<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 9 (Reuters) &#8211; Kenya&#8217;s shilling was unchanged against the dollar on Monday, although it was seen under pressure from renewed hard currency demand by manufacturers and fuel importers, traders said.



Commercial banks quoted the shilling at 128.25/129.25 per dollar at 0936 GMT, compared with Friday&#8217;s closing rate.



(Reporting by Hereward Holland; Editing by Bate Felix)

RLVCCF47LVIWPJR4O2PPITYMVI

Kenyan shilling unchanged versus dollar

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-820x547.jpg" alt="" class="wp-image-422955" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Uganda shillings. Uganda. (Photo by: Godong/Universal Images Group via Getty Images)</figcaption></figure>



KAMPALA, Sept 9 (Reuters) &#8211; The Ugandan shilling traded in the same position on Monday from the previous session as hard currency inflows from remittance provided some support, traders said.



At 0830 GMT commercial banks quoted the shilling at 3,710/3,720, compared to Friday&#8217;s close.



(Reporting by Elias Biryabarema; Editing by Hereward Holland)

GettyImages-924883576-1

Ugandan shilling flat as remittance inflows lend support

<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-1815421853-820x547.jpg" alt="" class="wp-image-510612" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1815421853-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1815421853-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1815421853-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1815421853-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1815421853-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1815421853-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">President of Kenya William Ruto during the United Nations Climate Change Conference COP28 High Level Segment meeting in Dubai, United Arab Emirates on December 1, 2023. (Photo by Jakub Porzycki/NurPhoto via Getty Images)</figcaption></figure>



NAIROBI, Sept 9 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s finance ministry will seek suggestions from the public on new legislation to boost revenue and tackle other challenges, Finance Minister John Mbadi said on Monday, after protesters forced the government to withdraw its financing law.



President William Ruto discarded tax hikes worth more than 346 billion shillings ($2.7 bln) in June after protests that killed more than 50 people.



The move left the heavily indebted government with a bigger budget deficit for this financial year, mounting pending bills, and a delay in funding from the International Monetary Fund.



&#8220;We are barely managing. This is not where we wanted to be, but we are here,&#8221; Mbadi told a budget preparation meeting. He was appointed from the opposition last month as Ruto sought to stabilise his government.



The minister initially said he would revive some tax hikes in the abandoned finance bill, before rowing back after a public outcry and threat of more protests.



&#8220;I will be issuing a circular tomorrow, inviting the public&#8217;s participation to submit proposals on some legislative reforms to improve our current economic situation,&#8221; he said.



Kenyans will have until Sept. 20 to submit views.



Mbadi said the country had no choice but to keep servicing its debt, which stands at above the optimum level recommended by the World Bank and the International Monetary Fund, after years&nbsp;of borrowing driven by&nbsp;infrastructure construction.



&#8220;We have no two ways about it. There is no debt restructuring in this country. We will not accept it. We will not do it. We will manage our debts and pay and remain afloat,&#8221; he said.



Once the situation improves, the government will consider tax cuts in the medium term, Mbadi said, including reducing the value added tax on goods and services to 14% from 16%, and slashing the corporate income tax by 500 basis points to 25%.



($1 = 128.2500 Kenyan shillings)



(Reporting by Duncan Miriri; editing by George Obulutsa and Andrew Cawthorne)

COP28 In Dubai High Level Segment

Kenya asks public for help with economic fix laws after protests

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-820x461.jpg" alt="" class="wp-image-400641" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-820x461.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-1536x864.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A collection of mixed denomination South African rand coins sit in an arranged photo in Johannesburg, South Africa, on Thursday, June 22, 2017. South Africas inflation rate rose for the first time this year in May after food-price growth quickened from the slowest pace since December 2015. Photographer: Waldo Swiegers/Bloomberg via Getty Images</figcaption></figure>



JOHANNESBURG, Sept 9 (Reuters)&nbsp;&#8211;&nbsp;The South African rand slipped against a stronger dollar in early trade on Monday, and analysts said the U.S. currency and economic data were likely to largely determine the rand&#8217;s trajectory this week.



