<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="521" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-820x521.jpg" alt="" class="wp-image-516586" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-820x521.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-300x191.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-142x90.jpg 142w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-768x488.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-1536x976.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A teller handles U.S. dollar banknotes and Kenya shilling banknotes inside the cashier&#8217;s booth at a forex exchange bureau in downtown Nairobi, Kenya, February 16, 2024. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



NAIROBI, Oct 14 (Reuters) &#8211; The Kenyan shilling was stable against the dollar on Monday, data from the London Stock Exchange Group showed.



At 0657 GMT, the shilling traded at 128.50/129.50 against the dollar, the same as Friday&#8217;s closing rate.



The shilling has been range-bound for several months, following a rally earlier this year after the government issued a new $1.5 billion Eurobond to buy back most of a $2 billion bond whose maturity in June had unnerved investors.



(Reporting by Sonia Rao; Editing by George Obulutsa)

RLVCCF47LVIWPJR4O2PPITYMVI

Kenyan shilling stable versus dollar, LSEG data shows

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



JOHANNESBURG, Oct 14 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, equity and currency market moves may affect South African markets on Monday.



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



The Johannesburg Stock Exchange to release data on foreigners&#8217; buying and selling of bonds and stocks during the previous week.



South Africa&#8217;s government to hold weekly auction for Treasury bills.



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



South Africa&#8217;s rand gained against the dollar on Friday after U.S. data this week helped sustain expectations for an interest rate cut by the Federal Reserve next month.



On the stock market, the blue-chip Top-40 index closed about 0.8% up.



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



Asian stocks swung between gain and loss on Monday as investors struggled to reach a consensus view on China&#8217;s broad economic stimulus promises made over the weekend which were light on specifics.&nbsp;MKTS/GLOB



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



The S&amp;P 500 and the Dow scored record closing highs on Friday, with the big boosts from financial stocks after banks reported strong quarterly results while the latest inflation data fueled expectations for a U.S. Federal Reserve rate cut in November.



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



Gold prices eased on Monday, weighed down by a firmer U.S. dollar, while investors looked out for fresh clues on Federal Reserve interest rate cuts. 



&#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; Sars makes link between ANC donor and Russian oligarch



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



&#8211; SA could be &#8216;off to the moon&#8217; with 2% GDP growth, says Investec&#8217;s dealmaking chief



&#8211; Transnet plans hydrogen terminals as SA gears up for exports



(Compiled by Tannur Anders)

istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on Oct 14

<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 14 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Monday.



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



Asian stocks swung between gain and loss on Monday as investors struggled to reach a consensus view on China&#8217;s economic stimulus promises made over the weekend which, though broad, were light on specifics.



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



Oil prices fell by more than $1 a barrel, losing over 1.5% in early trading on Monday, after disappointing Chinese inflation data and a lack of clarity on Beijing&#8217;s economic stimulus plans stoked fears about demand.



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



South Africa&#8217;s rand gained against the dollar on Friday after U.S. data this week helped sustain expectations for an interest rate cut by the Federal Reserve next month.



<h2 class="wp-block-heading" id="h-nigeria-natural-gas">NIGERIA NATURAL GAS</h2>



Nigeria took a major step in its quest to earn revenue from its vast gas reserves, signing a deal with joint venture partners to supply gas to a proposed $3.5 billion Brass fertilizer and petrochemical plant, an official said on Friday.



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



Nigeria&#8217;s local fuel traders can now buy petrol directly from the Dangote Oil Refinery, ending state-oil firm NNPC&#8217;s exclusive buying rights as the country moves to fully deregulate its processing sector, the finance minister said on Friday.



<h2 class="wp-block-heading" id="h-nigeria-binance">NIGERIA BINANCE</h2>



Binance&#8217;s head of financial crime compliance was denied bail for a second time on Friday as his trial on money laundering charges started in Nigeria, with a judge ruling that the prison in which he is being held is capable of meeting his medical needs.



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



Kenya&#8217;s shilling was steady against the dollar on Friday, and is expected to remain so for the next week, one commercial bank trader said.



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



Kenya&#8217;s high court ruled on Friday that a case challenging Deputy President Rigathi Gachagua&#8217;s impeachment should be referred to the Chief Justice.



<h2 class="wp-block-heading" id="h-ghana-ratings">GHANA RATINGS</h2>



Global credit ratings agency Moody&#8217;s on Friday upgraded Ghana&#8217;s long-term local and foreign currency issuer ratings to &#8220;Caa2&#8221; from &#8220;Caa3&#8221; and &#8220;Ca,&#8221; respectively, citing extensive debt treatment that has significantly alleviated the government&#8217;s financial burdens.



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on Oct 14

<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/GW7GRJQCGFP73CX62DFQGIUO4E-820x547.jpg" alt="" class="wp-image-541965" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GW7GRJQCGFP73CX62DFQGIUO4E-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GW7GRJQCGFP73CX62DFQGIUO4E-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GW7GRJQCGFP73CX62DFQGIUO4E-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GW7GRJQCGFP73CX62DFQGIUO4E-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GW7GRJQCGFP73CX62DFQGIUO4E-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GW7GRJQCGFP73CX62DFQGIUO4E-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: An atrium is seen at the World Bank headquarters building in Washington, U.S., October 14, 2017. REUTERS/Yuri Gripas/File Photo</figcaption></figure>



WASHINGTON, Oct 13 (Reuters)&nbsp;&#8211;&nbsp;The world&#8217;s 26 poorest countries, home to 40% of the most poverty-stricken people, are more in debt than at any time since 2006 and increasingly vulnerable to natural disasters and other shocks, a new World Bank report showed on Sunday.



The report finds that these economies are poorer today on average than they were on the eve of the COVID-19 pandemic, even as the rest of the world has largely recovered from COVID and resumed its growth trajectory.



Released a week before World Bank and International Monetary Fund annual meetings get underway in Washington, the report confirms a major setback to efforts to eradicate extreme poverty and underscores the World Bank&#8217;s efforts this year to raise $100 billion to replenish its financing fund for the world&#8217;s poorest countries, the International Development Association (IDA).



