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



KAMPALA, Aug 1 (Reuters) &#8211; The Ugandan shilling was weaker on Thursday, pressured by strong demand for dollars from commercial banks, traders said.



At 0829 GMT, commercial banks quoted the shilling at 3,733/3,743, compared with Wednesday&#8217;s closing rate of 3,724/3,734.



(Reporting by Elias Biryabarema; Editing by George Obulutsa)

107375514-1708434236970-gettyimages-1985552002-20240207_bank_of_england_010

Ugandan shilling weaker due to increased commercial bank FX demand

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1200" height="628" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HCVRNAVJRJMOJBUK4XOB7PEJGY.jpg" alt="" class="wp-image-506011" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HCVRNAVJRJMOJBUK4XOB7PEJGY.jpg 1200w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HCVRNAVJRJMOJBUK4XOB7PEJGY-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HCVRNAVJRJMOJBUK4XOB7PEJGY-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HCVRNAVJRJMOJBUK4XOB7PEJGY-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HCVRNAVJRJMOJBUK4XOB7PEJGY-768x402.jpg 768w" sizes="auto, (max-width: 1200px) 100vw, 1200px" /><figcaption class="wp-element-caption">A teller serves a client with Kenya shilling notes at the cashier&#8217;s booth of a forex exchange bureau in Kenya&#8217;s capital Nairobi, April 20, 2016. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



AIROBI, Aug 1 (Reuters) &#8211; The Kenyan shilling dipped against the US dollar on Thursday, according to data from the London Stock Exchange Group (LSEG).



As of 0802 GMT, the shilling exchanged hands at 129.00/130 per dollar, sliding from Wednesday&#8217;s closing rate of 128.50/129.50.



The depreciation of the shilling is usually attributed to heightened demand for dollars from sectors such as energy and manufacturing.



(Reporting by George Obulutsa; Editing by Bate Felix)

HCVRNAVJRJMOJBUK4XOB7PEJGY

Kenya’s shilling dips against the dollar – LSEG data

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



JOHANNESBURG, Aug 1 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand was steady early on Thursday, ahead of a purchasing managers&#8217; index (PMI) survey for the local manufacturing sector.



At 0727 GMT, the rand traded at 18.2275 against the dollar, not far from its previous close.



The Absa PMI for July is set to be released at 0900 GMT, and should shed light on manufacturing conditions in Africa&#8217;s most industrialised economy. Local investors will also turn their focus toward July vehicle sales data.



The rand was supported by the Federal Reserve Chair Jerome Powell&#8217;s softening tone on Wednesday, fuelling expectations of a September interest rate cut by the Fed.



&#8220;The rand remains volatile as financial market expectations have shifted around the timing and speed of the anticipated US interest rate cutting cycle,&#8221; said Investec chief economist Annabel Bishop.



On the stock market, the Top-40 index was down 0.14%.



South Africa&#8217;s benchmark 2030 government bond was marginally stronger in early deals, with the yield down 1 basis point to 9.395%.



(Reporting by Bhargav Acharya; Editing by Bernadette Baum)

South African Rand coins are seen in this illustration picture

South African rand steady ahead of manufacturing PMI

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="516" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/TY7OYQCA35KY5IVPS5BCE5Y65M-820x516.jpg" alt="" class="wp-image-513730" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/TY7OYQCA35KY5IVPS5BCE5Y65M-820x516.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/TY7OYQCA35KY5IVPS5BCE5Y65M-300x189.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/TY7OYQCA35KY5IVPS5BCE5Y65M-143x90.jpg 143w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/TY7OYQCA35KY5IVPS5BCE5Y65M-768x484.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/TY7OYQCA35KY5IVPS5BCE5Y65M-1536x967.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/TY7OYQCA35KY5IVPS5BCE5Y65M-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Diamonds are displayed at the De Beers Global Sightholder Sales (GSS) in Gaborone, Botswana, November 24, 2015. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



GABORONE, Aug 1 (Reuters)&nbsp;&#8211;&nbsp;Sales of rough diamonds at Debswana Diamond Company fell 49.2% in the first half of 2024, according to data released by the Botswana central bank late on Wednesday, as the downturn in the global diamond market continued.



Debswana, equally owned by the government of Botswana and Anglo American Plc&#8217;s De Beers, sells 75% of its output to De Beers with the balance taken up by state-owned Okavango Diamond Company (ODC).



Botswana and De Beers in June last year agreed a new ten-year diamond sales deal, which will see ODC&#8217;s share of Debswana output rise to 30% before gaining gradually to 50% by the end of the new contract, as the country seeks to get more revenues from its resources.



