
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="357" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg" alt="" class="wp-image-400669" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1-300x175.jpg 300w" sizes="auto, (max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">World map with charts and graphs as symbols of global finance</figcaption></figure>



<p>Oct 24 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Thursday.</p>



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



<p>Kenya&#8217;s High Court will hold a hearing into a legal challenge by ousted deputy president Rigathi Gachagua to prevent President William Ruto from swearing in his replacement.</p>



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



<p>Asian shares fell on Thursday, while the dollar held near three-month highs and U.S. yields rose as uncertainty over the U.S. election outcome kept markets on edge, though Tesla&#8217;s forecast-topping earnings provided some comfort for investors.</p>



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



<p>Oil prices climbed by more than 1% on Thursday, almost reversing previous session&#8217;s losses, as Middle East tensions came back into focus ahead of the U.S. election despite a mixed bag of U.S. fuel inventories.</p>



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



<p>The South African rand slumped on Wednesday against a strong dollar on bets that the Federal Reserve won&#8217;t rush to cut interest rates and as investors were uncertain about the outcome of next month&#8217;s U.S. election.</p>



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



<p>The Kenyan shilling was unmoved against the dollar on Wednesday, as exporters converted dollars to the local currency to process payrolls, one trader said.</p>



<h2 class="wp-block-heading" id="h-sudan-security">SUDAN SECURITY</h2>



<p>A plane downed in Sudan&#8217;s North Darfur state had Russian crew members and was being used by the army to resupply the besieged city of al-Fashir, according to the opposing faction and documents it said were found in the wreckage.</p>



<h2 class="wp-block-heading" id="h-nigeria-oil">NIGERIA OIL</h2>



<p>Nigeria&#8217;s decision this week to block Shell&#8217;s $2.4 billion sale of its onshore assets has sent a negative signal to investors the country urgently needs to strengthen its all-important oil sector, analysts said.</p>



<h2 class="wp-block-heading" id="h-nigeria-politics">NIGERIA POLITICS</h2>



<p>Nigerian President Bola Tinubu has reshuffled his 45-member cabinet, naming seven new ministers, sacking five and reassigning 10 others to new portfolios, a spokesperson said on Wednesday.</p>



<h2 class="wp-block-heading" id="h-nigeria-crypto">NIGERIA CRYPTO</h2>



<p>A Nigerian court on Wednesday ordered the release of Binance executive Tigran Gambaryan after the government dropped money laundering charges against him to allow him to get medical treatment abroad.</p>



<p>((Compiled by Nairobi Newsroom))</p>


World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on Oct 24


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/7KPPN3EOZBPXPP6LCCKJLMUZYA-820x547.jpg" alt="" class="wp-image-545850" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/7KPPN3EOZBPXPP6LCCKJLMUZYA-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/7KPPN3EOZBPXPP6LCCKJLMUZYA-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/7KPPN3EOZBPXPP6LCCKJLMUZYA-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/7KPPN3EOZBPXPP6LCCKJLMUZYA-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/7KPPN3EOZBPXPP6LCCKJLMUZYA-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/7KPPN3EOZBPXPP6LCCKJLMUZYA-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Botswana President Mokgweetsi Masisi speaks to Reuters at the One &amp; Only Hotel as the African Mining Indaba 2022 takes place, in Cape Town, South Africa, May 10, 2022. REUTERS/Shelley Christians</figcaption></figure>



<p>JOHANNESBURG, Oct 24 (Reuters)&nbsp;&#8211;&nbsp;Botswana holds a national election on Oct. 30, with President Mokgweetsi Masisi favourite to win a second term against three challengers in a nation his Botswana Democratic Party (BDP) has governed since independence from Britain in 1966.</p>



<p>Voters elect National Assembly members, who then pick the president. Here are some facts about the candidates:</p>



<h2 class="wp-block-heading" id="h-mokgweetsi-masisi">MOKGWEETSI MASISI</h2>



<p>Masisi has been president since 2018 when he ascended to the post after serving as vice president under predecessor Ian Khama. He retained the presidency when his BDP party won the 2019 election.</p>



<p>The 63-year-old is a former schoolteacher who worked for U.N. children&#8217;s agency UNICEF before entering politics. During his first term he contended with high unemployment and lower growth due to declining global demand for diamonds, which Botswana&#8217;s economy relies on.</p>



<p>Masisi gained support last year for negotiating a new sales deal with De Beers that will give the country a bigger share of its diamond wealth, although opponents say he has not done enough to diversify the economy and create jobs.</p>



<p>He has fallen out with Khama, who accuses him of authoritarianism and is backing an opposition party.</p>



<h2 class="wp-block-heading" id="h-duma-boko">DUMA BOKO</h2>



<p>Duma Boko, 54, a lawyer, is running for the third time as leader of the Umbrella for Democratic Change (UDC), an opposition coalition that came second in 2019 and remains the BDP&#8217;s biggest challenge.</p>



<p>In his party manifesto, Boko proposes increasing the government&#8217;s role in the economy to achieve social development and sustainable growth.</p>



<p>Boko&#8217;s party challenged the last election as fraudulent at the High Court, which dismissed the case.</p>



<h2 class="wp-block-heading" id="h-dumelang-saleshando">DUMELANG SALESHANDO</h2>



<p>Dumelang Saleshando, 53, is leader of the Botswana Congress Party (BCP). The BCP was founded in 1998 and has won between 10%-20% of votes in past elections.</p>



<p>Saleshando took over from his father in 2010 as BCP party leader. The party describes itself as having social democratic principles and is campaigning with the motto &#8220;Save Botswana&#8221;.</p>



<h2 class="wp-block-heading" id="h-mephato-reatile">MEPHATO REATILE</h2>



<p>Mephato Reatile is leader of the Botswana Patriotic Front (BPF), a party created in 2019 by members of the ruling party who followed Khama when he broke away from the BDP because of his feud with Masisi.</p>



<p>Khama, whose father Seretse Khama was Botswana&#8217;s founding president, has returned from three years in exile to support the BPF in the election.</p>



<p>The party won about 4% of votes in 2019.</p>



<p>(Reporting by Nellie Peyton; Additional reporting by Brian Benza; Editing by Olivia Kumwenda-Mtambo and Andrew Cawthorne)</p>


Botswana President Masisi speaks to Reuters in Cape Town

Who is running for president in Botswana’s election?