The 26 poorest economies studied, which have annual per-capita incomes of less than $1,145, are increasingly reliant on IDA grants and near-zero interest rate loans as market financing has largely dried up, the World Bank said. Their average debt-to-GDP ratio of 72% is at an 18-year high and half of the group are either in debt distress or at high risk of it.



Most of the countries in the study are in sub-Saharan Africa, from Ethiopia to Chad and Congo, but the list also includes Afghanistan and Yemen.



Two thirds of the 26 poorest countries are either in armed conflicts or have difficulty maintaining order because of institutional and social fragility, which inhibit foreign investment, and nearly all export commodities, exposing them to frequent boom-and-bust cycles, the report said.



&#8220;At a time when much of the world simply backed away from the poorest countries, IDA has been their lifeline,&#8221; World Bank chief economist Indermit Gill said in a statement. &#8220;Over the past five years, it has poured most of its financial resources into the 26 low-income economies, keeping them afloat through the historic setbacks they suffered.&#8221;



IDA normally is replenished every three years with contributions from World Bank shareholding countries. It raised a record $93 billion in 2021 and World Bank President Ajay Banga is aiming to exceed that with more than $100 billion in pledges by Dec. 6.



Natural disasters have also taken a greater toll on these countries over the past decade. Between 2011 and 2023, natural disasters were associated with average annual losses of 2% of GDP, five times the average among lower-middle-income countries, pointing to the need for much higher investment, the World Bank said.



The report also recommended that these economies, which have large informal sectors operating outside their tax systems, do more to help themselves. This includes improving tax collections by simplifying taxpayer registration and tax administration and improving the efficiency of public spending.



(Reporting by David Lawder; Editing by Andrea Ricci and Jacqueline Wong)

FILE PHOTO: Atrium is seen at World Bank headquarters in Washington

World Bank says 26 poorest nations in worst financial shape since 2006

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="661" height="464" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/IMG_5851.jpeg" alt="" class="wp-image-541686" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/IMG_5851.jpeg 661w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/IMG_5851-300x211.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/IMG_5851-128x90.jpeg 128w" sizes="auto, (max-width: 661px) 100vw, 661px" /><figcaption class="wp-element-caption">South African Finance Minister Tito Mboweni reacts as he arrives to deliver his budget speech at the parliament in Cape Town, South Africa, February 26, 2020. Reuters/Sumaya Hisham/File Photo</figcaption></figure>



JOHANNESBURG, Oct 13 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s former finance and labour minister and first Black central bank governor Tito Mboweni has died aged 65 following a brief illness, the presidency said late on Saturday.&nbsp;



Mboweni was an anti-apartheid activist as a student who later became democratic South Africa&#8217;s first labour minister from 1994 to 1999 under former President Nelson Mandela.&nbsp;



He then served as governor of the South African Reserve Bank for a decade from 1999, and later as finance minister from 2018 to 2021 under President Cyril Ramaphosa.



&#8220;His role in shaping our democratic future particularly during the dying days of apartheid, cannot be overstated,&#8221; said his party, the African National Congress, describing him as a trusted voice in the economic debates that framed the transition to democracy.



Mboweni helped establish the post-apartheid labour legislation that lay the foundation for collective bargaining and labour courts to uphold worker rights, the ANC said.&nbsp;



As central bank governor he oversaw the introduction of inflation targeting to help the bank achieve price stability.



He was a close ally of Ramaphosa and served on the ANC&#8217;s National Executive Committee, which handles party decisions.



&#8220;Given his sense of vitality and energetic and affable engagement with fellow South Africans, Dr Mboweni&#8217;s passing at 65 comes as a shock,&#8221; said Ramaphosa in a statement.&nbsp;



&#8220;We have lost a leader and compatriot who has served our nation as an activist, economic policy innovator and champion of labour rights.&#8221;



(Reporting by Nellie Peyton; Editing by Emelia Sithole-Matarise)

IMG_5851

South African former finance minister Tito Mboweni dies at 65

<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/HWPGQTLYHJLYXAPSSSZN7XH4SU-1-820x547.jpg" alt="" class="wp-image-541155" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/HWPGQTLYHJLYXAPSSSZN7XH4SU-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/HWPGQTLYHJLYXAPSSSZN7XH4SU-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/HWPGQTLYHJLYXAPSSSZN7XH4SU-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/HWPGQTLYHJLYXAPSSSZN7XH4SU-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/HWPGQTLYHJLYXAPSSSZN7XH4SU-1-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/HWPGQTLYHJLYXAPSSSZN7XH4SU-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A general view of the Pretoria skyline with smog in the air taken from the Union Buildings in Pretoria, South Africa, June 19, 2024. PHILL MAGAKOE/Pool via REUTERS/File Photo</figcaption></figure>



JOHANNESBURG, Oct 11 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s tax service said on Friday that 21.4 billion rand ($1.2 billion) had been paid out in the six weeks since a reform took effect allowing people to make partial withdrawals from their pension funds before retirement.



The &#8220;two-pot&#8221; pension policy reform is meant to support long-term retirement savings while offering flexibility to help fund members in financial distress.



It is expected to spur domestic demand and economic growth in the final months of 2024.



On Sept. 11, 10 days after the reform, the South African Revenue Service (SARS) said individuals had asked to withdraw 4.1 billion rand from their pensions.



On Friday SARS said it had received roughly 1.2 million savings withdrawal applications, up from 160,000 withdrawal applications over Sept. 1 to 10.



From Sept. 1 retirement contributions have been split into a savings component and a retirement component. A ratio of one-third of total contributions go into the savings component and two-thirds into the retirement component.



The savings component will be accessible at any time, but withdrawals must be a minimum of 2,000 rand and only one withdrawal may be made in a tax year. What is withdrawn will be taxed at the individual&#8217;s marginal tax rate, helping to boost the government&#8217;s tax take.



The central bank estimates withdrawals could be between 40 billion rand and 100 billion rand in the fourth quarter.



