<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/ADDMXWU7SBNXBLLKVIVC7QKI2I-820x547.jpg" alt="" class="wp-image-550050" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/ADDMXWU7SBNXBLLKVIVC7QKI2I-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/ADDMXWU7SBNXBLLKVIVC7QKI2I-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/ADDMXWU7SBNXBLLKVIVC7QKI2I-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/ADDMXWU7SBNXBLLKVIVC7QKI2I-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/ADDMXWU7SBNXBLLKVIVC7QKI2I-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/ADDMXWU7SBNXBLLKVIVC7QKI2I-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Botswana opposition leader Duma Boko smiles, after his party UDC won the general election, outside his home in Gaborone, Botswana November 1, 2024 REUTERS/Thalefang Charles</figcaption></figure>



GABORONE, Nov 1 (Reuters) &#8211; Botswana&#8217;s new president, Duma Boko, said on Friday he wanted to conclude talks for a new sales pact with global diamonds giant De Beers as soon as possible.



De Beers, a unit of mining company Anglo American&nbsp;AAL.L, last year agreed a new diamond sales pact, which would see the government&#8217;s share of diamonds from the Debswana joint venture gradually increase to 50% over the next decade. Debswana Diamond Company, equally owned by Botswana and De Beers, currently sells 75% of its output to De Beers.



Although the Botswana government and the country&#8217;s outgoing president, Mokgweetsi Masisi, touted the merits of the deal, it has yet to be signed.



Boko, who took office on Friday after an election that dealt a stinging defeat to Masisi&#8217;s party, said De Beers had been &#8220;considering walking away, not signing at all &#8230; (a) very dangerous position to be in as a country.&#8221;



&#8220;The relationship with De Beers could have been damaged by the way the negotiations were handled,&#8221; he said in a televised statement. &#8220;The first thing that needs to be done is to engage the other party.&#8221;



Boko added that his new administration wants to engage with De Beers to understand its concerns.



&#8220;A proper negotiation involves compromise, where you get a bit of what you wanted, the other person gets a bit,&#8221; he said. &#8220;Then &#8230; you have a durable, sustainable agreement.&#8221;



In an emailed comment, a De Beers spokesperson said: &#8220;We will continue to work with Botswana&#8217;s Government in support of shared objectives, as we always have.&#8221;



Anglo American is looking to divest De Beers as part of a broader restructuring of its sprawling business. Masisi had said in July the Botswana government may raise its shareholding in De Beers from its current 15%.



Anglo American&#8217;s process could become easier now that the election in Botswana has been concluded, diamond mining industry analyst Paul Zimnisky said.



&#8220;Diamonds by far represent the most important industry for Botswana, so this has to be one of the front and centre issues for the (new) president,&#8221; Zimnisky said. &#8220;I would expect to see progress on this front now.&#8221;



Like other luxury goods, diamond prices have been hammered by a slump in global demand. Sales of rough diamonds at Debswana fell about 52% in the first nine months of 2024, according to data released by Botswana&#8217;s central bank on Tuesday.



(Reporting by Brian Benza in Gaborone, Felix Njini in Johannesburg, Clara Denina in LondonEditing by Mark Potter, Ros Russell and Frances Kerry)

Botswana opposition leader Duma Boko

Botswana’s new president aims to clinch De Beers diamond sales pact soon

<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/M7TCAQPVXRPFFGPEYDQ3ZMQKT4-820x547.jpg" alt="" class="wp-image-548965" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/M7TCAQPVXRPFFGPEYDQ3ZMQKT4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/M7TCAQPVXRPFFGPEYDQ3ZMQKT4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/M7TCAQPVXRPFFGPEYDQ3ZMQKT4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/M7TCAQPVXRPFFGPEYDQ3ZMQKT4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/M7TCAQPVXRPFFGPEYDQ3ZMQKT4-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/M7TCAQPVXRPFFGPEYDQ3ZMQKT4-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">People wait to cast their votes in the 2024 general elections in Morwa village near Gaborone, Botswana October 30, 2024. REUTERS/Thalefang Charles</figcaption></figure>



GABORONE, Nov 1 (Reuters) &#8211; Botswana&#8217;s voters delivered a shock defeat to the party that has ruled them for nearly six decades, registering their anger over economic stagnation linked to a decline in the diamond trade by handing victory to opposition presidential candidate Duma Boko.



The 54-year-old, of the Umbrella for Democratic Change (UDC) coalition, will replace President Mokgweetsi Masisi, who on Friday conceded defeat after his Botswana Democratic Party (BDP) lost by a landslide for the first time in 58 years.



&#8220;From tomorrow&#8230; I will start the process of handover,&#8221; Masisi said in an audio clip of his phone call to Boko, which the outgoing leader posted on social media, signalling a smooth power transition.



&#8220;You can count on me to always be there to provide whatever guidance you might want &#8230; We will retreat to being a loyal opposition.&#8221;



Boko has yet to speak publicly on the outcome. Chief Justice Terence Rannowane officially declared him the victor: &#8220;I have the honour and privilege to declare him as elected president of Botswana. I congratulate you profoundly for the confidence that the people have shown in you.&#8221;



Analysts blamed mounting economic grievances, particularly among young people, for the downfall of the BDP, which has governed the southern African state of around 2.5 million people since independence from Britain in 1966.