In the first half of the year, Debswana sold diamonds worth $1.29 billion compared to $2.54 billion registered in the same period last year, Bank of Botswana data showed. In local currency terms, the Debswana sales fell 47.3% to 17.555 billion pula.



Anglo, which plans to divest from De Beers as part of an organisational shake up, cut diamond production by 19% during the first six months of the year. It reported last week that output guidance at De Beers was revised down to 23-26 million carats from 26-29 million in response to the diamond market&#8217;s ongoing downturn.



Botswana gets 30%-40% of its revenue, 75% of its foreign exchange earnings and a third of national output from diamonds.



($1 = 13.5685 pulas)



(Reporting by Brian Benza, Editing by Bhargav Acharya and Miral Fahmy)

FILE PHOTO: Diamonds are displayed at the De Beers Global Sightholder Sales (GSS) in Gaborone, Botswana

Diamond sales at Botswana’s Debswana fall 49.2% as market downturn continues

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="544" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/YYLYKEPD7VPT7BMKRXFZGAU5JA-820x544.jpg" alt="" class="wp-image-513712" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/YYLYKEPD7VPT7BMKRXFZGAU5JA-820x544.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/YYLYKEPD7VPT7BMKRXFZGAU5JA-300x199.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/YYLYKEPD7VPT7BMKRXFZGAU5JA-136x90.jpg 136w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/YYLYKEPD7VPT7BMKRXFZGAU5JA-768x510.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/YYLYKEPD7VPT7BMKRXFZGAU5JA-1536x1020.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/YYLYKEPD7VPT7BMKRXFZGAU5JA-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">An industrial harvester cuts a new rice variety at a rice paddy in Yamoussoukro, Ivory Coast June 3, 2024. REUTERS/Luc Gnago</figcaption></figure>



YAMOUSSOUKRO, Aug 1 (Reuters)&nbsp;&#8211;&nbsp;Ivorian rice farmer Francois Kasse Yao has struggled to make ends meet with only one harvest per year before he planted a new variety, resistant to unpredictable weather conditions capable of producing larger yields.



The grain, introduced as a part of a programme designed to increase output of the regional staple food and cut dependence on imports, allows rice growers to get two harvests per year, with a yield of up to 5 metric tons per hectare.



This shift signals a potential boost for local farmers and the nation as a whole, which could reduce its reliance on foreign rice imports.



Before the introduction of the new programme that includes better irrigation, mechanization and improved short-cycle drought-resistant seeds, farmers struggled to produce one metric ton per hectare in some areas.



&#8220;Today&#8217;s yields are better &#8230; This time we&#8217;ve started with a new variety, so today we&#8217;re doing just fine,&#8221; the 52-year-old farmer harvesting rice in the village of Subiakro, over 14 km from the Ivorian capital Yamoussoukro, told Reuters.



A farmer from another village, Hermane N&#8217;Guessan Kouame, praised the new variety&#8217;s scent and flavour as well as its capacity to resist frequent water shortages &#8211; the qualities that make the grain highly prized on the local rice market.



The average price for this type of milled rice is 650 CFA francs ($1.09) per kilogram, Kouame said.



&#8220;When you plant it, no matter how the weather changes, it&#8217;s always intact&#8230; It adapts to all climates,&#8221; said the 50-year-old who farms a 44-hectare plot in Zatta located 20 km from Yamoussoukro.



<h2 class="wp-block-heading" id="h-self-sufficient">SELF-SUFFICIENT</h2>



Ivorian production of local white rice currently stands at 1.4 million metric tons, far below the national consumption of 2.1 million, according to a managing director of the Agency for the development of the rice sector (Aderiz).



To fully cover domestic demand, Ivory Coast imports rice mainly from countries such as India, Thailand and Pakistan.



A decision by India to curb its exports last year has raised shortage concerns in several African countries.



But Aderiz says the latest investment of 330 billion CFA francs ($551.38 million) made by the state, its partners and the private sector, will enable the country to self-sufficient in three years.



Production could reach 2.2 million tons by 2027, Yacouba Dembele said.



&#8220;We&#8217;re going to make progress. We&#8217;re going to go fast, especially with the system we&#8217;ve put in place,&#8221; he added.



($1 = 598.5000 CFA francs)



(Reporting by Loucoumane Coulibaly; Editing by Anait Miridzhanian and David Evans)

Ivorian farmers turn to new rice variety for increased yields and profit

<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, Aug 1 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, equity and currency market moves may affect South African markets on Thursday.



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



South Africa July manufacturing sector PMI



South Africa July vehicle sales



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



South Africa&#8217;s rand strengthened on Wednesday, ahead of a much-anticipated policy decision by the U.S. Federal Reserve.