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/VHFMCME3UZO7DANJAKAOCLCA2U-820x547.jpg" alt="" class="wp-image-495905" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/VHFMCME3UZO7DANJAKAOCLCA2U-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/VHFMCME3UZO7DANJAKAOCLCA2U-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/VHFMCME3UZO7DANJAKAOCLCA2U-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/VHFMCME3UZO7DANJAKAOCLCA2U-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/VHFMCME3UZO7DANJAKAOCLCA2U-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/VHFMCME3UZO7DANJAKAOCLCA2U-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Nigeria&#8217;s President Bola Tinubu looks on after his swearing-in ceremony in Abuja, Nigeria May 29, 2023. REUTERS/Temilade Adelaja/File Photo</figcaption></figure>



<p>ABUJA, Oct 23 (Reuters)&nbsp;&#8211;&nbsp;Nigerian President Bola Tinubu has reshuffled his 45-member cabinet, naming seven new ministers, sacking five and reassigning 10 others to new portfolios, a spokesperson said on Wednesday.</p>



<p>The ministers of finance, defence, national planning and two junior energy ministers all retained their positions.</p>



<p>The reshuffle includes renaming the Ministry of Niger Delta Development to the Ministry of Regional Development, the winding up of the Ministry of Sports, and the merger of the ministries of tourism and arts and culture.</p>



<p>Tinubu&#8217;s lightning reform push after taking office last year had sparked hope that his administration would be an antidote to mounting economic troubles facing Africa&#8217;s top energy producer.</p>



<p>But 16 months on, the key planks of his economic overhaul &#8211; devaluing the naira and slashing petrol and electricity subsidies &#8211; have sent inflation soaring to 32.70%, triggering a cost-of-living crisis.</p>



<p>Presidential spokesperson Bayo Onanuga said in the reshuffle, Tinubu appointed new ministers for humanitarian and poverty reduction, trade and investment, labour, livestock development and junior ministers for foreign affairs, education and housing.</p>



<p>The ministers for education, tourism, women affairs, youth development and the junior housing minister were sacked, Onanuga said.</p>



<p>Tinubu&#8217;s cabinet remains bigger than that of his predecessor Muhammadu Buhari, who had 43 ministers in his second term in office, despite calls by critics to streamline government bureaucracy and trim costs. Under the law, the president must include a member from each of the country&#8217;s 36 states.</p>



<p>Tinubu has yet to appoint his main petroleum minister, though he has two junior ministers in place.</p>



<p>(Reporting by Felix Onuah; Writing by Elisha Bala-Gbogbo; Editing by Bill Berkrot and Hugh Lawson)</p>


FILE PHOTO: Nigeria’s President Bola Tinubu looks on after his swearing-in ceremony in Abuja

Nigeria’s Tinubu names seven ministers, sacks five in cabinet reshuffle


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="551" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/12/W3TRJMXBPRNATIXO27SFJRC77U-820x551.jpg" alt="" class="wp-image-422104" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/12/W3TRJMXBPRNATIXO27SFJRC77U-820x551.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/12/W3TRJMXBPRNATIXO27SFJRC77U-300x202.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/12/W3TRJMXBPRNATIXO27SFJRC77U-134x90.jpg 134w, https://cms.cnbcafrica.com/wp-content/uploads/2022/12/W3TRJMXBPRNATIXO27SFJRC77U-768x516.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/12/W3TRJMXBPRNATIXO27SFJRC77U-1536x1032.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/12/W3TRJMXBPRNATIXO27SFJRC77U.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A participant stands near a logo of IMF at the International Monetary Fund &#8211; World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018. REUTERS/Johannes P. Christo</figcaption></figure>



<p>WASHINGTON, Oct 23 (Reuters)&nbsp;&#8211;&nbsp;Kenya has fulfilled all targets mandated by the International Monetary Fund in a review of its loan programme, the country&#8217;s central bank governor told Reuters on Wednesday, and expects to continue its engagement with the global lender after April.</p>



<p>Kenya agreed to a four-year loan with the IMF in 2021, and has also signed up for climate change lending, taking its total loan access with the Fund to $3.6 billion.</p>



<p>But deadly protests against planned tax rises forced the government to scupper its planned finance bill in June, leaving the heavily indebted government with a bigger budget deficit for this financial year, mounting unpaid bills, and a delay in disbursement of IMF funding.</p>



<p>&#8220;We&#8217;ve achieved all that was needed for the reviews to be completed,&#8221; Kamau Thugge, the head of the Central Bank of Kenya, told Reuters in an interview on the sidelines of the IMF and World Bank annual meetings in Washington. &#8220;Obviously after the review there are still the targets for December.&#8221;</p>



<p>A staff level agreement on a combined 7th and 8th review of the country&#8217;s programme is scheduled to go the IMF&#8217;s executive board for a sign-off on Oct. 30, which will in turn trigger a payout of $611 million.</p>



<p>Asked whether the country was going to request another financing programme with the IMF after the current one runs out in April, Thugge said that would be the base case, though the size and duration were yet to be confirmed.</p>



<p>&#8220;It will depend on the balance of payments and needs, it will depend on the ambitiousness of the reforms that we agree,&#8221; he said. &#8220;But definitely, we will have our relationship going forward with the IMF.&#8221;</p>