($1 = 17.4060 rand)



(Reporting by Tannur Anders: Editing by Alexander Winning and Ros Russell)

Inauguration of South Africa’s Cyril Ramaphosa as President at the Union Buildings, in Pretoria

South African tax service says $1.2 bln paid out in 6 weeks since pension reform

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="521" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/KJWD4BFNJ5J7NHTBSNYAGTCVEE-820x521.jpg" alt="" class="wp-image-541092" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/KJWD4BFNJ5J7NHTBSNYAGTCVEE-820x521.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/KJWD4BFNJ5J7NHTBSNYAGTCVEE-300x191.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/KJWD4BFNJ5J7NHTBSNYAGTCVEE-142x90.jpg 142w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/KJWD4BFNJ5J7NHTBSNYAGTCVEE-768x488.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/KJWD4BFNJ5J7NHTBSNYAGTCVEE-1536x977.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/KJWD4BFNJ5J7NHTBSNYAGTCVEE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Russian President Vladimir Putin speaks at the BRICS Parliamentary Forum in Saint Petersburg, Russia July 11, 2024. Valeriy Sharifulin/Host Photo Agency BRICS-RUSSIA2024.RU/Handout via REUTERS/File Photo</figcaption></figure>



MOSCOW, Oct 11 (Reuters)&nbsp;&#8211;&nbsp;Most finance ministers and central bank chiefs from the BRICS group of countries did not attend a high-level meeting in Moscow on Friday ahead of a BRICS summit later this month, sending more junior officials instead, official documents showed.



Finance ministers from Egypt and the United Arab Emirates and the head of Iran&#8217;s central bank were present as Russian Finance Minister Anton Siluanov called for the creation of an alternative to the Western-dominated global financial system.



But finance ministers and bank chiefs from China, India and South Africa stayed away, sending deputies or more junior officials instead, a day after Kremlin aide Yuri Ushakov accused the West of pressuring countries not to attend the BRICS summit.



BRICS, originally comprising Brazil, Russia, India, and China, has expanded to include South Africa, Egypt, Ethiopia, Iran, the UAE, and Saudi Arabia.



The Moscow meeting is modeled on the Group of 20 schedule, where summits are preceded by meetings of top economic policy officials who outline proposals to be reviewed by leaders at the summit.



Russia, heavily sanctioned by the West over its war in Ukraine and cut off from international capital markets, is trying to woo BRICS partners with initiatives such as the creation of the BRICS Bridge international payment system.



&#8220;The creation of a cross-border payment initiative is our main task,&#8221; Siluanov told the officials. Russia is also pushing for the creation of a BRICS clearing centre, a rating agency, a reinsurance company, and a commodities exchange.



Siluanov has also proposed setting up a joint investment platform based on the group&#8217;s New Development Bank, its only functioning financial institution. The platform will use a new digital form of transactions, he said, without elaborating.



<h2 class="wp-block-heading" id="h-transaction-delays">TRANSACTION DELAYS</h2>



Russia has recently experienced delays in international transactions with its trading partners, including BRICS member countries, as banks in these countries fear punitive actions from Western regulators.



The payment problems have forced Russian companies to use barter deals and cryptocurrencies to facilitate payments.



China was represented in Moscow by Deputy Finance Minister Liao Min and Deputy Central Bank Governor Changneng Xuan, and India by Finance Ministry Secretary Ajay Seth.



The summit is scheduled for Oct. 22-24 in Kazan, capital of Russia&#8217;s Tatarstan region.



President Vladimir Putin&#8217;s foreign policy aide, Yuri Ushakov, said nine of the 10 BRICS states would send their leaders, though Saudi Arabia would send its foreign minister, Prince Faisal bin Farhan Al Saud. The Saudi delegation was absent from the Friday meeting.



(Reporting by Gleb Bryanski; Editing by Gareth Jones)

FILE PHOTO: Russian President Vladimir Putin speaks at the BRICS Parliamentary Forum in Saint Petersburg

Top BRICS economic officials stay away from Moscow meeting

<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/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_ZUQBEFZXKNNNLNYDP66YWDM6VI-820x429.jpg" alt="" class="wp-image-541073" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_ZUQBEFZXKNNNLNYDP66YWDM6VI-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_ZUQBEFZXKNNNLNYDP66YWDM6VI-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_ZUQBEFZXKNNNLNYDP66YWDM6VI-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_ZUQBEFZXKNNNLNYDP66YWDM6VI-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_ZUQBEFZXKNNNLNYDP66YWDM6VI-1536x804.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_ZUQBEFZXKNNNLNYDP66YWDM6VI.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Photo: via Reuters</figcaption></figure>



JOHANNESBURG, Oct 11 (Reuters)&nbsp;&#8211;&nbsp;The ANC&#8217;s main coalition partner the Democratic Alliance called on Friday for a review of a decision by prosecutors not to charge South African President Cyril Ramaphosa over a theft from his game farm that nearly cost him his position two years ago.



The scandal, dubbed &#8220;Farmgate&#8221;, came to light when a former intelligence official told police in June 2022 about the incident and accused Ramaphosa of money laundering, corruption and covering up the theft.



Ramaphosa, a wealthy businessman before he became president, has repeatedly denied wrongdoing.



The Democratic Alliance, a former opposition party which joined a coalition with the African National Congress party after the ANC lost its majority in an election in May, said the decision not to prosecute anyone over the Phala Phala matter lacked transparency.



&#8220;The Phala Phala scandal is much too important to simply disappear without thorough scrutiny and full interrogation of the reasons behind this outcome,&#8221; it said in a statement.



In a statement issued late on Thursday, the Director of Public Prosecutions in the Limpopo province said the decision was taken after a careful assessment of all available evidence presented to the prosecutors.



There was no reasonable prospect of a successful prosecution based on the evidence at the prosecutors&#8217; disposal, the statement said.



The country&#8217;s anti-corruption watchdog cleared Ramaphosa last year of a potential conflict of interest related to the affair, in which thieves made off with large sums of foreign currency hidden in furniture on his Phala Phala game farm in 2020.



Ramaphosa&#8217;s future hung in the balance in late 2022 after a report found evidence he may have committed misconduct over the scandal. But his party rallied around him, stopping an impeachment process from being launched. He was subsequently re-elected for another five years at the helm of the ANC.