Like many African countries, Botswana&#8217;s economy has largely depended on the export of a single commodity &#8211; in its case, diamonds.



Unlike many, its leaders have largely resisted the urge to steal or squander their commodity windfall, instead spending it on health, education and social welfare. Botswana&#8217;s GDP per capita was $7,250 in 2023 &#8211; compared with an average for sub-Saharan Africa of $4,800, World Bank data shows.



But a downturn in the global diamond market caused economic growth to plummet this year to a projected 1%, while unemployment rose to 28%.



Botswana is the world&#8217;s top producer by value of diamonds, and the government owns a 15% stake in diamond giant De Beers, a unit of Anglo American Masisi last year negotiated a bigger share of its raw diamonds with the company.



Boko has not indicated that he would want to change the deal.



<h2 class="wp-block-heading" id="h-nothing-to-offer">&#8216;NOTHING TO OFFER&#8217;</h2>



State television showed that based on results from 55 of 61 constituencies, the UDC had won 32 seats in parliament, one more than it needed for a majority. The largest party chooses the president. The BDP was in last place out of four parties, with only four seats.



&#8220;After 58 years in power (the BDP) didn&#8217;t have anything new to offer,&#8221; said analyst Ringisai Chikohomero of the Pretoria-based Institute for Security Studies.



The UDC, by contrast, put forward ambitious policy proposals, he said. It pledged to more than double the minimum wage, improve social services and create a more independent judiciary, among other measures.



The capital Gaborone was calm on Friday morning, with small groups of opposition supporters celebrating in the streets.



&#8220;I did not ever think I would witness this change in my life,&#8221; 23-year-old student Mpho Mogorosi said. &#8220;The BDP had stayed too long &#8230;&nbsp;and I am proud to be part of the people that removed them.&#8221;



The BDP was the second long-ruling party in southern Africa to lose its majority at the polls this year, after South Africa&#8217;s African National Congress failed to&nbsp;win&nbsp;more than half&nbsp;of&nbsp;votes for the first time in 30 years.



Neighbouring Namibia will hold elections later this month in which the ruling SWAPO party, which has governed since 1990, is also expected to face a stiff challenge.



&#8220;The outcome of Botswana&#8217;s elections should serve as a warning to long-time ruling parties across southern Africa and beyond that without economic progress and employment opportunities, political dominance will falter,&#8221; said Zaynab Hoosen, an Africa analyst at consultancy Pangea-Risk.



(Reporting by Brian Benza; Additional reporting and writing by Nellie Peyton; Editing by Alexander Winning, Tim Cocks and Ros Russell)

Botswana elections

Botswana voters kick out ruling party of nearly six decades

<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/SLHJX2P6XROTBKALLWANWZ4S4M-820x547.jpg" alt="" class="wp-image-549104" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/SLHJX2P6XROTBKALLWANWZ4S4M-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/SLHJX2P6XROTBKALLWANWZ4S4M-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/SLHJX2P6XROTBKALLWANWZ4S4M-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/SLHJX2P6XROTBKALLWANWZ4S4M-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/SLHJX2P6XROTBKALLWANWZ4S4M-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/SLHJX2P6XROTBKALLWANWZ4S4M-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Food supplies are pictured before a food aid distribution by volunteers of the Lagos food bank initiative in a community in Oworoshoki, Lagos, Nigeria July 10, 2021. REUTERS/Temilade Adelaja</figcaption></figure>



LAGOS, Nov 1 (Reuters)&nbsp;&#8211;&nbsp;Nigeria faces one of its worst hunger crises with more than 30 million people expected to be food insecure next year, a one third jump from this year due to economic hardship, a joint report by the government and United Nations said on Friday.



Nigeria, Africa&#8217;s most populous nation, is grappling with a cost of living crisis that led to deadly protests in August.



Economic hardship has worsened after President Bola Tinubu started austerity reforms, including devaluing the naira and ending a decades-old petrol subsidy, fuelling inflation.



The analysis, conducted twice a year in 26 states and the federal capital, projected that 33.1 million people would be food insecure by August next year. That compares with 24.8 million by end of this year.



&#8220;Several factors are driving this trend, but most prominently are economic hardship coupled with record high inflation, a record rise in food prices and record high transportation costs,&#8221; a statement accompanying the report said.



Chi Lael, World Food Programme spokesperson in Nigeria told Reuters that &#8220;economic decisions to strengthen the country in the long term, in the short term have felt like a direct attack on people&#8217;s wallets, hitting hardest every time they try to buy food.&#8221;



Finance Minister Wale Edun said on Thursday 5 million households had so far received cash handouts of 25,000 naira ($15.45), as part of the government&#8217;s programme to help the most vulnerable families.



High food prices have contributed the most to inflation, which advanced to 32.70% in annual terms in September from 32.15% in August.



Flooding and insecurity in northern states continued to hit agriculture, further driving up food prices beyond the reach of many families.



Last month&#8217;s floods destroyed an estimated 1.6 million hectares of crops, mainly in the northern food basket states, potentially causing production losses of a combined 1.1 million tonnes for maize, sorghum and rice, the joint statement said.