At 0635 GMT, the rand traded at 17.8850 against the dollar, about 0.3% weaker than its previous close.



The dollar was up around 0.2% against a basket of global currencies, as markets looked to Wednesday&#8217;s U.S. inflation report for more clues about the size of a Federal Reserve rate cut expected next week.



U.S. producer inflation and consumer sentiment data are scheduled for release.



&#8220;Direction in currency markets will likely be taken from U.S. data releases,&#8221; ETM Analytics said in a research note, adding that a bigger Fed rate cut would likely boost the risk-sensitive rand&#8217;s prospects.



Local data points this week include July manufacturing output figures on Tuesday and mining production numbers on Thursday.



Economists polled by Reuters predict both sectors will register year-on-year growth after declines in June, reflecting volatile conditions in key sectors of Africa&#8217;s most industrialised economy.



South Africa&#8217;s benchmark 2030 government bond was unchanged in early trade, the yield at 8.99%.



(Reporting by Alexander Winning; Editing by Gareth Jones)

South African Economy As Inflation Rate Rises For First Time In 2017

South African rand slips with dollar in driving seat

<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.jpg" alt="" class="wp-image-524583" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



JOHANNESBURG, Sept 9 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, company announcements, equity and currency market moves may affect South African markets on Monday.



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



Treasury bill auction



Offshore trading in bonds and equities



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



Sun International half-year earnings



Avi annual results



Land Bank briefing on agreement to cure default



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



The South African rand slipped on Friday after U.S. data suggested a big Federal Reserve interest rate cut was likely not warranted, while the benchmark government bond hit an almost three-year high on improved investor sentiment.



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



Asian share markets slid on Monday after worries about a possible U.S. economic downturn slugged Wall Street, though U.S. stock futures did rally from an early dip and bond yields came off their lows.



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



U.S. stocks fell on Friday, weighed down by a jobs report that showed a continued labour market slowdown but left traders uncertain about how far the Federal Reserve will go in cutting interest rates.



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



Gold prices were flat on Monday, as investors awaited U.S. inflation print due this week to strengthen their bets on the size of a likely reduction in Federal Reserve&#8217;s interest rates.



&#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; Big accounting hurdle for Transnet&#8217;s 11 bln rand tender



&#8211; Carmakers ration supply of petrol vehicles to UK



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



&#8211; What happened to the BRICS bank&#8217;s Medupi loan?



&#8211; SA&#8217;s financial watchdog has approved the split of the JSE&#8217;s main board. Here&#8217;s what it means



(Compiled by Alexander Winning)

istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on Sept 9

<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 9 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Monday.



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



Kenya&#8217;s finance ministry is expected to start preparations for the 2025/26 (July-June) fiscal budget.



Ethiopia&#8217;s statistics agency is expected to release inflation data for August.



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



Asian share markets slid on Monday after worries about a possible U.S. economic downturn slugged Wall Street, though U.S. stock futures did rally from an early dip and bond yields came off their lows.



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



Oil prices retreated on Friday as investors weighed expectations of a rise in OPEC+ supply starting in October, alongside dwindling hopes of a hefty U.S. interest rate cut next month, following data showing strong consumer spending.



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



The South African rand slipped on Friday after U.S. data suggested a big Federal Reserve interest rate cut was likely not warranted, while the country&#8217;s benchmark government bond hit an almost three-year high on improved investor sentiment.



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



Kenya&#8217;s shilling slipped slightly on Friday, but it was expected to strengthen later in the session due to dollar inflows from remittances and the tourism sector, traders said.



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



The World Bank and French Development Agency (AFD) have given Uganda more than $600 million to fund infrastructure development and manage waste in the capital Kampala, the government and World Bank said on Thursday.



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



Both sides in Sudan&#8217;s civil war have committed abuses that may amount to war crimes, and world powers need to send in peacekeepers and widen an arms embargo to protect civilians, a U.N.-mandated mission said on Friday.