The far-left opposition Economic Freedom Fighters (EFF), said it would not rest until Ramaphosa was held to account. The EFF has approached the constitutional court to try to revive impeachment proceedings against the president.



Ramaphosa has acknowledged there was a break-in at the farm in Limpopo, but he said the amount stolen was much lower than alleged and came from the sale of game.



Three suspects accused of being involved in the break-in appeared in court this week. Their case was postponed until next month.



(Reporting by Bhargav Acharya, Editing by Alexander Winning, Philippa Fletcher)

https___cloudfront-us-east-2.images.arcpublishing.com_reuters_ZUQBEFZXKNNNLNYDP66YWDM6VI

S.Africa’s DA seeks review of decision not to charge Ramaphosa over ‘Farmgate’

<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 11 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand strengthened against the dollar on Friday, after U.S. data firmed up bets on another interest rate cut by the Federal Reserve next month.



At 0809 GMT, the rand traded at 17.4575 against the dollar&nbsp;ZAR=D3, about 0.4% stronger than its previous close.



The dollar index was last down 0.04% against a basket of currencies.



Bets for a 25-basis point Fed rate cut increased after US inflation data on Thursday came in slightly higher than expected and jobless claims rose, leading markets to moderate expectations of bigger cuts by the Fed.



&#8220;Inflation did come down yesterday, but&#8230; it is the jobless claims that has helped the ZAR back to 17.50,&#8221; said Adam Phillips, treasury specialist at Umkhulu Treasury.



The local currency has tracked the dollar and U.S. economic data points this week in the absence of major domestic events.



South African investor focus will now turn towards an inflation-linked bond auction (ILB) due later on Friday.



&#8220;The ILB auction today will provide further insight into inflation expectations in South Africa,&#8221; said Andre Cilliers, currency strategist at TreasuryONE.



On the stock market, the Top-40  index was up 0.4%.



South Africa&#8217;s benchmark 2030 government bond was stronger, with the yield down 7 basis points to 9.07%.



(Reporting by Bhargav Acharya; Editing by Toby Chopra)

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 rises after U.S. data fuels Fed rate cut bets

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



JOHANNESBURG, Oct 11 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic event, equity and currency market moves may affect South African markets on Friday.



<h2 class="wp-block-heading" id="h-economic-event">ECONOMIC EVENT</h2>



South African inflation-linked bond auction



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



The South African rand firmed against the dollar on Thursday after data showed a slight decline in U.S. inflation in September, keeping the Federal Reserve on track to cut interest rates again next month.



On the Johannesburg stock market, the Top-40 index closed little changed.



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



Asian shares were headed for their first weekly loss in five on Friday as a stunning rally in Chinese shares took a breather, although all eyes are on the details of much-anticipated fiscal stimulus from Beijing this weekend.



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



Wall Street&#8217;s main indexes closed lower on Thursday as investors looked to higher-than-expected inflation and unemployment claims for indications on the health of the U.S. economy and the path for interest rates. 



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



Gold prices climbed on Friday after recent data firmed bets for a Federal Reserve rate cut next month, while market participants awaited the U.S. Producer Price Index (PPI) report 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; Township malls thrive despite high rates, Nedbank says



&#8211; Manganese the target in Exxaro’s search for assets



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



&#8211; &#8216;Severe threat&#8217; of disruption at OR Tambo amid SARS delays, industry warns



&#8211; &#8216;Nothing to work with&#8217;: Good intentions, quick fixes not solving SA&#8217;s deep logistics problem



(Compiled by Bhargav Acharya)

South African Markets – Factors to watch on Oct 11

<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>



Oct 11 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Friday.



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



Nigeria court to rule on Binance executive&#8217;s bail request



A Kenyan court is due to rule on whether a a case challenging deputy president Rigathi Gachagua&#8217;s impeachment should be referred to the Chief Justice for further direction.



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



Asian shares were headed for the first weekly loss in five as the stunning rally in Chinese shares took a breather, although all eyes are on the details of the much-anticipated fiscal stimulus from Beijing this weekend.



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



Oil eased on Friday after a rally the previous day, but prices remained set for a second straight weekly gain as investors weighed the impact of hurricane damage on U.S. demand against any broad supply disruption if Israel attacks Iranian oil sites.



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



The South African rand firmed against the dollar on Thursday after data showed a slight decline in U.S. inflation in September, keeping the Federal Reserve on track to cut interest rates again next month.



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



The Nigerian and Ghanaian currencies are expected to fall in the next week to Thursday, while Uganda&#8217;s and Zambia&#8217;s could be relatively steady, traders said.



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



Votes were being counted by Mozambique&#8217;s national election authorities on Thursday as civil society monitors were compiling a parallel tally to try to detect possible signs of fraud.



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



Rights activists and local responders said scores of civilians had been killed at sites across Sudan in the past week as the army escalates air strikes nearly 18 months into its war with the paramilitary Rapid Support Forces.



<h2 class="wp-block-heading" id="h-somalia-security">SOMALIA SECURITY</h2>



The presidents of Egypt, Eritrea and Somalia agreed on Thursday to boost cooperation for the Somali army to confront &#8220;terrorism&#8221; and protect its land and sea borders, a joint statement said, leaving Ethiopia further isolated in the region.



((Compiled by Nairobi Newsroom))

African Markets – Factors to watch on Oct 11

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/107071349-1654502627151-gettyimages-1233078794-CHINA_BEIJING-820x461.jpeg" alt="" class="wp-image-540904" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/107071349-1654502627151-gettyimages-1233078794-CHINA_BEIJING-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/107071349-1654502627151-gettyimages-1233078794-CHINA_BEIJING-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/107071349-1654502627151-gettyimages-1233078794-CHINA_BEIJING-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/107071349-1654502627151-gettyimages-1233078794-CHINA_BEIJING-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/107071349-1654502627151-gettyimages-1233078794-CHINA_BEIJING-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/107071349-1654502627151-gettyimages-1233078794-CHINA_BEIJING.jpeg 1858w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">China’s Ministry of Finance, pictured here in Beijing in 2021, is refunding taxes and cutting fees to support economic growth. Yan Cong | Bloomberg | Getty Images</figcaption></figure>



Investors are on tenterhooks as Beijing prepares to deliver fresh policies over the weekend that could jumpstart its economy.



