<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="820" height="615" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/48085890627_1aed377e0b_k-820x615-1.jpg" alt="" class="wp-image-511113" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/48085890627_1aed377e0b_k-820x615-1.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/48085890627_1aed377e0b_k-820x615-1-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/48085890627_1aed377e0b_k-820x615-1-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/48085890627_1aed377e0b_k-820x615-1-768x576.jpg 768w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Photos: via Flickr</figcaption></figure>



July 25 (Reuters) &#8211; Malawi&#8217;s central bank kept its benchmark lending rate unchanged at 26.0% in a decision announced on Thursday.



(Reporting by Bhargav Acharya; writing by Tannur Anders; editing by Mark Heinrich)

48085890627_1aed377e0b_k-820×615

Malawi central bank keeps main interest rate unchanged at 26%

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="619" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/YCWFEE2J3NLKPHC3NQ2YRVFRB4-820x619.jpg" alt="" class="wp-image-511102" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/YCWFEE2J3NLKPHC3NQ2YRVFRB4-820x619.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/YCWFEE2J3NLKPHC3NQ2YRVFRB4-300x227.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/YCWFEE2J3NLKPHC3NQ2YRVFRB4-119x90.jpg 119w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/YCWFEE2J3NLKPHC3NQ2YRVFRB4-768x580.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/YCWFEE2J3NLKPHC3NQ2YRVFRB4-1536x1160.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/YCWFEE2J3NLKPHC3NQ2YRVFRB4-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO &#8211; Zimbabwean Finance Minister Mthuli Ncube looks on before the swearing in of new cabinet ministers at State House in Harare, Zimbabwe, September 10, 2018. REUTERS/Philimon Bulawayo</figcaption></figure>



HARARE, July 25 (Reuters)&nbsp;&#8211;&nbsp;Zimbabwe&#8217;s 2024 budget deficit is forecast to be 1.3% of gross domestic product, Finance Minister Mthuli Ncube said on Thursday,but warned that concerns remained over the impact of a drought on finances.



The finance ministry projected 2024 growth at 2% earlier this month, down from 3.5% forecast in November, as southern Africa suffers its worst drought in decades.



In his midterm budget review, Ncube told lawmakers that the agriculture sector was now projected to contract by 21.2%, against a contraction of 4.9% in November, due to the drought.



Ncube added that spending priorities for the remainder of the year could change as the government takes stock of the impact of the drought on food security and water.



In April, the southern African nation introduced its new gold-backed currency, Zimbabwe Gold (ZiG), its sixth attempt at a domestic currency in 15 years.



&#8220;Since the introduction of the ZiG currency, the economy is experiencing relatively stable prices and exchange rate,&#8221; Ncube said, adding that inflation had remained stable in the two months since its introduction.



Zimbabweans however have been slow to adopt the new currency, opting instead to continue trading in foreign currency, mainly US dollars.



Ncube introduced revised tax proposals which he says will encourage greater use of the currency, including changes to corporate taxes and making some domestic taxes only payable in local currency.



(Reporting by Nyasha Chingono in Harare and Kopano Gumbi in Johannesburg, additional reporting by Tannur Anders and Bhargav Acharya, writing by Kopano Gumbi, editing by Mark Heinrich and Bernadette Baum)

FILE PHOTO – Zimbabwean Finance Minister Mthuli Ncube looks on before the swearing in of new cabinet ministers at State House in Harare

Zimbabwe’s 2024 budget deficit seen at 1.3% of GDP, finmin says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="573" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/CQVBUS4TCRKRPKTBUCLDNRK4CM-820x573.jpg" alt="" class="wp-image-511082" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/CQVBUS4TCRKRPKTBUCLDNRK4CM-820x573.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/CQVBUS4TCRKRPKTBUCLDNRK4CM-300x210.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/CQVBUS4TCRKRPKTBUCLDNRK4CM-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/CQVBUS4TCRKRPKTBUCLDNRK4CM-768x537.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/CQVBUS4TCRKRPKTBUCLDNRK4CM-1536x1074.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/CQVBUS4TCRKRPKTBUCLDNRK4CM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Solar panels are seen near the cooling towers of a retired coal-fired Komati Power Station, operated by Eskom, near Komati village, in the Mpumalanga province in South Africa, May 9, 2024. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, July 25 (Reuters)&nbsp;&#8211;&nbsp;South Africa, the world&#8217;s 14th biggest carbon emitter, has made strong commitments to climate action but is moving too slowly to wean itself off coal and roll out renewables to meet them, a key report said on Thursday.