That is enough to meet the daily food needs of about 13 million people for a year.



In financial terms, the potential cereal crop losses amount to almost $1 billion in economic losses, the statement added.



($1 = 1,618.2600 naira)



(Reporting by MacDonald Dzirutwe; Editing by Ros Russell)

Food supplies are pictured before a food aid distribution by volunteers of the Lagos food bank initiative in a community in Oworoshoki, Lagos, Nigeria

Nigeria’s hunger crisis deepens with 33 million at risk, report says

<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-1604532392-820x547.jpg" alt="" class="wp-image-510212" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A worker at a foreign exchange currency bureau counts 1000 Ugandan shilling banknotes 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 1 (Reuters) &#8211; The Ugandan shilling was broadly stable on Friday and appeared on a strong footing, with subdued hard currency appetite across the board, traders said.



At 0955 GMT commercial banks quoted the shilling at 3,656/3,666, compared to Thursday&#8217;s close of 3,658/3,668.



(Reporting by Elias Biryabarema; Editing by Hereward Holland)

Ugandan Economy Following Rate Cut

Ugandan shilling broadly stable on subdued FX appetite

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="472" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/T2GG5DOWQBNVBM4YVJ2KDX65FE-820x472.jpg" alt="" class="wp-image-549004" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/T2GG5DOWQBNVBM4YVJ2KDX65FE-820x472.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/T2GG5DOWQBNVBM4YVJ2KDX65FE-300x173.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/T2GG5DOWQBNVBM4YVJ2KDX65FE-156x90.jpg 156w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/T2GG5DOWQBNVBM4YVJ2KDX65FE-768x442.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/T2GG5DOWQBNVBM4YVJ2KDX65FE-1536x884.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/T2GG5DOWQBNVBM4YVJ2KDX65FE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Kenya&#8217;s Interior Minister Kithure Kindiki speaks during a press conference in Kilifi county, Kenya March 27, 2024. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



NAIROBI, Nov 1 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s new deputy president Kithure Kindiki was sworn in on Friday after a court lifted orders barring his inauguration following weeks of legal challenges by his predecessor, who was impeached by parliament last month.



The Senate voted to remove Deputy President Rigathi Gachagua from office in October on a handful of charges including gross violation of the constitution and stirring ethnic hatred &#8211; accusations that he rejects and has dismissed as politically motivated.



Kenya&#8217;s High Court had put a hold on Kindiki&#8217;s inauguration after Gachagua and his supporters filed over 30 court challenges to prevent his dismissal and replacement.



But the stay order was lifted on Thursday, with judges saying that the deputy president position should not remain vacant according to the constitution.



Gachagua&#8217;s legal battles extended months of political turbulence in the country, East Africa&#8217;s largest economy, that began with nationwide protests against unpopular tax hikes in June.



President William Ruto invited opposition members into his cabinet to create what he called a unity government in July in an attempt to ease tensions after demonstrators stormed parliament.



The political realignment also sidelined Gachagua, who had been a valuable asset for Ruto during his election campaign, helping secure a large block of votes from the populous Mount Kenya region. The two men have since fallen out.



Kindiki was a top contender to be Ruto&#8217;s running mate during the 2022 election and was appointed interior minister shortly after the president took office in September that year.



Ruto appointed Foreign Minister Musalia Mudavadi as interior minister late on Thursday.



(Reporting by Hereward Holland; Editing by Ammu Kannampilly, Sonali Paul and Angus MacSwan)

FILE PHOTO: Kenyan authorities to begin handing over bodies of cult massacre victims in Kilifi

Kenya’s new deputy president sworn in after challenge from predecessor

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="545" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/FN6SHZMGJVMXJICANZS4G326BA-1-820x545.jpg" alt="" class="wp-image-549042" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/FN6SHZMGJVMXJICANZS4G326BA-1-820x545.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/FN6SHZMGJVMXJICANZS4G326BA-1-300x199.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/FN6SHZMGJVMXJICANZS4G326BA-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/FN6SHZMGJVMXJICANZS4G326BA-1-768x511.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/FN6SHZMGJVMXJICANZS4G326BA-1-1536x1021.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/FN6SHZMGJVMXJICANZS4G326BA-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A general view shows the Tetra Pak factory floor in Durban, South Africa, April 4, 2024. REUTERS/Rogan Ward/File Photo</figcaption></figure>



JOHANNESBURG, Nov 1 (Reuters)&nbsp;&#8211;&nbsp;South African manufacturing activity grew in October for the second month in a row, a local purchasing managers&#8217; index (PMI) survey showed, the first time since early 2023 that the highly volatile sector has recorded two consecutive months of growth.



The seasonally-adjusted PMI sponsored by South African bank Absa fell to 52.6 points in October from a revised 53.3 in September, staying above the 50-point mark that separates expansion from contraction.



The business activity and new sales orders sub-indices delivered another strong performance, and Absa said there were further positive signs on the horizon.



&#8220;Local demand is expected to pick up pace as some benefits from the interest rate cut (by the central bank in September) come through with a lag,&#8221; Absa said in a statement.