China’s Finance Minister Lan Fo’an is set to hold a press conference at 10 a.m. on Saturday local time on “intensifying” fiscal stimulus policies, the country’s State Council Information Office said.



With Beijing at risk of missing its full year economic growth target of 5%, some analysts are confident that authorities are ready to deliver major fiscal stimulus at the highly anticipated event, while others remain skeptical.



<h2 class="wp-block-heading" id="h-investors-on-edge"><a></a>Investors on edge</h2>



Investors had expected a fresh package to be announced during the National Development and Reform Commission’s press conference on Tuesday, which was held shortly after markets reopened following a weeklong holiday.



During that event, the chair of NDRC pledged a raft of actions to bolster the economy. But Zheng Shanjie stopped short of announcing any new major stimulus plans.



The move underwhelmed investors and sent a lengthy rally in the mainland Chinese markets into days of volatility.



With this second shot, the Chinese government has now realized that it’s facing a “whatever it takes moment” and it will do “whatever that is necessary to stop the bleeding of the economy, and to get things moving,” Chen Zhao, chief global strategist at Alpine Macro, told CNBC’s “Squawk Box Asia.”



Authorities are likely to affirm that at the press conference on Saturday, Zhao said.



Before the Golden Week holiday, Chinese officials unveiled a flurry of stimulus policies, including interest rate cuts, lower cash reserve requirements at banks, looser property purchase rules and liquidity support for stock markets.



Many investors and analysts viewed the move as a signal that Beijing was finally ready to take drastic action to revive its ailing economy, following a barrage of disappointing data and amid a slump in consumer confidence. At the time, Chinese major indexes began to rally, surging over 25% as investors cheered on the slate of stimulus measures.



Most economists expect some sort of additional stimulus this weekend, but there are many differing views on its size as well as the priorities of the package.&nbsp;Some have floated a figure between two and three trillion yuan (the equivalent of $282.8 billion to $424.2 billion), while others have suggested 10 trillion yuan ($1.4 trillion).



Speaking to “Street Signs Asia,” Chetan Ahya, chief Asia economist at Morgan Stanley, said the package will likely be focused on stimulating domestic demand, supporting recapitalization of banks, as well as local government debt restructuring.



The consumer stimulus measures could be targeted at social welfare spending, with an aim to free up more household savings, he said. And a small portion of the package could be dedicated to support consumer trade-in programs.



In a note, economists at Morgan Stanley predicted that China’s Ministry of Finance will deliver a modest supplementary fiscal package at the press conference — which they called “Beijing’s second chance to convince the market” after it undershoot earlier this week. However, the economists conceded that expectations are high.



“Higher size with clear consumption stimulus portion, or clear forward guidance for next year’s expansionary policy, would constitute a positive surprise,” the Morgan Stanley economists wrote.



Forward guidance on 2025 is critical and we expect another two to three trillion yuan widening in the augmented deficit but don’t think the size will be announced before end of 2024, they added.



<h2 class="wp-block-heading">In the trillions</h2>



Beijing needs to announce 10 trillion yuan in fiscal stimulus that’s focused on boosting consumption and removing large inventory in the property market, Morgan Stanley’s Ahya said.



“That’s not what we are saying they will do” but they need something like that “to get the economy out of deflation and ultimately create a sustained turn around in investors’ confidence,” he continued.



Beijing could be wary that an enormous stimulus package may send a signal to the public that there are more severe underlying economic problems, so they could phase them out into piecemeal announcements, Ahya added.&nbsp;&nbsp;



This time round, Ting Lu, chief economist at Nomura, expects the finance ministry will announce a package no larger than 3% of China’s GDP, which grew 5.2% to 126 trillion yuan in 2023.&nbsp;



The ministry may discuss additional funding through the issuance of government bonds, but the exact numbers could come later this month at the National People’s Congress’ standing committee meeting, Lu said. The NPC standing committee is China’s top legislature.



Reuters reported in late September that China had plans to issue special sovereign bonds worth about 2 trillion yuan ($284.42 billion) this year, with 1 trillion yuan primarily to revive domestic consumption and the other half to support local governments’ debt problems. 



A two trillion yuan bond issuance is unlikely to turn the economy around, said Alpine Macro’s Zhao, who believes that the next stimulus package needs to be around 4-5% of GDP to reverse lackluster consumption demand.&nbsp;



“The Chinese government is already backed to the corner, they are panicking. These are good things from the stock market’s point of view,” he said, insisting that the finance ministry will unveil a package on Saturday that could be “sufficient enough to make a bottom for the economy.”&nbsp;



But, a Chinese political veteran has cautioned that changes in fiscal policy needs to go through lengthy legal processes for approval, dampening Zhao’s hopes for this weekend.



Dong Yu, a former official on China’s top economic planning committee who now serves as vice president of China Institute for Development Planning at Tsinghua University, told local media in an article published Thursday that a fiscal stimulus package worth trillions of yuan will eventually come, but people need to “practice some patience.”

107071349-1654502627151-gettyimages-1233078794-CHINA_BEIJING

China’s ‘whatever it takes’ moment? Investors hope for hundreds of billions in new stimulus

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="558" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/I7C3XAJPIJIFJO4UI73JPMT24U-820x558.jpg" alt="" class="wp-image-540670" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/I7C3XAJPIJIFJO4UI73JPMT24U-820x558.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/I7C3XAJPIJIFJO4UI73JPMT24U-300x204.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/I7C3XAJPIJIFJO4UI73JPMT24U-132x90.jpg 132w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/I7C3XAJPIJIFJO4UI73JPMT24U-768x522.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/I7C3XAJPIJIFJO4UI73JPMT24U-1536x1045.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/I7C3XAJPIJIFJO4UI73JPMT24U-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Workers load lithium concentrate at Prospect Lithium Zimbabwe mine in Goromonzi, Zimbabwe, January 9, 2024. REUTERS/Philimon Bulawayo/File Photo</figcaption></figure>



HARARE, Oct 10 (Reuters)&nbsp;&#8211;&nbsp;Zimbabwean miners expect profits to decline on the back of anticipated high costs of production and a weak outlook for platinum and lithium in 2025, according to a report.