Africa&#8217;s most industrialised country has been lauded for making ambitious pledges to cut greenhouse gas emissions &#8211; which are higher even than far richer nations like France, Britain and Italy &#8211; and for producing a comprehensive plan to achieve them.



&#8220;Despite all the strong public support and policy commitments, we&#8217;ve got a huge discrepancy between that and what&#8217;s actually happening,&#8221; Melissa Fourie, one of the authors of the Presidential Climate Commission report, said at its launch in the commercial capital Johannesburg.



The report, commissioned by the president&#8217;s office but independent, said a more than six-fold increase in the pace of renewables buildout was needed.



Several countries&#8217; actions globally are lagging behind their pledges.



President Cyril Ramaphosa signed a sweeping climate change act into law this week that set caps for large emitters.



Donors are providing $12 billion of mostly loans to fund South Africa&#8217;s energy transition, a model they hope to export elsewhere in the developing world.



At the same time, the country has been firing up its coal burners to end years of power shortages. Last year, officials backtracked on pledges to shut down eight coal-fired power stations and have admitted South Africa will not meet its 2030 targets.



The report said total renewable capacity in South Africa was 10.4 gigawatts (GW) in 2022, growing by 1 GW per year since 2015. To meet net zero by 2050, however, it would need between 190 GW and 390 GW, requiring between 6 GW and 14 GW per year.



The report blamed &#8220;contradictory public policies &#8230; particularly regarding the future of the energy



sector,&#8221; adding: &#8220;The lack of consensus about the pace of the coal phaseout is delaying the &#8230; the transition&#8221;.



It added that investment was far below what was required, with 131 billion rand ($7.09 billion) a year being committed, against the 334 billion to 535 billion needed.



($1 = 18.4799 rand)



(Reporting by Tim Cocks; Editing by Alexandra Hudson)

FILE PHOTO: South Africa’s ANC walks political tight rope over coal plant shutdowns

South Africa’s climate action too slow to meet its bold pledges, says report

<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 25 (Reuters)&nbsp;&#8211;&nbsp;Stocks in most developing markets dropped to more than a one-month low on Thursday, as risk taking took a dive after a surprise interest rate decision out of China, while Ukraine bond yields ticked up following a credit rating downgrade.



MSCI&#8217;s index tracking equities across emerging markets dropped 0.6% on track for its ninth day of declines out of ten, but still hanging onto gains of over 4% year-to-date.



A currencies gauge edged up 0.2% against a softer dollar, with markets awaiting economic growth data out of the U.S. later in the day.



The People&#8217;s bank of China (PBOC) surprised markets for a second time this week with an unscheduled lending operation at steeply lower rates, in a heavier effort to prop the economy, which spooked investors and sent China stocks lower by 0.5% each.



China&#8217;s offshore yuan, however, firmed to levels seen last in early May, while bond yields across the curve were flat.



&#8220;The PBOC is trying to shore-up sluggish Chinese economic activity. However, until China deals with its huge debt overhang (total debt is more than 300% of GDP), the country looks set for weaker growth in the years ahead,&#8221; said Elias Haddad, senior markets strategist at Brown Brothers Harriman.



Indian equities continued their decline for the fifth straight day, with the indexes on track for their first weekly losses since late May after equity trading tax hikes earlier in the week.



The capital gains tax revisions sparked a selloff with data showing foreign investors offloaded nearly $1 billion worth of equities in the two days since the budget announcement.



South Africa&#8217;s rand depreciated 0.8%, tracking a weakness in precious metal prices, a top export item from the country.



In central and eastern Europe, Hungary&#8217;s forint weakened for the third-straight day by 0.1% to a two-week low on expectations of more monetary policy easing after an interest rate cut earlier in the week. Concerns also remain as the country struggles with the largest debt in the region.



An index tracking stocks in central and eastern Europe also slid 1.5% to a more than one month low.



Investors monitored ceasefire negotiations between Israel and Hamas, which U.S. officials said were appearing to be in their closing stages. The shekel was flat.



Elsewhere, Ukraine&#8217;s central bank was due to announce an interest rate decision.



Yields on dollar bonds ticked up 28 basis points (bps) as ratings agency Fitch downgraded the war-torn country&#8217;s credit rating further into default territory, citing a recently concluded in-principle agreement with a group of creditors to restructure $20 billion of international bonds.



