<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="559" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/74HKXN4YGJNTXLGUEOUE6H5HXI-3-820x559.jpg" alt="" class="wp-image-526446" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/74HKXN4YGJNTXLGUEOUE6H5HXI-3-820x559.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/74HKXN4YGJNTXLGUEOUE6H5HXI-3-300x204.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/74HKXN4YGJNTXLGUEOUE6H5HXI-3-132x90.jpg 132w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/74HKXN4YGJNTXLGUEOUE6H5HXI-3-768x523.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/74HKXN4YGJNTXLGUEOUE6H5HXI-3-1536x1047.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/74HKXN4YGJNTXLGUEOUE6H5HXI-3-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">People work at &#8221;The Faktory&#8221;, a fashion design and clothing manufacturing company in Johannesburg, South Africa, March 4, 2021. REUTERS/Siphiwe Sibeko</figcaption></figure>



PRETORIA, Sept 3 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s economic growth picked up in the second quarter, supported by higher consumer spending and power availability, but output declines in agriculture, mining and transport meant growth was slightly weaker than expected.



Gross domestic product (GDP) expanded 0.4% in quarter-on-quarter seasonally-adjusted terms in April to June, below the 0.5% growth forecast by economists polled by Reuters but above the first quarter&#8217;s flat output.



South Africa&#8217;s top statistics official said it was too early to say whether the coalition government that emerged after May&#8217;s election had contributed to the improved second-quarter performance, since President Cyril Ramaphosa was only sworn in for a second term in mid-June.



&#8220;Even in the next quarter, it would be too early to tell about the effects of the government of national unity,&#8221; Statistician-General Risenga Maluleke told reporters.



Seven of the 10 sectors tracked by Statistics South Africa registered growth in the latest three-month period, as the economy benefited from an unbroken stretch without power cuts for the first time in years.



But economists said lingering bottlenecks at ports and on the freight rail network and weak global demand remained a drag.



&#8220;It&#8217;s a big step forward to not have power disruptions, but (we&#8217;re) not there yet in terms of all the other constraints,&#8221; said Lisette IJssel de Schepper, chief economist at the Bureau for Economic Research (BER).



After the marked improvement in power utility Eskom&#8217;s performance this year, inefficiencies at state logistics group Transnet are among the biggest unresolved issues.



<h2 class="wp-block-heading" id="h-faster-growth-ahead">FASTER GROWTH AHEAD?</h2>



South African factory activity also slumped in August, indicating that business conditions remain highly volatile in key sectors.



IJssel de Schepper said growth could start to pick up from the fourth quarter.



One reason is a government pension policy reform that came into effect on Sept. 1 and will allow fund members to withdraw some of their savings before retirement age.



The central bank estimates withdrawals could be between 40 billion rand and 100 billion rand ($2.2 billion and $5.6 billion) by the end of the year, boosting household consumption spending and GDP growth.



Another factor is that the central bank is expected to start cutting interest rates from this month for the first time in four years.



The BER forecasts 2.2% growth in 2025, up from 1% this year, but it says for that to be sustained there needs to be progress with reforms to enhance the country&#8217;s growth potential.



($1 = 17.9700 rand)



(Reporting by Kopano Gumbi and Tannur Anders: Editing by Alexander Winning)

People work at ”The Faktory”, in Johannesburg

South African economy gains momentum but not as much as forecast

<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 3 (Reuters) &#8211; The Ugandan shilling was broadly stable on Tuesday, although it was expected to weaken due to increased demand for dollars from general merchandise importers, traders said.



At 0740 GMT, commercial banks quoted the shilling at 3,720/3,730, compared with Monday&#8217;s closing rate of 3,718/3,728.



(Reporting by Elias Biryabarema; Editing by George Obulutsa)

Ugandan Economy Following Rate Cut

Ugandan shilling broadly stable, to ease due to importer FX demand

<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 3 (Reuters) &#8211; Kenya&#8217;s shilling was unchanged on Tuesday, and traders said it was expected to strengthen, helped by tea export dollar inflows.



At 0731 GMT, commercial banks quoted the shilling at 128.25/129.25 per dollar, the same level as Monday&#8217;s closing.



(Reporting by George Obulutsa; Editing by)

ANCK25OQIFMHTJYACOM5XU5T24

Kenyan shilling stable, agriculture exports boost eyed

<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-1161864874-820x547.jpg" alt="" class="wp-image-505638" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864874-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864874-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864874-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864874-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864874-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864874-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A South African one rand coin sits on South African rand banknotes in this arranged photograph in Pretoria, South Africa, on Wednesday, Aug. 14, 2019. The rand ended a tumultuous week on a positive note, gaining against the dollar for a second day and heading for its first weekly advance in four as technical indicators suggested recent declines are overdone. Photographer: Waldo Swiegers/Bloomberg via Getty Images</figcaption></figure>



JOHANNESBURG, Sept 3 (Reuters)&nbsp;&#8211;&nbsp;The South African rand was weaker in early trade on Tuesday, ahead of the release of second quarter gross domestic product (GDP) data.



