<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="536" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/PPA7LZHDAZIPJMJ7KHMLZAMWME-2-820x536.jpg" alt="" class="wp-image-494166" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/PPA7LZHDAZIPJMJ7KHMLZAMWME-2-820x536.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/PPA7LZHDAZIPJMJ7KHMLZAMWME-2-300x196.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/PPA7LZHDAZIPJMJ7KHMLZAMWME-2-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/PPA7LZHDAZIPJMJ7KHMLZAMWME-2-768x502.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/PPA7LZHDAZIPJMJ7KHMLZAMWME-2-1536x1003.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/PPA7LZHDAZIPJMJ7KHMLZAMWME-2-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A view shows the logo of South Africa&#8217;s central reserve bank, at the reserve bank offices in Pretoria, South Africa, January 26, 2023. REUTERS/Siphiwe Sibeko</figcaption></figure>



JOHANNESBURG, Oct 17 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s central bank governor, Lesetja Kganyago, said on Thursday that the country could move to a lower inflation target at little cost.



Kganyago is a strong advocate for a lower target than the bank&#8217;s current 3% to 6% range and told Reuters in April that teams from the central bank and National Treasury were in talks about the issue.



Speaking in a lecture at the University of Stellenbosch, Kganyago said reducing the target could help achieve lower inflation and interest rates, drawing on the experience of the bank stressing that it prefers to see inflation close to 4.5%, the midpoint of its target band, since 2017.



&#8220;Executed effectively, a lower target could be achieved at little cost, just as we moved to 4.5% at little cost,&#8221; Kganyago said.



The governor cited studies that showed there had been little to no negative impact on economic growth from the bank&#8217;s decision to stress its preference for 4.5% inflation, rather than treating 3% to 6% as a &#8220;zone of indifference&#8221;.



He said the emphasis on the 4.5% midpoint had helped lower inflation through &#8220;clear and credible communication&#8221;.



In April, Kganyago told Reuters that he personally hoped a decision could be taken to lower the inflation target before 2025.



Other arguments given by Kganyago for lowering the bank&#8217;s current target include that it is out of kilter with South Africa&#8217;s emerging market peers, too wide and serves to anchor inflation expectations higher than policymakers would like.



South Africa introduced its inflation-targeting framework in 2000, and had planned to lower the target to 3%–5% and then 2%-4%.



(Reporting by Kopano Gumbi; Additional reporting by Tannur Anders; Editing by Alexander Winning and Daren Butler)

South Africa trims rate hikes as power cuts slash growth prospects

South Africa could lower inflation target at little cost, c.bank governor 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/2024/10/B22ZLQJJS5KOTFCF5CQ5IIGGIQ-1-820x547.jpg" alt="" class="wp-image-543347" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/B22ZLQJJS5KOTFCF5CQ5IIGGIQ-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/B22ZLQJJS5KOTFCF5CQ5IIGGIQ-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/B22ZLQJJS5KOTFCF5CQ5IIGGIQ-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/B22ZLQJJS5KOTFCF5CQ5IIGGIQ-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/B22ZLQJJS5KOTFCF5CQ5IIGGIQ-1-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/B22ZLQJJS5KOTFCF5CQ5IIGGIQ-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">World Bank President Ajay Banga speaks on the second day of the annual meeting of the International Monetary Fund and the World Bank, following last month&#8217;s deadly earthquake, in Marrakech, Morocco, October 10, 2023. REUTERS/Susana Vera</figcaption></figure>



WASHINGTON, Oct 17 (Reuters)&nbsp;&#8211;&nbsp;World Bank President Ajay Banga said on Thursday that bilateral creditors need to provide more debt forgiveness to&nbsp;poor&nbsp;debt-distressed countries, and that the development lender was working on ways to ease service costs to improve development outcomes.



Banga, speaking to reporters ahead of World Bank and International Monetary Fund annual meetings&nbsp;next week, said the bank has already answered calls for its share of debt relief in restructurings by providing billions of dollars in additional grants and deeply discounted loans to debtor countries.



Some $16 billion to $17 billion has gone to Zambia, Chad, Ethiopia and Ghana during their slow and painful debt restructuring processes.



&#8220;Effectively, what we&#8217;re doing is giving them the lifeline they need, whether you do it as a debt forgiveness or you give them a grant,&#8221; Banga said. &#8220;Debt forgiveness is required, but not from us. It&#8217;s required from those creditors. That&#8217;s the issue we&#8217;re trying to work our way through.&#8221;



Banga did not specifically mention China, which has been among the largest creditors to debt-distressed countries and has been slow to agree to reductions in debt principal.



