shutdowns.



&#8220;Mozambican authorities&#8217; regular practice of shutting down the internet around elections and in times of political unrest must not be allowed to continue,&#8221; the coalition said in a statement on Nov. 7.



Mateus Magala, minister of transport and communications, said the recurrent internet restrictions were aimed at preventing the destruction of the country.



&#8220;When we see violations that jeopardise the integrity of all Mozambicans in the nation we have to act as such, so that our means of communication are not used for the destruction of the country,&#8221; he said on Sunday.



For Edson Chiado, who manages a real estate business in the centre of Maputo, the shutdowns are hurting his livelihood.



&#8220;I need the internet to work and make sales and, as it is, many things are at a standstill,&#8221; said the 34-year-old,&nbsp;who has worked in the property sector for 10 years.



&#8220;You always have to separate the internet, which is key to our economic life, from political matters.&#8221;



LOST CLIENTS



The shutdowns have affected a wide range of professionals from financial market operators, or traders, to website programmers, who generally work remotely.



A trader who asked to remain anonymous due to safety concerns said the internet outages had cost him as much as $100 dollars a day in recent weeks.



Americo Marime, owner of a tech start-up that does network analysis, management systems programming, and web page monitoring, said there were days when he was unable to meet deadlines and ended up losing some clients.



He said some of the web pages he monitors also suffered routine failures and he was unable to fix them.



&#8220;Even clients, some of whom are outside Mozambique, couldn&#8217;t contact me to report the problem &#8230; So, in short, the internet blockage stopped programmers&#8217; work,&#8221; said Marime.



Some people have tried to use Virtual Private Networks (VPN) or free WiFi to keep their businesses going but connection was very slow and there are only three places in Maputo where free WiFi is available.



Celio Lazaro, an activist who works on social justice and economic inclusion, said mobile phone operators should be held criminally responsible &#8220;for contributing to the limitation of citizens&#8217; rights&#8221;, as well as jeopardising the livelihoods of those who depend on the internet to work.



The country&#8217;s three mobile phone operators &#8211; South Africa&#8217;s Vodacom, and Mozambique&#8217;s Tmcel and Movitel &#8211; have sent messages to users saying the outages were beyond their control. When contacted by the Thomson Reuters Foundation, Vodacom and Movitel declined to comment while Tmcel did not immediately reply to a request for a comment.



&#8220;This (the blocking of the internet) is not helping to end the protests, but rather is intensifying popular dissatisfaction,&#8221; Lazaro told journalists on Monday during a press conference in Beira, in central Mozambique.



Even as internet services are gradually being restored, Mondlane has called for a new round of demonstrations across the country, meaning there could be more economic pain in a country where around 65% of the population live in poverty.



The president of the Confederation of Economic Associations of Mozambique, Agostinho Vuma, said he was aware of the negative impact that the internet shutdowns were having on small businesses.



&#8220;There&#8217;s nothing we can do about it, but the situation does affect us,&#8221; he said.



($1 = 63.2700 meticais)



(Reporting by Samuel Come; Editing by Clar Ni Chonghaile and Ana Nicolaci da Costa.&nbsp;

2J47EZ5UQBJOFPUZZQP3HAKCPE

Internet cuts after Mozambique’s disputed vote hit businesses

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="537" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/AJ75STV5GFI2VAY6ECK3RA5YKM-820x537.jpg" alt="" class="wp-image-554687" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/AJ75STV5GFI2VAY6ECK3RA5YKM-820x537.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/AJ75STV5GFI2VAY6ECK3RA5YKM-300x196.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/AJ75STV5GFI2VAY6ECK3RA5YKM-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/AJ75STV5GFI2VAY6ECK3RA5YKM-768x503.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/AJ75STV5GFI2VAY6ECK3RA5YKM-1536x1005.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/AJ75STV5GFI2VAY6ECK3RA5YKM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">South African Rand coins are seen in this photo illustration taken September 9, 2015. REUTERS/Mike Hutchings</figcaption></figure>



JOHANNESBURG, Nov 15 (Reuters)&nbsp;&#8211;&nbsp;The South African rand gained on Friday as the U.S. dollar slipped, but analysts said pressure could soon build again as bets on U.S. President-elect Donald Trump&#8217;s policies remain a key market driver.



At 1331 GMT, the rand traded at 18.1450 against the dollar&nbsp;ZAR=D3, about 0.6% stronger than its previous close.



