<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/MJMRAJTMFBIZJOSATPFJNDJSTQ-820x547.jpg" alt="" class="wp-image-537074" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MJMRAJTMFBIZJOSATPFJNDJSTQ-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MJMRAJTMFBIZJOSATPFJNDJSTQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MJMRAJTMFBIZJOSATPFJNDJSTQ-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MJMRAJTMFBIZJOSATPFJNDJSTQ-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MJMRAJTMFBIZJOSATPFJNDJSTQ-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MJMRAJTMFBIZJOSATPFJNDJSTQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Souvenir luggage tags are displayed at a Barrick Gold Corp at the Prospectors and Developers Association of Canada (PDAC) annual conference in Toronto, Ontario, Canada March 1, 2020. REUTERS/Chris Helgren</figcaption></figure>



Sept 30 (Reuters) &#8211; Barrick Gold Corp and the Mali government have decided to find a resolution to existing claims and disputes over the Loulo and Gounkoto gold mines in the West African country, the company said on Monday.



The statement from the world&#8217;s second largest miner comes two days after the Malian government arrested four Barrick employees. The two parties have been negotiating a new mining contract that proposes to give Mali&#8217;s military-led authorities greater control over its resources. Mali is one of Africa&#8217;s biggest gold producers.



Barrick said the details&nbsp;of the agreement&nbsp;will be made public once terms of the settlement have been&nbsp;finalized.



Shares of Barrick were trading down by 2% on the Toronto Stock Exchange at 2:16 p.m ET (1816 GMT).



“The current negotiations have proved challenging but we’re encouraged by the government’s recognition of the importance of securing the long-term viability of the Loulo-Gounkoto complex as a substantial contributor to the Malian economy,&#8221; Barrick&#8217;s CEO, Mark Bristow, said in a statement.



The Mali government was not immediately available for comment.



In July Barrick said it had invested over $10 billion in the Malian economy over the past 29 years.



(Reporting by Felix Njini and Felix Bate; writing by Divya Rajagopal; editing by Jonathan Oatis and Leslie Adler)

Souvenir luggage tags are displayed at a Barrick Gold Corp at the PDAC annual conference in Toronto

Barrick Gold and Mali government to find resolution for Loulo and Gounkoto gold mines

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PF3JNZQUQ5M65OD7XXTYURHSSI-820x429.jpg" alt="" class="wp-image-536822" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PF3JNZQUQ5M65OD7XXTYURHSSI-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PF3JNZQUQ5M65OD7XXTYURHSSI-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PF3JNZQUQ5M65OD7XXTYURHSSI-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PF3JNZQUQ5M65OD7XXTYURHSSI-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PF3JNZQUQ5M65OD7XXTYURHSSI-1536x804.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PF3JNZQUQ5M65OD7XXTYURHSSI.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Construction work is seen opposite a statue of Samora Machel, the first President of Mozambique, and the Cathedral of the Immaculate Conception, a Roman Catholic cathedral in downtown Maputo, Mozambique, September 1, 2019. REUTERS/Siphiwe Sibeko</figcaption></figure>



MAPUTO, Sept 30 (Reuters)&nbsp;&#8211;&nbsp;Mozambique&#8217;s central bank cut its main interest rate for the fifth meeting in a row on Monday, saying the inflation outlook remained favourable.



The central bank reduced its MIMO interest rate&nbsp;MZMIMO=ECI&nbsp;by 75 basis points to 13.50%.



The southern African country&#8217;s inflation slowed to 2.75% year on year in August&nbsp;MZCPIY=ECI&nbsp;from 2.97% in July, statistics agency data showed.



The Bank of Mozambique reiterated in a statement that it expected to continue to lower the MIMO rate over the medium term.



(Reporting by Manuel Mucari; Writing by Bhargav Acharya; Editing by Alexander Winning)

PF3JNZQUQ5M65OD7XXTYURHSSI

Mozambique central bank cuts main interest rate again

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BIBGA53T4FPYJGRCIAXJPZCW74-820x547.jpg" alt="" class="wp-image-536804" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BIBGA53T4FPYJGRCIAXJPZCW74-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BIBGA53T4FPYJGRCIAXJPZCW74-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BIBGA53T4FPYJGRCIAXJPZCW74-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BIBGA53T4FPYJGRCIAXJPZCW74-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BIBGA53T4FPYJGRCIAXJPZCW74-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BIBGA53T4FPYJGRCIAXJPZCW74-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Farmers break cocoa pods at a cocoa farm in Soubre, Ivory Coast January 6, 2021. REUTERS/Luc Gnago/File Photo</figcaption></figure>



ABIDJAN, Sept 30 (Reuters)&nbsp;&#8211;&nbsp;Most of Ivory Coast&#8217;s main cocoa regions received below-average rainfall last week but farmers on Monday said it was sufficient to boost development of the next October-to-March main crop.



The world&#8217;s top cocoa producer is in its rainy season, which runs from April to mid-November.