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on Sept 9

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="544" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/GettyImages-1146813154-820x544.jpg" alt="" class="wp-image-527542" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/GettyImages-1146813154-820x544.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/GettyImages-1146813154-300x199.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/GettyImages-1146813154-136x90.jpg 136w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/GettyImages-1146813154-768x510.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/GettyImages-1146813154-1536x1020.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/GettyImages-1146813154-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Ralph Mupita, chief executive officer of MTN Group Ltd., poses for a photograph following an interview in London, U.K., on Wednesday, May 29, 2019. Asked in a Bloomberg Television interview whether the U.S. government has put pressure on MTN Group to stop using Huawei as a supplier, Chief Executive Officer Rob Shuter said: &#8220;Not at all.&#8221; Photographer: Chris Ratcliffe/Bloomberg via Getty Images</figcaption></figure>



JOHANNESBURG, Sept 6 (Reuters) &#8211; The board of Africa&#8217;s biggest mobile network operator MTN Group said on Friday it was in full support of its group CEO Ralph Mupita after an independent report found no evidence to support anonymous allegations of improper conduct against him.



South Africa&#8217;s Sunday Times newspaper reported on Sunday that a number of group executives it did not identify had threatened to quit after complaining Mupita had allegedly showed favouritism to a female executive and lacked accountability.



The board held a special meeting on Wednesday to deliberate on a report by an independent law firm tasked to verify allegations contained in an anonymous complaint against members of the MTN executive, the operator said in a statement on Friday.



&#8220;The independent report stated that attempts to engage with the complainant were unsuccessful and found that there was no evidence of improper conduct by those cited in the complaint,&#8221; the company said.



&#8220;In its deliberations, the board accepted the report finding and is of the view that the matter has been addressed and is now closed.&#8221;



The board further expressed &#8220;its full support&#8221; for Mupita and the MTN strategy, the company added.



Mupita is leading the Johannesburg-based mobile operator at a time when it is grappling with currency devaluations in its biggest market Nigeria, leading to a half-year loss before tax of 9 billion rand ($508 million).



Under the operator&#8217;s Ambition 2025 strategy, Mupita has also made a big bet on financial services, fibre and data as these services enjoy growing demand from data-hungry consumers and businesses.



($1 = 17.7132 rand)



(Reporting by Nqobile Dludla; Editing by Jan Harvey)

MTN Group Ltd. CEO Rob Shuter Interview

MTN board says it is in full support of CEO Mupita after allegations

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="549" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-820x549.jpg" alt="" class="wp-image-425202" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-820x549.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-300x201.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-134x90.jpg 134w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-768x514.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-1536x1028.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-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 . REUTERS/Mike Hutchings</figcaption></figure>



JOHANNESBURG, Sept 6 (Reuters)&nbsp;&#8211;&nbsp;The South African rand was stable in early trade on Friday, as markets looked to U.S. jobs data for hints on the depth of an expected interest rate cut by the Federal Reserve this month.



At 0715 GMT, the rand traded at its Thursday closing level of 17.70 against the dollar.



&#8220;Markets remain on edge as traders await today&#8217;s key U.S. nonfarm payrolls and unemployment data which is likely to dictate the upcoming Fed monetary policy decisions,&#8221; Andre Cilliers, currency strategist at TreasuryONE, said.



&#8220;Analysts are also still leaning toward a soft landing for the U.S. economy which is seeing EM (emerging market) currencies like the rand trade firmer over the last few days,&#8221; Cilliers added.



Like other risk-sensitive currencies, the rand often takes cues from U.S. monetary policy and other global drivers in addition to domestic factors.



Local central bank data on Friday showed that South Africa&#8217;s net foreign reserves rose to $60.141 billion at the end of August from $59.165 billion in July.



On the Johannesburg Stock Exchange, the blue-chip Top-40 index was down about 0.86% in early trade.



South Africa&#8217;s benchmark 2030 government bond hit its strongest level in almost three years in early deals on Friday, as the yield slipped 2 basis points to 8.985%.



