<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/istockphoto-1076949610-612x612-1.jpg" alt="" class="wp-image-501467" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/istockphoto-1076949610-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/istockphoto-1076949610-612x612-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/istockphoto-1076949610-612x612-1-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



JOHANNESBURG, Aug 20 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, company announcement, equity and currency market moves may affect South African markets on Tuesday.



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



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



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



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



Petrochemical firm Sasol reported a 66% fall in full-year profit.



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



The South African rand strengthened to a nearly 13-month high on Monday, ahead of the release of domestic inflation data on Wednesday which may provide hints on the country&#8217;s future interest rate path.



On the stock market, the Top-40 index closed up 1.27%.



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



Asian stocks scaled a one-month peak on Tuesday, tracking a Wall Street rally driven by expectations that the Federal Reserve could offer further hints of imminent rate cuts later this week.



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



U.S. stocks advanced on Monday, building on their largest weekly percentage gain of the year as investors focused on the Democratic National Convention and the upcoming Jackson Hole Economic Symposium.



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



Gold held steady near its record high on Tuesday as investors awaited U.S. Federal Reserve minutes and Chair Jerome Powell&#8217;s speech for indications on how much the central bank will cut rates this year. 



&#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; Top US bank expects SA’s GDP to grow 2% next year



&#8211; SA’s ports do better, but agricultural exports slow



(Compiled by Tannur Anders)

istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on Aug 20

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1536" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RMJGT4356RJNRP6Y7D2U5VI4BI-scaled.jpg" alt="" class="wp-image-521129" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RMJGT4356RJNRP6Y7D2U5VI4BI-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RMJGT4356RJNRP6Y7D2U5VI4BI-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RMJGT4356RJNRP6Y7D2U5VI4BI-820x615.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RMJGT4356RJNRP6Y7D2U5VI4BI-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RMJGT4356RJNRP6Y7D2U5VI4BI-768x576.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RMJGT4356RJNRP6Y7D2U5VI4BI-1536x1152.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">FILE PHOTO: Ousmane Sonko speaks after he was appointed prime minister by Senegal&#8217;s newly-elected President Bassirou Diomaye Faye, in Dakar, Senegal April 2, 2024. REUTERS/Abdou Karim Ndoye/File Photo</figcaption></figure>



DAKAR, Aug 19 (Reuters) &#8211; Senegal has set up a commission of legal, tax, and energy sector experts to review its oil and gas contracts and work to rebalance them in the national interest, Prime Minister Ousmane Sonko said on national television on Monday.



President Bassirou Diomaye Faye, who defeated the ruling coalition candidate in a landslide victory in March, ordered an audit of the oil, gas and mining sectors after coming into office, and vowed to renegotiate the terms of contracts with foreign operators in the country if needed.



Authorities have not shared details on the audit or updates on any renegotiation plans.



Sonko said they were committed to their promise to the Senegalese people &#8220;to come back to these various agreements to re-examine them and work to rebalance them, obviously in the national interest.&#8221;



He said the commission will have sufficient resources to look into the contracts and hire experts from abroad if necessary. He did not say how long the review would take.



The move comes soon after Senegal became an oil producer for the first time. Australia&#8217;s Woodside Energy announced in June that its Sangomar oil and gas field had produced its first oil.



Gas production is also due to begin by the end of the year at the Greater Tortue Ahmeyim (GTA) liquefied natural gas (LNG) project, operated by BP.



(Writing by Alessandra Prentice; Editing by Sandra Maler)

FILE PHOTO: Senegal President Faye appoints ally Sonko as prime minister

Senegal sets up commission to review oil and gas contracts

<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/E5AMVBEBFFOU5JTBQTY7SKQO4Q-820x547.jpg" alt="" class="wp-image-521126" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/E5AMVBEBFFOU5JTBQTY7SKQO4Q-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/E5AMVBEBFFOU5JTBQTY7SKQO4Q-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/E5AMVBEBFFOU5JTBQTY7SKQO4Q-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/E5AMVBEBFFOU5JTBQTY7SKQO4Q-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/E5AMVBEBFFOU5JTBQTY7SKQO4Q-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/E5AMVBEBFFOU5JTBQTY7SKQO4Q-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Cooling towers of South African petro-chemical company Sasol&#8217;s synthetic fuel plant in Secunda, north of Johannesburg, are seen in this picture taken March 1,2016.REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



Aug 20 (Reuters) &#8211; South African petrochemicals company Sasol reported a 66% fall in full-year profit on Tuesday, mainly due to weaker chemical prices, and skipped a final dividend.



Headline earnings, which strip out one-off items and are the main profit measure used by South African companies, were 11.5 billion rand ($648.47 million) in the year to June 30, compared with 33.8 billion rand a year earlier.



Sasol, which produces liquid fuels and chemicals from coal, said its income was hit as depressed chemicals prices exerted pressure on margins. Turnover fell 5% to 275.1 billion rand.



The company wrote down $3 billion in the carrying value of its chemicals and fuel assets mainly due the softer market pricing and outlook, resulting in a basic loss per share of 69.94 rand, compared to 14 rand basic earnings per share the previous year.



The biggest impairments, totalling nearly $2.6 billion, were recorded at its American chemicals unit.



Sasol did not declare a final dividend, leaving the interim 2 rand per share declared at half-year as the full-year payout for the 2024 financial year.



The company said it had changed its dividend policy, which was previously based on 2.5-2.8 times core headline earnings per share, to 30% of free cash flow generated, provided that net debt is below $4 billion on a sustained basis.