On the stock market, the Top-40 index closed over 2% up.



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



Asian shares rallied on Thursday, tracking a huge revival in tech stocks helped by Meta and Nvidia, while prospects of imminent policy easing in the United States boosted global bonds and commodities.



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



The S&amp;P 500 and Nasdaq scored their biggest daily percentage gains since Feb. 22 and the Dow rose on Wednesday as chip stocks rallied and the Federal Reserve kept U.S. interest rates unchanged while signaling possible easing in September if inflation cools.



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



Gold prices hit a two-week high on Thursday as U.S. Federal Reserve Chair Jerome Powell opened the door to cutting interest rates as early as September.



&#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; Helen Zille says DA relying on ANC’s disintegration to become majority party



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



&#8211; Dis-Chem questioned at AGM about &#8216;zero percent&#8217; black top management



&#8211; Disappointment as Woolies misfires in Australia, SA clothing



(Compiled by Bhargav Acharya)

istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on Aug 1

<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 1 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Thursday.



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



Asian shares rallied on Thursday, tracking a huge revival in global tech stocks helped by Meta and Nvidia, while prospects of imminent policy easing in the U.S. boosted global bonds and commodities.



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



Oil prices rose during Asian trade on Thursday, extending gains from the previous session, after the killing of a Hamas leader in Iran raised the threat of a wider Middle East conflict and concern over its impact on oil.



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



South Africa&#8217;s rand strengthened on Wednesday, ahead of a much-anticipated policy decision by the U.S. Federal Reserve.



<h2 class="wp-block-heading" id="h-nigeria-markets">NIGERIA MARKETS</h2>



Nigeria&#8217;s naira currency firmed sharply to 1,399.04 per dollar on the official market on Wednesday from a low of 1,632, LSEG data showed.



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



Nigerian security forces deployed in major cities and the government said it was open to dialogue ahead of planned protests on Thursday against a cost of living crisis and poor governance that authorities fear could turn violent.



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



Kenya&#8217;s shilling strengthened on Wednesday, lifted by dollar inflows from horticultural produce exporters, traders said.



<h2 class="wp-block-heading" id="h-kenya-sukuk">KENYA SUKUK</h2>



Kenya&#8217;s bourse on Wednesday listed its first-ever Shariah-compliant bond or Sukuk, as it seeks to boost the range of financial products available and attract new capital.



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



Kenya&#8217;s inflation fell to 4.3% year-on-year in July from 4.6% a month earlier, the statistics office said on Wednesday.



<h2 class="wp-block-heading" id="h-kenya-finance-law">KENYA FINANCE LAW</h2>



Kenya&#8217;s Court of Appeal on Wednesday declared the government&#8217;s 2023 finance law unconstitutional, inflicting a new blow to the government of President William Ruto who withdrew this year&#8217;s finance bill after deadly protests.



<h2 class="wp-block-heading" id="h-ghana-politics">GHANA POLITICS</h2>



A high court in Ghana has blocked civil society groups from holding protests in the capital Accra, one of the organisers said, joining other African governments in trying to quell youth-led demonstrations over the high cost of living.



<h2 class="wp-block-heading" id="h-mozambique-central-bank-rate">MOZAMBIQUE CENTRAL BANK RATE</h2>



Mozambique&#8217;s central bank cut its MIMO interest rate to 14.25% from 15.00% on Wednesday, the fourth meeting in a row at which the rate has been reduced. 



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on Aug 1

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1920" height="1005" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/PF3JNZQUQ5M65OD7XXTYURHSSI.jpg" alt="" class="wp-image-433367" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/PF3JNZQUQ5M65OD7XXTYURHSSI.jpg 1920w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/PF3JNZQUQ5M65OD7XXTYURHSSI-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/PF3JNZQUQ5M65OD7XXTYURHSSI-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/PF3JNZQUQ5M65OD7XXTYURHSSI-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/PF3JNZQUQ5M65OD7XXTYURHSSI-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/PF3JNZQUQ5M65OD7XXTYURHSSI-1536x804.jpg 1536w" sizes="auto, (max-width: 1920px) 100vw, 1920px" /><figcaption class="wp-element-caption">Construction work is seen opposite a statue of Samora Machel, the first President of Mozambique, and the Cathedral of the Immaculate Conception, a Roman Catholic cathedral in downtown Maputo, Mozambique, September 1, 2019. REUTERS/Siphiwe Sibeko</figcaption></figure>



MAPUTO, July 31 (Reuters)&nbsp;&#8211;&nbsp;Mozambique&#8217;s central bank cut its MIMO interest rate to 14.25% from 15.00% on Wednesday, the fourth meeting in a row at which the rate has been reduced.