Banga said that the World Bank was working with several countries on potential ways to re-profile debt to reduce servicing costs &#8220;and take the distance and put it into development, life, education, what you would call a debt-for- development swap.&#8221;



(Reporting by David Lawder; Editing by Chizu Nomiyamaand Mark Porter)

Second day of the International Monetary Fund and the World Bank meeting in Marrakech

World Bank’s Banga says more bilateral debt forgiveness needed

<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/ASNTL4445RJTLFIZ464UIMHVRQ-820x615.jpg" alt="" class="wp-image-543315" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/ASNTL4445RJTLFIZ464UIMHVRQ-820x615.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/ASNTL4445RJTLFIZ464UIMHVRQ-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/ASNTL4445RJTLFIZ464UIMHVRQ-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/ASNTL4445RJTLFIZ464UIMHVRQ-768x576.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/ASNTL4445RJTLFIZ464UIMHVRQ-1536x1152.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/ASNTL4445RJTLFIZ464UIMHVRQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: People shop at a fresh food market in Oyingbo, Lagos, Nigeria December 17, 2021. Picture taken December 17, 2021. REUTERS/Nneka Chile/File Photo</figcaption></figure>



ABUJA, Oct 17 (Reuters)&nbsp;&#8211;&nbsp;Nigeria is beginning to reap the benefits of significant policy reforms following a near fiscal crisis in 2020, but must stay the course, the World Bank said on Thursday.



President Bola Tinubu has instituted reforms including ending a decades-old petrol subsidy and devaluing the currency to try to boost output, which has been sluggish for about a decade.



World Bank lead economist for Nigeria Alex Sienaert said that Nigeria&#8217;s fiscal deficit has reduced from 6.2% of Gross Domestic Product (GDP) in the first half of last year to 4.4% in the first half of this year, with the reforms leading to robust growth in service sectors, stability in the oil sector, and improvements in the foreign exchange market.



&#8220;We are seeing a fiscal consolidation underway with the fiscal deficit shrinking and that&#8217;s driven by a combination of expenditure being roughly constant in real terms, and revenues which are surging,&#8221; Sienaert said during a presentation in the capital Abuja.



&#8220;This surge in revenues is largely due to the removal of the implicit forex subsidy that was happening before, which was even larger than the petrol subsidy, which we talk a lot about,&#8221; he said.



The World Bank expects Nigeria&#8217;s economy to grow at 3.3% this year, rising to 3.6% in 2025.



Nigeria&#8217;s fiscal crisis had been mounting following two economic recessions in the last eight years due to a combination of economic mismanagement and policy challenges.



The recent reforms, including a focus on price stability and a unified market-reflective exchange rate by the central bank, have proven critical in stemming an economic downturn, but they have stoked inflation.



&#8220;The ultimate purpose here, of course, is jobs and opportunities,&#8221; Sienaert said.



(Reporting by Elisha Bala-Gbogbo; Editing by Angus MacSwan)

FILE PHOTO: People shop at a fresh food market in Oyingbo, Lagos

Nigeria seeing positive results from fiscal reforms, World Bank says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="575" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/EWIHZR63PZN5DEGVL2QOXJBLFM-820x575.jpg" alt="" class="wp-image-543284" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/EWIHZR63PZN5DEGVL2QOXJBLFM-820x575.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/EWIHZR63PZN5DEGVL2QOXJBLFM-300x211.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/EWIHZR63PZN5DEGVL2QOXJBLFM-128x90.jpg 128w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/EWIHZR63PZN5DEGVL2QOXJBLFM-768x539.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/EWIHZR63PZN5DEGVL2QOXJBLFM-1536x1078.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/EWIHZR63PZN5DEGVL2QOXJBLFM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Cars are seen on display at a showroom of a Nissan dealership in Melrose, South Africa, July 16, 2024. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, Oct 17 (Reuters)&nbsp;&#8211;&nbsp;South Africa is considering introducing tax rebates or subsidies for consumers to boost buying of electric vehicles, President Cyril Ramaphosa said on Thursday, as Africa&#8217;s most industrialised economy transitions its automotive industry.



Global automakers like Ford, Volkswagen, BMW and Toyota manufacture models in South Africa for both the local and European markets. Britain and the European Union jointly consume 46% of the vehicles the country produces.



The move towards cleaner and more sustainable fuels, plus stringent regulation in key markets, is putting pressure on some global automakers to shift towards electric and hybrid models, Ramaphosa said at an automotive industry conference.



As a result, South Africa&#8217;s automotive industry is positioning itself to take advantage of the demand for new energy vehicles.



&#8220;Consideration must be given to incentives for manufacturers, as well as tax rebates or subsidies for consumers, to accelerate the uptake of electric vehicles,&#8221; Ramaphosa said.



To encourage the production of electric cars in South Africa, the government will introduce an allowance for new investments from March 1, 2026, Finance Minister Enoch Godongwana said in February in his budget.



This will allow producers to claim 150% of qualifying investment spending on electric and hydrogen-powered vehicles in the first year.



Ramaphosa added that the government is working to finalise comprehensive policy guidelines on so-called new energy vehicles &#8220;that do not exclude alternative technologies such as hybrids and plug-in hybrids&#8221;.



Last year, the minister for trade, industry and competition published a white paper outlining steps to support the transition such as government incentives and a temporary reduction on import duties for batteries in vehicles produced and sold in the domestic market.



The paper also advocated the production of batteries for battery electric vehicles in South Africa and the development of value chains in the green hydrogen fuel cell market.