<p>Speaking about the macroeconomic outlook, Thugge said inflation in Kenya continues to decline and the country had&nbsp;built up more foreign exchange reserves.</p>



<p>Inflation was set to decline below the 3.6% annual rate recorded in September, he said, adding that the country&#8217;s FX reserves currently stood at $8.6 billion, representing 4.3 months worth of imports. The central bank had said earlier in October that reserves stood at $8.25 billion.</p>



<p>More interest rate cuts also are on the cards,&nbsp;Thugge said, after policymakers slashed the benchmark lending rate by 75 basis points in October to 12.00%, following a 25-basis-point reduction in August &#8211; the first rate cut in approximately four years.</p>



<p>&#8220;It&#8217;s the desire of everybody for interest rates to come down,&#8221; Thugge&nbsp;said.</p>



<p>(Reporting by Karin Strohecker; Editing by Paul Simao)</p>


W3TRJMXBPRNATIXO27SFJRC77U

Kenya fulfilled all targets in IMF review, central bank governor says


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="432" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/LRPYWTISXFKI3LGTJNVMUIQQ5E.jpg" alt="" class="wp-image-545616" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/LRPYWTISXFKI3LGTJNVMUIQQ5E.jpg 720w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/LRPYWTISXFKI3LGTJNVMUIQQ5E-300x180.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/LRPYWTISXFKI3LGTJNVMUIQQ5E-150x90.jpg 150w" sizes="auto, (max-width: 720px) 100vw, 720px" /><figcaption class="wp-element-caption">A drone view shows combines harvesting wheat in a field in the Rostov Region, Russia July 9, 2024. REUTERS/Sergey Pivovarov/File Photo</figcaption></figure>



<p>KAZAN, Russia, Oct 23 (Reuters)&nbsp;&#8211;&nbsp;Leaders of the nations in the BRICS grouping, which accounts for 37% of global economic output, predicted its influence would grow as they met in Russia on Tuesday, outlining common projects ranging from a grain exchange to a cross-border payments system.</p>



<p>Russia&#8217;s President Vladimir Putin, who has sought support from BRICS leaders amid his standoff with the West over the war in Ukraine, said that BRICS&#8217; average economic growth in 2024/25 would be 3.8%, compared to global growth of 3.2-3.3%.</p>



<p>&#8220;The trend for the BRICS&#8217; leading role in the global economy will only strengthen,&#8221; Putin said, citing population growth, urbanization, capital accumulation, and productivity growth as key factors.</p>



<p>The joint communique of the summit, called the Kazan Declaration, attacked unilateral sanctions imposed on some of the group&#8217;s members, including Russia and Iran, saying that they harm the poorest people in targeted states.</p>



<p>&#8220;Therefore, we call for their elimination,&#8221; the Kazan Declaration said.</p>



<p>Russia, the world&#8217;s biggest wheat exporter, proposed the creation of a BRICS grain exchange which could later be expanded to trade other major commodities such as oil, gas and metals. The Kazan Declaration welcomed the initiative.</p>



<p>&#8220;BRICS countries are among the world&#8217;s largest producers of grains, legumes, and oilseeds. In this regard, we proposed opening a BRICS grain exchange,&#8221; Putin told the leaders.</p>



<h2 class="wp-block-heading" id="h-cross-border-payments">CROSS BORDER PAYMENTS</h2>



<p>He added that the exchange &#8220;will contribute to the formation of fair and predictable price indicators for products and raw materials, considering its special role in ensuring food security&#8221;.</p>



<p>&#8220;The implementation of this initiative will help protect national markets from negative external interference, speculation, and attempts to create an artificial food shortage,&#8221; Putin said.</p>



<p>Other leaders backed the creation of a common cross-border payments system, which would help BRICS countries trade with each other, bypassing the dollar-dominated global financial system.</p>



<p>Brazilian President Luiz Inacio Lula da Silva, who took part in the BRICS summit via video conference after a head injury over the weekend, said that it is time for the BRICS nations to create alternative payment methods.</p>



<p>He added that the group&#8217;s New Development Bank (NDB) was designed as an alternative to what he called failing Bretton Woods institutions such as the International Monetary Fund (IMF).</p>



<h2 class="wp-block-heading" id="h-local-currencies">LOCAL CURRENCIES</h2>



<p>India&#8217;s Prime Minister Narendra Modi said that he welcomed the steps for financial integration of BRICS countries while China&#8217;s President Xi Jinping urged BRICS countries to deepen financial and economic cooperation.</p>



<p>The Kazan Declaration called for a feasibility study on the other Russian initiatives, a BRICS Clear depositary and securities trade settlement system and a common reinsurance company.</p>



<p>In his speech, Putin also called for the creation of a BRICS investment platform, which will facilitate mutual investment between BRICS countries and could also be used for investment in other countries in the Global South.</p>



<p>Contrary to earlier statements from senior Russian officials on the need to find an alternative to the International Monetary Fund (IMF), the Kazan Declaration enhanced the role of the IMF, stressing the need for further reforms.</p>



<p>The declaration did not mention global dollar dominance, an issue that was often raised during the Russian presidency, nor a BRICS single currency and the use of cryptocurrencies, mentioned by Russia as a way to protect trade from Western sanctions.</p>



<p>&#8220;We welcome the use of local currencies in financial transactions between BRICS countries and their trading partners,&#8221; the Kazan Declaration said.</p>



<p>(Reporting by Vladimir Soldatkin in Kazan, Gleb Bryanski in Moscow; Editing by Alison Williams, Emelia Sithole-Matarise, Philippa Fletcher, Alexandra Hudson)</p>