Bank of Mozambique Governor Rogério Zandamela told reporters that inflation was projected to remain in single digits in the medium term.



The southern African country&#8217;s inflation fell to 3.04% year on year in June from 3.07% in May, statistics agency data showed this month.



(Reporting by Manuel Mucari; Writing by Tannur Anders; Editing by Alexander Winning)

PF3JNZQUQ5M65OD7XXTYURHSSI

Mozambique central bank cuts key rate by 75 basis points

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1815421853-820x547.jpg" alt="" class="wp-image-510612" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1815421853-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1815421853-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1815421853-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1815421853-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1815421853-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1815421853-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">President of Kenya William Ruto during the United Nations Climate Change Conference COP28 High Level Segment meeting in Dubai, United Arab Emirates on December 1, 2023. (Photo by Jakub Porzycki/NurPhoto via Getty Images)</figcaption></figure>



NAIROBI, July 31 (Reuters) &#8211; Kenya&#8217;s Court of Appeal on Wednesday declared the government&#8217;s 2023 finance law unconstitutional, inflicting a new blow to the government of President William Ruto who withdrew this year&#8217;s finance bill after deadly protests.



The finance bills, which are presented to parliament at the start of every financial year, are the main vehicle for the government to set out its revenue-raising measures including tax hikes and the introduction of new levies.



The 2023 version was challenged in court following a round of political opposition-led street protests that turned violent, after Ruto&#8217;s government used it to double the value added tax on fuel, introduce a housing tax, and raise the top personal income tax rate, among other measures.



&#8220;A further declaration is hereby issued that the failure to comply with this constitutional dictate renders the entire Finance Act, 2023 unconstitutional,&#8221; a three-judge bench of the Court of Appeal said in a ruling.



The court&#8217;s verdict was in respect of an appeal of another one from the High Court late last year, which largely left the finance bill intact, only striking out the housing levy.



The government pushed through a new law to allow it to continue collecting the housing tax after that ruling and that law is also being challenged in court.



The government, which has been relying on the 2023 finance law to continue collecting taxes after Ruto withdrew this year&#8217;s bill, did not immediately comment on the ruling.



The government can appeal the Court of Appeal ruling at the Supreme Court, which is the highest court.



Reuters could not reach the office of the Chief Minister Musalia Mudavadi for comment. The top official at the finance ministry, Chris Kiptoo, did not respond to requests for comment.



Ruto has nominated a new finance minister after he fired all ministers but one in response to the youth-led violent protests that started last month.



Ruto says the higher taxes are necessary to enable the government to fund development programmes while paying off a heavy public debt load that currently exceeds the recommended level by the International Monetary Fund and the World Bank.



The government has submitted a new economic plan to the IMF and it expects the board of the fund to consider it at the end of August.



(Writing by Duncan Miriri; Editing by George Obulutsa and Mark Potter)

COP28 In Dubai High Level Segment

Kenyan court nullifies 2023 finance law in new blow to President Ruto

<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-1604532787-820x547.jpg" alt="" class="wp-image-506008" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Ugandan shilling and US dollars in the draw at a foreign exchange currency bureau 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, July 31 (Reuters) &#8211; The Ugandan shilling was barely changed on Wednesday, with some end-month dollar inflows from charities offering some support, traders said.



At 1050 GMT, commercial banks quoted the shilling at 3,716/3,726, compared with Tuesday&#8217;s closing rate of 3,717/3,727.



(Reporting by Elias Biryabarema; Editing by George Obulutsa)

Ugandan Economy Following Rate Cut

Ugandan shilling stable, draws support from charity FX inflows

<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-1853257074-820x547.jpg" alt="" class="wp-image-513290" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1853257074-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1853257074-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1853257074-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1853257074-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1853257074-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1853257074-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">ACCRA, GHANA &#8211; DECEMBER 13: H.E. President Nana Akufo-Addo of Ghana, speaks at the Diaspora Engagement Policy launch at the Jubilee House on December 13, 2023 in Accra, Ghana.The Diaspora Engagement Policy (DEP), for the first time in the history of the country of Ghana, was developed to provide the necessary framework within which the Ghanian Diaspora can be constructively engaged in political, social, economic and cultural discourse towards the effective mobilization and coordination of their contributions to the national development process. (Photo by Robert Okine/Getty Images)</figcaption></figure>



ACCRA, July 31 (Reuters)&nbsp;&#8211;&nbsp;A high court in Ghana has blocked civil society groups from holding protests in the capital Accra, one of the organisers said, joining other African governments in trying to quell youth-led demonstrations over the high cost of living.



