<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, Nov 29 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Friday.



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



*Kenya and Uganda&#8217;s statistics offices are due to release their respective consumer inflation data for November.



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



Asian shares slipped on Friday while the yen was aiming for its best week in four months as strong local inflation data had traders favouring an imminent rate hike from the Bank of Japan.



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



Oil prices were mixed on Friday following a potential renewal of supply risk as Israel and Hezbollah traded accusations of ceasefire violations, and as a delay to an OPEC+ meeting left investors awaiting a decision on its output policy.



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



The South African rand strengthened on Thursday, after the release of October producer inflation data and the central bank&#8217;s November Financial Stability Review.



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



Kenya&#8217;s currency is expected to weaken against the dollar in the next week to Thursday, while Ghana&#8217;s and Uganda&#8217;s could strengthen, and Nigeria&#8217;s and Zambia&#8217;s may be broadly stable, traders said.



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



The Kenyan shilling weakened slightly on Thursday, with traders attributing the depreciation to rising demand for the dollar from manufacturers and oil retailing companies.



<h2 class="wp-block-heading" id="h-namibia-starlink">NAMIBIA STARLINK</h2>



The Communications Regulatory Authority of Namibia said on Thursday it has issued a cease-and-desist order to Elon Musk&#8217;s satellite internet provider Starlink for operating in the country without a license.



<h2 class="wp-block-heading" id="h-somalia-politics">SOMALIA POLITICS</h2>



The government of Somalia&#8217;s semi-autonomous Jubbaland state said on Thursday it was suspending relations and cooperation with the federal government in Mogadishu following a dispute over local elections in the region.



<h2 class="wp-block-heading" id="h-madagascar-mining">MADAGASCAR MINING</h2>



Madagascar&#8217;s Ambatovy nickel project companies expect to complete its debt restructuring in early December, the project&#8217;s major shareholder Sumitomo Corp 8053.T said on Thursday, adding that it was still considering all options for Ambatovy.



<h2 class="wp-block-heading" id="h-zimbabwe-economy">ZIMBABWE ECONOMY</h2>



Zimbabwe&#8217;s economic growth is expected to rebound to 6% in 2025 from 2% this year, helped by improved agricultural output and power generation, Finance Minister Mthuli Ncube said on Thursday.



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on Nov 29

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="4225" height="2817" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/EARVVGDVLZP6LFYHXIQGPYZEYQ.avif" alt="" class="wp-image-559991"/><figcaption class="wp-element-caption">Brazil&#8217;s President Luiz Inacio Lula da Silva, South Africa&#8217;s President Cyril Ramaphosa, China&#8217;s President Xi Jinping, Australia&#8217;s Prime Minister Anthony Albanese, French President Emmanuel Macron, German Chancellor Olaf Scholz, South Korea&#8217;s President Yoon Suk Yeol, Japan&#8217;s Prime Minister Shigeru Ishiba, Mexico&#8217;s President Claudia Sheinbaum, Saudi Foreign Minister Prince Faisal bin Farhan Al-Saud and Russia&#8217;s Foreign Minister Sergei Lavrov pose for a group photo accompanied by other leaders during the G20 summit in Rio de Janeiro, Brazil, November 18, 2024. REUTERS/Pilar Olivares/File Photo</figcaption></figure>



JOHANNESBURG, Nov 29 (Reuters)&nbsp;&#8211;&nbsp;South Africa takes over the G20 presidency on Sunday, the first African country to lead the forum, though its focus on issues such as inclusive growth and climate change risks bumping up against the hard reality of trade wars and diplomatic tensions.



Coming a year after the African Union was admitted as a permanent member of the G20, South Africa&#8217;s turn at the helm is seen as an opportunity to push for progress on policy areas crucial to the continent&#8217;s development.



President Cyril Ramaphosa has cited inclusive economic growth, food security, climate change and artificial intelligence as priorities, with details expected next week.



South Africa is the fourth emerging market in a row to assume the G20 presidency, which rotates annually, after Indonesia, India and Brazil, and Ramaphosa has said his country would seek to build on the work of those predecessors.



The United States will take over in December 2025 under the leadership of Donald Trump, whose incoming administration has threatened to introduce restrictive trade tariffs on nations including Canada, Mexico and China, raising fears of trade wars.



Trump has also largely rejected the scientific consensus on the impact of human activity on climate change and vowed to dismantle climate-related policies he will inherit from President Joe Biden.



&#8220;It will be important for South Africa to ensure that it consolidates positions of the Global South and hands over to the U.S. a solid legacy on issues to avoid the U.S. and Global North diluting or undermining the whole agenda of the Global South,&#8221; said David Monyae, director of the Centre for Africa-China Studies at the University of Johannesburg.