A confluence of global and local factors will eat into the southern African country&#8217;s mining revenue and profit next year, said the report by the Chamber of Mines of Zimbabwe (COMZ).



Zimbabwe is known for abundant deposits of platinum group metals (PGMs), gold and lithium.



&#8220;The issue of costs continue to dampen the spirit of profitability,&#8221; said Isaac Kwesu, COMZ&#8217;s chief executive.



Costs of production are expected to increase by an average of 8% in 2025. Miners expect energy needs to grow to 800 megawatts per day in 2025 from 600 megawatts this year.



Zimbabwe&#8217;s mining industry, one of its highest foreign currency earners alongside tobacco and horticulture, continues to be blighted by rolling power cuts and exchange losses.



In 2024, the mining sector lost around $500 million in potential revenue to power outages, the report said.



Miners however expect gold prices to remain bullish, increasing by an average of 12% in 2025 with PGMs and lithium declining 15%, the report said.



Business confidence is also expected to improve with capital expenditure seen exceeding $600 million in 2025.



(Reporting by Nyasha Chingono; Editing by Bhargav Archaya and Ros Russell)

Workers load lithium concentrate at Prospect Lithium Zimbabwe mine in Goromonzi

Zimbabwean miners expect profits to fall in 2025, report says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/7XVXXY5BZZKBDMNDKCX3HG2N4A-820x547.jpg" alt="" class="wp-image-540667" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/7XVXXY5BZZKBDMNDKCX3HG2N4A-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/7XVXXY5BZZKBDMNDKCX3HG2N4A-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/7XVXXY5BZZKBDMNDKCX3HG2N4A-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/7XVXXY5BZZKBDMNDKCX3HG2N4A-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/7XVXXY5BZZKBDMNDKCX3HG2N4A-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/7XVXXY5BZZKBDMNDKCX3HG2N4A.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Photo: via Reuters</figcaption></figure>



ABUJA, Oct 10 (Reuters)&nbsp;&#8211;&nbsp;The Nigerian and Ghanaian currencies are expected to fall in the next week to Thursday, while Uganda&#8217;s and Zambia&#8217;s could be relatively steady, traders said.



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



Nigeria&#8217;s naira could lose ground due to rising dollar demand from individuals paying school fees abroad and importers stocking up for the festive season.



The central bank has only intermittently intervened to support the currency.



The naira was quoted at 1,648 to the dollar on the official market on Thursday, LSEG data showed, compared with around 1,671 a week earlier.



The currency changed hands in street trading at 1,690 naira to the dollar on Thursday.



&#8220;The panic button is 1,700 naira and as it approaches those levels the central bank has intensified intervention, but it is not enough to quench demand,&#8221; one trader said.



<h2 class="wp-block-heading" id="h-ghana">GHANA</h2>



Ghana&#8217;s cedi is expected to weaken further next week due to corporate foreign-currency demand, mainly from the manufacturing and energy sectors.



LSEG data showed the cedi trading at 15.88 to the dollar on Thursday, compared to 15.77 at last Thursday&#8217;s close.



&#8220;The cedi weakened slightly against the dollar this week, driven by a reduced supply of dollars despite the central bank&#8217;s 7-day funded forward support of approximately $54 million,&#8221; head of trading Stanbic Bank Ghana Chris Nettey said.



&#8220;We anticipate a similar trend in the coming sessions,&#8221; he added.



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



Uganda&#8217;s shilling is seen broadly stable, underpinned by healthy inflows of hard currency from remittances and mid-month tax payments.



Commercial banks quoted the shilling at 3,670/3,680 to the dollar, compared to last Thursday&#8217;s close of 3,660/3,670.



&#8220;Remittances are coming in and we expect the volumes to increase for the remainder of October and going into November,&#8221; one trader said.



<h2 class="wp-block-heading" id="h-zambia">ZAMBIA</h2>



Zambia&#8217;s kwacha is likely to be little changed.



On Thursday the kwacha was trading at 26.37 per dollar from 26.20 a week ago.



&#8220;The kwacha is anticipated to remain rangebound, with factors of demand and supply dictating the currency&#8217;s next move,&#8221; Zambia National Commercial Bank said in a note.



(Reporting by Chijioke Ohuocha, Christian Akorlie, Elias Biryabarema and Chris Mfula; Editing by Alexander Winning)

7XVXXY5BZZKBDMNDKCX3HG2N4A

Nigerian and Ghanaian currencies seen falling

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="615" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/XTUYFFOIU5I5JMOASXHMTVFSTI-820x615.jpg" alt="" class="wp-image-523852" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/XTUYFFOIU5I5JMOASXHMTVFSTI-820x615.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/XTUYFFOIU5I5JMOASXHMTVFSTI-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/XTUYFFOIU5I5JMOASXHMTVFSTI-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/XTUYFFOIU5I5JMOASXHMTVFSTI-768x576.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/XTUYFFOIU5I5JMOASXHMTVFSTI-1536x1152.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/XTUYFFOIU5I5JMOASXHMTVFSTI.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The new logo of the privatised Nigeria oil company is seen at the NNPC Mega Gas Station in Abuja, Nigeria August 30, 2022. REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



LAGOS, Oct 10 (Reuters) &#8211; Nigeria&#8217;s state-owned oil company, NNPC Ltd, has increased petrol prices by over 15%, marking the second hike in less than a month and the exit from a costly subsidy programme that has strained its finances.



At NNPC fuel stations in Lagos the price of gasoline rose to 998 naira per litre ($0.6257) from 858 naira, while in Abuja the price increased to 1,030 naira per litre from 950 naira. Long queues formed as customers came to terms with higher prices.



NNPC, the country&#8217;s sole importer of refined products, can now recover its costs in full, having bought gasoline from the Dangote Oil Refinery at 898 naira per litre.



