<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="425" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24.jpg" alt="" class="wp-image-498541" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24.jpg 720w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24-300x177.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24-152x90.jpg 152w" sizes="auto, (max-width: 720px) 100vw, 720px" /><figcaption class="wp-element-caption">Kenya shilling coins and notes are pictured inside a cashier&#8217;s booth at a forex exchange bureau in Kenya&#8217;s capital Nairobi, April 20, 2016. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



NAIROBI, Sept 25 (Reuters) &#8211; Kenya&#8217;s shilling was steady against the dollar on Wednesday, helped by companies converting foreign currency ahead of quarterly tax payments, traders said.



At 0728 GMT, the shilling traded at 128.50/129.50 to the U.S. dollar, the same as Tuesday&#8217;s closing rate, LSEG data showed.



The East African currency strengthened sharply in early 2024 as concerns eased that the government would default on a $2 billion Eurobond that matured in June, but it has remained rangebound since early August.



(Reporting by Sonia Rao; Editing by Alexander Winning)

ANCK25OQIFMHTJYACOM5XU5T24

Kenyan shilling steady on quarterly tax payments

<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 25 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic event, equity and currency market moves may affect South African markets on Wednesday.



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



The South African Reserve Bank will publish the country&#8217;s leading indicator for July



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



South Africa&#8217;s rand strengthened to a fresh 20-month high against the dollar on Monday after a slight hiccup in the morning session.



On the stock market, the Top-40 index closed up 1.22%.



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



Chinese stocks made brisk gains on Wednesday, extending their stimulus-fueled rally to a second day, even as equities in the rest of the region struggled and crude oil retreated from a multi-week high.



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



The S&amp;P 500 and Dow ended at record highs on Tuesday, shrugging off weak consumer confidence data, as mining stocks surged following China&#8217;s announcement of a sweeping stimulus package.



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



Gold hit a record high on Wednesday, boosted by a softer U.S. dollar and hopes of more interest rate cuts, while investors looked for new signals for the Federal Reserve&#8217;s interest rate trajectory. 



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



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



<h2 class="wp-block-heading" id="h-business-day">BUSINESS DAY</h2>



&#8211; Eskom targets revenue of R1.4-trillion from 2026-2028



&#8211; Musk says he had ‘great meeting’ with Ramaphosa



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



&#8211; SA manufacturers fear they are paying the price for Pretoria&#8217;s cosy relationship with Beijing



&#8211; Huawei&#8217;s SA workforce is now majority local, from 90% foreign two years ago



(Compiled by Bhargav Acharya)

istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on Sept 25

<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, Sept 25 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Wednesday.



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



Chinese stocks surged on Wednesday, lifting regional markets and helping extend a stimulus-fueled global rally that also underpinned risk-sensitive currencies, while Brent crude hovered near a three-week high.



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



Oil prices fell on Wednesday as investors reassessed the ability of China&#8217;s stimulus plans to boost the economy enough to drive more fuel demand growth in the world&#8217;s largest crude importer.



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



South Africa&#8217;s rand strengthened to a fresh 20-month high against the dollar on Monday after a slight hiccup in the morning session.



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



Kenya&#8217;s shilling strengthened slightly against the dollar on Tuesday, bolstered by hard currency inflows from the diaspora and foreign investors following the U.S. Federal Reserve&#8217;s interest rate cut last week.



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



Somalia accused Ethiopia of smuggling weapons on Tuesday amid fears that arms going into the conflict-riven Horn of Africa nation could end up in the hands of Islamist militants.



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on Sept 25

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="548" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/QSN67BH42NJVPGIAZRVXWLIJVI-820x548.jpg" alt="" class="wp-image-534713" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/QSN67BH42NJVPGIAZRVXWLIJVI-820x548.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/QSN67BH42NJVPGIAZRVXWLIJVI-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/QSN67BH42NJVPGIAZRVXWLIJVI-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/QSN67BH42NJVPGIAZRVXWLIJVI-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/QSN67BH42NJVPGIAZRVXWLIJVI-1536x1026.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/QSN67BH42NJVPGIAZRVXWLIJVI-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: U.S. President Joe Biden looks on while attending the Clinton Global Initiative, in New York, U.S., September 23, 2024. REUTERS/Elizabeth Frantz/File Photo</figcaption></figure>



WASHINGTON, Sept 24 (Reuters)&nbsp;&#8211;&nbsp;U.S. President Joe Biden will travel to Germany and Angola Oct. 10-15, the White House said on Tuesday, in what will be his first visit to Africa as president.