&#8220;The disconnect between headline earnings and cashflow generation, as well as elevated leverage levels, has necessitated a revision to the company&#8217;s dividend policy,&#8221; Sasol said in a statement.



Net debt for 2024 stood at $4.1 billion, just above the dividend trigger level.



($1 = 17.7341 rand)



(Reporting by Nelson Banya; Editing by Eileen Soreng, Kirsten Donovan)

FILE PHOTO: Cooling towers of South African petro-chemical company Sasol’s synthetic fuel plant in Secunda

Sasol profit plunges 66% on weak chemical prices, skips final dividend

<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/GettyImages-1243387410-820x547.jpg" alt="" class="wp-image-521108" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-1243387410-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-1243387410-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-1243387410-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-1243387410-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-1243387410-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-1243387410-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Medical personnel prepares a syringe with the vaccine against smallpox and monkeypox at Checkpoint Bln in Berlin, Germany on September 16, 2022. (Photo by Emmanuele Contini/NurPhoto via Getty Images)</figcaption></figure>



Aug 19 (Reuters) &#8211; Emergent BioSolutions said on Monday it would donate 50,000 doses of its smallpox vaccine to the Democratic Republic of the Congo and other impacted countries of Burundi, Kenya, Rwanda and Uganda to address the current mpox outbreak.



The World Health Organization last week declared mpox a global public health emergency for the second time in two years as a new variant of the virus, known as clade Ib, spread rapidly in Africa. At least one person in Sweden has been confirmed with the infection, marking the first time the new variant has been seen outside of Africa.



Emergent&#8217;s ACAM2000 vaccine, approved for smallpox, has been used as an mpox shot but the U.S. Food and Drug Administration is yet to approve its application for use against the virus.



According to the U.S. Centers for Disease Control and Prevention, ACAM2000, a live, replicating virus vaccine, has more known side effects and risks than Danish biotech Bavarian Nordic A/S&#8217;s BAVA.CO Jynneos vaccine, which is approved in the U.S. for both smallpox and mpox.



ACAM2000 is known to cause myocarditis/pericarditis &#8211; swelling in or around the heart muscle &#8211; in 1 in 175 new ACAM2000 vaccine recipients, according to the FDA.



Instead of an injection, the shot is given via a series of small pokes on the skin using a two-pronged needle. The injection site forms a scab, which takes 2-4 weeks to heal. Until the scab falls off, it could spread live virus to other parts of the body or people.



ACAM2000 is not recommended for people with compromised immune systems, such as HIV.



(Reporting by Christy Santhosh in Bengaluru and Julie Steenhuysen in Chicago; Editing by Shilpi Majumdar and Stephen Coates)

Vaccine Against Monkeypox In Berlin

Emergent to donate 50,000 vaccine doses to address mpox outbreak in Africa

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1419" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/F6D7PI4SJVK4DG7HSVQSJ637XA-1-scaled.jpg" alt="" class="wp-image-469791" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/F6D7PI4SJVK4DG7HSVQSJ637XA-1-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/F6D7PI4SJVK4DG7HSVQSJ637XA-1-300x208.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/F6D7PI4SJVK4DG7HSVQSJ637XA-1-820x568.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/F6D7PI4SJVK4DG7HSVQSJ637XA-1-130x90.jpg 130w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/F6D7PI4SJVK4DG7HSVQSJ637XA-1-768x532.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/F6D7PI4SJVK4DG7HSVQSJ637XA-1-1536x1065.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">FILE PHOTO: A man walks past an MTN logo outside the company&#8217;s headquarters in Johannesburg, South Africa, March 13, 2023. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, Aug 19 (Reuters) &#8211; MTN Group swung to a half-year loss on Monday as Africa&#8217;s biggest telecom operator grappled with the devaluation of the Nigerian naira and operational challenges in Sudan.



The company reported a loss before tax of 9 billion rand in the six-month period ended June 30, compared with a restated profit of 8.3 billion rand a year earlier.



&#8220;The further devaluation in the naira against the U.S. dollar&#8230; and the ongoing conflict in Sudan had the most significant impact on reported results,&#8221; CEO Ralph Mupita said.



MTN Group, which has 288 million customers across 18 markets in Africa, said its group service revenue decreased 20.8% to 85.3 billion rand. In constant currency, group service revenue, which excludes device and SIM card revenue, rose 12.1%.



The company&#8217;s service revenue from South Africa surpassed that of MTN Nigeria&nbsp;MTNN.LG, its biggest market by revenue, and rose 3.3% to 21.1 billion rand.



Revenue from the company&#8217;s Nigeria operations tumbled 52.9% to 20.5 billion rand, while on a constant currency basis it increased 32.4%.



Nigeria has suffered chronic dollar shortages in recent months that have forced authorities to devalue the naira twice in less than a year, as part of the new government&#8217;s measures to stabilise the currency and attract investment.



MTN Group, which anticipates paying a minimum ordinary final dividend of 330 cents per share for fiscal 2024, is making inroads in raising 25 billion rand by next year from non-core asset sales and reducing its ownership in its businesses, Mupita said on a post-earnings call.



The company has already raised 21.7 billion rand so far from non-core asset sales and should reach its target of raising 25 billion rand by next year, Mupita added.



The telecom operator reduced its stakes in MTN Ghana and MTN Uganda during the reporting period for a combined 1.7 billion rand.



There will be further stake sales in Ghana of about 2.1%, and in Cameroon, Ivory Coast and Nigeria, according to Mupita.