&#8220;We are committed to working hand-in-hand with the private sector to promote the production of new energy vehicles and the development of the necessary infrastructure to support them,&#8221; Ramaphosa said.



($1 = 17.7422 rand)



(Reporting by Nqobile Dludla; Editing by Jan Harvey)

Cars are seen on display at a showroom, in Melrose

South Africa mulls tax rebates, subsidies to boost local EV industry

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HCVRNAVJRJMOJBUK4XOB7PEJGY-820x429.jpg" alt="" class="wp-image-506011" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HCVRNAVJRJMOJBUK4XOB7PEJGY-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HCVRNAVJRJMOJBUK4XOB7PEJGY-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HCVRNAVJRJMOJBUK4XOB7PEJGY-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HCVRNAVJRJMOJBUK4XOB7PEJGY-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HCVRNAVJRJMOJBUK4XOB7PEJGY.jpg 1200w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A teller serves a client with Kenya shilling notes at the cashier&#8217;s booth of a forex exchange bureau in Kenya&#8217;s capital Nairobi, April 20, 2016. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



NAIROBI, Oct 17 (Reuters) &#8211; The Kenyan shilling was steady against the dollar on Thursday as diaspora dollar inflows matched importer demand, one trader said.



The shilling traded at 128.50/129.50 against the dollar at 0715 GMT, according to LSEG data, the same as Wednesday&#8217;s closing rate.



&#8220;We don&#8217;t expect much movement ahead of the weekend,&#8221; the trader said.



(Reporting by Sonia Rao; Editing by George Obulutsa)

HCVRNAVJRJMOJBUK4XOB7PEJGY

Kenyan shilling steady; diaspora FX inflows match importer demand

<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>



JOHANNESBURG, Oct 17 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand weakened in early trade on Thursday, ahead of U.S. retail sales figures that could give cues on the Federal Reserve&#8217;s interest rate path this year.



At 0651 GMT, the rand traded at 17.6850 against the U.S. dollar, about 0.2% weaker than its previous close.



The dollar last traded about 0.07% firmer against a basket of currencies.



U.S. retail sales figures for September and an interest rate announcement by the European Central Bank are due later in the day.



&#8220;This will be an important data set that will offer insight into consumptive demand and whether it has softened enough to warrant the Fed&#8217;s stance,&#8221; said ETM Analytics in a research note, referring to the U.S. data.



&#8220;Should the U.S. data soften more than expected, the USD may slip back from what has been an extraordinary run,&#8221; the note added.



Like other risk-sensitive currencies, the rand often takes direction from global drivers like U.S. economic data and monetary policy.



With a light domestic calendar, the rand is likely to trade on dollar movements.



South Africa&#8217;s central bank governor Lesetja Kganyago will deliver a special lecture at the University of Stellenbosch and President Cyril Ramaphosa will answer lawmakers&#8217; questions in parliament.



South Africa&#8217;s benchmark 2030 government bond was weaker in early deals, with the yield up 5.5 basis points to 9.285%.



(Reporting by Tannur Anders; Editing by Sumana Nandy)

South African Rand coins are seen in this photo illustration

South African rand slips ahead of US retail data

<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 17 (Reuters)&nbsp;&#8211;&nbsp;The following political event, equity and currency market moves may affect South African markets on Thursday.



<h2 class="wp-block-heading" id="h-political-event">POLITICAL EVENT</h2>



South African President Cyril Ramaphosa to answer lawmakers&#8217; questions in parliament.



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



South Africa&#8217;s rand held onto its gains on Wednesday, as domestic retail sales rose in August, indicating an improvement in consumer sentiment.



On the stock market, the Top-40 index closed 0.62% higher.



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



Asian shares gave back early gains on Thursday as a housing policy briefing in China underwhelmed investors, while the dollar stood near 2-1/2 month highs on the prospect of a Donald Trump presidency.



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



The Dow Jones Industrial Average rose on Wednesday and closed at a record high, and Wall Street&#8217;s two other benchmark indexes also ended higher, weathering declines in megacap tech shares thanks to small-caps gains and financial shares buoyed by strong earnings.



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



Gold rose on Thursday to hover near record levels, underpinned by uncertainty surrounding the U.S. election and expectations of more rate cuts by major central banks, while investors looked forward to a slew of U.S. data for further direction.