Biden&#8217;s first stop will be Germany, where he will express appreciation to Germany for supporting Ukraine&#8217;s defense against Russia, among other issues, according to the White House.



While in Angola Oct. 13-15, Biden will meet with President Joao Lourenco. The two leaders will discuss increased collaboration on shared priorities, including bolstering economic partnerships, and enhancing peace and security, the White House said.



Biden had hoped to visit Angola late last year but the trip was postponed after the outbreak of the Israel-Hamas war in October. Biden has pledged closer U.S. partnership with democracies on the African continent, as Beijing invests heavily in the region.



(Reporting by Jasper Ward; Editing by Eric Beech)

U.S. President Joe Biden visits New York

Biden to travel to Germany, Angola next month

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/37HZYNFOE5LE3CMVPDV6SEO76Y-820x547.jpg" alt="" class="wp-image-534695" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/37HZYNFOE5LE3CMVPDV6SEO76Y-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/37HZYNFOE5LE3CMVPDV6SEO76Y-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/37HZYNFOE5LE3CMVPDV6SEO76Y-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/37HZYNFOE5LE3CMVPDV6SEO76Y-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/37HZYNFOE5LE3CMVPDV6SEO76Y-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/37HZYNFOE5LE3CMVPDV6SEO76Y-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A turbine of the WindFloat Atlantic Project, a floating offshore wind-power generating platform, is seen 20 kilometres off the coast in Viana do Castelo, Portugal, September 23, 2021. REUTERS/Violeta Santos Moura/File Photo</figcaption></figure>



NEW YORK, (Reuters) &#8211; World leaders on Tuesday called for far more investment in renewable energy to tackle climate change, with developing nations saying they need financial support to make the transition.



Speaking at a Global Renewables Summit, Kenyan President William Ruto made the case for investing in renewables in Africa as part of the global pledge made at last year&#8217;s COP28 summit to triple clean energy capacity by 2030.



&#8220;Africa receives less than 50% of global investment in renewable energy despite being home to 60% of the world&#8217;s best solar opportunities,&#8221; Ruto told the summit, which is being held on the sidelines of the U.N. General Assembly



The continent is rich in resources needed for development, he said, but can&#8217;t always access those resources due to the current mix of &#8220;unreliable or expensive energy.&#8221;



Barbados Prime Minister Mia Mottley said that fossil fuel subsidies outnumber renewable energy subsidies, which makes it more expensive for small states to develop clean energy projects.



&#8220;Small states face the reality that the cost of renewable energy &#8230; will probably be higher than traditionally fossil fuels,&#8221; she said.



Recent reports, including one by the International Energy Agency, suggest that tripling the world&#8217;s renewable capacity is feasible within this decade. But the effort will require robust regulation including strong rules for issuing project permits as well as investments in building out transmission and battery storage.



Azerbaijan, which is hosting this year&#8217;s COP29 climate summit in November, said it was planning to rally governments to make a new global pledge to increase electricity storage sixfold.



Earlier in the day, a coalition of some of the world&#8217;s biggest companies, finance houses and cities called Mission 2025 urged governments to adopt policies that they said could unleash up to $1 trillion in clean energy investments by 2030. The policies include setting new capacity targets and offering tax credits or long-term electricity contracts that would encourage investment.



<h2 class="wp-block-heading" id="h-we-did-it">&#8220;WE DID IT&#8221;</h2>



Giving his final major speech on climate change at a forum attended by clean energy business leaders, U.S. President Joe Biden celebrated his $369 billion signature climate law.



&#8220;We were told it couldn&#8217;t get done and we did it,&#8221; he said of passing the Inflation Reduction Act in 2022, adding that the legislation has since encouraged innovation and created hundreds of thousands of jobs.



&#8220;Private companies have announced investments of over $1 trillion in clean manufacturing,&#8221; he told the event. &#8220;We are just getting started.&#8221;



Some companies and investors are looking at artificial intelligence technologies with excitement for the solutions they might bring but there is also concern about the energy-intensive data centers that are needed to power them.