Most farmers said they were waiting for a new farmgate price to be set on Monday before selling their stocks of beans.



In the western region of Soubre and in southern region of Divo, where rains were above average last week, but also in the southern region of Agboville and in the eastern region of Abengourou, where rains were below average, farmers said more pods were ready to be harvested next month than in the same period last season.



However, farmers also voiced fears that heavy rainfall in October could damage bean quality.



&#8220;The plantations now need plenty of sunshine and average rainfall, otherwise there will be crop losses,&#8221; said Salame Kone, who farms near Soubre, where 33.3 millimetres (mm) fell last week, 12.9 mm above the five-year average.



In the west-central region of Daloa and in the central regions of Bongouanou and Yamoussoukro, where rains were below average last week, farmers said main crop harvesting would be significant in October and gradually increase until December.



&#8220;There are more and more workers on the plantations for harvesting because there&#8217;s so much cocoa,&#8221; said Albert N’Zue, who farms near Daloa, where 27.8 mm of rain fell last week, 1.8 mm below the five-year average.



Average temperatures across Ivory Coast ranged from 24.7 to 26.6 degrees Celsius.



($1 = 585.2200 CFA francs)



(Reporting by Loucoumane Coulibaly, Editing by Anait Miridzhanian and David Goodman)

FILE PHOTO: Farmers break cocoa pods at a cocoa farm in Soubre, Ivory Coast

Below-average rain sufficient for Ivory Coast cocoa crop, farmers say

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="455" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/SDJY6Y7BEFPCJLFSC2IBAROQ24.avif" alt="" class="wp-image-536765"/><figcaption class="wp-element-caption">Kenya&#8217;s incoming deputy President Rigathi Gachagua waves to supporters as he arrives for his swearing-in ceremony in Nairobi, Kenya September 13, 2022. REUTERS/Monicah Mwangi/File Photo</figcaption></figure>



NAIROBI, Sept 30 (Reuters)&nbsp;&#8211;&nbsp;Kenyan lawmakers plan to launch impeachment proceedings against Deputy President Rigathi Gachagua, accusing him of undermining the government, parliament&#8217;s majority leader said, reflecting a widening rift between President William Ruto and his deputy.



The move could add to the government&#8217;s challenges after&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N3IO06G&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">deadly months-long protests</a>&nbsp;over a disputed finance bill forced Ruto to shelve the legislation in June and fire almost his entire cabinet.



&#8220;It is true there is an impeachment motion against the deputy president and as the member of parliament for Kikuyu, I have already appended my signature to it,&#8221; majority leader Kimani Ichung&#8217;wah said on Sunday.



&#8220;I will support that impeachment motion to stop a process where government is being undermined and sabotaged from within government,&#8221; he said.



Calls to Gachagua&#8217;s spokespeople on Monday seeking comment were not answered.



In recent days he has spoken of being sidelined and denied accusations linking him and associates to the unrest, calling it &#8220;a futile attempt to soil my name and hopefully create grounds for the mooted impeachment proceedings against me.&#8221;



On Sunday, he told reporters that any impeachment motion would require Ruto&#8217;s assent. &#8220;Without the president&#8217;s go-ahead, the motion cannot reach parliament. If it reaches parliament, it is the president who has authorised it.&#8221;



Gachagua commands support in Kenya&#8217;s populous central region, and efforts to unseat him could stir up discontent there, adding to Ruto&#8217;s headaches.



More than 50 people were killed in the unrest against the financing legislation, creating Ruto&#8217;s biggest crisis since he took office in 2022. Protesters opposed tax hikes contained in the bill and also demanded action against misgovernance and corruption.



As part of a major reshuffle, Ruto in July nominated four members of the main opposition party to a&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AS8N3HG007&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">&#8220;broad-based&#8221; cabinet</a>. But activists said the new government would perpetuate a tradition of leaders co-opting the opposition instead of carrying out far-reaching reforms demanded by citizens.



(Reporting by George Obulutsa, Edwin Okoth and Ammu Kannampilly; editing by Mark Heinrich)

SDJY6Y7BEFPCJLFSC2IBAROQ24

Kenya lawmakers plan impeachment move against deputy president, majority leader says

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="458" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/X6NY63TYXVKRFCEWGIZJ6ESKB4.avif" alt="" class="wp-image-536752"/><figcaption class="wp-element-caption">A man compares different grains of rice at a wholesale market in Navi Mumbai, India August 4, 2023. REUTERS/Francis Mascarenhas/File Photo</figcaption></figure>



MUMBAI/HANOI, Sept 30 (Reuters)&nbsp;&#8211;&nbsp;Global rice prices fell on Monday after India, the world&#8217;s No.1 exporter of the grain, gave the go-ahead for exports to resume, boosting global supply and helping poor Asian and African buyers secure more affordable supplies, exporters said.



India on Saturday allowed exports of non-basmati&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N3LC05C&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">white rice</a>. That came a day after New Delhi cut export duty on&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N3LC05A&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">parboiled rice</a>&nbsp;to 10%, buoyed by a new crop in the offing and higher inventories in state warehouses.