LRPYWTISXFKI3LGTJNVMUIQQ5E

BRICS leaders tout joint finance, trade projects at Russian summit


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="550" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/UBAOTNJREJN2TDBAOH5F5I53RA-820x550.jpg" alt="" class="wp-image-545534" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/UBAOTNJREJN2TDBAOH5F5I53RA-820x550.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/UBAOTNJREJN2TDBAOH5F5I53RA-300x201.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/UBAOTNJREJN2TDBAOH5F5I53RA-134x90.jpg 134w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/UBAOTNJREJN2TDBAOH5F5I53RA-768x515.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/UBAOTNJREJN2TDBAOH5F5I53RA-1536x1031.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/UBAOTNJREJN2TDBAOH5F5I53RA-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">People charge towards the police, during a nationwide strike called by Mozambique presidential candidate Venancio Mondlane to protest the provisional results of an October 9 election, in Maputo, Mozambique, October 21, 2024. REUTERS/Siphiwe Sibeko</figcaption></figure>



<p>NAIROBI, Oct 23 (Reuters) &#8211; Mozambique&#8217;s dollar bond fell for a third day on Wednesday, Tradeweb data showed, as unrest simmered over disputed election results.</p>



<p>The country&#8217;s sole eurobond, which matures in 2031, shed 0.58 cents to bid at 84.89 on the dollar, taking its losses since Friday to above two cents. </p>



<p>The full results of Mozambique&#8217;s Oct. 9 national election are expected this week, but opposition candidates say the poll was rigged.</p>



<p>On Saturday, gunmen killed an opposition lawyer and a party official, and police this week fired teargas and bullets at protesters who had gathered where the two were killed.</p>



<p>(Reporting by Duncan Miriri and Shashwat Chauhan, editing by Libby George)</p>


Nationwide strike in Mozambique

Mozambique’s dollar bond falls as unrest over disputed election simmers


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-820x547.jpg" alt="" class="wp-image-381494" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-1110x740.jpg 1110w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-696x464.jpg 696w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-1068x712.jpg 1068w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-1920x1280.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Kenyan shilling banknotes and coins sit arranged at a market stall in Mombasa, Kenya, on Thursday, Nov. 23, 2017. The countrys Treasury has already cut this years growth target to 5 percent from 5.9 percent as the protracted election furor damped investment and a drought curbed farm output. Photographer: Luis Tato/Bloomberg</figcaption></figure>



<p>NAIROBI, Oct 23 (Reuters) &#8211; The Kenyan shilling was unmoved against the dollar on Wednesday, as exporters converted dollars to the local currency to process payrolls, one trader said.</p>



<p>The shilling traded at 128.50/129.50 the dollar at 0720 GMT, LSEG data showed, the same as Tuesday&#8217;s closing rate.</p>



<p>&#8220;I foresee a very steady currency as we head into the end of the month,&#8221; the trader said.</p>



<p>(Reporting by Sonia Rao; Editing by Hereward Holland)</p>


General Economy As Kenya Faces Bleak 2018 Outlook In Vote Aftermath

Kenyan shilling unmoved against dollar on month-end FX supply


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="537" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AJ75STV5GFI2VAY6ECK3RA5YKM-820x537.jpg" alt="" class="wp-image-536666" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AJ75STV5GFI2VAY6ECK3RA5YKM-820x537.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AJ75STV5GFI2VAY6ECK3RA5YKM-300x196.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AJ75STV5GFI2VAY6ECK3RA5YKM-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AJ75STV5GFI2VAY6ECK3RA5YKM-768x503.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AJ75STV5GFI2VAY6ECK3RA5YKM-1536x1005.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/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>



<p>JOHANNESBURG, Oct 23 (Reuters)&nbsp;&#8211;&nbsp;The South African rand was little changed in early trade on Wednesday, before the release of local consumer inflation figures that will be the main focal point for the day&#8217;s trading.</p>



<p>At 0535 GMT, the rand traded at 17.5425 against the U.S. dollar, down less than 0.1% on Tuesday&#8217;s closing level.</p>



<p>Statistics South Africa will release September Consumer Price Index (CPI) data around 0800 GMT.</p>



<p>Economists polled by Reuters predict that annual inflation fell to 3.9% last month, well below the 4.5% level the central bank aims for.</p>



<p>A further drop in inflation, from 4.4% in August, could encourage the South African Reserve Bank to deliver another interest rate cut at November&#8217;s monetary policy meeting, after its first cut in more than four years last month.</p>



<p>South Africa&#8217;s benchmark 2030 government bond was marginally stronger in early deals, with the yield down 2 basis points to 9.325%.</p>



<p>(Reporting by Alexander Winning; Editing by Savio D&#8217;Souza)</p>


South African Rand coins are seen in this photo illustration

South African rand little changed; CPI data in focus


<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>



<p>JOHANNESBURG, Oct 23 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, company announcements, equity and currency market moves may affect South African markets on Wednesday.</p>



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



<p>September consumer inflation data</p>



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



<p>Famous Brands interim results</p>



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



<p>The South African rand was stronger on Tuesday, buoyed by global precious metals prices and its appeal for carry trades.</p>



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



<p>Gold prices jumped to record high and the dollar was on the rise again on Wednesday, while stocks in Asia stuttered as investors were reluctant to place major bets ahead of a hotly contested U.S. election.</p>



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



<p>U.S. stocks ended little changed on Tuesday, but the Nasdaq eked out a modest gain while investors kept an eye on Treasuries yields and awaited more earnings to assess the health of American companies.</p>



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



<p>Gold prices surged to a record high on Wednesday, as conflicts in the Middle East and uncertainty surrounding the upcoming U.S. election spurred demand for safe-haven assets. </p>