<h2 class="wp-block-heading" id="h-polarised-world">POLARISED WORLD</h2>



The G20, which includes 19 sovereign nations as well as the European Union and African Union, was established to bolster global economic cooperation. It represents 85% of the global economy, 75% of world trade and 67% of the global population.



However, with members such as the United States, China and Russia in open confrontation over trade and wars in Ukraine, the Middle East and elsewhere, global polarisation complicates the G20&#8217;s stated mission.



The International Monetary Fund and rating agencies have warned that increasingly protectionist trade policies were a threat to global growth and could hit emerging market economies the hardest.



Laura Rubidge, foreign policy researcher at the South African Institute of International Affairs, said the G20 presidency would give South Africa a chance to advocate for more effective reforms.



She said progress on issues such as sovereign debt, the IMF&#8217;s Common Framework and improving the World Trade Organization&#8217;s dispute settlement mechanism could help further Ramaphosa&#8217;s inclusive growth objective.



(Reporting by Kopano Gumbi; Editing by Estelle Shirbon and Tomasz Janowski)

EARVVGDVLZP6LFYHXIQGPYZEYQ

South Africa takes G20 helm as polarisation complicates agenda

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-1255804869-820x547.jpg" alt="" class="wp-image-559648" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-1255804869-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-1255804869-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-1255804869-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-1255804869-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-1255804869-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-1255804869-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The Bank of Uganda, Uganda&#8217;s central bank, in Kampala, Uganda, on Wednesday, May 17, 2023. Uganda estimates that it will need $28.1 billion to adapt to the effects of climate change and cut emissions until the end of the decade. Photographer: Katumba Badru Sultan/Bloomberg via Getty Images</figcaption></figure>



KAMPALA, (Reuters) &#8211; The Bank of Uganda said it was awaiting a police investigation into a news report that offshore hackers stole 62 billion Ugandan shillings ($16.8 million) from the central bank.



Uganda&#8217;s state-owned New Vision newspaper reported on Thursday that hackers, identifying themselves as &#8220;Waste,&#8221; reportedly accessed the Bank of Uganda&#8217;s IT systems and illicitly transferred the funds earlier this month.



The hacking group based in Southeast Asia, sent part of the stolen money to Japan, New Vision said, citing unnamed sources at the bank.



In an emailed response to a Reuters query the Bank of Uganda neither confirmed nor denied the incident, but said it was &#8220;waiting for the police report on the reported incident&#8221;.



Police did not immediately respond to a Reuters request for comment on the matter.



New Vision said the central bank had successfully recovered over half of the money from the hackers. In response to the cyber attack, President Yoweri Museveni has ordered an investigation, it said.



Separately Uganda&#8217;s biggest independent newspaper, Daily Monitor, reported that the theft may have involved collusion by insiders.



Cyber thefts from banks and other financial service providers, including telecom firms, have occurred many times in Uganda. However, police officials have said that some banks are hesitant to publicly acknowledge such incidents due to fears of alienating customers. ($1 = 3,685.0000 Ugandan shillings)



(Reporting by Elias Biryabarema; Editing by George Obulutsa, Angus MacSwan and Michael Perry)

Katumba Badru Sultan/Bloomberg

Bank of Uganda awaiting police report on alleged $17 mln hacking theft

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3442" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/DI47TGYKBVJVPHMSRFMIAXEEVA.avif" alt="" class="wp-image-559592"/><figcaption class="wp-element-caption">A logo of the Boxer store of one of South Africa&#8217;s fastest growing discount grocery chains is seen in Protea Glen, South Africa, on November 25, 2024. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, Nov 28 (Reuters) &#8211; Shares in South African discount grocer Boxer rose 17.6% on their trading debut on the Johannesburg Stock Exchange on Thursday, as investors bet on the growth of discounters after leading last week&#8217;s 8.5 billion rand ($471 million) initial public offering.



Parent Pick n Pay floated a 34.4% stake in Boxer, which started off as a small town operator in KwaZulu-Natal province and has grown to take a 68% share of the discount grocery retail market with over 500 stores in South Africa and neighbouring Eswatini.



Boxer&#8217;s shares opened at 63.01 rand, compared with a pre-listing subscription price of 54 rand. The shared closed at R63.51 after hitting a session high of 64.79 rand.



At 64 rand, the price-to-earnings (P/E) ratio has risen to around 20 times, which is closer to the country&#8217;s biggest grocer Shoprite&#8217;s P/E multiple, Nedbank senior equity research analyst Paul Steegers said.



Sasfin Wealth senior equity analyst Alec Abraham said that was fair &#8220;considering that Boxer&#8217;s medium-term earnings growth rate is likely to be higher than Shoprite.&#8221;



Pick n Pay said on Monday it had sold 157.4 million shares in Boxer and that its order book was multiple times oversubscribed at the top end of the offer price range.



This implies a market capitalisation of 24.7 billion rand for Boxer.