&#8220;The rand is seeing a boost today as the U.S. dollar rally pauses. Profit-taking before the weekend might be influencing this, but it&#8217;s likely temporary,&#8221; said Zain Vawda, market analyst at MarketPulse by OANDA.



The rand endured five consecutive sessions of losses until Friday, losing about 5% against the dollar, as the U.S. currency surged following Trump&#8217;s election victory.



Global markets remain focused on the impact of Trump&#8217;s win, with the dominant view that after he takes office in January his policies could stoke U.S. inflation, meaning fewer Federal Reserve interest rate cuts.



Locally, investors will look to S&amp;P Global&#8217;s scheduled review of South Africa&#8217;s sovereign credit rating on Friday.



Analysts expect Africa&#8217;s most industrialised economy to remain three notches into sub-investment grade at &#8216;BB-&#8216;, with a stable outlook.



&#8220;An upgrade is unlikely. As things stand, risk remains skewed toward further rand weakness,&#8221; Vawda added.



Next week, South Africa-focused investors will look to October&#8217;s inflation print&nbsp;ZACPIY=ECI&nbsp;on Wednesday and the South African Reserve Bank&#8217;s monetary policy decision&nbsp;ZAREPO=ECI&nbsp;a day later.



The central bank is expected to cut the repo rate by 25 basis points, the same size of cut as in September, according to a Reuters poll of economists published on Friday.



On the Johannesburg stock market, the blue-chip Top-40 index&nbsp;.JTOPI&nbsp;was up about 0.1%.



South Africa&#8217;s benchmark 2030 government bond&nbsp;ZAR2030=&nbsp;was flat, with the yield at 9.135%.



(Reporting by Tannur Anders; Editing by Alexander Winning and Mark Potter)

AJ75STV5GFI2VAY6ECK3RA5YKM

South African rand firms as dollar rally cools; S&P review due

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="448" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/7F4RVUNBANMQVOB43MHCRSGWA4.avif" alt="" class="wp-image-554652"/><figcaption class="wp-element-caption">A climate activist holds a placard as people call for climate justice resistance against oil and gas corporations and to end fossil fuels outside the Cape Town International Convention Centre during the Southern Africa Oil and Gas Conference in Cape Town, South Africa , September 13, 2023. REUTERS/Esa Alexander/File Photo</figcaption></figure>



JOHANNESBURG, Nov 15 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s revised carbon tax aims to balance the rival demands of climate activists and polluters by lowering tax-free allowances while letting companies make greater use of offsets, the Treasury&#8217;s acting tax chief said on Friday.



The changes, to come into effect in 2026, will help South Africa meet climate commitments but give &#8216;hard-to-abate&#8217; sectors more flexibility, said Chris Axelson, Acting Head of Tax and Financial Sector Policy at the Treasury.



South Africa is one of the world&#8217;s top 15 greenhouse gas emitters and the only country in Africa with a carbon tax.



&#8220;It definitely is a change to the previous structure (in which)…the offsets were quite a small percentage,&#8221; Axelson told Reuters in a videocall interview.



At COP29 talks in Azerbaijan, developing countries pressured their richer counterparts for up to $1 trillion in climate finance to help nations historically least responsible for the crisis to shift to greener energy and adapt.



A Treasury policy paper released on Wednesday shows the offset allowance for combustion emissions going up to 25%, from 10%, after 2026. But this is counterbalanced by slashing tax-free allowances from 60% currently to half in 2026, and by a further 2.5 percentage points annually until 2030.



South Africa enacted its carbon tax in May 2019 after nearly a decade of shelving it over objections from mining companies, steelmakers and state-owned power utility, Eskom. Since then, industry has complained the tax is too onerous while climate activists decry it as too generous.



&#8220;We&#8217;re in a place where they&#8217;re all shouting at us,&#8221; Axelson said. &#8220;We&#8217;re trying to find that balance &#8230; We don&#8217;t want one side to say, &#8216;well, you&#8217;re hurting us too much&#8217; and the other side to say, &#8216;well, you aren&#8217;t doing enough&#8217;.&#8221;



The proposal also replaces a 3.5 cent per kilowatt levy on non-renewable power with the carbon tax, which Axelson said would encourage Eskom &#8211; whose overreliance on coal has made South Africa a bigger emitter than Britain or France &#8211; to use renewables but &#8220;but without the potential of passing on costs to the consumers.&#8221;



(Reporting by Tim Cocks; Editing by Christina Fincher)

7F4RVUNBANMQVOB43MHCRSGWA4

South Africa’s revised carbon tax to be harsher but with more offsets, Treasury says

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="427" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/O7N4FNTV2RJ2TCKFQSD3UV3FBQ.avif" alt="" class="wp-image-554613"/><figcaption class="wp-element-caption">The Orano logo is seen on a jacket of an employee on the construction site of the third-generation European Pressurised Water nuclear reactor (EPR) in Flamanville, France, June 14, 2022. REUTERS/Sarah Meyssonnier/File Photo</figcaption></figure>



PARIS, Nov 15 (Reuters)&nbsp;&#8211;&nbsp;French nuclear fuels company Orano warned on Friday of a &#8220;deteriorating financial situation&#8221; at its Somair uranium plant in Niger, as the West African nation increasingly looks to new partners such as Russia in its mining sector.