This is the first time in three decades that Nigeria is selling gasoline at full market prices, relieving the treasury of the heavy cost of subsidies, projected to cost the government at least $3.7 billion this year.



President Bola Tinubu scrapped a costly but popular subsidy on petrol last year when he took office, to cut government expenditure. But he reintroduced subsidy partly after inflation skyrocketed, worsening a cost of living crisis and stoking tension among the population.



By September, NNPC said it faced severe financial strain, admitting it was unable to continue importing fuel after weeks of scarce supplies at its petrol stations.



The price increase has sparked criticism from labour unions to manufacturers, who warn that it will worsen the cost-of-living crisis.



Gasoline prices are a particularly sensitive issue in Nigeria, where millions of households and small businesses rely on generators powered by fuel due to the country’s creaking national electricity grid.



Last week, Nigeria began selling crude oil to the Dangote Refinery in naira, with the understanding that the refinery would fully meet the country’s fuel needs. This month, NNPC is supplying the refinery with 13 cargoes of crude oil.



Edwin Devakumar, head of the Dangote Refinery, said the facility now has the capacity to meet all of Nigeria&#8217;s needs.



Industry insiders say that with gasoline now being sold at market rates, NNPC will no longer be the sole buyer of products from the Dangote Refinery.



&#8220;We have applied to buy directly from the Dangote Refinery, but this hasn’t been finalised yet. For now, we are still buying through NNPC,&#8221; said Billy Gillis-Harry, head of a local fuel traders association.



($1 = 1,595.0000 naira)



(Reporting by Isaac Anyaogu, Editing by Louise Heavens)

XTUYFFOIU5I5JMOASXHMTVFSTI

Nigeria’s NNPC raises fuel prices as it ditches costly subsidies

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GettyImages-1234269513-820x461.jpg" alt="" class="wp-image-540632" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GettyImages-1234269513-820x461.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GettyImages-1234269513-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GettyImages-1234269513-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GettyImages-1234269513-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GettyImages-1234269513-1536x864.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GettyImages-1234269513-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">NAIROBI, KENYA &#8211; JULY 28: The Shona community, which migrated to Kenya in 1959 from Zimbabwe and has been living as stateless, on July 28, 2021 get Kenyan identity cards with full citizenship rights, in Nairobi, Kenya. Kenyan Interior Security Minister Fred Okengo Matiangi handed out identity cards to 1,649 members of the Shona community at a ceremony in the capital Nairobi. (Photo by Andrew Wasike/Anadolu Agency via Getty Images)</figcaption></figure>



NAIROBI, Oct 10 (Thomson Reuters Foundation)&nbsp;&#8211;&nbsp;Nosizi Dube beams with pride as she clutches her newly issued Kenyan passport.



For many, obtaining a passport might be a mundane task, but for 24-year-old Dube, who was born into the stateless Shona community in Kenya, it symbolises the end of a gruelling journey towards recognition and the beginning of new opportunities.



&#8220;Being stateless is like you don&#8217;t exist. You look like everyone else, but because you have no identification documents you live in the shadows, unable to do basic things like go to school or even get a mobile phone number,&#8221; Dube told the Thomson Reuters Foundation.



&#8220;Getting recognition as a Kenyan citizen has given me visibility and rights just like everyone else. I feel like I am free, like the chains of statelessness have been broken.&#8221;



Now a trailblazer as the first Shona woman in Kenya to graduate from university, Dube hopes to go to Geneva next week to attend a major intergovernmental meeting marking the end of a global campaign to end statelessness within a decade.



The #IBelong campaign&#8217;s success varies across the world, and while millions remain stateless, the campaign has been a beacon of hope in Kenya, with thousands of stateless people from the Shona, Makonde and Pemba communities gaining recognition.



More than 50% of the 20,000 people who registered as stateless in Kenya in 2014 have been granted citizenship, according to the United Nations refugee agency (UNHCR).



Samwel Okute, the UNHCR&#8217;s senior protection associate for statelessness, attributes Kenya&#8217;s success to initiatives ranging from awareness campaigns and community mobilisation to advocacy, legal reforms and strong political will.



&#8220;We have seen tremendous progress in Kenya. The name &#8216;stateless&#8217; was not even known in Kenya 10 years ago,&#8221; said Okute.



&#8220;The Kenyan government has shown commitment to amend laws, and there have been progressive efforts to raise awareness and improve data collection, but there are still communities that remain left out in Kenya, and the rest of the world,&#8221; he said.



<h2 class="wp-block-heading" id="h-milestone">&#8216;MILESTONE&#8217;</h2>



More than 4.4 million people across the world do not have a nationality, according to UNHCR data, although experts say the figure is likely to be significantly higher as some countries with large stateless populations do not provide data.



People can become stateless due to a host of complex historical, social and legal reasons &#8211; including migration, flawed citizenship laws, and ethnic or gender discrimination.



In Kenya, communities affected by statelessness include the Shona, Makonde and Pemba, as well as people of Burundian and Rwandan descent.



The Shona migrated from Zimbabwe and Zambia in the 1960s as Christian missionaries during the colonial period. While the Makonde arrived from Mozambique to work in the 1930s.



However, when Kenya gained independence in 1963, these communities ended up without a nationality.



The Pemba, a fishing community from Zanzibar who settled along Kenya&#8217;s coast, were among those unable to register as Kenyan citizens after independence.



For decades, these communities lived on the margins &#8211; generations deprived of basic rights because they lacked legal documents such as birth certificates or national identity cards.



They could not go to school, visit a hospital, get a job, obtain a mobile SIM card, open a bank account, register a business, or rent or buy a house.



Many pay middlemen to use their names to obtain fake IDs, register for exams or obtain a mobile phone number.



&#8220;A single document has the power to determine the fate of your entire life,&#8221; said Dube, recounting how she was prevented from sitting her primary school exams because she did not have a birth certificate.



Following the launch of the #IBelong campaign in 2014, UNHCR partnered with charities in Kenya to understand how many people were stateless and support their path to recognition.