At 0659 GMT, the rand traded at 17.8875 against the dollar, about 0.4% softer than its previous close.



Statistics South Africa is set to release the country&#8217;s GDP figures for the second quarter of 2024 at 0930 GMT. Domestic investors will use the data to look for signs of the health of Africa&#8217;s most industrialised economy.



&#8220;Economic expansion at only 0.5% y/y in Q1 marked a disappointing start to the year&#8230; Suppressed GDP growth is expected to continue in Q2,&#8221; said ETM Analytics in a research note.



&#8220;The absence of load-shedding (power cuts) through Q2 did not seem to have a marked effect on the high-frequency production data released throughout the quarter,&#8221; ETM Analytics added.



Power cuts have hampered South Africa&#8217;s economic growth for over a decade, with outages on a record 335 days last year, but state-owned power utility Eskom has managed to keep the lights on for over five months without scheduled blackouts.



ETM Analytics said the third quarter GDP print will &#8220;mark the beginning of any meaningful shift.&#8221;



South Africa&#8217;s benchmark 2030 government bond was unchanged in early deals, with the yield at 9.225%.



(Reporting by Tannur Anders; Editing by Sharon Singleton)

South African Rand Rebound Snaps Streak of Weekly Losses

South African rand weakens ahead of Q2 GDP data

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="515" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/NKYFZRFDD5MS5NQEZSVZ6PYNTI-1-820x515.jpg" alt="" class="wp-image-526361" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/NKYFZRFDD5MS5NQEZSVZ6PYNTI-1-820x515.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/NKYFZRFDD5MS5NQEZSVZ6PYNTI-1-300x189.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/NKYFZRFDD5MS5NQEZSVZ6PYNTI-1-143x90.jpg 143w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/NKYFZRFDD5MS5NQEZSVZ6PYNTI-1-768x483.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/NKYFZRFDD5MS5NQEZSVZ6PYNTI-1-1536x965.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/NKYFZRFDD5MS5NQEZSVZ6PYNTI-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Shoppers are seen outside the Shoprite store at the Garden City mall along Thika Road in Nairobi, Kenya November 13, 2020. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



JOHANNESBURG, Sept 3 (Reuters) &#8211; South Africa&#8217;s biggest grocery retailer, Shoprite, has agreed to sell its furniture business including the OK Furniture and House &amp; Home brands to discount retailer Pepkor, the companies said on Tuesday.



&#8220;The purchase consideration represents about 4% of Pepkor&#8217;s market capitalisation and will be settled in cash,&#8221; Pepkor, whose market value was 80.49 billion rand ($4.50 billion) on Monday, said in a statement.



That suggests a price about 3.2 billion rand ($179 million).



Pepkor will get a business operating more than 400 stores in South Africa, Botswana, Lesotho, Namibia, Eswatini and Zambia. The deal excludes the Angola and Mozambique operations.



It also includes the Shoprite Furniture credit loan book and related insurance arrangements in addition to inventory and certain fixed assets, Pepkor said.



Shoprite CEO Pieter Engelbrecht said in a separate statement that the supermarket group wanted to focus on its core grocery operations.



&#8220;We found ourselves at a crossroad with the business&#8217;s future growth and profitability hamstrung by the requirement of a level of investment that would have resulted in us re-directing capital and project management resources away from that currently dedicated to our food retail operations,&#8221; he said.



Shoprite&#8217;s furniture business contributed 7.2 billion rand or 3% to Shoprite&#8217;s group last full-year sales of 240.7 billion rand.



Pepkor already runs a Lifestyle business unit that comprises six household furniture, appliances and consumer electronics retail brands.



&#8220;The proposed transaction will allow Pepkor to expand its value proposition through a complementary product mix in furniture, bedding, appliances and consumer electronics, while also expanding its presence in under-represented regions,&#8221; it said.



($1 = 17.8907 rand)



(Reporting by Nqobile Dludla, Editing by Louise Heavens and Mark Potter)

Shoppers are seen outside the Shoprite store at the Garden City mall along Thika Road in Nairobi

South Africa’s Shoprite to sell furniture business to Pepkor

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="525" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_RKVHHSRCEJL6LN6ESMALF2N22Y-820x525.jpg" alt="" class="wp-image-526364" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_RKVHHSRCEJL6LN6ESMALF2N22Y-820x525.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_RKVHHSRCEJL6LN6ESMALF2N22Y-300x192.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_RKVHHSRCEJL6LN6ESMALF2N22Y-141x90.jpg 141w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_RKVHHSRCEJL6LN6ESMALF2N22Y-768x492.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_RKVHHSRCEJL6LN6ESMALF2N22Y-1536x984.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_RKVHHSRCEJL6LN6ESMALF2N22Y-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A shopper is seen outside a Shoprite store in Johannesburg July 7, 2015. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, Sept 3 (Reuters) &#8211; South Africa&#8217;s biggest supermarket group Shoprite&#8217;s full-year headline earnings rose by 7.2% on double-digit sales growth, it said on Tuesday.