AI is &#8220;a problem, and it&#8217;s part of the solution,&#8221; Andres Gluski, the chief executive officer of U.S. power firm AES Corporation told Reuters in an interview.



&#8220;With AI, we could come up with new materials that are better for batteries, that are better than copper,&#8221; he said.



&#8220;If we have labor shortages, AI will help us. If we have to do demand management, AI will help us.&#8221;



(Reporting by Valerie Volcovici and Simon Jessop in New York; Additional reporting by Laila Kearney. Editing by Katy Daigle, David Evans, Aurora Ellis and Edwina Gibbs)

FILE PHOTO: A turbine of the WindFloat Atlantic Project, a floating offshore wind-power generating platform, is seen 20 kilometers off the coast in Viana do Castelo

World leaders call for investment in clean energy, developing nations seek help

<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="800" height="538" data-id="534082" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/JOTI3ZVACRID7LGCY2HKAAOB2U.avif" alt="" class="wp-image-534082"/><figcaption class="wp-element-caption">View of the Cobre Panama mine, of Canadian First Quantum Minerals, in Donoso, Panama, December 6, 2022. REUTERS/Aris Martínez/File Photo <a href="https://www.reutersagency.com/en/licensereuterscontent/?utm_medium=rcom-article-media&amp;utm_campaign=rcom-rcp-lead" target="_blank" rel="noreferrer noopener">Purchase Licensing Rights</a></figcaption></figure>
</figure>



Sept 23 (Reuters)&nbsp;&#8211;&nbsp;Canadian miner First Quantum Minerals&nbsp;FM.TO&nbsp;said on Monday it has temporarily suspended operations in the area of a fatal accident at its Kansanshi copper mine in Zambia.



The company said it has launched an internal investigation into the accident in which one of its employees died following an incident involving a tracked dozer and a light vehicle.



&#8220;The site of the accident was immediately secured and operations in the area of the accident have been temporarily suspended and will resume once it is determined that it can be done so in a safe manner,&#8221; the Toronto-based miner said in a statement.



The Kansanshi mine, which produced 134,827 tonnes of copper and 68,970 ounces of gold last year, has faced safety challenges in the past.



Two of First Quantum&#8217;s contractors at its Zambia operations, including one at the Kansanshi,&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL4N3CS25H&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">had died in November</a>&nbsp;last year in separate accidents.



(Reporting by Sourasis Bose in Bengaluru; Editing by Tasim Zahid)

View of the Cobre Panama mine, of Canadian First Quantum Minerals, in Donoso, Panama, December 6, 2022. REUTERS/Aris Martínez/File Photo Purchase Licensing Rights

First Quantum suspends some work at Zambia mine after fatal accident

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LYEEWJTJKRPK3GJPCKWFP3EK7E-820x429-1.jpg" alt="" class="wp-image-534014" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LYEEWJTJKRPK3GJPCKWFP3EK7E-820x429-1.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LYEEWJTJKRPK3GJPCKWFP3EK7E-820x429-1-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LYEEWJTJKRPK3GJPCKWFP3EK7E-820x429-1-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LYEEWJTJKRPK3GJPCKWFP3EK7E-820x429-1-768x402.jpg 768w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A teller counts Kenya shilling notes inside the cashier’s booth at a forex exchange bureau in Kenya’s capital Nairobi, April 20, 2016. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



NAIROBI, Sept 23 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s shilling&nbsp;KES=&nbsp;was unchanged against the U.S. dollar on Monday, data from the London Stock Exchange Group showed.



At 1039 GMT, commercial banks quoted the shilling at 128.50/129.50 per dollar, the same as Friday&#8217;s closing rate.



The shilling has been relatively stable for several months,&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N3EZ12H&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">after rallying</a>&nbsp;in the first half of 2024 as concerns eased that the East African country would default on a $2 billion Eurobond that matured in June.