&#8220;The listing on the JSE will increase our profile and visibility, and provide Boxer with access to a large pool of capital for growth,&#8221; Boxer CEO Marek Masojada said before blowing a kudu horn to signal the first trade.



&#8220;The support from investors was overwhelming, clearly demonstrating the worth of the Boxer business.&#8221;



Masojada&#8217;s list of priorities includes ramping up the retailer&#8217;s new store rollout plan, expanding its private label offering and offering of fresh produce such as vegetables and meat, he told Reuters after the listing.



Boxer aims to double its store footprint in the next six to seven years, with 60 to 70 new stores per year.



&#8220;This is a business that still have good growth potential in the South African food retail space, so certainly something that will attract a lot of interest given the mediocre state of the consumer,&#8221; said Casparus Treurnicht, portfolio manager at Gryphon Asset Management.



Pick n Pay, the country&#8217;s third biggest grocery retailer by market capitalisation, will retain a 65.6% stake in Boxer. The listing also completes Pick n Pay&#8217;s two-step recapitalisation plan, significantly strengthening its balance sheet.



($1 = 18.1938 rand)



(Reporting by Nqobile Dludla; Editing by David Goodman and Susan Fenton)

DI47TGYKBVJVPHMSRFMIAXEEVA

South African retailer Boxer’s shares jump 16% on market debut

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3560" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/62G224WUNFIBRLU2K6S7VS3YFE.avif" alt="" class="wp-image-559717"/><figcaption class="wp-element-caption">Zimbabwe&#8217;s Finance Minister Mthuli Ncube stands with a briefcase at the Parliament Building in Mt Hampden on the day he presents the 2024 National Budget, Harare, Zimbabwe November 30, 2023.REUTERS/Philimon Bulawayo/File Photo</figcaption></figure>



HARARE, Nov 28 (Reuters)&nbsp;&#8211;&nbsp;Zimbabwe&#8217;s government expects economic growth to accelerate to 6% in 2025 from 2% this year, helped by improved agricultural output and power generation as the country recovers from a severe drought, Finance Minister Mthuli Ncube said on Thursday.



Ncube added in a budget speech that the budget deficit was seen at 0.4% of gross domestic product next year versus 1.4% this year.



Like other countries in southern Africa, Zimbabwe&#8217;s economy was dealt a blow by an El Nino-induced drought which depressed food production and hydroelectric power supply.



Weaker lithium and platinum prices also weighed on its mining sector.



Ncube told lawmakers in parliament that the agriculture sector was projected to grow 12.8% in 2025 following a 15.0% contraction this year, while mining growth is seen accelerating to 5.6% next year from 2.3% in 2024.



Zimbabwe&#8217;s long-running currency problems persisted in 2024 as policymakers dumped the Zimdollar in April and replaced it with the ZiG, or Zimbabwe Gold, that has also slumped since its launch.



Ncube said without elaborating further that the government would next year seek to encourage greater acceptance of the ZiG by a sceptical public, who still use foreign currencies like the dollar for the bulk of local transactions.



(Reporting by Nyasha Chingono in Harare;Additional reporting by Tannur Anders and Bhargav Acharya in Johannesburg;Editing by Alexander Winning, Kirsten Donovan)

62G224WUNFIBRLU2K6S7VS3YFE

Zimbabwe sees 2025 growth rebound after this year’s drought

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3265" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/PPA7LZHDAZIPJMJ7KHMLZAMWME.avif" alt="" class="wp-image-559698"/><figcaption class="wp-element-caption">A view shows the logo of South Africa&#8217;s central reserve bank, at the reserve bank offices in Pretoria, South Africa, January 26, 2023. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, Nov 28 (Reuters)&nbsp;&#8211;&nbsp;The outlook for financial stability in South Africa has improved following successful elections, reduced power cuts, and the expectation of lower interest rates, the central bank said on Thursday.



The coalition government formed in June after the governing African National Congress lost its parliamentary majority for the first time in 30 years has markedly improved investor sentiment.



The rand has strengthened against the U.S. dollar and remains the only emerging market currency to have done so this year.



South Africa has also had eight months of uninterrupted power supply, after years of rolling blackouts of up to 10 hours a day.



The South African Reserve Bank (SARB) is also well into its rate cutting cycle, reducing its main lending rate by another 25 basis points to 7.75% earlier this month, with analysts forecasting more cuts from next year.



In the second edition of its Financial Stability Review (FSR), a biannual health check of the financial system, the central bank said risks remained, many of them structural.



&#8220;The perpetual risks to financial stability include persistently low and inequitable domestic economic growth, the impact of climate change on the financial sector and the ever-present threat of a cyber incident with systemic impact,&#8221; it said.



In addition, ratings agencies have kept South Africa at sub-investment grade for years, although a recent upward revision of the outlook by S&amp;P Global has boosted confidence.