Headline earnings per share from continuing operations rose to 12.50 rand in the 52 weeks to June 30, up from 11.66 rand the previous year.



The of owner upmarket grocery chain Checkers and discount brands Shoprite and Usave declared a final dividend of 445 cents per share.



(Reporting by Nqobile Dludla; Editing by David Goodman)

https___cloudfront-us-east-2.images.arcpublishing.com_reuters_RKVHHSRCEJL6LN6ESMALF2N22Y

South African supermarket group Shoprite lifts annual profit by 7.2%

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-820x547.jpg" alt="" class="wp-image-404443" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling.jpg 1254w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Macro view of a screen of trading terminal with abstract financial graph and digits. Trading and forex concept. 3D Rendering</figcaption></figure>



JOHANNESBURG, Sept 3 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, company announcements, equity and currency market moves may affect South African markets on Tuesday.



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



Statistics South Africa will release GDP figures for the second quarter of 2024.



South Africa&#8217;s government will hold its weekly auction of long-term bonds.



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



South Africa&#8217;s biggest vehicle dealership Motus Holdings posted a 28% decline in annual profit.



South Africa&#8217;s biggest grocery retailer Shoprite will report its full-year results.



South Africa-based pharmaceutical manufacturer Aspen Pharmacare will report its full-year results.



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



The South African rand was steady on Monday ahead of the release of second-quarter gross domestic product (GDP) data.



On the Johannesburg Stock Exchange, the blue-chip Top-40 index closed 0.33% lower.



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



Bond yields drifted higher on Tuesday, while currencies and Asia&#8217;s stock markets steadied as investors waited on a raft of data to determine how deeply the U.S. can cut interest rates.



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



Wall Street stocks rose and the Dow scored a second consecutive all-time closing high on Friday, with Tesla and Amazon climbing after fresh U.S. economic data raised expectations that the Federal Reserve will cut interest rates modestly in September.



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



Gold prices fell on Tuesday, while investors awaited a slew of U.S. economic data to gauge the size of the Federal Reserve&#8217;s expected interest 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; Transnet on track to turn a profit in 2025



&#8211; New-car sales gloomy as cash-strapped buyers await rate cut



(Compiled by Tannur Anders)

Macro view of a screen of trading terminal with abstract financial graph and digits. Trading and forex concept. 3D Rendering

South African Markets-Factors to watch on Sept 3

<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 3 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday.



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



Bond yields drifted higher on Tuesday, while currencies and Asia&#8217;s stock markets steadied as investors waited on a raft of data to determine how deeply the U.S. can cut interest rates.



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



Brent oil prices slid in Asian trade on Tuesday as concern about a sluggish economy in China bringing down demand outweighed the impact of a blockade of oil production facilities in Libya.



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



The South African rand was steady on Monday ahead of the release of second-quarter gross domestic product (GDP) data.



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



Nigeria&#8217;s Dangote Oil Refinery has begun processing gasoline after delays caused by recent crude shortages, an executive said on Monday.



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



Nigeria on Monday charged 10 people with treason and conspiring to incite the military to mutiny following last month&#8217;s nationwide demonstrations that saw thousands take to the streets to protest against a cost of living crisis.



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



Kenya&#8217;s shilling was stable on Monday, with dollar supply from the tourism sector matching general importer demand, traders said.



<h2 class="wp-block-heading" id="h-ivory-coast-cocoa">IVORY COAST COCOA</h2>



Cocoa arrivals at ports in top grower Ivory Coast stood at 1.704 million metric tons as of Sept. 1 since the season began on Oct. 1, down 26.2% from the same period last season, exporters estimated on Monday.



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on Sept 3

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="529" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/UM66JBLQ7VPINAMXMHYRISRV7U-820x529.jpg" alt="" class="wp-image-526339" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/UM66JBLQ7VPINAMXMHYRISRV7U-820x529.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/UM66JBLQ7VPINAMXMHYRISRV7U-300x193.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/UM66JBLQ7VPINAMXMHYRISRV7U-140x90.jpg 140w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/UM66JBLQ7VPINAMXMHYRISRV7U-768x495.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/UM66JBLQ7VPINAMXMHYRISRV7U-1536x990.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/UM66JBLQ7VPINAMXMHYRISRV7U-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: An Ethiopian Airlines Boeing 787-9 Dreamliner plane is seen at the Asmara International Airport in Asmara, Eritrea July 18, 2018. REUTERS/Tiksa Negeri/File Photo</figcaption></figure>



ADDIS ABABA, Sept 3 (Reuters)&nbsp;&#8211;&nbsp;Ethiopia&#8217;s state-owned carrier Ethiopian Airlines&nbsp;said it&nbsp;has suspended flights to neighbouring Eritrea, citing unspecified difficult operating conditions.