&#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; Medicines regulator urges Treasury to step up its funding



&#8211; Presidency upbeat on hitting 3% growth by 2025 with stable GNU



&#8211; SA carmakers call for hybrid-car production incentives



(Compiled by Tannur Anders)

istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on Oct 17

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="553" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/DWCQX6GFJ5OCXGS5Z5ENXFGNQI-820x553.jpg" alt="" class="wp-image-543225" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/DWCQX6GFJ5OCXGS5Z5ENXFGNQI-820x553.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/DWCQX6GFJ5OCXGS5Z5ENXFGNQI-300x202.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/DWCQX6GFJ5OCXGS5Z5ENXFGNQI-133x90.jpg 133w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/DWCQX6GFJ5OCXGS5Z5ENXFGNQI-768x518.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/DWCQX6GFJ5OCXGS5Z5ENXFGNQI-1536x1037.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/DWCQX6GFJ5OCXGS5Z5ENXFGNQI-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Kenya&#8217;s Deputy President Rigathi Gachagua speaks during a press conference, ahead of lawmakers&#8217; vote over his impeachment motion at his residence in Karen, Nairobi Kenya, October 7, 2024. REUTERS/Monicah Mwangi/File Photo</figcaption></figure>



NAIROBI, Oct 17 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s Senate opened a second day of hearings on Thursday ahead of a vote on whether to remove Deputy President Rigathi Gachagua from office over charges he embezzled public funds, stirred ethnic hatred and undermined the government, which he denies.



The National Assembly voted last week to impeach Gachagua, who helped President William Ruto win an election two years ago but has been assailed by allies of the president over alleged disloyalty and a series of provocative public comments.



Ruto has not commented on the impeachment process, while Gachagua has called it a political lynching based on falsehoods.



If two-thirds of senators back the motion in a vote scheduled for Thursday evening, Gachagua will become the first Kenyan president or deputy president forced from office by impeachment, a process introduced under the 2010 constitution.



The second day of hearings is scheduled to include hours of testimony by Gachagua, who will respond to a litany of accusations laid out on Wednesday by a lawmaker from Ruto&#8217;s coalition.



The lawmaker, Mwengi Mutuse, said Gachagua had incited hatred in comments about ethnic minorities from his home region.



Mutuse also accused Gachagua of acquiring properties worth over $40 million since becoming deputy president, despite reporting a net worth before entering office of only around $6 million.



In response, Gachagua&#8217;s lawyer, Elisha Ongoya, said the allegations lacked evidence and were based on speculation.



Kenyan courts have declined to block the proceedings as Gachagua requested but have said they could review the legality of the process once it is completed.



The impeachment follows a realignment of Kenyan politics following mass street protests in June and July that forced Ruto to withdraw proposed tax hikes and shake up his cabinet.



Ruto appointed several allies of the main opposition leader Raila Odinga as ministers, a move that was seen as weakening Gachagua&#8217;s influence.



(Reporting by George Obulutsa and Sonia Rao; Editing by Aaron Ross and Christina Fincher)

Kenya’s Deputy President Rigathi Gachagua speaks during a press conference, ahead of lawmakers’ vote over his impeachment motion at his residence in Karen, Nairobi

Kenya’s Senate to vote on removal of deputy president

<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>



NAIROBI, Oct 17 (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 Senate is due to vote on whether to remove Deputy President Rigathi Gachagua from office.



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



Asian shares gave back early gains on Thursday as a housing policy briefing in China underwhelmed investors, while the dollar stood near 2-1/2 month highs on the prospect of a Donald Trump presidency.



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



Oil prices rose in early Asian trade on Thursday, paring sharp losses over the past two sessions, after industry data showed an unexpected drop in U.S. crude stockpiles last week.



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



South Africa&#8217;s rand held onto its gains on Wednesday, as domestic retail sales rose in August, indicating an improvement in consumer sentiment.



<h2 class="wp-block-heading" id="h-nigeria-petroleum">NIGERIA PETROLEUM</h2>



Nigeria&#8217;s oil regulator has rejected Shell&#8217;s proposed $1.3 billion sale of its onshore oilfields to Renaissance group because the buyer is not qualified to manage the assets, Lagos-based ThisDay newspaper reported on Wednesday.



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



The Kenyan shilling was unmoved against the dollar on Wednesday, data from the London Stock Exchange Group showed.



<h2 class="wp-block-heading" id="h-kenya-debt">KENYA DEBT</h2>



Kenya is in discussions with the United Arab Emirates for a $1.5 billion commercial loan with an 8.25% interest rate and a seven-year tenor, Finance Minister John Mbadi said on Wednesday.



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



Kenya&#8217;s senate began impeachment hearings against Kenya&#8217;s deputy president on Wednesday, hours after a court said the proceedings were constitutional, clearing the way for a vote on his dismissal this week.



<h2 class="wp-block-heading" id="h-ethiopia-telecoms">ETHIOPIA TELECOMS</h2>



State-owned Ethio Telecom has set a share price of 300 birr ($2.54) for the 100 million shares it plans to sell via the company&#8217;s mobile payment service prior to a stock market listing, the company&#8217;s CEO Frehiwot Tamiru said on Wednesday.



<h2 class="wp-block-heading" id="h-uganda-coffee">UGANDA COFFEE</h2>



The value of Uganda&#8217;s coffee exports surged 53.8% in September, compared to the same period a year ago, on the back of a rise in global prices, the state regulator said.



<h2 class="wp-block-heading" id="h-senegal-economy">SENEGAL ECONOMY</h2>



The International Monetary Fund on Wednesday said a staff team had visited Senegal to start assessing the implications of data revisions resulting from a government audit of past and current IMF-supported programs.