(Reporting by Nqobile Dludla; Editing by Tom Hogue, Sherry Jacob-Phillips and Shounak Dasgupta)

FILE PHOTO: MTN downgrades medium-term margin target for South Africa on power outages

South Africa’s MTN swings to half-year loss as Nigeria currency devaluation weighs

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1366" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1815421853-scaled.jpg" alt="" class="wp-image-510612" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1815421853-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1815421853-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1815421853-820x547.jpg 820w, 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" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><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, Aug 19 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s government&nbsp;will have to bring back some&nbsp;tax measures&nbsp;that&nbsp;it scrapped&nbsp;after deadly protests in June,&nbsp;the finance minister said,&nbsp;raising the risk of further&nbsp;unrest.



John Mbadi told Citizen TV in an interview broadcast on Sunday night that some of the measures would be tweaked and not all would be revived, but they were needed to pay for expenditure including wages for teachers.



Some people who were involved in the youth-led protest movement that rocked the East African nation said they were ready to go back onto the streets after the minister&#8217;s announcement.



&#8220;I was going to take a one month break from social media&#8230; but it seems that there is no rest for me,&#8221; Hanifa, who only uses one name, wrote on X.



&#8220;The struggle continues. @WilliamsRuto I dare you to bring back the finance bill,&#8221; she added.



President William Ruto&nbsp;abandoned&nbsp;the finance bill for this fiscal year on June 26, and later dismissed most of his cabinet, bowing&nbsp;to pressure from protesters who had&nbsp;stormed parliamentand&nbsp;launched demonstrations across the country.



The bill had contained new taxes and hikes to raise an extra 346 billion shillings ($2.70 billion) &#8211; plans that the protesters said would pile pressure onto a population already struggling with surging living costs.



Mbadi, who was brought into the cabinet from the opposition benches as Ruto tried to prop up his government, had ruled out further tax hikes during his first public remarks in the post on Aug. 4.



In the interview on Sunday,&nbsp;he said the government planned to reintroduce what he called an eco-levy on most goods &#8211; though plans to tax essential products such as sanitary&nbsp;pads,&nbsp;which were a focal point for protesters&#8217; anger,&nbsp;would be dropped.



&#8220;For eco-levy, we would target those areas that do not affect the common citizen,&#8221; he told the private broadcaster. The measures were needed to fund emerging government expenditures, and will be taken to parliament by Sept. 30, Mbadi said.



The government has been caught between&nbsp;the competing demands of hard-pressed citizens and of lenders such as the IMF,&nbsp;which is urging&nbsp;the government to cut deficits to obtain more financing.



After the bill was dropped, the government cut spending and widened the fiscal deficit.



Neither Mbadi, nor the finance ministry, responded to Reuters requests for comment on the interview.



The new moves would raise 150 billion shillings, Citizen TV reported. The minister rejected criticism of the levy by businesses operating in Kenya.



&#8220;This country is not a dumping place. If you are injurious to the environment, then you must pay to make good what you have caused,&#8221; he said.



The government was working to bring back 49 clauses from the original bill, some meant to streamline laws without raising or introducing new taxes, Mbadi told the broadcaster.



($1 = 128.2500 Kenyan shillings)



(Reporting by Duncan Miriri; Editing by Andrew Heavens)

COP28 In Dubai High Level Segment

Kenya to bring back some scrapped tax plans, risking more unrest

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="465" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ZGLBQGNTDZO7HGPUFMWOXGH5LE-820x465.jpg" alt="" class="wp-image-520812" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ZGLBQGNTDZO7HGPUFMWOXGH5LE-820x465.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ZGLBQGNTDZO7HGPUFMWOXGH5LE-300x170.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ZGLBQGNTDZO7HGPUFMWOXGH5LE-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ZGLBQGNTDZO7HGPUFMWOXGH5LE-768x436.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ZGLBQGNTDZO7HGPUFMWOXGH5LE-1536x871.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ZGLBQGNTDZO7HGPUFMWOXGH5LE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Shoppers walk within Merkato, one of Africa&#8217;s biggest open air market, in Addis Ababa, Ethiopia, April 25, 2024. REUTERS/Tiksa Negeri/File Photo</figcaption></figure>



NAIROBI, Aug 19 (Reuters)&nbsp;&#8211;&nbsp;Ethiopia is ramping up efforts to restructure its $1 billion international bond as part of a broader debt rework. Investors have balked at indications that the government is seeking a haircut, setting the stage for tense negotiations.



Here are some key issues in the restructuring process:



<h2 class="wp-block-heading" id="h-why-is-ethiopia-restructuring-its-debt">WHY IS ETHIOPIA RESTRUCTURING ITS DEBT?</h2>



Pressed by acute foreign currency shortages and sluggish government revenues amid a civil war in the northern region of Tigray, the government said in early 2021 it would restructure its debt under the G20 Common Framework initiative.



Chad, Zambia and Ghana have all sought to restructure&nbsp;their debts&nbsp;under the programme designed to provide swift debt relief to developing countries.



Ethiopia&#8217;s process was drawn out by the Tigray conflict which ended in late 2022 and slow progress in meeting International Monetary Fund requirements to abandon its currency peg, ditch capital controls and introduce an interest rate-based monetary policy framework.



The East African nation, the continent&#8217;s second most populous with 120 million people, floated its birr currency on July 29, helping it secure a $3.4-billion four-year IMF loan programme.



The IMF deal unlocked more financing from lenders including the World Bank and paved the way for a fresh debt restructuring push.