Eritrea had previously said it would suspend all Ethiopian Airlines flights at the end of this month.



Flights from Ethiopia to Eritrea had resumed in 2018 after two decades, following a peace deal and resumption of diplomatic relations between the two neighbours that earned Ethiopia&#8217;s Prime Minister Abiy Ahmed a Nobel peace prize a year later.



Five diplomats told Reuters the suspension was a tangible signal that the relationship between Asmara and Addis had soured significantly, but said the risk of conflict resuming was unlikely for now.



The two countries had previously severed ties in 1998, when a two-year war between the two nations started over their disputed border.



Eritrea fought alongside Ethiopia in a war that erupted in November 2020 against regional forces from&nbsp;Ethiopia&#8217;s Tigray region, but relations soured once again after Asmara was excluded from the peace talks that ended that conflict two years later, and because some of its troops remain in Tigray.



&#8220;Ethiopian Airlines regrets to inform its valued customers travelling to/from Asmara that it has suspended its flights to Asmara effective Sept.3 &#8230; due to very difficult operating conditions it has encountered in Eritrea that are beyond its control,&#8221; Ethiopian Airlines said in a statement late on Monday.



The airline said it would try to rebook affected passengers on other airlines at no additional cost or offer refunds, but did not give more details on the conditions it was referring to



Eritrea Information Minister Yemane Gebremeskel did not immediately respond to a request for comment.



Ethiopian Airlines is ranked the largest in Africa by revenue and profit by the global industry body International Air Transport Association.



(Reporting by Dawit Endeshaw in Addis Ababa and Giulia Paravicini in Nairobi; Writing by George Obulutsa; Editing by Lincoln Feast.)

An Ethiopian Airlines Boeing 787 plane is seen at the Asmara International Airport in Asmara

Ethiopian Airlines says it has stopped flights to Eritrea

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1576" height="1051" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/MQSXKM664RNJTKI3VB6WEU7UEM.jpg" alt="" class="wp-image-526049" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/MQSXKM664RNJTKI3VB6WEU7UEM.jpg 1576w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/MQSXKM664RNJTKI3VB6WEU7UEM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/MQSXKM664RNJTKI3VB6WEU7UEM-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/MQSXKM664RNJTKI3VB6WEU7UEM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/MQSXKM664RNJTKI3VB6WEU7UEM-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/MQSXKM664RNJTKI3VB6WEU7UEM-1536x1024.jpg 1536w" sizes="auto, (max-width: 1576px) 100vw, 1576px" /><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 2 (Reuters) &#8211; South African President Cyril Ramaphosa told China&#8217;s Xi Jinping on Monday he wanted to narrow his country&#8217;s trade deficit with Beijing, days before the Chinese leader is due to urge a summit of 50 African nations to buy more Chinese goods.



China, which has the world&#8217;s second-biggest economy, is South Africa&#8217;s largest trading partner globally but last year the value of its imports from China far outstripped exports.



Ramaphosa&#8217;s remarks point to the challenge Xi may have in convincing African leaders gathering in Beijing to absorb more of the production powerhouse&#8217;s wares, particularly after China did not meet a pledge from the last Forum on China-Africa Cooperation Summit in 2021 to buy $300 billion of African goods.



With Western curbs on Chinese exports such as solar panels and electric vehicles looming, finding buyers for items that the U.S. and Europe maintain Beijing has overcapacity in is a top priority for Xi at this year&#8217;s summit, which opens on Wednesday.



This meeting of the three-yearly gathering&nbsp;is also likely to&nbsp;address China&#8217;s role as a major lender to Africa, where many countries are struggling under growing debt burdens.



China&#8217;s lending to Africa rose for first time in seven years in 2023.



&#8220;As South Africa, we would like to narrow the trade deficit and address the structure of our trade,&#8221; Ramaphosa told his host during talks at Beijing&#8217;s Great Hall of the People, a statement from his presidential office said.



&#8220;We urge for more sustainable manufacturing and job-creating investments,&#8221; Ramaphosa added ahead of the ninth Forum on China-Africa Co-operation Summit.



South Africa which co-founded the BRICS group of developing economies along with Brazil, Russia, India, and China is also seeking Beijing&#8217;s backing to help it move on from over a decade of economic stagnation by building up its infrastructure.