&#8220;Suppliers from Thailand, Vietnam, and Pakistan are responding to India&#8217;s move by lowering their export prices,&#8221; said Himanshu Agarwal, executive director at Satyam Balajee, a leading rice exporter. &#8220;Everyone&#8217;s trying to stay competitive to hold their spot in the market.&#8221;



Global rice prices soared to their highest level in over 15 years following India&#8217;s decision last year to ban the export of white rice and impose a 20% duty on parboiled rice exports.



Last year&#8217;s export curbs imposed by India allowed competing suppliers like Vietnam, Thailand, Pakistan, and Myanmar to increase their market share and command higher prices in the global market.



On Monday, India&#8217;s 5% broken parboiled variety&nbsp;RI-INBKN5-P1&nbsp;was quoted at $500-$510 per metric ton, down from the last week&#8217;s $530-$536. Indian 5% broken white rice was offered around $490.



Exporters in Vietnam, Pakistan, Thailand and Myanmar also lowered prices by at least $10 per ton on Monday, dealers said.



The Philippines, Nigeria, Iraq, Senegal, Indonesia, and Malaysia are among the key importers of Asian rice.



Buyers and sellers are evaluating the potential impact of increased Indian rice supplies and accordingly prices would settle this week, said Nitin Gupta, senior vice president of Olam Agri India.



India accounted for more than 40% of the world&#8217;s rice exports in 2022, a record 22.2 million metric tons out of a total 55.4 million metric tons of global trade.



Thai rice prices were quoted at $540-$550 on Monday, down from last week&#8217;s $550 to $560 per ton.



Thailand&#8217;s rice export prices could decrease due to increased supplies in the market, but the extent of the decline would depend on several factors, including the appreciating Thai currency, said Chukiat Opaswong, honorary president of the Thai Rice Exporters Association.



Rice prices have started to correct, even in Vietnam, but traders caution that the full impact of Indian supplies has yet to be seen.



&#8220;(Vietnamese) exporters should stay calm and avoid reducing prices to secure contracts,&#8221; said Truong Tan Tai, chief executive of Vinarice Co., a rice exporter.



(Reporting by Rajendra Jadhav in Mumbai, Khanh Vu in Hanoi, Mayank Bhardwaj in New Delhi and Panarat Thepgumpanat in Bangkok; editing by David Evans)

X6NY63TYXVKRFCEWGIZJ6ESKB4

Global rice prices drop after India allows white rice exports

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="519" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/HWVA22ZQGVJL3J2BEPNBYS7R4M-820x519.jpg" alt="" class="wp-image-536707" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/HWVA22ZQGVJL3J2BEPNBYS7R4M-820x519.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/HWVA22ZQGVJL3J2BEPNBYS7R4M-300x190.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/HWVA22ZQGVJL3J2BEPNBYS7R4M-142x90.jpg 142w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/HWVA22ZQGVJL3J2BEPNBYS7R4M-768x486.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/HWVA22ZQGVJL3J2BEPNBYS7R4M-1536x971.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/HWVA22ZQGVJL3J2BEPNBYS7R4M-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A drone view of Ratcliffe-on-Soar Power Station in Ratcliffe-on-Soar, Nottinghamshire, Britain September 26, 2024. REUTERS/Molly Darlington/File Photo</figcaption></figure>



Sept 30 (Reuters)&nbsp;&#8211;&nbsp;Abu Dhabi-based International Resources Holding (IRH) has signed an agreement with South Africa&#8217;s Public Investment Corporation (PIC) to invest in rail infrastructure and green energy projects, the two entities said on Monday.



IRH is a subsidiary of International Holding Company&nbsp;IHC.AD, the United Arab Emirates&#8217; (UAE) richest company, while the state-owned PIC is Africa&#8217;s largest asset manager. The PIC&#8217;s 2.89 trillion rand ($169 billion) assets under management include mining, agriculture, manufacturing, real estate and financial services investments.



IRH and PIC would cooperate on South Africa&#8217;s planned replacement of its coal-dominated power generation with cleaner sources of energy, they said in a joint statement, without giving details.



They would also seek to expand South Africa&#8217;s logistical capacity by addressing persistent freight rail and port bottlenecks which have throttled commodity exports.



South Africa&#8217;s state-owned logistics firm Transnet, which operates the country&#8217;s freight rail and ports, has&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N3K711G&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">struggled</a>&nbsp;to provide adequate services due to equipment shortages and maintenance backlogs after years of under-investment.



The agreement would also &#8220;bring underperforming and undeveloped mining assets&#8221; in South Africa to full production capacity, they said. They did not name the assets.



Earlier this year, IRH completed the acquisition of a 51% stake in Zambia&#8217;s&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N3DH25C&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Mopani Copper Mines</a>. The IRH has also been pursuing&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N3IV091&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">other copper assets</a>&nbsp;in Zambia as the UAE and seeks to secure critical metal supplies from Africa amid a global shift to cleaner energy.