(Reporting by Johann M Cherian in Bengaluru; editing by Philippa Fletcher)

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

Stocks slide to more than one-month low; China, Ukraine in focus

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="533" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/AIWBQMUGNNKINK5I5LYWF6KGQI-820x533.jpg" alt="" class="wp-image-511030" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/AIWBQMUGNNKINK5I5LYWF6KGQI-820x533.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/AIWBQMUGNNKINK5I5LYWF6KGQI-300x195.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/AIWBQMUGNNKINK5I5LYWF6KGQI-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/AIWBQMUGNNKINK5I5LYWF6KGQI-768x500.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/AIWBQMUGNNKINK5I5LYWF6KGQI-1536x999.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/AIWBQMUGNNKINK5I5LYWF6KGQI-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Protestors chant slogans during a rally against what they say are rampant corruption and human rights abuses by the country&#8217;s rulers in Kampala, Uganda July 23, 2024. REUTERS/Michael Muhati/File Photo</figcaption></figure>



KAMPALA, July 25 (Reuters)&nbsp;&#8211;&nbsp;Ugandan police detained several people in the capital Kampala on Thursday during a second day of anti-corruption protests that are demanding the resignation of the parliament speaker, footage broadcast by local media showed.



Drawing inspiration from weeks of youth-led protests in neighbouring Kenya that forced the president there to withdraw proposed tax hikes, young Ugandans began demonstrating this week against alleged graft by elected leaders.



The police quickly shut down a planned march to parliament on Tuesday. They arrested at least 73 young protesters, according to Chapter Four Uganda, an organisation providing legal services to those detained.



On Thursday, more demonstrators took to the streets, according to video posted on X by the Daily Monitor newspaper. The footage showed police in riot gear forcing several&nbsp;young adults&nbsp;into the back of a truck as they shouted protest slogans.



Footage broadcast by NTV Uganda showed about a dozen people marching with signs that said, &#8220;The Corrupt are Messing with a Wrong Generation&#8221; and &#8220;This is our 1986&#8221;, a reference to when President Yoweri Museveni overthrew a repressive government.



Reached for comment, police spokesperson Kituuma Rusoke referred Reuters to comments on Monday in which he said protests had been banned because they would be hijacked by people looking to loot and vandalise.



Museveni, who over the weekend warned protesters against &#8220;playing with fire&#8221;, accused them on Thursday of receiving foreign funding.



&#8220;Those involved should know that Uganda is not a neo-colony,&#8221; he said. &#8220;The fight against corruption is in my hands. I just need evidence and action will be taken.&#8221;



Ugandan and Kenyan activists have used audio forums on X as the main platform for organising their protests.



In one such forum on Thursday, activists encouraged Ugandans to take to the streets but acknowledged the challenge of mobilising in a country where anti-government demonstrations routinely draw forceful police crackdowns.



&#8220;You want it done today? Get out of your house &#8230; Be the soldier for this anti-corruption fight,&#8221; said one speaker identified only by their X handle.



The protesters&#8217; demands include the resignation of parliament speaker Anita Among, who was sanctioned this year by the United States and Britain for alleged involvement in corruption.



Among has denied all allegations of graft and says she is being targeted by Western governments for her role pushing through harsh anti-LGBTQ legislation last year.



The Ugandan protesters have borrowed slogans from their counterparts in Kenya, where more than 50 people have been killed in six weeks of protests, characterising themselves as &#8220;fearless&#8221; and &#8220;leaderless&#8221;.



Nigerian activists are also looking to emulate the protests in Kenya and have called for demonstrations next month in response to a cost of living crisis.



(Reporting by Elias Biryabarema in Kampala and Aaron Ross in Nairobi; Editing by Toby Chopra)

FILE PHOTO: Ugandan security forces detain young protesters marching in Kampala

Uganda police arrest more people protesting corruption

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



KAMPALA, July 25 (Reuters) &#8211; The Ugandan shilling weakened on Thursday, pressured by increased demand for dollars from commercial banks, traders said.



At 0812 GMT, commercial banks quoted the shilling at 3,725/3,735, compared with Wednesday&#8217;s closing rate of 3,715/3,725.



(Reporting by Elias Biryabarema; Editing by George Obulutsa)

Ugandan Economy Following Rate Cut

Ugandan shilling weakens on increased FX demand from commercial banks

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1366" src="https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-scaled.jpg" alt="" class="wp-image-381494" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-1110x740.jpg 1110w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-696x464.jpg 696w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-1068x712.jpg 1068w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-1920x1280.jpg 1920w" 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 countrys Treasury has already cut this years 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</figcaption></figure>



NAIROBI, July 25 (Reuters) &#8211; Kenya&#8217;s shilling was stable on Thursday, but could to come under pressure due to offshore dollar demand, while any sales by the central bank could give it a boost, traders said.



At 0741 GMT, commercial banks quoted the shilling at 132.50/133.50 per dollar, the same as Wednesday&#8217;s rate.