Signalling China&#8217;s willingess to help South Africa put an end to the persistent power cuts, poor port processing and sub-par railways that have throttled economic growth, Xi proposed elevating bilateral ties to the level of a &#8220;new era of all-round strategic partnership,&#8221; Chinese state media reported.



The two countries also agreed to deepen cooperation in fields such as agriculture, health, medical sciences and infrastructure development, as well as to&nbsp;&#8220;seize opportunities&#8221; in new areas such as artificial intelligence, the digital economy and new energy, a joint statement said.



Xi has expressed a desire to realign China&#8217;s&nbsp;ties with the Global South around &#8220;small but beautiful projects&#8221;.



Correspondingly, the world&#8217;s biggest bilateral lender has already started tweaking conditions for its loans to the resource-rich continent, setting aside more for solar farms and hydroelectric dams, while cutting back on big-ticket infrastructure schemes.



(Additional reporting by Nellie Peyton in Johannesburg; Editing by Timothy Heritage, Andrew Heavens and Angus MacSwan)

South Africa’s President Cyril Ramaphosa arrives in Beijing ahead of China-Africa Cooperation forum

South Africa asks China for better balanced trade

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="500" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/J32EXN6PQFNGNFCW2LXA3JCAGE-820x500.jpg" alt="" class="wp-image-495627" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/J32EXN6PQFNGNFCW2LXA3JCAGE-820x500.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/J32EXN6PQFNGNFCW2LXA3JCAGE-300x183.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/J32EXN6PQFNGNFCW2LXA3JCAGE-148x90.jpg 148w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/J32EXN6PQFNGNFCW2LXA3JCAGE-768x468.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/J32EXN6PQFNGNFCW2LXA3JCAGE-1536x936.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/J32EXN6PQFNGNFCW2LXA3JCAGE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: South African Rand coins are seen in this illustration picture taken October 28, 2020. REUTERS/Mike Hutchings/Illustration/File Photo</figcaption></figure>



JOHANNESBURG, Sept 2 (Reuters)&nbsp;&#8211;&nbsp;The South African rand was little changed in early trade on Monday, ahead of a purchasing managers&#8217; index (PMI) survey for the domestic manufacturing sector.



At 0711 GMT the rand traded at 17.87 against the dollar, about 0.1% softer than its Friday close.



The Absa PMI for August is set to be released at 0900 GMT and should shed light on conditions in South Africa&#8217;s manufacturing sector.



Local investors will focus on the country&#8217;s second-quarter gross domestic product data on Tuesday for signs on the health of Africa&#8217;s most industrialised economy.



On the Johannesburg Stock Exchange, the blue-chip Top-40 index was down about 0.4% in early trade.



South Africa&#8217;s benchmark 2030 government bond was weaker in early deals, with the yield climbing 4 basis points to 9.24%.



(Reporting by Tannur Anders; Editing by David Goodman)

FILE PHOTO: South African Rand coins are seen in this illustration picture

South African rand little changed ahead of manufacturing PMI

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1076949610-612x612-1.jpg" alt="" class="wp-image-400697" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1076949610-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1076949610-612x612-1-300x200.jpg 300w" sizes="auto, (max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">Double exposure of coin stack with city background and world map, financial graph, world map and global network business concept idea, element by NASA.</figcaption></figure>



JOHANNESBURG, Sept 2 (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>



South Africa&#8217;s Johannesburg Stock Exchange will release data on foreigners&#8217; buying and selling of bonds and stocks during the previous week.



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



South Africa&#8217;s manufacturing sector purchasing managers&#8217; index for August will be published.



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



South African food producer RCL Foods posted a 31% jump in full-year profit on Monday.



South African state logistics group Transnet will release its full-year financial results.



South African consumer goods firm AVI Ltd will report its full-year results.



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



South Africa&#8217;s rand was stable on Friday against a buoyant dollar, after the local unit hit a fresh 13-month high earlier in the day supported by improved investor sentiment on signs the domestic economy is starting to gain momentum.



On the Johannesburg Stock Exchange, the Top-40 index closed 0.64% down.



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



Share markets were subdued in Asia on Monday as investors braced for a data-packed week culminating in a U.S. jobs report that could decide whether a rate cut expected this month will be regular or super-sized.



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



Wall Street stocks rose and the Dow scored a second consecutive all-time closing high on Friday, with Tesla and Amazon climbing after fresh U.S. economic data raised expectations that the Federal Reserve will cut interest rates modestly in September.



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



Gold prices dipped on Monday as the dollar strengthened, while investors awaited key U.S. jobs data to firm their bets on the size of Federal Reserve&#8217;s interest rate cut expected 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; Central banks must aim for ‘soft landing’ as they start cutting rates, says Kganyago



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



&#8211; Two large water boards face bankruptcy as municipalities refuse to pay bills



(Compiled by Tannur Anders)

istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on Sept 2

<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 2 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Monday.