The IRH also has operations or prospects in Angola, Burundi, Democratic Republic of Congo, South Africa, Tanzania, Zambia, and Zimbabwe, according to its website.



($1 = 17.0983 rand)



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

FILE PHOTO: A drone view of Ratcliffe-on-Soar Power Station in Ratcliffe-on-Soar

UAE’s IRH eyes mining, energy and logistics projects in South Africa

<figure class="wp-block-gallery has-nested-images columns-default is-cropped wp-block-gallery-1 is-layout-flex wp-block-gallery-is-layout-flex">
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="556" data-id="536704" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/JS3L4TS4WZNK7PZF537SLXXZMY-820x556.jpg" alt="" class="wp-image-536704" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/JS3L4TS4WZNK7PZF537SLXXZMY-820x556.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/JS3L4TS4WZNK7PZF537SLXXZMY-300x204.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/JS3L4TS4WZNK7PZF537SLXXZMY-133x90.jpg 133w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/JS3L4TS4WZNK7PZF537SLXXZMY-768x521.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/JS3L4TS4WZNK7PZF537SLXXZMY-1536x1042.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/JS3L4TS4WZNK7PZF537SLXXZMY-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Isabel Dos Santos, daughter of Angola’s former President sits for a portrait during a Reuters interview in London, Britain, January 9, 2020. REUTERS/Toby Melville</figcaption></figure>
</figure>



LONDON, Sept 30 (Reuters)&nbsp;&#8211;&nbsp;Angolan billionaire Isabel dos Santos on Monday lost an appeal to overturn an order freezing up to 580 million pounds ($778 million) of her assets as part a lawsuit at London&#8217;s High Court.



Dos Santos – Africa&#8217;s first female billionaire, whose father Jose Eduardo dos Santos ruled Angola for 38 years until 2017 – is being sued by Angolan telecoms operator Unitel.



Unitel was&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N3DF2F0&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">granted</a>&nbsp;a worldwide freezing order over dos Santos&#8217; assets in December and&nbsp;the Court of Appeal on Monday rejected&nbsp;her appeal against that decision.



Dos Santos has faced corruption accusations in Angola for years. She denies the allegations and says she is the target of a long-running political vendetta.



She is being sued by Unitel over loans it made to separate Dutch company Unitel International Holdings (UIH) in 2012 and 2013, when she was a Unitel director, to fund UIH&#8217;s acquisition of shares in telecoms companies.



Dos Santos owns and controls UIH, the Court of Appeal said in its ruling.



Unitel and UIH are not related despite bearing the same name, and dos Santos resigned as a director of Unitel in 2020.



The loans were not repaid and around 300 million pounds is outstanding, Unitel&#8217;s lawyers argued at the High Court.



But dos Santos – who claims to be the victim of a &#8220;campaign of oppression&#8221; by Angola – says Unitel is itself responsible for UIH&#8217;s inability to repay the loans because of its alleged role in Angola&#8217;s unlawful seizure of UIH assets.



(Reporting by Sachin Ravikumar)

Isabel Dos Santos, daughter of Angola’s former President and Africa’s richest woman, sits for a portrait during a Reuters interview in London, Britain

Angola’s Isabel dos Santos loses appeal against freezing order over assets

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1365" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BNNVWMSIARI3XAWVJ7B3VBLVLQ-scaled.jpg" alt="" class="wp-image-536675" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BNNVWMSIARI3XAWVJ7B3VBLVLQ-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BNNVWMSIARI3XAWVJ7B3VBLVLQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BNNVWMSIARI3XAWVJ7B3VBLVLQ-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BNNVWMSIARI3XAWVJ7B3VBLVLQ-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BNNVWMSIARI3XAWVJ7B3VBLVLQ-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BNNVWMSIARI3XAWVJ7B3VBLVLQ-1536x1024.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">FILE PHOTO: Quareebullahi Ajenifuja, 12, and Joy Adeniji, 12, take notes together during class at Ilorin Grammar school, in Ilorin, Kwara state, Nigeria, March 26, 2021. REUTERS/Temilade Adelaj</figcaption></figure>



LAGOS, Sept 30 (Reuters)&nbsp;&#8211;&nbsp;The World Bank has approved a $1.57 billion financing package for Nigeria under a new programme to support its health and education sectors and help provide sustainable power, the bank said on Monday.



The World Bank is the largest lender to Nigeria, with more than $15 billion in loans at the end of March, data from the Debt Management Office showed.



The bank said in a statement that the money would help increase availability and effectiveness of financing for basic education and primary healthcare service delivery.



&#8220;The new financing includes $500 million for addressing governance issues that constrain the delivery of education and health, $570 million for the Primary Healthcare Provision Strengthening Program and $500 million for the Sustainable Power and Irrigation for Nigeria Project,&#8221; the bank said.