&#8220;Other windfalls, in the form of lower inflation and a boost from withdrawals following the introduction of the two-pot retirement system, could further lift consumer spending,&#8221; Absa added.



The &#8220;two-pot&#8221; pension reform, which from Sept. 1 allowed people to make partial withdrawals from their pension funds before retirement, is expected to spur retail sales and economic growth in the final quarters of the year.



(Reporting by Tannur Anders; Editing by Alexander Winning)

A general view of the Tetra Pak factory floor in Durban

South African factory sector expands for second month, Absa PMI shows

<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-1076949610-612x612-1-2.jpg" alt="" class="wp-image-524623" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-2.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-2-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-2-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



JOHANNESBURG, Nov 1 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, equity and currency market moves may affect South African markets on Friday.



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



South Africa&#8217;s weekly inflation-linked bonds auction



South Africa&#8217;s October vehicle sales



South Africa&#8217;s October manufacturing PMI



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



South Africa&#8217;s rand was broadly steady on Thursday following the release of local producer inflation and trade balance data, a day after the finance minister delivered the mid-term budget.



On the stock market, the Top-40 index closed about 1.7% lower.



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



Asian markets started what could be a momentous month warily, with shares mostly lower and Treasury yields near three-month highs on Friday, while investors wait for U.S. jobs data, although a rate cut next week is largely baked in.



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



All three U.S. stock indexes closed lower on Thursday after Microsoft and Meta Platforms highlighted growing artificial intelligence costs that could hit their earnings, curbing enthusiasm for megacaps that have fuelled the market rally this year.



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



Gold prices ticked up on Friday and headed for a slight weekly gain, while investors braced for the U.S. payrolls data that could provide further clues about the Federal Reserve&#8217;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; Eskom says SA has enough power for the next five years



&#8211; SA sets the pace in Africa’s energy transition



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



&#8211; Standard Bank forced to block Brazilian transactions after fraud attacks



(Compiled by Tannur Anders)

istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on Nov 1

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="546" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-2178136315-820x546.jpg" alt="" class="wp-image-548948" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-2178136315-820x546.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-2178136315-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-2178136315-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-2178136315-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-2178136315-1536x1023.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-2178136315-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">CALLINGTON, ENGLAND &#8211; OCTOBER 17: Prince William, Prince of Wales, the Duke of Cornwall, arrives at the College Stoke Climsland for a visit and to learn about how the college is providing opportunities for young people in rural areas, on October 17, 2024 in Callington, Cornwall, England. (Photo by Justin Tallis &#8211; WPA Pool/Getty Images)</figcaption></figure>



LONDON, Nov 1 (Reuters)&nbsp;&#8211;&nbsp;Prince William jets to South Africa next week for the start of a four day trip which will take in the annual awards ceremony for the British heir-to-the throne&#8217;s multi-million dollar environmental prize.



William travels to Cape Town on Monday for a series of events to promote his Earthshot Prize, while he will also attend the United for Wildlife Global Summit and have a meeting with South African President Cyril Ramaphosa during his stay.



&#8220;His royal highness is looking forward to spending time with people from South Africa and across the wider continent, as well as celebrating the incredible climate solutions that will be spotlighted,&#8221; Kensington Palace said in a statement.



The trip will be the Prince Of Wales&#8217; first to South Africa since 2010, and he will be making the visit alone as his wife Kate is still managing a return to work after finishing a course of preventative chemotherapy for cancer.



William, who like his father King Charles has become a keen environmental campaigner, set up the Earthshot Prize in 2020, inspired by his last visit to Africa six years ago.



A nod to former U.S. President John F. Kennedy&#8217;s &#8220;moonshot&#8221; project which led to the 1969 lunar landing, its goal is to find innovations to combat climate and other green issues, and awards five winners 1 million pounds ($1.3 million) each to drive their projects.



The ceremony itself will be held on Nov. 6, hosted by U.S. actor Billy Porter and South African TV presenter Bonang Matheba, and will also feature performances by the likes of Nigerian pop star Davido and Tanzanian singer Diamond Platnumz.



Supermodel Heidi Klum and actress Nina Dobrev will be among the celebrities announcing the winners.



&#8220;I can’t wait to be part of an evening that celebrates creativity, human ingenuity, and artistry in all its different forms,&#8221; Porter said.



($1 = 0.7709 pounds)



(Reporting by Michael Holden; Editing by Kate Holton and Alison Williams)

The Duke of Cornwall To Visit Duchy College

Prince William heads to South Africa for green prize ceremony

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="516" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/D4444TONOVL5XOCAT6N7A747YM-820x516.jpg" alt="" class="wp-image-548729" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/D4444TONOVL5XOCAT6N7A747YM-820x516.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/D4444TONOVL5XOCAT6N7A747YM-300x189.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/D4444TONOVL5XOCAT6N7A747YM-143x90.jpg 143w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/D4444TONOVL5XOCAT6N7A747YM-768x483.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/D4444TONOVL5XOCAT6N7A747YM-1536x967.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/D4444TONOVL5XOCAT6N7A747YM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Kenya&#8217;s Cabinet Secretary of the Ministry of Interior and National Administration Kithure Kindiki speaks during a joint press conference, with British Minister of State for Security Tom Tugendhat during his visit, in Nairobi, Kenya May 10, 2023. REUTERS/Monicah Mwangi/File Photo</figcaption></figure>



NAIROBI, Oct 31 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s high court on Thursday lifted orders barring the swearing-in of newly appointed deputy president Kithure Kindiki,&nbsp;whose&nbsp;predecessor&nbsp;has launched&nbsp;legal challenges over his removal from office by impeachment.