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



Asian share markets got off to a quiet start on Monday as investors braced for a data-packed week culminating in a U.S. jobs report that could decide whether a rate cut expected this month will be regular or super-sized.



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



Oil prices extended losses on Monday with investors weighing higher OPEC+ production from October against a sharp drop in output from Libya amid sluggish demand in China and the U.S., the world&#8217;s two biggest oil consumers.



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



South Africa&#8217;s rand was stable on Friday against a buoyant dollar, after the local unit hit a fresh 13-month high earlier in the day supported by improved investor sentiment on signs the domestic economy is starting to gain momentum.



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



Nigeria&#8217;s state-oil firm NNPC on Sunday said it is facing financial strain making it unable to import petrol into Africa&#8217;s most populous nation, that has seen weeks-long fuel scarcity across its retail stations.



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



The Kenyan shilling was unchanged on Friday, with little market activity, traders said.



<h2 class="wp-block-heading" id="h-kenya-inflation">KENYA INFLATION</h2>



Kenya&#8217;s inflation edged up to 4.4% year-on-year in August from 4.3% in July, data from the statistics office showed on Friday.



<h2 class="wp-block-heading" id="h-china-africa-summit">CHINA AFRICA SUMMIT</h2>



China will urge a summit of 50 African nations in Beijing this week to take more of its goods, before Western curbs kick in on its exports such as electric vehicles and solar panels, in exchange for more pledges of loans and investment.



<h2 class="wp-block-heading" id="h-democratic-republic-of-congo-gold">DEMOCRATIC REPUBLIC OF CONGO GOLD</h2>



Democratic Republic of Congo is looking for new buyers of gold from its eastern territories after taking full control of Primera Gold which had an exclusive contract to buy and sell gold mined in the east, the company&#8217;s head said.



((Compiled by Nairobi Newsroom))

African Markets – Factors to watch on Sept 2

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="546" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/CDCR7BPW6NNJ5IYQ3XFOFZKCYQ-820x546.jpg" alt="" class="wp-image-525967" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/CDCR7BPW6NNJ5IYQ3XFOFZKCYQ-820x546.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/CDCR7BPW6NNJ5IYQ3XFOFZKCYQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/CDCR7BPW6NNJ5IYQ3XFOFZKCYQ-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/CDCR7BPW6NNJ5IYQ3XFOFZKCYQ-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/CDCR7BPW6NNJ5IYQ3XFOFZKCYQ-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/CDCR7BPW6NNJ5IYQ3XFOFZKCYQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Gabon&#8217;s President Brice Clotaire Oligui Nguema waves as he arrives at Beijing Capital International Airport ahead of the 2024 Summit of the Forum on China-Africa Cooperation (FOCAC) in Beijing, China, Sep. 1, 2024. Ken Ishii/Pool via REUTERS</figcaption></figure>



BEIJING/NAIROBI, Sept 2 (Reuters)&nbsp;&#8211;&nbsp;China will urge a summit of 50 African nations in Beijing this week to take more of its goods, before Western curbs kick in on its exports such as electric vehicles and solar panels, in exchange for more pledges of loans and investment.



But the dozens of African leaders arriving in the Chinese capital for the three-yearly event may not be easy bait. They will want to hear how China plans to meet an unfulfilled pledge from the previous summit in 2021 to buy $300 billion of goods.



They will also seek assurances on the progress of incomplete Chinese-funded infrastructure projects, such as a railway designed to link the greater East African region.



&#8220;The prize is going to go to those countries who have carefully studied the changes in China and align their proposals with China&#8217;s new slimmed-down priorities,&#8221; said Eric Olander, co-founder of the China-Global South Project.



&#8220;That&#8217;s a big ask for a continent that generally has very poor China literacy.&#8221;



Africa&#8217;s biggest two-way lender, investor and trade partner is moving away from funding big-ticket projects in the resource-rich continent, preferring instead to sell it the advanced and green technologies Chinese firms have invested in heavily.



As Western curbs on Chinese exports loom, Beijing&#8217;s top priority will be finding buyers for its EVs and solar panels, areas where the U.S. and European Union say it has overcapacity, and building overseas production bases for emerging markets.



China has already started tweaking conditions for its loans to Africa, setting aside more for solar farms, EV plants and 5G Wi-Fi facilities, while cutting back on bridges, ports and railways.



Last year, China offered 13 loans of just $4.2 billion to eight African states and two regional banks, data from Boston University&#8217;s Global Development Policy Centre showed, with about $500 million for hydropower and solar projects.



<h2 class="wp-block-heading" id="h-geopolitical-jostling">GEOPOLITICAL JOSTLING</h2>



When President Xi Jinping opens the ninth Forum on China-Africa Co-operation Summit on Thursday, he is expected to pitch plugging into China&#8217;s burgeoning green energy industry to leaders from Gambia, Kenya, Nigeria, South Africa, and Zimbabwe.