(Reporting by Tannur Anders; Editing by Andrew Heavens)

South African Rand coins are seen in this photo illustration

South African rand stable, focus on US jobs data

<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/LYNXMPED080GF.jpg" alt="" class="wp-image-527491" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LYNXMPED080GF.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LYNXMPED080GF-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LYNXMPED080GF-135x90.jpg 135w" sizes="auto, (max-width: 728px) 100vw, 728px" /><figcaption class="wp-element-caption">A utility pole supporting wires for electricity distribution is seen in Nairobi, Kenya, November 11, 2015. REUTERS/Siegfried Modola</figcaption></figure>



NAIROBI, Sept 6 (Reuters)&nbsp;&#8211;&nbsp;A power outage hit most parts of Kenya on Friday, Kenya Power&nbsp;KPLC.NR&nbsp;said, the second major blackout in a week.



The national distributor did not give any details on the cause. Large areas were affected, apart from parts of the North Rift and Western regions, it said in a statement.



Kenya has suffered a number of blackouts over the past year including one that lasted for several hours on the evening of Friday last week.



One that Kenya Power said was caused by a system disturbance affected most of the country in May.



In August last year, the transport minister apologised after another widespread blackout plunged Nairobi&#8217;s main airport into darkness.



(Reporting by George Obulutsa and Humphrey Malalo; Editing by Andrew Heavens)

LYNXMPED080GF

Power blackout hits most of Kenya, utility says

<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 6 (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>



*Seychelles and Mauritius&#8217; statistics offices are due to release their respective consumer inflation data for August.



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



Asian shares clung to tight ranges and the dollar nursed losses on Friday, with investors on tenterhooks ahead of U.S. jobs data that could decide the size and speed of coming rate cuts in the world&#8217;s largest economy.



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



Oil prices edged up in early trading on Friday as investors weighed a big withdrawal from U.S. crude inventories and a delay to production hikes by OPEC+ producers against mixed U.S. employment data.



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



The South Africa rand extended gains on Thursday as risk sentiment improved on bets for a deeper interest rate cut this month in the United States, analysts said.



<h2 class="wp-block-heading" id="h-africa-currencies">AFRICA CURRENCIES</h2>



The Kenyan and Ugandan shillings are expected to hold steady against the dollar in the next week to Thursday, while Ghana&#8217;s cedi and Zambia&#8217;s kwacha could fall, traders said.



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



Nigeria&#8217;s state-oil firm will supply the Dangote Oil refinery a total of 13 crude cargoes in October to ease pressure on local gasoline supply, head of the firm&#8217;s downstream operations said on Thursday.



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



The Kenyan shilling eased slightly on Thursday due to increased importer demand for dollars that outstripped supply from remittances, tea exporters and telecommunications companies, traders said.



(Compiled by Nairobi Newsroom)

African Markets – Factors to watch on Sept 6

<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 6 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, company announcement, equity and currency market moves may affect South African markets on Friday.



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



The South African Reserve Bank will publish data on the country&#8217;s foreign reserves for August.



South Africa&#8217;s government will holds it weekly auction of inflation-linked bonds.



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



African Rainbow Minerals (ARM) said on Friday its annual profit declined 43%, hit mainly by weaker prices for platinum group metals and coal.



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



The South Africa rand extended gains on Thursday as risk sentiment improved on bets for a deeper interest rate cut this month in the United States, analysts said.



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



Asian shares clung to tight ranges and the dollar nursed losses on Friday, with investors on tenterhooks ahead of U.S. jobs data that could decide the size and speed of coming rate cuts in the world&#8217;s largest economy.



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



The benchmark S&amp;P 500 index and the Dow ended lower in choppy trading on Thursday after a short-lived boost from a string of economic reports faded and investors eyed key jobs data due on Friday. The Nasdaq finished slightly higher.



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



Gold held below a one-week high on Friday and was on track for a weekly gain, as market participants focussed on U.S. jobs data that could shape the size of an expected rate cut this month. 