Nigeria is among countries with the highest number of out of school children mainly due to insecurity, especially in the north of the country where a long-running Islamist insurgency and armed kidnapping gangs have caused havoc.



The World Bank said part of the money would be used to improve dam safety to protect people from floods.



Nigeria faces frequent flooding and this year up to&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N3KT0SF&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">a million people were affected</a>&nbsp;after a dam in northeastern Borno state burst.



More floods are expected in Nigeria after authorities in&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N3KO1PZ&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Cameroon started releasing water from a large dam</a>&nbsp;to prevent it from overflowing.



(Reporting by MacDonald Dzirutwe, editing by Ed Osmond)

FILE PHOTO: Two children take notes during class in Kwara state, Nigeria. March 2021.

World Bank approves $1.57 billion loan for Nigeria

<figure class="wp-block-gallery has-nested-images columns-default is-cropped wp-block-gallery-2 is-layout-flex wp-block-gallery-is-layout-flex">
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="537" data-id="536666" 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>
</figure>



JOHANNESBURG, Sept 30 (Reuters)&nbsp;&#8211;&nbsp;The South African rand extended last week&#8217;s gains in early trade on Monday, as investors looked to a handful of data releases for further signs of an improvement in the domestic economy.



At 0650 GMT, the rand traded at 17.0375 against the dollar&nbsp;ZAR=D3, about 0.5% stronger than its closing level on Friday.



Central bank data on Monday showed a pickup in August private sector credit growth to 4.95% year-on-year&nbsp;ZACRED=ECI, a positive sign which may help Africa&#8217;s most industrialised economy build momentum in the second half of the year.



August trade&nbsp;ZATBAL=ECI&nbsp;and budget&nbsp;ZABUDM=ECI&nbsp;figures due later in the day are also expected to show improvement, reflecting better terms of trade and seasonal factors.



ETM Analytics said in a research note that the rand could break below 17 to the dollar this week as the U.S. currency remains on the defensive and inflows into the South African bond market are supportive.



The benchmark 2030 government bond&nbsp;ZAR2030=&nbsp;was flat in early deals, the yield at 8.8%.



(Reporting by Alexander Winning, editing by Ed Osmond)

South African Rand coins are seen in this photo illustration

South African rand on front foot with domestic data in focus

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="728" height="485" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_TMUP3J2JWZJPFD5BVSEVXEPZS4.jpg" alt="" class="wp-image-536648" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_TMUP3J2JWZJPFD5BVSEVXEPZS4.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_TMUP3J2JWZJPFD5BVSEVXEPZS4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_TMUP3J2JWZJPFD5BVSEVXEPZS4-135x90.jpg 135w" sizes="auto, (max-width: 728px) 100vw, 728px" /><figcaption class="wp-element-caption">Kenya Central Bank Governor Patrick Njoroge displays the newly designed Kenyan shilling bank notes during a news conference at the Central Bank in Nairobi, Kenya, June 3, 2019. REUTERS/Baz Ratner</figcaption></figure>



NAIROBI, Sept 30 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s shilling&nbsp;KES=&nbsp;was stable on Monday, with dollar inflows from tea exports matching month-end importer demand, traders said.



At 0647 GMT, commercial banks quoted the shilling at 128.50/129.50 to the dollar, the same as Friday&#8217;s closing rate.



Traders said central bank dollar-buying had prevented the shilling from gaining ground in recent weeks.



&#8220;If they (central bank) had stayed out, the shilling would have strengthened,&#8221; one trader said.



The central bank says it has no preferred level for the shilling and only steps in to smooth out volatility in either direction.



(Reporting by Sonia Rao; Editing by George Obulutsa and Alexander Winning)

https___cloudfront-us-east-2.images.arcpublishing.com_reuters_TMUP3J2JWZJPFD5BVSEVXEPZS4

Kenyan shilling stable; dollar inflows from tea exports match 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, Sept 30 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, equity and currency market moves may affect South African markets on Monday.



ECONOMIC EVENTS



August money supply and credit data&nbsp;ZAM3=ECI,&nbsp;ZACRED=ECI



August budget balance&nbsp;ZABUDM=ECI



August trade balance&nbsp;ZATBAL=ECI



Treasury-bill auction



Offshore trading in bonds and equities



SOUTH AFRICAN MARKETS



South Africa&#8217;s rand extended gains against the dollar on Friday, hitting a fresh 20-month high amid improved risk appetite and positive sentiment at home.&nbsp;.JZAR/



GLOBAL MARKETS



Share markets turned hesitant in Asia on Monday as strife in the Middle East offset more policy measures in China, while the Nikkei dived on concerns Japan&#8217;s new prime minister favoured normalising interest rates.&nbsp;MKTS/GLOB



WALL STREET



The blue-chip Dow Jones Industrial Average closed at a record high as a subdued inflation report stoked hopes for more Federal Reserve rate cuts, which enabled Wall Street&#8217;s three main indexes to post weekly gains.&nbsp;.N