This has involved years of outreach work &#8211; from awareness campaigns to encourage people to register as stateless so data could be collected, to organising and mobilising communities to petition parliament.



In 2016, Kenya granted citizenship to more than 1,100 people from the Makonde community. Recognition of 1,670 Shona people and 7,000 Pemba people followed in 2020 and 2022 respectively.



Pemba activist Barke Hamisi, 30, said citizenship had brought big changes to her community.



Born stateless in Malindi on Kenya&#8217;s coast, Hamisi had to interrupt her education due to a lack of documentation.



She now works as a paralegal for Haki Africa, a Kenyan charity working to end statelessness.



&#8220;Getting recognition was a milestone for us,&#8221; said Hamisi.



&#8220;Children can now go to school, youth are now considered for employment opportunities, and women can now go to hospital and give birth because they can produce a national identity card.&#8221;



<h2 class="wp-block-heading" id="h-african-progress">AFRICAN PROGRESS</h2>



Elsewhere in Africa, hundreds of thousands remain stateless with large populations in Ivory Coast and Zimbabwe.



Although Kenya leads the way in combating statelessness, there is a growing continent-wide commitment to resolving the problem.



In Ivory Coast, 16,000 descendants of migrants have had their nationality confirmed, but progress is very slow given the country has more than 900,000 stateless people.



Liberia has amended its nationality law to grant women and men equal rights to confer nationality on their children, while reforms in Rwanda have helped to facilitate naturalisation for stateless people.



Last year, Tanzania granted nationality to more than 3,000 stateless people in Zanzibar.



The African Union has also adopted a protocol to eradicate statelessness and advance inclusion for stateless people.



But the journey to recognition is fraught with hurdles.



South African lawyer Christy Chitengu, 25, was born to undocumented Zimbabweans and only discovered she was stateless in high school when she needed to register for exams.



Her quest for recognition was tough, involving a court case against South Africa&#8217;s Department of Home Affairs.



Despite delays, scepticism and xenophobia, Chitengu finally obtained nationality in August 2023, while pregnant.



&#8220;South Africa is a difficult place and I guess that&#8217;s why it&#8217;s hard to get documented,&#8221; said Chitengu who has started a YouTube channel to educate people on statelessness.



&#8220;There&#8217;s generational statelessness so if I didn&#8217;t get documented, my child was not going to be documented,&#8221; she said.



The UNHCR says many older South Africans also lack documentation as a result of apartheid-era policies that only required civil and birth registration for white citizens.



This legacy has left descendants struggling to access identity documents and rendered them stateless.



But after gaining citizenship, formerly stateless people still face a host of challenges due to years of marginalisation. Many struggle with a lack of skills, the cost of education and discrimination in the job market and in accessing services.



&#8220;I think the general perception is that you get your piece of paper, you get your ID, and everything is perfect,&#8221; said Andrew Ochola, Haki Africa&#8217;s acting executive director.



&#8220;But uplifting stateless communities cannot happen overnight. There are many challenges that persist,&#8221; he said.



(Reporting by Nita Bhalla @nitabhalla. Additional reporting by Kim Harrisberg @KimHarrisberg; Editing by Jon Hemming. The Thomson Reuters Foundation is the charitable arm of Thomson Reuters.)

Stateless Shona community gets Kenyan citizenship

From stateless to citizens: Kenya’s success offers hope in Africa

<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-1161864863-820x547.jpg" alt="" class="wp-image-505639" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A South African one rand coin sits on South African rand banknotes in this arranged photograph in Pretoria, South Africa, on Wednesday, Aug. 14, 2019. The rand ended a tumultuous week on a positive note, gaining against the dollar for a second day and heading for its first weekly advance in four as technical indicators suggested recent declines are overdone. Photographer: Waldo Swiegers/Bloomberg via Getty Images</figcaption></figure>



JOHANNESBURG, Oct 10 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand edged higher against the dollar on Thursday, ahead of local mining and manufacturing data and a U.S. inflation report.



At 0727 GMT, the rand traded at 17.6275 against the dollar, 0.13% stronger than its previous close.



The dollar index was steady against a basket of currencies. It had gained earlier following the release of minutes from the Federal Reserve&#8217;s September meeting on Wednesday, which confirmed the central bank would take a cautious approach to monetary easing.



The rand has lost some steam after rallying against the dollar in late September and much of its recent weakness can be attributed to the resurgence of the greenback, analysts said.



South African investor focus is now on the release of August mining and manufacturing data, while a U.S. consumer price index report looms later in the day.



&#8220;Even if (U.S.) CPI comes in lower than expected, the market seems to have largely priced in the Fed’s cautious approach, meaning that significant ZAR recovery against the USD is unlikely in the near term,&#8221; said Andre Cilliers, currency strategist at TreasuryONE.



On the stock market, the Top-40 index was up 0.2%.



South Africa&#8217;s benchmark 2030 government bond was marginally weaker, with the yield up 1 basis point to 9.18%.



(Reporting by Bhargav Acharya; Editing by Christopher Cushing)

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Reuters

Kenyan shilling stable versus dollar, LSEG data shows

South African Markets – Factors to watch on Oct 14

African Markets – Factors to watch on Oct 14

World Bank says 26 poorest nations in worst financial shape since 2006

South African former finance minister Tito Mboweni dies at 65

South African tax service says $1.2 bln paid out in 6 weeks since pension reform

Top BRICS economic officials stay away from Moscow meeting

S.Africa’s DA seeks review of decision not to charge Ramaphosa over ‘Farmgate’

South African rand rises after U.S. data fuels Fed rate cut bets

South African Markets – Factors to watch on Oct 11

African Markets – Factors to watch on Oct 11

China’s ‘whatever it takes’ moment? Investors hope for hundreds of billions in new stimulus

Zimbabwean miners expect profits to fall in 2025, report says

Nigerian and Ghanaian currencies seen falling

Nigeria’s NNPC raises fuel prices as it ditches costly subsidies

From stateless to citizens: Kenya’s success offers hope in Africa

South African rand edges higher ahead of local data, US inflation report

News Tips

Advertise With Us

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