&#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; Justice minister Thembi Simelane to state her case over VBS claims



&#8211; Many moving parts but Treasury ‘still intends to meet fiscal targets’



&#8211; SA bonds rally as GNU helps brighten outlook



(Compiled by Tannur Anders)

South African Markets – Factors to watch on Sept 6

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="550" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/NAE5BQB57NNCZEMRT4TCKAKPXA-820x550.jpg" alt="" class="wp-image-527482" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/NAE5BQB57NNCZEMRT4TCKAKPXA-820x550.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/NAE5BQB57NNCZEMRT4TCKAKPXA-300x201.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/NAE5BQB57NNCZEMRT4TCKAKPXA-134x90.jpg 134w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/NAE5BQB57NNCZEMRT4TCKAKPXA-768x515.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/NAE5BQB57NNCZEMRT4TCKAKPXA-1536x1030.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/NAE5BQB57NNCZEMRT4TCKAKPXA-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: People gather as volunteers search to retrieve the bodies of residents killed by a landslide due to heavy rainfall in a landfill known as Kiteezi that serves as garbage dumping site, in the Lusanja village, outside Kampala, Uganda August 10, 2024. REUTERS/Abubaker Lubowa//File Photo</figcaption></figure>



KAMPALA, Sept 5 (Reuters)&nbsp;&#8211;&nbsp;The World Bank and French Development Agency (AFD) have given Uganda more than $600 million to fund infrastructure development and manage waste in the capital Kampala, the government and World Bank said on Thursday.



Ugandans have complained about waste management and the poor state of the roads in Kampala, which suffers chronic underfunding from the central government.



Last month a garbage landslide at a landfill site on Kampala&#8217;s outskirts buried houses as residents slept, killing at least 35 people.



A total of $566 million worth in funding, much of it credit, will come from the World Bank, and $42.7 million will be provided by ADF, the statements said.



&#8220;Rapid urban expansion has exposed significant gaps in infrastructure&#8221; the World Bank said.



Last year, the World Bank said it would stop lending to Uganda after the east African country passed a harsh anti-gay law.



In an emailed response to a Reuters&#8217; query the World Bank said the ban was still in effect but that the latest credit extended to Uganda was approved before the ban.



(Reporting by Elias Biryabarema; Editing by Hereward Holland and Barbara Lewis)

FILE PHOTO: Aftermath of a landslide due to heavy rainfall, in Kampala

World Bank, French Development Agency give Uganda aid of over $600 mln

<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/MQSXKM664RNJTKI3VB6WEU7UEM-1-820x429.jpg" alt="" class="wp-image-527231" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/MQSXKM664RNJTKI3VB6WEU7UEM-1-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/MQSXKM664RNJTKI3VB6WEU7UEM-1-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/MQSXKM664RNJTKI3VB6WEU7UEM-1-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/MQSXKM664RNJTKI3VB6WEU7UEM-1-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/MQSXKM664RNJTKI3VB6WEU7UEM-1.jpg 1200w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">South Africa&#8217;s President Cyril Ramaphosa arrives at the Beijing Capital International Airport, ahead of the 2024 Summit of the Forum on China-Africa Cooperation (FOCAC) in Beijing, China September 2, 2024. REUTERS/Tingshu Wang/Pool</figcaption></figure>



BEIJING, Sept 5 (Reuters)&nbsp;&#8211;&nbsp;South African President Cyril Ramaphosa said on Thursday that he did not believe Chinese investments in Africa were pushing the continent into a &#8220;debt trap&#8221; but were instead part of a mutually beneficial relationship.



Ramaphosa made the remarks on the sidelines of a China-Africa summit in Beijing, where delegates from more than 50 African nations gathered this week.



&#8220;I don&#8217;t necessarily buy the notion that when China (invests), it is with an intention of &#8230; ensuring that those countries end up in a debt trap or in a debt crisis,&#8221; Ramaphosa said, when asked by reporters about China&#8217;s pledge at the summit of $51 billion in new funding for Africa.