GOLD



Gold prices eased on Monday but hovered near the record peak hit last week, setting bullion on track for its best quarter in over eight years following a jumbo U.S. rate cut decision and expectations of another outsized reduction in November.&nbsp;GOL/



EMERGING MARKETS



For the top emerging markets news, double click on&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3ARR:347&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



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



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



BUSINESS DAY



&#8211; Grindrod deal points to SA firms favouring port of Maputo



&#8211; SA miners slash almost 7,000 jobs in second quarter



FIN 24



&#8211; Fabergé owner Gemfields expects to double its debt as it bets on growth



&#8211; Treasury&#8217;s new plan to attract companies to transmission: A credit guarantee vehicle



(Compiled by Alexander Winning)

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

South African Markets – Factors to watch on Sept 30

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/VFKU2JNBTBIDVNPMOMLDRAUIO4-820x547.jpg" alt="" class="wp-image-491240" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/VFKU2JNBTBIDVNPMOMLDRAUIO4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/VFKU2JNBTBIDVNPMOMLDRAUIO4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/VFKU2JNBTBIDVNPMOMLDRAUIO4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/VFKU2JNBTBIDVNPMOMLDRAUIO4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/VFKU2JNBTBIDVNPMOMLDRAUIO4.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Pedestrians walk in front of Ghana&#8217;s central bank building in Accra, Ghana, November 16, 2015. REUTERS/Francis Kokoroko</figcaption></figure>



ACCRA, Sept 27 (Reuters) &#8211; Ghana&#8217;s central bank on Friday slashed its main interest rate by 200 basis points to 27%, its first rate cut since January, as inflation continues to ease while economic recovery remains robust according to the governor.



Bank of Ghana Governor Ernest Addison told a news conference that economic trends suggest the disinflation process is on course, and price rises will continue to ease towards the short-term range target of 13% to 17% for the year.



&#8220;Such a strong signalling of the monetary policy rate by reducing it by 200 basis points tells you that the central bank is quite satisfied with the progress of recovery of this economy,&#8221; Addison said, adding that all economic indicators including growth, inflation and reserves are improving.



Bank of Ghana&#8217;s decision comes as central banks in major advanced economies have begun the much-anticipated policy easing cycle amid declining inflation rates, Addison added.



Economists polled by Reuters had forecast in July that Ghana&#8217;s interest rate would fall by 200 basis points by the end of the year.



&#8220;This easing of policy is understandable, given that the recent falls in inflation had caused real interest rates to rise, something that this cut will partially reverse,&#8221; said Leslie Dwinght-Mensah, economist and research fellow at Accra-based Institute for Fiscal Studies



He added that the strong rate of economic activity, which official data recently revealed, also gave the central bank the comfort to take this step.



&#8220;The Bank of Ghana also expressed confidence in fiscal policy being on track. This is unlikely therefore to pose a hurdle to November easing, should inflation continue to be well-behaved,&#8221; said Razia Khan, chief economist for Africa and the Middle East at Standard Chartered.



Ghana&#8217;s consumer inflation slowed to 20.4% year-on-year in August from 20.9% in July, but it remains well above the central bank&#8217;s medium-term target of 8% with a margin of error of 2 percentage points either side.



Growth recovered significantly to 6.9% year-on-year in the second quarter of 2024, the fastest rate in five years, boosted by expansion in several key sectors as the gold, cocoa, and oil-producing nation continues to emerge from its worst economic crisis in a generation.



The governor announced that Ghana was set to launch a gold coin sale to attract more liquidity and offer more instruments to financial markets and investors who see gold as a safe haven.



The coin, which will be available for purchase through commercial banks, will be launched in two weeks, he added.



Ghana invited holders of roughly $13 billion of its international bonds to swap their holdings for new instruments after reaching a preliminary debt restructuring agreement with two bondholder groups.



Bondholders have until Sept. 30 to accept the offer.



(Reporting by Maxwell Akalaare Adombila; Writing by Anait Miridzhanian; Editing by Bate Felix and Andrew Cawthorne)

VFKU2JNBTBIDVNPMOMLDRAUIO4

Ghana central bank slashes key rate as inflation outlook improves

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="575" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/2YFSNLSNFRP7VNWQPEPCOAWUMU-2-820x575.jpg" alt="" class="wp-image-535605" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/2YFSNLSNFRP7VNWQPEPCOAWUMU-2-820x575.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/2YFSNLSNFRP7VNWQPEPCOAWUMU-2-300x210.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/2YFSNLSNFRP7VNWQPEPCOAWUMU-2-128x90.jpg 128w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/2YFSNLSNFRP7VNWQPEPCOAWUMU-2-768x539.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/2YFSNLSNFRP7VNWQPEPCOAWUMU-2-1536x1078.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/2YFSNLSNFRP7VNWQPEPCOAWUMU-2-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A man shows off Zimbabwean currency notes outside a grocery store in Harare, Zimbabwe, March 17, 2022. REUTERS/Philimon Bulawayo/File Photo</figcaption></figure>



HARARE, Sept 27 (Reuters)&nbsp;&#8211;&nbsp;Zimbabwe&#8217;s central bank allowed the local gold-backed currency to fall over 40% against the dollar on Friday and hiked its policy rate, giving in to weeks of sustained pressure on the currency which was only launched in April.