Organisers said the protests would draw over two million people onto the streets to demand more action from President Nana Akufo-Addo on corruption and living conditions, as well as to protest delays in signing an anti-LGBT bill into law.



High court Justice Abena Afia Serwaa approved a request by Ghana&#8217;s police to ban a handful of organisations from carrying out protests planned between July 31 and August 6 after the police said it lacked the personnel necessary to provide security as officers have been deployed to political rallies amid election campaigning for elections.



A wave of youth demonstrations has swept across several African countries in recent weeks.



In Kenya, more than 50 people have been killed and nearly 700 arrested in a police crackdown on demonstrations since mid-June, when protesters began taking to the streets to oppose tax increases proposed by President William Ruto, according to the government-funded Kenya National Commission on Human Rights (KNCHR).



Ruto has fired his cabinet and scrapped the tax bill.



Last week, young people in Uganda took to the streets to protest against alleged corruption and demand the resignation of the parliament speaker.



Police there shut down a march and arrested more than 70 people, according to a legal aid organisation.



Nigeria, meanwhile, on Saturday offered its young people jobs in the state-oil company and billions of naira worth of grants among other incentives to discourage protests, days before a planned nationwide demonstration over bad governance and a high cost of living.



In Ghana, protest organiser Mensah Thompson said elections should not block citizens from exercising their right to demonstrate.



&#8220;Young people are poised to demonstrate with or without the approval of the authorities,&#8221; he said.



&#8220;A time comes when they will spontaneously jump on the streets and we will have a &#8216;Kenya&#8217; on our hands.&#8221;



Ghana&#8217;s economy buckled after the effects of years of over-stretched borrowing were exacerbated by the COVID-19 pandemic, the knock-on impacts of the war in Ukraine and higher global interest rates.



The gold, cocoa and oil producer has been restructuring most of its $30 billion external debt to be able to implement a $3 billion, three-year International Monetary Fund bailout programme and emerge from its worst economic crisis in a generation.



Ghanaians head to the polls in December to elect legislators and a replacement to President Akufo-Addo in an election expected to be keenly contested.



(Editing by Portia Crowe; editing by Miral Fahmy)

Launch Of The Diaspora Engagement Policy In Ghana

Ghana court bans planned protests against cost of living

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1254" height="836" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling.jpg" alt="" class="wp-image-404443" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling.jpg 1254w, 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-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-768x512.jpg 768w" sizes="auto, (max-width: 1254px) 100vw, 1254px" /><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>



July 31 (Reuters)&nbsp;&#8211;&nbsp;Currencies of most emerging European countries slipped against the dollar on Wednesday, with the Turkish lira touching a record low, while a gauge of EM stocks rose as investors awaited the Federal Reserve&#8217;s interest rate decision later in the day.



MSCI&#8217;s indexes tracking emerging market stocks jumped 1.1%, lifted by gains on Asian bourses on hopes for economic stimulus in China after data showed the country&#8217;s manufacturing activity slipped to a five-month nadir in July.



Additionally, geopolitical risks remained on the radar after Hamas said its leader Ismail Haniyeh was assassinated in Iran, drawing worries about further escalation in the region.



Turkey&#8217;s lira dipped 0.2% versus the dollar, touching a fresh all-time low of 33.1075 against the greenback, while stocks in Turkey dipped 0.5%.



Currencies in emerging European economies edged lower, with the Hungarian forint and Czech crown losing about 0.1% against both the euro and the greenback.



Meanwhile, the Polish zloty slipped 0.2% against the euro after data showed inflation jumped significantly in July, from 2.6% to 4.2% year-on-year, primarily due to the government&#8217;s partial withdrawal of measures aimed at keeping down energy prices.



Investors awaited the U.S. Federal Reserve&#8217;s policy decision later on Wednesday, where the central bank is expected to hold rates but could potentially signal rate cuts are imminent.



The Fed is a key event on a central bank-packed week. The Bank of Japan hiked interest rates earlier in the day. Decisions are on deck from the central banks of Colombia, Brazil, Chile on Wednesday, and the Czech Republic on Thursday.



&#8220;The BoJ and FOMC meetings bookend and are the focal points for a very busy day,&#8221; said Marc Ostwald, global strategist at ADM Investor Services International.



&#8220;It is also month end, and price action thus far this week suggests this has been a constraint, above all given all of the event risk this week, not to mention long-standing national and geopolitical issues,&#8221; Ostwald said, adding plenty of trading activity was likely post the Fed meeting as investors rebalance portfolios.