Without providing details, Ramaphosa also said South Africa had reached agreement with China on aspects of its energy security.



Africa&#8217;s most industrialised economy has been plagued for years by rolling power blackouts that have constrained economic growth.



(Reporting by Joe Cash; Writing by Tannur Anders and Bhargav Acharya; Editing by Alexander Winning)

MQSXKM664RNJTKI3VB6WEU7UEM (1)

South African president: China not pushing Africa into ‘debt trap’

<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/S7AF7BNBK5OYLGLCXAI33SOPYA-820x548.jpg" alt="" class="wp-image-527198" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/S7AF7BNBK5OYLGLCXAI33SOPYA-820x548.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/S7AF7BNBK5OYLGLCXAI33SOPYA-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/S7AF7BNBK5OYLGLCXAI33SOPYA-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/S7AF7BNBK5OYLGLCXAI33SOPYA-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/S7AF7BNBK5OYLGLCXAI33SOPYA-1536x1027.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/S7AF7BNBK5OYLGLCXAI33SOPYA.jpg 1616w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Executive Secretary of the UN Framework Convention on Climate Change (UNFCCC), Simon Stiell, talks to the press on the sidelines of the Copenhagen Climate Ministerial, in Helsingor, Denmark March 21, 2024. REUTERS/Ali Withers/File Photo</figcaption></figure>



NAIROBI, Sept 5 (Reuters)&nbsp;&#8211;&nbsp;The impact of global warming is costing African nations up to 5% of their economic output, the United Nations climate chief said on Thursday, calling for more investments to help adapt to climate change.



The 54-nation continent, which has borne the brunt of climate change despite releasing far less polluting emissions than the industrialised world, receives just 1% of annual global climate finance.



&#8220;The climate crisis is an economic sinkhole, sucking the momentum out of economic growth,&#8221; Simon Stiell, executive secretary of the U.N. Framework Convention on Climate Change (UNFCCC), told a meeting of African ministers of environment in Abidjan, Ivory Coast.



African governments and their climate negotiators are considering various strategies at the pre-COP29, or Conference of the Parties, preparatory meeting in the West African country.



Although the continent has attracted new investors in climate mitigation and adaptation projects in recent years, it gets a very small portion of the $100 billion in financing available globally, African government officials say.



That is a drop in the ocean of the $1.3 trillion required, the officials say, without providing a time frame for by when the amount would be needed.



&#8220;Africa&#8217;s vast potential to drive forward climate solutions is being thwarted by an epidemic of underinvestment,&#8221; Stiell said.



The required investments include $4 billion annually to eliminate the use of traditional fuel for cooking on the continent, such as wood, which contributes to greenhouse gas emissions, Stiell said.



&#8220;Of the more than $400 billion spent on clean energy last year, only $2.6 billion went to African nations,&#8221; he said.



Climate change has been blamed for protracted drought and bouts of catastrophic flooding across Africa that have hit food production, driving up commodity prices and worsening hunger.



Stiell said there have been growing calls for Africa to secure more climate financing in the run-up to COP29 in Baku, where nations will be looking for consensus on new international climate finance goals.



&#8220;We must use innovative financing solutions for adaptation without exacerbating debt burdens,&#8221; Hanan Morsy, chief economist at the United Nations Economic Commission for Africa (UNECA), told a climate finance conference last week.



Such innovations include debt refinancing and swaps as well as&nbsp;carbon markets, she said.



(Reporting by Duncan Miriri; editing by Mark Heinrich)

Climate ministers meet in Denmark ahead of COP29

Climate change costs Africa up to 5% of GDP, UN climate head says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/HWPGQTLYHJLYXAPSSSZN7XH4SU-820x547.jpg" alt="" class="wp-image-527159" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/HWPGQTLYHJLYXAPSSSZN7XH4SU-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/HWPGQTLYHJLYXAPSSSZN7XH4SU-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/HWPGQTLYHJLYXAPSSSZN7XH4SU-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/HWPGQTLYHJLYXAPSSSZN7XH4SU-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/HWPGQTLYHJLYXAPSSSZN7XH4SU-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/HWPGQTLYHJLYXAPSSSZN7XH4SU-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A general view of the Pretoria skyline with smog in the air taken from the Union Buildings in Pretoria, South Africa, June 19, 2024. PHILL MAGAKOE/Pool via REUTERS/File Photo</figcaption></figure>



JOHANNESBURG, Sept 5 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s current account deficit narrowed in the second quarter, to 0.9% of gross domestic product (GDP) from 1.5% of GDP in the first quarter, central bank data showed on Thursday.