The central bank&#8217;s website gave the mid rate for the ZiG currency as 24.3902 to the dollar on Friday versus 13.9987 on Thursday, a 42.6% fall, according to Reuters calculations.



The ZiG, which stands for Zimbabwe Gold, is the southern African country&#8217;s sixth attempt at a stable currency in 15 years after a bout of hyperinflation under then longtime leader Robert Mugabe.



But authorities have struggled to convince a sceptical population to stop transacting in foreign currencies.



The Reserve Bank of Zimbabwe said in a statement that its Monetary Policy Committee (MPC) met on Friday and decided to allow greater exchange rate flexibility.



MPC members increased the bank&#8217;s policy rate from 20% to 35% with immediate effect.



&#8220;The MPC is convinced that the above measures will go a long way in addressing the emerging exchange rate risks, anchor the inflation expectations and stabilise prices in the near to short term,&#8221; the central bank said.



Bloomberg News earlier reported that Zimbabwe was said to have devalued the ZiG by 44% against the dollar, citing four treasury dealers.



Independent Zimbabwean economist Hapi Zengeni said it was important to note that the central bank had not said whether it was allowing the currency to float freely or would still control the exchange rate after the devaluation.



This &#8220;highlights the complexities in Zimbabwe &#8230; where the official exchange rate does not reflect the realities of the parallel market, leading to more challenging economic implications for trade, investment and more importantly consumer behaviour&#8221;, Zengeni said.



(Additional reporting by Shubham Kalia in Bengaluru; Writing by Bhargav Acharya; Editing by Alexander Winning and Toby Chopra, Kirsten Donovan)

FILE PHOTO: Zimbabwe’s poor feel the impact of far away Ukraine war

Zimbabwe allows currency to slump over 40%, hikes policy rate

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="507" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-820x507.jpg" alt="" class="wp-image-533970" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-820x507.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-300x186.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-145x90.jpg 145w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-768x475.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-1536x950.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">South African bank notes featuring images of former South African President Nelson Mandela (R) are displayed next to the American dollar notes in this photo illustration in Johannesburg August 13 2014. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, Sept 27 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand was steady against the dollar on Friday, as the local currency held onto recent gains amid improved risk appetite and positive sentiment at home.



At 0758 GMT, the rand traded at 17.1975 against the dollar, not far from its previous close.



The rand has been on an upward trajectory since a big interest rate hike by the Federal Reserve last week, hitting repeated 20-month highs.



Analysts say the improvement in South Africa&#8217;s risk profile following the formation of a coalition government after an election in May has also contributed to the currency&#8217;s strength.



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



South Africa&#8217;s benchmark 2030 government bond was stronger, with the yield down 4 basis points to 8.79%.



(Reporting by Bhargav Acharya; Editing by Ros Russell)

Photo illustration of South African bank notes displayed next to the American dollar notes in Johannesburg

South African rand holds on to gains against dollar

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="728" height="485" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/CORIUWLHAJI4LNBBJBT32ZAVTI.jpg" alt="" class="wp-image-422769" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/CORIUWLHAJI4LNBBJBT32ZAVTI.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/CORIUWLHAJI4LNBBJBT32ZAVTI-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/CORIUWLHAJI4LNBBJBT32ZAVTI-135x90.jpg 135w" sizes="auto, (max-width: 728px) 100vw, 728px" /><figcaption class="wp-element-caption">Kenya Central Bank Governor Patrick Njoroge displays Kenyan shilling bank notes during a news conference at the Central Bank in Nairobi, Kenya, June 3, 2019. REUTERS/Baz Ratner</figcaption></figure>



NAIROBI, Sept 27 &#8211; Kenya&#8217;s shilling inched higher against the dollar on Friday, supported by an inflow of foreign currency from tea exports and remittances, traders said.



The shilling was trading at 128.25/129.25 to the dollar at 0734 GMT, compared to its closing rate of 128.50/129.50 on Thursday, according to London Stock Exchange Group (LSEG) data.



A slight strengthening of the East African currency is anticipated over the next week, following its steady performance since early August, a trader said.



(Reporting by Sonia Rao; Editing by Hereward Holland)

Kenya Central Bank Governor Patrick Njoroge displays the newly designed Kenyan shilling bank notes during a news conference at the Central Bank in Nairobi

Kenyan shilling strengthens on the back of tea exports and remittances

<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>



Sept 27 (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>



Zambia&#8217;s finance minister Situmbeko Musokotwane will present the 2025 national budget on Friday.



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



Chinese stocks are headed for the best week since 2008 as Beijing rolled out a huge stimulus package to revive the economy, lifting Asian shares to 2-1/2-year highs, while a sharp fall in oil prices bodes well for disinflation globally.