(Reporting by George Obulutsa; Editing by Bate Felix)

General Economy As Kenya Faces Bleak 2018 Outlook In Vote Aftermath

Kenya shilling steady, central bank sales could provide support

<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-154793099-scaled.jpg" alt="" class="wp-image-408693" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-120x80.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-1536x1024.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">A sign stands at the entrance to the offices of Anglo American Plc in the Marshalltown district of Johannesburg, South Africa, on Friday, Oct. 26, 2012. Anglo American Plc Chief Executive Officer Cynthia Carroll , the first woman, external hire and non-South African to hold the job, will quit after Anglo lost $14 billion in value in the more than five years she was in charge. Photographer: Chris Ratcliffe/Bloomberg via Getty Images</figcaption></figure>



LONDON, July 25 (Reuters) &#8211; Anglo American took a further $1.6 billion writedown on its costly British fertiliser project on Thursday, but the miner said it expects to reach a deal for the sale of its coal assets by early 2025, despite a fire at one of its mines.



CEO Duncan Wanblad is under pressure to boost returns to investors and demonstrate he can deliver on his May 14 plan to radically refocus the company on copper and iron ore, after fighting off a $49 billion takeover attempt from bigger rival BHP Group.



Wanblad pinned his approach on getting an early start with selling Anglo&#8217;s coking coal assets in Australia, but a fire at its Grosvenor mine threatened to set back the timing with a likely hit to the deal&#8217;s valuation.



Anglo said the company plans to conduct a two-stage auction process for the coal assets, including Grosvenor, adding that the mine would probably only resume operations under a new owner.



&#8220;There are so many interested potential buyers for this set of assets,&#8221; Wanblad told reporters.



&#8220;Our expectation is that hopefully by the end of this year, very early next year&#8230;we will have a deal,&#8221; he added.



Anglo&#8217;s shares were unchanged at the London market open.



The CEO said Anglo is still looking for partners at its Woodsmith fertiliser project in northern England, despite the impairment. It already wrote down $1.7 billion on the project a year ago.



The miner also said its nickel assets in Brazil have attracted interest from potential buyers.



&#8220;We have had inbound interest from a number of credible parties and we will be starting a formal process later this year,&#8221; a spokesperson told Reuters via email.



The company declared an interim dividend of $0.42 per share, down from $0.55 a year earlier and far below the record levels of 2021.



It posted a $672 million loss for the first half, mostly reflecting the impairment at Woodsmith, while core earnings or EBITDA of $5 billion was slightly lower than $5.1 billion a year earlier but above the $4.6 billion seen in an analysts&#8217; consensus estimate.



Anglo cut diamond production by 19% during the first six months of the year amid lower prices. Production guidance at its De Beers unit was revised down to 23-26 million carats from 26-29 million to help preserve cash.



The company&#8217;s restructuring plan includes the divestment of De Beers and also of its nickel mines, and the demerger of its South African platinum unit.



(Reporting by Clara Denina in London and Felix Njini in Johannesburg; editing by Jon Boyle and Jason Neely, Kirsten Donovan)

Anglo American Plc’s South African Headquarters As CEO Cynthia Carroll Quits

Anglo takes further fertiliser writedown, sees coal deal by early 2025

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1365" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-scaled.jpg" alt="" class="wp-image-423556" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-1536x1024.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">Illustration photo shows a two-rand coin above a South African flag April 12, 2017. REUTERS/Thomas White/Illustration</figcaption></figure>



JOHANNESBURG, July 25 (Reuters)&nbsp;&#8211;&nbsp;The South African rand was weaker in early trade on Thursday, ahead of U.S. economic data readings that could give hints on the future interest rate path of the world&#8217;s biggest economy.



At 0631 GMT, the rand traded at 18.42 against the dollar, about 0.2% weaker than its previous close.



Markets await a U.S. gross domestic product reading on Thursday and personal consumption expenditure data &#8211; the Federal Reserve&#8217;s favoured measure of inflation &#8211; on Friday. These readings could give hints on the country&#8217;s the future interest rate path.



&#8220;Ahead of this afternoon&#8217;s much anticipated U.S. data&#8230; markets have seen risk off sentiment increase and thus EM (emerging market) currencies remain on the back foot,&#8221; said Andre Cilliers, currency strategist at TreasuryONE.



&#8220;The rand&#8230; could possibly test the R18.50 mark in the current market conditions, with headwinds for commodity currencies also flaring up,&#8221; Cilliers added.



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



Locally, investors will turn their attention to South Africa&#8217;s producer inflation figures for June, expected around 0930 GMT.



On Wednesday, Statistics South Africa data showed headline consumer inflation eased to 5.1% year-on-year in June from 5.2% in May.