&#8220;The office of the deputy president should not remain vacant,&#8221; Judge Anthony Mrima said,&nbsp;after&nbsp;the filing of&nbsp;over&nbsp;30 court cases by Rigathi Gachagua against his ouster.&nbsp;The decision could be appealed to the Supreme Court.



Earlier this month the Senate voted to uphold five out of 11 charges against Gachagua, including gross violation of the constitution and stirring ethnic hatred &#8211; accusations that he has denied and dismissed as politically motivated.



President William Ruto subsequently chose Interior Minister Kithure Kindiki as his new deputy, but a court blocked his appointment.



Gachagua&#8217;s legal challenges extend months of political turmoil in Kenya, East Africa&#8217;s largest economy, that began with nationwide protests against unpopular tax hikes in June.



His impeachment followed a rift with Ruto that has soured their relationship since they ran together in an election two years ago.



(Reporting by Humphrey Malalo and Sonia Rao; writing by Elias Biryabarema; editing by Ammu Kannampilly, Alex Richardson and Mark Heinrich)

D4444TONOVL5XOCAT6N7A747YM

Kenya’s high court lifts order barring swearing-in of new deputy president

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/K2XDS6QNTRJ3NESUKLUN7X52ZI-1-820x547.jpg" alt="" class="wp-image-548610" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/K2XDS6QNTRJ3NESUKLUN7X52ZI-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/K2XDS6QNTRJ3NESUKLUN7X52ZI-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/K2XDS6QNTRJ3NESUKLUN7X52ZI-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/K2XDS6QNTRJ3NESUKLUN7X52ZI-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/K2XDS6QNTRJ3NESUKLUN7X52ZI-1-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/K2XDS6QNTRJ3NESUKLUN7X52ZI-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: An employe holds loaves of bread at a supermarket in Nairobi, Kenya May 8, 2017. Picture taken May 8, 2017. REUTERS/Baz Ratner</figcaption></figure>



NAIROBI, Oct 31 (Reuters) &#8211; Kenya&#8217;s inflation fell to 2.7% year-on-year in October, down from 3.6% a month earlier, the statistics office said on Thursday.



On a month-on-month basis, October inflation was 0.2%, the same as the previous month, the Kenya National Bureau of Statistics said in a statement.



The Kenyan government targets an inflation rate of between 2.5% and 7.5% in the medium-term.



Kenya&#8217;s central bank slashed its benchmark lending rate to 12.00% from 12.75% earlier this month, in a move aimed at stimulating credit to the private sector.



(Reporting by Hereward Holland; Editing by Christina Fincher)

An employe holds loaves of bread at a supermarket in Nairobi

Kenya’s inflation falls to 2.7% year-on-year in October, stats office says

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="350" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1040865674-612x612-1.jpg" alt="" class="wp-image-400879" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1040865674-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1040865674-612x612-1-300x172.jpg 300w" sizes="auto, (max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">Stock market report. 3d illustration</figcaption></figure>



NAIROBI, Oct 31 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Thursday.



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



Kenya&#8217;s ousted deputy president Rigathi Gachagua has filed a court application to stop his former boss President William Ruto from naming his replacement after Gachagua was dismissed by impeachment.



Uganda&#8217;s statistics office publishes monthly inflation data.



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



Asian stocks slid on Thursday as chip-sector stocks tracked overnight declines by Wall Street peers and Facebook owner Meta Platforms warned of accelerating costs for artificial intelligence.



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



Oil prices rose on Thursday, extending the previous day&#8217;s rally, driven by optimism over U.S. fuel demand following an unexpected drop in crude and gasoline inventories, while reports that OPEC+ may delay a planned output increase offered support.



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



The South African rand slipped on Wednesday as a keenly awaited budget speech by the finance minister failed to impress investors.



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



The Kenyan shilling strengthened slightly against the dollar on Wednesday, bolstered by foreign currency inflows from remittances and the tea and tourism sectors, one trader said.



<h2 class="wp-block-heading" id="h-senegal-politics">SENEGAL POLITICS</h2>



With fireworks displays, packed rallies, and town-to-town caravans, Senegalese political parties are wooing voters in a parliamentary race that will decide the extent to which the new president will be able to implement his agenda.



<h2 class="wp-block-heading" id="h-kenya-imf">KENYA IMF</h2>



The executive board of the International Monetary Fund has approved the seventh and eighth reviews of Kenya&#8217;s program, the IMF said on Wednesday, paving the way for the cash-strapped government to access a $606 million loan tranche.



((Compiled by Nairobi Newsroom))

Stock market report. 3d illustration

African Markets – Factors to watch on Oct 31

<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-1076949610-612x612-1-2.jpg" alt="" class="wp-image-524623" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-2.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-2-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-2-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



JOHANNESBURG, Oct 31 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, equity and currency market moves may affect South African markets on Thursday.