In rand terms the current account deficit narrowed to 64.6 billion rand ($3.62 billion) in April-June, from 106.9 billion rand in the previous three-month period.



The trade surplus widened further to 187.4 billion rand in the second quarter from 165.8 billion rand in the first quarter.



&#8220;The increase in the value of exports of goods and services in the second quarter of 2024 reflected higher prices while the increase in imports of goods and services reflected both higher volumes and prices,&#8221; the South African Reserve Bank said in a statement.



South Africa&#8217;s economy grew 0.4% in the second quarter, statistics agency data showed on Tuesday, supported by higher consumer spending and power availability, but output declines in agriculture, mining and transport meant growth was slightly weaker than expected.



($1 = 17.8493 rand)



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

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

South Africa’s current account deficit narrows again in second quarter

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="536" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/KIHNVAE5M5NLLFD5WGKGLZZIDA-820x536.jpg" alt="" class="wp-image-527142" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/KIHNVAE5M5NLLFD5WGKGLZZIDA-820x536.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/KIHNVAE5M5NLLFD5WGKGLZZIDA-300x196.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/KIHNVAE5M5NLLFD5WGKGLZZIDA-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/KIHNVAE5M5NLLFD5WGKGLZZIDA-768x502.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/KIHNVAE5M5NLLFD5WGKGLZZIDA-1536x1003.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/KIHNVAE5M5NLLFD5WGKGLZZIDA-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: The sun is reflected on railway tracks during sunrise in Harare, Zimbabwe, August 4, 2018. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



HARARE, Sept 5 (Reuters) &#8211; Zimbabwe&#8217;s state-owned railway operator has opened its network up to private players, including a unit of South Africa&#8217;s Grindrod, as it seeks to boost freight volumes that had collapsed after decades of underinvestment, an official said.



National Railways of Zimbabwe hauled 12 million tons of cargo annually at its 1990s peak, but now manages less than 3 million tons owing to a lack of locomotives and poor maintenance of its rail infrastructure.



The collapse also followed a sharp decline in agricultural and mineral output, triggered by the violent seizure of white-owned farms championed by Zimbabwe&#8217;s former leader Robert Mugabe in 2000.



However, mineral output is on the rebound, mainly driven by chrome and lithium demand from China.



Chinese companies such as Tsingshan Holdings, Sinosteel, Sinomine 002738.SZ, Zhejiang Huayou Cobalt 603799.SS and Chengxin Lithium 002240.SZ have in recent years established iron ore, steel, chrome and lithium operations in Zimbabwe.



They export the minerals to China through Mozambique&#8217;s ports, and the growing commodity export volumes exceed the NRZ&#8217;s current capacity. The state-owned group is now looking to restore its capacity with the aid of private companies.



&#8220;Last year we uplifted 2.8 million tons against available business of 3 million tons,&#8221; NRZ spokesperson Andrew Kunambura told Reuters in an interview on Wednesday.



&#8220;So these private companies are coming in with their locomotives and wagons to augment what we have.&#8221;



Grindrod, through its Zimbabwean subsidiary Beitbridge Bulawayo Railway, has deployed three locomotives and 150 wagons since March as part of the arrangement.



The South African logistics company is positioning itself for freight rail partnerships in southern Africa as under-funded state-owned operators open up their creaking networks to private investors.



The mineral-rich region holds some of the world&#8217;s biggest deposits of copper and lithium, needed for cleaner energy, and is seeing growth in new mining projects which require expanded rail capacity.