<h2 class="wp-block-heading" id="h-what-are-the-expected-outcomes">WHAT ARE THE EXPECTED OUTCOMES?</h2>



Ethiopia&#8217;s external debt stood at $28.9 billion&nbsp;in March, according to the&nbsp;government.&nbsp;The IMF&nbsp;identified&nbsp;a $3.5 billion financing gap during the lending programme. Ethiopia needs to plug that through the debt rework, but how that will be attained depends on the restructuring negotiations.



The government said it hoped the restructuring would achieve $4.9 billion in debt relief, citing official creditor proposals, though without a specified time frame.



To achieve comparability of treatment, a Common Framework tenet that requires commercial creditors to be treated in a similar way to official counterparts, Ethiopian officials have indicated they will seek a 20% write down on the principal of its $1 billion bond.



That has angered bondholders who said last week it does not reflect Ethiopia&#8217;s economic fundamentals, and added that the government was not following a &#8220;good faith&#8221; approach to debt restructuring.



Ethiopia has not commented on the bondholder statement.



<h2 class="wp-block-heading" id="h-how-will-that-nbsp-dispute-nbsp-be-resolved">HOW WILL THAT&nbsp;DISPUTE&nbsp;BE RESOLVED?</h2>



The dispute revolves around whether Ethiopia has a liquidity problem &#8211; a short-term issue &#8211; or whether it faces a longer-term solvency crisis.



Export and tax revenues have been under pressure and FX reserves dwindling, hampering Ethiopia&#8217;s ability to service its debt, say those who see it as a solvency issue, even though at 40.3% of GDP, the debt is fairly low.



Kevin Daly, portfolio manager at abrdn, which holds the bond, said a potential solution could be found somewhere between the government proposed haircut and extending the repayment period.



The IMF&#8217;s debt sustainability analysis shows Ethiopia has seen protracted breaches of a number of indicators the fund usually uses to identify a solvency crunch, such as the external debt-to-exports ratio.



Diverging assessments could set the stage for tense negotiations.



&#8220;Unduly conservative assumptions, coupled with unambitious fiscal efforts, may lead to protracted restructuring negotiations,&#8221; the bondholder group warned.



<h2 class="wp-block-heading" id="h-how-are-the-reforms-working-and-what-are-the-next-steps">HOW ARE THE REFORMS WORKING AND WHAT ARE THE NEXT STEPS?</h2>



The birr currency has nearly halved in value this year to trade at 103.97 per dollar &#8211; according to data from Commercial Bank of Ethiopia, the country&#8217;s biggest lender, closing in on the black market rate of 115-120.



However, progress on the key objective of unifying the two rates was initially hampered by commercial banks&#8217; hesitance to&nbsp;do so&nbsp;swiftly. Traders also hiked prices of basic commodities such as cooking oil.



Authorities have responded by closing thousands of businesses that were deemed to have raised prices unjustifiably, and the federal government has sought to boost supplies of essential commodities by ramping up imports.



The IMF says the government will have to take further action, perhaps by tightening monetary policy, to curb inflationary pressures.



The Fund has scheduled an unusually fast pace of reviews in order to closely monitor the impact of reforms.



The first review, scheduled for mid-August, is already underway and will focus on aspects such as FX reserves and external debt.



Following reviews are scheduled&nbsp;for the end of September and in December, at which point both the IMF and government expect Ethiopia to have sealed a restructuring deal.



(Reporting by Duncan Miriri; Additional reporting by Dawit Endeshaw in Addis Ababa; Editing by Karin Strohecker and Andrew Heavens)

FILE PHOTO: Ethiopia’s economy struggles due to shortage of foreign currency

Key issues on Ethiopia’s road to debt restructuring

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="615" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/73J6YETXEBNUZIYCWXEI2WCORA-820x615.jpg" alt="" class="wp-image-520774" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/73J6YETXEBNUZIYCWXEI2WCORA-820x615.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/73J6YETXEBNUZIYCWXEI2WCORA-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/73J6YETXEBNUZIYCWXEI2WCORA-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/73J6YETXEBNUZIYCWXEI2WCORA-768x576.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/73J6YETXEBNUZIYCWXEI2WCORA-1536x1152.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/73J6YETXEBNUZIYCWXEI2WCORA-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A vehicle of Uber operating taxi is seen at a parking lot in Nairobi, Kenya February 12, 2018. Picture taken February 12, 2018. REUTERS/Maggie Fick/File Photo</figcaption></figure>



NAIROBI, Aug 19 (Reuters)&nbsp;&#8211;&nbsp;In eight years of working as a taxi driver in Kenya&#8217;s capital, Judith Chepkwony has never seen business this bad.



A bruising price war between ride-hailing companies Uber Technologies&nbsp;UBER.N, Estonia&#8217;s Bolt and local start-ups Little and Faras has driven fares down to a level that many drivers say is unsustainable, forcing them to set their own higher rates.



&#8220;Most of us have these cars on loan and the cost of living has risen,&#8221; Chepkwony told Reuters. &#8220;I try to convince the customers to agree to the higher rates. If they can&#8217;t pay, we cancel and let them find another driver.&#8221;



About half the passengers who get in touch eventually agree to pay more than the price flashing up on their app generated by the companies&#8217; algorithms, Chepkwony said, keeping her going.



But Uber has said such arrangements break its guidelines and told its drivers to get back into line, setting up a clash between the slick, automated world of the international ride-hailing industry and the messier realities of one of its biggest developing markets.



The East African nation of 50 million people has been rocked by deadly protests against tax hikes which, together with high prices of basic commodities and elevated interest rates, has been blamed for lower disposable incomes.