In attendance will also be delegates from every African state except Eswatini, with which Beijing has no ties.



To avoid losing market share, China&#8217;s geopolitical rival, the United States, has started to host African leaders.



Britain, Italy, Russia and South Korea have also held Africa summits in recent years, recognising the potential of the region&#8217;s young people and its 54 U.N. seats.



China&#8217;s outsized role as a financial and trade partner makes its meetings a far bigger deal, however.



&#8220;There is no other development partner that does that much,&#8221; said Hannah Ryder, founder of Development Reimagined, an African-owned consultancy.



&#8220;But are African leaders able to push China to really dig in so that the balance of the &#8216;win&#8217; is way more towards the African side?&#8221;



<h2 class="wp-block-heading" id="h-matching-wants-and-needs">MATCHING WANTS AND NEEDS</h2>



China will want to talk up boosting trade and access to minerals like copper, cobalt and lithium in countries such as Botswana, Namibia, and Zimbabwe.



But it could be cautious about more funding commitments following debt restructuring bids in economies such as Chad, Ethiopia, Ghana and Zambia, since the 2021 summit.



&#8220;We are likely to see a continued prudence in terms of financing mega projects,&#8221; said Lina Benabdallah, of the Centre for African Studies at Harvard University, adding that Beijing would push for technology transfers instead.



&#8220;I am most certainly keen to understand how many new finance commitments may come out of this, and how they&#8217;re going to deal with existing debt to African countries,&#8221; said Yvette Babb, portfolio manager at asset management firm William Blair.



But China&#8217;s enthusiasm to lend might be dampened by security concerns, such as a spat between Niger and Benin that killed six Nigerien soldiers guarding a PetroChina-backed pipeline, or deadly protests in Kenya over tax hikes.



(Writing by Joe Cash; Editing by Clarence Fernandez)

China Africa Forum in Beijing

China to pitch green tech exports to African leaders as Western curbs loom

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/AIN5BKKFQVL4VFYGIXOZIEH2YA-820x547.jpg" alt="" class="wp-image-525059" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/AIN5BKKFQVL4VFYGIXOZIEH2YA-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/AIN5BKKFQVL4VFYGIXOZIEH2YA-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/AIN5BKKFQVL4VFYGIXOZIEH2YA-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/AIN5BKKFQVL4VFYGIXOZIEH2YA-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/AIN5BKKFQVL4VFYGIXOZIEH2YA-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/AIN5BKKFQVL4VFYGIXOZIEH2YA-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Paul Dunne the CEO of Northam Platinum attends the Platinum Group Metals (PGMS) Industry Day in Johannesburg, South Africa, April 10, 2024. REUTERS/Ihsaan Haffejee/File Photo</figcaption></figure>



Aug 30 (Reuters) &#8211; South Africa&#8217;s platinum mining industry has entered a phase of irreversible decline as producers struggle with low prices and demand suffers from the rise of battery electric vehicles, Northam Platinum CEO Paul Dunne said on Friday.



The price of the white metal used primarily in autocatalysts, which once topped $2,000 an ounce, has slid 13% since the beginning of last year to $939 an ounce.



Northam said on Thursday its headline earnings per share fell 81.6% in the year to end June to 4.45 rand ($0.2506) from 24.15 rand previously, largely due to lower prices.



The price of platinum&#8217;s sister metal palladium also fell 40% in 2023 and is down 10% so far this year, while rhodium is trading around $4,750 an ounce, well below its 2021 peak of nearly $30,000 an ounce.



Shares in South Africa&#8217;s fourth largest platinum miner were down 8.2% by 1321 GMT.



Platinum output in South Africa, the world&#8217;s top supplier of the metal, has been gradually declining since a peak of about 5.3 million ounces in 2006, according to data from Johnson Matthey.



Dunne said he expects South African output to fall by about 10% over the next five years to around 3.5 million ounces from some 3.9 million ounces currently.



He said however he expects Northam&#8217;s output to stabilise at around 1 million ounces a year, a long-term target for the group, which produced just under 900,000 ounces in the year to June 30. Northam has been ramping up production at the Eland mine which it bought in 2017.



South African production has been weighed down by years of under-investment in new mines, while growth in battery-powered vehicles has hurt demand, Dunne said.



&#8220;We haven&#8217;t replaced that asset base and the asset base is a depleting asset, all mines are depleting assets from day one,&#8221; Dunne said. &#8220;This will exacerbate the natural depletion of South Africa’s ageing shafts.&#8221;



The CEO estimates that, industry-wide, platinum output will probably decline by 500,000 ounces every five years as investors balk at investing in building new mines.