(Reporting by Hereward Holland; Editing by Anait Miridzhanian)

LYEEWJTJKRPK3GJPCKWFP3EK7E-820×429

Kenyan shilling stable, LSEG data shows

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="502" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PB3HNVGWABNF7E7AH3DHYHBUFA-820x502.jpg" alt="" class="wp-image-534011" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PB3HNVGWABNF7E7AH3DHYHBUFA-820x502.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PB3HNVGWABNF7E7AH3DHYHBUFA-300x184.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PB3HNVGWABNF7E7AH3DHYHBUFA-147x90.jpg 147w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PB3HNVGWABNF7E7AH3DHYHBUFA-768x470.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PB3HNVGWABNF7E7AH3DHYHBUFA-1536x940.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PB3HNVGWABNF7E7AH3DHYHBUFA-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Sumaya Hatungimana, 12, shows the marks on her hands after recovering from Mpox, outside her house in Kinama zone, in Bujumbura, Burundi, August 28, 2024. REUTERS/Ngendakumana Evrard/File Photo</figcaption></figure>



LONDON, Sept 23 (Reuters)&nbsp;&#8211;&nbsp;Nearly 30,000 suspected mpox cases have been reported in Africa so far this year, most of them in Democratic Republic of Congo where&nbsp;tests have run out, the World Health Organization said on Monday.



More than 800 people died of suspected mpox across the continent in that time, the U.N. health body said in its report. Congo&#8217;s central African neighbour Burundi has also been hit by a growing outbreak, it added.



Mpox can spread through close contact. Usually mild, it is fatal in rare cases. It&nbsp;typically&nbsp;causes flu-like symptoms and pus-filled lesions on the body.



The WHO statement did not give comparative figures from previous years. The African Union&#8217;s public health agency has said 14,957 cases and 739 deaths were reported from seven affected states in 2023 &#8211; a 78.5% increase in new cases from 2022.



There were 29,342 suspected cases and 812 deaths across Africa from January to Sept.&nbsp;15&nbsp;this year, according to the WHO report.



A total of 2,082 confirmed cases were reported across the world in August alone, the highest since November 2022, the WHO said.



On Saturday, the World Bank&#8217;s pandemic fund said it would give $128.89 million to ten African countries to help fight the outbreak.



(Reporting by Jennifer Rigby; Editing by Andrew Heavens)

FILE PHOTO: Mpox survivors return home after recovering in Kinama zone, in Bujumbura

Almost 30,000 suspected mpox cases in Africa this year, WHO says

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/MARKETS.jpg" alt="" class="wp-image-533973" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/MARKETS.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/MARKETS-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/MARKETS-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



JOHANNESBURG, Sept 23 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, equity and currency market moves may affect South African markets on Monday.



ECONOMIC EVENTS



Foreigners&#8217; trading in South African bonds and equities



Weekly treasury bill auction



SOUTH AFRICAN MARKETS



The South African rand softened on Friday, cooling off after strong gains in a week that saw interest rate cuts by both the U.S. Federal Reserve and the South African Reserve Bank, plus a local inflation print.



On the Johannesburg Stock Exchange, the blue-chip Top-40 index&nbsp;.JTOPI&nbsp;closed little changed.&nbsp;.JZAR/



GLOBAL MARKETS



World stocks stuck around record highs as investors turned their attention to China and Switzerland as the next central banks to add vim to the global economy with rate cuts after last week&#8217;s decisive move by the U.S. Federal Reserve.&nbsp;MKTS/GLOB



WALL STREET



U.S. stocks closed nearly unchanged on Friday, as investors paused buying after a strong rally in the prior session that was fueled by an upsized interest-rate cut by the Federal Reserve, while Nike&#8217;s gains helped nudge the Dow to a record.&nbsp;.N



GOLD



Gold extended gains to scale a record high on Monday, driven by the momentum generated by the Federal Reserve&#8217;s interest rate cut and safe-haven demand due to geopolitical risks in the Middle East.&nbsp;GOL/



EMERGING MARKETS



For the top emerging markets news, double click on&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3ATOPEMRG&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; Home deliveries give sales of motorbikes a lift



&#8211; GNU boosts business confidence in property market, survey shows



FIN 24



&#8211; SABC household levy: SARS, MultiChoice must help collect, says broadcaster



(Compiled by Bhargav Acharya)

MARKETS

South African Markets – Factors to watch on Sept 23

<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 23 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand softened against the dollar on Monday, retreating from a fresh 20-month high it hit earlier in the session.



At 0820 GMT, the rand traded at 17.455 against the greenback&nbsp;ZAR=D3, 0.27% weaker than its previous close.



The local unit earlier hit 17.37 per dollar, its strongest level since February 2023, as it continued to rally following strong&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N3L20LG&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">gains last week</a>&nbsp;after a super-sized interest rate cut by the Federal Reserve. That was followed by a rate cut by the South African Reserve Bank (SARB) along expected lines.