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



South Africa&#8217;s finance minister will address investors and a parliamentary committee after his mid-term budget speech on Wednesday.



Statistics South Africa will publish the September producer inflation figures.



Statistics South Africa will release the September trade balance data.



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



The South African rand slipped on Wednesday as a keenly awaited budget speech by the finance minister failed to impress investors.



In the stock market, the Top-40 index closed 0.61% lower.



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



Asian stocks slid on Thursday as chip-sector stocks tracked overnight declines by Wall Street peers and Facebook owner Meta Platforms warned of accelerating costs for artificial intelligence.



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



U.S. stock indexes closed lower on Wednesday as chip stocks tumbled and investors awaited a host of corporate earnings.



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



Gold prices climbed to a record high on Thursday and were headed for their best month in seven on safe-haven demand ahead of the U.S. presidential election, while investors awaited U.S. inflation report for clues on the 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; Eskom to challenge Nersa&#8217;s approval of four trading licences



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



&#8211; Godongwana&#8217;s gamble: How Treasury&#8217;s historic budget cuts aim to reboot SA&#8217;s economy



&#8211; Medium-term budget is a reality check, say economists



(Compiled by Tannur Anders)

South African Markets -Factors to watch on Oct 31

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="539" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YNW7WLFOZJOXJBVUR4VLTBHO4A-1-820x539.jpg" alt="" class="wp-image-548558" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YNW7WLFOZJOXJBVUR4VLTBHO4A-1-820x539.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YNW7WLFOZJOXJBVUR4VLTBHO4A-1-300x197.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YNW7WLFOZJOXJBVUR4VLTBHO4A-1-137x90.jpg 137w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YNW7WLFOZJOXJBVUR4VLTBHO4A-1-768x505.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YNW7WLFOZJOXJBVUR4VLTBHO4A-1-1536x1009.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YNW7WLFOZJOXJBVUR4VLTBHO4A-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A general view shows the Nation Centre and Lonrho Africa building in central business district in downtown Nairobi, Kenya February 18, 2022. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



NAIROBI, (Reuters) &#8211; The executive board of the International Monetary Fund has approved the seventh and eighth reviews of Kenya&#8217;s program, the IMF said on Wednesday, paving the way for the cash-strapped government to access a $606 million loan tranche.



The East African nation and staff of the IMF announced an agreement on the seventh review of its $3.6 billion program in June, but completion of the review at the board level and the subsequent disbursement were disrupted by deadly protests.



More than 60 people were killed in the violent protests which forced President William Ruto to abandon the government&#8217;s finance bill, which contained a slew of tax hikes.



&#8220;Kenya&#8217;s economy remains resilient, with growth above the regional average, inflation decelerating, and external inflows supporting the shilling and a buildup of external buffers, despite a difficult socio-economic environment,&#8221; IMF First Deputy Managing Director Gita Gopinath said in a statement on Wednesday.



The IMF also called for improving governance and transparency in Kenya.



&#8220;The Kenyan authorities face a difficult balancing act of boosting domestic revenues to protect critical spending in priority areas while meeting heavy debt service obligations,&#8221; the IMF said.



The board review also included a component of lending to Kenya under its sustainability window, which is known as RSF.



The IMF&#8217;s support is seen as crucial for Kenya to be able to navigate its current liquidity challenges, which are mainly driven by high debt interest repayments.



Government officials have indicated that Kenya will seek another program with the IMF when the current one ends next April.



(Reporting by Duncan Miriri; Additional reporting by Kanishka Singh; Editing by Daniel Wallis)

YNW7WLFOZJOXJBVUR4VLTBHO4A (1)

IMF board approves Kenya’s reviews, unlocking access to $606 million

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="519" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YX4EF366PZJ6DATJS63AYICHNE-820x519.jpg" alt="" class="wp-image-548287" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YX4EF366PZJ6DATJS63AYICHNE-820x519.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YX4EF366PZJ6DATJS63AYICHNE-300x190.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YX4EF366PZJ6DATJS63AYICHNE-142x90.jpg 142w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YX4EF366PZJ6DATJS63AYICHNE-768x487.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YX4EF366PZJ6DATJS63AYICHNE-1536x973.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YX4EF366PZJ6DATJS63AYICHNE.jpg 1940w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">People walk past a logo of the Bank of Namibia at the company&#8217;s headquarters in Windhoek, Namibia, February 24, 2017. REUTERS/Siphiwe Sibeko</figcaption></figure>



WINDHOEK, Oct 30 (Reuters)&nbsp;&#8211;&nbsp;Namibia&#8217;s economy is expected to grow 3.6% this year and 5.4% in 2025, its Finance Minister Iipumbu Shiimi said on Wednesday.



In February the finance ministry had estimated growth of 4% in 2024 and 3.9% next year.



&#8220;The revisions stem primarily from expected lower output from the mining and agriculture sectors which have been negatively affected by low global demand for diamonds as well as the ongoing drought,&#8221; Shiimi told parliament in a mid-year budget review speech.