<h2 class="wp-block-heading" id="h-gabon-eurobonds">GABON EUROBONDS</h2>



Gabon&#8217;s Eurobonds were trading near their highest levels since April after a research note sparked optimism over the government&#8217;s commitment and ability to repay a maturity due next year, investors told Reuters.



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



Mozambique&#8217;s ruling party Frelimo was leading provisional election results in all 11 provinces on Wednesday, while opposition parties cried fraud and one called for a strike.



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on Oct 17

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="572" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/XFNOXFRHRNJ3PLPFQZF66W3MBE-820x572.jpg" alt="" class="wp-image-506368" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/XFNOXFRHRNJ3PLPFQZF66W3MBE-820x572.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/XFNOXFRHRNJ3PLPFQZF66W3MBE-300x209.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/XFNOXFRHRNJ3PLPFQZF66W3MBE-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/XFNOXFRHRNJ3PLPFQZF66W3MBE-768x536.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/XFNOXFRHRNJ3PLPFQZF66W3MBE-1536x1071.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/XFNOXFRHRNJ3PLPFQZF66W3MBE.jpg 1822w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Kenya&#8217;s President William Ruto speaks at a press conference where he announced spending cuts in government after protests against Kenya&#8217;s proposed finance bill 2024/2025, in Nairobi, Kenya, July 5, 2024. REUTERS/Monicah Mwangi</figcaption></figure>



NAIROBI, Oct 16 (Reuters)&nbsp;&#8211;&nbsp;Kenya is in discussions with the United Arab Emirates for a $1.5 billion commercial loan with an 8.25% interest rate and a seven-year tenor, Finance Minister John Mbadi said on Wednesday.



The East African nation is seeking to diversify its sources of financing after deadly protests forced the government to abandon a slate of tax hikes and delayed disbursements from the International Monetary Fund (IMF). Reuters reported the prospective loan last month.



&#8220;This loan is cheaper than the Eurobond we borrowed at 10.7%,&#8221; Mbadi told a news conference, referring to a $1.5 billion dollar-denominated bond issued in February to partially buy back a portion of a maturing $2 billion Eurobond.



Kenya has satisfactorily answered the questions raised by the IMF around the country&#8217;s current lending programme, which was interrupted by the protests and the abandonment of the finance bill, Mbadi said. He will hold more meetings with the fund in Washington DC next week.



&#8220;After that, the funds will be disbursed,&#8221; Mbadi said.



The IMF&#8217;s executive board will meet on Oct. 30 to consider the staff review of Kenya&#8217;s programme, Bloomberg news agency reported, citing people familiar with the matter.



Asked about the report, the Fund said the date had not yet been set.



&#8220;No date has been confirmed yet for the Board&#8217;s deliberation. We will communicate the date and related information in due course,&#8221; it said.



Kenya would seek a new fund programme when the current one runs out next&nbsp;year, Mbadi said, but&nbsp;he called for more realistic fiscal targets to underpin future lending.



&#8220;I completely believe some of the targets we have set with the IMF were unrealistic,&#8221; he said, citing a target of lowering the fiscal deficit to 3.8% this financial year from 5.2% in the year that ended in June, which has since been removed.



<h2 class="wp-block-heading" id="h-risk-exposure">RISK EXPOSURE?</h2>



The government is also talking with the IMF after the lender raised some concerns about the potential commercial loan from the UAE, the minister said.



&#8220;There are issues to be discussed, including with the IMF, which had expressed some reservations, because we are talking about this being an external loan and is dollar-denominated, it may expose us to additional risk,&#8221; he said.



The government has countered that the loan was cheaper than the other options, including Eurobonds, Mbadi said.



&#8220;Those are issues that we are discussing. We haven&#8217;t firmed them up. We are looking for the transaction adviser on the same,&#8221; he said.



The government has set the foreign borrowing target for this financial year at 168 billion shillings ($1.31 billion), while the UAE loan if finalised would bring in the equivalent of 195 billion shillings, helping the government to cut local borrowing.



President William Ruto&#8217;s government has prioritised lowering elevated lending rates in the economy, Mbadi said, to support businesses and economic growth.



Policymakers cut the central bank&#8217;s benchmark lending rate by 75 basis points last week to 12%, but Mbadi said it should be at 10% or lower.



Under Ruto, who took over in September 2022, Kenya has forged closer ties with the UAE.



The UAE&#8217;s Abu Dhabi National Oil Company (ADNOC) and Emirates National Oil Company were among three Gulf firms Ruto&#8217;s government picked last year to supply Kenya with oil on longer credit terms, in a shift from an open tender system.



The UAE provided Ethiopia with $1 billion in 2018 to help with a severe hard currency cash crunch, and the central banks of both sides announced an $817 million swap line in July.



The UAE also signed a deal with Egypt earlier this year to develop a prime stretch of its Mediterranean coast that was expected to bring $35 billion of investments into the Egyptian economy.