South Africa&#8217;s benchmark 2030 government bond was slightly stronger in early deals, as the yield slipped 0.2 basis point to 9.5%.



(Reporting by Tannur Anders; Editing by Toby Chopra)

Illustration photo of South African rand

South African rand weaker, focus on US economic data

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



GLOBAL MARKETS



Asian shares were hammered on Thursday as a slump in global tech stocks sent investors fleeing into less risky assets, including short-dated bonds, the yen and Swiss franc.



WORLD OIL PRICES



Oil prices eased on Thursday as concerns over weak demand in China, the world&#8217;s largest crude importer, and expectations of a nearing ceasefire deal in the Middle East overcame gains in the previous session after draws in U.S. inventories.



SOUTH AFRICA MARKETS



The South African rand recouped some losses against a weaker dollar on Wednesday even as national inflation slowed, fuelling hopes of an interest rate cut by the South African Reserve Bank (SARB).



NIGERIA PETROLEUM



Eni has received formal approval from the Nigerian Upstream Petroleum Regulatory Commission to sell its unit Nigerian Agip Oil Company (NAOC) to the country&#8217;s leading energy company OANDO, the Italian group said on Tuesday.



NIGERIA POLITICS



Nigeria&#8217;s government on Wednesday pleaded for more time and patience to end economic hardships as citizens mobilise for demonstrations, a day after the country&#8217;s police chief warned against protests.



KENYA MARKETS



Kenya&#8217;s shilling was weaker against the dollar in early trade on Wednesday, LSEG data showed.



KENYA POLITICS



Kenyan President William Ruto on Wednesday nominated four members of the main opposition party to a &#8220;broad-based&#8221; cabinet he promised in response to nationwide protests, but activists criticised the new government as a corrupt bargain.



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on July 25

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



ECONOMIC EVENTS



Statistics South Africa will publish the country&#8217;s producer inflation figures for June.



SOUTH AFRICAN MARKETS



The South African rand recouped some losses against a weaker dollar on Wednesday even as national inflation slowed, fuelling hopes of an interest rate cut by the South African Reserve Bank (SARB).



On the stock market, the Top-40 index was last down 0.2%.



GLOBAL MARKETS



Asian shares were hammered on Thursday as a slump in global tech stocks sent investors fleeing into less risky assets, including short-dated bonds, the yen and Swiss franc.



WALL STREET



The S&amp;P 500 and Nasdaq ended at multi-week lows on Wednesday, with the S&amp;P snapping one of its longest streaks without a daily decline of more than 2%, as lackluster Alphabet and Tesla earnings undermined investor confidence in megacap names.



GOLD



Gold prices fell nearly 1% on Thursday, as investors booked profits ahead of U.S. economic data that could offer more cues on when the central bank will cut interest rates this year and by how much.



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



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



BUSINESS DAY



&#8211; SA mounts bid to hang on to its Agoa trade benefits



&#8211; Tide is slowly turning for distressed SA household finances



(Compiled by Tannur Anders)

istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on July 25

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="499" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/QW76VFKRQNM3RCXVXVQ5TDQVFY-820x499.jpg" alt="" class="wp-image-510929" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/QW76VFKRQNM3RCXVXVQ5TDQVFY-820x499.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/QW76VFKRQNM3RCXVXVQ5TDQVFY-300x183.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/QW76VFKRQNM3RCXVXVQ5TDQVFY-148x90.jpg 148w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/QW76VFKRQNM3RCXVXVQ5TDQVFY-768x467.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/QW76VFKRQNM3RCXVXVQ5TDQVFY-1536x934.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/QW76VFKRQNM3RCXVXVQ5TDQVFY-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: FILE PHOTO: Shein logo and their web shop are seen in this illustration taken, May 16, 2024. REUTERS/Dado Ruvic/Illustration/File Photo/File Photo</figcaption></figure>



JOHANNESBURG, (Reuters) &#8211; Fast-fashion giant Shein, known for its $5 tops and $10 dresses, will open a pop-up store in Johannesburg, South Africa in August as the online retailer aims to expand its brand recognition in the country.



Shein, founded in China, and its rival Temu have aggressively expanded worldwide as online shopping has surged after the COVID pandemic. They have been accused of exploiting tax loopholes by exporting China-made products in small quantities to avoid higher duties.



&#8220;Bringing the Shein experience directly to the end consumer is a key part of Shein&#8217;s strategy,&#8221; the company said on Wednesday in an emailed response.