(Reporting by Nyasha Nyaungwa; Writing by Bhargav Acharya; Editing by Alexander Winning)

People walk past a logo of the Bank of Namibia at the company’s headquarters in Windhoek

Namibia lowers economic growth forecast for 2024

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GettyImages-2181228229-820x547.jpg" alt="" class="wp-image-548267" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GettyImages-2181228229-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GettyImages-2181228229-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GettyImages-2181228229-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GettyImages-2181228229-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GettyImages-2181228229-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GettyImages-2181228229-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Enoch Godongwana, South Africa&#8217;s finance minister, at a news conference ahead of delivering his mid term budget policy statement to the parliament in Cape Town, South Africa, on Wednesday, Oct. 30, 2024. After years of weak growth, economists expect National Treasury to revise its forecasts for the next two years upwards, largely because of improved power supply. Photographer: Dwayne Senior/Bloomberg via Getty Images</figcaption></figure>



CAPE TOWN, Oct 30 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s&nbsp;government&nbsp;on Wednesday&nbsp;forecast&nbsp;wider budget deficits and higher debt over the next three years, even&nbsp;as it anticipated better growth prospects due to improved electricity supply.



In the first budget review since the African National Congress&nbsp;(ANC)&nbsp;lost its ruling majority and formed a coalition government, the&nbsp;National Treasury&nbsp;said it saw the consolidated deficit at 5.0% of&nbsp;national output&nbsp;in the fiscal year that ends in March 2025, wider than the 4.5% deficit forecast in February.



For next fiscal year, the Treasury now sees a budget deficit of 4.3% of&nbsp;gross domestic product (GDP),&nbsp;up from&nbsp;a previous forecast of 3.7%.



The projections were worse than expected in a Reuters poll published last week. Economists in that poll predicted that the Treasury would announce a narrower 2024/25 deficit forecast of 4.4% and of 3.9% for 2025/26.



The rand currency turned weaker against the U.S. dollar after the new projections were announced.



The Treasury said&nbsp;in its Medium Term Budget Policy Statementthat&nbsp;&#8220;fiscal consolidation measures have limited, but not prevented, the widening of budget deficits and debt&#8221;.



Revenue collection is expected to be hit by&nbsp;a decline in fuel levy and import value-added tax collections, among&nbsp;other things, it said.



&#8220;In the absence of faster growth and in the face of external risks, tax revenue will remain under pressure, forcing us to make difficult&nbsp;decisions,&#8221; Finance Minister Enoch Godongwana said.



South Africa&#8217;s gross debt is now seen stabilising at 75.5% of GDP in 2025/26.



The economy is expected to expand&nbsp;by&nbsp;1.1% this year, down from a February estimate of 1.3%. Growth is expected to come in at 1.7% in 2025,&nbsp;versus a&nbsp;previous forecast of 1.6%.



<h2 class="wp-block-heading" id="h-infrastructure-focus">INFRASTRUCTURE FOCUS</h2>



Africa&#8217;s most industrialised economy has struggled to grow for more than a decade, constrained by inefficiencies at state power utility Eskom and port and freight rail operator Transnet.



The Treasury said the medium-term growth prospects were improving thanks to a suspension of rolling power blackouts and improved investor confidence following the formation of the coalition government in June, though lingering logistics bottlenecks remained a concern.



President Cyril Ramaphosa has touted infrastructure development as key to economic growth.



The Treasury said the government aimed to transform its approach to public sector infrastructure by doing more to attract private sector participation, including a focus on exploring alternative financing mechanisms.



(Reporting by Kopano Gumbi and Wendell Roelf in Cape Town, and Olivia Kumwenda-Mtambo and Tannur Anders in Pretoria;Additional reporting by Bhargav Acharya in Johannesburg;Writing by Olivia Kumwenda-Mtambo;Editing by Alexander Winning)

South Africa Announces Mid Term Budget Policy

South Africa sees wider deficits, higher debt in budget review

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/WDAW6VDRWVMOBOWUM4K26AXQAE-820x547.jpg" alt="" class="wp-image-548216" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/WDAW6VDRWVMOBOWUM4K26AXQAE-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/WDAW6VDRWVMOBOWUM4K26AXQAE-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/WDAW6VDRWVMOBOWUM4K26AXQAE-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/WDAW6VDRWVMOBOWUM4K26AXQAE-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/WDAW6VDRWVMOBOWUM4K26AXQAE-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/WDAW6VDRWVMOBOWUM4K26AXQAE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">General view of the venue as Saudi Arabia&#8217;s Minister of Energy Prince Abdulaziz bin Salman Al Saud attends the Future Investment Initiative (FII) in Riyadh, Saudi Arabia October 29, 2024. REUTERS/Hamad I Mohammed</figcaption></figure>



RIYADH, Oct 30 (Reuters)&nbsp;&#8211;&nbsp;Saudi Arabia is in the advanced stages of talks about a stake in a copper mine in Zambia and is expecting a deal by the end of the year, the CEO of Saudi Arabia’s flagship mining company Ma’aden told Reuters on Wednesday.



“We are looking at Zambia, we are talking with a company there, with a mine there, so those are pretty advanced stage discussions,” CEO Robert Wilt, who is also vice chairman of Saudi Arabia’s international mining venture Manara Minerals, said.