<p>(Compiled by Alexander Winning)</p>


istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on Oct 23


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/5TLM4VGHGFLZVJKGLDZIGS2JC4-scaled-1-820x547.jpg" alt="" class="wp-image-545436" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/5TLM4VGHGFLZVJKGLDZIGS2JC4-scaled-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/5TLM4VGHGFLZVJKGLDZIGS2JC4-scaled-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/5TLM4VGHGFLZVJKGLDZIGS2JC4-scaled-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/5TLM4VGHGFLZVJKGLDZIGS2JC4-scaled-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/5TLM4VGHGFLZVJKGLDZIGS2JC4-scaled-1-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/5TLM4VGHGFLZVJKGLDZIGS2JC4-scaled-1.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A street vendor balances a box on her head as she makes a sale at Markets of Warwick in the Durban CBD, Durban, South Africa May 31, 2024. REUTERS/Alaister Russell/File photo</figcaption></figure>



<p>JOHANNESBURG, Oct 23 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s inflation dropped sharply in September, hitting its lowest level in more than three years and bolstering expectations for another interest rate cut by the central bank next month.</p>



<p>Annual consumer price inflation slowed to 3.8% from 4.4% in August, Statistics South Africa data showed.</p>



<p>Economists polled by Reuters had forecast inflation would&nbsp;drop to&nbsp;3.9%, well below 4.5% &#8211; the mid-point of the South African Reserve Bank&#8217;s 3%-6% target range.</p>



<p>The Consumer Price Index (CPI) rose 0.1% month-on-month in September, the same as a month before.</p>



<p>&#8220;Inflation is well under control in South Africa, this is really the start of a period of about 6 months in which the headline CPI should be below 4%,&#8221; said independent economist Elize Kruger.</p>



<p>The central bank struck a measured tone at its September meeting when it trimmed its main interest rate by 25 basis points to 8%, saying there were still risks on the horizon.</p>



<p>Analysts expect the bank to continue easing policy in quarter point increments, taking the repo rate to 7% by the middle of next year.</p>



<p>&#8220;Larger 50 bps moves are unlikely, in our view,&#8221; Standard Chartered&#8217;s Razia Khan said in a research note. &#8220;We think the SARB will want to proceed cautiously, monitoring global risks and any consumption boost from South Africa&#8217;s recent Two Pot Pension Reforms, which allow earlier pension withdrawals,&#8221; she said.</p>



<p>(Reporting by Bhargav Acharya, Kopano Gumbi and Tannur Anders; Editing by Alexander Winning and Tomasz Janowski)</p>


5TLM4VGHGFLZVJKGLDZIGS2JC4-scaled

South African inflation drops sharply, paving way for more rate cuts


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="357" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg" alt="" class="wp-image-400669" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1-300x175.jpg 300w" sizes="auto, (max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">World map with charts and graphs as symbols of global finance</figcaption></figure>



<p>Oct 23 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Wednesday.</p>



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



<p>Gold prices jumped to record high and the dollar was on the rise again on Wednesday, keeping the pressure on the yen and the euro, while stocks in Asia stuttered as investors were reluctant to place major bets ahead of a hotly contested U.S. election.</p>



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



<p>Oil prices dipped on Wednesday after industry data showed U.S. crude inventories swelled more than expected, though declines were capped as the market watched diplomatic efforts in the Middle East after Israel continued attacks on Gaza and Lebanon.</p>



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



<p>The South African rand was stronger on Tuesday, buoyed by global precious metals prices and its appeal for carry trades.</p>



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



<p>The Kenyan shilling was steady against the dollar on Tuesday, as limited foreign exchange demand from importers matched supply, traders said.</p>



<h2 class="wp-block-heading" id="h-africa-floods">AFRICA FLOODS</h2>



<p>Devastating rains that triggered deadly floods in Cameroon, Chad, Niger, Nigeria and Sudan in recent months were worsened by human-caused climate change, a team of international scientists said on Wednesday.</p>



<h2 class="wp-block-heading" id="h-africa-democracy">AFRICA DEMOCRACY</h2>



<p>Nearly half of Africa&#8217;s citizens live in a country where governance has worsened over the past decade, as deteriorating security erodes progress, according to a new report.</p>



<h2 class="wp-block-heading" id="h-rwanda-economy">RWANDA ECONOMY</h2>



<p>Rwanda&#8217;s economy is expected to grow by 8.3% in 2024, the International Monetary Fund (IMF) said on Tuesday, citing growth in the services and construction sectors and a recovery in food crop production.</p>



<h2 class="wp-block-heading" id="h-uganda-accident">UGANDA ACCIDENT</h2>



<p>Ten bodies were recovered from the scene of a fuel tanker explosion in Uganda&#8217;s capital Kampala on Tuesday, a Reuters witness said.</p>



<p>((Compiled by Nairobi Newsroom))</p>


African Markets – Factors to watch on Oct 23


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="615" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/3TYBNL5NNRKODOQ2WWXYLQHUFE-820x615.jpg" alt="" class="wp-image-545417" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/3TYBNL5NNRKODOQ2WWXYLQHUFE-820x615.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/3TYBNL5NNRKODOQ2WWXYLQHUFE-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/3TYBNL5NNRKODOQ2WWXYLQHUFE-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/3TYBNL5NNRKODOQ2WWXYLQHUFE-768x576.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/3TYBNL5NNRKODOQ2WWXYLQHUFE-1536x1152.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/3TYBNL5NNRKODOQ2WWXYLQHUFE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Residents walk in a flooded area during rescue operations in Maiduguri, northern Borno state, Nigeria September 12, 2024. REUTERS/Ahmed Kingimi/File Photo</figcaption></figure>



<p>Oct 23 (Reuters) &#8211; Devastating rains that triggered deadly floods in Cameroon, Chad, Niger, Nigeria and Sudan in recent months were worsened by human-caused climate change, a team of international scientists said on Wednesday.</p>



<p>Global warming made the seasonal downpours this year about 5-20% more intense across the Niger and Lake Chad basins, said World Weather Attribution (WWA), a group of scientists studying the link between climate change and extreme weather.</p>