&#8220;Given that Shein is a digital-first company, Shein&#8217;s hugely successful pop-ups are an opportunity for our consumers to touch and feel our products, as well as to interact and engage directly with Shein&#8217;s local brand ambassadors.&#8221;



Shein will open its pop-up store from Aug. 2-11 as an &#8220;exhibition space&#8221; for customers to try on trendy fashion and lifestyle products and order them online at a discount, the company said in its South African Instagram post.



Local influencers were tapped for a pre-opening marketing campaign.



Brick-and-mortar and online fashion retailers have urged South African regulators to impose a 45% import duty on all clothing item imports, no matter the price, to level the playing field. Shein, which is planning to go public in Britain, taps a network of largely China-based suppliers which take small initial orders and scale up based on demand.



A Shein spokesperson told Reuters the retailer is engaging with South African regulators to ensure its continued compliance with local laws.



&#8220;That said, such tax measures are not critical to the success of our business or the competitive prices we offer our consumers. We keep our prices affordable through our technology-based on-demand business model and flexible supply chain,&#8221; the spokesperson added.



(Reporting by Nqobile Dludla; Editing by Richard Chang and David Evans)

FILE PHOTO: FILE PHOTO: Illustration shows Shein logo

Shein to open pop-up store in South Africa to woo more shoppers

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1333" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-154793123-scaled.jpg" alt="" class="wp-image-481529" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-154793123-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-154793123-300x195.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-154793123-820x534.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-154793123-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-154793123-768x500.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-154793123-1536x1000.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">A visitor descends stairs outside the offices of Anglo American Plc in the Marshalltown district of Johannesburg, South Africa, on Friday, Oct. 26, 2012. Anglo American Plc Chief Executive Officer Cynthia Carroll , the first woman, external hire and non-South African to hold the job, will quit after Anglo lost $14 billion in value in the more than five years she was in charge. Photographer: Chris Ratcliffe/Bloomberg via Getty Images</figcaption></figure>



LONDON, July 24 (Reuters) &#8211; Anglo American investors will keenly scrutinize CEO Duncan Wanblad on Thursday as he gives an update on the London-based miner&#8217;s strategy, just months after fighting off a $49 billion takeover bid from bigger rival BHP Group.



Delivering first-half earnings results for the first time after rebuffing the world&#8217;s No. 1 miner, Wanblad and his team need to convince investors that the strategy to refocus on copper, iron ore and a fertilizer project is on track.



While Wanblad pinned his approach on getting an early start with selling Anglo&#8217;s coking coal assets in Australia, which the company said has drawn huge interest, an unexpected and unwieldy fire at its Grosvenor mine at one of the mines could torpedo the well-laid plans, setting the timing back with a possible hit to the deal&#8217;s valuation.



&#8220;Clearly, any updates on the simplification strategy will be closely watched,&#8221; said Richard Hatch, analyst at Berenberg.



&#8220;Our key questions center around the challenges of selling the coal business &#8230; and whether Anglo would accept payments in contingent form due to operational issues,&#8221; Hatch added.



Anglo has already cut its output forecast for steelmaking coal, because of the June 29 fire at its Grovesnor mine that has rendered the affected sections inaccessible. Damage assessment and re-opening is going to take several months, Anglo said.



Investors also expect Anglo to write off the value of its Woodsmith fertiliser project in northern England, having earlier said it would slow down development but still invest $800 million this year. Anglo already wrote down $1.7 billion on the project a year ago.



The restructuring plan, which also includes the demerger of its South African platinum unit, closure or sale of its nickel mines and the divestment of diamonds business De Beers, could be completed by 2025.



Unless, BHP resumes its pursuit or other suitors, join the hunt.



&#8220;BHP could come back after six months, or could wait for the Amplats unbundling to be complete,&#8221; said Ian Woodley, portfolio manager at Old Mutual.



&#8220;If I were them, I would wait at least until the unbundling has moved along a bit further,&#8221; he added.



The main prize in Anglo&#8217;s portfolio are its world class and long-life copper assets in Latin America.



Copper is seen as a draw-card to deals in the mining sector, with investors expected to demand that even the most profitable companies show plans on how to grow the metal&#8217;s portfolio.



&#8220;Having an exposure to the copper sector, to the copper price, is attractive for investors,&#8221; said Erik Belz, president and chief operating officer at hedge fund Engine No. 1.



&#8220;Consolidation can get our (investors) costs down. If we get our costs down, we can expand our margin. And if the price goes up on top of that, then that&#8217;s sort of two ways to win,&#8221; Belz added. 