To bolster the long term stability of the financial sector, the SARB is requiring banks to build up additional capital buffers from January 2025.



Banks will have to increase their capital holdings by 1%, with the central bank able to tap these funds in periods of stress.



(Reporting by Kopano Gumbi; Editing by Mark Potter)

PPA7LZHDAZIPJMJ7KHMLZAMWME

South Africa’s financial stability outlook improves, central bank says

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="357" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg" alt="" class="wp-image-400669" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1-300x175.jpg 300w" sizes="auto, (max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">World map with charts and graphs as symbols of global finance</figcaption></figure>



JOHANNESBURG, Nov 28 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled political and economic events, company announcements, equity and currency market moves may affect South African markets on Thursday.



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



South African president Cyril Ramaphosa will address the upper house of parliament



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



Statistics South Africa will publish October producer price inflation figures



South Africa&#8217;s central bank releases November Financial Stability Review



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



South African discount grocery chain Boxer lists in Johannesburg



South African grocery retailer SPAR reported full-year results



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



South Africa&#8217;s rand was steady against the U.S. dollar on Wednesday, as the greenback eased after the release of a key U.S. inflation report.



On the stock market, the Top-40 index closed about 0.4% lower.



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



Asian shares were subdued and the dollar was on the defensive after U.S. data showed progress in slowing inflation had stalled even as the economy remained resilient, raising doubt over the path the Federal Reserve could take next year.



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



Wall Street&#8217;s main indexes closed lower on Wednesday, with the Nasdaq leading declines, as technology stocks slumped on Thanksgiving eve on worries the Federal Reserve may be cautious about rate cuts after stubbornly strong U.S. inflation data.



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



Gold prices slipped on Thursday as the U.S. dollar strengthened, while investors assessed a flurry of economic data showing stalled inflation progress, suggesting the Federal Reserve might tread cautiously on further interest rate cuts.



&#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; IMF urges SA to adopt a more aggressive fiscal plan



&#8211; Platinum market set for third straight deficit in 2025, industry body says



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



&#8211; AI could help Reserve Bank speed up economic forecasting: Kganyago



(Compiled by Tannur Anders)

South African Markets -Factors to watch on Nov 28

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="507" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-820x507.jpg" alt="" class="wp-image-533970" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-820x507.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-300x186.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-145x90.jpg 145w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-768x475.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-1536x950.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">South African bank notes featuring images of former South African President Nelson Mandela (R) are displayed next to the American dollar notes in this photo illustration in Johannesburg August 13 2014. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, Nov 28 (Reuters)&nbsp;&#8211;&nbsp;The South African rand was little changed in early trade on Thursday, ahead of October producer inflation data and the central bank&#8217;s November Financial Stability Review.



At 0644 GMT the rand traded at 18.21 against the dollar, near its previous close of 18.2050.



Domestic producer price inflation figures for October are due at 0930 GMT on Thursday followed by the South African Reserve Bank&#8217;s (SARB) November Financial Stability Review at 1400 GMT.



&#8220;In the broader context of things, with big foreign policy and geopolitical developments dominating the market landscape, the local data is unlikely to move markets much,&#8221; said ETM Analytics in a research note.



&#8220;Investors will rather use it as an update on the broader economic cycle and what that might mean for SARB monetary policy.&#8221;



South Africa&#8217;s benchmark 2030 government bond was weaker in early deals, with the yield up 1 basis point at 9.04%.



(Reporting by Tannur Anders; Editing by David Goodman)

Photo illustration of South African bank notes displayed next to the American dollar notes in Johannesburg

South African rand stable ahead of producer inflation data and central bank review

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3386" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/HUSJFCPJYBNIFPI5TQLV3BAP7A.avif" alt="" class="wp-image-559556"/><figcaption class="wp-element-caption">A protester holds a machete and a saw near burning barricades during a &#8220;national shutdown&#8221; against the election outcome, at Luis Cabral township in Maputo, Mozambique, November 7, 2024. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, Nov 27 (Reuters)&nbsp;&#8211;&nbsp;The governments of the United States, Britain, Canada, Norway, and Switzerland on Wednesday jointly condemned the escalating violence against civilians in Mozambique, a southern African nation currently embroiled in weeks of post-election protests.



&#8220;We call on the Government of Mozambique to uphold the role of security forces to protect the people of Mozambique,&#8221; the countries said in a joint statement.



Public outrage has surged after last month&#8217;s disputed election results, which sparked protests from opposition supporters.



The opposition is contesting what they say is a fraudulent victory by Frelimo, the party that has governed Mozambique since 1975.



The election result saw Frelimo extend its five-decade rule with its candidate, Daniel Chapo, succeeding President Filipe Nyusi to become Mozambique&#8217;s fifth president since its independence from Portugal.