The emerging markets stock index is on pace for its first monthly decline since January, while an index tracking EM currencies is on track to rise about 0.3%, as markets have grappled with a U.S. tech-led equity selloff, while gauging the likelihood of lower interest rates in the U.S.



Emerging market bonds have fared better, with J.P. Morgan&#8217;s index of dollar-denominated EM bonds returning 1.6% in July, putting its year-to-date gains at nearly 4%.



Elsewhere, the World Bank&#8217;s board approved $1.5 billion in financing for its first ever budget support lending to Ethiopia, it announced on Tuesday.



Ethiopia&#8217;s birr was trading around 74.738 against the dollar.



Nigeria&#8217;s naira was also under pressure, quoted at 1610 to the dollar and on course to fall nearly 7% in July.



(Reporting by Lisa Mattackal in Bengaluru; Editing by Shailesh Kuber)

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

Emerging European FX slips, EM stocks rise as all eyes on Fed

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1366" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-880072092-scaled.jpg" alt="" class="wp-image-409717" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-880072092-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-880072092-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-880072092-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-880072092-120x80.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-880072092-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-880072092-1536x1024.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">Kenyan shilling banknotes and coins sit arranged at a market stall in Mombasa, Kenya, on Thursday, Nov. 23, 2017. The countrys Treasury has already cut this years growth target to 5 percent from 5.9 percent as the protracted election furor damped investment and a drought curbed farm output. Photographer: Luis Tato/Bloomberg via Getty Images</figcaption></figure>



NAIROBI, July 31 (Reuters) &#8211; Kenya&#8217;s shilling strengthened on Wednesday, lifted by dollar inflows from horticultural produce exporters, traders said.



At 0751 GMT, commercial banks quoted the shilling at 128.50/129.50 to the U.S. dollar, compared with Tuesday&#8217;s closing rate of 129.50/130.50.



(Reporting by George Obulutsa; Editing by Alexander Winning)

General Economy As Kenya Faces Bleak 2018 Outlook In Vote Aftermath

Kenyan shilling firms; horticulture dollar inflows help

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="574" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/3SPNJHTH4ZKOBH7O5TPG5SMUHA-820x574.jpg" alt="" class="wp-image-513287" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/3SPNJHTH4ZKOBH7O5TPG5SMUHA-820x574.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/3SPNJHTH4ZKOBH7O5TPG5SMUHA-300x210.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/3SPNJHTH4ZKOBH7O5TPG5SMUHA-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/3SPNJHTH4ZKOBH7O5TPG5SMUHA-768x537.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/3SPNJHTH4ZKOBH7O5TPG5SMUHA-1536x1075.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/3SPNJHTH4ZKOBH7O5TPG5SMUHA-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Shoppers walk towards a Woolworths store in Cape Town, South Africa, February 26, 2024. REUTERS/Esa Alexander/File Photo</figcaption></figure>



JOHANNESBURG, July 31 (Reuters) &#8211; South African upmarket fashion and food retailer Woolworths said it expects to report a decline of up to 32% in full-year total headline earnings on weak sales, as higher living costs continue to weigh on discretionary spend.



Woolworths said on Wednesday headline earnings per share (HEPS) for total operations are expected to fall by 27% to 32% in the 53 weeks ended June 30, from 514.7 cents in the prior year.



Excluding Australian department store David Jones&#8217; contribution in the prior year before being sold and on a comparable prior 52-week period, HEPS are seen falling by 14% to 19%.



The retailer will also book a non-cash impairment of goodwill on its Australian men&#8217;s fashion brand Politix after reassessing the carrying value of that brand. This will only impact the EPS line and not HEPS.



Group turnover and concession sales for the total group decreased by 16.4%, with its South African Fashion, Beauty and Home business delivering turnover growth of 1.4%, while the food business grew sales by 11.2%, further buoyed by the inclusion of the Absolute Pets acquisitions in the fourth quarter.



On a comparable basis and from continuing operations, group turnover grew by 6.2% and by 5.6% on a constant currency basis.



Woolworths said its fashion business was impacted by the weak macro environment, poor product availability due to congestion at the ports &#8220;and increased competition from the disruptive entry of international online retailers.&#8221;



The cold weather also arrived late in winter, delaying shopping for winter clothes.



Fast-fashion online retailers Shein and Temu have aggressively expanded worldwide, including in South Africa, as online shopping has surged after the COVID pandemic. Shein has lured local shoppers with its $5 tops and $10 dresses.



In Australia and New Zealand, retail trading conditions have deteriorated further in the second half, with consumer sentiment at near-record lows and the prolonged cost of living crisis continuing to impact both footfall and discretionary spend, Woolworths said.



As a result, sales at its fashion Country Road business fell by 6.8%.