The local currency benefited from the positive sentiment in the wake of the Fed and SARB rate cuts, said Andre Cilliers, currency strategist at TreasuryONE.



On the stock market, the Top-40&nbsp;.JTOPI&nbsp;index was up 0.4%.



South Africa&#8217;s benchmark 2030 government bond&nbsp;ZAR2030=&nbsp;was flat, with the yield at 8.88%.



(Reporting by Bhargav Acharya; Editing by Andrew Cawthorne)

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

South African rand softens against the dollar

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="728" height="486" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/UGANDA-COFFEE.jpg" alt="" class="wp-image-533967" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/UGANDA-COFFEE.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/UGANDA-COFFEE-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/UGANDA-COFFEE-135x90.jpg 135w" sizes="auto, (max-width: 728px) 100vw, 728px" /><figcaption class="wp-element-caption">Roasted coffee beans are seen on display in Bogota, Colombia June 5, 2019. REUTERS/Luisa Gonzalez</figcaption></figure>



KAMPALA, Sept 23 (Reuters)&nbsp;&#8211;&nbsp;The value of Uganda&#8217;s coffee exports in August soared 82.9% versus a year earlier helped by higher global prices, the state-run sector regulator said in a report on Monday.



Uganda is Africa&#8217;s largest exporter of the beans which are, alongside gold, the country&#8217;s biggest sources of foreign exchange.



In August Uganda shipped 837,915 60-kilogram bags of coffee worth $221.6 million, according to the Uganda Coffee Development Authority (UCDA).



&#8220;The value of coffee exports was higher as global coffee prices continue to rise as dry conditions in Brazil and Vietnam are seen to affect coffee crop yields,&#8221; UCDA said in the report.



Uganda&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N3AU2BC&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">exported</a>&nbsp;743,517 60-kilogram bags in August last year, worth $121.64 million.



Uganda earned $1.4 billion from coffee exports in the 12 months to August, up from $918.4 million last year, continuing a general upward trend in earnings in recent years, the UCDA said.



(Reporting by Elias Biryabarema; editing by Hereward Holland and Jason Neely)

Roasted coffee beans on display in Bogota, Colombia

Value of Uganda’s coffee exports up 83% in August, regulator says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="554" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/SA-JOBSEEKERS-820x554.jpg" alt="" class="wp-image-533948" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/SA-JOBSEEKERS-820x554.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/SA-JOBSEEKERS-300x203.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/SA-JOBSEEKERS-133x90.jpg 133w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/SA-JOBSEEKERS-768x518.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/SA-JOBSEEKERS.jpg 1080w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Job seekers wait beside a road for casual work offered by passing motorists, in Eikenhof, south of Johannesburg, South Africa, September 19, 2024. REUTERS/Siphiwe Sibeko/File Photo&nbsp;<a href="https://www.reutersagency.com/en/licensereuterscontent/?utm_medium=rcom-article-media&amp;utm_campaign=rcom-rcp-lead" target="_blank" rel="noreferrer noopener">Purchase Licensing&nbsp;Rights</a></figcaption></figure>







JOHANNESBURG, Sept 23 (Reuters) &#8211; The head of South Africa&#8217;s flagship Black economic empowerment programme plans to introduce additional incentives and potential fines to improve corporate participation and curb exploitation of the system meant to tackle the country&#8217;s gross inequality, he said.



The African National Congress, which had ruled unchallenged for 30 years until it lost its parliamentary majority in May elections, is under intense pressure to improve the lives of Black people left disadvantaged by decades of white minority rule.



The empowerment law enacted in 2003 created a scorecard system that encourages companies to hire and promote Black people by offering them tax breaks and access to government contracts.



Two decades later, unemployment is five times higher for Black people than for white people and income inequality is the worst in the world, according to the World Bank, and critics say the empowerment policy has not worked.



&#8220;There&#8217;s no society that can be viable with (this) level of inequality,&#8221; Tshediso Matona, head of the Broad-based Black Economic Empowerment Commission told Reuters.



Under the voluntary programme, companies earn points in categories such as Black ownership, management control and skills development.



However, Matona says some companies inflate their scores by falsely listing Black people as managers, a practice commonly known in South Africa as &#8220;fronting&#8221;, a crime under the law.