(Reporting by Clara Denina and Felix Njini; Editing by Veronica Brown and David Evans)

Anglo to face investors with wary eye on BHP’s potential return

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="546" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1247822978-820x546.jpg" alt="" class="wp-image-510697" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1247822978-820x546.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1247822978-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1247822978-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1247822978-768x511.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1247822978-1536x1022.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1247822978-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">WINDHOEK, NAMIBIA &#8211; 2023/01/10: An aerial view of the capital city Windhoek and the Lutheran church called Christ Church (Christuskirche) which was designed by the architect Gottlieb Redecker is a landmark in the middle of a roundabout in the center of Windhoek. (Photo by Peter Charlesworth/LightRocket via Getty Images)</figcaption></figure>



CAPE TOWN/WINDHOEK, July 24 (Reuters)&nbsp;&#8211;&nbsp;A dispute in Namibia over access to diamond-rich land around the town of Luderitz is now threatening to derail major energy projects, state and company officials said as the government steps up efforts to resolve the dispute.



Any protracted delays may scare off investors at a crucial time for Namibia, as it aims to accelerate its first oil production following large offshore finds by TotalEnergies, Shell and Galp.



At the heart of the discord are vast tracts of desert land surrounding Luderitz and Elizabeth Bay, 25 kms south, that form part of a mining licence held by Sperrgebiet Diamond Mining (SDM) company and which companies need for their projects.



&#8220;At the moment, the ministry and licence holder are in talks to find a best solution to address the issue (of land access),&#8221; a spokesperson for the mines and energy ministry said.



Besides a proposed 800 megawatt gas-to-power plant, Hyphen Energy&#8217;s $10 billion green hydrogen project and two wind farms are among those potentially affected as the year-long deadlock drags on, officials said.



Elizabeth Bay is where BW Energy plans to land a pipeline from its offshore Kudu gas field to supply a gas-to-power plant and liquefied natural gas facility.



BW Energy, which postponed a final investment decision on its Kudu project, previously told Reuters that getting land to build a power plant and 40 km onshore pipeline is a challenge.



&#8220;We have been at an impasse now for a year to conclude the mechanics of how we will coordinate and cooperate once we are in operation &#8230; this is quite urgent,&#8221; Manfriedt Muundjua, a senior BW Energy official told an energy conference in April.



The co-owners of SDM are embroiled in a Windhoek high court spat, complicating land negotiations, since the mine&#8217;s majority shareholder, Dubai-based GEM Group, was taken to court by its minority partner, Lewcor, over allegations of asset stripping.



&#8220;We are still negotiating with the mine operators but its a time-consuming process and we don&#8217;t have time,&#8221; Luderitz mayor Phillippus Balhao said.



($1 = 18.3666 Namibian dollars)



(Reporting by Wendell Roelf in Cape Town, Nelson Banya in Harare, Nyasha Nyaungwa in Windhoek; editing by David Evans)

An aerial view of the capital city Windhoek and the Lutheran

Land dispute threatens to derail Namibia’s energy hub plans

<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 24 (Reuters) &#8211; Kenyan President William Ruto on Wednesday nominated four members of the main opposition party to a &#8220;broad-based&#8221; cabinet he promised in response to nationwide protests, but activists criticised the new government as a corrupt bargain.



The opposition members, including the pick to lead the finance ministry, John Mbadi, are allies of opposition leader Raila Odinga, whom Ruto defeated in the 2022 election.



In a speech from his official residence, Ruto called the new government &#8220;a visionary partnership for the radical transformation of Kenya&#8221; and thanked those who had consulted on its formation for the &#8220;historic gesture of their patriotism&#8221;.



Young protesters behind six weeks of demonstrations that forced Ruto to withdraw $2.7 billion in tax hikes said the unity government would perpetuate a tradition of leaders co-opting the opposition at the expense of the population.



More than 50 people have been killed in the protests, which are the biggest crisis of Ruto&#8217;s two years in power.



Demonstrations have continued even after he shelved the tax raises, with many activists now calling for him to resign and for far-reaching reforms to tackle graft.



&#8220;Zakayo has appointed corrupt people to fight corruption,&#8221; Boniface Mwangi, a prominent anti-government activist, wrote on X.



Zakayo is the Swahili name for a greedy tax collector in the Bible that protesters have used as a nickname for Ruto.



&#8220;It&#8217;s important to note @RailaOdinga is a traitor. He has betrayed the people, and formed a government of national looting with Zakayo,&#8221; Mwangi said.



On Monday, Odinga&#8217;s Orange Democratic Movement said it was not in negotiations with the government &#8220;for any coalition or political arrangement&#8221;. The ODM was due to hold a news conference shortly after Ruto&#8217;s speech.



The party&#8217;s coalition allies have strongly opposed a unity government.