(Reporting by Nqobile Dludla; Editing by Sonali Paul)

Woolworths in Cape Town

South Africa’s Woolworths flags sharp drop in profit as shoppers spend less

<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-609576648-820x547.jpg" alt="" class="wp-image-513284" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-609576648-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-609576648-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-609576648-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-609576648-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-609576648-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-609576648-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">John Dramani Mahama, Ghana&#8217;s president, speaks during the U.S.-Africa Business Forum in New York, U.S., on Wednesday, Sept. 21, 2016. The forum focuses on trade and investment opportunities on the continent for African heads of government and American business leaders. Photographer: Michael Nagle/Bloomberg via Getty Images</figcaption></figure>



ACCRA, July 31 (Reuters)&nbsp;&#8211;&nbsp;Former Ghanaian president John Dramani Mahama will try to renegotiate terms of an International Monetary Fund bailout and boost local ownership of future oil and mining projects if&nbsp;he wins a new term in office&nbsp;in December, he told Reuters.



Mahama, who was in office from 2012-16, will be the main challenger to the ruling party&#8217;s candidate, Vice President Mahamadu Bawumia, with a good chance to win given a severe economic crisis that has made the government unpopular.



&#8220;I&#8217;ve been in an IMF programme before, when I was president, and I know that the IMF is not averse to sitting and talking and renegotiating issues,&#8221; Mahama, 65, said in an interview.



Ghana defaulted on most of its $30 billion external debt in 2022 after the effects of years of overstretched borrowing were exacerbated by the COVID-19 pandemic, knock-on impacts of the war in Ukraine, and higher global interest rates.



The oil, gold and cocoa producer secured a $3 billion IMF bailout in May 2023, and in June this year reached separate deals with bilateral and commercial creditors to restructure its debts and freeze repayments until 2025.



The IMF has already disbursed $1.56 billion with another $360 million due by December. But Mahama said he would seek additional IMF funds&nbsp;to help Ghana resume the debt repayments.



He also said he would amend a public finance management law to introduce a compulsory debt-to-GDP ceiling of 60-70% to prevent excessive borrowing.



Further, Mahama said he would respect existing production contracts with oil and mining companies and not seek to raise taxes, but rather aim for higher royalties from future projects.



&#8220;I think we are at the upper range of taxes on profit &#8230; But I do think that in some cases the level at which we locked in the royalties is low.&#8221;



He held out the prospect of higher government stakes in future projects via the Minerals Income and Investment Fund, a sovereign wealth facility.



<h2 class="wp-block-heading" id="h-northern-duel">NORTHERN DUEL</h2>



While vice president in 2012, Mahama, of the National Democratic Congress (NDC), became president when John Evans Atta-Mills died in office. Mahama won his own mandate in a presidential election a few months later.



He lost elections in 2016 and 2020 to Nana Akufo-Addo of the New Patriotic Party (NPP), who must step down after this year&#8217;s Dec. 7 vote as he will have served the maximum two terms.



As president, Mahama invested heavily in infrastructure but drew criticism over power shortages, macroeconomic instability and allegations of political corruption, though he was not personally tainted. Critics of the NPP say those trends have continued or worsened under Akufo-Addo&#8217;s administration.



Mahama and Bawumia are both from northern Ghana, where the NDC was dominant for many years but the NPP has been making inroads.



&#8220;We the youth are hopeless, we don&#8217;t have jobs. How to eat, pay bills and feed our families is very hard,&#8221; Abdul-Wakil Neindow, 30, who lost his construction job in 2017 and has yet to find work, said at Mahama&#8217;s campaign launch at the weekend.



Ghana is one of Africa&#8217;s most stable democracies, with a history of peaceful transfers of power. No party has ever won more than two consecutive terms in government.



However, the last election was marred by opposition accusations that the government used the advantages of office to unfairly influence the outcome, which it denied.



Mahama urged supporters at his campaign launch to stay awake for 48 hours after voting to guard against any vote-rigging.



($1 = 15.4500 Ghanaian cedi)



(Writing by Portia Crowe; Editing by Estelle Shirbon and Mark Heinrich)

Key Speakers At The U.S.-Africa Business Forum

Ghana’s Mahama would renegotiate IMF deal if he regains presidency

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="740" height="416" src="https://cms.cnbcafrica.com/wp-content/uploads/2020/09/103026087-Rand.jpg" alt="Waldo Swiegers | Bloomberg | Getty Images" class="wp-image-381748" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/09/103026087-Rand.jpg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/103026087-Rand-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/103026087-Rand-696x391.jpg 696w" sizes="auto, (max-width: 740px) 100vw, 740px" /><figcaption class="wp-element-caption">Waldo Swiegers | Bloomberg | Getty Images
</figcaption></figure>



JOHANNESBURG, July 31 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand strengthened early on Wednesday, ahead of a much-anticipated policy decision by the Federal Reserve.