Footage obtained by Reuters and shared on social media on Wednesday showed an armoured vehicle ploughing through a crowd of protesters in the capital, Maputo, hitting a woman.



In response to the incident, Mozambique&#8217;s army released a statement expressing deep regret over the accident, saying that the vehicle that was part of a properly marked convoy &#8220;accidentally ran over a citizen&#8221;.



The embassies of the five countries have called for an investigation into the incident.



Local monitoring group Plataforma Decide said last week at least 67 people were killed due to the unrest between mid-October and mid-November.



(Writing by Bhargav Acharya; Editing by Bate Felix and Sandra Maler)

HUSJFCPJYBNIFPI5TQLV3BAP7A

US, Britain and others condemn escalating violence in Mozambique

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="526" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/RQ6Y27JM7RJZXG4XPHIK3JJ37I-820x526.jpg" alt="" class="wp-image-499905" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/RQ6Y27JM7RJZXG4XPHIK3JJ37I-820x526.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/RQ6Y27JM7RJZXG4XPHIK3JJ37I-300x192.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/RQ6Y27JM7RJZXG4XPHIK3JJ37I-140x90.jpg 140w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/RQ6Y27JM7RJZXG4XPHIK3JJ37I-768x493.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/RQ6Y27JM7RJZXG4XPHIK3JJ37I-1536x985.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/RQ6Y27JM7RJZXG4XPHIK3JJ37I-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Naspers&#8217; logo is pictured on a smartphone in this illustration taken, December 4, 2021. REUTERS/Dado Ruvic/Illustration/File Photo</figcaption></figure>



JOHANNESBURG, Nov 27 (Reuters)&nbsp;&#8211;&nbsp;Takealot, South Africa&#8217;s biggest pure-play online retailer, on Wednesday opened its third distribution centre in the coastal province of KwaZulu-Natal, as it seeks to offer faster deliveries in the country&#8217;s second most populated region.



The e-commerce giant, owned by tech investor Naspers has been operating in KwaZulu-Natal (KZN) for over a decade but fulfilling orders through its other warehouses.



&#8220;The centre is a strategic enhancement of our delivery network to better service the people of the province,&#8221; Frederik Zietsman, CEO of Takealot Group said in a statement.



Located in the coastal city of Durban, the facility spans 43,000 square metres and is equipped to ship up to 45,000 units per day, the company said.



Durban, being one of South Africa&#8217;s leading industrial and economic hubs, plays an important role in the country&#8217;s trade and logistics networks, Zietsman said.



&#8220;The city&#8217;s infrastructure connects regional markets to global supply chains, and its strategic location offers unmatched access to key transport routes. The new Distribution Centre enables Takealot to leverage on these logistical advantages,&#8221; he added.



Takealot, which is defending its market share against newcomer U.S. e-commerce giant Amazon, has two other distribution centres, in Cape Town and Johannesburg.



(Reporting by Nqobile Dludla; Editing by Elaine Hardcastle)

FILE PHOTO: Illustration shows smartphone with Naspers’ logo

Takealot boosts logistics with new distribution centre in South Africa’s Durban

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3334" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/6A7M3AO7TJLVNGKEVN2F6TDGYE.avif" alt="" class="wp-image-559324"/><figcaption class="wp-element-caption">International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., as IMF Managing Director Christine Lagarde meets with Argentine Treasury Minister Nicolas Dujovne September 4, 2018. REUTERS/Yuri Gripas/File Photo</figcaption></figure>



NAIROBI, Nov 27 (Reuters)&nbsp;&#8211;&nbsp;International Monetary Fund staff and Ethiopia&#8217;s government have reached agreement on the second review of the country&#8217;s $3.4 billion financing programme, the IMF said on Wednesday.



The East African country secured the programme in July, hours after it followed one of the IMF&#8217;s key recommendations and floated its birr currency.



Upon completion of the review by the IMF&#8217;s Executive Board, Ethiopia will have access to a disbursement of roughly $251 million, the IMF said in a statement.



&#8220;Ethiopia&#8217;s economic reform programme, including the transition to a market-determined exchange rate, continues to advance well,&#8221; the statement said.



&#8220;With macroeconomic stability supported by prudent policy and a so far muted FX reform impact on inflation, conditions for economic growth in the period ahead appear promising.&#8221;



The first programme review, which focused on aspects like foreign exchange reserves and external debt, was agreed with staff in September and approved by the board last month.



After unusually fast reviews of Ethiopia&#8217;s programme to date that were aimed at closely monitoring the impact of reforms including the liberalisation of the foreign exchange market, the IMF is now moving to a six-month review schedule.