The commission, which refers cases of infringement to state prosecutors, has received 1,348 complaints of fronting since 2017, said Matona. He added, without saying how many cases had been sent to trial, that no one had yet been convicted of fronting largely because the criminal justice system was &#8220;still figuring out how to work with the B-BBEE regulation&#8221;.



Listed companies are required to disclose their Black empowerment status in annual reports, but fewer and fewer are doing so. In 2022, only 141 of about 400 listed companies submitted a report.



Matona said he hoped to enhance company incentives for compliance while &#8220;naming and shaming&#8221; and possibly fining those which fail to submit the reports.



President Cyril Ramaphosa has said he wants to focus on showing companies the advantages of Black empowerment, but that if they refuse to comply then penalties would be needed.



&#8220;On this one (Black empowerment), we are unequivocal,&#8221; Ramaphosa told reporters over a week ago, describing racial inequality as an &#8220;existential challenge&#8221; for South Africa.



&#8220;It must be done, and it will be done.&#8221;



Matona would not be drawn on the specifics of the proposals but said incentives could focus on increasing recognition for companies that invest in skills and enterprise development and should not be &#8220;too obsessed about ownership in existing businesses&#8221;.



He said he hoped to have amendments to the law tabled in parliament within 12 months.



Any inclusion of punitive measures could set the ANC on a collision course with its coalition partner, the pro-business Democratic Alliance party, which has said it would resist them.



&#8220;Businesses don&#8217;t exist for altruistic purposes, we must accept that,&#8221; said DA labour spokesperson Michael Bagraim.



&#8216;BLACKWASHING&#8217; AND TRAINING LOOPHOLES



A common criticism of the affirmative action system is that it made a small number of political insiders extremely wealthy through shareholding deals, especially in its early years.



Economist Duma Gqubule said his research &#8211; based on an analysis of companies&#8217; annual reports and shareholding plans &#8211; found Black ownership of the 50 biggest firms listed on the Johannesburg bourse was barely 1%, far below the official average figure of about 30%.



This was because legal loopholes allowed firms to count Black shareholders even after they sold their stake, or to use shareholding structures that artificially increase Black ownership, a practice Gqubule described as &#8220;Blackwashing&#8221;.



Matona blamed a lack of oversight of independent agencies which issue Black empowerment scorecards and said the industry needed regulation.



His attempt to shift the focus away from ownership to skills development and training also has loopholes, consultants and trainees Reuters spoke to said.



To get skills points companies must pay for training courses for Black people, but they don&#8217;t have to hire them. Some engage a consultancy to find them disabled people to train, because these earn more points, the head of one such consultancy said.



This often leaves Black job seekers in a cycle of training.



&#8220;They keep on promising us that they will hire us but they&#8217;ve never done that,&#8221; said Nonhle Mnguni, a 22-year-old woman in Soweto who has done such courses in business administration, banking, freight forwarding and call centre work since leaving high school.



Giles Von Broembsen, CEO of property management company Pretor Group, said his company ran training programmes for employees, more than half of whom are Black, but that he could only earn points by sending them on a training course elsewhere.



&#8220;The points and the scoring and the system is all very laudable, but it&#8217;s not practical,&#8221; he said.



While some political and economic analysts agree with Matona&#8217;s approach to push for more compliance, others want the law repealed, saying it adds unnecessary bureaucracy which increases business costs and deters foreign investment.



&#8220;I think the whole thing should be repealed,&#8221; said political analyst Moeletsi Mbeki. &#8220;(The state) should help entrepreneurs to develop new businesses, irrespective of their race.&#8221;



(Reporting by Nellie Peyton and Olivia Kumwenda-Mtambo; Editing by Estelle Shirbon and Emelia Sithole-Matarise)

Job seekers wait beside a road for casual work offered by passing motorists, in Eikenhof, south of Johannesburg, South Africa, September 19, 2024. REUTERS/Siphiwe Sibeko/File Photo Purchase Licensing Rights