South Africa&#8217;s platinum miners, among the country&#8217;s largest foreign currency earners, employ more than 181,000 workers directly.



The sector&#8217;s decline mirrors that of South Africa&#8217;s gold mining industry, which was once the world&#8217;s largest, but now ranks 12th globally, according to the World Gold Council.



Impala Platinum CEO Nico Muller said on Thursday it was &#8220;highly improbable&#8221; that new mines could be built in South Africa as low metal prices continue to batter the industry.



South Africa&#8217;s platinum mines, some of which are the world&#8217;s deepest, are not highly mechanised and therefore costly to operate.



($1 = 17.7568 rand)



(Reporting by Felix Njini and Nelson Banya; Editing by Jan Harvey)

FILE PHOTO: Platinum Group Metals (PGMS) Industry Day in Johannesburg

South Africa’s platinum mining industry in terminal decline, Northam CEO says

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1920" height="1280" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/MLMMPYYK3JO6FGC6TA5OERDDR4.jpg" alt="" class="wp-image-525041" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/MLMMPYYK3JO6FGC6TA5OERDDR4.jpg 1920w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/MLMMPYYK3JO6FGC6TA5OERDDR4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/MLMMPYYK3JO6FGC6TA5OERDDR4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/MLMMPYYK3JO6FGC6TA5OERDDR4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/MLMMPYYK3JO6FGC6TA5OERDDR4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/MLMMPYYK3JO6FGC6TA5OERDDR4-1536x1024.jpg 1536w" sizes="auto, (max-width: 1920px) 100vw, 1920px" /><figcaption class="wp-element-caption">A customer stands in front of the bread section at a supermarket in Nairobi, Kenya May 8, 2017. Picture taken May 8, 2017. REUTERS/Baz Ratner/File Photo</figcaption></figure>



NAIROBI, Aug 30 (Reuters) &#8211; Kenya&#8217;s inflation edged up to 4.4% year-on-year in August from 4.3% in July, data from the statistics office showed on Friday.



On a month-on-month basis inflation was flat at 0.0% from -0.2% in July, the Kenya National Bureau of Statistics said in a statement.



The Kenyan government targets an inflation rate of between 2.5% and 7.5% in the medium term.



Kenya&#8217;s central bank cut its benchmark lending rate by 25 basis points earlier this month, saying there was scope to ease policy gradually as inflation had fallen below the midpoint of its target range.



(Reporting by George Obulutsa and Hereward Holland; Editing by Alexander Winning)

MLMMPYYK3JO6FGC6TA5OERDDR4

Kenya’s inflation rises slightly to 4.4% yr/yr in August

<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, Aug 30 (Reuters) &#8211; The Ugandan shilling was flat on Friday, due to low dollar supply and demand, traders said.



At 1036 GMT, commercial banks quoted the shilling at 3,710/3,720, the same level as Thursday&#8217;s closing rate.



(Reporting by Elias Biryabarema; Editing by George Obulutsa)

Reuters

South African economy gains momentum but not as much as forecast

Ugandan shilling broadly stable, to ease due to importer FX demand

Kenyan shilling stable, agriculture exports boost eyed

South African rand weakens ahead of Q2 GDP data

South Africa’s Shoprite to sell furniture business to Pepkor

South African supermarket group Shoprite lifts annual profit by 7.2%

South African Markets-Factors to watch on Sept 3

African Markets – Factors to watch on Sept 3

Ethiopian Airlines says it has stopped flights to Eritrea

South Africa asks China for better balanced trade

South African rand little changed ahead of manufacturing PMI

South African Markets – Factors to watch on Sept 2

African Markets – Factors to watch on Sept 2

China to pitch green tech exports to African leaders as Western curbs loom

South Africa’s platinum mining industry in terminal decline, Northam CEO says

Kenya’s inflation rises slightly to 4.4% yr/yr in August

Ugandan shilling flat amid thin activity

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Reuters

South African economy gains momentum but not as much as forecast

Ugandan shilling broadly stable, to ease due to importer FX demand

Kenyan shilling stable, agriculture exports boost eyed

South African rand weakens ahead of Q2 GDP data

South Africa’s Shoprite to sell furniture business to Pepkor

South African supermarket group Shoprite lifts annual profit by 7.2%

South African Markets-Factors to watch on Sept 3

African Markets – Factors to watch on Sept 3

Ethiopian Airlines says it has stopped flights to Eritrea

South Africa asks China for better balanced trade

South African rand little changed ahead of manufacturing PMI

South African Markets – Factors to watch on Sept 2

African Markets – Factors to watch on Sept 2

China to pitch green tech exports to African leaders as Western curbs loom

South Africa’s platinum mining industry in terminal decline, Northam CEO says

Kenya’s inflation rises slightly to 4.4% yr/yr in August

Ugandan shilling flat amid thin activity

News Tips

Advertise With Us

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