(Reporting by Hereward Holland. Additional reporting by Gursimran Kaur. Writing by Duncan Miriri. Editing by Alexander Winning and Mark Potter)

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IMF, Ethiopia reach staff agreement on second programme review

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3193" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/N5TCR3K4IZPKXKFUBHVDCCUSQM.avif" alt="" class="wp-image-559248"/><figcaption class="wp-element-caption">The Standard Chartered bank logo is seen at their headquarters in London, Britain, July 26, 2022. REUTERS/Peter Nicholls/ File Photo</figcaption></figure>



Nov 27 (Reuters) &#8211; Standard Chartered is exploring a potential divestment of its wealth and retail banking operations in Botswana, Uganda and Zambia, it said on Wednesday, as the banking giant looks to free up capital in the midst of a broad shake-up.



The Asia-focussed lender, like rival HSBC, is restructuring its business to focus more on affluent individual customers and international companies that are likely to yield more in fees for the bank.



It has for some time been pivoting away from its once globe-spanning empire to focus on core businesses as it bets on strong economic growth in Asian markets and aims to rein in expenses.



Standard Chartered said the potential exits in Africa would be the first in a small number of business divestitures in accordance with its new target of doubling investment in its wealth unit while paring back retail banking.



&#8220;The group will concentrate its resources in these markets on serving the cross-border needs of global corporate and financial institution clients,&#8221; said Standard Chartered.



The bank, like HSBC, has in the recent past reaped the benefits of higher borrowing costs and comparatively resilient wealth generation and economic growth in Asia.



&#8220;This new move, if it happens, is therefore not a surprise and was something they had hinted at in their most recent results presentation,&#8221; said Gary Greenwood​​​​, equity research analyst at Shore Capital.



StanChart said while announcing its third-quarter earnings in October that it was looking at opportunities to sell some or all of a small number of businesses where the &#8220;strategic rationale is not sufficiently compelling&#8221;.



The cost-cutting measures will see the lender save around $1.5 billion over three years while expenses climb amid expanding business operations and rising pressures from sticky inflation.



The financial effects of the proposed exits are not material to the group, StanChart said.



(Reporting by Rishav Chatterjee in Bengaluru; Editing by Savio D&#8217;Souza and Jan Harvey)

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Standard Chartered mulls sale of wealth, retail operations in Africa

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3333" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/2NA7VEUYPROEDENMDXO2R4YJQ4.avif" alt="" class="wp-image-559231"/><figcaption class="wp-element-caption">A general view shows Haifa Port in Haifa, Israel July 24, 2022. REUTERS/Ilan Rosenberg/File Photo</figcaption></figure>



DAR ES SALAAM, Nov 27 (Reuters)&nbsp;&#8211;&nbsp;Tanzania plans to honour its contracts with an Adani Group unit despite a U.S. indictment of its billionaire chairman Gautam Adani on accusations of bribery and fraud, a senior official at the ports authority said.



Adani was indicted for fraud last week and arrest warrants were issued for him and his nephew for their alleged roles in a $265 million scheme to bribe Indian officials to secure power-supply deals. Adani Group has denied the accusations.



In May, Tanzania entered into a 30-year concession agreement with Adani Ports, a unit of Adani Group, to operate a container terminal in its Dar es Salaam port, known as Container Terminal 2.



Adani Ports also struck a share purchase agreement for a 95% stake in state-owned Tanzania International Container Terminal Services for $95 million.



&#8220;We don&#8217;t have any problems with anyone. Everything we are doing is according to our laws and agreements,&#8221; Tanzania Ports Authority Director General Plasduce Mbossa told Reuters late on Tuesday when asked about the contracts&#8217; status.



&#8220;For contracts we have, we don’t have such claims (of wrongdoing). If there are other people who are taking actions, then they are doing so according to their reasons.&#8221;



Last week in neighbouring Kenya, President William Ruto scrapped a deal signed with a unit of Adani to build power transmission lines.



He also cancelled a proposal to add a second runway at the Jomo Kenyatta international airport and upgrade the passenger terminal in exchange for a 30-year lease.



(Reporting by Nuzulack Dausen; Writing by George Obulutsa; Editing by Bhargav Acharya and Jan Harvey)

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Tanzania to keep agreement with Adani for container terminal, official says

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="357" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg" alt="" class="wp-image-400669" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1-300x175.jpg 300w" sizes="auto, (max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">World map with charts and graphs as symbols of global finance</figcaption></figure>



NAIROBI, Nov 27 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Wednesday.



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



*Namibia holds presidential and parliamentary elections.



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



Asian stocks were heavy on Wednesday as investors fretted over what countries could be targeted for tariffs under incoming U.S. President Donald Trump, a day after he pledged new levies on Canada, Mexico and China.



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



Oil prices steadied in early trade on Wednesday, with markets assessing the potential impact of a ceasefire deal between Israel and Hezbollah, and ahead of Sunday&#8217;s OPEC+ meeting.