South Africa seeks to reform faltering Black empowerment system

<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/LT2OJQDRHNOTNLDH6UAPLOQ7NU-820x547.jpg" alt="" class="wp-image-532934" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LT2OJQDRHNOTNLDH6UAPLOQ7NU-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LT2OJQDRHNOTNLDH6UAPLOQ7NU-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LT2OJQDRHNOTNLDH6UAPLOQ7NU-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LT2OJQDRHNOTNLDH6UAPLOQ7NU-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LT2OJQDRHNOTNLDH6UAPLOQ7NU-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LT2OJQDRHNOTNLDH6UAPLOQ7NU-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Ghana&#8217;s former president and current main opposition National Democratic Congress (NDC) party presidential candidate John Dramani Mahama, 65, gestures as he and his wife Lordina Mahama attend a political campaign launch ahead of December polls, in Tamale, Ghana, July 27, 2024. REUTERS/Francis Kokoroko/File Photo</figcaption></figure>



ACCRA, Sept 20 (Reuters)&nbsp;&#8211;&nbsp;Ghana&#8217;s Vice President Mahamudu Bawumia and ex-president John Dramani Mahama are among 13 candidates approved for the 2024 presidential poll, the electoral commission said on Friday.



Voters in the West African gold- and cocoa-producing nation head to the polls on Dec. 7 to elect a successor to President Nana Akufo-Addo, who will step down in January after serving the constitutionally mandated eight years.



Former president Mahama, 65, represents the main opposition National Democratic Congress (NDC) party and Bawumia, a 60-year-old economist and former central banker, was picked by Akufo-Addo&#8217;s ruling New Patriotic Party as its candidate.



No party has won more than two consecutive terms in government in Ghana&#8217;s democratic history.



The commission said it had also accepted the candidacies of Alan John Kwadwo Kyerematen, a former trade and industry minister who resigned from the ruling party to stand as an independent, Nana Kwame Bediako, a businessman competing for the first time for the top job, and Nana Akosua Frimpomaa, one of two women in the race.



On Tuesday, Mahama&#8217;s NDC party held nationwide protests against alleged irregularities, saying the electoral commission had illegally transferred voters to different voting stations without their knowledge.



The electoral commission said it would review a petition submitted by the party at the end of the demonstrations and provide a response in the coming days.



The allegations dent the electoral authority&#8217;s image when public confidence is low.



A July survey by pan-African research group Afrobarometer showed trust in Ghana&#8217;s electoral commission at an historic low since confidence polls started in 1999.



(Reporting by Christian Akorlie and Maxwell Akalaare Adombila; Writing by Anait Miridzhanian;Editing by Ros Russell and Barbara Lewis)

Ghana’s NDC party campaign launch ahead of December elections, in Tamale

Ghana’s VP and former president among 13 candidates for presidency

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="533" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/DUU4LK5KNNLCFNH2XOSJSQHLSM-820x533.jpg" alt="" class="wp-image-532894" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/DUU4LK5KNNLCFNH2XOSJSQHLSM-820x533.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/DUU4LK5KNNLCFNH2XOSJSQHLSM-300x195.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/DUU4LK5KNNLCFNH2XOSJSQHLSM-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/DUU4LK5KNNLCFNH2XOSJSQHLSM-768x500.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/DUU4LK5KNNLCFNH2XOSJSQHLSM-1536x999.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/DUU4LK5KNNLCFNH2XOSJSQHLSM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Electricity pylons are seen near cooling towers of South African petrochemical company Sasol&#8217;s synthetic fuel plant in Secunda, north of Johannesburg, South Africa, May 20, 2018. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, Sept 20 (Reuters) &#8211; South African petrochemicals company Sasol and state power utility Eskom said on Friday they had agreed to jointly explore ways the country could use liquefied natural gas (LNG).



As the country&#8217;s two biggest users of coal, Sasol and Eskom are major polluters and so are central to the country&#8217;s efforts to transition to cleaner energy sources.



Eskom is hoping to build on a recent improvement in its plant performance, after years of imposing power cuts.



&#8220;The collaboration aims to determine the potential volumes that South Africa requires to establish a viable LNG import market along with the enabling infrastructure, and will be facilitated by government-to-government relations where necessary,&#8221; the two companies said in a statement.



&#8220;This initiative focuses on using gas for power generation to provide essential base load electricity and position gas as a key enabler of re-industrialisation,&#8221; they added.



Asked at a news conference which governments South Africa could approach to source LNG, Electricity and Energy Minister Kgosientsho Ramokgopa said Qatar was near the top of the list.



&#8220;Qatar is top of the food chain because of the historic relations that Sasol enjoys with Qatar, and also the amount of reserves that they have,&#8221; Ramokgopa said.