($1 = 128.5000 Kenyan shillings)



(Reporting by Duncan Miriri; Editing by Angus MacSwan, Mark Potter and Gareth Jones)

Kenya’s President announces government spending cuts after protest against Kenya’s proposed finance bill 2024/2025, in Nairobi

Kenya in talks for a $1.5 bln commercial loan with UAE, finance minister says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="604" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YDJE2WKUFZKPZBHQDZIBXPBFEA-820x604.jpg" alt="" class="wp-image-542944" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YDJE2WKUFZKPZBHQDZIBXPBFEA-820x604.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YDJE2WKUFZKPZBHQDZIBXPBFEA-300x221.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YDJE2WKUFZKPZBHQDZIBXPBFEA-122x90.jpg 122w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YDJE2WKUFZKPZBHQDZIBXPBFEA-768x566.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YDJE2WKUFZKPZBHQDZIBXPBFEA-1536x1131.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YDJE2WKUFZKPZBHQDZIBXPBFEA-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Daniel Chapo, presidential candidate of the ruling Frelimo party casts his vote during the general elections at Inhambane, in the southern Mozambique, October 9, 2024. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



MAPUTO, Oct 16 (Reuters)&nbsp;&#8211;&nbsp;Mozambique&#8217;s ruling party Frelimo was leading provisional election results in all 11 provinces on Wednesday, while opposition parties cried fraud and one called for a strike.



Frelimo&#8217;s presidential candidate Daniel Chapo was widely expected to win the Oct. 9 election. The party has governed Mozambique since 1975 and has been consistently accused of rigging elections, which it denies.



Full results are expected on Oct. 24.



Independent candidate Venancio Mondlane, seen as Chapo&#8217;s biggest challenger, said he was in the lead according to his own tally and called for a nationwide strike on Monday, Oct. 21.



&#8220;They (Frelimo) are not going to hand over power to anyone. They want to continue to control power, finance, business, oil, gas, diamonds, rubies,&#8221; Mondlane said in a video broadcast on his social media pages.



&#8220;To show that the people are actually ruling, we will paralyse all activity on Monday,&#8221; he said.



Presidential candidate Lutero Simango of the Democratic Movement of Mozambique, a small opposition party, said that he would challenge the results in court.



A Frelimo spokesperson did not immediately reply to a request for comment. In public remarks on Friday, Chapo called for people to remain calm while awaiting official results.



Election observers said the poll did not meet international standards for democratic elections. The International Republican Institute, a U.S.-based monitoring group, reported vote buying, intimidation, inflated voter rolls in Frelimo strongholds, limited transparency in result collation, and other issues.



&#8220;Once again, as a country, we held elections that&#8230; do not reflect, at least from what we have been observing, the will of the voters,&#8221; said Edson Cortez, director of the Centre for Public Integrity (CIP), a Mozambican NGO.



A spokesperson for the electoral commission declined to comment on those allegations.



Videos circulating on social media showed street protests in the northern city of Nampula on Wednesday. Reuters was not immediately able to verify the videos.



Mozambique police have opened fire on political protesters in the past, including after last year&#8217;s local elections, according to human rights groups.



(Reporting by Manuel Mucari, Additional reporting and writing by Nellie Peyton; Editing by William Maclean)

FILE PHOTO: Frelimo candidate Daniel Chapo casts his vote

Mozambique ruling party leads early election results as opposition cries foul

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1307" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/HLM3LV46JRI7HOGTAZAZKEDYXM-scaled.jpg" alt="" class="wp-image-542875" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/HLM3LV46JRI7HOGTAZAZKEDYXM-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/HLM3LV46JRI7HOGTAZAZKEDYXM-300x191.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/HLM3LV46JRI7HOGTAZAZKEDYXM-820x523.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/HLM3LV46JRI7HOGTAZAZKEDYXM-141x90.jpg 141w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/HLM3LV46JRI7HOGTAZAZKEDYXM-768x490.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/HLM3LV46JRI7HOGTAZAZKEDYXM-1536x980.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">FILE PHOTO: A woman walks past an Africa-focused tech startup Jumia Technologies, pickup station in downtown central business district in Nairobi, Kenya November 16, 2021. REUTERS/Monicah Mwangi/File Photo</figcaption></figure>



JOHANNESBURG, Oct 16 (Reuters) &#8211; Africa-focused e-commerce retailer Jumia Technologies will close its South African online fashion retailer Zando and its Tunisian operations by the end of the year to sharpen its focus on its other markets, the CEO told Reuters.



Jumia is aggressively cutting costs to try to turn profitable, including by reducing head count, exiting everyday grocery items and food delivery and cutting delivery services not related to its e-commerce business.



&#8220;The trajectory of the countries did not align with the strategy of the group,&#8221; CEO Francis Dufay said, citing complex macroeconomics, the competitive environment and low medium term potential for growth and profitability.



&#8220;We believe it&#8217;s the right decision,&#8221; he added. &#8220;It enables us to refocus our resources on the other nine markets, where we see more promising trends in terms of scale and profitability.&#8221;



Jumia&#8217;s remaining markets include Egypt, Kenya, Morocco and Nigeria. Dufay said success in any would &#8220;easily enable us to recover&#8221; lost volumes from South Africa and Tunisia.