&#8220;We&#8217;d have something wrapped up by the end of the year,&#8221; Wilt, speaking on the sidelines of the Future Investment Forum conference in Riyadh, said.



Sources told Reuters earlier this month that Manara, a joint venture between Ma&#8217;aden 1211.SE and Saudi Arabia&#8217;s $925 billion Public Investment Fund was closing in on a deal to buy a minority stake in Canadian miner First Quantum Minerals&#8217; Zambian copper and nickel assets.



The sources had said the Saudi company was in advanced talks to acquire between 15% and 20% equity in the Zambian assets with one of them estimating the stake at between $1.5 billion and $2 billion.



“Obviously, Africa is mineral rich with a lot of copper in the copper belt. So it just makes perfect sense, because the geographical proximity and our desire for copper to be looking in Africa,” Wilt said.



Manara has made significant investments in metals as part of Saudi Arabia&#8217;s efforts to secure minerals and expand Saudi Arabia&#8217;s mining sector.



The country&#8217;s growing mining industry is a key pillar in de-facto ruler Crown Prince Mohammed Bin Salman&#8217;s Vision 2030 programme to diversify the economy away from oil dependency.



Manara&#8217;s first major foray abroad was a deal to become a 10% shareholder in Vale&#8217;s $26 billion copper and nickel spin-off Vale Base Metals in 2023.



Wilt said copper was becoming a &#8220;top priority&#8221; for Manara because it was a base metal like aluminum that would be increasingly in demand with the energy transition.



&#8220;The niche battery metals, while important, are not as fundamental to the success of the development of the downstream, but copper is essential.&#8221;



(Reporting by Pesha Magid; writing by Maha El DahanEditing by Tomasz Janowski and Jane Merriman)

Future Investment Initiative (FII) in Riyadh

Saudi Arabia in advanced talks over Zambia copper mine stake, Ma’aden CEO says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="519" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/Q4QLBJ76NFICPHLWXFISVW2TCA-820x519.jpg" alt="" class="wp-image-548213" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/Q4QLBJ76NFICPHLWXFISVW2TCA-820x519.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/Q4QLBJ76NFICPHLWXFISVW2TCA-300x190.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/Q4QLBJ76NFICPHLWXFISVW2TCA-142x90.jpg 142w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/Q4QLBJ76NFICPHLWXFISVW2TCA-768x486.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/Q4QLBJ76NFICPHLWXFISVW2TCA-1536x973.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/Q4QLBJ76NFICPHLWXFISVW2TCA-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Diamonds are displayed during a visit to the De Beers Global Sightholder Sales (GSS) in Gaborone, Botswana November 24, 2015. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



GABORONE, Oct 30 (Reuters)&nbsp;&#8211;&nbsp;Sales of rough diamonds at the Debswana Diamond Company fell about 52% in the first nine months of 2024, data released by Botswana&#8217;s central bank on Tuesday showed, as the downturn in the global diamond market persisted.



Debswana, equally owned by Botswana and Anglo American Plc&#8217;s&nbsp;AAL.L&nbsp;De Beers, sells 75% of its output to De Beers, with the balance taken up by the state-owned Okavango Diamond Company (ODC).



Last year, Botswana and De Beers agreed to a new 10-year diamond sales agreement, where ODC will receive 30% of Debswana&#8217;s produce and this will be scaled up to 50% by the end of the new contract.



In the first three quarters of the year up to September, Debswana had sold diamonds worth $1.53 billion compared to $3.19 billion in the same period last year, the Bank of Botswana said on Tuesday.



In local currency terms, sales were down 50.3% to 20.9 billion pula, which translates to about $1.55 billion based on current exchange rates.



Botswana gets 30%-40% of its revenue, 75% of its foreign exchange earnings, and a third of its national output from diamonds. It is the world&#8217;s top producer of the gem by value.



The southern African country will hold a general election on Wednesday, with the poor performance of the economy-largely due to the downturn in the global diamond market-and high levels of unemployment among the issues in focus.



&#8220;Our diamonds have not been selling since April, so yes, our revenues are down but the economic fundamentals still remain intact,&#8221; President Mokgweetsi Masisi, who is seeking a second term, said at a presidential debate last week.



($1 = 13.4590 pulas)



(Reporting by Brian Benza; Editing by Abinaya Vijayaraghavan and Bhargav Acharya)

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Reuters

Botswana’s new president aims to clinch De Beers diamond sales pact soon

Botswana voters kick out ruling party of nearly six decades

Nigeria’s hunger crisis deepens with 33 million at risk, report says

Ugandan shilling broadly stable on subdued FX appetite

Kenya’s new deputy president sworn in after challenge from predecessor

South African factory sector expands for second month, Absa PMI shows

South African Markets – Factors to watch on Nov 1

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Kenya’s high court lifts order barring swearing-in of new deputy president

Kenya’s inflation falls to 2.7% year-on-year in October, stats office says

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South African Markets -Factors to watch on Oct 31

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Namibia lowers economic growth forecast for 2024

South Africa sees wider deficits, higher debt in budget review

Saudi Arabia in advanced talks over Zambia copper mine stake, Ma’aden CEO says

Botswana’s Debswana diamond sales fall over 50% in first nine months of 2024

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