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



Oil prices eased for a third day on Friday and were on track to fall for the week as investors focused on expectations of increased output from Libya and the broader OPEC+ group, although fresh stimulus from top importer China limited losses.



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



South Africa&#8217;s rand edged higher on Thursday, with stronger risk appetite among investors after rate cuts by the U.S. Federal Reserve last week and positive sentiment in the months following May&#8217;s national election.



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



The Kenyan, Ugandan and Nigerian currencies are expected to strengthen in the next week to Thursday, Ghana&#8217;s is forecast to weaken and Zambia&#8217;s could be little changed, traders said.



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



Kenya&#8217;s shilling was steady on Thursday, as the central bank bought dollars to stabilise fluctuations in the market and bolster their reserves, a commercial trader said.



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



Sudan&#8217;s army launched artillery and airstrikes in Sudan&#8217;s capital on Thursday in its biggest operation to regain ground there since early in its 17-month war with the Rapid Support Forces (RSF), witnesses and military sources said.



<h2 class="wp-block-heading" id="h-africa-debt-swaps">AFRICA DEBT-SWAPS</h2>



At least five African countries are working on what could be the world&#8217;s first joint &#8220;debt-for-nature&#8221; swap to raise at least $2 billion to protect a coral-rich swathe of Indian Ocean, according to a global conservation group.



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



Uganda on Thursday commissioned its largest electricity generation plant, a 600 megawatt (MW) power plant built on the River Nile that cost $1.7 billion, financed with a loan from China.



<h2 class="wp-block-heading" id="h-uganda-world-bank">UGANDA WORLD BANK</h2>



The World Bank said on Thursday it is rolling out measures to ensure the recipients of any fresh lending to Uganda are not discriminated against by a tough anti-gay law.



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on Sept 27

<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, Sept 27 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, company announcements, equity and currency market moves may affect South African markets on Friday.



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



Inflation-linked bond auction



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



Insurer Momentum full-year results



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



South Africa&#8217;s rand edged higher on Thursday, with stronger risk appetite among investors after rate cuts by the U.S. Federal Reserve last week and positive sentiment in the months following May&#8217;s national election.



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



Chinese stocks are headed for the best week since 2008 as Beijing rolled out a stimulus package to revive the economy, lifting Asian shares to 2-1/2-year highs, while a sharp fall in oil prices bodes well for disinflation globally. 



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



The S&amp;P 500 scored a record closing high and the Dow and Nasdaq rose on Thursday, as Micron Technology shares rallied and a strong U.S. jobless claims report eased labour market concerns.



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



Gold and silver prices retreated on Friday from record highs, but were positioned for weekly gains on growing anticipation of another bumper U.S. interest rate cut this year, as markets awaited an inflation report for guidance. 



&#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; MultiChoice and NBC fork out 3 bln rand on Showmax since April



(Compiled by Alexander Winning)

Reuters

Barrick Gold and Mali government to find resolution for Loulo and Gounkoto gold mines

Mozambique central bank cuts main interest rate again

Below-average rain sufficient for Ivory Coast cocoa crop, farmers say

Kenya lawmakers plan impeachment move against deputy president, majority leader says

Global rice prices drop after India allows white rice exports

UAE’s IRH eyes mining, energy and logistics projects in South Africa

Angola’s Isabel dos Santos loses appeal against freezing order over assets

World Bank approves $1.57 billion loan for Nigeria

South African rand on front foot with domestic data in focus

Kenyan shilling stable; dollar inflows from tea exports match demand

South African Markets – Factors to watch on Sept 30

Ghana central bank slashes key rate as inflation outlook improves

Zimbabwe allows currency to slump over 40%, hikes policy rate

South African rand holds on to gains against dollar

Kenyan shilling strengthens on the back of tea exports and remittances

African Markets – Factors to watch on Sept 27

South African Markets – Factors to watch on Sept 27

News Tips

Advertise With Us

Reuters

Barrick Gold and Mali government to find resolution for Loulo and Gounkoto gold mines

Mozambique central bank cuts main interest rate again

Below-average rain sufficient for Ivory Coast cocoa crop, farmers say

Kenya lawmakers plan impeachment move against deputy president, majority leader says

Global rice prices drop after India allows white rice exports

UAE’s IRH eyes mining, energy and logistics projects in South Africa

Angola’s Isabel dos Santos loses appeal against freezing order over assets

World Bank approves $1.57 billion loan for Nigeria

South African rand on front foot with domestic data in focus

Kenyan shilling stable; dollar inflows from tea exports match demand

South African Markets – Factors to watch on Sept 30

Ghana central bank slashes key rate as inflation outlook improves

Zimbabwe allows currency to slump over 40%, hikes policy rate

South African rand holds on to gains against dollar

Kenyan shilling strengthens on the back of tea exports and remittances

African Markets – Factors to watch on Sept 27

South African Markets – Factors to watch on Sept 27

News Tips

Advertise With Us

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