<p>It also said such intense rainfall could occur annually if warming continues.</p>



<p>&#8220;Spells of heavy summer rainfall have become the new normal in Sudan, Nigeria, Niger, Cameroon and Chad,&#8221; said Izidine Pinto, Researcher at the Royal Netherlands Meteorological Institute, in a WWA statement.</p>



<p>This year&#8217;s floods killed around 1,500 people and displaced over 1 million more in West and Central Africa, according to the U.N. aid agency OCHA. The rainfall also overwhelmed dams in Nigeria and Sudan.</p>



<p>If global warming reaches 2 degrees Celsius (3.6 degrees Fahrenheit), which could happen as early as the 2050s, such downpours are expected to occur nearly every year in the affected regions, WWA said, calling for more investment in early warning systems and dam upgrades.</p>



<p>&#8220;Africa has contributed a tiny amount of carbon emissions globally, but is being hit the hardest by extreme weather,&#8221; said Joyce Kimutai, researcher at the Centre for Environmental Policy at Imperial College in London.</p>



<p>She said the onus was on this year&#8217;s COP29 climate talks in November to ensure rich nations contribute &#8220;meaningful finance&#8221; to help.</p>



<p>(Reporting by Alessandra Prentice; editing by Barbara Lewis)</p>


FILE PHOTO: Residents walk in a flooded area during rescue operations in Maiduguri

Climate change worsened rains in flood-hit African regions, scientists say


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/EOMWPC6NZ5IR5K2P3BFBOOSP4E-820x429.jpg" alt="" class="wp-image-545386" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/EOMWPC6NZ5IR5K2P3BFBOOSP4E-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/EOMWPC6NZ5IR5K2P3BFBOOSP4E-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/EOMWPC6NZ5IR5K2P3BFBOOSP4E-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/EOMWPC6NZ5IR5K2P3BFBOOSP4E-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/EOMWPC6NZ5IR5K2P3BFBOOSP4E-1536x804.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/EOMWPC6NZ5IR5K2P3BFBOOSP4E.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Sudanese women from community kitchens, run by local volunteers, prepare meals for people who are affected by conflict and extreme hunger and are out of reach of international aid efforts, in Omdurman, Sudan, May 13, 2024. REUTERS/Mazin Alrasheed/File Photo</figcaption></figure>



<p>LONDON, Oct 23 (Reuters)&nbsp;&#8211;&nbsp;Nearly half of Africa&#8217;s citizens live in a country where governance has worsened over the past decade, as deteriorating security erodes progress, according to a new report.</p>



<p>The annual Ibrahim Index of African Governance report found that despite positive progress in 33 countries, overall governance was worse in 2023 in 21 countries, accounting for just under half of Africa&#8217;s population, compared with 2014.</p>



<p>For several countries, including densely populated Nigeria and Uganda, the deterioration in overall governance had worsened over the second part of the decade, according to the report released by Sudanese-British billionaire businessman Mo Ibrahim&#8217;s foundation.</p>



<p>&#8220;We can see really a huge arc of instability and conflicts and this deterioration, and security and safety of our people, is the biggest driver of deterioration and governance&#8230;putting everything down in general,&#8221; Ibrahim told Reuters in an interview.</p>



<p>Ibrahim pointed to the coups in West Africa and war in Sudan, but said poor governance also fostered violence and instability.</p>



<p>&#8220;If there is deterioration on governance, if there is corruption, if there is marginalization&#8230;people are going to pick up arms,&#8221; he said.</p>



<p>The report found that infrastructure &#8211; from mobile phone access to energy &#8211; and women&#8217;s equality, were better in 2023 for roughly 95% of Africans.</p>



<p>Health, education and business environment metrics had also improved continent-wide.</p>



<p>But the report found that public perceptions on progress were grim, even when the corresponding governance dimensions showed progress; all public perception indicators, apart from those tracking women&#8217;s leadership, declined.</p>



<p>The worst drops were in perceptions of economic opportunities and of safety and security.</p>



<p>The foundation said this could be due to higher expectations in countries that were making progress, and also a tendency to focus on what is not working.</p>



<p>But Ibrahim said it was a serious problem.</p>



<p>&#8220;If public dissatisfaction is high, that obviously can lead to unrest, it can lead to increased migration, conflicts,&#8221; he said.</p>



<p>(Reporting By Libby George; Editing by Sharon Singleton)</p>


EOMWPC6NZ5IR5K2P3BFBOOSP4E

African progress backslides as coups and war persist


<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/VVH4XUJLWRL2RHXOYP5AZXEKAM-820x547.jpg" alt="" class="wp-image-545184" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/VVH4XUJLWRL2RHXOYP5AZXEKAM-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/VVH4XUJLWRL2RHXOYP5AZXEKAM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/VVH4XUJLWRL2RHXOYP5AZXEKAM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/VVH4XUJLWRL2RHXOYP5AZXEKAM-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/VVH4XUJLWRL2RHXOYP5AZXEKAM-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/VVH4XUJLWRL2RHXOYP5AZXEKAM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Russian President Vladimir Putin meets with South African President Cyril Ramaphosa on the sidelines of the BRICS summit in Kazan, Russia October 22, 2024. Alexander Nemenov/Pool via REUTERS</figcaption></figure>



<p>JOHANNESBURG, Oct 22 (Reuters)&nbsp;&#8211;&nbsp;South Africa sees Russia as a valued ally, President Cyril Ramaphosa said at a bilateral meeting with Russia&#8217;s Vladimir Putin on Tuesday, on the eve of the BRICS summit of emerging economies&nbsp;that will take place in the Russian city of Kazan.</p>