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



South Africa&#8217;s rand slipped on Tuesday as U.S. President-elect Donald Trump&#8217;s tariff threat on its neighbours and China weighed on emerging markets.



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



Nigeria&#8217;s central bank raised its key interest rate for the sixth time this year on Tuesday, citing renewed inflationary and exchange rate pressures in Africa&#8217;s most populous nation.



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



Nigeria&#8217;s Port Harcourt refinery has resumed production, officials said on Tuesday, marking the first of state-owned oil firm NNPC Ltd&#8217;s four plants to return from upgrade work announced in 2020.



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



The Kenyan shilling was unchanged against the dollar on Tuesday, as dollar inflows from remittances matched rising importer demand, one trader said.



<h2 class="wp-block-heading" id="h-mali-barrick-gold">MALI BARRICK GOLD</h2>



Four employees of Canada&#8217;s Barrick Gold have been charged and detained pending trial in Mali, the company said on Tuesday, as the military-led government strives to raise more money from mining companies.



<h2 class="wp-block-heading" id="h-angola-imf">ANGOLA IMF</h2>



Angola is not in talks with the International Monetary Fund on a new financial assistance programme, its finance ministry said on Tuesday, prompting a slide in its foreign sovereign bonds.



((Compiled by Nairobi Newsroom))

African Markets – Factors to watch on Nov 27

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1080" height="721" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/JYU723U4DNP4BBHG4FOIPPB3UQ.avif" alt="" class="wp-image-559182"/><figcaption class="wp-element-caption">amibia&#8217;s President Nangolo Mbumba greets presidential candidate Netumbo Nandi-Ndaitwah of Namibia&#8217;s ruling party SWAPO, at a rally ahead of the upcoming elections in Windhoek, Namibia, November 24, 2024. REUTERS/Noah Tjijenda/File Photo</figcaption></figure>



WINDHOEK, Nov 27 (Reuters) &#8211; Namibians go to the polls on Wednesday to elect a new president and parliament in what could be a tough election for the ruling SWAPO party, which is seeking to extend its 34-year rule.



SWAPO has governed the southern African nation since leading it to independence from apartheid South Africa in 1990. Its presidential candidate, Vice President Netumbo Nandi-Ndaitwah, would be the country&#8217;s first female leader if she wins.



Political analysts say that high unemployment, inequality and corruption allegations have led to disenchantment with the ruling party, especially among youth, but that longstanding loyalty to SWAPO among older and rural voters could help it pull through.



&#8220;It&#8217;s the most tense election since independence,&#8221; said Henning Melber, an associate at The Nordic Africa Institute and a longtime SWAPO member, who said that for the first time, he sees a possibility it could lose.



&#8220;The degree of frustration is really high.&#8221;



Leading the pack of 14 opposition candidates is dentist-turned-politician Panduleni Itula, who came in second in the last election in 2019.



Namibia is currently led by interim president Nangolo Mbumba, who took over in February after former president Hage Geingob died but is not running.



To be elected president, a candidate must get more than 50% of votes, otherwise there will be a second round of voting.



Namibians vote separately for the National Assembly.



About 1.4 million people are registered to vote in the sparsely populated country of around 3 million, according to the electoral commission. Results are expected within a few days.



(Writing by Nellie Peyton; Editing by Bernadette Baum)

JYU723U4DNP4BBHG4FOIPPB3UQ

Namibia votes with ruling party seeking to extend 34-year rule

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/AHUWILBOLVPCZCA3GKVIVDRU4E-820x547.jpg" alt="" class="wp-image-558935" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/AHUWILBOLVPCZCA3GKVIVDRU4E-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/AHUWILBOLVPCZCA3GKVIVDRU4E-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/AHUWILBOLVPCZCA3GKVIVDRU4E-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/AHUWILBOLVPCZCA3GKVIVDRU4E-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/AHUWILBOLVPCZCA3GKVIVDRU4E-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/AHUWILBOLVPCZCA3GKVIVDRU4E-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A woman walks past the Central Bank building after the monthly Monetary Policy Committee meeting in Abuja, Nigeria May 22, 2018. REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



ABUJA, Nov 26 (Reuters) &#8211; Nigeria&#8217;s central bank raised its benchmark lending rate by 25 basis points to 27.50% on Tuesday, citing renewed inflationary pressures in Africa&#8217;s most populous nation.



The decision by the bank&#8217;s Monetary Policy Committee is the sixth consecutive&nbsp;rate hike&nbsp;this year.



Inflation rose for the second straight month to 33.88% in annual terms in October as Nigerian citizens grapple with the worst cost-of-living crisis in decades.



Central Bank of Nigeria Governor Olayemi Cardoso said food and energy prices were key contributors to the uptick in inflation.



&#8220;Members therefore agreed unanimously to remain focused in addressing price developments,&#8221; he told a news conference.