Kenya, Nigeria and Tanzania &#8211; with their growing economies and relatively low car ownership rates &#8211; are among the most important markets for Uber in Africa, its executives have said.



But there have been challenges along the way. Drivers have gone on strike in Kenya,&nbsp;twice this year and at least once last year, over low commissions.



Uber Head of East Africa Imran Manji told Reuters it was reviewing reports of customers being overcharged. &#8220;We encourage all riders to report such instances.&#8221;



Linda Ndung&#8217;u, Bolt&#8217;s manager for Kenya, said they were discouraging fare-hiking while the industry searches for a solution to balance the needs of drivers and customers.



While everyone waits, the drivers are finding ways to get round the industry&#8217;s united front.



Many say they use walkie-talkie app Zello to collectively agree on higher prices, meaning a customer will get the same rate even if they shop around.



Drivers have also produced a fare guide,&nbsp;which they print, laminate and post up inside their cars for customers to see.



One seen by Reuters set the minimum fare at 300 shillings ($2.33), above the&nbsp;200 shillings set by Uber and Bolt who sometimes offer further discounts.



&#8220;We first ask the client where they are going and how much is shown on the app. Then we propose a rate based on our chart which can also be done by quickly multiplying by 1.5,&#8221; Nairobi-based driver Erick Nyamweya said.



&#8220;If they agree, we take the ride. If not we either negotiate further or decline because the current rates are not sustainable with higher fuel and spare parts prices.&#8221;



There has been some movement. Local start-up Faras Cabs raised its fares by up to a fifth&nbsp;this month&nbsp;to accommodate drivers&#8217; demands, Chief Commercial Officer Osman Abdi said.



At the end of the day, it is the customer that pays, in money and time spent haggling.



&#8220;The negotiations end up taking so much time that it ends up beating the logic of trying to save time by taking a cab,&#8221; said one customer, Lameck Owesi. &#8220;It is frustrating.&#8221;



($1 = 128.5000 Kenyan shillings)



(Reporting by Edwin Okoth; Editing by Duncan Miriri and Andrew Heavens)

A vehicle of Uber operating taxi is seen at a parking lot in Nairobi

Hard-pressed Kenyan drivers defy Uber’s algorithm, set their own fares

<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/DIUZ4D5WBVISNFOI32WX56CKJY-820x547.jpg" alt="" class="wp-image-520771" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/DIUZ4D5WBVISNFOI32WX56CKJY-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/DIUZ4D5WBVISNFOI32WX56CKJY-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/DIUZ4D5WBVISNFOI32WX56CKJY-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/DIUZ4D5WBVISNFOI32WX56CKJY-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/DIUZ4D5WBVISNFOI32WX56CKJY-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/DIUZ4D5WBVISNFOI32WX56CKJY-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Thungela Resources CEO July Ndlovu speaks to Reuters during the Investing in African Mining Indaba 2023 conference in Cape Town, South Africa, February 6, 2023. REUTERS/Shelley Christians/File Photo</figcaption></figure>



JOHANNESBURG, Aug 19 (Reuters) &#8211; Thungela Resources, a South African exporter of thermal coal burned in power stations, expects the country&#8217;s shipments of the fossil fuel to rebound from next year as rail bottlenecks ease, CEO July Ndlovu said on Monday.



The country&#8217;s coal shipments fell to a three-decade low of about 47 million tons per year in 2023 as state-owned ports and rail company Transnet struggled to move sufficient volumes to ports due to lack of locomotives and spares, as well as cable theft and vandalism of infrastructure.



Coal shipments could rise to more than 50 million tons per year from 2025, Ndlovu said. Transnet&#8217;s rail unit moved about 76.47 million tons of the fossil fuel in 2017.



&#8220;The worst is probably behind us,&#8221; Ndlovu said on a media call. &#8220;The building blocks are in place, therefore it stands to reason that there will be improvement.&#8221;



South Africa&#8217;s rail crisis has curbed coal shipments for companies including Thungela, Exxaro Resources and Glencore, forcing some miners to truck the fossil fuel by road and to use alternative ports in neighboring Mozambique.



The lack of rail capacity has also hit earnings for producers at a time when prices for the fuel have softened. Thungela said its profit in the six months through June plunged 61% to 1.2 billion rand ($67.34 million).



Thungela could lift shipments from South Africa to more than 12.5 million tons next year if the rail network improves, Ndlovu said. Exxaro CEO Nombasa Tsengwa last week that the rail crisis had &#8220;bottomed out&#8221;.



Thungela is weighing plans to invest in new coal production around its Ensham mine in Australia, which it acquired last year and where the CEO sees &#8220;additional potential given the size of the resource&#8221;.



While most banks and financiers are now shunning funding new coal production, Ndlovu said the company was able to fund its development projects.



&#8220;If we do identify attractive opportunities, and we believe that they are more value accretive and enhance shareholder returns, we should be able to fund those,&#8221; Ndlovu said.



($1 = 17.8195 rand)



(Reporting by Nelson Banya and Felix Njini; Editing by Conor Humphries)

FILE PHOTO: Investing in African Mining Indaba 2023 conference in Cape Town

Thungela CEO sees South Africa coal exports rebounding as rail improves

<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/GettyImages-1012630006-820x547.jpg" alt="" class="wp-image-520768" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-1012630006-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-1012630006-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-1012630006-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-1012630006-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-1012630006-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-1012630006-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A new corporate logo stands above the entrance to the Absa Group Ltd. headquarters office in Johannesburg, South Africa, on Tuesday, Aug. 7, 2018. Barclays Africa Group Ltd. has ditched the name to revert to Absa Group Ltd. as it severs ties with Barclays Plc, after the London-based company sold down the controlling stake it bought in 2005. Photographer: Waldo Swiegers/Bloomberg via Getty Images</figcaption></figure>



JOHANNESBURG, Aug 19 (Reuters) &#8211; South Africa&#8217;s Absa Group posted a 5% decline in half-year profit on Monday as operating expenses rose faster than revenue but flagged a moderation in cost growth in the second half and a slight improvement in credit loss levels.