<p>&#8220;We continue to see Russia as a valued ally, as a valued friend who supported us right from the beginning, from the days of our struggle against apartheid,&#8221; Ramaphosa said, according to a clip of the two leaders&#8217; meeting shared on social media by South Africa&#8217;s government news agency.</p>



<p>&#8220;We are going to have important discussions here in Kazan within the BRICS family,&#8221; the South African president added.</p>



<p>(Reporting by Tannur Anders and Bhargav Acharya; Editing by Alexander Winning)</p>


Russian President Vladimir Putin meets with South African President Cyril Ramaphosa in Kazan

South Africa sees Russia as a valued ally, Ramaphosa tells Putin


<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-1243645267-820x547.jpg" alt="" class="wp-image-545121" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GettyImages-1243645267-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GettyImages-1243645267-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GettyImages-1243645267-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GettyImages-1243645267-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GettyImages-1243645267-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GettyImages-1243645267-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The President of the Confederation of African Football (CAF) Patrice Motsepe, Host a Press Conference, in Algiers, Algeria, October 01, 2022. (Photo by APP/NurPhoto via Getty Images)</figcaption></figure>



<p>ADDIS ABABA, Oct 22 (Reuters)&nbsp;&#8211;&nbsp;African football paid $50-million in an out of court settlement to former marketing company Lagardere Sports after abruptly cancelling their long-term agreement, the Confederation of African Football&#8217;s congress was told on Tuesday.</p>



<p>The French company had sued for compensation after their 10-year, $1-billion agreement was abruptly cancelled in 2019.</p>



<p>Lagardere Sports held the marketing, sponsorship and television rights to all CAF competitions for two decades, but CAF said it had to cancel the deal after two court rulings found that the agreement was made without proper tender.</p>



<p>The company, now known as Lagardere Unlimited, sued for compensation before accepting a settlement, with CAF paying in two equal tranches, the last of which was paid at the end of last year, CAF&#8217;s finance committee vice chairman Andrew Kamanga said.</p>



<p>CAF president Patrice Motsepe told congress the organisation had made a $72-million profit from this year&#8217;s Africa Cup of Nations finals in the Ivory Coast, significantly increased from a $4-million profit for the 2021 finals in Cameroon.</p>



<p>CAF said it projected a revenue of almost $150 million for the 2024-2025 financial year, with expenses of $138.2 million.</p>



<p>Some 30% of the budget would be spent on development programmes and contributions to CAF’s 54-member associations.</p>



<p>A proposal was approved to give each association president an annual salary of $50,000 from the $400,000 annual contribution.</p>



<p>Motsepe, expected to stand for re-election next year, said CAF wanted to increase African football&#8217;s revenue to $1-billion over the next eight years. &#8220;We are having a lot of discussions with potential sponsors,&#8221; he told the congress in the Ethiopian capital.</p>



<p>He said CAF wanted to give $1-million annually to each member association from 2026.</p>



<p>Motsepe also said CAF were reviewing rules on the treatment of visiting teams in the wake of Nigeria&#8217;s national team being held at a Libyan airport for a half day before last week&#8217;s scheduled Africa Cup of Nations qualifier.</p>



<p>Nigeria refused to play the game after saying they had been held hostage by Libyan authorities who diverted their charter plane to an unused airfield and then left them waiting.</p>



<p>&#8220;National teams must be treated with respect. If there are violations, we&#8217;ll take action,&#8221; said Motsepe.</p>



<p>(Writing by Mark Gleeson in Cape Town; Editing by Christian Radnedge)</p>


President Of The (CAF) Patrice Motsepe In Algeria

African football paid out $50-million settlement over marketing rights


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="357" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg" alt="" class="wp-image-400669" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1-300x175.jpg 300w" sizes="auto, (max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">World map with charts and graphs as symbols of global finance</figcaption></figure>



<p>Oct 22 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday.</p>



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



<p>Kenya&#8217; High Court is due to hold a hearing on Tuesday after declining the National Assembly&#8217;s request to lift other orders barring the swearing in of newly-appointed Deputy President Kithure Kindiki.</p>



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



<p>Asian stocks turned lower and the dollar stood by multi-month peaks on Tuesday as a sharp sell-off in bonds and a jump in gold suggested investors are hunkering down ahead of the U.S. election.</p>



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



<p>Oil prices eased on Tuesday as the top U.S. diplomat renewed efforts to push for a ceasefire in the Middle East and as slowing demand growth in China, the world&#8217;s top oil importer, continued to weigh on the market.</p>



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



<p>South Africa&#8217;s rand slipped against a stronger dollar on Monday, as investor focus shifts towards local inflation figures due later this week.</p>



<h2 class="wp-block-heading" id="h-cameroon-politics">CAMEROON POLITICS</h2>



<p>Cameroon&#8217;s 91-year-old president, Paul Biya, returned to the country on Monday after a 42-day absence that had sparked questions about his health and whereabouts.</p>



<h2 class="wp-block-heading" id="h-kenya-refugees">KENYA REFUGEES</h2>



<p>Kenya said on Monday said it had handed over four Turkish refugees after accepting an extradition request by Ankara despite Amnesty International raising concerns they could face persecution at home if they were deported.</p>



<h2 class="wp-block-heading" id="h-mozambique-election">MOZAMBIQUE ELECTION</h2>



<p>The U.S. government on Monday condemned the weekend killings by gunmen of two Mozambique opposition figures ahead of protests against a disputed election result, with Washington urging &#8220;a swift and thorough investigation into the murders.&#8221;</p>



<h2 class="wp-block-heading" id="h-sudan-aviation">SUDAN AVIATION</h2>



<p>The Russian embassy in Sudan is investigating reports that a cargo plane carrying Russian crew members may have been shot down in the western part of the country, the embassy said on Monday.</p>