These two businesses accounted for only 2.7% of total orders and 3% of Gross Merchandise Value in the six months ended June 30, Dufay said.



Zando.co.za was founded in 2012 and since then has grown to become a well-known South African online fashion platform. In Tunisia, the business has been operating under the Jumia brand for a decade, selling general merchandise.



Dufay said he was not planning to sell either operation, which will hold clearance sales before shutting.



The closures mean axing about 110 jobs, Dufay said, but some may be relocated to other parts of the group&#8217;s business.



The exit in South Africa follows shortly after the country&#8217;s biggest online retail group Takealot announced the sale of its online fashion business Superbalist in September, amid increasing competition from fast-fashion Chinese e-commerce retailers Shein and Temu.



Dufay said in South Africa &#8220;growth potential was definitely more difficult&#8221; because of the highly competitive environment.



(Reporting by Nqobile Dludla; Editing Tim Cocks and Barbara Lewis)

FILE PHOTO: A woman walks past a Jumia Technologies, pickup station in downtown Nairobi

African online retailer Jumia to exit South Africa and Tunisia

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1200" height="789" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YWWKJYXNFNKNXNNTA7PVQVR7QU-1.jpg" alt="" class="wp-image-542871" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YWWKJYXNFNKNXNNTA7PVQVR7QU-1.jpg 1200w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YWWKJYXNFNKNXNNTA7PVQVR7QU-1-300x197.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YWWKJYXNFNKNXNNTA7PVQVR7QU-1-820x539.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YWWKJYXNFNKNXNNTA7PVQVR7QU-1-137x90.jpg 137w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YWWKJYXNFNKNXNNTA7PVQVR7QU-1-768x505.jpg 768w" sizes="auto, (max-width: 1200px) 100vw, 1200px" /><figcaption class="wp-element-caption">A logo of the Bank of Namibia is seen at the company&#8217;s headquarters in Windhoek, Namibia, February 24, 2017. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



WINDHOEK, Oct 16 (Reuters)&nbsp;&#8211;&nbsp;Namibia&#8217;s central bank cut its main interest rate&nbsp;for the second meeting in a row on Wednesday, saying inflation had fallen surprisingly quickly and that the economy needed more support.



Its Monetary Policy Committee (MPC) unanimously decided to cut the repo rate by 25 basis points to 7.25%, the same size of cut as at August&#8217;s meeting.



&#8220;The MPC noted the growing momentum in the international monetary policy easing cycle, the retreat in domestic inflation over the medium term, along with the recent downside surprise in the September 2024 inflation print,&#8221; Bank of Namibia Governor Johannes !Gawaxab said in a statement accompanying the decision.



Annual inflation in the southern African country fell to 3.4% in September, a steep drop from the 4.4% posted in August.



The central bank on Wednesday revised down its average inflation forecast for this year to 4.3%, versus a 4.7% forecast given at its last meeting.



It attributed the revision to a more favourable outlook for international oil prices and a stronger domestic exchange rate.



The bank said private sector credit extension remained subdued, suggesting that further support to the domestic economy was warranted.



&#8220;The domestic economy, while growing at a moderate pace, was operating below full capacity,&#8221; !Gawaxab said.



Growth is projected to slow to 3.1% in 2024, compared to 4.2% in 2023.



On a $750 million Eurobond redemption due in late 2025, the central bank governor said Namibia had already set aside 82% of the $500 million it wants to retire at maturity. The government still hopes to refinance the remaining $250 million, !Gawaxab said.



(Writing by Tannur Anders; Editing by Alexander Winning and Gareth Jones)

YWWKJYXNFNKNXNNTA7PVQVR7QU (1)

Namibia central bank cuts key rate again to help growth

<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, Oct 16 (Reuters) &#8211; The Ugandan shilling was broadly stable on Wednesday due to muted demand for dollars from commercial banks and importers, traders said.



At 0722 GMT, commercial banks quoted the shilling at 3,665/3,675, compared with Tuesday&#8217;s closing rate of 3,667/3,677.



(Reporting by Elias Biryabarema; Editing by George Obulutsa)

Ugandan Economy Following Rate Cut

Ugandan shilling stable due to muted dollar demand

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="728" height="487" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/rand2.jpg" alt="" class="wp-image-536645" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/rand2.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/rand2-300x201.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/rand2-135x90.jpg 135w" sizes="auto, (max-width: 728px) 100vw, 728px" /><figcaption class="wp-element-caption">South African bank notes featuring an image of former South African President Nelson Mandela are displayed at an office in Johannesburg, File. REUTERS/Siphiwe Sibeko</figcaption></figure>



JOHANNESBURG, Oct 16 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand gained in early trade on Wednesday, ahead of domestic retail sales data that could provide some early hints on the growth prospects of Africa&#8217;s most industrialised economy, analysts said.



At 0652 GMT, the rand traded at 17.5950 against the U.S. dollar, about 0.3% firmer than its previous close.



The dollar last traded about 0.1% stronger against a basket of currencies.