Inflationary pressure, high interest rates, regular power blackouts and logistical bottlenecks are taking a toll on South African banks&#8217; most sensitive retail and small business customers.



Absa posted diluted headline earnings per share of 1,228.4 cents for the six months ended June 30, down from 1,293.1 cents in the corresponding period a year earlier.



Operating expenses rose 8% to 28.3 billion rand ($1.59 billion). But revenue grew just 3% to 53.7 billion rand as net interest income &#8211; the difference between that amount banks earn from loans and pay on deposits &#8211; rose by 7% to 35.3 billion rand and non-interest income fell 2%.



Net loans and advances grew by 4% or 6% in constant currency terms, to 1.3 trillion rand, while credit impairment charges were flat, producing a credit loss ratio of 123 basis points (bps) from 127 bps, still outside its target range.



A credit loss ratio is a measure of bad loans versus total loans.



Absa&#8217;s customers remained in distress in the first half, but early delinquencies have improved significantly, Group Financial Director Deon Raju said on a call with media.



&#8220;We have seen even more affluent customers demand credit which tells you that they&#8217;ve depleted savings and more broadly affordability levels in the first half were certainly under pressure,&#8221; Raju said.



&#8220;With interest rate cuts on our horizon we do see some of that pressure being relieved.&#8221;



The lender said it expects mid-single digit growth in both revenue and operating expenses for the full year, to give a similar cost-to-income ratio to 2023&#8217;s 53.2%.



($1 = 17.8119 rand)



(Reporting by Nqobile Dludla; Editing by Himani Sarkar, Kirsten Donovan)

Absa Reboots Image As 100 Years Of Barclays In Africa Ends

South African lender Absa reports lower half-year profit

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="567" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/TAKTGYGGUFIUFGNJON3QOOIO24-820x567.jpg" alt="" class="wp-image-502655" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/TAKTGYGGUFIUFGNJON3QOOIO24-820x567.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/TAKTGYGGUFIUFGNJON3QOOIO24-300x208.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/TAKTGYGGUFIUFGNJON3QOOIO24-130x90.jpg 130w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/TAKTGYGGUFIUFGNJON3QOOIO24-768x531.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/TAKTGYGGUFIUFGNJON3QOOIO24-1536x1063.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/TAKTGYGGUFIUFGNJON3QOOIO24-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">South African Rand coins are seen in this illustration picture taken October 30, 2020. REUTERS/Mike Hutchings/File Photo</figcaption></figure>



JOHANNESBURG, Aug 19 (Reuters) &#8211; The South African rand was slightly weaker in early trading on Monday, after gaining last week, ahead of the release of domestic inflation data on Wednesday which may provide hints on the country&#8217;s future interest rate path.



At 0631 GMT, the rand traded at 17.8775 against the dollar, about 0.1% softer than its closing level on Friday. The dollar was down about 0.38% against a basket of global currencies.



Investors will look to South Africa&#8217;s July inflation figures on Wednesday for hints on the central bank&#8217;s future interest rate path.



&#8220;Investors will be watching closely at the number to see if inflation is softening enough for the central bank to begin cutting rates in September,&#8221; said Rand Merchant Bank analysts in a research note.



A Reuters poll found that economists expect the central bank to cut interest rates for the first time in more than two years on Sept. 19.



This week, global markets will likely focus on the release of minutes from a Federal Reserve meeting and the Jackson Hole symposium of central bankers where Fed Chair Jerome Powell will give a speech.



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



South Africa&#8217;s benchmark 2030 government bond was slightly firmer in early trading, and the yield slipped 2.5 basis points to 9.295%.



(Reporting by Tannur Anders; Editing by Bernadette Baum)

South African Rand coins are seen in this illustration picture

South African rand dips ahead of inflation data this week

<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, Aug 19 (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 Airways, one of Africa&#8217;s three biggest carriers, will release its half-year results for 2024.



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



Asian stocks edged up and the dollar slid on Monday after global equities enjoyed their best week in nine months on expectations the U.S. economy would dodge a recession and cooling inflation would kick off a cycle of interest rate cuts.



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



Oil prices eased in early Asian trading on Monday as fears of weaker demand in top oil importer China weighed on market sentiment while investors focus on the progress of ceasefire talks in the Middle East, which could reduce supply risks.



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



South Africa&#8217;s rand was on course for gains of over 2% this week, while stocks hit a record high in intra-day trade on Friday, as upbeat U.S. economic data allayed fears of an imminent recession in the world&#8217;s top economy.



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



Kenya&#8217;s shilling was stable against the U.S. dollar on Friday, but traders said they expected it to come under pressure from foreign-currency demand from the manufacturing sector.



<h2 class="wp-block-heading" id="h-southern-africa-drought">SOUTHERN AFRICA DROUGHT</h2>



About 68 million people in Southern Africa are suffering the effects of an El Nino-induced drought which has wiped out crops across the region, the regional bloc SADC said on Saturday.