Cardoso said the central bank was committed to the &#8220;war&#8221; against inflation and said the bank thought results of its policy tightening would be more visible in the first quarter of 2025.



(Reporting by Elisha Bala-Gbogbo and Chijioke Ohuocha in Abuja; Additional reporting by MacDonald Dzirutwe in Lagos, Bate Felix in Dakar and Bhargav Acharya in Johannesburg; Editing by Alexander Winning)

A woman walks past the Central Bank building after the monthly Monetary Policy Committee meeting in Abuja

Nigeria’s central bank delivers sixth rate hike this year

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/MQA3LM34T5KLNL355QDOHJWY6Y-820x429.jpg" alt="" class="wp-image-558858" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/MQA3LM34T5KLNL355QDOHJWY6Y-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/MQA3LM34T5KLNL355QDOHJWY6Y-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/MQA3LM34T5KLNL355QDOHJWY6Y-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/MQA3LM34T5KLNL355QDOHJWY6Y-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/MQA3LM34T5KLNL355QDOHJWY6Y-1536x804.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/MQA3LM34T5KLNL355QDOHJWY6Y.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">South Africa&#8217;s President Cyril Ramaphosa speaks at the opening session of the World Science Forum in Cape Town, South Africa, December 6, 2022. REUTERS/Esa Alexander/File Photo</figcaption></figure>



JOHANNESBURG, Nov 26 (Reuters)&nbsp;&#8211;&nbsp;South African opposition party the Economic Freedom Fighters (EFF) brought a case to the country&#8217;s top court on Tuesday to try to revive impeachment proceedings against President Cyril Ramaphosa over the scandal dubbed &#8220;Farmgate&#8221; by local media.



The scandal centred on the alleged theft of millions of dollars hidden in furniture on Ramaphosa&#8217;s Phala Phala game farm, which a former intelligence official revealed to police.



An independent panel report found evidence Ramaphosa may have committed misconduct over the incident.



But in late 2022 lawmakers from Ramaphosa&#8217;s African National Congress (ANC), which had a majority in the National Assembly at the time, voted to reject the report and prevented an impeachment committee from being set up to probe the allegations.



The EFF argues the National Assembly acted unlawfully by not holding the president to account. Ramaphosa and the ANC say the report did not provide sufficient evidence to support its findings and relied on hearsay, according to a summary of the case published by the Constitutional Court in Johannesburg.



The first hearing started on Tuesday morning.



Ramaphosa has always denied wrongdoing over the affair and has not been charged with any crime.



The ANC lost its parliamentary majority in an election in May this year, but it continues to govern as part of a broad coalition with other parties.



(Reporting by Nellie Peyton; Editing by Alexander Winning and Alex Richardson)

Reuters

African Markets – Factors to watch on Nov 29

South Africa takes G20 helm as polarisation complicates agenda

Bank of Uganda awaiting police report on alleged $17 mln hacking theft

South African retailer Boxer’s shares jump 16% on market debut

Zimbabwe sees 2025 growth rebound after this year’s drought

South Africa’s financial stability outlook improves, central bank says

South African Markets -Factors to watch on Nov 28

South African rand stable ahead of producer inflation data and central bank review

US, Britain and others condemn escalating violence in Mozambique

Takealot boosts logistics with new distribution centre in South Africa’s Durban

IMF, Ethiopia reach staff agreement on second programme review

Standard Chartered mulls sale of wealth, retail operations in Africa

Tanzania to keep agreement with Adani for container terminal, official says

African Markets – Factors to watch on Nov 27

Namibia votes with ruling party seeking to extend 34-year rule

Nigeria’s central bank delivers sixth rate hike this year

S.Africa opposition seeks to revive impeachment proceedings against Ramaphosa

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Reuters

African Markets – Factors to watch on Nov 29

South Africa takes G20 helm as polarisation complicates agenda

Bank of Uganda awaiting police report on alleged $17 mln hacking theft

South African retailer Boxer’s shares jump 16% on market debut

Zimbabwe sees 2025 growth rebound after this year’s drought

South Africa’s financial stability outlook improves, central bank says

South African Markets -Factors to watch on Nov 28

South African rand stable ahead of producer inflation data and central bank review

US, Britain and others condemn escalating violence in Mozambique

Takealot boosts logistics with new distribution centre in South Africa’s Durban

IMF, Ethiopia reach staff agreement on second programme review

Standard Chartered mulls sale of wealth, retail operations in Africa

Tanzania to keep agreement with Adani for container terminal, official says

African Markets – Factors to watch on Nov 27

Namibia votes with ruling party seeking to extend 34-year rule

Nigeria’s central bank delivers sixth rate hike this year

S.Africa opposition seeks to revive impeachment proceedings against Ramaphosa

News Tips

Advertise With Us

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