<h2 class="wp-block-heading" id="h-new-protest-calls">NEW PROTEST CALLS</h2>



Besides the four opposition members, Ruto named five members of the cabinet he dismissed earlier this month in response to protesters&#8217; demands. Last week, Ruto announced 11 nominations &#8211; six of whom were holdovers from the previous cabinet.



The background of one of the nominees on Wednesday was not immediately clear. Ruto said he would announce additional nominees soon.



He also said he would be proposing amendments to anti-corruption and public procurement laws and called on the police to release any innocent people who may have been arrested during the demonstrations.



The protests, which have been mostly organised online and have no official leaders, began peacefully but turned violent as the police fire tear gas and live rounds. Some demonstrators briefly stormed parliament on June 25.



Activists circulated calls on social media for a march on Thursday to present a petition to the office of the president and lay flowers at parliament for those killed a month earlier.



Ruto initially praised protesters for being peaceful and mobilising across the ethnic lines that have traditionally defined Kenyan politics.



But he has stepped up his criticism of the protest movement in recent days. In comments over the weekend, he vowed to stop the demonstrations, saying they were causing &#8220;mayhem and anarchy&#8221;.



Anti-government activists have blamed incidents of violence and looting on thugs hired by politicians to discredit the movement and advance their own agendas.



(Reporting by George Obulutsa and Hereward Holland Writing by Aaron RossEditing by Peter Graff and Angus MacSwan)

COP28 In Dubai High Level Segment

Kenya’s Ruto names opponents to cabinet, protesters slam ‘corrupt’ deal

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



NAIROBI, July 24 (Reuters) &#8211; Kenya&#8217;s shilling was weaker against the dollar in early trade on Wednesday, LSEG data showed.



At 0857 GMT, the shilling traded at 132.50/133.50 per dollar, compared with Tuesday&#8217;s closing rate of 132.00/132.50.



(Reporting by George Obulutsa; Editing by Bate Felix)

ANCK25OQIFMHTJYACOM5XU5T24

Kenyan shilling weakens versus dollar – LSEG data

<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-1604532787-scaled.jpg" alt="" class="wp-image-506008" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-820x547.jpg 820w, 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" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><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 24 (Reuters) &#8211; The Ugandan shilling was weaker on Wednesday, hurt by a pick up in demand for dollars from the energy sector and other goods importers, traders said.



At 0803 GMT, commercial banks quoted the shilling at 3,705/3,715, compared with Tuesday&#8217;s closing rate of 3,690/3,700.



(Reporting by Elias Biryabarema; Editing by George Obulutsa)

Reuters

Malawi central bank keeps main interest rate unchanged at 26%

Zimbabwe’s 2024 budget deficit seen at 1.3% of GDP, finmin says

South Africa’s climate action too slow to meet its bold pledges, says report

Stocks slide to more than one-month low; China, Ukraine in focus

Uganda police arrest more people protesting corruption

Ugandan shilling weakens on increased FX demand from commercial banks

Kenya shilling steady, central bank sales could provide support

Anglo takes further fertiliser writedown, sees coal deal by early 2025

South African rand weaker, focus on US economic data

African Markets – Factors to watch on July 25

South African Markets – Factors to watch on July 25

Shein to open pop-up store in South Africa to woo more shoppers

Anglo to face investors with wary eye on BHP’s potential return

Land dispute threatens to derail Namibia’s energy hub plans

Kenya’s Ruto names opponents to cabinet, protesters slam ‘corrupt’ deal

Kenyan shilling weakens versus dollar – LSEG data

Ugandan shilling weaker due to FX demand from energy sector

News Tips

Advertise With Us

Reuters

Malawi central bank keeps main interest rate unchanged at 26%

Zimbabwe’s 2024 budget deficit seen at 1.3% of GDP, finmin says

South Africa’s climate action too slow to meet its bold pledges, says report

Stocks slide to more than one-month low; China, Ukraine in focus

Uganda police arrest more people protesting corruption

Ugandan shilling weakens on increased FX demand from commercial banks

Kenya shilling steady, central bank sales could provide support

Anglo takes further fertiliser writedown, sees coal deal by early 2025

South African rand weaker, focus on US economic data

African Markets – Factors to watch on July 25

South African Markets – Factors to watch on July 25

Shein to open pop-up store in South Africa to woo more shoppers

Anglo to face investors with wary eye on BHP’s potential return

Land dispute threatens to derail Namibia’s energy hub plans

Kenya’s Ruto names opponents to cabinet, protesters slam ‘corrupt’ deal

Kenyan shilling weakens versus dollar – LSEG data

Ugandan shilling weaker due to FX demand from energy sector

News Tips

Advertise With Us

Newsletters