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



Sudan&#8217;s government said it will send a delegation to Cairo for discussions with U.S. and Egyptian officials on Monday, keeping open the question of participation in peace talks aimed at ending a 16-month war.



<h2 class="wp-block-heading" id="h-kenya-airports">KENYA AIRPORTS</h2>



The biggest union of Kenya&#8217;s aviation workers has postponed for two weeks a planned strike that was scheduled to start on Monday, to allow talks with the government over a proposed deal with an Indian company to develop the country&#8217;s main airport.



<h2 class="wp-block-heading" id="h-mali-economy">MALI ECONOMY</h2>



Four years after the military ousted Mali’s then-president and came to power, many residents say economic troubles are worsening and constant power cuts are hurting businesses.



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on Aug 19

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/istockphoto-1076949610-612x612-1.jpg" alt="" class="wp-image-501467" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/istockphoto-1076949610-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/istockphoto-1076949610-612x612-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/istockphoto-1076949610-612x612-1-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



JOHANNESBURG, Aug 19 (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.



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



South African lender Absa Group&#8217;s half-year results



Thermal coal exporter Thungela&#8217;s half-year results



Africa&#8217;s biggest telecoms operator MTN&#8217;s half-year results



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



South Africa&#8217;s rand gained last week, while stocks hit a record high on Friday, as upbeat U.S. economic data allayed fears of an imminent recession in the world&#8217;s top economy.



The Johannesburg Stock Exchange&#8217;s Top-40 index hit a record high on Friday. It closed more than 0.7% higher.



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



Asian stocks edged up and the dollar slid on Monday after global equities enjoyed their best week in nine months on expectations the U.S. economy would dodge a recession and cooling inflation would kick off a cycle of interest rate cuts.



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



U.S. stocks ended higher on Friday, extending their biggest weekly percentage gains of the year as worries of an economic downturn eased and investors focused on the Jackson Hole Economic Symposium next week.



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



Gold prices eased on Monday and hovered around key $2,500 level, as traders locked in profits following bullion&#8217;s climb to an all-time peak in the previous session on expectations of a U.S. interest rate cut next 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; More to come as JSE soars to a record high



&#8211; Private equity fundraising hits 13-year record



(Compiled by Tannur Anders)

South African Markets – Factors to watch on Aug 19

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="571" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/74DO2Y3SI5LEZMM4PGBAROP3NY-820x571.jpg" alt="" class="wp-image-520727" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/74DO2Y3SI5LEZMM4PGBAROP3NY-820x571.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/74DO2Y3SI5LEZMM4PGBAROP3NY-300x209.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/74DO2Y3SI5LEZMM4PGBAROP3NY-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/74DO2Y3SI5LEZMM4PGBAROP3NY-768x535.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/74DO2Y3SI5LEZMM4PGBAROP3NY-1536x1070.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/74DO2Y3SI5LEZMM4PGBAROP3NY-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Absa Group logo is seen on a smartphone in front of displayed same logo in this illustration taken, December 1, 2021. REUTERS/Dado Ruvic/Illustration/File Photo</figcaption></figure>



JOHANNESBURG, Aug 19 (Reuters) &#8211; South African lender Absa Group on Monday said Chief Executive Officer Arrie Rautenbach will take early retirement from the company, effective on April 15, 2025.



Charles Russon will become interim CEO of Absa Group and Absa Bank effective on Oct. 15, 2024, subject to regulatory approval, the bank said in a statement.



&#8220;Charles&#8217; appointment will enable a smooth transition, while the board conducts a diligent search for a new permanent group chief executive,&#8221; Absa said.



Absa said the change was taken following &#8220;engagements&#8221; between the board and Rautenbach, but gave no further details.



Rautenbach will be on a 6-month contractual notice period that will be served as garden leave, the lender said.



Rautenbach has been with the bank since 1997 and took the helm in 2022, becoming the fourth person to take the reins since the departure of longstanding CEO Maria Ramos in 2019.



Russon has been CEO of Absa&#8217;s Corporate and Investment Bank since 2018 and a group executive committee member since 2014. Yasmin Masithela will become interim CEO of Absa&#8217;s Corporate and Investment Bank effective on Oct. 15.



(Reporting by Nqobile Dludla; Editing by Tom Hogue)

Illustration shows a smartphone with displayed Absa Group logo

South Africa’s Absa CEO Arrie Rautenbach to retire next year

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1822" height="1271" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/XFNOXFRHRNJ3PLPFQZF66W3MBE.jpg" alt="" class="wp-image-506368" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/XFNOXFRHRNJ3PLPFQZF66W3MBE.jpg 1822w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/XFNOXFRHRNJ3PLPFQZF66W3MBE-300x209.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/XFNOXFRHRNJ3PLPFQZF66W3MBE-820x572.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/XFNOXFRHRNJ3PLPFQZF66W3MBE-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/XFNOXFRHRNJ3PLPFQZF66W3MBE-768x536.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/XFNOXFRHRNJ3PLPFQZF66W3MBE-1536x1071.jpg 1536w" sizes="auto, (max-width: 1822px) 100vw, 1822px" /><figcaption class="wp-element-caption">Kenya&#8217;s President William Ruto speaks at a press conference where he announced spending cuts in government after protests against Kenya&#8217;s proposed finance bill 2024/2025, in Nairobi, Kenya, July 5, 2024. REUTERS/Monicah Mwangi</figcaption></figure>



NAIROBI, Aug 19 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s government plans to reintroduce to parliament tax measures contained in legislation that was pulled in June after deadly protests, aiming to raise an extra 150 billion shillings ($1.2 billion), Citizen TV reported citing the finance minister.