<h2 class="wp-block-heading" id="h-nigeria-oil">NIGERIA OIL</h2>



<p>Nigeria has blocked Shell&#8217;s sale of its entire onshore and shallow-water oil operations, but approved a similar deal by Exxon Mobil, the country&#8217;s upstream oil regulator said on Monday.</p>



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



<p>The M23 rebel group has seized the town of Kalembe in eastern Democratic Republic of Congo, expanding its reach in the region, an official and a former lawmaker said on Monday.</p>



<h2 class="wp-block-heading" id="h-sudan-war">SUDAN WAR</h2>



<p>Sudan&#8217;s army said on Sunday a commander from its foe the Rapid Support Forces had defected with some of his troops, the first such move by a senior figure since the two sides went to war more than 18 months ago.</p>



<p>((Compiled by Nairobi Newsroom))</p>


African Markets – Factors to watch on Oct 22


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="570" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/P6ORFY5TKVJHVLDLKUU7XJIJNQ-820x570.jpg" alt="" class="wp-image-544813" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/P6ORFY5TKVJHVLDLKUU7XJIJNQ-820x570.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/P6ORFY5TKVJHVLDLKUU7XJIJNQ-300x209.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/P6ORFY5TKVJHVLDLKUU7XJIJNQ-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/P6ORFY5TKVJHVLDLKUU7XJIJNQ-768x534.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/P6ORFY5TKVJHVLDLKUU7XJIJNQ-1536x1068.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/P6ORFY5TKVJHVLDLKUU7XJIJNQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: South Africa&#8217;s Finance Minister Enoch Godongwana speaks during his 2024 budget speech in Cape Town, South Africa, February 21, 2024. REUTERS/Esa Alexander/File Photo</figcaption></figure>



<p>JOHANNESBURG, Oct 21 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s mid-term budget review later this month is expected to show healthier public finances, but economists say it might be too early to loosen the purse strings.</p>



<p>Finance minister Enoch Godongwana is expected to present his first medium-term budget policy statement under South Africa&#8217;s new unity government on Oct. 30, setting out spending plans for the next three years.</p>



<p>Economists see potential for an improved budget outlook due to anticipated reductions in government expenditure and lower interest payments on debt, buoyed by currency appreciation.</p>



<p>Sentiment has been boosted by the government&#8217;s early success in fostering political stability as well as the end of crippling power cuts.</p>



<p>South Africa&#8217;s budget deficit for the 2024/25 fiscal year stood at 3.3% of GDP as of August, according to National Treasury data, lower than the same period last year. In February, the treasury forecast a deficit of 4.5% of GDP for the year.</p>



<p>Andrew Matheny, Managing Director of Economics Research at Goldman Sachs, said that the treasury was likely to meet that target.</p>



<p>&#8220;We don&#8217;t see much of a risk of overspending and exceeding the spending plans that they laid out on the revenue side,&#8221; said Matheny.</p>



<p>Although revenue collection has undershot the target so far, a decrease in expenditure coupled with the transfer of the first tranche of funds from the gold and foreign exchange account has reduced borrowing requirements, economists said.</p>



<p>Despite the wiggle room, there is no expectation the treasury will introduce any new spending initiatives outside of providing funding guidance on the government&#8217;s infrastructure investment programme and any above-inflation public sector wage increases for 2025.</p>



<p>President Cyril Ramaphosa pledged in July to revive the economy by turning the country &#8220;into a construction site&#8221;.</p>



<p>&#8220;The focus will probably be on job creation, things like the infrastructure development program, really pushing money into things that can get the economy going,&#8221; said Maarten Ackerman, chief economist at local financial firm, Citadel,</p>



<p>South Africa&#8217;s GDP growth is seen at 1.1% this year, according to the central bank. The bank believes growth could accelerate to 3.5% in the medium term with appropriate reforms.</p>



<p>(Reporting by Kopano Gumbi; Editing by Olivia Kumwenda-Mtambo and Christina Fincher)</p>


Reuters

African Markets – Factors to watch on Oct 24

Who is running for president in Botswana’s election?

Nigeria’s Tinubu names seven ministers, sacks five in cabinet reshuffle

Kenya fulfilled all targets in IMF review, central bank governor says

BRICS leaders tout joint finance, trade projects at Russian summit

Mozambique’s dollar bond falls as unrest over disputed election simmers

Kenyan shilling unmoved against dollar on month-end FX supply

South African rand little changed; CPI data in focus

South African Markets – Factors to watch on Oct 23

South African inflation drops sharply, paving way for more rate cuts

African Markets – Factors to watch on Oct 23

Climate change worsened rains in flood-hit African regions, scientists say

African progress backslides as coups and war persist

South Africa sees Russia as a valued ally, Ramaphosa tells Putin

African football paid out $50-million settlement over marketing rights

African Markets – Factors to watch on Oct 22

South Africa’s budget to show healthier finances but discipline still needed, economists say

News Tips

Advertise With Us

Reuters

African Markets – Factors to watch on Oct 24

Who is running for president in Botswana’s election?

Nigeria’s Tinubu names seven ministers, sacks five in cabinet reshuffle

Kenya fulfilled all targets in IMF review, central bank governor says

BRICS leaders tout joint finance, trade projects at Russian summit

Mozambique’s dollar bond falls as unrest over disputed election simmers

Kenyan shilling unmoved against dollar on month-end FX supply

South African rand little changed; CPI data in focus

South African Markets – Factors to watch on Oct 23

South African inflation drops sharply, paving way for more rate cuts

African Markets – Factors to watch on Oct 23

Climate change worsened rains in flood-hit African regions, scientists say

African progress backslides as coups and war persist

South Africa sees Russia as a valued ally, Ramaphosa tells Putin

African football paid out $50-million settlement over marketing rights

African Markets – Factors to watch on Oct 22

South Africa’s budget to show healthier finances but discipline still needed, economists say

News Tips

Advertise With Us

Newsletters