At 0718 GMT, the rand traded at 18.22 against the dollar, about 0.6% stronger than its previous close.



Investors focus will be on the Fed on Wednesday for clues on the future interest rate trajectory of the world&#8217;s biggest economy. The central bank is expected to leave rates unchanged, but markets are betting on a cut at its September meeting.



&#8220;The rand is likely to continue to trade in an R18.20/R18.45 range ahead of the (meeting),&#8221; Andre Cilliers, currency strategist at TreasuryONE, said.



Domestic investors will also be looking at June trade balance data to be released by Statistics South Africa later in the day.



On the stock market, the Top-40 index was up 1.2%.



South Africa&#8217;s benchmark 2030 government bond firmed in early deals, with the yield down 3.5 basis points to 9.470%.



(Reporting by Bhargav Acharya; Editing by Andrew Heavens)

Waldo Swiegers | Bloomberg | Getty Images

South African rand firms ahead of Fed policy decision

<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, July 31 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic event, equity and currency market moves may affect South African markets on Wednesday.



<h2 class="wp-block-heading" id="h-economic-event">ECONOMIC EVENT</h2>



Statistics South Africa to release June trade balance data



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



The South African rand gained on Tuesday as markets waited on the outcome of a U.S. Federal Reserve meeting on Wednesday which could give hints on its rate-cut timeline.



On the Johannesburg Stock Exchange, the Top-40 index closed 0.3% higher.



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



Asian stocks surged on Wednesday and the yen was volatile after the Bank of Japan raised interest rates in a hawkish pivot, while investors assessed contrasting results from Microsoft and chipmaker AMD that suggested a divide in the AI landscape.



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



The S&amp;P 500 and Nasdaq stumbled to close lower on Tuesday, weighed down by weak chip and megacap shares ahead of earnings from heavyweight tech companies this week, but the Dow managed modest gains. 



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



Gold prices firmed on Wednesday, heading for a monthly gain on the back of growing optimism about U.S. interest rate cuts and the killing of Hamas leader Ismail Haniyeh in Iran, while traders shifted focus to the Federal Reserve&#8217;s policy verdict.



&#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; Nersa rejects Eskom’s bid to reserve grid capacity for renewable energy projects



&#8211; Coronation warns water-shedding a risk to investment



(Compiled by Bhargav Acharya)

Reuters

Ugandan shilling weaker due to increased commercial bank FX demand

Kenya’s shilling dips against the dollar – LSEG data

South African rand steady ahead of manufacturing PMI

Diamond sales at Botswana’s Debswana fall 49.2% as market downturn continues

Ivorian farmers turn to new rice variety for increased yields and profit

South African Markets – Factors to watch on Aug 1

African Markets – Factors to watch on Aug 1

Mozambique central bank cuts key rate by 75 basis points

Kenyan court nullifies 2023 finance law in new blow to President Ruto

Ugandan shilling stable, draws support from charity FX inflows

Ghana court bans planned protests against cost of living

Emerging European FX slips, EM stocks rise as all eyes on Fed

Kenyan shilling firms; horticulture dollar inflows help

South Africa’s Woolworths flags sharp drop in profit as shoppers spend less

Ghana’s Mahama would renegotiate IMF deal if he regains presidency

South African rand firms ahead of Fed policy decision

South African Markets – Factors to watch on July 31

News Tips

Advertise With Us

Reuters

Ugandan shilling weaker due to increased commercial bank FX demand

Kenya’s shilling dips against the dollar – LSEG data

South African rand steady ahead of manufacturing PMI

Diamond sales at Botswana’s Debswana fall 49.2% as market downturn continues

Ivorian farmers turn to new rice variety for increased yields and profit

South African Markets – Factors to watch on Aug 1

African Markets – Factors to watch on Aug 1

Mozambique central bank cuts key rate by 75 basis points

Kenyan court nullifies 2023 finance law in new blow to President Ruto

Ugandan shilling stable, draws support from charity FX inflows

Ghana court bans planned protests against cost of living

Emerging European FX slips, EM stocks rise as all eyes on Fed

Kenyan shilling firms; horticulture dollar inflows help

South Africa’s Woolworths flags sharp drop in profit as shoppers spend less

Ghana’s Mahama would renegotiate IMF deal if he regains presidency

South African rand firms ahead of Fed policy decision

South African Markets – Factors to watch on July 31

News Tips

Advertise With Us

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