The tax proposals to be brought back include an eco-levy on most goods, Finance Minister John Mbadi told the private TV station, adding that sensitive products like sanitary pads would be exempted from the levy.



The move to revive some of the measures is due to growing demands for expenditures by the government, the minister told the station.



($1 = 128.5000 Kenyan shillings)



(Reporting by Duncan Miriri; Editing by Tom Hogue)

Kenya’s President announces government spending cuts after protest against Kenya’s proposed finance bill 2024/2025, in Nairobi

Kenya to reintroduce some tax measures to raise $1.2 bln, TV report

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="531" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ZP5SCARSEZIFHHSESICMUJV474-820x531.jpg" alt="" class="wp-image-519734" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ZP5SCARSEZIFHHSESICMUJV474-820x531.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ZP5SCARSEZIFHHSESICMUJV474-300x194.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ZP5SCARSEZIFHHSESICMUJV474-139x90.jpg 139w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ZP5SCARSEZIFHHSESICMUJV474-768x497.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ZP5SCARSEZIFHHSESICMUJV474-1536x994.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ZP5SCARSEZIFHHSESICMUJV474-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Chicks of broiler chicken are seen at Gruisfontein farm in Lichtenburg in the North West province, South Africa, January 19, 2023. REUTERS/Siphiwe Sibeko</figcaption></figure>



WINDHOEK, Aug 16 (Reuters)&nbsp;&#8211;&nbsp;Namibia has resumed imports of live poultry and birds from South Africa, the agriculture ministry said in a statement on Friday.



Namibia banned imports of live poultry, birds and poultry products from neighbouring South Africa in September 2023, following an outbreak of highly pathogenic avian influenza in the country.



Namibia consumes an estimated 2,500 metric tons of chicken every month, typically relying on imports mainly from South Africa.



The ministry also said it had suspended imports of live birds and uncooked poultry products from Brazil&#8217;s Rio Grande do Sul state following an outbreak of the avian Newcastle disease.



Consignments containing poultry products from the state packed in their final packaging on or after June 18, the date of suspension, will be sent back or destroyed at the importer&#8217;s cost, Namibia&#8217;s agriculture ministry said.



(Reporting by Nyasha Nyaungwa; Editing by Tannur Anders, Kirsten Donovan)

Broiler chickens at Gruisfontein farm in Lichtenburg

Namibia resumes live poultry, bird imports from South Africa

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="800" height="533" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/INJ75E5ILVP43B5TB5WUXDQSZ4.jpg" alt="" class="wp-image-519697" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/INJ75E5ILVP43B5TB5WUXDQSZ4.jpg 800w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/INJ75E5ILVP43B5TB5WUXDQSZ4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/INJ75E5ILVP43B5TB5WUXDQSZ4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/INJ75E5ILVP43B5TB5WUXDQSZ4-768x512.jpg 768w" sizes="auto, (max-width: 800px) 100vw, 800px" /><figcaption class="wp-element-caption">FILE PHOTO: A man receives a dose of the mpox vaccine at the Edison municipal vaccination centre in Paris, France July 27, 2022. Alain Jocard/Pool via REUTERS/File Photo</figcaption></figure>



Aug 16 (Reuters)&nbsp;&#8211;&nbsp;More imported cases of a new mpox strain will appear in Europe in the coming weeks but the risk of sustained transmission remains low, the head of Europe&#8217;s disease prevention agency said on Friday.



The agency raised its risk assessment for sporadic cases of mpox clade I in Europe to moderate on Friday. The risk was high for travellers to affected areas in Africa in close contact with people there, and moderate for their contacts.



&#8220;There will be more cases in the coming weeks. That&#8217;s the expectation&#8230; But regarding the risk [for the] general European population, we have to say that our assessment is that the risk is very low at the moment,&#8221; European Centre for Disease Prevention and Control director Pamela Rendi-Wagner said in an interview.



She called for European countries to&nbsp;step up&nbsp;preparedness and raise awareness to prevent further spread.



An outbreak of mpox in Democratic Republic of Congo caused by two different forms of mpox, an endemic form and a new offshoot called clade Ib, has caused global concern after it spread to more countries in Africa.



On Thursday, Sweden became the first country outside Africa to confirm a case of clade Ib. The WHO declared the outbreak a global health emergency on Wednesday.



The European CDC recommended that public health authorities plan and prepare for quick detection of any clade I cases that may reach Europe.



It predicts the impact from this strain of the virus will be low in Europe if proper surveillance and control measures are implemented, using the expertise garnered when another strain of mpox, clade II, spread globally in 2022.



During that emergency, the virus spread mainly among men who had sex with men, and behaviour change as well as vaccines helped bring it under control in Europe.



Mpox is a viral infection that causes flu-like symptoms and pus-filled lesions, and while usually mild, it can be fatal in rare cases. It spreads through close contact, including sexual contact, and clade Ib appears to spread more easily among people than other forms of the virus, although there are many open questions about its severity and transmissibility, Randi-Wagner said.



Anyone with symptoms and travel history or a contact with travel to affected areas in Africa should immediately contact a doctor, she added.



&#8220;Test, test, test, in order to find the suspect cases in Europe as soon as possible and avoid further spreading,&#8221; she said in recommendations to European public health authorities.



(Reporting by Bhanvi Satija in Bengaluru; Editing by Shinjini Ganguli and Angus MacSwan)

Reuters

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Reuters

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Namibia resumes live poultry, bird imports from South Africa

More imported cases of new mpox strain in Europe expected, public health agency says

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