Grindrod has restructured its rail business to take advantage of emerging market opportunities in the region, CEO Xolani Mbambo told analysts last week.



The company has recently agreed a partnership with the DRC&#8217;s inland railway company and says it is ready to partner South Africa&#8217;s Transnet, which also plans to open up its network to private players.



(Reporting by Nelson Banya)

The Wider Image: Zimbabwe’s dingy trains mirror economic decline

Zimbabwe turns to private firms to boost freight rail volumes

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-820x547.jpg" alt="" class="wp-image-423556" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Illustration photo shows a two-rand coin above a South African flag April 12, 2017. REUTERS/Thomas White/Illustration</figcaption></figure>



JOHANNESBURG, Sept 5 (Reuters)&nbsp;&#8211;&nbsp;The South Africa rand extended gains in early trade on Thursday, as risk sentiment improved on bets of a deeper rate cut this month in the United States, analysts said.



At 0632 GMT, the rand traded at 17.82 against the dollar, about 0.3% firmer than its Wednesday closing level.



The local unit strengthened against a weaker dollar on Wednesday, after U.S. job openings dropped to a 3-1/2-year low in July.



Andre Cilliers, currency strategist at TreasuryONE, said bets of a deeper 50 basis rate cut by the Federal Reserve increased after the data.



&#8220;Hopes of a larger Fed rate cut have seen risk sentiment improve and the dollar retreat&#8230; We expect the local currency to consolidate further within the recent R17.70/R18.00 range ahead of tomorrow&#8217;s payroll numbers,&#8221; Cilliers said.



Markets will look to a slew of U.S. jobs data set for Thursday and Friday for further hints on the Fed&#8217;s interest rate path.



Like other risk-sensitive currencies, the rand often takes cues from global drivers like U.S. monetary policy in addition to local factors.



Domestic investors will focus on South Africa&#8217;s second quarter current account data, set for 0900 GMT on Thursday.



South Africa&#8217;s benchmark 2030 government bond  was stronger in early deals, as the yield slipped 3.5 basis points to 9%.



(Reporting by Tannur Anders; Editing by Michael Perry)

Reuters

Kenyan shilling unchanged versus dollar

Ugandan shilling flat as remittance inflows lend support

Kenya asks public for help with economic fix laws after protests

South African rand slips with dollar in driving seat

South African Markets – Factors to watch on Sept 9

African Markets – Factors to watch on Sept 9

MTN board says it is in full support of CEO Mupita after allegations

South African rand stable, focus on US jobs data

Power blackout hits most of Kenya, utility says

African Markets – Factors to watch on Sept 6

South African Markets – Factors to watch on Sept 6

World Bank, French Development Agency give Uganda aid of over $600 mln

South African president: China not pushing Africa into ‘debt trap’

Climate change costs Africa up to 5% of GDP, UN climate head says

South Africa’s current account deficit narrows again in second quarter

Zimbabwe turns to private firms to boost freight rail volumes

South African rand gains on improved risk sentiment, Q2 current account data ahead

News Tips

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Reuters

Kenyan shilling unchanged versus dollar

Ugandan shilling flat as remittance inflows lend support

Kenya asks public for help with economic fix laws after protests

South African rand slips with dollar in driving seat

South African Markets – Factors to watch on Sept 9

African Markets – Factors to watch on Sept 9

MTN board says it is in full support of CEO Mupita after allegations

South African rand stable, focus on US jobs data

Power blackout hits most of Kenya, utility says

African Markets – Factors to watch on Sept 6

South African Markets – Factors to watch on Sept 6

World Bank, French Development Agency give Uganda aid of over $600 mln

South African president: China not pushing Africa into ‘debt trap’

Climate change costs Africa up to 5% of GDP, UN climate head says

South Africa’s current account deficit narrows again in second quarter

Zimbabwe turns to private firms to boost freight rail volumes

South African rand gains on improved risk sentiment, Q2 current account data ahead

News Tips

Advertise With Us

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