Niger is one of the world&#8217;s leading producers of uranium, the most widely used fuel for nuclear energy, with France&#8217;s Orano a major player in the sector.



However, the business climate for international companies in the country has become uncertain after a military coup last year.



Orano said in October it had been forced to suspend production at the Somair mine in the north of Niger following last year&#8217;s closure of the main export corridor.



In its statement on Friday it said the Somair board had sought a temporary halt on mining and ore processing expenditures to preserve cash to pay salaries.



Orano owns more than 60% of the Somair mine, while Niger&#8217;s state-owned Sopamin holds the rest.



&#8220;What is being announced is in no way a cessation of operations or closing of the site, but merely the decision to place a stop on all non-essential expenditure in the current configuration,&#8221; said Orano.



It added that recent comments made by Niger&#8217;s mining minister were &#8220;damaging&#8221;.



Speaking to Russian media RIA on Wednesday, Niger&#8217;s Minister of Mines Colonel Abarchi Ousmane questioned the future of French companies in the sector.



&#8220;The French state, through its head of state, has declared that it does not recognise the current authorities in Niger. Does it seem possible to you that we, the state of Niger, would allow French companies to continue extracting our natural resources?&#8221; said Ousmane.



The minister also told RT media in a separate interview earlier this week that Sopamin had not agreed with Orano&#8217;s decision to suspend production, and that production at Somair was &#8220;ongoing&#8221;.



Ousmane added that the junta would like to see increased cooperation with Russia in the uranium sector.



France&#8217;s influence in the country is fading after Paris withdrew the last of its troops late last year.



In June, Orano said Niger had removed a mining permit for its Imouraren project.



(Reporting by Sudip Kar-Gupta, Dominique Patton and Bate Felix; Editing by Jan Harvey and David Evans)

O7N4FNTV2RJ2TCKFQSD3UV3FBQ

France’s Orano warns of financial problems at Niger uranium plant

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="427" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/BIVKA6GHCZOQ5JES7QGJOKH65I.avif" alt="" class="wp-image-554610"/><figcaption class="wp-element-caption">Undated handout picture of a Bavarian Nordic research team member holding a test tube obtained by Reuters on August 16, 2024. Bavarian Nordic/Mikkel Inumineq/Handout via REUTERS/File Photo</figcaption></figure>



COPENHAGEN, Nov 15 (Reuters) &#8211; Vaccine maker Bavarian Nordic BAVA.COexpects the incoming Trump administration to boost biodefence funding despite the nomination of Robert F. Kennedy Jr., a vaccine sceptic, as health secretary, the company&#8217;s CEO said on Friday.



Shares in European vaccine makers fell on Friday after U.S. President-elect Donald Trump selected Kennedy, who has previously spread misinformation on vaccines, to lead the top health agency.



&#8220;Vaccine scepticism was part of Trump&#8217;s first administration,&#8221; Bavarian Nordic CEO Paul Chaplin told Reuters in an interview.



&#8220;When I look back at his first administration, it was some of the most successful years in terms of the public preparedness business with the U.S. government,&#8221; he said.



Biodefence is preparing for and responding to potential biological threats, from pandemics to potential biological warfare.



&#8220;The only thing I&#8217;ve ever seen with a Republican administration is that the biodefence business and funding goes up,&#8221; said Chaplin.



Bavarian Nordic is providing the U.S. government with a freeze-dried variant of its smallpox vaccine as part of America&#8217;s smallpox preparedness strategy. Its current contract with the U.S. government expires in 2027, Chaplin said.



The company&#8217;s smallpox vaccine is also approved for mpox in certain countries.



Chaplin said he is a bit more concerned how Kennedy will impact the spread of vaccine scepticism and sales for general vaccine programs, which include an anti-rabies treatment.