Sasol and Eskom did not give a specific timeframe or potential joint projects on Friday.



(Reporting by Tannur Anders; Editing by Alexander Winning and Frances Kerry)

Electricity pylons are seen near cooling towers of South African petrochemical company Sasol’s synthetic fuel plant in Secunda, north of Johannesburg

South Africa’s Eskom, Sasol agree to explore LNG options

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-820x547.jpg" alt="" class="wp-image-510212" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A worker at a foreign exchange currency bureau counts 1000 Ugandan shilling banknotes in Kampala, Uganda, on Wednesday, Aug. 16, 2023. Uganda&#8217;s central bank said it stands ready to act if the World Bank&#8217;s decision to halt new funding over the country&#8217;s passage of anti-LGBTQ legislation impacts the currency further. Photographer: Luke Dray/Bloomberg via Getty Images</figcaption></figure>



KAMPALA, Sept 20 (Reuters) &#8211; The Ugandan shilling posted gains on Friday, helped by a drop in hard-currency appetite from commercial banks and merchandise importers, traders said.



At 0925 GMT commercial banks quoted the shilling at 3,700/3,710 to the U.S. dollar, compared to Thursday&#8217;s closing level of 3,710/3,720.



(Reporting by Elias Biryabarema; Editing by Alexander Winning)

Ugandan Economy Following Rate Cut

Ugandan shilling stronger as foreign-currency appetite drops

<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, Sept 20 (Reuters) &#8211; Kenya&#8217;s shilling was unchanged on Friday, with dollar inflows from companies preparing to pay taxes matching foreign-currency demand from importers, traders said.



At 0752 GMT, commercial banks quoted the shilling at 128.50/129.50 per dollar, the same as Thursday&#8217;s closing rate.



(Reporting by George Obulutsa; Editing by Alexander Winning)

RLVCCF47LVIWPJR4O2PPITYMVI

Kenyan shilling stable as dollar supply matches importer demand

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="728" height="444" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/UXGWX6XZO5LIROPXQDLPV6SPGA.jpg" alt="" class="wp-image-422268" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/UXGWX6XZO5LIROPXQDLPV6SPGA.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/UXGWX6XZO5LIROPXQDLPV6SPGA-300x183.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/UXGWX6XZO5LIROPXQDLPV6SPGA-148x90.jpg 148w" sizes="auto, (max-width: 728px) 100vw, 728px" /><figcaption class="wp-element-caption">South African Rand coins are seen in this illustration picture taken October 28, 2020. REUTERS/Mike Hutchings</figcaption></figure>



JOHANNESBURG, Sept 20 (Reuters)&nbsp;&#8211;&nbsp;The South African rand softened in early trade on Friday, cooling off after strong gains in a week that saw interest rate cuts by both the U.S. Federal Reserve and the South African Reserve Bank (SARB), plus a local inflation print.



At 0715 GMT, the rand traded at 17.50 against the dollar, about 0.1% weaker than its previous close.



The local unit has gained about 1.4% against the greenback this week.



&#8220;The rand is likely to remain within a R17.40/R17.70 range in the short term as it tracks international moves but we could see further profit-taking, given the rand&#8217;s recent strong run,&#8221; said Andre Cilliers, currency strategist at TreasuryONE.



The Fed cut interest rates by 50 bps on Wednesday, weakening the dollar and boosting the risk-sensitive rand.



Also on Wednesday, data showed that South Africa&#8217;s annual inflation rate fell to 4.4% last month, the lowest since April 2021 and just below the mid-point of the central bank&#8217;s 3% to 6% target range.



The SARB joined the easing club when it announced a 25 basis point (bps) rate cut on Thursday, the first time interest rates have been reduced in four years.



&#8220;We believe that the SARB has now entered a cycle of rate cuts,&#8221; said Volkmar Baur, Commerzbank FX analyst, in a research note.



&#8220;Further rate cuts are likely to follow, but these should not weigh on the rand if they are accompanied by structural improvements in the economy,&#8221; Baur added.



On the Johannesburg Stock Exchange, the blue-chip Top-40 index was little changed in early trade.



South Africa&#8217;s benchmark 2030 government bond was slightly weaker in early deals, as the yield gained 3 basis points to 8.88%.



(Reporting by Tannur Anders; Editing by Ros Russell)

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