Local investors will turn to South Africa&#8217;s August retail sales data at 1100 GMT.



&#8220;Given the economy&#8217;s dependence on consumption, retail sales are an important &#8216;early indicator&#8217; of South Africa&#8217;s growth prospects,&#8221; said ETM Analytics in a research note.



Lower interest rates, slow inflation and potential continued strength in the rand could help retail sales looking forward, the note added.



South Africa&#8217;s benchmark 2030 government bond was little changed in early deals.



(Reporting by Tannur Anders; Editing by Sumana Nandy)

New South African bank notes featuring an image of former South African President Nelson Mandela are displayed at an office in Johannesburg

South African rand firms as August retail sales data on tap

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/LYEEWJTJKRPK3GJPCKWFP3EK7E-820x429.jpg" alt="" class="wp-image-519304" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/LYEEWJTJKRPK3GJPCKWFP3EK7E-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/LYEEWJTJKRPK3GJPCKWFP3EK7E-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/LYEEWJTJKRPK3GJPCKWFP3EK7E-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/LYEEWJTJKRPK3GJPCKWFP3EK7E-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/LYEEWJTJKRPK3GJPCKWFP3EK7E-1536x804.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/LYEEWJTJKRPK3GJPCKWFP3EK7E.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A teller counts Kenya shilling notes inside the cashier&#8217;s booth at a forex exchange bureau in Kenya&#8217;s capital Nairobi, April 20, 2016. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



NAIROBI, Oct 16 (Reuters) &#8211; The Kenyan shilling was unmoved against the dollar on Wednesday, data from the London Stock Exchange Group showed.



At 0657 GMT, the shilling traded at 128.50/129.50 to the dollar at 0647 GMT, LSEG data showed, the same as Tuesday&#8217;s closing rate.



The East African currency has remained in the same range for several months.



(Reporting by Sonia Rao; Editing by George Obulutsa)

LYEEWJTJKRPK3GJPCKWFP3EK7E

Kenyan shilling steady versus dollar – LSEG data

<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 16 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, equity and currency moves may affect South African markets on Wednesday.



ECONOMIC EVENTS



August retail sales data at 1100 GMT



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



South Africa&#8217;s rand was little changed on Tuesday after the release of a local business confidence index and the central bank&#8217;s bi-annual Monetary Policy Review.



In stocks, the Top-40 index closed 0.52% lower.



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



Asian equities fell on Wednesday after disappointing earnings from Europe&#8217;s biggest tech firm ASML dragged chip stocks around the world, while expectations that the Federal Reserve will take a modest rate cut path propped up the dollar.



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



Wall Street&#8217;s major stock indexes closed lower on Tuesday, with a 1% drop in the technology-heavy Nasdaq leading losses as chip stocks tumbled on demand concerns, while the energy sector fell 3% as oil prices dropped.



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



Gold traded in a tight range on Wednesday as market participants awaited more U.S. economic data to determine the number of rate cuts the Federal Reserve is likely to deliver in the near term.



&#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; Inflation now under control even in the downside scenario, Bank models show



(Compiled by Tannur Anders; Editing by Andrew Heavens)

Reuters

South Africa could lower inflation target at little cost, c.bank governor says

World Bank’s Banga says more bilateral debt forgiveness needed

Nigeria seeing positive results from fiscal reforms, World Bank says

South Africa mulls tax rebates, subsidies to boost local EV industry

Kenyan shilling steady; diaspora FX inflows match importer demand

South African rand slips ahead of US retail data

South African Markets – Factors to watch on Oct 17

Kenya’s Senate to vote on removal of deputy president

African Markets – Factors to watch on Oct 17

Kenya in talks for a $1.5 bln commercial loan with UAE, finance minister says

Mozambique ruling party leads early election results as opposition cries foul

African online retailer Jumia to exit South Africa and Tunisia

Namibia central bank cuts key rate again to help growth

Ugandan shilling stable due to muted dollar demand

South African rand firms as August retail sales data on tap

Kenyan shilling steady versus dollar – LSEG data

South African Markets – Factors to watch on Oct 16

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Reuters

South Africa could lower inflation target at little cost, c.bank governor says

World Bank’s Banga says more bilateral debt forgiveness needed

Nigeria seeing positive results from fiscal reforms, World Bank says

South Africa mulls tax rebates, subsidies to boost local EV industry

Kenyan shilling steady; diaspora FX inflows match importer demand

South African rand slips ahead of US retail data

South African Markets – Factors to watch on Oct 17

Kenya’s Senate to vote on removal of deputy president

African Markets – Factors to watch on Oct 17

Kenya in talks for a $1.5 bln commercial loan with UAE, finance minister says

Mozambique ruling party leads early election results as opposition cries foul

African online retailer Jumia to exit South Africa and Tunisia

Namibia central bank cuts key rate again to help growth

Ugandan shilling stable due to muted dollar demand

South African rand firms as August retail sales data on tap

Kenyan shilling steady versus dollar – LSEG data

South African Markets – Factors to watch on Oct 16

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