&#8220;It doesn&#8217;t help when you&#8217;ve got a health secretary who&#8217;s sceptical of vaccines in convincing the public to take vaccines,&#8221; Chaplin said.



Shares in Bavarian fell more than 16%, hurt by third-quarter results. Analysts at Sydbank and Kempen told Reuters that the nomination of Kennedy also weighed on the stock.



(Reporting by Jacob Gronholt-Pedersen; Editing by Stine Jacobsen and Angus MacSwan)

BIVKA6GHCZOQ5JES7QGJOKH65I

US expected to increase biodefence spending under Trump, says vaccine maker Bavarian Nordic

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="427" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/7KVHJR6UA5PHZGXNL4DBLFNXXE.avif" alt="" class="wp-image-554607"/><figcaption class="wp-element-caption">People buy and sell vegetables at Mile 12 International Market in Lagos, Nigeria May 13, 2022. REUTERS/Temilade Adelaja/File photo</figcaption></figure>



ABUJA, Nov 15 (Reuters) &#8211; Nigeria&#8217;s inflation rate rose for the second straight month in October, advancing to 33.88% in annual terms NGCPIY=ECI from 32.70% in September mainly due to higher food prices, official data showed on Friday.



Inflation quickened sharply in the second half of last year after President Bola Tinubu devalued the country&#8217;s naira currency&nbsp;NGN=D1&nbsp;and cut subsidies to try to lift economic growth and shore up public finances.



It started to ease in July this year as the impact of the naira devaluation began to fade, but a series of petrol price increases and severe flooding that has wiped out crops again spurred price pressures, exacerbating the worst cost-of-living crisis in decades in Africa&#8217;s most populous nation.



A report by the National Bureau of Statistics said food inflation reached 39.16% year-on-year in October from 37.77% the previous month&nbsp;NGFINF=ECI, caused by price rises for staples such as rice, maize, bread, potatoes and cooking oil.



Torrential rain and floods in 29 of Nigeria&#8217;s 36 states this year have destroyed more than 1.5 million hectares of cropland, making millions go hungry and causing mass displacement.



The central bank has hiked interest rates five times this year to try to get inflation under control. It is due to announce its final rate decision&nbsp;NGCBIR=ECI&nbsp;of the year on Nov. 26.



(Reporting by Chijioke Ohuocha; Additional reporting by Mohd Edrees in Bengaluru; Editing by Alexander Winning)

Reuters

Ghana blocks pension funds from offshore investment on currency concerns, sources say

Kenyan shilling steady as dollar supply meets manufacturing demand

Ugandan shilling stronger on remittance, commodity FX inflows

South African Markets – Factors to watch on Nov 19

South African rand softens as market awaits inflation print, rate decision

South Africa’s MTN exploring partnerships with satellite-internet providers

South Africa’s Ramaphosa calls for safe recovery of illegal miners stuck underground

South Africa’s Telkom rethinks sale of fibre unit stake

South African Markets – Factors to watch on Nov 18

South African rand firms on S&P outlook upgrade

Senegal’s president faces budget challenge after likely parliamentary win

Internet cuts after Mozambique’s disputed vote hit businesses

South African rand firms as dollar rally cools; S&P review due

South Africa’s revised carbon tax to be harsher but with more offsets, Treasury says

France’s Orano warns of financial problems at Niger uranium plant

US expected to increase biodefence spending under Trump, says vaccine maker Bavarian Nordic

Nigeria inflation rises for second month, spurred by food

News Tips

Advertise With Us

Reuters

Ghana blocks pension funds from offshore investment on currency concerns, sources say

Kenyan shilling steady as dollar supply meets manufacturing demand

Ugandan shilling stronger on remittance, commodity FX inflows

South African Markets – Factors to watch on Nov 19

South African rand softens as market awaits inflation print, rate decision

South Africa’s MTN exploring partnerships with satellite-internet providers

South Africa’s Ramaphosa calls for safe recovery of illegal miners stuck underground

South Africa’s Telkom rethinks sale of fibre unit stake

South African Markets – Factors to watch on Nov 18

South African rand firms on S&P outlook upgrade

Senegal’s president faces budget challenge after likely parliamentary win

Internet cuts after Mozambique’s disputed vote hit businesses

South African rand firms as dollar rally cools; S&P review due

South Africa’s revised carbon tax to be harsher but with more offsets, Treasury says

France’s Orano warns of financial problems at Niger uranium plant

US expected to increase biodefence spending under Trump, says vaccine maker Bavarian Nordic

Nigeria inflation rises for second month, spurred by food

News Tips

Advertise With Us

Newsletters